Tuesday, January 21, 2020
Title: Polymerase Chain Reaction Simulation Propose: The propose of this lab was to understand how by running a gel electrophoresis on a batch of DNA we are able to see how many approximately cycles it has gone through. Methods: Casting the Agarose Gel In this experiment .8% solution was used. By using a 250ml flask the buffer solution was prepared. Using the equation to make enough solution for the entire lab class the equation had to be multiplied by four. The contents of this equation were added to the 250ml flask and swirled to evenly distribute it contents. Then a mark was placed on the outside of the flask to indicate the level of the solution before heating. The flask opening had perafilm placed over it so that there was little to no evaporation. The solution was then placed in the microwave and heated. The solution was then heated for one min and swirled for evenly dissolved Agarose. The Agarose was then cooled, so that it was not to hot and the plate would crack. Some water was added to the solution because of there was some evaporation during heating. Once the gel had cooled, it was poured into the plate between the rubber dams. The plate was filled about half way up the comb arms. These d ams are placed in the plate to prevent leaking. Then the gel was added and allowed to completely soiditify, which takes around 20mins. Preparing the Gel for Electrophoresis once the rubber dams have been removed (carefully), the comb was then removed. Then the buffer was made. The buffer was made by using the equation, but also multiplying it by four, for the three lab groups. Then the chambers around the gel plate is filled with the buffer, just enough buffer to cover the gel plate in a very small amount. Then the dyes were loaded to there correct wells. Once the gels were added (carefully) the lid was placed on the plate and system was turned on. The system ran for about 10mins. (Hint the system is running when there are bubbles occurring in the buffer solution. Once the gel had been run the exactly gel had been removed from the buffer, placed on tin foil and moisten with a small amount of buffer solution. Then the gel had a DNA Instastain sheet placed on top of it. The sheet was placed on the gel firmly and a beackr and gel casting tray were placed on top of the gel.
Sunday, January 12, 2020
INTRODUCTION Corruption is a topic of interest and concern in academic circles, in the media, among people of different professions, within the civil service, among members of parliament, politicians, government officials, members of the business and financial communities, students, foreign investors, aid agencies and non-governmental organizations. In other words, the term corruption is not new to Bangladesh. A general impression conveyed by the media and by popular discourse is that among ordinary people in Bangladesh; corruption is viewed quite clearly as Ã¢â¬Ëa way of life'.A recent survey carried out by the Bangladesh Unnayan Parishad reinforces that impression: the survey found, among other significant data, that 95 per cent of respondents believed that the police were the most corrupt department in the land, followed very closely by the customs, the department of excise and taxation, the bureaucracy, and the judiciary. A solid 62 per cent of respondents believed that the pri mary responsibility for corruption in Bangladesh lay in the hands of government officials. Corruption is not identifiable as a single, separate, independent entity which can be isolated and destroyed.Corruption is a complex set of processes involving human behavior and many other variables, some of which are difficult to recognize or measure. Even though corruption manifests itself as a force on its own and often generates its own momentum, it is linked to many other factors, and it is by understanding these factors that we can hope to understand corruption. What is corruption? There are several meanings of the word corruption but when we use the term, we usually refer to a specific kind of exchange, activity or behavior.For instance, corruption could mean a process of physical decay or degeneration; the loss of innocence; a state of moral impurity or moral deterioration; perversion in taste or language; and also the wrongful, negligent or willfully corrupt act of a public official in the discharge of his or her public duties. Corruption is the abuse of entrusted power for private gain. It hurts everyone whose life, livelihood or happiness depends on the integrity of people in a position of authority. Corruption (philosophical concept), often refers to spiritual or moral impurity, or deviation from an ideal.Corruption is not just an economic exchange, generated by a monetary or Ã¢â¬Ëeconomic' motive. Neither is corruption an exclusively political activity, motivated by a desire to attain or retain political power. The process of corruption is more than economic or political Ã¢â¬â it is a social process as well, existing side-by-side with, and sometimes complementing economic and political activity. Historical Background: Power is the key source of productivity and an effective breakthrough to the modernization of the world society.Electricity was first installed at Dhaka in 1901, and in 1948, the Electricity Directorate was established in East Pakistan. D uring that period, the highest plant size was only 10 mw Steam Turbine in Siddhirganj along with other plants in Chittagong and Khulna. Box 1: Historical Background of The Power Sector 1901: Electricity was first installed at Ahsan Manjil, Dhaka City (Generation: 21 MW by Public; Distribution: 17 towns by private companies) 1948: Electricity Directorate (ED) 1959: Water and Power Development Authority (WAPDA) 1960: EPWAPDA statuary org. 972: Bangladesh Water Development Board and Bangladesh Power Development Board 1978: Rural Electrification Board 1991: Dhaka Electricity Supply Authority 1996: Electricity Generation Company of Bangladesh and Dhaka Electricity Supply Company 2002: Ashuganj Power Supply Company Ltd. 2003: West Zone Power Distribution Company Ltd. 2005: North West Zone Power Distribution Company Ltd Source: http://www. bpdb. gov. bd The construction of the Kaptai hydro-electric project with an installed capacity of 40 MW and commissioning of Dhaka-Chittagong 32 KV tran smission line in 1962, was a milestone in the history of power development in this country. Each year the demand is increasing at the rate of 10 Ã¢â¬â 12 percent or 800-1000 mw and the government is also commitment to meet the MDG (Millennium Development Goal) regarding the access to electricity for all by 2020, the countryÃ¢â¬â¢s power generation has to be increased by at least 8 per cent each year. Besides, to ensure energy security, there should be an arrangement of 16Ã¢â¬â22 percent power to be reserved in both of public and private sectors through quality investmentÃ¢â¬ 3.Since only 12 percent of the households in the lowest 20 percent of the income distribution have access to power, the need for better access to affordable and reliable electricity to the majority of the people of Bangladesh by 2020. However, the yearly growth of the generation verses the demand for new connections provides the reverse scenario. Therefore, the determination of consumer tariffs and the reliability of power are important issues in terms of the policy formulation, as energy prices should be based on production costs and efficiency, and subsidies should be given on the basis of social and economic need.Overview of the Power Sector in Bangladesh: The Government of Bangladesh is committed to provide affordable and reliable electricity to all citizens by 2020. However, the nationÃ¢â¬â¢s 1386 million people, only 42 percent7 have access to electricity, which was only 3 percent in 1971; but per capita electricity consumption is 165 kwh/unit, still one of the lowest in the world, against IndiaÃ¢â¬â¢s 561 kwh per. Unfortunately, 79 percent of the connected suffer severe load-shedding, and 60 percent of the consumers face low voltage supply. The power sector of Bangladesh is usually characterized by natural monopolies10.Conventional wisdom states that since natural monopolies threaten competitive pressures, they should be regulated either by the government, through inde pendent regulatory agencies or directly by public enterprises. Table 1: Key Statistics of the Power Sector SectorPublicIPP+Captive Installed Capacity5275 mw2490 mw* De-rated Generation Capacity4582 mw Generation (Effective)Demand* Maximum Generation (sepÃ¢â¬â¢ 07)4130 mw5368 mw Minimum (JanÃ¢â¬â¢ 07)2331 mw Transmission Lines (230 and 132 KV in km)4119 Distribution Lines in Km2,64,891 Access of electricity (%)42Per capita generation 165 kwh Per capita consumption 140 kwh Consumer Number including WZPDCL97. 33 lac Agricultural Consumers2. 16 lac System Loss (Average Percentile) 21. 3 Source: Power Cell, February 25, 2007 * 1290 mw generation in IPP and 1200* captive power consumption Moreover, allowing another firm would increase cost or inefficiency. The Power sector includes the generation, transmission and distribution of electricity among different holdings including residential, commercial, industrial and service sectors under the guidance of the Power Division of MPEMR.At p resent, BPDB has total installed capacity of generating 4680 MW in 65 units, including the public and private sectors. The Independent Power Producers (IPP) is now producing 1290 mw in 37 units of power plants located at different parts of the country11. In this situation, the GoB drafted an energy policy accounting the increased scope of gas exploration and power generation to meet the future demand for both renewable and nonrenewable energy. Currently, 80 percent of power is non-renewable indigenous gas-based, and 70 percent of the commercial energy is recovered by gas12; the rest 20 percent is from power and 10 percent from coal.Due to poor generation, the maximum demand served was the lowest of 3000 mw at peak hours in January, 2007. Though there was no significant increase in power generation, the transmission network was expanded rapidly by the funding from ADB. However, due to the intervention of vested interest groups, poor co-ordination, the absence of accountability and tr ansparency is perverse. Power shortage hampers the contribution of power to GDP growth and creates huge excesses/unbearable demand.Under these critical circumstances there is an immediate need to identify or diagnose the major reasons for the unavailability of power as well as the low level performance of the power sector. Corruption is one of the major threats to global development, especially in developing countries; for instance, Ã¢â¬Å"corruption is jacking up the cost of power projects in the Philippines, delaying their implementation and providing Filipino households and businesses with expensive but unreliable electricity servicesÃ¢â¬ .According to the Household Survey on Corruption in 2005, Ã¢â¬Å"around 10 percent of the consumers are using illegal connections and around 48 percent paid bribes for taking a new connection or meterÃ¢â¬ . This corrupt practice was first identified in 1956. According to Husainy, Ã¢â¬Å"Dacca Electricity Supply Co. was also nationalized in 1 956 due to virulent corruption in new connection due to excess demand, maintaining uninterrupted power supply; though some improvement was observed but not significant at all during that period. Ã¢â¬ In terms of distribution of electricity, non-technical loss and pilferage of electricity make the sector more vulnerable and the bribery and harassment of the staff faced by 70 percent of the consumers18 are few of the examples of the mismanagement of this sector. Under the above circumstances, it is necessary to identify the prospect and governance in the power sector. This study tries to find the source of corruption in several issues of procurement, generation, transmission, distribution and human resource management, including the effectiveness of the existing act to combat the corruption and abuse of power.Purpose of the study: Broad Objective: The broader objective is to review the governance system of the power sector and to identify the nature of corruption likely to be presen t in the different division of the power sector. Specific Study: ?To diagnose governance failure and demand-supply shortfalls ? To identify whether any governance failure exists, regarding human resource, administration, finance etc. ?To identify the rate of corruption are occurred in this sector. To identify the actual lose has been occurred in this sector and so forth. ?To identify the sufferings and harassment faced by the consumers, especially by the poor in the commercial services including new connections, day-to-day services, billings load shedding. Methodology: Data Collection Process for Secondary Materials: Literature, articles, periodicals, reports, acts and rules, also electronic journals, documents of power sector, case studies on power generation and distribution have been reviewed. Collection of Primary Information:The primary sources of qualitative data are informal discussions with stakeholders, employees and experts of the power sector and documents on the procurem ent and distribution sides to assess whether any mismanagement or illegal practices such as abuse of power and/or funds and resources took place. Rapport building played an important role in the extraction of the qualitative data. Key informants were sector experts, policy makers, academicians who provided specific case studies and recommendations to improve the governance of the power sector, including procurement, BERC, generation, distribution and legal practice.Consumer Survey on the Quality of Commercial Service and Billing: A cross section survey among all types of consumers was administered during 5 May to 5 June of 2006 to find out the quality of services provided by different organization including DESA and DESCO. The instrument of the survey, i. e. the questionnaire, was developed by the researcher and then validated through field tests. The questionnaire on consumer survey covers the nature and extent of the corruption and harassment faced by the consumers. Questionnaire for Consumer Survey:The components of the questionnaire were six: i) the basic profile of the consumers with the information on the socio-economic profiles of the consumers/adult respondents, consumption pattern of electricity, ii) the types of connection, the new connection process, problems and harassment faced by consumers, the amount of bribe transacted during the connection process; iii)the quality of electricity service in terms of meter reading and billing process, illegal practices such as collusion with meter readers, fake billing, and other day-to-day service-related problems; iv) load extension, load shedding and voltage variation, losses of equipment due to voltage fluctuation; v) and finally, the consumersÃ¢â¬â¢ satisfaction regarding the different commercial services has also been illustrated through this measuring scale. Sampling Technique: A multi-stage stratified sampling technique has been followed to determine the sampling of the consumers for the survey Ã¢â¬â Stage 1: Consumption pattern of DESA DESCO, to put the proportionate weight in determination of the number of the sample for each agency. Then, the proportion of consumers across the distributors is considered in stage 2.Stage 2: Based on this proportion, different types of consumers are considered to select the sampling from each distributor agency. Stage 3: Distribution of Sample Consumers sing the standard formula of random sampling, the precision level or observed probability of corrupt practices was extracted at 0. 7 at a 5 percent level of error. Sample size, 1027 was determined using the design effect and across agencies in regional clusters. Distribution of Sampling Consumers: DistributorDistrict/Area Or Ward D C ISub totalTotal DESA DESCO Dhaka, Mirpur Dhaka, Karwan Bazar 10 10 10 10 10 10 30 30 60 (D= Domestic, C= Commercial, I= Industrial) Governance Failures and Problems in the Power Sector:Under the co-ordination and guidance of the Power Division, BPDB, a holding com pany, is solely responsible for generating, transmitting and distributing power through PDB, DESA, DESCO, WZPDCL and REB/PBSs though out the country. Usually, the Prime Minister is in Charge of the MPEMR and a State Minister runs the Power Division under the guidance of the PM. The PDB Chairman is Chairman of the newly converted holding company of BPDB21 and the Secretary of corporatized companies such as PGCB and WZPDCL. Furthermore, Chairman of DESA is also the Chairman of DESCO. The newly established BERC is to regulate planning, tariff fixing, dispute settlement and licensing.The following Flow Chart-1 shows the functional relationship between the different wings of the power sector. Adverse Power Crises: According to the ADB (2005), Ã¢â¬Å"Consumption of electricity in Bangladesh grew at an average annual rate of 8. 2% from FY 1994 to FY 2004 and forecast is to grow at an annual rate of about 8% for the next 10 years. Ã¢â¬ Since the early 1990s, the supply of power went down and system loss shot up and the frequency of load shedding increased vigorously by the middle of the 1990s. In this situation, the Government proposed the National Energy Policy in 1995, but this also failed to meet the crisis and finally Power Cell formulated the Private Power Generation policy in 1996 in order to boost the generation of power.Crisis in the power sector or the staggering demand-supply gap has emerged due to several key reasons. Since the generation of power did not increase at the rate of the increase in demand, the gap between served generation and peak demand has increased over the period shown in Figure 1. In mid Ã¢â¬Ë90, the shortage was almost zero, but the staggering gap and the demand has been increasing, the official figure is at 4250 mw, but the production is only at 2100-2200 mw which resulted in a 2000 Ã¢â¬â 2200 mw shortfall in generation. According to the PSMP 2006, the real demand was forecasted at 6200 mw in 2007, but at the same time the amoun t of power generation went down to 3,200 mw.It is noted here that the demand for power has been increasing at a rate of around 10 percent per year and furthermore then the total shortage of power would be around 435032 mw in 2010 or even more than the current estimate (shown in figure 4) if the progress of the establishment of the proposed power plants is not completed as per schedule. In estimating demand, the PDB does not usually consider economic growth and the exact demand of the prospective consumers. The crisis also emerged due to the absence of a vision and mission by PDB and DESA as well. Absence of clear organization goals of the PDB and DESA: The Power sector is such a dynamic sector that it requires clear organizational goals or objectives and the strength to take sharp decision. In reality, however, the PDB and DESA do not have clear working paper, organizational goals.As a result, there is always a sense of confusion between policy makers and the management. This hamper s the productive growth of the sector as well as its day-to-day services. New Connection Process and harassments faced by the consumer: The staff is responsible for completing the several tasks associated with a new connection. In a particular holding, no more than one residential connection is provided, with each flat considered flat as a separate entity. Requirements need to be fulfilled as per tariff rules and pro-poor documentation. In reality it is quite tough for an applicant to complete the process by himself due to harassments by the staff and agents or media.According to the survey, on average, 27percent of the consumers (the highest figure being 42 percent) face the harassment during the new connection process. A new connection process and the tyranny of Ã¢â¬Å"mediaÃ¢â¬ or Ã¢â¬Å"brokerÃ¢â¬ According to the 2006 survey, among the applicant for a new connection, 94. 2 percent took the new connection through an agent in order to avoid the hassle and to save time; only 4. 3 percent of the consumers got the new connection by themselves. According to the consumer survey in the case of both LTI and HT connections, 94 percent of the applicants took the help of brokers or agents such as meter readers, MLSS/Fourth class employees, or electrical Contractor. Process of new connection IN DESA;Average bribe of a new connection: Reduction of bills at cost of bribe in DESA: The S & D Office disconnected the line with an outstanding amount of Taka. 3,00,000 and filed a case against Ã¢â¬ËxÃ¢â¬â¢ consumer of Lalbagh S&D. The Meter Reader proposed a bribe of Taka. 1, 50,000 to settle the case. The concerned consumer agreed to the proposal in order to become benefited and to avoid harassment. Finally, the case was dismissed and office issued the reduced bill for only Taka. 28, 000 for the following month. It is noted here that the meter reader did not provide any bank receipt to the consumers, just a paper upto clearance. This is a reflection of the DESAÃ¢â¬ â¢s management system.Average bribe to reduce meter change Delay in Providing New Connections: According to the 2006 survey findings, if any consumer does not pay a bribe then the consumer can get connection even before the deadline of around 30 days; the longest delay in DESCO for providing a new connection was 103 days, but at the payment of bribe the connection took only 6 to 7 days for getting a new connections in DESA and RDB respectively. Interestingly, the PBS, through efficient in maintaining the desired import-collection ratio, also makes delays in getting new connection if the consumers do not bribe to the officials (Table 9). Complexities in File Processing:Bureaucratic dilemma/delay is a regular phenomenon in Bangladesh; and it is also practiced during the provision of a new connection, as application files pass through around 36/38 hands/tables before an applicant get a connection. Though the office claims that the delay is due to the insufficiency of MLSS and inadequa cy of the required documents, the real cause of the delay is illegal practice152 or the paying of bribes to speed up the process. Bribe for meter change: Office staff takes monthly bribes to reduce the electricity bill of the consumers by issuing a minimum bill against the huge bill of the power consumed (which are remaining unadjusted and stored in the meter).When the cumulative amounts of the unpaid bills, especially of HT consumers, become high, the meter reader proposes to change meter claiming to be concerned amounts showing the damage. Taking a handsome bribe, officers change the meter claiming to be concerned about the clients showing the cause of the consumerÃ¢â¬â¢s safety and GoB loose huge amount of revenue. Consumer, on average, pays an extra Taka 2056 as bribe to the meter reader, lineman, foreman or the Gatish of the meter reader if he/she wants to change the damaged meter. Interestingly, the highest amount has to be paid (i. e. Taka 8685 and Taka 2748) by the consume rs of the corporatized or said to the efficient organization REB. PBS and DESCO161. Erroneous and/or false billingOn average, 39 percent of the consumers of all the distributor agencies claimed that they received excess bills and the meter readers with the help of ledger keeper and the billing section. In case of the unavailability of receipts, consumer has to pay the bill with a fine including a surcharge; the significance of the chi-square value162 justifies the allegation on the wrong meter reading. It supports the presence of erroneous and bogus billing in the PDB, DESA and PBSs as well. If any honest consumer, particularly, is the small industries category (such as cold storage, cinema halls etc. ) where refrigeration plants, air conditioners had standard loads, does not agree To conclude with meter reader and wants to pay the correct bills, he is likely to be in serious trouble.Conclusion and Policy Recommendation: A number of efforts have been made by the present caretaker go vernment in order to mitigate the power failures. These efforts include the following: Cancellation of the tendering process of small power plants addressing the allegation of nontransparent process and attempt for re-tender. Identification of major targets to rehabilitate and maintain the power station, and sign of treaties to establish both public and private power plants. Unfortunately, it is alleged by local power company that the aid providing agencies have put several clauses in the bid manual so that they cannot submit the bid papers fulfilling the conditions.Approval of five IPPs (three foreign companies) of 1,930 mw capacity, increasing the share of IPPs in the total power generated up to 3,190 mw (62%). Unfortunately, no significant decision has been taken yet to identify the leakages and rampant theft of power. Appointment of two members for the BERC and development of several guidelines along with the methodology of the determination of power tariff. However, in this met hodology, the peak and off-peak demand was not considered. Besides, there is no vivid guideline from BERC on how submitted documents and information by applicant IPPs would be cross-checked and the previously completed contracts between PDB and IPPs are out of the proposed formula.This study was undertaken with the aim to diagnose the problems prevailing in this sector. The scope of this study includes review the state of governance in this sector, demand-supply shortfalls, the current procedure of power plant procurements and identifying the nature and extent of corruption, accountability of the staff, investigate the sufferings and harassments faced by the consumers, day-to-day services, billing, load shedding, and rural-urban disparities. Information from both primary and secondary sources has been used in preparing the report. Sources of secondary information included acts and rules, published articles, periodicals, reports, as well as official documents.Primary sources of infor mation include a consumer survey, informal discussion with stakeholders, employees, and experts of the power sector. The consumer survey covered the nature and the extent of corruption and harassments faced by the consumers. The cross section survey among all types of consumers (1027) was administered to find out the quality of services provided by different organization including PDB, REB/PBSs, DESA and DESCO. Adverse power crises and governance failures The PDBÃ¢â¬â¢s official report shows a shortfall of generation of around 2000 Ã¢â¬â 2200 mw. However, according to PSMP 2006, the total shortage of power would be around 4350 mw in 2010.The reasons for power shortages are identified below. Policy Level Failures: The government failed to put adequate emphasis on the power sector; there has not been any clear and specific guideline to estimate the real demand and supply; there have also been violation of the PSMP in the form of politicization of the location, size and types of p lants, emphasis on short-term planning, inadequate autonomy in making financial and administrative decisions, appointment of foreign consultants for rent-seeking purpose despite the availability of local hands, and imbalanced expansion of distribution lines for rent-seeking purposes Limitations and malpractice within the procurement process:The procurement process in power sector has been distorted due to unwanted intervention in the procurement process, complexities of the bidding process, wrong evaluations, absence of uniform Technical Evaluation Committee (TEC), delay in hiring consultants and resolving disputes due to bureaucratic dilemma, corruption such as putting specific condition, nepotism, extortion by vested interest groups, collusion between the bid officials and bidders, false experience certificate submitted by bidders, appointment of contractors for maintenance and rehabilitations without any tender, abuse of funds by plant and policy-level staff, supply of low qualit y machinery violating the contract, and power purchase agreements made at high rates. As a result, around Tk 4,007 crore or US$ 688 million (from purchase of the 6 power plants and outsourcing the maintenance and rehabilitation works to a foreign company) during 1996-2005 have been abused.Inadequate financial capacity: Around 17000 crore Taka is required to meet the demand for power of 8000 mw by next 2010; but the concerned organizations have inadequate financial capacity due to i) cumulative increase of unpaid bills and unaccountable indebted organizations, ii) poor rate of collection (caused by high T&D losses, legal shelter taken by large bill defaulters, low density of consumers in several PBSs of REB), and iii) instantaneous increase of financial burden due to contract with IPPs at a floating exchange rate, iv) contract, under PPA, with IPPs at high tariff arte, v) high input cost of diesel based generation plants. References:Analysis of the Sustainability of the Electrical Po wer Sector, Advanced Engineering Associates International (AEAI), February 2003, Asian Development Bank, 2005, Sector Assistance Program Evaluation of Asian Development Bank Assistance to Philippines Power Sector. Asian Development Bank, Ã¢â¬Å"Special Evaluation Study on Cost Recovery in the Power Sector Operation and Evaluation DepartmentÃ¢â¬ , SS-55, April 2003 Bacon, R. W. and Besant-Jones, J. , 2001,Ã¢â¬â¢Global Electric Power Reform, Privatization And Liberalization Of The Electric Power Industry In Developing CountriesÃ¢â¬â¢ The International Bank of Reconstruction and Development, The World Bank. Washington. D. C. Bangladesh Energy Regulatory Commission Act 2003, BG press, MPEMR, GoB, 2003, DhakaBose, Sudhansu, Poor collection efficiency of Indian state owned power distribution companies: causes and remedies, White Paper, Wipro InfoTech Complexity of Electric Power Distribution GovernanceÃ¢â¬ , Journal, 26 (3), 1-39, 2004 Dr. Hardiv H Situmeang, June 1, 2005, THE CHA LLENGE OF FINANCING POWER PROJECTS. Jakarta Fiany, Ronald, et. al. July 2003, Governance Problem in the Brazilian Power Sector, Oxford University Gilbert, Richard and Kahn, Edward et al, 1996, International Comparisons of Electricity Regulation, Cambridge: Cambridge University Press. HYPERLINKÃ¢â¬ http://www. stenmar. com/oil_and_gas_sector. aspÃ¢â¬ http://www. stenmar. com/oil_and_gas_sector. asp
Saturday, January 4, 2020
Sample details Pages: 3 Words: 815 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? A multiplicity of definitions have been attributed to the term performance measurement as there is a lack of agreement on a single definition among various ones proposed by academics from different disciplines, according to a study made by Franco-Santos et al. (2007). For instance, Simons (2000) defines a performance measurement an information system that managers use to track the implementation of business strategy by comparing actual results against strategic goals and objectives. DonÃ¢â¬â¢t waste time! Our writers will create an original "Performance Measurement Definition Of Performance Measurement Finance Essay" essay for you Create order A performance measurement system typically comprises systematic methods of setting business goals together with periodic feedback reports. Performance measurement can also be defined as the set of metrics used to quantify both the efficiency and effectiveness of actions (Neely, Gregory and Platts (1995)). According to Maisel (2001), it is a system which enables an enterprise to plan, measure and control its performance and helps ensure that sales and marketing initiatives, operating practices, information technology resources, business decisions, and peoples activities are aligned with business strategies to achieve desired business results and create shareholder value. The above definitions of performance measurement extracted from previous literature make obvious the lack of consensus on a definition. Each of the mentioned authors provides from a different perspective by using different types of characteristics to derive their definition. For the purpose of our study, the defini tion of Simons (2000) will be used as this study is based on performance evaluation of mutual funds. Performance measurement techniques There are several statistical measures which have been developed by academics so as to be able to have an indication of mutual fund performances. The most widely used ones are: the Jensen Index, the Treynor Index and the Sharpe Ratio. The concept of mutual funds What is a mutual fund? Mutual funds are open-ended investment funds, playing a vital function of channelizing and optimal allocation of idle resources available in the economy of the individual as well as institutional investors . A proper definition of a mutual fund can be said to be a company that pools money from shareholders so as to invest the funds in a variety of assets for the purpose of diversification. Mutual funds act as a connecting bridge or a financial intermediary that enable a group of investors to pool their money together which is invested in a diversified portfolio of securities so as to minimize asset specific risks. These types of funds are largely provided through banks, brokerage firms, trust companies, credit unions, financial planning firms and other investment firms. Structure of mutual funds Mutual funds have a distinctive organizational structure consisting of shareholders, a board of directors, the fund advisor and the portfolio manager. The shareholders are the owners of the fund and possess voting rights. They select those funds that meet with their underlying investment objectives and purchase shares through diverse channels such as brokerage accounts, insurance policies and retirement plans. The board of directors are entrusted the duty to represent interests of shareholders, the approval of the contract with the management company and certain other service providers. The portfolio managers are employees of the fund advisors and their compensation is at the advisors discretion. The different types of mutual funds Mutual funds are usually classified according to their investment objectives. Some funds concentrate on bonds, others on stocks, money market instruments or other securities. There are even those who focus on the local market while others go international or specialized in countries or specific industries. The willingness to invest in riskier securities can also be considered as a distinguishing feature of mutual funds. The common types of mutual funds are as follows: Money market funds investment is made for short-term corporate government and government debt securities such as treasury bills, corporate notes and bankers acceptances. These funds are characterized by their low-risk exposure leading to low returns. Growth or equity funds such a fund invest in the equities in local or foreign companies and some growth funds focus on large blue chip companies, while others invest in smaller or riskier companies. Objective is long term growth as value of the asset held increase s over time. Fixed income funds these types of funds invest mainly in debentures, bonds and mortgages. The objective is typically to provide investors with a regular income stream in terms of interest payments or dividend payments. Balanced funds it consists of a balanced portfolio of mix of equities, debt securities and money market instruments with the aim of providing investors a with reasonable returns with low to moderate risk. Index funds the fund invests in a portfolio of securities selected so as to represent a specified target index or a benchmark. The advantages of investing in mutual funds Diversification Investing in a well diversified portfolio of securities help to reduce the impact of a single investment. Mutual funds provide the benefit of diversification by holding a wide variety of securities . Professional management Low cost Liquidity Convenience
Friday, December 27, 2019
Amanda Garcia Mrs. Christopher Engl. 1302 April 15, 2013 Paper 1 Character Analysis Ã¢â¬Å"The ChrysanthemumsÃ¢â¬ by John Steinbeck John Steinbeck was born in 1902 and lived during what is said to be the most troubled time in American history. Steinbeck was alive during the Dust Bowl paired with the Great Depression, which is believed to be the reason for his almost melancholiac tone in some of his works but he seemed a very diverse writer. Along with Ã¢â¬Å"The ChrysanthemumsÃ¢â¬ , Steinbeck is the author of the well-known and famous novel turned movie The Grapes of Wrath, where he used a Ã¢â¬Å"documentary styleÃ¢â¬ , says Cliff Lewis in his online article he named after Steinbeck. Moreover in his article, Lewis expresses some of the lingering secrets andÃ¢â¬ ¦show more contentÃ¢â¬ ¦This con-artist is a master manipulator who took what he could and never intended on taking a second glance at this poor, unsuspecting, desperate housewife. The passion that the peddler had for making money is equal to that of ElisaÃ¢â¬â¢s intensity for her flowers, and for a point, this man, the mysteriously dangerous, tornado of a man, the begging pot repairman. Finally, the main attraction, Mrs. Elisa Allen, the thirty-five year old woman who seemed as if she was a lot stronger than she truly was. Really she was denying the fact that she was longing for attention, a passionate woman, who might have not been meant for the life she feels so trapped in. She channeled her aggression and love to her beautiful, carefully taken care of garden of chrysanthemums and sadly, for a moment the man who took advantage of her vulnerability. Elisa, being childless, grew and nurtured the flowers as a part of her, becoming one with the earth beneath her fingertips and creating life. An example of her expressing her careful meticulous planting system is a glimpse of the passion she had for her Ã¢â¬Å"workÃ¢â¬ . The point where the salesperson begins working his magic on her she nearly swoons, when speaking of her beloved precious chrysanthemums, Ã¢â¬Å"Oh beautiful. Ã¢â¬ her eyes shoneÃ¢â¬ (5). Not only does she show passion for her plants, the reader begins to feel the energy be concentrated completely to the repairman. This woman almost gets fullyShow MoreRelatedEssay on Character Analysis of Elisa Allen in The Chrysanthemums747 Words Ã |Ã 3 PagesCharacter Analysis of Elisa Allen in The Chrysanthemums by John Steinbeck The Chrysanthemums, written by John Steinbeck, captures one day in the life of a woman who yearns for a more fulfilling life. Elisa is first portrayed as a woman whose tasks are exceeded by her abilities. As the day continues, a stranger briefly enters her life and, through manipulative words, fills her heart with hopes of change and excitement. We learn that these newly-found hopes are crushed when Elisa eventuallyRead More Character Analysis of Elisa Allen in The Chrysanthemums by Steinbeck1262 Words Ã |Ã 6 PagesSteinbecks short story, The Chrysanthemums, feel Elisas flowers represent her repressed sexuality, and her anger and resentment towards men. Some even push the symbolism of the flowers, and Elisas masculine actions, to suggest she is unable to establish a true relationship between herself and another. Her masculine traits and her chrysanthemums are enough to fulfill her entirely. This essay will discuss an opposing viewpoint. Instead, it will argue that Elisas c hrysanthemums, and her masculine qualitiesRead MoreEssay on Analysis of The Chrysanthemums1139 Words Ã |Ã 5 PagesAnalysis of The Chrysanthemums The short story The Chrysanthemums gives insight into the life of its author. John Steinbeck was born on February 27, 1902, in Salinas, California. The locale of the story is of key resemblance to the Salinas in which Steinbeck was born and bread. Salinas was a typical American small town, [differing] only in location and a few distinctive features (McCarthy 3). The protagonist of this story, Elisa Allen, also resembles Steinbecks first wife. SteinbeckRead MoreLiterary Analysis the Chrysanthemums1128 Words Ã |Ã 5 PagesName Professor Course Date: Chrysanthemums: Literary Criticism At the turn of the 20th century, women were considered inferior to men: they were only required to stay at home, take care of households and children. Ã¢â¬Å"The ChrysanthemumsÃ¢â¬ , as told by John Steinbeck, is a story of a woman during that period who tries to change the course of her destiny. In this story, the two-fold issues of femininity and symbolism play a critical part in explaining this helplessness. Steinbeck uses the narrativeRead More The Chrysanthemums Essay1649 Words Ã |Ã 7 PagesJohn SteinbeckÃ¢â¬â¢s, The Chrysanthemums, was published in 1938 in a book of short stories, entitled The Long Valley. The Chrysanthemums has been a rather powerful draw for scholars because of its wide gap for interpretations and analysis of its main protagonist character, Elisa Allen and also the unique descriptions used to portray the deeper meaning behind the setting of the story. Themes of sexuality, oppression of women, as well as other numerous types of conflict portrayed in th is rather somberRead MoreThe Chrysanthemums By John Steinbeck982 Words Ã |Ã 4 PagesÃ¢â¬Å"The ChrysanthemumsÃ¢â¬ is a short story written by John Steinbeck. The story was originally published in 1937 before later being released as a part of his The Long Valley collection. This is an important story as it expresses women in a way that is more realistic, showing their true boredom, ambition, and capabilities. Some scholars interpreted this story differently, but C. Kenneth Pellow interprets it as Ã¢â¬Å"radically feministic.Ã¢â¬ The Great Depression was finally ending and womenÃ¢â¬â¢s rights were risingRead MoreEssay on Symbolism in The Chrysanthemums by John Steinbeck1179 Words Ã |Ã 5 PagesSymbolism in The Chrysanthemums by John Steinbeck A symbol is an act, person, thing, or spectacle that stands for something else, by association a usually broader idea in addition to its own literal meaning (Cassill Bausch, 1728). John Steinbecks The Chrysanthemums may seem as a story describing a simple day with the Allen couple. It begins with Elisa Allen working in her garden and her husband, Henry Allen, negotiating with two suited business men that want to purchase steers. TheyRead MoreProposal969 Words Ã |Ã 4 PagesCharacter Analysis: Elisa Allen John Steinbeck has a very engaging mind. He not only makes people think when they read his work; he makes them think through a number of scenarios with his tales. I believe that looking at this story, you sense this woman, Elisa Allen, is a woman who is very unhappy with her life. The only satisfaction Elisa gets out of life is being in her garden with her family of chrysanthemums. Elisa is very unsettled with her life as a whole. She does not like being stuckRead MoreAnalysis Of The Story The Story Of An Hour Essay1554 Words Ã |Ã 7 PagesENC1102 T/R 5:40PM TO 9:00PM WOLFSON CAMP ANALYSIS OF FEMALE CHARACTERS IN Ã¢â¬Å"THE STORY OF AN HOURÃ¢â¬ Ã¢â¬Å"HILLS LIKE WHITE ELEPHANTSÃ¢â¬ AND Ã¢â¬Å"THE CHRYSANTHEMUMSÃ¢â¬ JUAN FELIX CASTILLO BATISTA PROFESOR JOSEPH FALLAD This essay is an attempt to describe the femalesÃ¢â¬â¢ characters between three of the most powerful short stories I ever read. My goal is to describe and compare three different women, in theirRead MoreJohn Steinbeck2062 Words Ã |Ã 9 Pageswrites short stories like Ã¢â¬Å"The ChrysanthemumsÃ¢â¬ and Ã¢â¬Å"FlightÃ¢â¬ . In SteinbeckÃ¢â¬â¢s Ã¢â¬Å"The ChrysthemumsÃ¢â¬ Elisa Allen is married to a negligent ranch owner. While her husband works on the ranch, Elisa tends to her chrysanthemum garden daily. One day while tending to her garden, a charming tinker man pulls up to her in his wagon and tries to make a business transaction with her. Seeing that she is not interested, the tinker strikes up a conversation with Elisa about her chrysanthemums. In the end, the tinker takes
Thursday, December 19, 2019
Sandra Gonzalez Enix- 7th Hour War Is Hell 29 September 2014 Insert Title Here Hero. According to WebsterÃ¢â¬â¢s New World Dictionary, a hero is defined as Ã¢â¬Å"any person, male or female, admired for courage, nobility, etc.Ã¢â¬ (WebsterÃ¢â¬â¢s New World Dictionary, Ã¢â¬Å"hero 1Ã¢â¬ ). WebsterÃ¢â¬â¢s Pocket Dictionary, comparably, defines a hero as Ã¢â¬Å"a person of great courage, spirit, etc., especially one who has undergone great danger or difficultyÃ¢â¬ (WebsterÃ¢â¬â¢s Pocket Dictionary, Ã¢â¬Å"hero 3Ã¢â¬ ). Heroes are not born heroes. Yes, everyone is born with the ability to be a hero, but in time, they may or may not become one. In our society, heroes are greatly acclaimed in the media. Whenever some person takes a bullet for a loved one or saves a child from a burning building, there is a huge deal made about it, and they become known as heroes. But a person does not have to physically save someoneÃ¢â¬â¢s life to be a hero. A hero can also be someone who simply stands up for what he or she believes. Much like At ticus Finch from To Kill a Mockingbird, a hero can be someone who knows what is right and does the right thing, even if he is ridiculed for doing so. Also, whether or not a person is a hero depends on the perspective of the person. For instance, a little girl may think her father is the greatest man alive, but her first grade classmate does not think so- instead, she thinks her father is a hero. The daughters of the man who is known for deterring United Airlines Flight 93 on September 11, 2001 definitely think him aShow MoreRelated Analysis of Satans Speech in in John Miltons Paradise Lost1010 Words Ã |Ã 5 PagesAnalysis of Satans Speech in Miltons Paradise Lost Ã Ã Ã Ã John Miltons Paradise Lost is a work of enduring charm and value because of its theological conceptions, its beautiful language, and its updating of the epic to the modern worlds values. Book II of this epic poem opens with Satans speech to his minions in hell, proposing war on Heaven itself. In these first 44 lines, Satan is clearly established as epic hero, but at the same time is theologically/morally denounced by theRead Moresuicide in the trenches1614 Words Ã |Ã 7 PagesIntroduction : Siegfried SassoonÃ¢â¬â¢s poem, Suicide in the trenches, successfully demonstrates conflict during a world war through its form, meaning and structure. a STEP-UP analysis clearly reveals the conflict conveyed in this poem. Subject matter: the poem is about the depression of a young soldier. The depression of this young soldier before he commits suicide is clearly displayed in the poem. At the start of the poem, the image of a happy, young, and perhaps rather naÃ ¯ve boy is placed beforeRead MoreAnalysis Of The Hollow Men753 Words Ã |Ã 4 PagesA Short Analysis and Discussion for the piece: The Hollow Men In various occasions, the human race tends to make several mistakes throughout the span of their lives. In the poem, The Hollow Men, written by Thomas Stearns Eliot, is not exactly the most uplifting of poetic literature. Although, the poem does have some underlying value to its notion; it emphasizes moral values, responsibility, and a depiction of the aftermath of World War I. T.S. Eliot depicts the poemÃ¢â¬â¢s message into five sections;Read MoreInterpretation and Analysis: Ã¢â¬Å"Mr. Edwards and the SpiderÃ¢â¬ 1658 Words Ã |Ã 7 Pagesgave rise to the so-called Ã¢â¬Å"confessionalÃ¢â¬ school (Ã¢â¬Å"Robert LowellÃ¢â¬ ). Lowell was a conscientious objector during World War II and was sentenced to a year in prison. While teaching at Harvard from 1963 until his sudden death at the age of 60 in 1977, he was active in the antiwar movement against the Vietnam War (Ã¢â¬Å"PoetsÃ¢â¬ ). The poem Ã¢â¬Å"Mr. Edwards and the Spider,Ã¢â¬ a found poem, was first published in the LowellÃ¢â¬â¢s Pulitzer Prize winning Lord Wearys Castle (1946). Although a footnote in the fifthRead MoreThe Wasteland by T.S. Eliot1017 Words Ã |Ã 4 PagesT.S. EliotÃ¢â¬â¢s most famous poem Ã¢â¬Å"The Wasteland,Ã¢â¬ a grim picture of post-war London is analyzed as being the most important poetic work of the twentieth century. The first glance at this poem leads one to the conclusion that the content of this piece is bleak and depressing. The assumption can be made that Eliot has diagnosed his society with a terminal disease, which he chooses to describe through his poem. After further analyzing Ã¢â¬Å"The WastelandÃ¢â¬ it can be seen that out of the dust of this barren placeRead MoreCharles Bukowski: Cynical Critic1054 Words Ã |Ã 5 Pages The poems of Charles Bukowski arose from the gutters of society, venting his personal experiences with a dark, but often humorous narrati ve. Despite his disgust towards social conformity and the American government, Bukowski is still generally considered an iconic figure in American literature. A contradiction to BukowskiÃ¢â¬â¢s anti-American opinions is made by his emphasis on the values of freedom and independence in his poems: yellow cab, I have shit stains in my underwear too, and quiet clean girlsRead MoreT.S. Eliots View of the Human Condition in The Hollow Men Essay856 Words Ã |Ã 4 Pagesbackbone of modernist poetry, who wrote mostly about darkness, despair, and depression in life. He tried and succeeded to capture the torment of the world during World War 1 and World War II (Shmoop T.S. Eliot). EliotÃ¢â¬â¢s view of the human condition is evident in Ã¢â¬Å"The Hollow MenÃ¢â¬ through the issues of fear, despair, and depression. The poem starts out with a couplet. The first line talks about a man who is dead. In the second line it talks about giving a penny to an old guy. Why does Eliot address thatRead More Analysis of Archibald Lampmans The City of the End of Things1531 Words Ã |Ã 7 PagesAnalysis of Archibald Lampmans The City of the End of Things Ã Ã Iron Towers. Terrible flames.Ã Inhuman music, rising and falling.Ã Grim depths and abysses, where only night holds sway and gruesome creatures crawl before their awesome Master.Ã Through these disturbing images, and a masterful adaptation of the sonnet structure, Archibald Lampman summons forth The City of the End of Things.Ã Ã Ã Ã Ã Ã The nameless City he creates is a place of mechanical slavery and despair, where NatureRead More Analysis of a Horses by Edwin Muir Essay854 Words Ã |Ã 4 PagesAnalysis of a poem- Horses by Edwin Muir It is said that one should forget the past and live in the present It is said that one should forget the past and live in the present. However, Edwin MuirÃ¢â¬â¢s Ã¢â¬ËHorsesÃ¢â¬â¢ is a poem of past memories only. The interesting part is that it deals with many conflicts and issues which are prevalent even today. It is thus a bridge between the past and present and is expressed in the form of a piece of literature. Muir himself said that in writing about horsesRead MoreEssay about Analysis of Anthem For Doomed Youth by Wilfred Owen937 Words Ã |Ã 4 PagesAnalysis of Anthem For Doomed Youth by Wilfred Owen The first poem that I am to analyse is Anthem for Doomed Youth, written by Wilfred Owen. This poem is a sonnet. It has fourteen lines. In this poem, the first and fourth lines rhyme, as do the second and third. The first stanza is mainly about the battlefield, whereas the second stanza is more about the feelings of friends and family back at home. This poem starts off at a quick pace, and then slows down throughout
Wednesday, December 11, 2019
Question: Write a report on "Shadow Banking In China". Answer: Introduction: Due to the tight regulations of the Chinese banking system, shadow banking system has grown rapidly in the nation. The current report would focus on the ways the Chinese banks are regulated. In addition, the concept of shadow banking system is discussed along with the reasons behind its rising growth in China. The third section would lay stress on highlighting the risks that shadow banking has on the Chinese economy. Finally, the report would shed light on whether the government of China needs to enforce strict policies in order to regulate or control shadow banking system within the nation. Ways of regulating the Chinese banks: China used to follow the monolithic banking system, since its central bank, the Peoples Bank of China (PBC) is the sole entity authorised to conduct operations in the nation. The banking system was introduced in 1980 and during that time, four specialised banks were established for accepting deposits and carrying out banking operations (Bottelier 2015). In 1994, the government had established three more banks for particular lending purpose and with the passage of time, it had established a dozen joint stock commercial banking institutions and above 100 city commercial banks to operate in the nation. The major regulatory body governing the banking system of China is the China Banking Regulatory Commission (CBRC) and it enforces the rules and regulations for governing banks in the nation. In addition, the body carries out investigations and oversight of banks, accumulates and releases banking system data, approves bank foundation or diversification along with saving liquidity and solvency issues (Elliott, Kroeber and Qiao 2015). In addition, the PBC has significant control over the banking system of the nation. PBC has an important role to play in minimising total risk along with promoting solidity of the financial system. Furthermore, PBC is involved in regulating foreign exchange and lending between banks along with supervising the settlement and payment system of the nation. Shadow banking and reasons behind its rapid growth in China: In the words of Hsu and Li (2015), shadow banking system could be defined as the financial intermediaries carrying out banking functions in the absence of access to liquidity of the central bank or credit guarantees of the public sector. This system denotes the unregulated activities that the regulated institutions perform as well. The primary reasons that shadow banking has grown rapidly in China are the following: Failure of export-led growth: The net export demand of China has fallen drastically to -10% of GDP in 2009 after the global financial crisis. For combating with the recessionary effects, it had initiated a stimulus plan of RMB 4 trillion (Huang 2015). Even though the macroeconomic conditions are maintained effectively, the debt burden of the economy had increased. A huge portion of such lending had passed through the channel of shadow banking. Financial exclusion: Since the commercial banks could not meet the rising need of SMEs credit, shadow entities have grown up in the form of investment firms, rural credit cooperatives, investment firms, pawn shops and loan organisations. However, these entities charge greater interest rates in contrast to the bank rates generating adequate profits and these are transferred again to the shadow banking system. Risks of shadow banking to the Chinese economy: There are four risks of shadow banking to the Chinese economy, which are elucidated as follows: Liquidity risk: When credit intermediation took place, long-term investments are lent to current liabilities. Hence, this could lead to mismatch of liquidity, which could result in systemic risk. This is because such entities are associated with formal banks (Li, Hsu and Qin 2014). Leverage risk: Since there is absence of any regulatory prohibition on shadow banks, the leverage would be greater. This could raise the stress in the real economy and financial system of China due to development of inflationary tendencies in the economy. Hence, the overall financial system might be fragile highly. Regulatory arbitrage: Due to the presence of tight regulations in the Chinese formal banking system in relation to sources of finance and use of public deposits, the shadow banks evade them by transferring the credit intermediation technique to less or no regulated areas of the financial system. Contagion risk: Since there is strong linkage of the formal banking system with sides of assets and liabilities, the risk related to spread contagion is extremely high at times of uncertainty or loss of confidence (Li 2014). Necessity of governmental actions in regulating or controlling shadow banking: It is necessary for the Chinese government to regulate shadow banking for minimising the associations between capital markets and commercial banks. The commercial banks need include off-balance sheet exposures in its statement of financial position at a minimum rate per quarter (Lu et al. 2015). The trust companies are required to calculate risk capital for the trust loans that the banks have issued and loans obtained via notes and mandate financing need to be abolished. The Chinese government could make efforts to include the shadow banks in the formal system through conversion of underground shadow banks into local banks for meeting the requirements of SMEs (Wei 2016). Finally, CBRC could ask the banks to clear their pools of assets for adopting standalone accounting on the plans of financial management. Conclusion: Based on the above evaluation, it could be stated that China follows the monolithic banking system, in which PBC and CRBC comprise of the primary regulatory agencies governing the banking system of the nation. The reasons identified behind the expansion of shadow banking in China constitute of failure of export-led growth and financial exclusion. The major risks of the shadow banking system in China include liquidity risk, leverage risk, regulatory arbitrage and contagion risk. The primary intention would be to avoid the instability of the financial system of the nation and protection during inflationary times. Finally, it is necessary for the government of China to enforce strict control on the shadow banking system for minimising the associations between capital markets and commercial banks. References: Bottelier, P., 2015. Shadow banking in China.World Bank 1818H Association, Economics and Financial-Chapters [-EB/OLT.(2015-09-12) 2015-09-12. http.//siteresourees, worldbank, org/1818SOCIETY/Resources/Shadow_banking. pdf. Elliott, D., Kroeber, A. and Qiao, Y., 2015. Shadow banking in China: A primer.Brookings Institution,13. Hsu, S. and Li, J., 2015. The rise and fall of shadow banking in China.Political Economy Research Institute, Working Paper Series Number,375. Huang, R.H., 2015. The regulation of shadow banking in China: International and comparative perspectives.Banking Finance Law Review,30(3), p.481. Li, J., Hsu, S. and Qin, Y., 2014. Shadow banking in China: Institutional risks.China Economic Review,31, pp.119-129. Li, T., 2014. Shadow banking in China: expanding scale, evolving structure.Journal of Financial Economic Policy,6(3), pp.198-211. Lu, Y., Guo, H., Kao, E.H. and Fung, H.G., 2015. Shadow banking and firm financing in China.International Review of Economics Finance,36, pp.40-53. Wei, S., 2016.Shadow Banking in China: Risk, Regulation and Policy. Edward Elgar Publishing
Tuesday, December 3, 2019
Market for Coca cola company and its competitors Paper Coca cola is one of the worlds leading manufacturer, marketer, and distributor of nonalcoholic beverage concentrates and syrups. This summary provides the overview of the content involved. Pepsi is the major competitor to Coca cola Company in the global market and we are all aware about the global cola wars between coca cola and PepsiCo which has become decidedly one sided. Coca cola outsells Pepsi 3:1 around over the world market. Pepsi was crushed many a times in the international market due to the Coca colas in-depth knowledge of marketing strategies and local community. The company spends nearly around 60% of its budget on the advertising projects. The popularity of coca cola can be summarized from the following facts: (1) During the year 1944-45 people addressed coke instead of coca cola, this revolution forced the company to introduce coca cola in the coke version and eventually it was a great success. (2) If all the coca cola ever produced were flowing over Niagara Falls at its normal rate of 1.5 million gallons per second instead of water, the falls would flow for 38 hours and 46 minutes. (3) Coca colas trademark was recognized by 94% of the worlds population and that is the word after OK. We will write a custom essay sample on Market for Coca cola company and its competitors specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Market for Coca cola company and its competitors specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Market for Coca cola company and its competitors specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Coca colas better understanding of the local communities and the market makes the company to remain in the top position in the global market for soft drinks. Coca colas readiness to spend heavily on the marketing effort also helps the company compete and win over the market of soft drinks world wide. Coca cola boasts four of the worlds five leading soft drink brands coca cola, diet coke, sprite and fanta. Besides this coca cola participate and sponsors different types of events as a part of its strategies. As a part of greening of management it takes care of peoples health by having non-alcoholic soft drinks for example caffeine free coke and diet coke. Introduction: Coca cola was invented as a soft drink way back in 1886 by Dr. John Styth Pemberton, a pharmacist, in Atlanta, Georgia, USA. It was registered as a trademark in the year 1887. Since its commencement coca cola is being written in a Spenserians script on all of its products. Since then it produces more than 400 branded soft beverages and operates in over 200 countries around the world with its headquarter in Atlanta. Apart from branded beverages coca cola used its world famous brand name coca cola for 800 registered items such as toys, electronic games etc. These types of marketing strategies were by the company and eventually helped in the increase of the companys revenue. Coca cola believes that the heart and soul of their enterprise has always been the people or customers. It used excellent marketing strategies worldwide and became top in soft drink and beverages industry, sharing mostly half out of one in soft drink consumption around the global thirsty market. It properly understood the needs, wants and demands of the global people and framed its product to satisfy them and is almost a successful runner till date too. It is said that if the coca colas entire produced products were poured in to the famous contour bottles and placed end to end they would stretch to the moon and back 1045 times. The following are the other famous brand of coca cola other than its main brand. * Coke Diet coke * Fanta Diet fanta * Sprite Diet sprite * Caffeine Caffeine coke and diet coke * Lift Diet lift * Sprite ice (mint flavored soft drink) Coca colas focus on brand management, worldwide coverage and intense distribution and advertising makes it the worlds most leading and profitable soft drink company. (www.cocacola.com). The Needs, Wants and Demands: In order to understand the above topic it is very necessary to know and understand what is marketing? Marketing is a social and managerial process by which individual and groups obtain what they need and want through creating and exchanging product and value with others. (Kotler, Brown, Adam and Armstrong 2001). In short marketing is the delivering of customer value and satisfaction at a profit. It doesnt come into count that whether it is a profit or non profit organization marketing used everywhere. Coca Cola Company has got one of the largest, best-managed and exclusive marketing research operation units in USA, which really makes it the best marketer in beverages industry. * Definition of needs: According to Kotler and Armstrong (2001) 9th edition The most basic concept underlying marketing is that of human needs. They are very much complex in nature. These human needs are states of deprivation which include physical needs, social needs and individual needs. These needs were not invented by the marketers but are the basic part of human makeup. * Definition of wants: Wants are the form human needs take as they are shaped by the culture and individual personality Kotler-Armstrong 2001. These are shaped by ones society and are described in terms of objects that satisfy needs. For example a hungry person in Australia, Hong Kong or Singapore might want a hamburger, chips or coca cola. Where as a person in India might want mangoes, veg.burger and water. As people are getting exposed to more objects that arouse their interest and desire, the producers try to provide more want-satisfying products and services. For example with success of coca cola the producer expanded its brand and at present coca cola got more than 400 beverages product in the market. (Philip Kotler, 2001). * Definition of demand: The people have almost unlimited want but limited resources. The wants when backed by buying power, wants become demands. Consumer view product as bundles of benefits and choose product that give them the best bundle for their money. Given their wants and resources, people demand products with the benefits that add up to the most satisfaction. The demand depends on people to people with their affordability and desire or status. (Philip Kotler, 2001). Definition of Product: Product is a bundle of tangible and intangible attributes that a seller offers to the potential buyer and that satisfies they buyers needs or wants. (McColl-Kennedy, 1994). Any thing that can be offered to a market for attention, acquisition, use or consumption to satisfy a want or need is a product. It includes physical objects services, persons, places organization and ideas. (Philip Kotler, 2001). Coca Cola Company produced consumer-oriented products. Coca Cola Company got the coca cola or coke soft drink, which is recognized worldwide. It got various beverages product ranging around 400 units. Its four products rank top among five viz coca cola, coke, diet coke, fanta and sprite. The four marketing Ps viz product, price, promotion and place have been utilized by the company for its branded products. There are three level of product, which can be best described from the following diagram given below: * Core product: Here the core product is coca cola and its other brand is which quenches thirst of human being. At present Coca Cola Company has got around 800 branded products other than beverages which are also satisfying different type of customer viz toys for children, trendy clothes for young generation etc. * Actual product: The Company got its brand name which is recognized world wide viz coca cola brand name is being recognized by 94% of the worlds population and that is word after OK. The qualities of the products are unmatchable and unquestionable. It maintains its matchless quality since its inception and the result is that it is the best in soft drink industries. * Augmented product: It includes giving dealership in local area, providing with fridge to the dealer and following up the after sales service and value added services. (Philip Kotler, 2001). * Operations review of the company For the 6 months ended 30/06/03, revenues increased 8% to $10.19 billion. Net income before accounting change increased 12% to $2.20 billion. Revenues reflect an increase in gallon shipments. Net income also reflects the inclusion of a $52 million litigation settlement (Coca Cola Company, 2003). The market of the Coca-Cola Company is virtually almost all over the world. The Company market can be divided into continents because thats where the company operates (The market is analysed on the basis of worldwide unit case volume by operating segment). Out of its 100% market, the highest market is in North America which 30%. The second highest market is in Latin America which is 24%. Third is Europe, Eurasia and Middle East which stands on 22%. Fourth is Asia which occupies 18% and last but not least Africa %. Market for Coca Cola Company: Coca Cola Company manufactures and sells/promote soft drinks and beverages so it has wide variety of market available to it. The following three markets can be best applied to the Coca Cola Company. * Mass market: In mass market the seller mass-produces, mass distributes and mass promotes one product to all buyers. At one time coca cola produced only one drink for the whole market, hoping it would appeal to everyone. Lowest costs, lowest price and large potential market are the main characteristic of mass market. * Product variety market: In product variety market seller produces more than one product that have different features, styles, quality, sizes and so on. In this case coca cola produced several soft drink packaged in different sizes and containers. They were designed for variety of buyers as the taste of buyers changes over time. * Target market: Here the company identifies market segments and selects one or more of them and develops products and marketing mixes tailored to each for example coca cola produced soft drinks for the sugared-cola segment, the diet segment (diet coke and coke light) the no caffeine segment and the non coke segment (sprite and lift). Market competition/ competitors of coca cola: Coca Cola Company uses Market Leaders Strategies to meet with its competitors and succeeded so far in it. As we all know that in the world of soft drinks and beverages coca cola enjoys the top position around the world, but like other companies it also faces stiff competition in the market. Its major competitors are PepsiCo, seven up, Dr. Pepper and new entrants are general foods and Nestle. But there is a major competition between coca cola and PepsiCo. This war is often known as cola war. Threat of substitutes. * The nature and level of competition: It would seem to be a simple task for a company to identify its competitors but coca cola knows that PepsiCo is its major competitor but the range of a companys actual and potential competitors is actually much broader. There is a cutthroat competition between the two. This competition is spread over regional, national and international level. But coca colas focus on brand management, worldwide coverage and intensive distribution and advertising its product nationally and internationally makes it the leading and most profitable soft drink company in the world. The coca cola company enjoys 3:1 ratio in the world market in soft drink industry. Other way round PepsiCo having recognized the potential soft drink market round the world started deadly marketing and gaining bit of popularity in country like India and Indonesia. The completion has reached to its culmination. For example if coca cola hire famous Indian cricketer Sachin tendulkar for its advertisement, the Pepsi will do the sam e by hiring Steve Waugh, the great Australian cricketer. In the early eighties Pepsi differentiated itself purely on price by giving slogan Twice as much for a nickel too and the resulting strategy was The Pepsi challenge. Along this Pepsi developed a more market-oriented perspective. It was the first to offer new sizes and packages. At that time coca cola was bit distributed and with its excellent marketing strategies strike back with full force and there emerged a diet coke from coca cola. * Competition on the basis of promotion: Both the companies are spending more and more in advertising their product. It is estimated that they spent nearly 60% of their budget on advertising. The annual spending on advertisements by the two companies is equal to one-day bread meal for the population of country like India. Both the company sponsors different events for example coca cola is with Olympic, Pepsi is official sponsor of Indian cricket team, coca cola participate in sprite street act in Australia, Pepsi participate in aids day and the list is end less. Both of them officially hire top players from different games. As a part of competition coca cola and Pepsi both gives wide variety schemes to their distributors world wide for example: refrigerators are being given to their distributors, tickets of different events and many more.