Corporate Bond Market in India Essay

Foreword In the rush to produce urgent policy documents and briefing notes that any government has to do, it is easy to let matters that may not be quite as urgent to go unattended. However, the not-so-urgent often includes matters of great importance for the long-run well-being of the nation and its citizenry. Research papers on topics of strategic economic policy fall in this category. The Economic Division in the Department of Economic Affairs, Ministry of Finance, has initiated this Working Paper series to make available to the Indian policymaker, as well as the academic and research community interested in the Indian economy, papers that are based on research done in the Ministry of Finance and address matters that may or may not be of immediate concern but address topics of importance for India’s sustained and inclusive development. It is hoped that this series will serve as a forum that gives shape to new ideas and provides space to discuss, debate and disseminate them. Executive Summary: In this paper, we examine the factors behind underdevelopment of corporate bond market in India. We assess that one of the major bottlenecks to the development of this market lies in relatively larger costs of financing which dissuade the firms to raise finance from this avenue. We argue that the lack of transparency, inefficient market making and illiquidity of the instrument not only lead to such extra costs of financing that hampers investment in the real sector but can trap the bond market in a low level equilibrium. To alleviate such problems, we prescribe policies that ensure better production of information and increased volume of transactions that will lessen both liquidity and transparency problems and ensure efficient market making. A combination of such policies include mandatory disclosure of ratings by firms and assignment of multiple agencies for rating an issue at different points of time, minimum size of placements of (infrastructure) bonds, establishing stop loss thr eshold, among others will help breaking the trap and improve quality of issues and would eventually lead to a vibrant bond market with reduced costs of financing investment. Structure of the paper: The paper is structured in three parts. The first part, section 3 and 4 analyse how corporations finance themselves and how does the corporate bond market contribute in this process. Section 3 delves into how large Indian firms evolved in their financing pattern over the past decade. We further analyse what are some of the key drivers of such financing pattern when it comes to corporate bond markets in section 4. In section 5, we offer an analytical construct and mode that shows how liquidity, transparency and informational problems contribute not only to higher costs of financing but may create low level equilibrium trap in the bond market where few issuers, investors and market makers participate. In section 6, we summarise the policy implications of our findings and analyse what it would take for the corporate bond market to move from the current state (of low level equilibrium) to a higher level equilibrium. We examine where the policy maker might have a role to play and where th e market will respond to address its concerns spontaneously. 2. A review of how large firms in India finance themselves Our analysis about the debt market in India begins with a review about how firms in India finance themselves. Our information is necessarily restricted to the largest firms of India, those that are observed in the CMIE database. We focus on non-financial firms, so as to avoid the measurement problems of accounting data for financial firms. The `sources and uses of funds’ statement, which is the first difference of the balance sheet, yields important insights into the financing structure. Table 1: Structure of sources and uses of funds Ended 2000-01 35.2 5.7 29.5 64.6 17.2 14.4 3.5 0.5 25.5 Ended 2010-11 30.8 21.1 9.7 67.5 13.8 17.8 3.9 3.2 24.2 Component Internal Retained Earnings Depreciation External New equity Banks Bonds Foreign Current liabilities Table 1 shows the structure of the sources of funds, comparing the latest available year (2010-11) against one decade ago (2000-01). The first feature of interest is internal financing. We see a substantial reliance on internal financing: from 35.2% a decade ago to 30.8% today. To the extent that internal financing is important, it acts as a barrier against new firms who do not have pre-existing cash-flow. The hallmark of a sophisticated financial system is a substantial extent of external financing. From a normative point of view, to the extent that external financing is greater, this is likely to induce superior resource allocation and competitiveness. Turning to external financing, one important component – equity financing which was at 17.2% in 2000-01 and 13.8% in 2010-11 – is in relatively sound shape. The Indian equity market was the focus of policy makers from 1992 onwards, and substantial progress has been made. One key element – stock lending – i s as yet absent. Barring this, all sophisticated features of the worlds top equity markets are now found in India. The two Indian exchanges, NSE and BSE, rank 3rd and 5th in the global ranking by number of transactions, that is produced by the World Federation of Exchanges (WFE). The problems in India today lie in debt. Banks accounted for 14.4% of the financing of large firms in 2000-01, which went up to 17.8% in 2010-11. The bond market stagnated, with 3.5% in 2000-01 and 3.9% a decade later. Despite considerable interest in bond market development, the corporate bond market accounted for only 3.9% of the sources of funds of large Indian companies. Finally, foreign borrowing rose sharply, from roughly nothing in 2000-01 to 3.2% in 2010-11. To some extent, borrowing abroad has served as a way for Indian firms to overcome the difficulties of obtaining debt financing domestically. From a normative perspective, the picture that we see in the sources of funds is one of an excessive reliance on internal financing, a surprisingly large role for banks, and a miniscule and stagnant bond market. The next issue that we turn to is the role of secured versus unsecured borrowing. The hallmark of a sophisticated debt market is the presence of unsecured borrowing. Secured borrowing is the mainstay of a simple-minded financial system: The lender does not have to analyse the prospects of the borrower for he lends only against collateral. In contrast, unsecured borrowing requires that the lender has to understand the prospective cashflow of the borrower, which determines the extent to which the promises about future repayment may be upheld. We analyse secured versus unsecured borrowing by size quintiles, once again amongst all the non-financial firms seen in the CMIE database. In the smallest quintile, in 2001, secured borrowings were at 76.7%. A decade later, there was a small decline, to 65.37%. This shows the stubborn domination of secured borrowing, when it comes to the smallest firms. Similar patterns are found in other size quintiles also. In the fourth quintile – from the 60th percentile to the 80th percentile – secured borrowing was 84.7% in 2001 and had dropped slightly to 80% in 2011. This domination of secured borrowing suggests a debt market that has a highly limited ability (or incentive) to actually understand borrowers. Even in the top quintile of firms – roughly the 680 biggest companies of India – we do not see a meaningful extent of unsecured borrowing. In 2001, secured borrowing was 65.8%, and this dropped to 60.7% in 2011. In other words, even for the biggest firms of India, only 39% of borrowing was unsecured. The debt market was not able to analyse the prospects and give debt, based on assessment about the future, to a substantial extent to even the biggest firms in the country. This evidence shows a highly malformed debt market. The bond market is practically nonexistent in corporate financing. Forward-looking assessment is weak; even the biggest firms tend to rely on secured borrowing. 3. Key issues with Indian corporate bond market functioning The presence of corporate bond market in India is barely perceptible as compared to other economies. Despite of multiple endeavours by the government in the recent past, to revive the market, neither investors nor issuers showed any tangible interest. As a result, at least 80% of corporate bonds comprise of privately placed debt by public financial institutions. The following graph confirms inadequate growth of the bond market in India relative to the countries like US, Japan and China. Illustration – Share of Corporate Bonds in Total Debt (Source: BIS) Bond markets as well as equity market owe their difference to inherent characteristics of the instrument that underlies respective markets. The following summarise how the markets are different – Intermediaries – Market intermediaries in both bond and equity markets ensure liquidity. However the intermediaries in the bond market at present need to hold a larger amount of capital than their counterparts in the equity markets because of the larger volume of trade in each transaction. Subsequently the need to hold large inventory position is more for bond market intermediaries as compared to equity market intermediaries who have the option to do electronic limit order matching. Hence, intermediaries in the bond market are exposed to greater risks due to liquidity partly due to the absence of a secondary market where retail investors can participate along with large players. Investors – Bonds’ payoff are attractive to those who prefer predictable returns for known time horizons. As a result, bond market attracts institutional investors cautious of protecting their principal e.g. pension funds, insurers, banks, etc. This also results in relatively risk averse retail investors willing to invest in the bond market. However, casual empirical observations suggest that the share of retail investors in corporate bond market is very small. Lack of liquidity and transparency are the key reasons driving lack of investor participation in corporate bond market including retail investors. Another reason why the market for corporate bonds did not take off earlier was large scale default that undermined the system and safeguards in place. While this paper addresses how to alleviate problems of liquidity and transparency, other measures must also be adopted to reduce probability of default and increase the amount as well as speed of recovery in the event of bankruptcy. For example, it is well known that firms have a tendency to adopt excessive risky projects financed by debt due to limited liabilities. While banks can prevent such activities by placing covenants, public debt holders are powerless to do it because each owns an insignificant amount of the total debt. Many a times, the seniority of debt is debatable. On the other hand, the magnitude of the recoveries also depends on bankruptcy law which in India is very weak. Hence, strong legal systems that prevent excessively risky activities and also ensure faster resolution of bankruptcy are also preconditions for the emergence of a strong bond market. Though there might be a combination of factors that impede the growth of a vibrant corporate bond market in India, we will argue below that the lack of transparency, less liquidity and inefficient intermediation in the process of market making contribute to the current state of the market. The bullet points below succinctly summarize the impact of these three factors on the development of bond market in India. Efficiency in bond market is driven by transparency that allows bonds to be priced for all available information. Transparency in the bond market refers to the dissemination of information conveyed to all market participants 1regarding pre and post trade issues ranging from order interests to price and volume after trade is executed. Liquidity in bond market is driven by volume of bonds offered by issuers in the primary market on an on-going basis as well as the circulation of bonds in the secondary market with active investor participation. A greater the participation of investors reduces search costs of both buyers and sellers and ease liquidity problems leading to a lower discount of the bond. Liquidity problems here refer to the ease of selling the bond in a secondary market. ï‚ · Intermediaries quote both buy and sell side prices and hold inventory to enable market making. Any inefficiency in this process will be automatically reflected in the pricing of bonds and thus will adversely affect costs of borrowing of the issuers. 3.1 Transparency The Indian corporate bond market lacks both pre-trade as well as post-trade transparency. Factors limiting transparency of both primary and secondary corporate bond market are: (a) Systemic flaws in the credit rating process by the Credit Rating Agencies (CRAs) enhance risk and also reduce transparency due to a constellation of a number of factors articulated below: ï‚ §Ã¯â‚¬  Right to rate the issuers of bond is not confined to entities registered as CRAs (Credit rating agencies) and currently ratings are being done by entities not registered as CRAs. These unregistered agencies rate in a manner that is not calibrated to CRA rating standards and offer rating to not just instruments but also issuing organisations. This infuses additional noise in the production of information which may force retail investors to shy away from the bond market. For example, the SMERA which rate instruments as well as organisations for small and medium industries in a manner that very often do not mee t criteria of proper rating standards.

Sop for Canada Student (Study Permit) Visa

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Idealism in Realistic Context Essay Example for Free

Idealism in Realistic Context Essay Human idealism is a predominant theme in contemporary literature. Movies such as â€Å"Superman,† â€Å"Star Wars,† â€Å"Armageddon,† â€Å"Charlie’s Angels,† etc. have impressed the world with their portrayal of ideal human qualities as characters deal with social and personal conflicts of everyday life. The same theme can be found in the stories of Kincaid, Crane and Chabon. The stories titled, â€Å"Girl,† â€Å"An Episode of War,† and â€Å"The Amazing Adventures of Kavalier and Clay,† present the protagonists’ struggle towards idealism in a realistically imperfect society. Idealism, as the American Heritage Dictionary defines, is â€Å"the act or practice of envisioning things in an ideal form† (Answers. com). This idea is in contrast with realism, which represents â€Å"art or literature of objects, actions, or social conditions as they actually are, without idealization or presentation in abstract form† (as mentioned in Answers. com). In the three stories mentioned, human characters are expected to attain ideal qualities to compensate the flaws of society. While they are depicted with idealism, the stories present at the same time the real status of society characterized by discrimination, death, and superficiality. Primarily, the society, with its history, culture, and norms, establishes limitations and requirements for human characteristics. These requirements are directly established in Kincaid’s, â€Å"Girl. † In this piece of work, the mother embodies the society in setting standards for women. She orders her daughter what to do, from washing clothes, cooking pumpkin fritters, soaking salt fish, ironing her father’s clothes, to making ends meet (17). Although these requirements are set by a mother (Moore 2008) adhering with these is similar to fulfilling requirements set by society. Since the story does not specify a character’s name, it can be inferred that the author addresses the female population in general, and thus exempts the opposite gender of the said responsibilities. Therefore, while ideal qualities are expected of a girl, the standards disparage the female gender. In Crane’s â€Å"An Episode of War,† the situation of the characters demands them to have courage in spite of personal fears of death. Seeing the lieutenant’s blood gushing out of his body, the soldiers are confronted with the reality of death. Despite their fears, they need to show courage in the midst of disaster because it is what society expects of them. Similarly, the lieutenant has to face his fate with a brave heart because there is no place for cowardice in the military service. At the end of the story as he denies his pain and says, I dont suppose it matters so much as all that (11), the lieutenant submits to the standards of courage set by his society. In Chabon’s â€Å"The Amazing Adventures of Kavalier and Clay,† the author presents a different style in embodying the society it portrays. It uses the characters’ concepts of the world expressed in their dialogue. In the story, Sammy and Joe are seen brainstorming about a hero they would like to create. Both have the same notions of a hero based on what society has taught them. Based on their conversation, a hero is one who has supernatural qualities like Superman, but must be purpose-driven like Batman to ensure that people would love him. The making of a hero thus projects the idealism in the minds of the two characters. As they construct their own hero, the two present the expectations that each of them has learned from the society. Evidently, the concept of human idealism which asserts compliance with the rules of society makes the characters lose their self-identity in the process. In the first piece, as the girl does all of what the society (or the mother) expects of a daughter, she loses the opportunity to design her life according to her own plans. In other words, the ideal characteristics that she is expected to have all lead to losing her right to live and design her own life. The tasks that she is bound to accomplish each day thus prevent her from doing things that she wants or needs, such as attending school. In sum, these tasks imply stereotyping and gender discrimination. Stereotyping is very obvious as the story relates all the responsibilities a girl should do in a household. By advising a girl how to cook, iron clothes, or serve dinner, the mother implies limiting the girl to household chores and discouraging her from pursuing education and profession. In the second story, the loss of identity is vividly illustrated. The situation itself calls for pretense and deceit. As the men in the battlefield witness the wounding of the lieutenant, they suddenly grow strange, and at once become unable to face the situation. Besides the sergeant who nervously assists the lieutenant, the rest of the men are astound and do not know what to do. Their silence as the lieutenant is carried back to the camp explains the sudden strangeness that they feel. Idealism prevents them from expressing fear or disgust even at a very crucial moment. In contrast, if the soldiers were only imbued by realism, they would have expressed sentiments, or some would have backed out from their mission. However, due to idealism, they choose to pretend and bear the sacrifices brought by war. In the third story, as Sammy and Joe strive to construct a superhero, they lose their own human identity in the process. The superficial qualities they want their superhero to possess deconstruct their human characteristics. Accordingly, this motive suggests their wish for supernatural strength and escape from the ordinary ways of the world. Therefore, while they aim for a newly constructed identity, Joe and Sam attempt to abandon not only their own human characteristics but everything associated with it, including their society. Such attempt can be due to the difficulties they encounter in life, although there is no mention of this in the excerpt. The three literary pieces from contemporary literature present different struggles of the characters in the society they live in. Highly imbued by idealism, the characters show the reality of every person to attempt to adhere to the expectations and standards of society. Like many of us, although they experience the loss of identity and other social struggles, they still continue to face the challenges of life, the ideal requirements that social reality demands.

Theoretical Foundations of Human Relations Essay Example for Free

Theoretical Foundations of Human Relations Essay Section One: Increasingly there is economic interdependency among nations. A global communications network, like a gigantic central nervous system, links every nation of the earth. As ideas, information, and technology are exchanged, cultures merge and adapt to one another. Throughout the world, people dress more alike than ever before. Cities of the world share much in common—police, luxury hotels, traffic, stores, banks, pollution. Thus, as the peoples of the world come together, we witness what some describe as an emerging world culture. According to Herbst, there are several American companies that actually employ oversees workers without thinking of the said individuals’ needs as foreign nationals in the country. Moreover, the situation of the said workers become devastatingly disturbing with regards the evaluation on how American companies treat their workers whether natives of the country or not. With the promise to give due payment for the job of the employees, such employers hold payment for the work visas of their workers, thus forfeiting the issues related with the contract signed by them and their employees as well.   Likely though, it could be observed that such greed has increased the possibility of employees living their work or suing their employers at court with demand of the rightful amount of salary which they believe they are due. The increase of such incidents in the American market however had been reportedly committed by immigrants themselves. Such immigrants who are able o establish their own business in the country and are aiming to earn more than what they are supposed to earn likely make possibilities in stealing from their employees. Negatively, this results to a more devastating situation that is increasingly disturbing within the American society. Understandably, the said situation could still be fixed through educating the said entrepreneurs with regards the laws and ethics of human resource management. Through this, the problem could be resolved thus giving justice to the business and the workers of the organization as well. Nevertheless, while peoples and cultures intermingle, clearly not all see one another as brothers. â€Å"Everyone’s quick to blame the alien,† wrote a Greek playwright over 2,000 years ago. Sadly, the same is true today. The evidence is no farther away than newspaper reports of bigotry, hatred of foreigners, â€Å"ethnic cleansing,† racial strife, religious riots, massacre of civilians, killing fields, rape camps, torture, or genocide. Of course, most people can do little or nothing to change the course of ethnic conflicts. People may not even be directly affected by them. For many of us, however, problems come from a lack of communication with the foreigners with whom we come into contact—neighbors, workmates, or schoolmates. Does it not seem odd that people of differing ethnic groups so often find it difficult to trust and appreciate one another? After all, the Earth is a planet of enormous diversity, endless variety. Most of the people appreciate the rich variety of food, music, and color as well as the many kinds of plants, birds, and animals. Somehow, appreciation of variety does not always carry over to people who do not think and act in the same way that others do. Instead of looking at the positive aspects of diversity among peoples, many tend to focus on the differences and make them a point of contention. Certainly, living in a world that is governed with diversity, it could be expected that in the workplace, diversity itself is also present and thus cannot be avoided. Many workers refer to this hardship as the common source of many conflicts within the working area. Hence, the performance of the employees is then directly affected. Impossible as it may have seemed, diversity within the workplace has still been referred to by many modern business enthusiasts as assets of the organization. How could this be possible? What is Diversity?   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Diversity, when referred to in business terms may mean a lot of things. An organization’s workforce may be referred to as diverse for many reasons as well. Diversity may occur because of the differences of opinion because of the differences in personality, in age, in educational attainment, in status in life and even in culture. Mostly, as observed on different business companies, the main reason of such diversity is the existence of a much distinct group of races making up a single workforce for a company.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   How could all these happen? As mentioned in the introduction, many people have already transferred from place to place and a lot of those people, the so-called immigrants, have already decided to stay and work on the foreign lands they have gone to. Hence, the main effect of this social move on achieving success on other places, the employment of the multicultural population has been the resort to supporting the lives of the said immigrants. Hence, the workforce of every company making up the business industries are at times having the same worries on how to face the challenge of dealing with and managing people who are widely different from each other. Section Two:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   As mentioned earlier, management of a diverse workforce has been one of the biggest problems that concern the human resources department of any type of company present in the business industries. Hence, it is just reasonable to say that at some points, some management teams may find it a difficult task as well. However, the author, John riddle says otherwise. According to him, â€Å"these are all factors of management that should be considered by good managers even before entering an organization† (113). Hence, this definitely means that avoiding diversity in the workforce may be impossible but giving a resolution to it is not that impossible. After all, there is still a common ground among the working force of each company no matter how diverse they may be it is that they are humans, which makes them capable of being dealt with and managed well. To add to the implication of the procedures, the reading entitled â€Å"CURRENT PSYCHOTHERAPIE, INCREASING MULTICULTURAL UNDERSTANDING: A COMPREHENSIVE MODEL AND DOUGLAS MCGREGOR, REVISITED: MANAGING THE HUMAN SIDE OF THE ENTERPRISES†, the author further mentions that human relations could be enhanced through the psychology of human relations. This means that the psychological approach in understanding human connections actually helps in understanding why and how people are able to relate to each other.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In this regard, John Riddle has suggested several points of consideration when dealing with such business problems. In general terms, he summarized the ways by which a good manager could handle the difficulties of dealing with a diverse workforce.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The said suggestions are as follows: Concentrate on the strengths of the employees. When a manager discovers the tasks where the employees usually excel in, they should be assigned to them as they are expected to be more productive on those fields of the job. Understand the abilities and the potential of each employee present in the organization. These potential assets of the employees could as well be used by the company itself in aiming for the goals that it has set up for the future. Allow communication lines t be open at all times. It is very important for managers to be good listeners. The ability of hearing what the employees want form the company as well as to how they could be of bigger help to the organization could be used as a resource of ideas for the company as well. Make the employees feel that they too have a sense of authority in the company. However, this type of authority should not overstep that of the administration’s. It should be clear that this authority could only be exercised at specific times and places when it is permitted. This may often refer to an ‘open door’ policy that deals with an easier type of agreement between the employees, which could give them a chance to affect how the organization is being managed. They are then allowed to give suggestions; however, no suggestions are implemented unless approved by the administration. Make sure that all employees understand the business goals and objectives. It should always be remembered that a well-informed employee, whether young or old, is a productive employee. A manager should always remember that he is supervising people with feelings who are valuable members of the organization, hence, treating them with great respect at all times no matter what culture they come from is one of the most important virtue any manager could post as an example for his colleagues. Treating everyone fairly and sensitively is the key to creating a fine working environment. It should be remembered that because of the different clutters of the people, they all have different preferences; they have different personal obligations and other more. Considering the fact that dealing with multicultural workforce also involve dealing with their differences of belief, a manager could as well consider fairness at all times to be able to set a common ground for everyone else in the organization. Keep everyone else busy and going all the time. Feeling one’s worth is usually measured on the things they are able to do for the organization in a day. In this manner, it could be said that regardless of one’s difference from the others, being able to do something for the company and being of worth to the organization makes an employee feel that even though there are differences, he still belongs to the organization he is working for. Keep employees informed of the ins and outs of the organization. Keeping employees in the dark when some changes within the organization arise may give them the notion that they are not given importance by the administration of the company. Acknowledge the employees’ efforts, years of work, talent, creativity and good job attributes. Doing so would help everyone else strive for the best while they are working in the company. It could be noticed that the suggestions listed in here are general. Putting these suggestions into good use have mostly caused several companies to achieve unity beyond diversity in their own much diverse workforces. Hence, as Jones commented in his book â€Å"Contemporary Management†, â€Å"diversity is a normal part of modern management. Being globally distinct, it could not be avoided that dealing with different people everyday is a challenge to the modern managers today† (180). Section Three:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The certainties of dealing with diverse people in the workforce are around ninety-nine percent. Considering that we are living in a culturally diverse society, it could be argued that a diverse workforce is indeed a challenge to many business managers today. However, at first, this fact may seem a big problem, on the other hand, if the managers are able to see the common ground of everyone else, which is being human, the said managers would recognize the possibility of making diversity a source of further progress for the company. Mixing up the talents and the abilities of the employees for the goal of the organization would surely help the company reach its peak potential. True, many businessmen around the world today are open to the idea of sharing their business programs with people from other races. Because of the advancement of technology, the said business systems have been made possible to exist between business enthusiasts who belong to different respective cultures.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   To others, this step in modern business is usually referred to as one of the most prevalent risks taken by business companies today. Although, to those who have been able to succeed in a highly culturally diverse business environment, the system of involving different races within an organization system had brought them so much challenge to improve and thus further develop their company’s competency within the business world.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   True, the challenges in making certain business systems possible is really not that easy to face. Both the risks of dealing with different people having different individualities as well as diverse cultural preferences are real challenges that must be considered carefully by any business founder. Yet, taking the necessary steps and adjustments in attaining success from the said business system is indeed most rewarding in the end. â€Å"Putting up any business is taking on a big risk†, indeed, controlling a business organization as well as the people making it up is a big challenge for anyone trying to enter the business industries. Although there is the information technology to help out in the process of business expansion, meeting people’s needs from different countries and cultures is always an issue in putting up any business which is expected to become known worldwide.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Indeed, it is no joke to take such a kid of challenge. But with the use of rightful reasoning and open-mindedness, the challenge of meeting people’s needs amidst their differences could be taken by anyone who is determined in making it to the business world. True, it does take so much effort, time and even research to really be able to become successful in this kind of business venture. But the ability to adjust one’s self for others as well as for the organization’s sake is considered a key reason why many who strongly believe in this system of diverse business environment survive the challenges. The Need to Communicate to Eliminate Issues of Differences   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Communication is an important factor that makes a particular organization revolves around the cycle of success. It is one particular element that naturally makes the connection between the individual members of the organization possible. However, it is only through an effective use of communication shall it be noted as a prospect source of success for an organization. Without the effective use of the said factor of organizational connection, it could be observed that the organization would have a hard time following the success system that communication itself offers. What are the measures of both the positivity and the negativity of the usage of communication in organizational arrangements? How does this particular element of success affect the behavior of the members in a certain business organization? These questions shall be carried on through the discussions presented within the paragraphs that follow.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The interpersonal connection that communication particularly creates between people around the organizations actually creates the environment that the said groups of people are supposed to work in. there are particularly five major areas with which communication is particularly involved in the progressive process of the organizations in business: Communicating for the sake of passing information There is a need for constant passing of information especially for organizational members. The idea is that the regular way of people communicating with each other would indeed keep the organization unified and intact for the sake of continuous business progress. Communicating for organizational update on progress Whatever the company deals with, the members should know of all of them. This is for the sake of the establishment of trust among the employees as well as the organization’s administration section. It is through the application of regular communication that the progress reports could be utilized to motivate the other members of the organization. Communication for motivational purposes As mentioned earlier, there is a specific need for the people of the organization to take specific steps in being able to perform well for the sake of organization’s progress. To be able to come to a meeting point between the administrators and the employees, it is then necessary to take advantage of communication. Through the open line of communication that exists between the two said parties, it is then obvious that the changes could be given chances of being fulfilled as both sides of opinions are already able to relate to each other’s needs and expectations form the organization as well as form each other. Communication for the sake of advancement as an organization It is necessary that there exists an open line of communication between all the people making up the organization because of the fact that much of the progress procedures would rely on the ways that govern the ways by which the said people are able to connect with each other through speaking with each other. Their unity, their connection with each other towards progressive efforts relies on their capabilities to talk to each other and support each other through the use of communication. Communication for the sake of implying law To be able to keep the whole organization at the right track, there is a necessity for the administration to imply the laws of business within the operational engagements of the employees as this would particularly identify the limitations and the capabilities as well as the benefits that the company has further provided for the employees. Communicating to the employees on why the said set rules are necessary to be followed by the people working within the organization shall then make it easier for them to cope up with the organization’s rules and thus keep a clear track of the changes that they need to face as they are staying with the said organization.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   From the discussion of the five-point reasons of why communication in the continuing process of a particular organization’s growth, it could be noted that the price that keeping the communication lines open pays is much essential for any organizational progress procedures. Constant attention given to the procedures of communication shall indeed bring forth fine results for the whole team or group that works their way on towards advancements. These five concepts of communication obviously involve the presence of arising conflicts within the process. As obviously mentioned in the explanation, the individuality of each member of the organizations actually notes the possibility of developing conflicts between them. It is through the usage of effective dealing with conflict could the organizations survive the procedures of dealing with their member’s individual differences. Facing destructive conflicts may not be as easy as with dealing with the constructive conflicts. This is primarily because of the fact that destructive conflict aims to destroy the thinking and the perception of the parties involved, whereas constructive conflict could still be turned around just to be able to use the conflict as key reasons for human motivation. [e.g. competition-based conflicts could bring in the possibilities of people wanting to achieve better than the others; thus constructive enough for the organization’s growth]    BIBLIOGRAPHY Riddle, John. (2001). Business Management. Adams Media Corporation. Avon, Massachusetts. Adams, Bob. (2000). Managing people: Lead your staff to peak performance. Adams Media Corporation. Avon, Massachusetts. Hiam, Alexander. (2001). Motivating and rewarding Employees: New and better ways to inspire your people. Adams Media Corporation. Avon, Massachusetts. Martinez, Esdras. (1998). Buisness Managements theories and practice. Rex books Publishing. Manila, Philippines. Jones, Gareth R. (2004). Contemporary Management. Irwin/McGraw-Hill; 4th edition. Pawan Budhwar. 2004. Managing Human Resources in Asia-Pacific   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   (Global Hrm). Routledge. Publishing Company. 236.   Richard C. Foltz. 2000. Religions of the Silk Road: Overland Trade and Cultural Exchange from Antiquity to the Fifteenth Century. Palgrave Macmillan. 241. Chen. 1998. Trajectories (Culture and Communication in Asia). Routledge. Publishing Company. 211. Kwok-kan Tam. 2002. Sights of Contestation: Localism, Globalism and Cultural Production in Asia and the Pacific. The Chinese University Press. 311. Peter Van Der Veer. 1995. Nation and Migration: The Politics of Space in the South Asian Diaspora. University of Pennsylvania Press.141. Laurence Whitehead. 2002. Emerging Market Democracies: East Asia and Latin America. The Johns Hopkins University Press. 213. Alan Barnard. 2002. Encyclopedia of Social and Cultural Anthropology. Routledge. Publishing Company. 122. David Birch. 2001. Asia: Cultural Politics in the Global Age. Palgrave Macmillan. 23. CURRENT PSYCHOTHERAPIES,INCREASING MULTICULTURAL UNDERSTANDING: A COMPREHENSIVE MODEL AND DOUGLAS MCGREGOR, REVISITED: MANAGING THE HUMAN SIDE OF THE ENTERPRISE. Moira Herbst. (January, 2008). Are H-1B Workers Getting Bilked? Overseas companies are accused of underpaying foreigners on work visas—and hurting U.S. wages. http://www.businessweek.com/magazine/content/08_06/b4070057782750.htm?chan=top+news_top+news+index_best+of+bw. (May 20, 2008).

Healthy Nutrition for a Child

Healthy Nutrition for a Child Health Intervention Plan A) Brief summary of concerns about the child’s health and well-being. An overview of Joshua would conclude that he is essentially a healthy six year old boy. Apart from being shy on an initial encounter, all his interactions and physical indices appear to be within normal limits. There were no obvious concerns about his developmental stage. He appeared to sleep appropriately. He lives with both parents and two siblings and communicates appropriately for his age. Nutrition Nutrition (24 hr recall) Breakfast different cereals; corn flakes, coco pops, with fruit – apples, bananas. Lunch, also fruit and noodles some times sandwich of hamburger or cheese. Dinner, vegetable soup, bread roll. Intake of sugar and fat could be high. Nutrition is a major issue for many school children. It is not possible to say, as the result of a brief interview with Joshua, whether or not his general diet is a cause for concern. He clearly is not obese and appears to have an appropriate weight for his height. One can use his reported 24 hr intake as a discussion point. It can be seen that his diet is certainly varied, with fruit, some roughage and some protein (albeit probably processed). There is a suspicion that he has an excessive intake of carbohydrate and fat. If these suspicions have been raised, then it would be sensible to investigate them fully with interviews with the parents to establish whether further empowerment and education of parents and child might be appropriate. (Crisp, J et al. 2005) Sporting strategies The report refers to Joshua’s sporting ambitions. While there is every merit in encouraging Joshua to indulge in sport for both general fitness and development, one has to consider the possibility of injury and overuse damage that can occur in the pre-pubertal child who over-exercises in the hope of achieving his goal of being a professional footballer. One can identify the fact that talking about an area of interest such as sport can serve to engage the child and break down potential communication barriers, the nurse can also use the opportunity to present and discuss factors which are relevant to the child’s health and can be worked into the context of the child’s favourite sporting activity. B) Strategies to address no more than two of these health concerns. Nutrition. The key to a changing a child’s nutrition is to target the parents. (Hockenberry, M 2005). On one level this may seem completely obvious, but there are deeper repercussions to this statement. The implications of this comment will be discussed in the next segment. An appropriate strategy to tackle the problem is firstly to define Joshua’s diet with a greater degree of certainty to ascertain if a problem actually exists. This could be done in a number of ways. Clearly one could ask him on a daily basis about his eating habits for that day. This might be reasonably accurate but would be hopelessly inefficient. A better strategy might be to ask to see the parents and discuss the matter at some length with them. If there was any doubt, then one could ask for a food diary to be kept over a period of two weeks. One would have to be aware that this mechanism is capable of manipulation by the parents, but may provide a basis for discussion. The nurse should be able to make a basic assessment of the situation and if there is any doubt then an appointment with the community dietician might help to resolve the problem. In any event, if concerns have been raised, then it is the nurse’s responsibility to monitor the child’s weight and plot it on a centile chart to document any significant change. Any significant deviations from the normal should ideally be referred to the primary healthcare team. Sports This is not an easy area in the pre-pubertal child. The evidence presented for Joshua does not suggest any problem. As a discussion point however, one can consider the fact that healthcare professionals have to tread a narrow path between encouraging a healthy interest in sport, which can help both body and mind develop properly, and allowing a particular interest in a particular aspect of sport to cause maldevelopment. This latter consideration can either come from a child (who may have some form of associated obsessive illness) or, more frequently from the parents who may have views about pushing the child to achieve. This can have repercussions not only in overuse syndromes, but in psychological issues relating to over-control and overt bullying. An appropriate strategy would be to firstly define the problem with interviews with both the child and their parents. If a problem is believed to exist, then it may simply require advice and guidance for the parents from various healthcare professionals in the primary healthcare team. Specific overuse injuries may require specific interventions. It has to be noted that this is not a common problem, but if it is defined, then it should be taken seriously as the repercussions may have a significant impact on the child’s development. C The use of a wide selection of literature no more than 5 years old, to provide a rationale (justification) for each strategy. You are expected to reference this section. Nutrition. In general terms, the parents (and sometimes the school) are responsible for the provision of an adequate diet for the child, but the literature is full of examples of how maladaptive practices in parents can have quite marked clinical implications for the child’s health. A very recent paper by Moestue has studied the link between a child’s nutritional status and the parental educational level (Moestue H et al. 2008). The nutritional values that the mother has been brought with up largely determines how she will feed her family. To a large extent this is independent of the family’s financial means although the latter may have an adverse impact if it is very low. (Cochrane S H et al. 2000). Obesity is perhaps the most common form of malnutrition and its incidence in developed countries is increasing at an alarming rate. (Maher E J et al. 2008). It is observed that obese parents tend to have obese children. This linkage may not simply be a genetic predisposition (although there is a strong genetic element) but the feeding habits of the mother (in particular) tend to be perpetuated in the child. (Lobstein T et al. 2004). To successfully tackle potential obesity in childhood has a number of positive effects in adulthood. The child who is obese will tend to be an obese adolescent and an obese adult. This will increase the chances of Type 2 diabetes, coronary artery disease and some types of cancer. Reducing the child’s BMI to non-obese levels will reduce their susceptibility to these eventualities. (Zhu H et al. 2008) In terms of tackling this problem, many authorities point to the fact that empowerment and education of the parents is the key to providing children with good eating habits. (Howe J et al. 2004). If these are established in childhood then they are more likely to persist throughout life. Such a remit may be beyond a simple intervention from the school nurse, but involvement of the multidisciplinary primary healthcare team may help in this respect. Sport This essay has highlighted the balance required between a healthy attitude to sport and overindulgence. Although the latter is unusual in this age group, when it happens it can have severe consequences. (Brenner J S, 2007). The reason why this is a particular problem in this age group is the fact that the pre-pubertal child has bones and ligaments which are still growing, as such they cannot handle as much stress as adult bones. Children can get injuries which do not occur in adult life. The growing ends of bone (the ephyisis) can become detached or distorted resulting in abnormal growth. (OKeefe L, 2007). The commonest source of such problems in this age group is parental pressure and expectation. Some parents have completely unrealistic expectations for their children. Others simply want to let the child have opportunities that perhaps they never had and, however misguidedly, push them too hard into sporting activities. The healthcare professional has to be careful not to allow concerns relating to overuse problems to completely dissuade children from sporting activities. Some degree of physical exercise is vital, not only for the child’s physical development, but also to develop habits which are essential for health in future life. (Allender S et al. 2008). This is particularly important in the child who is overweight and who, if this overweight is maintained into adult life, would be at greater risk of developing Type 2 diabetes (Hillsdon M et al. 2005). Sports participation also aids development in a number of other, more subtle ways. It can encourage the ability to work in a team and also encourages self-reliance. Competitive instincts can also be developed with participation in many sporting activities. (Powell K E et al. 2006) Appendix 1 Child’s first name: Joshua Age Six Years School Fisk Street Primary School Gender Male PHYSICAL ASSESSMENT Height 121 Weight 22 BMI 15.2 Temperature 36.8 Pulse 102 respiration 28 Oral health All teeth are in good condition. How could you tell? What was the state of the gums? DEVELOPMENT Speech He spoke very clearly/ but at the beginning he was shy and this is normal in his age. Was the voice hoarse, loud or soft? Interaction with the assessor Good level of interaction with assessor. HEALTH HISTORY Sleep pattern There are no sleep problems indicated. He sleeps from 8:30 pm to 6:00am Sports / Physical Activities On the weekend and some time after school activities are Soccer and football. TV / Screen hours per day He watch TV for Minimum of 2.5 hours per day Other activities Play with his brother X Box and he go with his father for fishing Nutrition (24 hr recall) Breakfast different cereals; corn flakes, coco pops, with fruit – apples, bananas. Lunch, also fruit and noodles some times sandwich of hamburger or cheese. Dinner, vegetable soup, bread roll. Intake of sugar and fat could be high. It is hard to say with a one off assessment. Record any other comments made by the child about their general health status He is very good and strong SOCIAL HISTORY People who live at home with the child (do not include names of individuals) Father, Mother, Brothers Sisters. Family activities Sport activities on week end, they do party for his birthday Friends of the child (do not include names of individuals) He said that he have many friends in the school NOTE ANY OTHER ACTIVITIES YOU UNDERTAKE WITH THE CHILD Joshoa as I assess him he is healthy boy with good communication when I spoke with him also he have dream to be famous player when he will be old man as he said, and he always try to play and asking questions for many time when we will play with balloon this gave me good idea about his health status. Showed good way of engaging with the child. References Allender S, Hutchinson L, Foster C (2008) Life-change events and participation in physical activity: a systematic review. Health Promot. Int., June 1, 2008; 23 (2) : 160 172. Brenner J S, (2007) Overuse Injuries, Overtraining, and Burnout in Child and Adolescent Athletes. Paediatrics Vol. 119 No. 6 June 2007, pp. 1242 1245 Cochrane S H, O’Hara D, Leslie J. (2000) The effects of education on health Washington, DC : World Bank 2000. Crisp, J., Taylor, C 2005, ‘Potter Perry’s fundamentals of nursing, edition’, Elsevier, Marrickville, Australia. 2005 Hillsdon M, Foster C, Thorogood M. (2005) Interventions for Physical Activity (Cochrane Review). The Cochrane Library. Oxford: Human Kinetics 2005 pp. 137 – 59. Hockenberry, M (2005), ‘Wong’s essentials of Pediatric Nursing’, 7th edn. Mosby, St Louis. 2005 Howe and Anderson (2003) Involving patients in medical education. BMJ, Aug 2003 ; 327 : 326 328. Lobstein T, Baur L, Uauy R, et al. (2004) Obesity in children and young people: a crisis in public health. Obesity Rev 5 : supplement, 4 – 85. Maher E J, Li G, Carter L, Johnson D B. (2008) Preschool Child Care Participation and Obesity at the Start of Kindergarten. Paediatrics Vol. 122 No. 2 August 2008, pp. 322 330 Moestue H, Huttly S (2008) Adult education and child nutrition: the role of family and community. Journal of Epidemiology and Community Health 2008; 62 : 153 159; OKeefe L (2007) Overdoing It in Youth Sports. Journal Watch Pediatrics and Adolescent Medicine, July 25, 2007; 2007 (725) : 3 3. Powell K E and Pratt M. (2006) Physical activity and health. Br Med J 2006 313 : 126 – 7 Zhu H, Yan W, Ge D, Treiber F A,. Harshfield G A, Kapuku G, Snieder H, Dong Y (2008) Relationships of Cardiovascular Phenotypes With Healthy Weight, at Risk of Overweight, and Overweight in US Youths. Pediatrics, January 1, 2008; 121 (1) : 115 122. ############################################################## 18.8.08 Word count 2,192 PDG

The Easter Uprising :: History Historical Ireland Essays

The Easter Uprising Ireland was filled with nationalistic views that had set in around the 1890’s. The Irish were tired of the English occupation in Ireland and they were tired of the Protestant religious oppression of Catholics. So this is when Patrick Pearse and James Connolly led a band of around 1,200 Irish Nationalists on Easter Monday into a rebellion against the English, who occupied Ireland at the time. The uprising began the day after Easter, 1916. The rebels took control of the General Post Office and held out for six days. This was a great try by the Irish but it was not a success. â€Å"Although the Rising itself ended in failure, it left behind a tradition of struggle that had far-reaching consequences." (Marxist) This quote by Ted Grant sums up the end of the rising, for what he says is true, it was a failure but had more effects than just a L in the win/loss column for the Irish people. As one person puts it, there were many losses in all â€Å" Between January 1917 a nd July 1923 , well over 7,500 people were killed or wounded, in a country that murder had become a rarity.† The effects were more devastating than just that. One of the effects of the Easter Rising was Irish people speaking out for their country, Ireland. There were many people that wanted to speak out about what was happening to them. The Easter uprising although popular amongst a few amount of people, was not accepted by the masses of Ireland’s population. After the six days that Pearse held out the British army with hardly any time passing put and end to the uprising. One of the things that the British did when they stopped the rebellion was gave what they called peace to the people and arrested the leaders of the rising including Pearse and Connolly. Not all the Irish people agree with the rising. This quote from a leader of the Irish nationalist group shows how ones did disagree; The great bulk of the population were not favourable to the rebels, they got no popular support whatsoever. What is happening is that

Dyslexia :: essays papers

Dyslexia The problem that effects one out of every ten kids in the United States of America is dyslexia. Although to some people this disorder may be very noticeable, it can really sneak up on you. Most of the time kids with dyslexia aren't recognized until they are about eight or nine. The most important thing to remember is that is takes time to solve, and sometimes cannot be cured at all. Dyslexia develops during the first six months of gestation . Neurons are churned out in the brain's ventricular zone. Attached to fibers, the neurons travel to the cerebral cortex, which contains the language centers. Here they hit a barrier, stop and take their place in layers above previously deposited neurons, (which is normal). In the brains of dyslexics, how-ever, there are breaches in the barrier and the neurons enter them, leaving clumps of nerve cells called ectopias, which appear to interface with the brain's ability to receive and transmit certain messages. They are now finding that dyslexia can run in the family. If you or your other relatives have dyslexia that means that there is a chance that your own child could have it. Unlike what most people think, dyslexia is not to be blamed on the parent for negligence in teaching reading and writing. Dyslexia is not any ones fault it simply occurs when the barrier in the language center of you brain cracks. In some experiments done by the University of Montreal, they are comparing good adult readers to dyslexic adult readers. In most cases the adult dyslexics were at about the high school level. When the adult dyslexics were compared to third graders in matching sounds with letters, they scored below the eight and nine year olds that were tested. It's not just a visual problem, actually they can see the letters fine, it is more of a comparing problem. Dyslexics usually cannot spell simple words by just hearing someone speak them to them. Some of the most confusing words for them are cat and dog. Although over time the symptoms can be fine-tuned, they never go completely away. As said before dyslexia is not a disease it cannot be cured with any pill or medicine. The only cure so far is many long and slow classes of multisensory sessions. These sessions go through each letter, sound, syllable, etc. until other parts of the brain help the person to recognize the letters in another helpful way.

Shakespeare in my World Essay -- Personal Narrative William Shakespear

Shakespeare in my World These are the forgeries of jealousy: And never, since middle summer's spring, Met we on hill, in dale, forest, or mead, By paved fountain or by rushy brook, Or in the beached margent of the sea, To dance our ringlets to the whisteling wind, But with thy brawls thou hast disturbed our sport. ~ Titania A Midsummer Night's Dream 2.1 I first truly gazed upon William Shakespeare during college. I had to do a monologue of Joan of Arc from Henry VI part I. I remember wrapping my mouth around his words, tasting him for the first time. This had not been our first introduction, but it was the real beginning to the ebb and flow of our dance. I absorbed that monologue, like faint strains of music, growing and spreading through my body. It seeped into my pores, flowed through my veins, and buried itself deep within the endless confines of my vast imagination. I pray thee, gentle mortal, sing again: Mine ear is much enamored of thy note. So is mine eye enthralled to thy shape; And thy fair virtue's force perforce doth move me On the first view to say, to swear, I love thee. ~ Titania A Midsummer Night's Dream 3.1 He drew me to the Catskills when I was accepted into the National Shakespeare Conservatory the following summer. Alone for the first time, seven miles from the nearest village, I devoured him. His presence was everywhere. I could taste him in the oatmeal for breakfast, I could see him in the early morning fog, I could hear him coaxing me into the secluded woods all around, and I could feel him move over my spirit, coaxing me out of myself and into immortality. What angel wakes me from my flow'ry bed? The summer still doth tend upon my state; And I do love thee. Therefore, go with m... ...y immortal counterpart erased all my imperfections and gave rise to a being whom I never knew lived inside of me. I had been ripped apart to bring forth new life, creating in a way that Shakespeare could never dream of. My capacity for love, life, and lust knew no bounds. Bringing Shakespeare into my world has been incredible and awful, joyful and sorrowful, empowering and demolishing. What I have taken from our union is my own quiet sense of survival. I stood against the forces of my choices and endured. Shakespeare continues to pour into my essence, but I have created who I am. He is a part of me but not the whole of me. Our blessed dance will ever go on, changing and growing as I do. First, rehearse your song by rote, To each word a warbling note: Hand in hand, with fairy grace, We will sing and bless this place. ~Titania A Midsummer Night's Dream 5.1

As people rely more and more on technology to solve

Most of the Jobs that we have today were not known to our forefathers as early as the beginning of 20th century and they had this same equation with their forefathers going back another hundred years. What drives this changes ? And more Importantly what Impact does this evolution have on our lives ? The first question Is simple, It's caused by the advent of a new technology, which phases out some Jobs whilst creating new ones going ahead, As for the latter question, let's take a deeper look at this process of evolving technology and hen conclude It's impact on our lives.By the middle of 19th century Industrial Revolution had transformed the face of USA. Assembly line production, network of railroads, industrial farming methodologies, these were changing the way people did their work, gone were the days of farmers toiling under the sun to plough their fields, mechanized farm equipments took away that pain and the same farm that took tens of people to plough could now be done by lust o ne person trained to operate these new machines. This person had orientations from manual labor to more skilled work that utilized his cognitive abilities.The other farmers that got laid off too got to work in newer roles which supplemented the advent of these machines, factory workers, mechanics and such. These were all jobs that were more mentally taxing than physically making these former laborers a part of the new skilled workforce. Advances in computing and robotics brought about a similar shift in our lives around the middle of 20th century. We built smarter automated machines that allowed us to lid taller buildings and longer bridges and even space station, conduct medical procedures such as Mrs. and heart surgeries.The proliferation of Internet has created new avenues for learning and enabled us to spread education to the farthest corners of the world. In effect technology made our lives longer and more fruitful. In the 21 SST century we have ever Increased our reliance on t echnology to enable several aspects of our daily lives and supplement our efforts to solve ever bigger problems. The next big shift In our lives might be defined by quantum computing, emetic engineering, deep space exploration or something else but we shouldn't be skeptical about the coming change.Today when we stand at the brink of another technological revolution, we should look back and realize how each age of humanity was defined by their technology and how central it has been to the evolution and betterment of our society. Fallacy. While there are several aspects of our daily lives that have become automated, the one thing that machines haven't taken away from us is the ability to think What next? ‘, that is strictly the domain of the human mind.

Marketing Microwave Ovens to a New Market Segment Essay

Executive Summary White Appliances is an international company that specializes in manufacturing and marketing appliances globally. The company is well known for their line of microwaves. Whereas most of their products are manufactured in the U.S and while most of the appliances are exported to the U.S and the European market, White Appliances also markets several high-end models in India where they face some issues in trying to penetrate the market. Moreover, the demand for microwave ovens has gradually increased in the past couple of years. Subsequently White Appliances had to come to a conclusion that in addition to the market of their high-end models, they must introduce new microwave ovens at all price levels in order to target the total amount of households in India. By evaluating the problems such as the culture differences between the west and the east or whether it is the consumer’s limited knowledge towards the household appliance, we determined the different strategies and alternativ es to tackle such issues. Statement of the Problem The case study focuses on the challenges of the Indian kitchen appliances  market for microwaves. Before the liberalization of the Indian economy, only a few local companies were the major players in the kitchen appliances market. But, after opening the market for foreign competitors also global players like e.g. Samsung or LG push into the market. The kitchen appliances market seems to be very promising as extensive growth in the next years is predicted. Nevertheless this emerging market in India focuses several challenges. At first the Indian market for microwaves is very different from the American market where the market share holding companies are very successful. There are several cultural specifies to consider. The Indian food for example differs a lot from the American. While Indian food has a high significance for the people, is pretty complex and time consuming to cook; the Americans emphasize an easy and simple way of cooking. Indians prefer cooking with fresh ingredients, a great variety of spices and herbs and have their own list of cooking techniques and equipments that are needed for the recipe. Contrary, the Americans prefer their food grilled or direct rather than steamed cooked over dry heat. But, there are not only crosscultural differences concerning the food, there are also differences between the geographic areas of India itself as the Indian cuisine varies between the Southern and Northern part of the country. 3 Further, there are significant variations in the cultural characteristics. Indian people mostly live in big families with close alliances. In contrast, in the American society live a lot of single people. As really individualistic culture, the families’ ties were not that tight as in India. One of the biggest challenges, that need to be faced, is the missing knowledge of the consumers. Mostly Indian people do not know how to use the microwave properly. Most of the (potential) consumers do not expect that all of the Indian dishes can even be prepared in the microwave, not only heated up. So they miss the big advantages like timesaving at cooking, that nobody has to keep an eye on the food constantly while all vitamins and nutrients retain in the food and furthermore the simplification of cleaning afterwards. Another problem that goes hand in hand with the missing knowledge of the consumers is the price discussion of the microwaves. For  the traditional poor Indian middle class, the very expensive first introduced microwave models were unattractive. Additionally the models were not adequate for the Indian market as the big Indian vessels did not fit in. Even though most manufacturers reacted by designing the microwaves according to the special Indian needs and a price cut, the sales volume did not increase notably. This leads to the chicken – egg question for the company- the prices will not come down easily until volumes up, while volume depends on prices. Additionally, the kitchen appliances market is nowadays predominated by some brands what makes it more complicate for new companies to get more market share. On the other hand, there still is a lot of potential to penetrate this relatively new market. Especially the recent development like rising living standards and wages and also the fact that household applications like washing machines are no luxury good any more, eases a market entry and increase of market share. Better access to consumer awareness and the big advantages that microwave cooking could bring to consumers also strengthens the possibilities of a White Appliances. 4 Situation Analysis To be successful in entering the Indian kitchen application market White Appliances need to identify controllable and uncontrollable elements of the markets. This can best be shown in a Strengths-Weaknesses-Opportunities-and-Threats-Analysis (SWOT). Strength – Weaknesses Microwaves are easy to use and – High price for the customers understandable for almost everybody – Microwaves aren’t common in India Convenient and efficient way of ! The presence of microwaves at cooking – Indian markets is rather weak – Time Saving – Longtime use of appliances – – Chicken-egg problem (price vs.  High technology- ideally for the  volume)  technically affine Indian people – Wide product range from high-end to basic models with different categories Opportunities – Threats New, diverse target groups in India – Trends in society (Health  available (men in the kitchen in  general, bachelors, students, young  in food industry, doubts of  women etc.) – consciousness, slow movement trend microwave radiation) New form of lifestyles and rising – Different cultural background than in living standards High interest in innovations and Indian society versus individualistic technology of Indian people could be – other markets (e.g. collectivistic Americans) used stronger by White Appliances – – Different eating habits (Western vs. Indian food, fresh vs. convenient sales in the future – Proposed bright future for microwave food, different eating habits) Only little market penetration by – Consumer’s knowledge about the use competitors – of microwaves is little, difficult to Proposed increase of retail stores convince them – Environment of competition tightens as the market is promising 5 Objectives and Goals To make the market entry in the Indian market successfully, it is important to set objectives and intermediate objectives. A goal is to find a suitable strategy to enter the market with longterm success. White appliance would like to establish itself on the market and to prevail against the major competitor. They want to increase their market share to profit from the proposed market development. It’s important that they communicate their services and predict on the market. The people need getting to know quickly and effectively the microwaves from the White appliance. To increase the awareness and the sale of microwave oven and especially of the microwaves from white appliance it is necessary to promote the knowledge of microwave cooking in India. People need to know how to use a microwave with all its functions. White appliance should have special product offerings to make the buying of a microwave more attractive. They have to offer different price ranges of the product and it can be useful to corporate with experienced partner for distribution. Strategy and Evaluations For entering a new market, a lot of decisions have to be made and a consistent strategy has to be implemented. In the following, a recommended strategy for the White Appliances Company will be introduced by focusing on product, price, distribution and communication, the marketing core elements  of all products. (1) Product In response to entering a new market and being confronted with new cultural and social behavior and habits, the adaption of the product to the Indian culture and cuisine is essential. To meet the exact needs of the new market, the investment in Research & Development as well as in product innovation is a significant first step in developing a successful and sustainable marketing strategy. Especially value added features like user-friendly one-touch program buttons, an energy saver mode or a microwave size that suits to Indian families and cooking habits need to be reconsidered in the product innovation process. Therefore every microwave model for the Indian market comes with high volume space, as this is essential to the Indian family sizes. Based on this, different microwave models will be implemented, which inhabit their special functions and features fitted to different target groups. The product range of White Appliances should include at the beginning two different models, one b asic model in a lower price range to reach a high market penetration and second a 6  comfort model, for a target group, searching for a more comfortable way of cooking with microwaves. The basic model aims to reach the advancing lower-middle class, which can be seen as the most prosperous target group. The microwave comes with a basic interface to set power and time. A manual guide will be provided to inform the customer how to make the best out of the different setting options. This microwave type will be manufactured in Asia, whereas low production and import costs can be reached, to establish a low product price. The comfort model comes with different program-buttons in addition, which eases handling and leads to a more comfortable cooking experience. This model targets the status-oriented middle-class, which aims to have a functional but comfortable cooking experience. The comfort model will be produced in the U.S., as the target group will be more qualityconscious too. If these two microwave types are established successfully in the market, a high-price combimodel will be launched in a long-term strategy. It can already be seen, that combination-oven (convection and microwave) gain more and more importance, especially in a  higher-middle class, but as the production is way more costly, it is connected with a higher risk as ROI has to be gained through high product prices. As higher the consumer’s investment, as more factors will be considered, whereas already existing brand awareness in the market would be supportive, what speaks as well for a product launch in a second phase. Regardless of whether the customer decides to buy a basic, comfort, or premium microwave model, the introduction of an excellent after-sales-service could be helpful in creating an USP (unique selling proposition) for White Appliances and to stand out from their competitors in the market. The implementation of a service-hotline, a customer-care website providing information according to the handling of the product and answering frequently asked questions as well as video-tutorials via YouTube, the offer ing of a repair service or warranties are just some examples that could be considered in creating an excellent customer service. (2) Price The two respectively three different models will be established within their own price segment. The basic model will be sold in a cheap price range round about Rs. 5000. The cheap price has to be absorbed by a high volume. This is a risky step as a high sales rate is premise, but it is the only way to solve the chicken-egg-problem of low prices can only be reached through high volume. Further it gains a high penetration in the market and can raise brand awareness fast. The comfort model will be sold for round about Rs. 10.000. This establishes our brand, as a microwave seller for affordable models, but quality and more 7  functional features will speak for the higher price. Besides, the offering of a coupled two years warrantee could increase the consumer’s attraction to this model. The premium model, which will be launched in the second phase, will be rolled-out to the market with a price of Rs. 15.000. To cut costs of production, a long-term goal could be to promote the basic microwave innovation in local manufacturing and only to continue importing the premium models. To support sales, a combination package with microwave glass-bowls and cooking equipment could be offered, in an each similar price range, which will be especially interesting to microwave starters. It can be assumed that a high percentage of the main target group buys a microwave for  the first time. (3) Distribution The distribution will be best and easiest implemented through existing kitchen equipment retailers. This gives the opportunities to sell the own product in combination with special kitchen promotion packages and fits to the existing consumer purchase habits. (4) Communication The communication strategy can be divided into two parts. The first part aims to raise knowledge about microwaves and its functionality in general, whereas the second part pushes brand and product awareness of the White Appliance company. Consumers buy products not because of the product itself, but of its potential to solve an existing need. As Indian people are mainly new to the product microwave and its functions, most consumers won’t be aware about the need to possess a microwave in their daily life. Therefore one part of the communication strategy aims to raise general product awareness via social media and TVshow cooperation. For TV-show cooperation, existing, successful cooking shows could be used to present microwaves and their functionality for daily cooking. Of course the TV-studio would be equipped with microwaves from White Appliance, but in the communication the product usefulness is primer. In parts of social media marketing, a Facebook fan-page is imaginable, where microwave recipes and tips will be promoted. The social media site, shall be named more focused on its purpose and should not be included in the company’s fan-page. Rather a â€Å"powered by† addition should make up the connection to the company. This naming makes sure, that it is findable for those, who want to know more about microwaves and its usefulness, further the site-name is promising for its purpose. 8 Besides an increased awareness about microwave and its functionality in general, the popularity of the own brand has to be pushed. This can be done sustainably via the following communication channels: †¢ TV-Commercial †¢ Promotion tour (microwave party in style of Tupperware parties, food tasting on the street, in supermarkets etc.) †¢ Point-of-Sale specials as e.g. free microwave cook books, when buying an oven †¢ Offer special services to the client (video-tutorials on YouTube; FAQ on website; hotline) As well the communication via an own App would be reasonable, but as the development of an app is pretty costly, a launch is recommended in the second phase, when the investment can be defrayed by the gained sales. As every strategy has its advantages and disadvantages, those will be presented in the following, to show the strengths of the strategy, but as well where weaknesses have to be eyed. (1) Product To enter the market with a basic model to reach the promising low-middle class target group seems pretty prosperous. Further he more comfort-oriented middle-class will be reached with a second model, so that the market entering strategy is based on a brought target group and the brand awareness will be raised by a penetration strategy. The risk of that strategy lies therein, that competitors might plan the same and the market will be overflowed by pricy microwaves. (2) Price As the production for the basic model takes place in the region, this leads to low production and logistic costs. In combination with a high volume, the  market can be entered with a low price to reach the low-middle class. Although this sounds pretty promising, the strategy is not without any risk, as the success is depending on the sales volume, which has to be very high. (3) Distribution The distribution via existing retailers leads to lower investments and the company doesn’t need to care about the legal environment. Further an already existing and proofed distribution system is used. Nevertheless the distribution via retailers means a certain loss of control, as 9  those retailers have their own demands. The offer of a trade discount to all retail partners for the first year could be helpful to diminish this risk and to create an initial demand. (4) Communication The communication strategy does not only focus on the product itself but rather on the general benefit of the usage of the product, which is the start of a sustainable product communication where the brand communication can be build on. But the penetration of the different channels as introduced means a big investment to the company. Recommendations and Contingencies For a sustainable and successful market approach, the whole strategy must be implemented in once, because all parts – product, price, distribution, and communication – depend on each other. Further it is important, that sufficient attention will be given to every single part of the strategy. When it was sensible, an implementation in two phases – short-term and long-term – is suggested, to decrease risk and base higher investments on the by then hopefully already existing success and high sales. The marketing strategy needs to be implemented carefully, avoiding to offend the socialcultural behavior and habits of the Indian community. Therefore the strategy has to be controlled and reconsidered all time while implementing, to detect further weaknesses and optimization potential. Only by paying attention to market behavior and key figures, the success of the running strategy can be proofed and in case adjusted.