A Study on Customer Satisfaction in Banking Industry in Sri Lanka

CHAPTER 1 INTRODUCTION World class companies have taken more market share by providing notably better customer service. Executives know that to stand out in a crowded field of competitors, customer service is a very critical component in achieving and maintaining a high level of customer satisfaction. When pressures move the organization to meet only performance goals and measurements such as overhead absorption, shipping dollar targets, labour efficiency, purchase price variance and the like, however, customer service often takes a back seat to these other concerns. The result can be a plunge in customer satisfaction and ultimately, if allowed to continue, erosion in market shares. Because of globalization, internationalization, technical innovations, law deregulations, and market saturation, the current situation of the banking industry is changing. The intensity of competition increases due to new products and services as well as the entrance of competitors from other industries, such as the so-called non- and near-banks. Even more, the continuously growing educational standard as well as better opportunities to gather information induce enormous changes in customer behavior. Thus, competition for customers becomes more difficult and, considering the growing intensity of competition, the major banks’ need for sustained competitive advantage increases Organisations often think the way to measure customer satisfaction is to examine the number of customer complaints. The problems with this method is that it is reactive, it only responds (if at all) after the event and it does not really measure satisfaction only dissatisfaction. Monitoring complaint levels does not really tell if the customers are any more or less satisfied with the product or service. For example, consider how many times you have been dissatisfied with a product or service – say once a month. Now how many times have you written to complain – possibly once or twice or maybe never. Managers and Directors often say â€Å"if our customers are unhappy, they soon tell us†. Well do they? If on a personal level you rarely write to complain, what happens as a company level – is it different? Here is an example of an organisations basing its customer satisfaction strategy on levels of customer complaints and getting badly misled. In a Warehousing organisation, customers were unable to obtain product (spares, consumables, etc. from the newly relocated, reorganised and centralised warehouse. Deliveries were often late or wrong if they arrived at all. The customer complained verbally but being unable to obtain their spare or consumable, spent their time looking for an alternate supplier rather than wasting their time complaining. The customer could not afford the time to complain, they were too busy avoiding their processes from stopping by sourcing the required items from another supplier. The Warehouse turnover plummeted. â€Å"If our customers are unhappy we'll soon know about it† said management. Well, they didn’t at least not until it was too late and they had lost 90% of their customers. Yes 90%. There is obviously a strong link between customer satisfaction and customer retention. Customer's perception of Service and Quality of product will determine the success of the product or service in the market. With better understanding of customers' perceptions, companies can determine the actions required to meet the customers' needs. They can identify their own strengths and weaknesses, where they stand in comparison to their competitors, chart out path future progress and improvement. Customer satisfaction measurement helps to promote an increased focus on customer outcomes and stimulate improvements in the work practices and processes used within the company. In any type of business, whether companies are selling toy airplanes or offering massages, customer satisfaction plays a key role in the success of the business. Much like employee satisfaction, customer satisfaction is important to consider when running a business Companies that care about their success always care about customer satisfaction. The customer is the end user and if they aren't happy with the product or service then they might not return to purchase the product or service again. This usually results in the business losing money, due to poor customer satisfaction. Customer satisfaction emerged from consumer studies that sought to quantify the basic assumption implicate in the marketing concept that satisfied customers are more likely to have a positive attitude towards the product and re buy it. The value of satisfaction is often underestimated. Loyal customers and employees affect an organization’s success, which can be difficult to quantify. Loyal customers grow business by increasing market share. Over a lifetime, a loyal customer purchases more, purchases at a premium (they are less sensitive to price), costs less to sell to, and refers the company business to others. Employees, especially those on the front line, directly impact customer satisfaction. An essential part of assessing satisfaction includes identifying dissatisfaction. Dissatisfied customers and employees often hold the information what the company need to succeed. Understanding when and why dissatisfaction occurs helps the organization to implement changes to gain and retain future customers and employees. Measuring customer satisfaction is an important element of providing better, more effective and efficient services. When clients are not satisfied with a service as provided, the service is neither effective nor efficient. This is especially important in relation to the provision of public services. Under conditions of perfect competition, where clients are able to choose between alternative service providers and have adequate information, client satisfaction is a key determinant of the level of demand and therefore, the operation and functioning of suppliers. However when a single agency, either government or private sector, is the sole provider of services, the level of client satisfaction is often overlooked when assessing the effectiveness and efficiency of services. Customer satisfaction is the extent to which the desires and the requirements of the clients are met. A service is considered satisfactory if it fulfils the needs and expectations of the customers. There are many factors taken into consideration by the customers in appraising the services provided, including: promptness, reliability, technical expertise, expectations, quality and price. . 1 RESEARCH PROBLEM ANALYSIS The staffs in the front office fail to deliver goods in the proper way to the customers due their inefficiencies where by the customer gets frustrated by the service rendered of the front office staffs and goes to the extent of closing their accounts and look for another bank who could better service for the customers. Due to this problem customers maintain sev eral bank accounts in many banks to consume better services. This problem was faced by the researcher and some informal discussions were done by the researcher with some other banking customers. They also experienced some similar problems with their banks’ services. This gave an idea to researcher to do a research in customer satisfaction level in the banking industry in Srilanka. 1. 2 IMPORTANCE OF CUSTOMER SATISFACTION: ENSURING FUTURE REVENUES A renewed focus on customer service and satisfaction leads to improved customer loyalty and increased revenue. For example, reducing customer churn by 1 percent can translate into the same percentage increase in revenue. Particularly in industries characterized by low switching costs and products that are dif? ult to differentiate, customer service offers a way of providing distinct value to the customer. The company gives excellent services customer satisfaction other brands become less important and switching costs decline, the importance of customer service has increased and, in some industries, become the major differentiator. Companies that align themselves to better serve their customers enjoy lower customer churn, lowe r costs, and higher pro? ts, since satis? ed, loyal customers purchase additional products and services. At the same time, customers expect better service. They expect their requirements to be fulfilled promptly and their issues resolved quickly and to their satisfaction. Long periods spent on hold, multiple transfers, and interactions with inexperienced or poorly trained customer service representatives can damage the relationship. Accordingly, every customer interaction has the potential to either strengthen the relationship or drive the customer to a competitor. 1. 3 CUSTOMER SATISFACTION AND LOYALTY: FOCUSING ON THE LONG TERM Achieving high customer satisfaction levels, low churn rates, and effective cross-selling requires a strategy that balances the seemingly con? cting factors that affect organisation performance. Such a strategy can increase overall business performance by balancing ef? ciency-based measures with effectiveness measures that emphasize customer service and cross-selling. Whether an organisation is focused primarily on servicing customers or generating additional sales revenue, maximizing the value of customer inte ractions depends on a company’s ability to clearly understand the factors impacting performance and make decisions that leverage or resolve hose factors. Through this level of insight, organisation can achieve and maintain high satisfaction levels and higher revenues while keeping their costs as low as possible. 1. 4 NEED OF CUSTOMER SATISFACTION RESEARCH Spending on customer satisfaction research by American industry has grown tremendously – in recent years, and a number of trends suggest that the need for this type of research will continue to rise in the years ahead, particularly among firms that sell to other organizations. The following reasons induce organizations to conduct research on customer satisfaction. Companies are buying more, but from fewer suppliers Business and government markets are growing, but getting tougher to sell to. Organizations bought more than $8. 3 trillion worth of goods and services in 1993, according to Penton Research Services' estimates. Spending has increased every year since 1982, even during the 1990-91 recessions. Companies forced to downsize in recent years are now buying many of the goods and services they used to produce internally. Goods-producing industries outsource the most, although government – which is privatizing a number of operations – and many service firms expect to do more outsourcing in the years ahead. Total business and government purchases are expected to double over the next decade, reaching $17. 5 trillion by the year 2005. However, it's also becoming more difficult for suppliers to get – and keep – customers. A Penton Research Services study found that 40 percent of large business and government units are buying from fewer suppliers than they were five years ago, even though the amount purchased is up. And nine out of ten purchasing executives at Fortune 1000 companies surveyed by the Center for Advanced Purchasing Studies (91 percent) expect to use fewer sources of supply in the year 2000. Business and government buyers want to establish partnerships with their suppliers. Properly-conducted customer satisfaction research can help a company build stronger relationships with both current clients and key prospects. Customer power is increasing The balance of power in business transactions is shifting to the customer. According to a study conducted by Arthur Andersen in conjunction with the Distribution Research and Education Foundation, the buyer's ability to dictate such terms and conditions as billing and pricing is expected to increase during the '90s, while the power of suppliers/ manufacturers and wholesaler-distributors decreases. As buyers gain power, they'll have increased leverage to set standards for product quality and specifications, delivery time, and service. More than half of the executives surveyed by the Gallup Organization (53 percent) report that demands from their company's customers are rising or changing a great deal. Research allows a supplier to truly hear the voice of the customer and tailor its product/service mix to changing buyer needs. Suppliers need to satisfy multiple buying influences Companies selling to industry, have to please a number of different individuals within customer organizations, each with their own needs and agendas. According to a Penton Research Services survey, the number of people involved in a buying decision ranges from about three, for services and items used in day-to- day operations, to almost five, for such high-ticket purchases as construction work and machinery. A Forsyth Group analysis of buying decisions at one large firm, Harnischfeger, showed that the number of individuals involved in the purchase of a single type of product could exceed 50. In addition, it's not going to get any easier for suppliers. A Center for Advanced Purchasing Studies survey found that 87 percent of the purchasing executives at Fortune 1000 companies expect teams of people from different departments and functions to be making buying decisions in the year 2000. A well-designed customer satisfaction measurement program that targets key buying influences can help keep current customers sold and identify ways to win over non-customers. Quality is still job one Customers want a good price, but refuse to sacrifice quality or service to get it. A Penton Research Services survey of business and government decision-makers found that quality is the single most important factor in choosing a supplier. Price received the second largest number of mentions, followed by reputation, delivery time, and technical assistance. In fact, nine out of 10 business buyers believe that paying a higher price for quality is more cost-effective in the long run, and according to a study conducted by Kane, Parsons & Associates, most executives (86 percent) prefer to do business with suppliers that have made a formal commitment to quality improvement and customer satisfaction. The buyer, not the seller, determines what attributes of a product or service constitute quality, and research can provide an objective measure of what customers think, correctly or incorrectly, about a company and its competition. The rate of change is fast and getting faster American industry is in a continual state of flux. There are more than 8,200 new business incorporations, failures, acquisitions, address changes, and name changes on the average business day. The buying influences that suppliers need to keep satisfied are also constantly changing. A Penton Research Services analysis of changes among managers, engineers, and purchasing agents found that more than 20 percent leave their company, change job titles, or transfer to another location over the course of a year. This means that more than half of the buying influences will probably change in some way within three years. Most of the executives surveyed by the Gallup Organization believe that the current rate of change at their company is rapid or extremely rapid, and 61 percent of them think that the pace of change will accelerate in the future. Companies selling to industry have to continually monitor the marketplace to be able to respond quickly to changes in buying procedures, factors influencing the purchase, and the people making the buying decision. Customer satisfaction research will be needed more than ever by firms that want to survive – and thrive – in the challenging years ahead. 1. 5 CORE BANKING FUNCTIONS Banking has always been a changing industry. Lord Denning, once observed; â€Å"Like many other beings, a banker is easier to recognise than to define†. (D G Hanson, Page 1). D G Hanson in his popular book on Service Banking writes, â€Å"We are tempted to say that banking is what one cares to make it†. Whatever way one defines a bank, a banker or the business of anking, it appears that, despite a large spectrum of financial services that banks have embarked on to offer, certain fundamental economic functions of Banking remain yet to be fully substituted. To understand this proposition it may be necessary to look at Banking from both a traditional functional view, i. e. a functional analysis and from a logical business and economic view, i. e. an economic analysis. A Functional Analysis A func tional analysis of banking business will look at the apparent activities that a bank performs. The activities are numerous and more keep adding to the list. The Banking Act No 30 of 1988 defines the business of banking as â€Å"â€Å"banking business† means the business of receiving funds from the public through the acceptance of money, deposits payable upon demand by cheque, draft, order or otherwise, and the use of such funds either in whole or in part for advances, investments or any other operation either authorized by law or by customary banking practices;† This definition mainly deals with the aspect of banking where the function invariably looks at the maintenance of demand deposits commonly known as current accounts. Current Accounts are maintained only by Licensed Commercial Banks. Does this mean that only Commercial Banks carry on the business of Banking? Probably not so. There are other institutions and instruments that perform most of the economic functions of Banking. It is important, therefore, for us to analyse the economic functions more than the activities of Banking. The concentration of this article will therefore be on Economic Functions. Nevertheless, it is useful to look at the activities that banks do carryout with a view to analysing the Economic Functions. The Banking Amendment Act No: 33 of 1995 by its section 31 that introduces section 76A to the Act, to provide for Specialised Banking, restricts the carrying on of the business of accepting deposits of money and investing and lending such money to be only by a company which has an equity capital in an amount not less than Rs 50 Million and under the authority of a licence issued by the Monetary Board.

Winston Smith ~ Character Outline

Katie Kukay Wednesday Sept. 10 OutlinePd. 9 Winston Smith From 1984 by George Orwell Thesis: Winston Smith is an average man living in totalitarian-ruled London, where he must fight to keep control of his own thoughts and his own mind. I. Winston shows his rebellious side early in the book. A. He illegally writes in a diary, writing DOWN WITH BIG BROTHER multiple times. B. At Two Minutes Hate, he tells us his actual thoughts on the society he lives in. C.He is certain the Party member O’Brien is also a part of the rebellion. II. He falls in love with Julia. A. Julia secretly passes Winston a note the reads I love you. B. Winston and Julia start a love affair, which would result in death if they were caught. III. O’Brien betrays Winston and Julia. A. O’Brien tells Winston that he is a part of the rebellion too. B. O’Brien is soon revealed as a member of the Party, pretending to be against the Party in order to trap Winston and Julia. C.Winston is sent to th e Ministry of Love. IV. Winston learns to accept the Party’s ways. A. O’Brien tortures Winston, and Winston gives away all his secrets. But he does not betray Julia. B. O’Brien realizes Winston still has not betrayed Julia, so he sends him to the dreaded Room 101. C. In Room 101, they use Winston’s worst fear, rats, to break him. He finally betrays Julia, and they let him go. V. Winston no longer has any rebellious thoughts. He loves Big Brother, and no longer loves Julia.

Software Marketing

Software is composed of many programs that all together fulfill a certain task. Programs are strict instructions that tell the computer what to do. A computer is a complex machine that uses directions like programs and software to operate, without it it†s useless. In other words, software brings life to a computer†s hardware. More precisely, it represents what fuel is to a car. There are two categories of software; operating systems and applications. Both of them are a necessity to one†s computer. The first one is the largest program, and the most important one. This software deals with file management, memory management, provides a user interface, and manages I/O devices like printers, and disk drives. Microsoft is well known for their Windows 95, and Windows NT operating systems, two of the most popular operating system on the market because of its user-friendly features. But operating system like Unix, and Linux are more known for their stability, and good performance. On the other hand, applications are smaller programs that fulfill a less important task. To satisfy the user†s demand, programs are written accordingly. For example, a lot of word processor users have the privilege of having programs like Word to help them. Other might like spread sheets, and use programs like Excel, or Lotus1-2-3. There are also database applications like Access, or programming compilers like Borland C++. All those application are very common for personal computers. This is why companies try to sell along with a computer an operating system, and a package of highly demanded applications at the same time. Operating system, like application is expensive. Recently, companies have been offering free version of software on the Internet for competition, or economic purposes. Therefore two new categories of software emerged; shareware (freeware), and proprietary software. First, shareware are software programs that are available to anyone who wishes to use it. Winzip for example can be downloaded from the Internet for free. Thanks to Microsoft, a multitude of useful software are available the same way, the most popular one is probably Internet explorer. An important notice about shareware is that they†re not complete programs, in other words the version downloaded is not as complete as the original one, but it still fits some user†s demands. That†s what counts. On the other hand, proprietary programs are exactly what a freeware program is not. In other words, it†s complete, expensive, and protected. Whit it comes a license that unauthorizes anyone to duplicate, copy, or install the purchased software. Any violation of this right may lead to further implications. The purchase only allows the buyer to use the software, not to copy it. This leads to the complex laws of ownership. To understand the meaning of ownership, it†s important to known what ownership is, and how it†s acquired. First, ownership means to own a property by right, therefore it†s a legal possession that ensure proprietorship. Second ownership can be acquired in more then one way. By purchasing a house you can become a owner, if you create, find, or inherit a thing you therefore logically become the owner as well. For example, if you find a gold mine you become the legal owner. There is different kind of ownership, and the most common one is certainly physical ownership. In this case the recipient is able to do whatever he wishes with his propriety. As an object, owners can use their properties as they want, as long as they†re not violating the law, or anyone†s rights. A house is a great example of physical ownership. The owner is able to do whatever he wants to it, as long as he doesn†t endanger his neighbors. This is where ownership software becomes more delicate. Can software be treated in a similar way? should it be considered as an object? This question is complex, and this is why policies have been created for software copying. For example, if an individual buys a computer program, he buys the right to use that software as much as he wants. On the other hand, strict laws forbid him to duplicate, or copy the actual software. Indeed as for books, videos, and songs there are copyright laws that govern software copying, and the violation of those laws are serious. Computer software are ideas that are translated in coding, therefore making duplicates is like stealing someone else†s idea; it†s plagiarism, that†s a crime. By those laws, computer programmers are protected as well as writers, and signers. Therefore they get the credit for their work. But this particular aspect of software copying is still uncertain, because authorities fail to enforce the law, and this is how computer software, videos, and songs are illegally copied everyday. Programmers do get credit, but they lose an enormous profit. Another important kind of software ownership is called patent. This kind of ownership is a writing in paper securing an invention. Like this, a programmer is given complete rights over his software. He has the power to give, copy, install, uninstall, or simply give to a certain individual a copy of his program. This is how programmers are protected from other programmers that would like to develop a program closely similar to there†s. All this discussion about ownership seems to be so complex, therefore why isn†t software free for all to use? In a capitalist society like ours, the fundamental purpose of creating a product is to make profit out of it. If not, why would you spend ten dollars to print a T-shirt, and sell it for free. This idea seems ridiculous. On the other hand, individual like Richard Stallman claims that software ownership is harmful to society. How is that? Computers engineering like any other businesses as to meet certain economic standars to maintain themselves. The industry of computers is constantly growing, and therefore more demanding in terms of software. Before the Internet, word processors, and spreadsheets were very popular, but now Font page 98, and Internet Explore are one of the upcoming software in the business. Now the question is, why sell them for free when they†re creating huge profits? Richard Stallman argument is that it deprives people from using the software. This is like saying that a BMW should be free, because it deprives the lower class people from driving a luxury car. Now does that make sense? In his article, his analogy to roads is completely false. Why? Simply because roads are not free, tax payers give every year a part of their salary to maintain them, therefore should that mean that we should all pay for free software. Of course not, because the needs of roads, is not comparable to needs computer software. Roads are a necessity, while computers are still optional. Stallman claims also that free software ownership damages social cohesion. Therefore, the fact of not copying software could hurt society. Does it mean that I†m being a bad citizen? Should this example be right for cars, houses, pay checks, etc†¦ If so, it†s not going to happen any time soon. Stallman argument are week, and unrealistic. In other word they don†t make sense. For the simple fact that every example used in his article are easily destroyed. Therefore, his arguments are incomplete. Computer science is constantly expanding, it's therefore providing a great amount of profit to our society. As capitalist, the idea of giving computer software for free should not even be considered, yet ignore, simply because it makes no sense for programmers, as it would for any other profession to give a service for free. This is why copyright laws have been set in order to regulate those that support Stallman†s theory. But still, the authorities fail to enforce those laws, therefore this problem is far from being over. It†s very easy to get free software, especially with the arrival of CD writers.

Coercive Acts Essay Example | Topics and Well Written Essays - 500 words

Coercive Acts - Essay Example ptains could not go back without his clearance and they had a deadline of twenty days in which they could not act against the pressure building up against the people. A meeting followed regarding the course of action, in which no resolution could be made. However, at the end of the meeting 100 to 150 men thinly disguised as Indians boarded the ships and dumps incredibly large amounts of tea into the water while a large crowd watched. The Patriots celebrated this as a victory against the crown. However, the Coercive Acts were issued immediately afterwards, which, along with the fifth Quebec Act, was considered the Intolerable Acts in America. The first act was the Boston Port Act, which closed the Boston harbor until the destroyed tea was compensated. Britain aimed to halt the commercial life of the city by this. The second was the Massachusetts Government Act, which â€Å"altered the colony’s charter, underscoring Parliament’s claim to supremacy over Massachusetts† (199). The royal governor assumed supreme power under this. The third act was the Imperial Administration of Justice Act, which â€Å"stipulated that royal official accused of a capital crime †¦.would be tried in a court in Britain† (199). The fourth act â€Å"amended the 1765 Quartering Act and permitted military commanders to lodge soldiers wherever necessary, even in private households† (199).Military rule was thus reestablished in Boston. The Quebec Act was â€Å"ill timed† though it was in no way related to the four acts, and â€Å"fed American fears† (200). The Acts in general spread alarm in all colonies. People from all spheres of life were in doubt of their basic liberties. While the British saw these acts as a reinforcement of the power of the Crown over mutinous crowds, the patriots found them intolerable and were finding all possible ways to revolt against them. The Crown’s governors were forced to resign and new meetings of a democratic nature were taking place all over Massachusetts.

Anhuser-busch buys rolling rock brands Research Paper

Anhuser-busch buys rolling rock brands - Research Paper Example However, although the company’s net profit sales have increased, the volume of beer has lowered and the Rolling Rock brand is among the least performing in the beer market. This weak performance triggered AB InBev to consider the sale of Rolling Rock. Reports only give hints that the most likely acquirer would be North American Breweries Inc. (NAB), owned by KPS Capital Partners, a private equity firm headquartered in New York. In March 2009, Labatt USA, the private U.S. importer of Labatt beer, was bought by KPS from AB InBev (Brooks). Besides KPS, another potential acquirer is C2 Imports, a California beer importer of specialty beers around the world. The company had earlier entertained bids to purchase Rolling Rock with the help of Lazard investment bank, but was displeased with the offers. Rolling Rock among many assets AB InBev needs to â€Å"divest in order to repay debt† incurred from the $52 billion merger (â€Å"Anheuser mulls†). Estimated asking price for Rolling Rock, although not specifically stated by AB InBev, may probably be along the lines of $70-$75 million. This is due to the fact that the value of the product has gone down over the years since its sale to Anheuser-Busch, then later when company merged with InBev. The asking price is also likely to go up, depending on the amount the highest bidder is willing to pay for. Sales for Rolling Rock recently declined to 13% from 2007 to 7.4 million cases in 2008. The Wall Street Journal reported that in 2004 Rolling Rock sold around 11 million cases (Cohen). States in America sell the brand for different prices. The current estimated price range per case of Rolling Rock lager beer is $16-$22 (which is already rounded off, including all innovations under the brand) (â€Å"Price List†). Since the product’s decline, pertinent information about it is limited, incomplete and outdated. However, if on the average, the price sold per case is $19 then multiplied by

Emotion and cognition Essay Example | Topics and Well Written Essays - 3750 words

Emotion and cognition - Essay Example Consciousness and cognition approaches might be the evolutional milestone in human race. But if we underestimate emotions, it tantamount to that we are at the point where we started our journey. As such, at this point of evolution we should not even attempt to judge emotions; but simply try to understand and accept emotions as emotions. Here I used the term ‘understand’ purposefully. By this process of consciousness – a cognitive approach – we are slightly keeping ourselves at a distance from emotions for the time being. The dynamic processes of thinking and evaluating may be speedy with reference to our learning capacity. But the dynamic potentiality of emotions is thousand fold. We shall assume that the impact of experiences to be emotions; the inputs for emotions are stored in human brain with enormous intensity, variety and number. The potentiality of emotional force is thus condensed to its core. Conscious viewing of emotions and their sources would throw more light on how we handle / emotions. Devising various methods of emotion control are the products of human thinking and propensity to regulate emotions under controlled conditions. Impressions of emotion are deeply embedded in our psyche. Like behaviour and characteristics the subtleties of emotions are carried to and from generations through genes. The spectacular phenomenon of facial expression of emotions in a well matured style by the just born baby in almost equivalent to the fine and minute expertise of an actor is the typical evidenc e for this generational carriage of emotions. Researches are needed in plenty to near the source of emotions. And still more are required to find out the carrier that transmits these subtleties to genes. Psycho analytical experimentations, social studies, neural physiological tests, behavioural observations and many more are in treasure. Even then the potency of these methodologies is still under question. The Hindu mythological contentions

Hedge accounting under IAS 39 and IFRS 9 - A critical comparison Research Proposal

Hedge accounting under IAS 39 and IFRS 9 - A critical comparison - Research Proposal Example The second section  reviews  the literature related to IAS 39 and IFRS 9 as financial instruments used in hedge accounting. The next section outlines the methodology used in this study, including a conceptual framework of research variables, data sources, data collection and data analysis methods. The last section of this study discusses the ethical issues ethical issues arising from the proposed research and techniques to address these issues. Introduction Hedge accounting is a technique utilized in accounting where entries for the rights of a security and the opposing hedge are treated simultaneously. Hedge accounting endeavors to ease the volatility generated by the repetitive adjustment of the value of a financial instrument. This reduced volatility is done by combining the hedge and the instrument as one entry, which balances the opposing movements (GUPTA, 2008). IAS 39 Financial Instruments: Recognition and Measurement are a global accounting standard for financial instrume nts released by the International Accounting Standards Board (IASB) which summarizes the requirements for the recognition and measurement of financial liabilities, financial assets, and some contracts to buy or sell non-financial items. International Financial Reporting Standards (IFRS) is a complete, internationally recognized set of accounting standards using an  approach  based on principles  with a bigger emphasis on elucidation and relevance of those principles, intending at best replicating the economic substance of transactions. IFRS 9 Financial Instruments outlines the recognition and measurement requirements for fiscal  instruments and contracts to buy or sell non-financial items set to eventually form a comprehensive substitution for IAS 39 Financial Instruments: Recognition and Measurement. It was initially published in November 2009, reissued in October 2010 with requirements for financial liabilities, and pertains to annual periods commencing on or after 1st Jan uary 2015 (MIRZA & NANDAKUMAR, 2013). What makes IFRS 9 to be the most preferred than IAS 39 is its top preference of financial information which is a prerequisite for the evolution of capital markets as it has been argued that the structure informational environment plays a principal role in helping investors come up with decisions. Regulators will also have a lot of power with them to order a financial body to act whenever an instance is deemed to not be adequate (DICK & MISSIONIER-PIERA, 2010). In conclusion therefore, this is a complex issue that will need to be tackled carefully by experts in this field. In as much as the IAS 39 was greatly deemed unreliable and IASB went to great lengths to come up with a better standard that they thought would be suitable, these efforts may have not paid as it is not yet clear if most companies are going to readily adopt this new standard (IFRS 9). Although it has been termed as better than the previous one, still concerns have been raised th at more amendments should be done on the yet not completed IFRS 9. The major complaint launched being that financial reporting be carried out in a specific context before any standard is imposed. This is actually hard to achieve and may continue to delay the completion of the IFRS 9 which is in fact still underway and has already suffered great delays. IFRS 9 is a 'work in progress' and will eventually replace IAS 39 in its entirety and is subject to

Fund management Assignment Example | Topics and Well Written Essays - 2250 words

Fund management - Assignment Example My discussion will dwell on wealth management and private banking. I will use Switzerland as my model country (Barber 97). Wealth Management Wealth management is part of a business enterprise’s financial aspect. It denotes the careful utilization of resources of a company for the purpose of maximizing output and generating profits continuously. It constitutes financial advice and tax services at one fee. Estate planning can be a component of wealth management. These services can only be offered by financial institutions such as banks and brokerage firms. Trust companies also specialize in wealth management. Based on an individual’s financial goals and objectives, wealth management is a way of investing assets and planning of one’s estate (Anastasios 17). Private banking is used interchangeably with wealth management because wealth management can be viewed as a form of private banking. Private banking means that the financial services offered are not determined by public rules and regulations. It is the owners who formulate and regulate the rules that concern their financial services. Some institutions are now offer wealth management lessons because it has become a key aspect of modern day banking. This aspect is the future for modern day banking. We are noticing the creation of microfinance corporations around the world. This is an indication of the importance it is playing in many economies around the world (David 28). Wealth Management and Private Banking Switzerland For a long time, Switzerland has become the world’s number one destination for investors from all walks of life. This has made the country amass a lot of wealth in the services rendered. The country is one of the most stable economic nations of Europe. To add to its increasing tourist attraction sites, Switzerland’s fortunes are really in a meteoric rise. The major factor that has contributed to this is the country’s policy of neutrality and the fact that many languages are spoken in the country. This has attracted many investors. The degree of neutrality means that the Swiss banks have a policy of not investigating funds deposited regardless of the source of the funds. Unlike other European banks whereby any money deposited has to be vetted to determine the source, this is not the case with Switzerland (Douglas 15). It is no doubt, therefore, that even corrupt leaders from third world countries all run to deposit the money in Swiss banks knowing that none of their dirty will be investigated to determine the source. Since historical times, private banking has been a success in Switzerland. Formerly, investors with a high net wealth worth
million were allowed to invest in the banks. However, a change has now occurred which has allowed even the common man to invest in the Swiss banks. Even though this continues to take place, the Swiss private banking sector keeps targeting high ranking investors around the world. These investors in turn prefer to keep their wealth in this country. Wealth management and private banking in Switzerland is a sector that has undergone enormous growth in the 5 years that have passed or so. This is due to initiatives that have been undertaken by the Swiss banking sector. Today the sector stands as one of the best in Europe (Hans 142). There has been a change in the legislative laws of Switzerland that have done away with the traditional system of health management and private banking. This change started occurring about ten years ago. It was a brilliant

Historical and Theoretical Perspectives on Teaching Reading Essay

Historical and Theoretical Perspectives on Teaching Reading - Essay Example In addition, the findings would be related in terms of their impact on classroom instruction by providing specific and supportive evidence for each theme or issue from the readings and from one’s personal experience, as required. The whole language approach emerged in the 1980s more as a philosophy than a mere teaching methodology. According to Todays-Learners (2010, par. 19), â€Å"reading should not be taught, but rather acquired through trial and error†. Promoters of this technique emphasize that students can substitute words with those that they commonly use as long as the idea remains the same. Correct spelling of words is not so much given priority for as long as the thoughts and concepts are appropriately ingrained (Todays-Learners, 2010, pars. 19 – 23). The modernist perspective has been discussed by Serafini (2003, par. 16) through a review of various scholars’ discourse on the subject; such as Street, De Castell & Luke, and Siegel & Fernandez, among others. This view contends that â€Å"reading is viewed as a cognitive, psychological process divorced from any of the forces that are inherent in social, political, or cultural institutions† (Serafini, 2003, par. 16) Children taught under this approach are given reading materials which are fluently read aloud and concurrently focusing on the main theme of the story or text. Teachers focus more on the diction and pronunciation of the texts as well as determining if the students are able to comprehend the main theme of the story. One of the more contemporary approaches associated with this perspective is the balanced or eclectic approach which utilized phonics and skills instruction into the teaching of reading. Stoicheva (1999) cited Cunningham and Hall (1998) describing â€Å"a balanced framework for literacy where instruction is divided equally between the four

A report on application of technology in Operations Management Essay

A report on application of technology in Operations Management - Essay Example This forms the revenue-generating function of any business and thus based on five critical strategies such as speed, flexibility, dependability, quality and cost. All operations activities are carried out based on these strategies. In order to continuously enhance effectiveness of these strategies, various technology services are employed in operations management through advanced information technology and information service (IT/IS) systems. This report evaluates application of IT/IS in various operations activities and their impact on its core strategies. 2. Operations management and strategic objectives: The entire operations/production process is accomplished using resources such as money, raw material, equipment, manpower and finance. These inputs are processed in specific manner through a sequence of preplanned activities in order to produce desired outputs, which can be in the form of completed parts, products, chemicals, service to customers, completed paperwork etc. Operatio ns strategy controls the strategic position of the firm, and is aligned to the overall corporate strategy. This alignment is to ensure all policies and plans reinforce organizational effectiveness and aid in optimum production of goods and services. For example, Toyota’s operations strategy includes designing, assembling and marketing the finished products, but procures the rest from other suppliers (Feist et al, 1999). This strategy is aligned to its corporate strategy of producing defect-free products, in less time and occupy largest market share. In general, operations strategy involves decisions related to design of the process of production or service providing as well as facilities and/or infrastructure needed to support the process. To achieve such tough and complicated objectives, organizations make optimum usage of advanced information and technological services. The IT services form a part of their tactical planning approaches, which also include capital, human reso urces, technology, facilities; staffing and scheduling methodologies to achieve target productions; sales and service operations; inventory management of supplies and delivered goods etc. In addition, short-term operations planning activities such as capacity, quality control, inventory, manpower etc also require IT services for effective operations. 3. Practical applications of IT for objective achievement: The three major components of corporate strategy in any business include operations effectiveness, customer management and production process and innovation (Chase 2006). Information Technology (IT) provides strong platform to convert, store, protect, process, transfer and recover information related to operations, customer and production processes. IT and its systems are used in all operations management processes such as capacity planning, inventory control and management, quality control, human resources management, etc. All business processes such as taking orders from custo mers, handling returns, manufacturing, marketing, delivery of end products also require IT systems. IT finds effective application in all customer management activities such as evaluation of customer feedback, customer satisfaction, customer expectations etc. Application of IT for innovation in operations and production management is mainly through research and development activities. According to Slack et al. (2004) the main objectives of operations manage

Cheating death stealing life the eddie guerrero story Essay - 1

Cheating death stealing life the eddie guerrero story - Essay Example This Match was in Eddie’s movie although he was not one of the wrestlers in such entertaining match. The documentary, the Eddie Guerrero Story, being touching and inspiring has several funny moments and jokes that his relatives share with us. Anyone who wants to know what a Mexican Wrestler was like and the different styles he brought to the world, must view such documentary. Eddie’s match with Love Machine against Octagon and El Hijo Santo showed how he wrestled as a rookie and how much he has changed. His 2 out of 3 falls match against Dean Malenko could have been the purest wrestling match. It was their last ECW match. Rookie wrestlers who want a few tips must view this great technical battle. A good match in WCW against Chris Jericho showed some intense submission holds and lots of mat wrestling. It was a good match because Eddie and Jericho were great wrestlers. The WCW cruiserweight Championship between Eddie and Rey Mysterio was a fantastic show where both men showed off their skills. Eddie almost ripped the mask off Rey Mysterio because it was a battle of his mask ag ainst Eddie’s belt. It was a great, unforgettable match. Battles against prominent wrestlers made him more famous and an idol wrestler to look upon. He has the capability of being the villain but at the same time martyr and people pleaser. He can easily get the audience sympathy and the mass tends to be in favor of him even though he cheated a lot and do cheap shots. A good ladder match for the Intercontinental championship between Eddie and RVD used two ladders and a chair for some very hard hitting moves, when Eddie power bombed RVD off the ladder, a chair hit his face when RVD gave him a kick. Both of them then fell off the ladder which made it a great and scary match. There was this one Triple threat Match that won by the Guerreros and this is where the motto

The Benefits and Downsides of Intermingling Languages Essay Example for Free

The Benefits and Downsides of Intermingling Languages Essay While bilingualism has always been an object of interest and thorough research for scientists of various fields, mixing languages had been, until the last few decades, cast aside as its defective by-product. However, recent linguistic studies show that intermingling languages should not be considered an ill-conceived overlapping tendency that implies carelessness and a improper use of language, but a linguistic phenomenon with its own intricate rules and purposes. The addition of objectivity towards this subject has enabled linguists to describe in length the downsides and benefits of intermingling languages. None of the pros and cons can be treated with absolute certainty as language mixing itself is often subject to different interpretations. The term ‘intermingling languages’ is sometimes replaced with ‘code switching’ or ‘code mixing’, and the latter two treated as synonyms, although their meaning differs in multiple aspects. Code switching implies that the alternation between languages takes place after longer periods of time. Since code-switch mostly occurs at a clause or sentence boundary, it is referred to as intersential switching. According to the Sridhar brothers (1980) code mixing comprises of changing languages after shorter utterances within a single sentence, and can therefore be considered intrasential. Unlike code switching, it is not accompanied by a shift in speech situation. Code mixing also differs from borrowing, which is a less comprehensive form of using multiple languages in a short period of time. Code mixing, unlike borrowing, is not necessarily caused by a lexical gap in the host language. Neither are the mixed elements limited to a collection of terms accepted by the speech community. The mixed sequences are longer than single words (as is immanent to borrowing), but they are not always assimilated into the base language according to usual grammatical rules. The greatest difference of the two linguistic devices is probably the fact that code mixing is inevitably the result of bilingualism, however, borrowing can also occur in monolingual speech. (Sridhar Sridhar 1980) Despite the availabilty of aforementioned precise definitions numerous studies use code/language switching, mixing and intermingling synonymously without notable deficiency in the results, since these definitions tend to not hold a high level of importance when it comes to analysing the reasons, benefits and downsides of mixing languages. Contrary to popular belief, code mixing is not necessarily a sign of improperly acquired languages or inability to switch from bilingual to monolingual mode. Instead, the contradicticting mixing occurs when the usage of a single language no longer efficiently conveys meaning that is appropriate to a certain situation. According to Crystal (1987 cited in Rezaei Gheitanchian 2008) the benefits of code-switch become apparent when solving co mmunication problems in three types of situations. The most obvious reason for a switch in languages being the difficulty in expressing oneself due to a deficiency in the base language. This shortage of a lexical item may come about because the expressed concept has no equivalent in the culture of the other language, or simply because of a momentary inability to remember said term in the host language. This type of code switching is especially prone to happen when the speaker is upset, tired or distracted in some manner. Work related mixing also falls into the ‘lexical gap’ category. For example, code switching becomes a useful tool when individuals lack the appropriate jargon while speaking about a particular topic. One may mix languages when talking about work because the technical terms associated with work are only known in one language. The second important cause in switching is the wish to ensure social belonging. An individual my want to express solidarity with a particular social group. In this case rapport is established between the speaker and the listener if the latter responds with a similar switch. Code mixing may also be used to exclude people from a conversation: for example, when travelling companions switch to their native language when mentioning things they do not wish to convey to the surrounding people; or when bilingual parents mix languages to keep their monolingual children from understanding private conversations. Thirdly, the reason for switching may be result of the wishing to convey one’s attitude towards the listener. Whereas monolinguals can express attitudes by means of variation in the level of formality in their speech, bilinguals have an extra device in this situation – code switching. When two bilinguals are accustomed to communicating in a fixed language, switching to the other is thought to create a special effect. This idea suggests that code switching can be used as a socio-linguistic tool, that aids bilinguals to emphasi se a particular point in a sentence. While these benefits have been pointed out only during the last few decades of language studies, the downsides of code switching have always been an emphasised parallel to bilingualism research. The most common allegations have been the inability to fully comprehend either language; delays in thinking, speaking and understanding; language pollution and deterioration. The notion that intermingling languages is a results of insufficient knowledge of either of the languages, their grammatical structures and syntax, can be dismissed with the aid of the Equivalence Constraint by Poplack: â€Å"Codeswitches will tend to occur at points in discourse where juxtaposition of L1, and L2 elements does not violate a syntactic rule of either language, i.e., at points around which the surface structures of the two languages map onto each other.† (1979 cited in Sridhar Sridhar 1980). This means that when the two languages have very different syntactical rules, the mixing is done in a way tha t switches occur in those parts of the sentence that allow the presence of a foreign word without causing grammatical discrepancies. However, when this is not possible the following principle of linguistics minimises the incongruity of the situation: â€Å"Dual Structure Principle: the internal structure of the guest constituent need not conform to the constituent structure rules of the host language, so long as its placement in the host sentence obeys the rules of the host language. † (Sridhar Sridhar 1980) Another problem associated with intermingling is the claimed time delay that occurs in switching. However, Gollan and Ferreira (2009) suggest that bilinguals switch languages only when non-dominant language responses are easily accesible and the switching does not occur with the price of accuracy, or if the switches improve accuracy. Furthermore, if the switches are not forced, bilinguals can actually make up for some of the costs linked with language mixing, including the small costs in time. The uncertainties that bilinguals experience when expressing emotions can also be considered a problematic asp ect of language mixing. The common belief that emotions conveyd in the mother tongue have the most strength and sincereness, implies that code switching somehow lessens the truthfulness of one’s emotions. In contrast, Grosjean (2008) points out that the notion of bilinguals always expressing their emotions in their first language is a myth. The opposite can be true when a childhood in one language lacked affection or had an abundance of distressing events – in that case, the second language may be used more often as it has stronger reaffirming emotional tones. Despite the emergence of the previous pattern, there are instances where a person might benefit more from using an emotionally less-dominating language. For example, code switching is sometimes strategically used in psychological counseling. This can be accounted to the usefulness of speaking in a second language when trying to distance oneself from emotional events. Language switching becomes a defence mechanism because of usaging a language that is not associated with such a broad range of emotions (often L2). (Altarriba Santiago Riviera 1994 as cited in Altarriba, Heredia 2001). Language mixing is an important aspect of bilingualism, and a natural occurence the conversations of bilinguals. Some linguists see it as a polluting factor which indicates the lack of language proficiency. This notion is supported by findings alike the apparent delays that switching has shown to occasionally cause in speech formation and comprehension. The claim of language mixing resulting in improper use of syntax has been counteracted with proving the well-formed and grammatically correct unwritten rules of code switching. Therefore, most of the downsides of code mixing have either not found enough proof or are minimised by counteractive processes. Analysing the reasons for language mixing has enabled us to point out its benefits. Intermingling may be induced by a simple lack of a lexical term, the need to build rapport with a fellow bilingual, a wish to restrict the conversation from surrounding monolinguals or the necessity to convey a different tone or opinion towards what is being expressed. When the problemic conditions that triggered code switching are solved this linguistic devices proves its usefulness. Keeping these notions in mind, it is easy to agree with practitioners, who despite some downsides, see language mixing as an inevitable linguistic occurance that enhances communication rather than decreasing its quality. Intermingling strengthens the content and the essence of the message, thus becoming an important social funtion of communicating. References Altarriba, J. and Santiago-Rivera, A.L. 1994. Current perspectives on using linguistic and cultural factors in counseling the Hispanic client. Professional Psychology: Research and Practice, 25, 388–397. Altarriba, Jeanette and Heredia, Roberto R. 2001. Bilingual Language Mixing: Why Do Bilinguals Code-Switch? Current Directions in Psychological Science, 10: 15, 164-168. Crystal, D. 1987. The Cambridge Encyclopedia of Language. Cambridge University Press: Cambridge. Gollan, Tamara H. and Ferreira, Victor S. 2008. Should I stay or should I switch? A cost-benefit analysis of voluntary language switshing in young and aging bilinguals. Journal of Experimental Psychology: Learning, Memory, and Cognition, 35: 3, 640-665. Grosjean, Francois. 2008. Studying Bilinguals. Oxford and New York: Oxford University Press. Poplack, S. 1979. Sometimes I’ll start a sentence in Spanish y termino en Espanol: Toward a typology of codeswitching. Linguistics, 18: 7-8, 581-618. Rezaei, Seyyed Hassan Seyyed and Gheitanchian, Mehrnaz. 2008. E-proceedings of the International Online Language Conference (IOLC), 61-67. Sridhar, S.N. and Sridhar, Kamal K. 1980. The Syntax and Psycholynguistics of Bilingual Code Mixing. Canadian Journal of Experimental Psychology, 34: 4, 407-416.

Introduction to Noise Pollution

Introduction to Noise Pollution NOISE POLLUTION The word Noise is derived from the Latin word nausea which means feeling of sickness at the stomach with an urge to vomit. Disturbing or excessive noise that may harm the activity or balance of human or animal life. The source of most outdoor noise worldwide is mainly caused by machines and transportation systems, motor vehicles, aircraft, and trains. What is Noise Pollution? According to Odum, noise pollution is the unwanted sound dumped into environment without regard to the adverse effect it may have. Noise pollution may be defined as any unwanted electromagnetic signal (sound) that produces a jarring or displeasing effect and which interferes with human communication, comfort and health. Noise pollution also caused when the loudness of the sound becomes irritating or unbearable. Noise pollution also refers to perturbations which interfere in the communication systems. The unit of sound intensity is decibel (dB). The sound intensity from 0 to 100 dB is pleasant but when the sound intensity exceeds 120 dB, it causes noise. Sound intensity of 130 dB is the upper limit of the threshold of hearing and beyond this, is the threshold of pain which may cause damage to car and leading to hearing impairment. So, sound of more than 130 dB causes noise pollution. Sources of Noise Pollution: The pollution of noise can be caused by natural processes or by human activities. (1) Transport noise; (2) Industrial noise; and (3) Neighbourhood noise. 1. Transport noise: The main threat of noise comes from transport sector. The transport noise includes road traffic noise, rail traffic noise and aircraft noise. (a)  Road traffic noise: The chief causes of road traffic noise are the number of road vehicles and their high traffic speed. Faster moving vehicles produce high noise from their gear box, exhaust system, vibrations from their body, etc. (b) Rail traffic noise: The noise from rail traffic is comparatively lower than that from road traffic. Introduction of diesel engines or electrical engines has reduced the intensity of rail traffic noise which was previously shown by steam engine. Besides use of welded tracks and improved coach suspension have contributed to the reduction in railways noise, (c) Aircraft noise: Larger and faster aircrafts produce high noise intermittently during take-off, landing and during flight. Noise generates from compressor and turbine and near jet exhaust. Jet engines create most noise around a radius of 16 km. Sonic boom is an important aspect of aircraft noise. Sonic boom occurs when an aircraft flies supersonically overhead. (2) Industrial noise: The different machines of numerous industries, factories and mills produce a lot of high intensity sounds causing noise pollution. Some industrial processes like weaning, ship building, boiler making, pressing and blasting operations are nosier than others. The operations in pneumatic drills, milling machines, cutters, printing press with an upward, downward and sideways movement and vibrations, cause lowering of hearing capacity to a large extent. The noise pollution is further magnified due to the installation of industries in compact places. For example, the workers near the heavy industrial blowers in steel industry are exposed to sound of 112dB for eight hours and hence suffer from occupational pollution. 3. Neighbourhood noise: This type of noise includes antisocial activities of neighbours like using of loud TV, stereo, radio sets, jazz music, fireworks parties, playing of children, barking of dogs, neighbourhood brawls out of intoxication and industrial neighbourhood noise etc. The machines used in house construction like concrete mixes, vibrators, bulldozers, heavy diesel lorry, building demolition activities also add to the noise pollution. Noise is air-borne mechanical energy striking the human eardrum. A sound of 65dB is the noise level for conversation heart at a distance of one meter. A sound of 125dB (A) gives the sensation of pain in the ear and 150dB (A) might kill a human being. If a noise of 90dB in the mid-frequency range reaches the ear for more than few minutes, then the sensitivity of the ear is reduced. The various effects of noise pollution on human beings may be classified in to two categories: (1) Auditory effects (2) Non-auditory effects. 1. Auditory effects: The impairing of hearing which may cause immediate auditory fatigue finally leading to deafness is known as auditory effects. 2. Non-auditory effects: These effects include interference with speech communication, annoyance leading to ill-temper, bickering, mental disorientation, violent behavior and a series of health hazards.   Ã‚   Permissible Noise Levels (Control): We have already discussed the sources of noise of different intensity and their hazardous impact on living organisms particularly on man. Still we work and live in the environment where the noise level is not optimum. Thus it is rightly told by Robert Koch that noise pollution is a slow agent of death. The peoples working in areas where the intensity of noise is comparatively higher suffering from progressive hearing loss, physiological (health) and psychological hazards including tension. The maximum permissible noise levels at different are summarize. . Prevention and Control of Noise Pollution: Noise produced from different sources has created a catastrophe to the entire living world specially to man. Hence, necessary steps should be taken to minimise the level of noise thereby protecting the living world from its detrimental effects. Few methods of minimising noise pollution are discussed below: (1) Industrial noise pollution control: The level of noise pollution due to industries can be lowered down by adopting the following techniques: (a) Use of improved technique: The noise at source can be reduced by replacing noise producing machines with suitable improved technique. For example, the noise from exhaust fans can be decreased either by increasing the number of blades or by decreasing the rotational speed. (b) Sound proofing: An insulating material may be applied on the noise producing machinery and equipments which causes sound proofing. (c) Transmission control: The level of noise can be minimised by covering the walls of the room by sound absorber (e.g. acoustic tiles), introducing gaskets around the doors and windows, sealing all the outlets and putting carpet, drapery and acoustic materials inside the room. (d) Creation of green vegetation cover: Plants and trees should be planted along highways, streets and industrial areas because the vegetation covers absorb and dissipate sound energy and acts as a buffer zone. (e) Using protective devices: The use of ear plugs or ear muffs or even cotton balls by the worker in the industry can protect them from hazardous effects of noise pollution. (f) Operations in open space: Noisy industrial operations should be conducted at open spaces far off from residential areas. (g) Use of Building codes: Certain codes should be enforced which require sound proofing in the construction of industries, buildings and apartments. 2. Community noise control:   The community noise control includes minimization of noise from air traffic, transport system, building constructions etc. The noises from the above sources can be lowered by adopting the following procedures: (a) The air traffic noise can be reduced either by suitable technique or by zoning the area around the airport and not allowing for the construction of houses or industries within 10 meters of the airport. (b) The road traffic noise includes tyre noise, engine intake noise, exhaust noise, aerodynamic noise, noise from blowing of horns etc. Such type of noise pollution can be controlled by incorporating silencers in vehicles, maintaining speed limit prescribed for the vehicle and banning air horns. (c) The loudspeakers, radio and music system should be operated at threshold intensity so that the noise level should not be hazardous to living organisms. (d) Public awareness should be created to educate the common man about the harmful effects of noise pollution, through radio, television, newspapers etc. (e) The noise can be reduced by introduction of new regulations which mainly include lowering speed limits and designing for non-stop operation. (f) Stringent laws should be implemented to control noise pollution. For example, Motor Vehicle Act of India provides restrictions on heavy vehicles using double sirens while passing through populated areas. (g) The laying of ballast less tracks reduces the noise level due to railways. (h) The noise pollution can best be controlled by promoting education and research.

Malaysian Pharmaceutical Retail Industry Objective

Malaysian Pharmaceutical Retail Industry Objective The report aims to provide an overview retail pharmacy industry and evaluate factors that propel and restrain the market, government policies, sales trends, potential growth and market outlook. Challenges related to the pharmaceutical retail sector will be outlined and assessed, and insights into marketing plans being deployed to tap into available market opportunities in Malaysia will also be discussed. Malaysias retail pharmacy : an overview Malaysia comes in at fifth in healthcare expenditure when compared to select Asian nations, and is growing at approximately 13% annually (Frost Sullivan 2008). The total national expenditure on healthcare in 2009 exceeded USD 7 billion, and is projected to surpass USD 10 billion by 2020. Retail pharmacy sector presently however contributes only to 17% of the total expenditure only due to restrictions pertaining to government policies, profession workforce, and population perception. The retail pharmacy sector traditionally can be described using organization size and product/service mix criteria. Sole units are comprised primarily of independent pharmacies, usually owned by pharmacists. Multiple-unit pharmacy organizations, or chains, can be divided into small chain and large chain (e.g. 30 or more units). In addition to organization size, the retail pharmacy sector can be characterized by the product/service mix of the organizations, though there is some blurring of this distinction. Some traditional categories include, supermarket (e.g. AEON), and, beauty and healthcare stores (e.g. Guardian, Watsons). Pure drug store is virtually non-existent in the Malaysian retail pharmacy sector as a result of no dispensing separation between the pharmacists and medical practitioners whereby pharmaceutical products can be sold and dispensed by medical practitioners as well. Consequently, this policy, have and still negatively impacting the pharmacy profession practice and retail viability of pure drug store in Malaysia. Therefore, current retail pharmacies generally offer both pharmaceutical and non-pharmaceutical product/services to maintain viable in Malaysian market. The major participants in the Malaysian retail pharmacy scene are multinational corporations such as GCH Retail (M) Sdn Bhd and Watsons Personal Care Store, local companies such as Caring Pharmacy and Trustz Pharmacy, and a plethora of small independently operated pharmacies. In 2009, the multinationals, GCHs Guardian and Watsons collectively dominated 54% of the total market share whilst 46% was divided among local retail pharmacies as shown above (Euromonitor 2010). Generally experienced in dealing with large industries, these multinational corporations compared to the domestic counterparts, have the experties in handling processing, packaging, logistics, inventory management etc. In addition, they have the advantages of economies of scale, retailing of in-house brand, increase in market profit and share, and wider discount parameter for retail healthcare products. chapter 1 External and internal factors influencing retailers marketing strategies In this bearish economy, retailing in Malaysia recorded a downtempo in current value growth (CVG) in 2009 compared to previous year but still at a positive pace (Euromonitor 2010). GDP forecast was reevaluated in May 2009 from 4% to 5% decline for 2009 in light of deteriorating international economic outlook (Euromonitor 2010). While consumer confidence dwindled, discretionary spending was reduced but appeared willing to spend a little bit more during promotional period or turned to cheaper alternatives such as mid-priced/economical in-house brands or generic medications. With ongoing urbanization trend, higher education levels and better living standards generated greater enthusiasm among post recession shopperconsumers regarding self-medication. This further strengthened the importance of retail pharmacies as consumers were able to acquire OTC healthcare, nutritional products and prescription drugs from retail pharmacies. Overall trend of the retail pharmacy sector is gearing towards the sales of generics and OTCs in times of recession. Price of generics are generally lower, 27%-90%, compared to branded/innovator products (Shafie Hassali 2008). Therefore a more cost friendlier option for consumers whilst profit margins of generics are higher than branded/innovator products, which is favorable to retailers a win-win solution. However, sales of non-prescription products such as OTCs, TCMs, vitamins and supplements are still the main contributor to the retail pharmacys revenue at 79%. These products similarly are seeing growth in sales fueled by gains in cough, cold and allergy remedies, amid global slowdown since 2008. Having said so, retailers still employ different marketing strategies to distinguish themselves from existing competitors and attempt to reposition themselves as market leaders some successful while some struggled. Strategies pertaining to each of the different type of organizations will be further discussed as follow: Strategies employed by multinational corporation The multinationals (i.e Guardian, Watsons) have taken a broad spectrum approach by attempting to diversify from traditional dispensing services common to the concept of a pharmacy, into other other market segments regarding to general healthcare and beauty solution to penetrate into wider consumer segments during the time of recession. The retailers responded by engaging in regular promotions and extended sales period to encourage spending and offering a combination of both pharmaceutical services with beauty care. Rapid expansion strategies undertaken by leading chained retailers resulted in a substantial escalation in the chained store numbers in the nation. 2009 saw a slight improvement in the average selling space per outlet of beauty and health specialist retailers. More retailers began opening stores in shopping malls which were larger than their standalone establishments. Most beauty and health specialist retailers launch their retail chains in Klang Valley. This is largely due to greater purchasing power among urban consumers. Nonetheless, more beauty and health specialist retailers are expanding outside Klang Valley in order to serve the rising population and growing purchasing power of consumers in East Malaysia and secondary states. Launching of budget in-house brand is to cover a wider range of consumer segment. Guardian: target market, product and services, promotion GCH Retail (M) Sdn Bhd is a wholly-owned subsidiary of a Hong Kong based Dairy Farm International Holdings Ltd, listed on the Hang Seng Stock Exchange. Dairy Farm International Holdings Ltd is 78% owned by the Jardine Matheson Group, which is listed on the FTSE Stock Exchange in addition to secondary listings on the Singapore Straits and Bermuda Stock Exchanges (Euromonitor 2010). In Malaysia, the company is involved in the operation of Guardian pharmacy, Cold Storage supermarket and Giant hypermarket outlets. In 2009, as a result of its aggressive outlet expansion, with 20 new Guardian outlets, and proactive promotion including daily specials boosted the companys pharmaceutical market share to 35% Figure 2.0, occupying the largest cut of the retail pharmacy market segment. GCH Retails Guardian brand is leading the pack because the retail format is gradually becoming popular in Malaysia. For instance, Guardian spearheaded the concept of modern retail pharmacy by providing professional consultation and service by registered pharmacists, plus holistic health and personal care solution. GCH Retails in-house brand offers quality products at affordable prices because the companys in-house products are manufactured and sourced locally. Moreover, the company, targeting all consumer segment, from low to high income earners, was very aggressive in promoting its home brand products in terms of advertising and promotions, while also developing its product ranges. For instance, Guardian dedicated half a page or full-page advertisements in their in-store brochures or leaflets for their in-house brand products. GCH Retails share of in-house brand products has been growing steadily largely due to developing brand recognition as well as the wider range of items available. In response to the Malaysian governments support initiatives designed to spur small and medium sized enterprises (SMEs) in Malaysia, it is expected that the company will continue to source new products for its in-house brand lines. External and internal factors analysis External Internal Threats Economic slowdown Decentralized marketing function: inconsistent brand image Weaknesses Retracted consumer spending Increased rivalry between competitors Opportunities Import/Export: Malaysian Ringgit vs Hong Kong Dollar Good management: able to respond to market change Strength Change in consumers spending pattern Both external and internal factors influence how the company decides to operate. The external factors will be the same for all the market players. Watsons personal care store: target market, product and services, promotion Watsons Personal Care Stores (WPCS) is a subsidiary of the AS Watson Group which is wholly owned by the Hong Kong based Hutchison Whampoa Ltd listed on the Hang Seng Stock Exchange main board and has been in Malaysia since 1994. Being the largest beauty and health retail chain in Asia, in Malaysia, with 211 outlets nationwide following the successful merger and acquisition of Apex Pharmacy Sdn Bhd in Jun 2005, WPCS is one of the most accomplished personal care chain stores (Euromonitor 2010). In 2009, albeit with pharmaceutical value share of 19% Figure 2.0, due to increasing number of beauty and health specialist retailers, WPCS remained the largest community pharmacy retail chain in Malaysia. Having said so, continuous marketing efforts and promotions such as television advertisements, complimentary beauty and health information to consumers, and storewide 20% discount campaign, helped restrain its fall in value share. WPCS offers competitively priced and quality in-house brand products. Its in-house brand lines consist of a larger proportion of cosmetics and toiletries, disposable paper products, OTC healthcare products, bottled water and electrical items, is mainly designed for mass consumers, especially the budget end of the market. The company has been very active in pushing its in-house brand. For example, it has dedicated more shelf space in-store for its inhouse brand items. Coupled with growing brand recognition, as well as a wider range of products, the companys share of in-house brand has grown steadily. External and internal factors analysis External Internal Threats Economic slowdown Over expansion resulting in dissipated consumer services Weaknesses Retracted consumer spending Increased rivalry between competitors Opportunities Import/Export: Malaysian Ringgit vs Hong Kong Dollar Extensive outlet coverage nationwide Strength Change in consumers spending pattern Strategies employed by smaller pharmacy Marketing model of smaller pharmacies focus on establishing good rapport with its customer base and to provide individually customized pharmaceutical services for their clients to cater on the needs of selected consumer segments. The smaller retailers responded by provided extended hour services for the convenience of consumers after working hours access to pharmaceutical items and advice. Loyalty marketing is introduced to maintain or expand their customer base in light of even more competitive environment. A loyalty program may be specific to an individual retailer, or an independent coalition scheme involving a few partners. The latter model is gaining popularity in Malaysia and is established in Europe, Australia and Canada. Specialized services exclusive to pharmacy such as pre-packed dosettes medications to ensure better compliance to medicine, insulin dose adjustments for uncontrolled diabetes management and methadone replacement therapy for heroin dependent patient, cater to unique patients segment that is gradually increasing. Caring pharmacy: target market, product and services, promotion Caring Pharmacy Sdn Bhd is a group of pharmacies under one banner collectively shares the same supply and inventory management similar to that of chain stores, however each outlets are independently owned and operated by pharmacists. Caring Group currently have 46 registered pharmacists operating 40 outlets in Klang valley. Therefore giving the Group the highest number of pharmacist to outlet ratio among retail pharmacy operators in Malaysia. With market share of 12% in 2009 Figure 2.0, Caring is emerging fast as one of the most established local community retail pharmacy. Providing extended hour services from the early hours up to midnight proved to be a potent strategy in establishing its market share as it provides time flexibility to consumers. Caring offers professional consultation by registered pharmacists on uncomplicated ailments and medication management solutions such as pre-packed medications similar to the multi dose Webster-Pak ® for the consumers convenience. The group has been actively promoting its pharmacist consultation service. For instance, public awareness talks by pharmacists on health topics such as hypertension, diabetes, weight-management etc. are frequently organized. Launched in 2006, the first pharmacy reward program as a points accumulation and gift redemption card with Malaysias premier multi-party loyalty program BonusLink, enabled Caring to establish closer contact with their regular clients. External and internal factors analysis External Internal Threats Economic slowdown Too focused on domestic/localization growth Weaknesses Retracted consumer spending Increased rivalry between competitors Opportunities Change in consumers spending pattern Good corporate core value: pharmacist service for all consumer segments Strength chapter 2 Strategic recommendation for the retail pharmacy industry The Malaysian as well as the global economy continued to see tough times in 2009. Despite an unemployment rate that was on the rise and consumer spending falling, consumers remained largely loyal to established pharmacy names when it comes to fulfilling their healthcare needs. Some consumers also switched to self-medication in times of minor ailments as a bid to go back to work for fear that they might lose their jobs in the recession. Retail pharmacies are seeing an increase in consumer sales contribution of 0.2% for 2009 against 2008. This was largely due to the expansion of outlets such as Watsons which attracted consumer interest for its one-stop shopping. In 2007, the population in Malaysia was reported to be just over 27 million which, according to United Nations Department of Economic and Social Affairs. By 2015, its projected that Malaysias population will reach more than 30.7 million. Currently, the country has relatively young population, with nearly 60% Malaysians below the age of 30 in 2007. Regardless, the population is steadily aging, with the median age of the population increasing from 22.5 years in 1995 to 24.6 years in 2007. The aging population in Malaysia, usually earning more than their younger counterparts and are usually relatively established in terms of family and home and more aware of their health status, is expected to drive consumer healthcare expenditure. Consumer of this category is expected to drive increased demand for medical and health-related products and services, including pharmaceuticals and OTC drugs, vitamins and dietary supplements, health drinks and medical equipment. On the other hand, its projected that still over one-half of the Malaysian population will be under 30 years-old in 2015 so, while there will be some new emphasis on products for older consumers, younger consumers will remain a potent force, exercising significant purchasing power and driving continuing demand for the wide range of youth oriented products. This category of consumers are becoming more health conscious, recent survey that 80% of fast moving consumer goods shoppers now think about their health more than they did before. Hence, this will spur demand for core healthcare products and influence sales in tangential sectors such as food and beverages, and healthcare services. Offer Mix : Product portfolio adjustment and pricing tactic Product portfolio adjustment As living costs, including healthcare costs, are expected to rise, consumers will be more endeavous to try out economical in-house brand products and self-medicate, respectively. Additionally, more consumers understand the helpfulness of vitamins and dietary supplements as preventative measures against environment, diet and age-related ailments such as joint and back pain, immune systems, osteoporosis and lack of balance nutritional values. The relatively fast growth rate of consumer healthcare sales was not equally spread among in-house brand lines. It should be noted that not all categories saw higher in-house brand growth, as some were mostly dependent on growth by branded products. Within consumer healthcare, in-house brand product line is expected to grow in wound treatment products such as sticking plasters and topical germicidal/antiseptic Figure 3.0, especially in the midst of an economic slowdown and an influenza A (H1N1) outbreak, respectively. Coupled with strict registration requirements in Malaysia for all medicines, either branded or generics, in-house brand is unlikely to perform well in consumer healthcare categories such as oral analgesics, cough, cold and allergy (hay fever) remedies or digestive remedies as consumers remained largely loyal to established brands mainly because these brands are long-time trusted names that consumers find most effective or have simply grown accustomed to purchasing. However, consumers will increasingly demand convenient and effective products so as to meet their increasingly stressful and busy lifestyles. Therefore, easy to apply or easy to use products such as Nexcare Acne Patch and Gaviscon Liquid Sachets are expected to attract consumer interest, especially among the younger generation of the population. Retailers will need to expand their consumer healthcare product ranges in order to maintain competitive in the market. However, retailers should focus on producing lower-cost and in-house branded products such as topical analgesics, antipruritics, other wound treatments, vitamins and dietary supplements, that enjoy strong demand among consumers. Pricing tactic Consumers will be shopping around for the best deals. It is not necessary for retailers to cut list prices, but may offer more short termed price promotions, lower quantity threshold discounts, provide credit to long-standing customers, and more aggressively price smaller pack sizes. In tough times, price cuts attract more consumer support than promotions such as mail in offers and sweepstakes. Promotion mix : conventional advertising and online marketing Despite the growth of electronic communications, printed newsletter and television still play an important role in Malaysians daily life and their pursuit of information and entertainment. As shown in Figure 4.0, printed adspend dominated 54% followed by television adspend at 37% of the total adspend respectively for the year 2009. Major newspapers include three English-language dailies, two Malay-language dailies, five Chinese-language dailies, and two Tamil-language dailies. The Malaysian has a wide range of magazines covering lifestyle, fashion, business, and special interest topics such as fishing, motoring, health and wellness and childcare. Magazines in Malaysia are usually published on a fortnight or monthly basis and are available via subscription, at retail outlets, convenience shops and small grocery stores. The internet has had a significant impact on Malaysia over the past several years. The number of internet users grew from nearly five million users in 2000 to more than 12 million users in 2007, reflecting growth of 144%. Just as significantly, the household penetration rate of personal computers in Malaysia increased from 13.5% in 1995 to 34.7% in 2007. Tethered with such growth, online adspend recorded 72% spike growth from 2007-2009, and is expected to continue capturing readership share at the expense of printed media, in-line with household penetration rate of internet-enabled computers increases in Malaysia. Mobile advertising will be in vogue as internet handheld devices gains market penetration, particularly among the younger population. Advertising platforms such as Apples iAd is a prime example of cutting-edge mobile advertising where advertisements are not just informative but interactive as well. Advertisements of this kind, can be updated real time by retailers with short-term sales promotion similar to Malaysia Airlines Lunch-hour flight deals or provide interactive online shopping experience, will revolutionize conventional concept of promotional advertising. Hence, internet will have an impact on how retailers attempt to reach Malaysian consumers and, in a less significant but nevertheless growing way presently on how Malaysians shop. However, as in most countries, online advertising and internet retailing is expected to increase. conclusion Consumers in Malaysia are changing their healthcare shopping behavior in various ways at times of recession. While many opted for other more economical retailers, there are some who remained loyal to their preferred retailers while reducing the number of trips and spending. They are more comfortable in seeking out deals and using coupons, and will purchase both in-house brands or branded products whichever provides the best value. Definition of value is also changing. Previously, value is often perceived as quality and options, but during recession this is synonymous with price, while moving out of recession, value will mean that consumers get what they want at the best possible price. Pharmacy retailers can capitalize on consumers needs by providing increased personalized marketing and shopping experience. Consumers are shifting towards meaningful and unique shopping experience, particularly in purchasing healthcare items. Consumer in control Present consumers know are clear of what they want and many will go the distance in search of the best offers, some consumers, due to their lifestyle fluidity simply require products that satisfy their needs. Mobile shopping will be the next frontier for retailers to venture into as on-the-go consumers who emphasize on shopping convenience and speed of transactions. Pharmacy retailers can tap into this market and formulate marketing plans unique to loyal mobile shoppers. Conventional in-store consumers are bombarded with too much product information creating confusion and delaying purchases. Retailers and manufacturers should collaborate to satisfy consumers needs such as using attractive colors and creating simplistic product packaging to facilitate consumers search for healthcare products. Retailers diversify and re-brand to stay relevant Pharmacy retailers diversifying into in-house product line will need to factor in consumers shopping preference on established branded healthcare products when formulating in-house product marketing plans. Many consumers maintained loyalty to established brands due to familiarity to a product or confident with its effectiveness. However, in-house branded product line such as wound care, vitamin and supplements are projected to grow due to regional disease outbreak and economic downtempo. New and improve in-house product lines with convenience in mind such as topical analgesics and sachet digestive remedies will appeal to consumers particularly the younger customers. Retailers may need to revamp certain product lines with new design, improve in-house brand offers and a compelling ad-campaign, to appeal to younger consumers. Future of retail pharmacy Retail pharmacy landscape is shifting largely attributed to economic changes, the growth of online retailing and more recently mobile commerce. With increasing use of smart handheld devices in Malaysia, mobile advertising and commerce is projected to grow substantially. Retailers will have to employ a multi-channel marketing approach. Online retailing will provide a platform for retailers disseminate unique and targeted product offers for consumers to research, plan their shopping trips and ultimately attract consumers into stores. Once in store, consumers will look for premium service coupled with simplified shopping experience in terms of product availability and ease of locating the products. Now more than ever consumers becoming more sophisticated and informed in making choices. They desire to know the origin of the product, what they are made of and how their lives can be improved with them. In general, future consumer wants a simplified, personalized and meaningful shopping exp erience with a focus on value.

Charles Dickens :: essays research papers fc

INTRODUCTION This report will talk about the life of a famous author, Charles Dickens. It will tell you about his early, middle, and later years of his life. It will also talk about one of his great works of literature. In conclusion, this report will show a comparison of his work to his life. EARLY LIFE Charles Dickens was born at Landport, in Portsea, on February 7, 1812. His father was a clerk in the Navy Pay-Office, and was temporarily on duty in the neighborhood when Charles was born. His name was John Dickens. He spent time in prison for debts. But, even when he was free he lacked the money to support his family. Then, when Charles was two they moved to London.1 Just before he started to toddle, he stepped into the glare of footlights. He never stepped out of it until he died. He was a good man, as men go in the bewildering world of ours, brave, transparent, tender-hearted, and honorable. Dickens was always a little too irritable because he was a little too happy. Like the over-wrought child in society, he was splendidly sociable, and in and yet sometimes quarrelsome. In all the practical relations of his life he was what the child is at a party, genuinely delighted, delightful, affectionate and happy, and in some strange way fundamentally sad and dangerously close to tears. 2 At the age of 12 Charles worked in a London factory pasting labels on bottles of shoe polish. He held the job only for a few months, but the misery of the experience remain with him all his life. 3 Dickens attended school off and on until he was 15, and then left for good. He enjoyed reading and was especially fond of adventure stories, fairy tales, and novels. He was influenced by such earlier English writers as William Shakespeare, Tobias Smollet, and Henry Fielding. However, most of the knowledge he later used as an author came from his environment around him. 4 MIDDLE LIFE Dickens became a newspaper writer and reporter in the late 1820's. He specialized in covering debates in Parliament, and also wrote feature articles. His work as a reporter sharpened his naturally keen ear for conversation and helped develop his skill in portraying his characters speach realistically. It also increased his ability to observe and to write swiftly and clearly. Dickens' first book, Sketches by Boz (1836) consisted of articles he wrote for the Monthly Magazine and the London Evening Chronicles.

Lord Of The Flies - A Character Study Of Ralph Essay -- essays researc

This essay is a character study of Ralph, who is one of the main characters in William Golding’s ‘Lord of the Flies’. I have chosen to analyse Ralph’s character, as it is the character with which I feel that I can relate most closely. Ralph is probably the novel’s main character. This essay will include my identification of the major aspects of Ralph’s character and how he symbolises different themes, which are portrayed in the novel. I will cover in this what Ralph contributes to the plot of the novel, a description of Ralph’s appearance, his dreams, his attitude to being stranded on the island, how he relates to the other boys and how he organises the boys into becoming a self-dependent society. Ralph’s character plays a major part in the plot of ‘Lord of the Flies’. Ralph is the first character we meet in the novel and at first he seems to be very relaxed about the situation of being in unknown territory. The plot begins opens when Ralph and another boy, Piggy, discover each other and eventually decide through Piggy’s constant persistence to blow through a conch shell to see if there are any other people around. It turns out that there are many other boys stranded on the island and they begin to form a small community, which is controlled by Ralph who becomes the leader. Throughout the novel Ralph tries to keep the boys in order and to preserve a civilised society by showing constant faith that if they work together they will be rescued. He does this by encouraging them to keep a fire burning, which represents that faith, and to organise themselves into a unit equipped to handle the unpredictable situation. However, Ralph finds this increasingly d ifficult as the story progresses. Ralph begins to long and daydream of his civilised and normal past. Gradually, he becomes confused and began to lose clarity in his thoughts and speeches. "Ralph was puzzled by the shutter that flickered in his brain. There was something he wanted to say; then the shutter had come down." (p. 156) Suspicion arises that there may be a beast on the island and Jack the main choir boy, who is Ralph’s chief rival for leadership, forms a tribe and begins to encourage the other boys to ignore Ralph’s rule. Gradually many of the boys turn into savages and treat the island like their own playpen, with an incremental build up of evil in their behaviour. Another major character... ...order to give an understanding of the different powers that some people can posses over others. In William Golding's novel, Lord of the Flies Ralph though not the stronger person, demonstrates a better understanding of people which gives Ralph better leadership qualities than Jack, although he is ultimately not succesful. In a way Simon can be seen to represent Jesus Christ and Jack is evil and represents Belezebub. It is ironic that Jack starts out as the leader of the choir and ends up by being the most evil of the boys. Ralph is like Peter who was the disciple that Christ loved best and yet who betrayed Christ. In conclusion, Ralph is possibly the most heroic character in the book as he is, if you note, the only one who follows his belief and faith and this brings him through, even in the forest at the end, when it is him against the rest. In the end Ralph is a very ordinary boy who has almost been crushed by the opposition but despite recognising obvious weaknesses in himself, he always tries to understand what is going on around him and to understand himself and thus shows indubitable heroism. He is more heroic because of his weaknesses and his acceptance of his own guilt.