Marketing and Sales of AirAsia Company Case Study

Marketing and Sales of AirAsia Company - Case Study Example Many airlines have been able to reduce their costs by using E-commerce technologies. Customers are able to find complete information online and do not have to go through the hassle of contacting and visiting travel agents. Hence the intermediary costs are eliminated and the airlines are able to cut cost and provide cheaper tickets to the customers. In low-cost airline carriers, E-commerce is of greater importance because the airline is able to eliminate the admin. Another major factor for the importance of E-commerce in the airline industry is that they are able to closely monitor the activities of the consumers and are able to conduct market research and collect customer data. AirAsia has been able to develop a competitive advantage in the industry by offering its customers a level of value that is exceeded by the cost of activities. This results in a large profit margin for the AirAsia. The value-generating sequence of activities introduced by Michael Porter is found in every firm and using these activities, AirAsia’s value chain has been analyzed. This is one of the primary value chain activities of a firm introduced by Michael Porter. In the case of AirAsia, the inbound logistics is related to the aircraft that AirAsia has booked for the anticipated growth in customer demand. AirAsia also has been able to build a strong relationship with Microsoft, the providers of Vista Gadget. AirAsia recognized the branding and commercial worth of innovations such as sidebar gadgets on Windows Vista. Operations are the primary activities that are required in order to develop the products, in case the activities those are required to provide travelling services to the customers successfully. AirAsia has also been able to master the activities that are required to give travelling services to its customers. AirAsia operates from six hubs in Asia and has increased the capacity by a continuous rollout of Airbus fleet. This has facilitated AirAsia to engage in a strategic expansion program by adding new routes and increasing the number of flights per day.  Ã‚  

Global Retail Business - the Keys to Success Research Paper

Global Retail Business - the Keys to Success - Research Paper Example Modern concepts are important to incorporate into a global retail business strategy. Sustainability is essential in providing the consumer with the feeling that their consumer activities are being done with a sense of responsibility. Using modern technology in marketing concerns will provide a company with both good marketing opportunities and the appearance of modernity with respect to current trends. Creating a branding aesthetic will provide for the association of the product to desirable lifestyles, thus, in turn, creating a demand for the products that fall under that brand. Therefore, the experience within the retail environment must be as pleasurable as the satisfaction of that association. Creating a modern retail strategy requires incorporating a great number of factors into the overall design. When dealing with a global strategy for a retail corporation, regulatory differences between different nations can sometimes impact the potential for success. However, creating success from restrictive regulations can involve creative solutions to problems of legal restrictions that are designed to circumvent those restrictions in a way that creates higher levels of profit from competitors. Engaging the global community means creating ways in which to insert a product and brand into a culture without attempting to change the culture, but with the intent of using their traditions and regulations in ways that enhance the success of the product.

Investment Avenues in India Essay Example for Free

Investment Avenues in India Essay ABSTRACT:Each investment alternative has its own strengths and weaknesses. Some options seek to achieve superior returns (like equity), but with corresponding higher risk. Other provide safety (like PPF) but at the expense of liquidity and growth. Other options such as FDs offer safety and liquidity, but at the cost of return. Mutual funds seek to combine the advantages of investing in arch of these alternatives while dispensing with the shortcomings.Indian stock market is semi-efficient by nature and, is considered as one of the most respected stock markets, where information is quickly and widely disseminated, thereby allowing each securitys price to adjust rapidly in an unbiased manner to new information so that, it reflects the nearest investment value. And mainly after the introduction of electronic trading system, the information flow has become much faster. But sometimes, in developing countries like India, sentiments play major role in price movements, or say, fluctuations, where investors find it difficult to predict the future with certainty. Some of the events affect economy as a whole, while some events are sector specific. Even in one particular sector, some companies or major market player are more sensitive to the event. So, the new investors taking exposure in the market should be well aware about the maximum potential loss, i.e. Value at risk.It would be good to diversify ones portfolio to include equity mutual funds and stocks. The benefit of diversification are that while risk exposure from a particular asset may not be very high, it would also give the opportunity of participating in the party in the equity markets- which may have just begun- in a relatively safe manner(than investing directly into stock markets). Mutual funds are one of the best options for investors to choose from. It must be realized that the performance of different funds varies time to time. Evaluation of a fund performance is meaningful when a fund has access to an array of investment products in market. An investor can choose from a variety of funds to suit his risk tolerance, investment horizon and objective. Direct investment in equity offers capital growth but at high risk and without the benefit of diversification by professional management offered by mutual funds.INTRODUCTION:Savings form an important part of the economy of any nation. With the savings invested in various options available to the people, the money acts as the driver for growth of the country. Indian financial scene too presents a plethora of avenues to the investors. Though certainly not the best or deepest of markets in the world, it has reasonable options for an ordinary man to invest his savings. Banks are considered as the safest of all options, banks have been the roots of the financial systems in India. Promoted as the means to social development, banks in India have indeed played an important role in the rural upliftment. For an ordinary person though, they have acted as the safest investment avenue wherein a person deposits money and earns interest on it. The two main modes of investment in banks, savings accounts and fixed deposits have been effectively used by one and all.However, today the interest rate structure in the country is headed southwards, keeping in line with global trends. With the banks offering little above 9 percent in their fixed deposits for one year, the yields have come down substantially in recent times. Add to this, the inflationary pressures in economy and one has a position where the savings are not earning. The inflation is creeping up, to almost 8 percent at times, and this means that the value of money saved goes down instead of going up. This effectively mars any chance of gaining from the investments in banks. Just like banks, post offices in India have a wide network. Spread across the nation, they offer financial assistance as well as serving the basic requirements of communication. Among all saving options, Post office schemes have been offering the highest rates. Added to it is the fact that the investments are safe with the department being a Government of India entity. So, the two basic and most sought after features, such as return safety and quantum of returns was being handsomely taken care of. Though certainly not the most efficient systems in terms of service standards and liquidity, these have still managed to attract the attention of small, retail investors. However, with the government announcing its intention of reducing the interest rates in small savings options, this avenue is expected to lose some of the investors.Public Provident Funds act as options to save for the post retirement period for most people and have been considered good option largely due to the fact that returns were higher than most other options and also helped people gain from tax benefits under various sections. This option too is likely to lose some of its sheen on account of reduction in the rates offered. Another often-used route to invest has been the f ixed deposit schemes floated by companies. Companies have used fixed deposit schemes as a means of mobilizing funds for their operations and have paid interest on them. The safer a company is rated, the lesser the return offered has been the thumb rule. However, there are several potential roadblocks in these. First of all, the danger of financial position of the company not being understood by the investor lurks. The investors rely on intermediaries who more often than not, dont reveal the entire truth. Secondly, liquidity is a major problem with the amount being received months after the due dates. Premature redemption is generally not entertained without cuts in the returns offered and though they present a reasonable option to counter interest rate risk (especially when the economy is headed for a low interest regime), the safety of principal amount has been found lacking. Many cases like the Kuber Group and DCM Group fiascoes have resulted in low confidence in this option. The options discussed above are essentially for the risk-averse, people who think of safety and then quantum of return, in that order. For the brave, it is dabbling in the stock market.Stock markets provide an option to invest in a high risk, high return game. While the potential return is much more than 10-11 percent any of the options discussed above can generally generate, the risk is undoubtedly of the highest order. But then, the general principle of encountering greater risks and uncertainty when one seeks higher returns holds true. However, as enticing as it might appear, people generally are clueless as to how the stock market functions and in the process can endanger the hard-earned money.For those who are not adept at understanding the stock market, the task of generating superior returns at similar levels of risk is arduous to say the least. This is where Mutual Funds come into picture.Mutual Funds are essentially investment vehicles where people with similar investment objective come together to pool their money and then invest accordingly. Each unit of any scheme represents the proportion of pool owned by the unit holder (investor). Appreciation or reduction in value of investments is reflected in net asset value (NAV) of the concerned scheme, which is declared by the fund from time to time. Mutual fund schemes are managed by respective Asset Management Companies (AMC). Different business groups/ financial institutions/ banks have sponsored these AMCs, either alone or in collaboration with reputed international firms.Several international funds like Alliance and Templeton are also operating independently in India. Many more international Mutual Fund giants are expected to come into Indian markets in the near future.Investment alternatives in India * Non marketable financial assets: These are such financial assets which gives moderately high return but can not be traded in market.* Bank Deposits * Post Office Schemes * Company FDs * PPF * Equity shares: These are shares of company and can be traded in secondary market. Investors get benefit by change in price of share and dividend given by companies. Equity shares represent ownership capital. As an equity shareholder, a person has an ownership stake in the company. This essentially means that the person has a residual interest in income and wealth of the company. These can be classified into following broad categories as per stock market:* Blue chip shares * Growth shares * Income shares * Cyclic shares * Speculative shares * Bonds: Bonds are the instruments that are considered as a relatively safer investment avenues.* G sec bonds * GOI relief funds * Govt. agency funds * PSU Bonds * RBI BOND * Debenture of private sector co. * Money market instrument: By convention, the term money market refers to the market for short-term requirement and deployment of funds. Money market instruments are those instruments, which have a maturity period of less than one year.* T-Bills * Certificate of Deposit * Commercial Paper * Mutual Funds- A mutual fund is a trust that pools together the savings of a number of investors who share a common financial goal. The fund manager invests this pool of money in securities, ranging from shares, debentures to money market instruments or in a mixture of equity and debt, depending upon the objective of the scheme. The different types of schemes are* Balanced Funds * Index Funds * Sector Fund * Equity Oriented Funds * Life insurance: Now-a-days life insurance is also being considered as an investment avenue. Insurance premiums represent the sacrifice and the assured sum the benefit. Under it different schemes are:* Endowment assurance policy * Money back policy * Whole life policy * Term assurance policy * Real estate: One of the most important assets in portfolio of investors is a residential house. In addition to a residential house, the more affluent investors are likely to be interested in the following types of real estate:* Agricultural land * Semi urban land * Farm House * Precious objects: Investors can also invest in the objects which have value. These comprises of:* Gold * Silver * Precious stones * Art objects * Financial Derivatives: These are such instruments which derive their value from some other underlying assets. It may be viewed as a side bet on the asset. The most important financial derivatives from the point of view of investors are:* Options * FuturesDirect equity vs. mutual funds1) Equity share/Direct investment 2) Mutual funds, a brief introduction 3) Equity Fund 4) Difference between direct equity and mutual fundEquity share/Direct investmentEquity shares: These are shares of company and can be traded in secondary market. Investors get benefit by change in price of share or dividend given by companies. Equity shares represent ownership capital. As an equity shareholder, a person has an ownership stake in the company. This essentially means that the person has a residual interest in income and wealth of the company. These can be classified into following broad categories as per stock market:* Blue chip shares- Shares of large, well established, financially strong companies with an impressive record of earnings and dividends.* Growth shares-Shares of companies that have fairly entrenched positions in a growing market and which enjoy an above average rate of growth as well as profitability. * Income shares-Share of companies that have fairly stable operations, relative limited growth opportunities, and high dividend payout ratios.* Cyclic shares – Share of companies that have a pronounced cyclicality in their operations.* Defensive shares- Shares of companies that are relatively unaffected by the ups and downs in general business conditions.* Speculative shares- Shares of companies that tend to fluctuate widely because there is a lot of speculative trading in them.Mutual Funds: A brief introductionA Mutual Fund is a trust that pools the savings of a number of investors who share a common financial goal. The money thus collected is invested by the fund manager in different types of securities depending upon the objective of the scheme. These could range from shares to debentures to money market instruments. The income earned through these investments and the capital appreciations realized by the schemes are shared by its unit holders in proportion to the number of units owned by them. Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed portfolio at a relatively low cost. The small savings of all the investors are put together to increase the buying power and hire a professional manager to invest and monitor the money. Anybody with an investible surplus of as little as a few thousand rupees can invest in Mutual Funds. Each Mutual Fund scheme has a defined investment objective and strategy.INCEPTION OF MUTUAL FUNDS IN INDIAThe history of mutual funds in India can be divided into 5 important phases:1963-1987The Unit Trust of India was the sole player in the industry. Created by an Act of Parliament in 1963, UTI launched its first product, the Unit Scheme 1964, which is even today the single lar gest mutual fund scheme. UTI created a number of products such as monthly income plans, children plans, equity-oriented schemes and off shore funds during this period. UTI managed assets of Rs.6,700 crores at the end of this phase.1987-1993In 1987 public sector banks and financial institutions entered the mutual fund industry. SBI mutual fund was the first non- UTI fund to be set up in 1987. Significant shift of investors from deposits to mutual fund industry happened during this period. Most funds were growth-oriented closed-ended funds. By the end of this period, assets under UTIs management grew to Rs.38,247 crores and public sector funds managed Rs.8,750 crores.1993-1996In 1993, the mutual fund industry was open to private sector players, both Indian and foreign. SEBIs first set of regulations for the industry were formulated in 1993, and substantially revised in 1996.Signifficant innovations in servicing, product design and information disclosure happened in this phase, mostly initiated by private players.1996-1999The implementation of the new SEBI regulations and the restructuring of the mutual fund industry led to rapid asset growth. Bank mutual funds were recast according to the SEBI recommended structure, and the UTI came under voluntary SEBI supervision.1999-2002This phase was marked by the rapid growth in the industry, and significant increase in market shares of private sector players. Assets crossed Rs.1,00,000 crore .The tax break offered to mutual fund in 1999 created arbitrage opportunities for a number of institutional players. Bond funds and Liquid funds registered the highest growth in this period, accounting for nearly 60% of the assets. UTIs share of the industry dropped to nearly 50%.Types of mutual funds:Open ended schemesAn open-end fund is one that is available for subscription all through the year. This type of Mutual funds does not have a predefined maturity period. The key feature is liquidity. Direct dealing is another noticeable feature. One can easily buy and sell units at Net Asset Value related prices.Close ended schemesHere maturity period is predefined usually ranging from 2 to 15 years. Investment can be done directly in the scheme at the time of the initial issue and units can be brought and sold whenever units are listed in the stock exchanges.Types of Schemes1. Equity/growth oriented Funds: Equity schemes are those that invest predominantly in equity shares of companies. An equity scheme seeks to provide returns by way of capital appreciation. As a class of assets, equities are subject to greater fluctuations. Hence, the NAVs of these schemes will also fluctuate frequently. Equity schemes are more volatile, but offer better returns.2. Balanced Funds: The aim of balanced funds is to provide both growth and regular income. Such schemes periodically distribute a part of their earning and invest both in equities and fixed income securities in the proportion indicated in their offer documents. 3. Index Funds: An Index Fund is a mutual fund that tries to mirror a market index, like Nifty or BSE Sensex , as closely as possible by investing in all the stocks that comprise that index in proportions equal to the weight age of those stocks in the index.4. Income/debt oriented Funds: These schemes invest mainly in income-bearing instruments like bonds, debentures, government securities, commercial paper, etc. These instruments are much less volatile than equity schemes. Their volatility depends essentially on the health of the economy e.g., rupee depreciation, fiscal deficit, inflationary pressure. Performance of such schemes also depends on bond ratings.1) Equity FundsAs explained earlier, such funds invest only in stocks, the riskiest of asset classes. With share prices fluctuating daily, such funds show volatile performance, even losses. However, these funds can yield great capital appreciation as, historically, equities have outperformed all asset classes. At present, there are four types of equity funds available in the market. In the increasing order of risk, these are:a) Index fundsThese funds track a key stock market index, like the BSE (Bombay Stock Exchange) Sensex or the NSE (National Stock Exchange) SP CNX Nifty. Hence, their portfolio mirrors the index they track, both in terms of composition and the individual stock weightages. For instance, an index fund that tracks the Sensex will invest only in the Sensex stocks. The idea is to replicate the performance of the benchmarked index to near accuracy. Index funds dont need fund managers, as there is no stock selection involved.Investing through index funds is a passive investment strategy, as a funds performance will invariably mimic the index concerned, barring a minor tracking error. Usually, theres a difference between the total returns given by a stock index and those given by index funds benchmarked to it. Termed as tracking error, it arises because the index fund charges m anagement fees, marketing expenses and transaction costs (impact cost and brokerage) to its unit holders. So, if the Sensex appreciates 10 per cent during a particular period while an index fund mirroring the Sensex rises 9 per cent, the fund is said to have a tracking error of 1 per cent.To illustrate with an example, assume you invested Rs 1,000 in an index fund based on the Sensex on 1 April 1978, when the index was launched (base: 100). In August, when the Sensex was at 3.457, your investment would be worth Rs 34,570, which works out to an annualised return of 17.2 per cent. A tracking error of 1 per cent would bring down your annualised return to 16.2 per cent. Obviously, lower the tracking error, the better are the index funds.b) Diversified fundsSuch funds have the mandate to invest in the entire universe of stocks. Although by definition, such funds are meant to have a diversified portfolio (spread across industries and companies), the stock selection is entirely the prerogative of the fund manager. This discretionary power in the hands of the fund manager can work both ways for an equity fund. On the one hand, astute stock-picking by a fund manager can enable the fund to deliver market-beating returns; on the other hand, if the fund managers picks languish, the returns will be far lower. Returns from a diversified fund depend a lot on the fund managers capabilities to make the right investment decisions. A portfolio concentrated in a few sectors or companies is a high risk, high return proposition.c) Tax-saving fundsAlso known as ELSS or equity-linked savings schemes, these funds offer benefits under Section 88 of the Income-Tax Act. So, on an investment of up to Rs 10,000 a year in an ELSS, one can claim a tax exemption of 20 per cent from his taxable income. One can invest more than Rs 10,000, but then he wont get the Section 88 benefits for the amount in excess of Rs 10,000. The only drawback to ELSS is that one has to lock into the scheme for three years.In terms of investment profile, tax-saving funds are like diversified funds. The one difference is that because of the three year lock-in clause, tax-saving funds get more time to reap the benefits from their stock picks, unlike plain diversified funds, whose portfolios sometimes tend to get dictated by redemption compulsions.d) Sector fundsThe riskiest among equity funds, sector funds invest only in stocks of a specific industry, say IT or FMCG. A sector funds NAV will zoom if the sector performs well; however, if the sector languishes, the schemes NAV too will stay depressed. Barring a few defensive, evergreen sectors like FMCG and pharma, most other industries alternate between periods of strong growth and bouts of slowdowns. The way to make money from sector funds is to catch these cycles–get in when the sector is poised for an upswing and exit before it slips back.2) Difference between direct equity and mutual fundsA mutual fund is the ideal investment vehicle for todays complex and modern financial scenario. Markets for equity shares, bonds and o ther fixed income instruments, real estate, derivatives and other assets have become mature and information driven. Price changes in these assets are driven by global events occurring in faraway places. A typical individual is unlikely to have the knowledge, skills, inclination and time to keep track of events, understand their implications and act speedily. An individual also finds it difficult to keep track of ownership of his assets, investments, brokerage dues and bank transactions etc.Investing in Mutual Fund is convenient because of two basic reasons. All investment carry risks, especially equity investment that bears larger risks, their returns are more volatile and uneven. To cut down the risk one needs to put money in several instruments rather than in one or two products. A Mutual Fund can effectively spread its investments across various sectors of the economy and amongst several products. Risk diversification is the Key. Secondly where to invest and where not to, is a specialized business. One may not have the expertise, time and resources of a well-managed fund.ADVANTAGES OF A MUTUAL FUND1. Professional ManagementQualified professionals manage money, but they are not alone. They have a research team that continuously analyses the performance and prospects of companies. They also select suitable investments to achieve the objectives of the scheme, so you see that it is a continuous process that takes time and expertise that will add value to investment. These fund managers are in a better position to manage investments and get higher returns.2. DiversificationThe clichà ©, dont put all eggs in one basket really applies to the concept of intelligent investing. Diversification lowers risk of loss by spreading money across various industries. It is a rare occasion when all stocks decline at the same time and in the same proportion. Sector funds will spread investment across only one industry and it would not be wise for portfolio to be skewed towards these types of funds for obvious reasons.3. Choice of SchemesMutual funds offer a variety of schemes that will suit investors needs over a lifetime. When they enter a new stage in life, all needed to do is sit down with investment advisor who will help to rearrange portfolio to suit altered lifestyle. 4. AffordabilityA small investor may find that it is not possible to buy shares of larger corporations. Mutual funds generally buy and sell securities in large volumes that allow investors to benefit from lower trading costs. The smallest investor can get started on mutual funds because of the minimal investment requirements. One can invest with a minimum of Rs. 500 in a Systematic Investment Plan on a regular basis.5. Tax BenefitsInvestments held by investors for a period of 12 months or more qualify for Capital gains and will be taxed accordingly (10% of the amount by which the investment appreciated, or 20% after factoring in the benefit of cost indexation, whichever is lower). These investments also get the benefit of indexation.6. LiquidityWith open-end funds, you can redeem all or part of investment any time you wish and receive the current value of the shares or the NAV related price. Funds are more liquid than most investments in shares, deposits and bonds and the process is standardized, making it quick and efficient so that you can get cash in hand as soon as possible. 7. Rupee Cost AveragingThrough using this concept of investing the same amount regularly, mutual funds give investor the advantage of getting the average unit price over the long-term. This reduces risk and also allows you to discipline self by actually investing every month or quarterly and not making sporadic investments.8. The Transparency of Mutual FundsThe performance of a mutual fund is reviewed by various publications and rating agencies, making it easy for investors to compare one to the other. Once you are part of a mutual fund scheme, you are provided with regular updates, for example daily NAVs, as well as information on the specific investments made and the fund managers strategy and outlook of the scheme.9. Easy To AdministerMutual funds units in modern times are not issued in the form of certificates, with a minimum denomination rather they are issued as account statement switch a facility to hold units in fraction upto 4 decimal points.10. Highly RegulatedThe governing of mutual funds by SEBI ensures that the fund activities are carried out in the best interest of the investors. DISADVANTAGES OF MUTUAL FUNDSThe following are some of the reasons which are deterrent to mutual fund investment: * Costs despite Negative Returns — Investors must pay sales charges, annual fees, and other expenses regardless of how the fund performs. And, depending on the timing of their investment, investors may also have to pay taxes on any capital gains distribution they receive — even if the fund went on to perform poorly after they bought shares. * Lack of Control — Investors typically cannot ascertain the exact make-up of a funds portfolio at any given time, nor can they directly influence which securities the fund manager buys and sells or the timing of those trades. * Price Uncertainty — with an individual stock, you can obtain real-time (or close to real-time) pricing information with relative ease by checking financial websites or by calling your broker. You can also monitor how a stocks price changes from hour to hour — or even second to second. By contrast, with a mutual fund, the price at which you purchase or redeem shares will typically depend on the funds NAV, which the fund might not calculate until many hours after youve placed your order. In general, mutual funds must calculate their NAV at least once every business day, typically after the major U.S. exchanges close.Some mutual fund schemes with the point of attractiveness to investors -Comparison of best performing mutual funds with index Equity schemes:Equity schemes are those that invest predominantly in equity shares of companies. An equity scheme seeks to provide returns by way of capital appreciation. As a class of assets, equities are subject to greater fluctuations. Hence, the NAVs of these schemes will also fluctuate frequently. Equity schemes are more volatile, but offer better returns. These can be further classified into three types:1. Diversified Equity schemes:The aim of diversified equity funds is to provide the investor with capital appreciation over a medium to long period (generally 2 – 5 years). The fund invests in equity shares of companies from a diverse array of industries and balances (or tries to) the portfolio so as to prevent any adverse impact on returns due to a downturn in one or two sectors.2. Equity Linked Saving Schemes (ELSS):These schemes generally offer tax rebates to the investor under section 88 of the Income Tax law. These schemes generally diversify the equity risk by investing in a wider array of stocks across sectors. ELSS is usually considered a variant of diversified equity scheme but with a tax friendly offer3. Sectoral Fund/ Industry Specific schemes:Industry Specific Schemes invest only in the industries specified in the offer document. The investment of these funds is limited to specific industries like InfoTech, FMCG, and Pharmaceuticals etc. These are ideal for investors who have already decided to invest in particular sector or segment. Sectoral Funds tend to have a very high risk-reward ratio and investors should be careful of putting all their eggs in one basket.CONCLUSION:In the current scenario, investing is very important and investing in stock markets is a major challenge ever for professionals. The young people should start investing earlier so that they can reap the benefits of investing in future. People should keep their eye open and keep updating themselves about various investment avenues so that they can get safe returns. BIBILIOGRAPHY: 1. Anjan Chakrabarti and Harsh Rungta, 2000, Mutual Funds Industry in India :An in-depth look into the problems of credibility, Risk and Brand ,The ICFAI Journal of Applied Finance, Vol.6, No.2, April, 27-45. 2. Bhalla V.K., Investment Management, S.Chand Company Ltd., Eleventh Edition, 2004 3. Bodie, Kane, Marcus Security Analysis and Portfolio Management, 5th edition Tata Mc Graw hill publications. 4. Customer Orientation in Designing Mutual Fund Products, -An Analytical Approach to Indian Market Preferences, Dr Tapan K Panda, Faculty Member, Indian Institute of Management, Lucknow. 5. FISHER AND JORDEN (2000): Security analysis and portfolio management, Prentice hall. 6. L.M.BHOLE (2005) : Financial institutions and market, Tata Mcgraw – hill. 7. Preparatory Books For AMFI Exam ;NJ Investment India Pvt. Ltd. Edition June 09 8. Review Of Marketing Research, Volume 5: K. Naresh Malhotra: 9. V.A.AVADHANI (2006): Security analysis and portfolio management, Himalaya publishing house. 6thEdition. |

World Peace through Codependency? :: Essays Papers

World Peace through Codependency? I’m writing my second paper on how â€Å"free trade† (not just trade) can lead to world peace. This is a pretty hefty goal to put on free trade’s shoulders but it is only an ideal. It’s what freer trade tends toward. I will break the paper down as follows: †¢ Ricardo is a Good Start †¢ Why Free Trade? †¢ Patrick McDonald’s Thoughts †¢ Conclusion Ricardo is a Good Start: When I first thought of writing this paper I was thinking very simply of specialization leading to world peace through codependency (hence the title). Basically, David Ricardo talked about gains from trade through comparative advantage and specialization. When countries specialize in goods that they have a comparative advantage in, each country benefits from trade. This statement is also a way that specialization could lead to peace through codependency. For example: Guns and Butter; let’s say that Japan has Comparative Advantage (CA) in making guns and the U.S. has CA in making butter. The U.S. would tend towards making more butter and exporting it to Japan and Japan would do the same with guns. If this were to go on unchecked then Japan might make all of the guns and the U.S. might make all of the butter. Guns are obviously tools of intimidation and butter is harmless yet necessary for food. In this example, once the U.S. completely stopped making guns and devoted all of its resources to butter Japan could just point their guns at the U.S. and demand butter for free. This example is of course extreme but it has historical significance. Is the example of Japan turning their guns on the U.S. for free butter much different than the story of Cortez and the Aztecs? I don’t think so. I know that given current technology and current politics this situation seems preposterous but I’m sure the Aztecs felt the same way before they were killed. What I’m getting at is a point made by Adam Smith who believed that certain industries need to be protected for the sake of national defense. We can’t allow another nation to make all of our weapons or defense systems. But, if you change the two goods in this example to something else like automobiles and computers or rice and corn the potential results aren’t as catastrophic. If Japan made all of the rice and the U.S. made all the corn we’d each have monopolies but desire for the other’s product would push prices down to a reasonable level.

Compare and contrast Essay

F. Scott Fitzgerald, a well-known writer of Jazz Age, wrote fictitious stories but most of them were based on his real life experiences. His wild and tragic experiences and struggles of life are clearly reflected in his stories. Even the reader understands the sequence of the story and clearly imagines the time period in which it must have occurred. The border between a real life experience and a fictitious story completely vanishes while reading Fitzgerald’s stories. Fitzgerald tried to use experimental techniques in his fiction through his two stories, ‘May Day’ and ‘The Diamond as Big as he Ritz’ and that helped him in his later works as well. ‘May Day’ is one of the best examples of his realistic stories. The story takes place after World War II and has many artistic visual descriptions that make the reader imagine the whole situation and surroundings. In chapter 1 there is description of Gordon when he enquires about Phillip Dean in Biltmore Hotel. The enquirer was dressed in a well-cut, shabby suit. He was small, slender, and darkly handsome; his eyes were framed above with unusually long eyelashes and below with the lue semicircle of ill health, this latter effect heightened by an unnatural glow which colored his face like a low incessant fever. (Chapter – 1, May Day) Fitzgerald makes the reader view New York City as on May Day in 1919. Here the readers could experience everything like the society dance, scene that includes a disorderly crowd of war veterans and also office of a socialist newspaper. The protagonist in this story of Fitzgerald prefers to suicide rather than marry a lower-class woman who tried to seduce him. In 1922, Fitzgerald wrote another short story ‘The Diamond as Big as the Ritz’ which ould be referred more accurately as a fantasy. In this story refined vindictiveness of the Washingtons, who live on the top of a diamond mountain and want to murder their guests to keep up the secret of the place. Fitzgerald, in fact wants to make the reader get aware of the situation in United States at that time along with its capitalism with the help of Washingtons and this story can be best termed as a political metaphor. The time when this story was written, the economy was flourishing and the political system was full of suspicion and sense of isolation. The Washington’s country was depicted as complete in itself with natural resources, political prisoners, own defense system and so on. The writer artistically visualizes the situation and the reader is left spellbound with it. Washingtons even tried to bribe God, which shows that they had taken their isolated country to an extreme, which could be symbolic for United States. This unique style of Fitzgerald of relating present symbolically through his fictions was quite admired by his critics too. The time when he was writing was very sensitive and ny kind of direct attack on politics or prevailing situation would create lot of problems for him. So this was the right and matured style of writing to approach target readers. This is the reason why most of Fitzgerald’s stories are favorites among readers specially ‘May Day’ and ‘The Diamond as Big as the Ritz’. Both the stories are different when plots are considered but the style and artistic visualizations used in both are remarkable. The characters and their feelings shown are quite natural and reader immediately gets into it.

Example Report

BEE3133 Electrical Power Systems Distribution System: Radial and Ring Distribution Laboratory 1 Fathimah binti Abdul Halim EA09089 Faculty of Electric and Electrical Engineering Universiti Malaysia Pahang Email: [email  protected] com Introduction Generally, distribution system is part of power systems which distributes power to the consumers for utilization. That distribution system is the electrical system between the sub-station fed by the transmission system and the consumer meters. The distribution systems consist of feeders, distributors and service mains.A feeder is a conductor which connects the sub-station (or localised generating station) to the area where power is to be distributed. Basically no tappings are taken from the feeder so that current in it remains the same throughout. A distributor is a conductor from which tappings are taken for supply to the consumers. The current through a distributor is not constant because tappings are taken at various places along its l ength. A service main is generally a small cable which connects the distributor to the consumer’s terminals. In practice, the radial system and ring main system are used. Experiment 1: Radial Distribution SystemIntroduction Electricity suppliers normally use radial distribution in rural areas where the load is randomly distributed, separated by areas with little or no habitation, and back up supplies are normally not available. The length of feeder is typically limited to 500m or less. In the radial distribution system, feeders supplying the consumers are all fed from a central point (the substation) as shown in Figure 1. There is no looping of the feeders. Figure 1: Radial System of Feeders Objective To demonstrate the principles of the commonly used radial system for low voltage distribution networks. Schematic Diagrams:Figure 2: Schematic diagram for Experiment 1 Procedure A Figure 3: Schematic Diagram for Experiment 1 Procedure B Figure 4: Schematic Diagram for Experiment 1 Procedure C Results for Procedure A: Table 1: Lamp Voltages Load| Voltage| Lamp 1| 23. 0V| Lamp 2| 18. 0V| Lamp 3| 14. 0V| Lamp 4| 11. 0V| Lamp 5| 9. 0V| Lamp 6| 8. 0V| Results for Procedure B: Table 2: Results for Procedure B Circuit Number| Lamp| Feeder| | Measured Voltage| Measured Current| Voltage Drop| 1| 22. 0V| 0. 048A| 6. 0V| 2| 17. 0v| 0. 055A| 12. 0V| 3| 13. 0V| 0. 060A| 15. 0V| 4| 10. 0V| 0. 062A| 18. 0V| 5| 9. 0V| 0. 061A| 20. 0V| 6| 8. 0V| 0. 060A| 21. 0V|Table 3: Calculated and Measured Resistor Currents and Voltages Resistor Number| Calculated Current| Calculated Voltage Drop| Measured Voltage Drop| Error| 1| 0. 846A| 8. 0V| 6. 0V| 25. 00%| 2| 0. 654A| 13. 0V| 12. 0V| 7. 69%| 3| 0. 500A| 17. 0V| 15. 0V| 11. 76%| 4| 0. 385A| 20. 0V| 18. 0V| 10. 00%| 5| 0. 346A| 21. 0V| 20. 0V| 4. 76%| 6| 0. 308A| 22. 0V| 21. 0V| 4. 55%| Table 4: Lamp Voltages Lamp number| Calculated voltage| Measured voltage| Error| 1| 22. 00V| 22. 0V| 0%| 2| 17. 00V| 17. 0V| 0%| 3| 13. 00V| 13. 0V| 0%| 4| 10. 01V| 10. 0V| 0. 10%| 5| 9. 00V| 9. 0V| 0%| 6| 8. 01V| 8. 0V| 0. 12%| Results for Procedure C:Table 5: Separate Feeders CircuitNumber| Lamp| Feeder| | Measured Voltage| Measured Current| Voltage Drop| 1| 28. 0V| 0. 067A| 1. 0V| 2| 26. 0V| 0. 066A| 3. 0V| 3| 25. 0V| 0. 061A| 4. 0V| 4| 24. 0V| 0. 061A| 6. 0V| 5| 22. 0V| 0. 059A| 7. 0V| 6| 21. 0V| 0. 057A| 8. 0V| Discussion: The voltage across each lamp in procedure A, decreased as well as the brightness of the lamps due to the increase in the distance of the lamps from power supply. As the current passes through a longer distance, more the value of voltage is â€Å"lost† (unavailable to the load), due to the voltage drop developed across the resistance of the conductor.In the procedure B, value of current, voltage and voltage drop are calculated and measured. The kirchoff’s Law is used to calculate the value of calculated current. In table 3, the values of calculated and measured voltage for voltage drop are d ifferent from one another since the value of measured voltage drop and calculated voltage drop increased as the distance of the lamps from power supply increased. In table 4, the values of measured and calculated voltage are not much difference from each other.When the distance of the lamps from source increased, both values show a decreased. It can be concluded that as the amount of resistor increases, the voltage drop across the resistor also increases, it is shown in the graph resistor number against voltage drop above. In procedure C, each lamp is fed by a separate feeder connected to the supply. Referring to table 5, when the amount of loads/lamps increase, the voltage across each lamp decreases. However, the voltage drop in each lamp increases corresponding to the amount of loads applied in the procedure.A principle known as Kirchhoff's circuit laws states that in any circuit, the sum of the voltage drops across each component of the circuit is equal to the supply voltage. Con clusion: As conclusion, the principles of the commonly used radial system for low voltage distribution networks is demonstrated. Experiment 2: Ring Distribution System Introduction This is commonly used in urban areas with high housing density. In such system, LV cables from neighbouring distribution substations are either looped together or are terminated very close to one another where an interconnection of cables can be made.This system is normally used when a high degree of reliability of load supply is required and back up substations are made available. Figure 7 shows a schematic diagram for a ring distribution network. Figure 7: Ring Distribution Network Objective To demonstrate the principles of ring distribution systems as used in low voltage networks. Schematic Diagrams: Figure 6: Schematic diagram for Experiment 3 Procedure A Figure 7: Schematic diagram for Experiment 3 Procedure B Results for Procedure A: Lamp Number| Voltage| 1| 26V| 2| 24V| | 22V| 4| 24V| 5| 26V| 6| 30 V| Table 7: Lamp voltages Results for Procedure B: CircuitNumber| Lamp| Feeder| | Measured Voltage| Measured Current| Voltage Drop| 1| 26. 0V| 0. 025A| 4V| 2| 24. 0V| 0. 026A| 6V| 3| 23. 0V| 0. 025A| 7V| 4| 23. 5V| 0. 026A| 6V| 5| 26. 0V| 0. 025A| 4V| 6| 30. 0V| 0. 023A| 0V| Table 8: Voltage and Current Measurements Discussion: The ring circuit acts like two radial circuits proceeding in opposite directions around the ring, the dividing point between them dependent on the distribution of load in the ring.If the load is evenly split across the two directions, the current in each direction is half of the total, allowing the use of wire with half the current-carrying capacity. In procedure A, as the number of load increases, the voltage across lamp increases. The lamp voltage wit the corresponding value obtained in the experiment showed that as the number of load increases, the brightness of the lamp increases. There are differences between lamp voltage for ring distribution system and lamp voltage for radial distribution. The lamp voltage for radial distribution and ring distribution increases as the number of load increases.For procedure B, the comparisons can be made between radial and ring distribution systems. A radial system has only one power source. The lamp voltage for radial system decreased as the load/resistance increased while the lamp voltage for ring system increased as the load/resistance increased. Ring system is more expensive to install as it takes double the cable (but not double the installation time) but it is far superior in performance, as the current to any one socket/outlet has 2 parallel paths to take, so the cable is under less load.Also if one leg of the ring fails open (loose terminal in a socket/outlet) then the remaining leg still safely provides current. Radial circuits are adequate for lighting, as it is a low load, but sockets/outlets are best fed from a ring system. Hence, it can be concluded that ring distribution system offer ed a higher voltage load and lower feeder voltage drop. Conclusion: The objective was achieved. The principles of ring distribution systems as used in low voltage networks is demonstrated. Example Report BEE3133 Electrical Power Systems Distribution System: Radial and Ring Distribution Laboratory 1 Fathimah binti Abdul Halim EA09089 Faculty of Electric and Electrical Engineering Universiti Malaysia Pahang Email: [email  protected] com Introduction Generally, distribution system is part of power systems which distributes power to the consumers for utilization. That distribution system is the electrical system between the sub-station fed by the transmission system and the consumer meters. The distribution systems consist of feeders, distributors and service mains.A feeder is a conductor which connects the sub-station (or localised generating station) to the area where power is to be distributed. Basically no tappings are taken from the feeder so that current in it remains the same throughout. A distributor is a conductor from which tappings are taken for supply to the consumers. The current through a distributor is not constant because tappings are taken at various places along its l ength. A service main is generally a small cable which connects the distributor to the consumer’s terminals. In practice, the radial system and ring main system are used. Experiment 1: Radial Distribution SystemIntroduction Electricity suppliers normally use radial distribution in rural areas where the load is randomly distributed, separated by areas with little or no habitation, and back up supplies are normally not available. The length of feeder is typically limited to 500m or less. In the radial distribution system, feeders supplying the consumers are all fed from a central point (the substation) as shown in Figure 1. There is no looping of the feeders. Figure 1: Radial System of Feeders Objective To demonstrate the principles of the commonly used radial system for low voltage distribution networks. Schematic Diagrams:Figure 2: Schematic diagram for Experiment 1 Procedure A Figure 3: Schematic Diagram for Experiment 1 Procedure B Figure 4: Schematic Diagram for Experiment 1 Procedure C Results for Procedure A: Table 1: Lamp Voltages Load| Voltage| Lamp 1| 23. 0V| Lamp 2| 18. 0V| Lamp 3| 14. 0V| Lamp 4| 11. 0V| Lamp 5| 9. 0V| Lamp 6| 8. 0V| Results for Procedure B: Table 2: Results for Procedure B Circuit Number| Lamp| Feeder| | Measured Voltage| Measured Current| Voltage Drop| 1| 22. 0V| 0. 048A| 6. 0V| 2| 17. 0v| 0. 055A| 12. 0V| 3| 13. 0V| 0. 060A| 15. 0V| 4| 10. 0V| 0. 062A| 18. 0V| 5| 9. 0V| 0. 061A| 20. 0V| 6| 8. 0V| 0. 060A| 21. 0V|Table 3: Calculated and Measured Resistor Currents and Voltages Resistor Number| Calculated Current| Calculated Voltage Drop| Measured Voltage Drop| Error| 1| 0. 846A| 8. 0V| 6. 0V| 25. 00%| 2| 0. 654A| 13. 0V| 12. 0V| 7. 69%| 3| 0. 500A| 17. 0V| 15. 0V| 11. 76%| 4| 0. 385A| 20. 0V| 18. 0V| 10. 00%| 5| 0. 346A| 21. 0V| 20. 0V| 4. 76%| 6| 0. 308A| 22. 0V| 21. 0V| 4. 55%| Table 4: Lamp Voltages Lamp number| Calculated voltage| Measured voltage| Error| 1| 22. 00V| 22. 0V| 0%| 2| 17. 00V| 17. 0V| 0%| 3| 13. 00V| 13. 0V| 0%| 4| 10. 01V| 10. 0V| 0. 10%| 5| 9. 00V| 9. 0V| 0%| 6| 8. 01V| 8. 0V| 0. 12%| Results for Procedure C:Table 5: Separate Feeders CircuitNumber| Lamp| Feeder| | Measured Voltage| Measured Current| Voltage Drop| 1| 28. 0V| 0. 067A| 1. 0V| 2| 26. 0V| 0. 066A| 3. 0V| 3| 25. 0V| 0. 061A| 4. 0V| 4| 24. 0V| 0. 061A| 6. 0V| 5| 22. 0V| 0. 059A| 7. 0V| 6| 21. 0V| 0. 057A| 8. 0V| Discussion: The voltage across each lamp in procedure A, decreased as well as the brightness of the lamps due to the increase in the distance of the lamps from power supply. As the current passes through a longer distance, more the value of voltage is â€Å"lost† (unavailable to the load), due to the voltage drop developed across the resistance of the conductor.In the procedure B, value of current, voltage and voltage drop are calculated and measured. The kirchoff’s Law is used to calculate the value of calculated current. In table 3, the values of calculated and measured voltage for voltage drop are d ifferent from one another since the value of measured voltage drop and calculated voltage drop increased as the distance of the lamps from power supply increased. In table 4, the values of measured and calculated voltage are not much difference from each other.When the distance of the lamps from source increased, both values show a decreased. It can be concluded that as the amount of resistor increases, the voltage drop across the resistor also increases, it is shown in the graph resistor number against voltage drop above. In procedure C, each lamp is fed by a separate feeder connected to the supply. Referring to table 5, when the amount of loads/lamps increase, the voltage across each lamp decreases. However, the voltage drop in each lamp increases corresponding to the amount of loads applied in the procedure.A principle known as Kirchhoff's circuit laws states that in any circuit, the sum of the voltage drops across each component of the circuit is equal to the supply voltage. Con clusion: As conclusion, the principles of the commonly used radial system for low voltage distribution networks is demonstrated. Experiment 2: Ring Distribution System Introduction This is commonly used in urban areas with high housing density. In such system, LV cables from neighbouring distribution substations are either looped together or are terminated very close to one another where an interconnection of cables can be made.This system is normally used when a high degree of reliability of load supply is required and back up substations are made available. Figure 7 shows a schematic diagram for a ring distribution network. Figure 7: Ring Distribution Network Objective To demonstrate the principles of ring distribution systems as used in low voltage networks. Schematic Diagrams: Figure 6: Schematic diagram for Experiment 3 Procedure A Figure 7: Schematic diagram for Experiment 3 Procedure B Results for Procedure A: Lamp Number| Voltage| 1| 26V| 2| 24V| | 22V| 4| 24V| 5| 26V| 6| 30 V| Table 7: Lamp voltages Results for Procedure B: CircuitNumber| Lamp| Feeder| | Measured Voltage| Measured Current| Voltage Drop| 1| 26. 0V| 0. 025A| 4V| 2| 24. 0V| 0. 026A| 6V| 3| 23. 0V| 0. 025A| 7V| 4| 23. 5V| 0. 026A| 6V| 5| 26. 0V| 0. 025A| 4V| 6| 30. 0V| 0. 023A| 0V| Table 8: Voltage and Current Measurements Discussion: The ring circuit acts like two radial circuits proceeding in opposite directions around the ring, the dividing point between them dependent on the distribution of load in the ring.If the load is evenly split across the two directions, the current in each direction is half of the total, allowing the use of wire with half the current-carrying capacity. In procedure A, as the number of load increases, the voltage across lamp increases. The lamp voltage wit the corresponding value obtained in the experiment showed that as the number of load increases, the brightness of the lamp increases. There are differences between lamp voltage for ring distribution system and lamp voltage for radial distribution. The lamp voltage for radial distribution and ring distribution increases as the number of load increases.For procedure B, the comparisons can be made between radial and ring distribution systems. A radial system has only one power source. The lamp voltage for radial system decreased as the load/resistance increased while the lamp voltage for ring system increased as the load/resistance increased. Ring system is more expensive to install as it takes double the cable (but not double the installation time) but it is far superior in performance, as the current to any one socket/outlet has 2 parallel paths to take, so the cable is under less load.Also if one leg of the ring fails open (loose terminal in a socket/outlet) then the remaining leg still safely provides current. Radial circuits are adequate for lighting, as it is a low load, but sockets/outlets are best fed from a ring system. Hence, it can be concluded that ring distribution system offer ed a higher voltage load and lower feeder voltage drop. Conclusion: The objective was achieved. The principles of ring distribution systems as used in low voltage networks is demonstrated.

Organizational Communication Essays

Organizational Communication Essays Organizational Communication Essay Organizational Communication Essay Organizational Communication Name: Course: Institution: Instructor: Date: Organizational Communication Organizational Communication is the process of conveying, understanding information, and the bonds that tie organizations together (Stoner and Freeman 1992). Most managers spend 75% of their time communicating to their employees, customers and shareholders. Communication and comprehension abilities and skills are extremely important to managers. This is because they are crucial in their line of work. Managers should not depend on their secretaries to do all their organizational communication, as strong writing skills add to the credibility of the manager and reflects positively on a company’s image. Managers must be discreet in their written work and must know how to write effectively, they and should depend little on their secretaries (Dubrin 2000). Through communication, an organization’s activities are coordinated to enable the organization meet its goals. Managers should have excellent writing skills as it creates a good impression on the people around them including their colleagues, employees and clients. Poor communication is the leading cause of problems, and it can be extremely expensive. Organizational communication is the integral element of a manager’s function that means that a manager needs to have a good and effective way of communicating. Communication is the foundation on which the organization, and administration must be built and it should be the first function that managers develop and maintain. This is because it is the process that managers accomplish their work. During a regular working day, managers communicate via email to employees notifying them of different instructions concerning their duties at work. Such messages must be concise and self-explanatory, to enable time saving by avoiding time wastage while asking for further instructions. Business people are busy, and well-written communications helps in saving time (Torrington and Hall 1987). Managers are expected to write reports, emails, letters and memos, which their employees are supposed to read. If this communication is badly structured and written, the employees will waste time interpreting it. Effective communication is created when the intended meaning of the source and meaning of the receivers are the same. This should be the manager’s aim in any communication as good writing skills have a direct impact on their career and future. Reference: DuBrin, A. J. (2000). Essentials of management. Cincinnati: South-Western College Pub. Stoner, J. A. F., Freeman, R. E. (1992). Management. Englewood Cliffs, N.J: Prentice Hall. Torrington, D., Hall, L. (1995). Personnel management: HRM in action. London: Prentice Hall.