Academia and Briefly Summarize

What difficulties do you hope to emerge from living and working in a complex urban condition? By what method will you meet them? (250 words) 9. Is there something else you might want us to know? (300 words) DARTMOUTH 1. Kindly demonstrate your arrangements for the 2012-13 scholastic year. In the event that in school, if you don't mind list your courses. On the off chance that working, let us know something about the idea of your activity. 2. If you don't mind share with us something important to you that isn't tended to somewhere else in your application and which could be useful to the Admissions Committee as we survey your record. HARVARD D.If you have just graduated, quickly (4000 characters Max) sum up your exercises since graduation. E. In the event that there is a significant part of your own experience or character, not tended to somewhere else in the application, that you might want to impart to the Committee, we welcome you to do as such here. Numerous candidates won't have to respond to this inquiry. Models may remember noteworthy difficulties for access to instruction, strange financial variables, distinguishing proof with a minority culture, religion, race, ethnicity, sexual direction or sex personality. Quickly clarify how such factors have impacted your inspiration for a vocation in medication (4000 character greatest) DUKE Describe the network wherein you were sustained or spent most of your initial improvement concerning its socioeconomics. What basic beliefs did you get and in what capacity will these convert into the commitments that you would like to make to your locale as a clinical understudy and to your vocation In medication? What is the most critical good or moral difficulty that you have looked in our life (barring occasions of scholarly untrustworthiness including another person)?Describe how you managed and possibly settled it, including convictions, assets, people, and so on. How did this quandary and its goals transform you and what, assuming any, effect will this have on your future as a medicinal services supplier? What has been your most lowering experience and in what capacity will that experience influence your associations with your friends and patients? The ed ucational plan at the duke college institute of medication is remarkable and scholastically testing.

The Conflict of Paideias in Gadamers Thought :: Philosophy Philosophical Papers

The Conflict of Paideias in Gadamer's Thought (1) Conceptual: Although Gadamer's investigation of Greek paideia has been for all intents and purposes overlooked in the academic writing, I contend that it is key to his way of thinking of instruction. Gadamer singles out three sorts of paideia: conventional, sophistic and insightful. Customary paideia, grounded in a uninformed propensity or demeanor of the spirit, was defenseless when sophistic paideia brought contemplated contention against it. This 'new' paideia initially upheld customary thoughts of the fair and the great with its cognizant specialty of argumentation and sober minded upgrade of progress. In any case, this paideia likewise subverted regular ethical quality by contending that it is just show, in this manner ruining the young people of Athens by engaging the unrestricted want for power. Philosophical paideia takes its course from the sophistic as its most profound adversary and counterimage. For reasons unknown, in any case, that the two are essentially unclear. Both carry thinking to awareness; both are logical expressions; both make disarray; and both are liable to the 'shortcoming of the logoi.' In the end, the contrast between them lays not on qualifications of reason, yet the expectation of the reasoner. This contention of paideias is pertinent to the circumstance of instruction today. Issues of restricted specialized viewpoint and the broadest ideological control are legitimately recognizable to sophistic paideia. Along these lines, Gadamer focuses to hermeneutical praxis as 'the core of all instruction that needs to instruct how to philosophize.' Hans-Georg Gadamer portrays the customary perfect of Greek training as turning the understudy toward everything absolved from need including the excellent. (2) This paideia comprised most importantly in building up an amicable attitude of the spirit, a hexis or propensity, through early preparing in music and gymnastic. (3) Its controlling reason for existing was to make residents fit to oversee in opportunity. Plainly the significance of paideia as an instructive idea can barely be over-underscored. Gadamer is an undeniably compelling figure in the way of thinking of training. He is additionally one of the famous classicists of our occasions. However in spite of the fact that paideia and its pertinence to contemporary training structures a repetitive subject in Gadamer's compositions, this recorded element of his way to deal with instruction has been for all intents and purposes overlooked in the academic writing. (4) One may guess that the purpose behind this lacuna is a propensity to move toward the subject more logically than truly. Also, the subject shows up in such a significant number of expositions, spreading over Gadamer's whole vocation, that it is hard to follow the path of his examination. The Conflict of Paideias in Gadamer's Thought :: Philosophy Philosophical Papers The Conflict of Paideias in Gadamer's Thought (1) Conceptual: Although Gadamer's investigation of Greek paideia has been basically disregarded in the insightful writing, I contend that it is integral to his way of thinking of instruction. Gadamer singles out three sorts of paideia: conventional, sophistic and logical. Customary paideia, grounded in an unconscious propensity or aura of the spirit, was defenseless when sophistic paideia brought contemplated contention against it. This 'new' paideia initially upheld conventional thoughts of the fair and the great with its cognizant specialty of argumentation and down to business improvement of progress. In any case, this paideia additionally subverted customary ethical quality by contending that it is just show, in this manner defiling the young people of Athens by speaking to the unrestricted want for power. Philosophical paideia takes its course from the sophistic as its most profound rival and counterimage. Things being what they are, in any case, that the two are basically undefine d. Both carry thinking to awareness; both are explanatory expressions; both make disarray; and both are liable to the 'shortcoming of the logoi.' In the end, the contrast between them lays not on differentiations of reason, yet the purpose of the reasoner. This contention of paideias is pertinent to the circumstance of instruction today. Issues of limited specialized point of view and the broadest ideological control are legitimately recognizable to sophistic paideia. In this manner, Gadamer focuses to hermeneutical praxis as 'the core of all training that needs to instruct how to philosophize.' Hans-Georg Gadamer depicts the customary perfect of Greek training as turning the understudy toward everything excluded from need involving the delightful. (2) This paideia comprised most importantly in building up an agreeable aura of the spirit, a hexis or propensity, through early preparing in music and gymnastic. (3) Its controlling reason for existing was to make residents fit to administer in opportunity. Unmistakably the significance of paideia as an instructive idea can barely be over-accentuated. Gadamer is an inexorably persuasive figure in the way of thinking of instruction. He is additionally one of the famous classicists of our occasions. However in spite of the fact that paideia and its significance to contemporary instruction shapes a common subject in Gadamer's works, this chronicled component of his way to deal with training has been essentially disregarded in the insightful writing. (4) One may conjecture that the explanation behind this lacuna is a propensity to move toward the subject more systematically than truly. Also, the subject shows up in such huge numbers of articles, crossing Gadamer's whole vocation, that it is hard to follow the path of his examination.

Robert E.Lee Research Paper Example | Topics and Well Written Essays - 1750 words

Robert E.Lee - Research Paper Example Robert was the fourth youngster in the family. He was chiefly raised by his mom. She imparted in little Robert bases of exacting order, tolerance and strictness. Robert spent just four early long stretches of his life here in Stratford, yet these very years to a great extent decided the character and the destiny of things to come General. Now and again it happens that one of the kids acquires from the past ages simply the best attributes. That was the situation with Robert Lee. From the predecessors from the mother’s side he got an attractive appearance; from the father’s - physical quality and feeling of obligation and duty, which during the long stretches of upheaval General George Washington himself noted in Henry Lee. Indeed, even the budgetary issues of father emphatically influenced his child: for as long as he can remember Robert Lee was incredibly fastidious and cautious in all the issues concerning cash and business. Ann Carter Lee additionally imparted in chil d the impression of the significance of the family esteems. Robert delicately cherished his mom. When he turned 12, his dad passed on and his siblings had ventured out from home so he was the main child living with his mom. He needed to turn into a leader of a major house, and took an incredible consideration of his mom and sisters, who were frail wellbeing astute. Robert Lee picked a military vocation on account of the monetary concerns. His more seasoned sibling Charles Carter was concentrating in Harvard and the family didn't have cash for Robert to do similarly. So he took the main alternative accessible, which is of entering West Point Military Academy. During his cadet years, Lee didn't get a solitary punishment and filled in as the cadet corps’ aide. He was adored and regarded by his classmates, and graduated second in his group. A long time later, in 1852, Lee came back toward the West Point institute as the director. The best alumni were doled out into Engineer Corp; the equivalent applied to Robert Lee. Among his first assignments in the down to earth military field was dam development in Saint Louis and reinforcing coast fortifications in Brunswick and Savannah. He did design extends in Georgia, Virginia and New York. On June 30, 1831 he wedded Mary Ann Randolph Custis, a far off family member. Mary was the main little girl of George Washington Park Custis, received grandson of George Washington. Robert Lee constantly regarded the memory of George Washington and truly respected his incredible administrations to his nation. In 1846 Mexican-American war broke out, and Robert was sent on strategic Mexico to direct streets development, where he originally served under the order of the General John Wool. His crucial to scout the land to discover best courses for assault. At the hour of the Mexican crusade, to the expansion to his architect aptitude, he was additionally seen by General Winfield Scott, American forces’ Commander-in-boss, for his rangers deportment and exceptional capacities of insight official, and made Lee a piece of his staff. This experience encouraged Lee numerous incredible exercises on fight methodology and strategies, which were effectively applied by Robert 16 years after the fact. Lee was endowed the undertaking of maps arrangement and rectification. To the expansion to it, he additionally needed to direct warriors into hand-to-hand battle. Here in Mexico Lee it was acquainted with the individuals, which would assume significant jobs in the soon-to-begin Civil War: Thomas Jackson, George Piketon and Ulysses Grant. Despite faultless assistance and bravery and boldness showed in the course wars, the Lee profession development was amazingly moderate. He was sent to the most remote and wild places. He over and over

Sample of Critical Analysis Essay Topics

Sample of Critical Analysis Essay TopicsStudents who are enrolled in a Master's program in Human Resource Management (HRM) can now take classes that allow them to master critical analysis of samples of critical analysis essay topics. The class provides students with hands-on practice and study material in the form of sample critical analysis essays that they can use to hone their skills and knowledge.The course also offers resources and suggestions for raising their student's assessment of their personal performance and skill levels. This also helps students improve their analysis of critical analysis essay topics and help them apply the skills to real world scenarios.The syllabus for the class includes writing a critical analysis essay on five samples of critical analysis essay topics. These include:Analyzing the arguments used in the essays involved in analyzing samples of critical analysis essay topics is one of the most important components of this class. This skill is essential to succeeding in the field of HRM and the skills you gain through taking this class will certainly help you with this skill.The syllabus also includes essays that analyze and debate the claims of critics of critical analysis essay topics. These include articles written by Donald Johnson, author of 'When You Are Wrong: Critical Thinking in High Performance Organizations,' Dale Martin, professor of philosophy at the University of Missouri-Kansas City, and Richard Evans, founder of the Critical Thought Institute. They present some of the problems that critics have had with the use of critical thinking in managerial practices and outline methods for addressing these criticisms.This is an important component of the class because it teaches students how to debate the issues raised by critical analysis essay topics and how to debate the claims of critics. It also teaches students how to apply the skills they learn in this class to other situations in their personal and professional lives. This helps them to better understand the need for effective critical thinking and how it can help them become more effective as managers.In sum, the syllabus for the class that includes the teaching of the critical analysis essay highlights how critical thinking is essential to the workplace and the success of managers and executives. This class includes a thorough introduction to critical thinking, a seminar series that introduces students to the concept of critical analysis and a seminar that examines a sample of critical analysis essay topics.

A Definition of Environmental Science

Environmental science is the study of the interactions between the physical, chemical, and biological components of nature. As such, it is a multidisciplinary science: it involves a number of disciplines like geology, hydrology, soil sciences, plant physiology, and ecology. Environmental scientists may have training in more than one discipline; for example, a geochemist has expertise in both geology and chemistry. Most often, the multidisciplinary nature of environmental scientists’ work comes from collaborations they foster with other scientists from complementary research fields. A Problem-Solving Science Environmental scientists rarely just study natural systems, but instead usually work towards solving problems stemming from our interactions with the environment. Normally the basic approach taken by environmental scientists first involves using data to detect a problem and evaluate its extent. Solutions to the issue are then designed and implemented. Finally, monitoring is done to determine whether the problem was fixed. Some examples of the types of projects environmental scientists may be involved with include: Coordinating cleanup efforts at an abandoned oil refinery labeled as a Superfund site, determining the extent of the pollution problem and putting together a restoration plan.Forecasting the effects of global climate change and sea level rise on a coastal bay system, and assisting with finding solutions to limit damages on coastal wetlands, shoreline property, and public infrastructure.Consulting with a construction team to help them with minimizing sediment pollution coming from the site of a future grocery store.Assisting the managers of a state government’s fleet of vehicles with taking steps to reducing carbon dioxide and other greenhouse gas emissions.Designing a restoration plan to bring acreage of oak savanna in the proper ecological state to host the endangered Karner blue butterfly and its host plant, the blue lupine. A Quantitative Science To evaluate the condition of a field site, the health of an animal population, or the quality of a stream most scientific approaches require extensive data collection. That data then needs to be summarized with a suite of descriptive statistics, then used to verify if a particular hypothesis is supported or not. This type of hypothesis testing requires complex statistical tools. Trained statisticians are often part of large research teams to assist with complicated statistical models. Other types of models are often used by environmental scientists. For example, hydrological models help understand groundwater flow and the spread of spilled pollutants, and spatial models implemented in a geographical information system (GIS) will help track deforestation and habitat fragmentation in remote areas. An Education in Environmental Science Whether it is a Bachelor of Arts (BA) or Bachelor of Science (BS), a university degree in environmental science can lead to a wide range of professional roles. Classes typically include earth science and biology courses, statistics, and core courses teaching sampling and analytical techniques specific to the environmental field. Students generally complete outdoor sampling exercises as well as inside laboratory work. Elective courses are usually available to provide students with the appropriate context surrounding environmental issues, including politics, economics, social sciences, and history. Adequate university preparation for a career in environmental science can also take different paths. For example, a degree in chemistry, geology, or biology can provide a solid educational basis, followed by graduate studies in environmental science. Good grades in the basic sciences, some experience as an intern or summer technician, and positive letters of recommendation should allow motivated students to get into a Master’s program. Environmental Science as a Career Environmental science is practiced by people in a wide variety of sub-fields. Engineering firms employ environmental scientists to evaluate the condition of future project sites. Consulting companies can assist with remediation, a process where previously polluted soil or groundwater is cleaned up and restored to acceptable conditions. In industrial settings, environmental engineers use science to find solutions to limit the amount of polluting emissions and effluents. There are state and federal employees who monitor air, water, and soil quality to preserve human health. The U.S. Bureau of Labor Statistics predicts an 11% growth in environmental science positions between the years 2016 and 2026. The median salary was $69,400 in 2017.

Much Ado About Nothing Essay The Character of Don John

The Character of Don John in Much Ado About Nothing William Shakespeares Much Ado About Nothing is a comedy in which he uses one of his more peculiar villains. The antagonist in this play is Don John, the bastard brother of Don Pedro. In this paper I will discuss the role of Don John as well as his motives and the character himself. I will also delve into Shakespeares use of Don John as the antagonist. I will be comparing Don John to other characters in the play as well as to other villains in Shakespeares works. While Don John does not spend a great deal of time on the stage in Much Ado About Nothing, he still plays a vital role in the plot of the play. The plan that he sets in motion is one of the two main stories within†¦show more content†¦It may also be possible that overthrow refers to Don Johns own dishonor and shame that causes him to be overthrown in the good graces of Don Pedro (Spivack 410). Whatever motives for Don Johns bitter hatred for Claudio the reader infers, it is obvious that Don John will stop at nothing to see Claudio miserable. The character, Don John, is evil in every sense of the word. He mentions several times of his sadness and he seems to revel in his own distemper. He says of himself in act one that though I cannot be said to be a flattering honest man, it must not be denied but I am a plain-dealing villain (Shakespeare 15).Shakespeare uses him in a perfect contrast against the good guys. Whenever you have a villain as mean and deceitful as Don John, your heroes in the play, no matter how flawed, cant help but look more appealing. Shakespeares villains are some of the most interesting characters in British literature. The one that is most similar to Don John, in my opinion, is Claudius, the traitor king in Hamlet. Both Don John and Claudius were deceitful in their plots toward their brothers, even though Don Pedro was not affected nearly as much as Hamlets father. I believe what sets these villains off from other rogues is the fact that they were directing their vengeance and wrath at their brothers, and the people around them. That kind of deceit is more disgusting than any other form. In order for Don John to successfully complete his planShow MoreRelated The Character of Don John in Much Ado About Nothing Essay1320 Words   |  6 Pages In the play ‘Much ado about nothing’, Don John is a puppet whose strings are pulled by various characters and the society in which he lives. Although he does monkey businesses like every character in the play, he is the one who gets harshly judged and punished for it. His villainy is not an innate trait but rather, he chooses it to distinguish him from others. Don John is the illegitimate half brother of Don Pedro in the play. Don Pedro is the Prince of Aragon and is highly respected throughoutRead MoreWilliam Shakespeare s Much Ado About Nothing And Hamlet1503 Words   |  7 Pagesthe definition of the character by means of their thoughts, well-being, actions, and interactions with the other set roles. William Shakespeare’s plays included dissimilar characters and different methods of characterization. The two plays that will be compared and contrasted are William Shakespeare’s Much Ado About Nothing and Hamlet. As for the characters from each play, Beatrice, Benedict, Don John, Don Pedro, Claudio, and Hero will be assessed from Much Ado About Nothing and from Hamlet, HamletRead MoreGender Roles In Much Ado About Nothing1059 Words   |  5 Pages This essay is an exploration of the play Much Ado About Nothing, and the gender roles involved in the deceit and trickery that transpire and develop throughout the story. As gender is one of the main themes in the plot, identifying the expected gender roles of the characters, and how the contrast between characters highlights these expected roles. In Shakespeare s time, known as the Elizabethan Era, men and women’s roles and expectations were starkly different. Elizabethan women, no matter whatRead MoreMuch Ado About Nothing by William Shakespeare as a Satire Essay1103 Words   |  5 PagesMuch Ado About Nothing by William Shakespeare as a Satire This essay will analyse the way in which Shakespeare makes this comedy bitterly satirical, and a comment on not only the pretentious style and swank of Spaniards, namely Don Pedro and his gang, but human stupidity as a whole. Much Ado About Nothing portrays the issues of sex, war, marriage and chivalric courtly love in an ironic and satirical way. On a topical level, the play satirises Spanish, Sicilian andRead MoreBeatrice and Benedick as a Couple in William Shakespeares Much Ado About Nothing1336 Words   |  6 PagesBeatrice and Benedick as a Couple in William Shakespeares Much Ado About Nothing Much Ado About Nothing is a Shakespeare play set in Mecina. It is a comedy, about Don Pedro and his friends. The play focuses on the relationships of the characters, especially that of Beatrice/Benedick and Claudio/Hero. The two romances follow two different ideas, one an average romance in Shakespeares day, the other a not so average romance. Beatrice and Benedicks history together isRead MoreSocial Pressures in William Shakespeares Much Ado About Nothing1568 Words   |  7 PagesSocial Pressures in William Shakespeares Much Ado About Nothing There has been much discussion about whether or not Shakespeare’s play ‘Much Ado About Nothing’ it is based more around social pressures rather than true love; this essay will see to what extent the play supports this idea. Shakespeare wrote the play ‘Much Ado About Nothing’ around 1598. It was located in Italy, because Italy at the time was seen as a romantic exotic country, writers duringRead More The Dramatic Significance of Act four Scene One of William Shakespeares Much Ado About Nothing1642 Words   |  7 PagesDramatic Significance of Act four Scene One of William Shakespeares Much Ado About Nothing Act 4 in the romantic comedy Much ado about nothing is of great dramatic significance to the whole play, as it is in Scene 1 where Shakespeare brings out the different sides of the characters to illustrate the complexities of love and relationships. Act 4 Scene 1 is clustered with different incidents and in this essay, I will go through each event and describe its importance to theRead More Importance of Speech in Much Ado About Nothing, A Midsummer Nights Dream, and Richard III2277 Words   |  10 PagesImportance of Speech in Much Ado About Nothing, A Midsummer Nights Dream, and Richard III Speech is often the strongest indicator of personality and motivation in Shakespearean histories and comedies. Each turn of phrase is a small insight into the essence of the character. Stringing together each line from the mouth of the character allows the audience to discover each nuance created by Shakespeare. By connecting the actions to a manner of speech, which mirrors those actions, ShakespeareRead MoreA Marxist Study of Much Ado About Nothing2206 Words   |  9 PagesA Marxist study of Much Ado About Nothing Using the Marxist approach to one of Shakespeare’s comedies, Much Ado About Nothing, this essay deals with the unconscious of the text in order to reveal the ideology of the text (as buried in what is not said) so as to discover the hegemony behind the text. The ideology perpetuated in Much Ado About Nothing revolves around, centrally, ensuring the needs and insecurities of the aristocratic – the need for a patriarchal power, the need to reject, stigmatizeRead More Movie Essays - Narrative Holes in Films of Shakespeares Plays2130 Words   |  9 PagesNarrative Holes in Films of Shakespeares Plays My subject in this essay in playtexts and in films of those playtexts. Drama offers the storyteller a simple choice about how to communicate each element of the story to the audience: show it, or have a character describe it. Often in drama narration is used because an event cannot be shown, but occasionally telling is used when showing is perfectly possible and Shakespeare uses this device self-consciously to draw attention to the medium

Usage of ICT in business operation of travel agencyâ€Free Samples

Question: Discuss About The Usage ICT In Business Operation Of Agency? Answer: Introduction ICT application in travel agency bolsters the effective working of enterprises since it accelerates administration techniques and updates both effectiveness and nature of monetary operations performed in an enterprise. The presentation of information technology advances taking a better favourable position of the resources at the disposition of a travel agency, when in fact their quick improvement forces the requirement for revamping enterprises and making expenses. This report will feature the utilization and estimation of ICT in business operations of a travel agency. The usage and value of information and communication technology in the business operation of a travel agency More productivity: The report highlights that ICT has opened new routes for connections between the individuals from the marketing channels, and newly management solutions that improve these connections (Bern, et al., 2015). The report also highlights the intensity of data trade among organizations working in a similar distribution channel has prompted more prominent productivity, as expanded data trade features shared interests and shared objectives, which thusly encourage cooperation (Spralls et al., 2012). Fulfill customer needs: The report likewise grandstands that ICT offers simple access, continuously, to information and data let to expedient recognizing evidence of purchase needs and in accomplishing potential clients with expensive, altered and exceptional information (WTO, 2015). The report also showcases how ICT fosters better approaches to fulfill shopper needs, as it takes into account an "informatization" of the whole travel and tourism value chain bringing about various value-added procedures, such: value extraction, value expansion, value catch, and value creation (Werthner Ricci, 2014), perhaps attributable to the Dynamic Packaging Tool, which stretches out customization ICT makes chances to outline new traveler services and items addressing individual needs. Providing advanced customer service: The report additionally includes that ICT empowers value co-creation as the 'joint making of significant value by the organization and client', ICT makes travellers more educated, requesting, engaged and dynamic part in arranging, outlining and detailing of services and items, travel agencies can utilize customer learning to make their offers from one perspective and shouldn't disregard travellers as a critical piece of traveler value chain on the other side. Giving the huge scope of data in brief time ICTs contribute the higher visitor fulfillment and enhance the tourist benefit execution and quality (Ashari et al., 2014). Enhance Better coordination with customers: According to the author, it encourages visitor organizations to increase upper hand inferable from: an entrance to solid and exact data or to extensive size and worldwide market, the bigger piece of the overall industry, the building nearer associations with providers and clients, the keeping up cost initiative in the market or/and the separating and enhancing their items (Buhalis, 2013). ICT empowers advancement and dispersion traveler items direct to the consumers, lessening reliance on the intermediaries and sales commission paid for go-betweens and coordinate and almost for nothing out of pocket access to data, ICTs reduce exchange costs and making higher incomes possible. Conclusion The directed research shows the distinctions in the watched points of interest and boundaries for ICT usage by tourism ventures, which may speak to the impact of both the particular idea of performed exercises and the offered item. In the opinion of the authors, the recognized hindrances can be balanced in different ways. One of them is starting local participation of travel agencies following the equation of a tourism group. Cooperation in such group permits lessening the hazard and cutting the expenses of ICT execution by many accomplices participating in it. References Ashari, H.A., Heidari, M. Parvaresh, S. (2014). Improving SMTEs business performance through strategic use of information communication technology: ICT and tourism challenges and opportunities. International Journal of Academic Research in Accounting, Finance and Management Sciences, 4 (3): 120. Bern, C., Garca-Gonzlez, M., Garca-Ucedac, M.E. Mgica, J.M. (2015). The effect of ICT on relationship enhancement and performance in tourism channels. Tourism Management, 48 (June): 188198. Buhalis, D. (2013). e-Tourism: Information technology for strategic tourism management. London: Pearson. Spralls, S.A., Hunt, S.D. Wilcox, J.B. (2012). Extranet use and building relationship capital in inter-firm distribution networks: the role of extranet capability. Journal of Retailing, 87 (1): 5974. Werthner, H. Ricci, F. (2014). E-commerce and tourism. Communications of the ACM, 47 (12): 101105. WTO (2015). Guidelines for the transfer of new technologies in the field of tourism, Madrid: World Tourism Organisation.

An Interview with an Entertainment Manager The Way Corporate Laws Work. A Report

An Interview with an Entertainment Manager The Way Corporate Laws Work. A Report Introduction: Business and Technology Seize the Power There can be no possible doubt that technologies rule the modern world, and that business is one of the most efficient ways to take one’s place under the sun.Advertising We will write a custom report sample on An Interview with an Entertainment Manager: The Way Corporate Laws Work. A specifically for you for only $16.05 $11/page Learn More In the present-day world, the role of social networking and modern leadership theories cannot be overestimated – with efficient management and a good use of social network, one is likely to reach the peak of his/her business career. Taking a closer look at the way business works and learning more about its mechanisms can help understand the way business theories can be applied into practice. One can possibly see the best way to handle a company and to succeed in the fast-changing world, learning about the typical mistakes that managers make to void them in future. As for the business field which is most preferable to consider, it seems that the sphere of entertainment is the most popular at present, which makes it a perfect target for further exploration. Analyzing an interview with a leader in the field of entertainment, one will be able to see the mechanism of the XXI century business and see what practices are the most efficient. The Social Impact of Technology: When Media Rules the World The impact of social media on the modern world is truly huge. Since social networking is one of the key means to learn more about a specific product, people rely much on online reviews, which can both pose quite a threat to a certain company and contribute to its success.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Facebook as the ultimate evil plan: people and their opinions According to what the interviewee claimed, social networks such as Facebook and the like pose a considerable threat to the development of business. When socializing online, the interviewee claimed, people can easily post negative comments about the company and its production without being detected, which can dent the customers’ confidence in the quality of the services. Indeed, the concerns raised by the interviewed can be easily understood – there are certain pieces of evidence which show that people do post negative reviews about certain services which they have tried and which have not met their standards and expectations. Although one might think that a humble opinion of a certain user will definitely sink in the avalanche of other more engaging news and hardly anyone will ever notice the negative review; yet there are proofs that negative product reviews in blogospheres and social networks have considerable impact on people’s idea of a company: â€Å"An employer’s business reputation can be damaged by negative c omments by individuals on their own social networking pages, or, more problematically, because of the issue of anonymity on those specifically formed networking groups† (Pickard, 2008, 68). Therefore, it seems that social networking can be easily used against entrepreneurs and their business, causing considerable drops in the company revenues. Counterarguments: about the rights to speak openly Indeed, if considering the positive aspects of social networking, one must admit that it can work for the benefit of business and even promote the products of a certain company with tremendous success.Advertising We will write a custom report sample on An Interview with an Entertainment Manager: The Way Corporate Laws Work. A specifically for you for only $16.05 $11/page Learn More Indeed, if using the social networking wisely and think of the effect it can produce, one is likely to reinvent people’s perceptions of a certain company. As Hartley (2010) exp lains, Social networking is the game changer for business. If you own or run a business of any kind, whether it’s a solo consulting practice or a worldwide enterprise employing thousands or workers, social networking is quickly becoming a key connection point between your business and your customers. (Hartley, 2010, 1) Therefore, the negative effects of the social networking can be easily questioned; and, even though there are certain factors that can harm an enterprise, they can be easily counterpointed by the numerous positive effects. Therefore, the idea expressed by the interviewed can be considered only partially valid. For a company which is going to stand firm on its feet, it is necessary to take into account not only the threatening factors, but also the issues which the given company can make a good use of to become even more successful. Business and Professional Practice: Concerning the Managerial Issues It goes without saying that team management is one of those pi llars which corporate management stands on; the key principle of successful company leadership and an excellent way to bring the members of the company together, team management helps to make the working process flawless clockwork (Altfeld, 2010). Thus, learning more about the advantages of working in a team and managing a team of employees rather than the work of individuals, one can possibly reach another stage of business enlightenment. Bound by the same chains: motivation and team building As the interviewee claimed, the idea of team management is the only possible way a company can work; once all employees work for the sake of the customer’s satisfaction, success is just around the corner.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Indeed, as Margerison (2002) says, the success of a company depends on the â€Å"overall team management contribution† (Margerison, 2002, 10). The reverse side of team management: when togetherness fails Thus, it is reasonable to suggest that the management by objectives can be used together with team management. According to what James (2003) claims, the given approach can help reach the company’s key goals without putting the employees under the pressure of team work. Conclusion: There Is Still a Long Way to Go Therefore, it is clear that at certain point, the conventional approach does not prove as efficient as it could. Unlike one might have thought, numerous social media which have become a part and parcel of the modern life can be both a huge benefit and at the same time a great disaster for the image of a company, depending on the information posed in blogs and social networks. Likewise, the idea of team management might seem somewhat redundant and not necessari ly suitable for all types of staff, since one might simply dislike all sorts of team-sprit-building activities, yet it does bring results to the company, increasing its revenues and making the people working there more devoted to the company. On the other hand, it cannot be denied that the given results can be easily questioned when being used in a certain environment with very specific elements that do not fall under the conventional standards. Hence comes the ambiguity of the given decisions and the conclusion that the situational management must be the ultimate and the most appropriate way to handle the company business, as well as the relationships among the staff. Once choosing the right track is not enough – as time goes, the company must change. Reference List Altfeld, H.-H. (2010). Commercial aircraft projects: managing the development of  highly complex products. Burlington, VT: Ashgate Publishing. Hartley, D. (2010). 10 steps to successful social networking for bu siness. Alexandra, VA: American Society for Training Development. James, D. (2003). Team and personal development. Canterbury: Global Professional Publishing. Margerison, C. J. (2002). Team leadership. Stamford, CN: Cengage Learning. Pickard, M. (2008). Facilities management legal update 2008: Special report. Cambridge, UK: Workplace Law Publishing.

The Realism Theory in Relationships of State and Non

The Realism Theory in Relationships of State and Non The three main theories used in international political economy are constructivism, realism and idealism or liberalism. Scholars commonly use the theories to explain economical events in the international political economy. Liberalists are concerned about private enterprise while constructivists are much concerned about wealth, political and material interactions of actors in the system.Advertising We will write a custom essay sample on The Realism Theory in Relationships of State and Non-state Actors specifically for you for only $16.05 $11/page Learn More This paper uses realism theory to explain relationships among state and non-state actors in the international system. Realism is based on the idea that the international system exists according to the Hobbestian state of nature, which is anarchic and brutal. There is no centralized authority in the system. The influential states have powers that they use to subjugate the poor and powerless in the system. The paper evaluates three supranational regimes in order to understand the theory in detail. States agree to form governments that control internal affairs. It is not surprising that any sovereign state has the power to enforce and prescribe laws. These powers are limited in the international system because there is no Leviathan that controls the activities of all members. The first argument is that the US and other major powers use supranational organizations to further their interests ((Wolf 87). WTO is a world body that is charged with the responsibility of overseeing how countries conduct trade globally. Liberalists argue that the body is beneficial to all states that subscribe to it because they benefit from free markets and business opportunities. In the liberalists’ view, the world organization in charge of trade is supposed to arbitrate on conflicts emerging from trade and commerce. Nearly all states in Africa, Europe, South and North America are members. Member state s are required to follow the laid down rules and regulations if they are to benefit from the organization. In this regard, the organization ensures that the interests of all states are catered for. Managers are answerable to states whereby they are called to explain inconsistencies during hard economic times. In the realists’ perspective, the organization is the property of the rich nations, which is used to enforce compliance. The headquarters of the organization is in the United States meaning that everything is operated from there. States are usually forced to come into terms with unfavorable policies in order to be members. The Chinese case would serve as an example. China was requested to adopt some policies that would favor the West in order to be incorporated in the system.Advertising Looking for essay on international relations? Let's see if we can help you! Get your first paper with 15% OFF Learn More Less developed countries do not actually b enefit from the organization. The organization allows US manufacturers to exploit markets in the third world but not vice versa. The third world is incorporated in the system as underdogs meaning that they assist the rich nations in producing goods. This is why the gap between the rich and the poor is widening day after another. The organization ensures that the poor states do not pursue interests that seem to contradict with those of the US. The organization is quick to slap economic sanctions to states that do not conform to the set rules. In the late 1980s to early 1990s, Libya was barred from exporting fuel to Europe, US and other friendly countries (Wolf 90). Oil trade nearly collapsed in Libya, which had caused sufferings due to lack of basic needs. This proves that states are usually in pursuit of their selfish interests not universal ideas. The US could have allowed Libya to sell its fuel to other states because citizens were suffering. This was never an issue to the US and WTO because Libya was non-compliant. Economic sanctions have been slapped to nations not because of misconduct but because of going against the wishes of the US and other major world powers. The second argument is that the US uses donor agencies to enforce compliance. IMF is a world organization that was established after the Second World War mainly to reconstruct Europe. This was an attempt to restructure European financial system after it was worst hit by the war. The organization offered assistance to European states that cooperated. After completion of its mission, the organization was turned into political tool that would subjugate and dominate developing countries. The US used the organization to restructure institutions of developing countries for its own interests (Milner 845). The organization forced many developing countries to restructure their governments in order to qualify for loans and other monetary assistances. For instance, the organization was effectively utilized in Kenya to boost American investment. The government, under Daniel Moi as president, was urged to privatize key national industries such as Kenya Airways, Rift Valley Railways and Kenya Ports Authority. Furthermore, the state was not supposed to interfere with the market meaning that prices of commodities could be determined by market logics (Milner 851). The Kenyan government suffered a lot because it had to retrench some of its employees in order to qualify for the IMF loan. The IMF program introduced in many countries was referred to as structural adjustment program (SAP). Liberalization of the economy benefited the US and other developed nations because they exploited the poor with cheap goods.Advertising We will write a custom essay sample on The Realism Theory in Relationships of State and Non-state Actors specifically for you for only $16.05 $11/page Learn More Finished goods were imported from developed countries while raw materials were exported to the US and other developed nations. This was seen as unbalanced trade because Kenyan citizens could not afford processed goods, which were originally Kenyan. To ensure political compliance, the US used IMF to request third world leaders to accept multiparty politics (Stone 346). Accountability was demanded from leaders before they could qualify for monetary assistance. This ensured that US joint ventures were managed well. The US entered into contracts with governments of the third in order to construct expensive projects such as Geo-thermal power plants and ports. Such projects could not yield needed profits without proper management. This is why accountability became a pre-requisite of assistance. The organization was effectively used to further the interests of Americans because US firms took over major investments in Kenya and the whole of East African region after the introduction of SAPs (Stone 349). The third argument claims that developed nations relate with developing co untries in terms of natural resources. It is true that the US and other major powers in the international system are led by their selfish interests not world ideas. The US and other powers have been reluctant to intervene in Somalia militarily because national interests would not be achieved. Somalia does not have oil and gas that may attract foreign powers. This can be compared to the Middle East where each world power is camping there mainly because of oil and gas (Gholz and Daryl 465). The US has been planning to sell military radar to Saudi Arabia mainly to strengthen diplomatic ties. The US would reap maximally from the deal meaning that national interests drive a country to participate in world affairs actively. The US could not intervene militarily in El Salvador to save the lives of many people who were undergoing brutal treatment from an autocratic regime because national interests would not be achieved. The European gas crisis also proves that a state cannot participate in world politics without an interest. In Europe, there are two competing pipelines that is, Nabbuco and Nord. Nabbuco is owned by the Russian government and has a backing of the EU. Britain and the US have been supporting the construction of Nord pipeline because it would benefit them in future.Advertising Looking for essay on international relations? Let's see if we can help you! Get your first paper with 15% OFF Learn More Nabbuco cannot be wrestled from Russia because it is also a major power (Rosato 54). The British government and the US have justified the erection of Nord conduit claiming that Nabbuco cannot effectively supply gas to Europe. Such arguments are based on the Turkish gas conflict where Russia delayed supply because of diplomatic reasons. Critics of realism theory argue that states offer assistance to the needy out of goodwill. This could be witnessed in times of catastrophes where countries in conflicts help each other (Rosato 53). For instance, the US offers humanitarian assistance to some Middle East and Asian states during earthquakes but gets nothing in return. This could be witnessed during the Japanese nuclear accident. The US was in frontline offering technical assistance to Japan. This argument could be valid but the reality is that the US intervenes to further its interests. In the Japanese case, the US intervened to gain political mileage in the world political arena. Hegemo nic powers are strengthened by participating in important events. It can be concluded that national interests drive a state to act in the international system. Constructivists and idealists are misplaced by believing that states act to restore order and justice in trouble regions. Somalia case would act as an example, where major powers are silent because they would not get anything by intervening. Kenya has been forced to intervene militarily because its national security is in danger. Tourists have been abducted more than once, which has greatly affected the tourism industry. It should not be forgotten that Kenya generates more than 20% of the total revenue from tourism. Al shabaab militiamen are therefore a threat to Kenyan interests. Gholz, Eugene and Daryl, Press. Protecting the Prize: Oil and the U.S. National Interest†. Security Studies, 19.3, 2010, 453-485. Milner, Helen. â€Å"Globalization, development, and international institutions: Normative and Positive Perspec tives†. Review Essay, 3.4, 2005, 833-854. Rosato, Sebastian. Europes Troubles: Power Politics and the State of the European Project.† International Security, 35.4, 2011, 45-86. Stone, Randall. How to Reform the IMF†. Current History, 109.730, 2010, 342-348. Wolf, Martin. Why Globalization Works. 1st ed. Sydney: Yale University Press, 2004.

Marketing Case Study Essay Example | Topics and Well Written Essays - 1000 words

Marketing Case Study - Essay Example Some of the most important issues concerned Gap’s segmentation and targeting strategies with view to market size, growth potential and appropriate marketing mix. Gap’s segmentation model is a combination of demographic, psychographic and to some extent geographic characteristics (Etzel et al, 2001). For example the GapKids and babyGap branches target market segments based on their age, whereas Old Navy targets consumers with limited incomes (p. 196) and whole families. Specific market segments, identified by Gap are based on: Income: lower income groups with annual income between $20,000 and $50,000 were initially targeted by Old Navy. This group comprises mostly of teenagers who represent a limited market potential for the company. Apparel products tend to be â€Å"commodity-like† (Datamonitor, 2005), and for most companies differentiation is based on competitive pricing strategies to win market share. In targeting market segments, Gap follows the â€Å"multiple-segment† model (Etzel et al, 2001), meaning that each market segment is targeted with a specific marketing mix. The Gap brand is targeted at the â€Å"20- to 30-year olds† (p. 196) who prefer the classic line of khaki pants and button-down shirts both for business and casual clothes. The positioning of the brand is further completed by the large assortment of colors and sizes for all-cotton apparel. The company’s attempt to reposition the Gap brand into the fashion-oriented segment lead to market share loss, because the company "alienated" (p. 196) their core customers and failed to attract the "fickle" (p. 197) teenage consumers. Repositioning back "to its roots", along with other measures, improved Gap’s market position in 2001. Banana Republic, which was acquired by Gap in 1983 (p. 196) was positioned as an upscale Gap, extending the previous adventurous positioning of the brand. Unlike Gap’s success in specialty clothes

Ice Lab Report Example | Topics and Well Written Essays - 500 words

Ice - Lab Report Example We kept the bottles in hot water until we heard the ice crack and it slid from the bottle. When ice slid from each bottle we immediately measured the height and diameter of each ice piece. Then we placed each piece of ice on a wire grate and noted which piece of ice had come from which bottle. We placed the wire grate with pieces of ice on it away from the wind and waited for the ice to melt and noted the time with the stop watch. Meanwhile we calculated the surface area of the cylindrical ice pieces using the formula 2rh + 2r2 ; where r is the radius and h is the height of each piece of ice. We have used the formula of a cylinder to find the surface area of all pieces of ice because all pieces of ice frozen in different medicinal bottles had assumed almost the same cylindrical shape but they all had different diameters. We then repeated the whole experiment three times using the same medicine bottles and noted the time taken for ice pieces to melt in each trial as follows Our experiment proved that the shape of a piece of ice affects its melting time. As can be seen in the table the greater the surface area of a piece of ice the smaller it's melting time.

Demand Elasticity of Luxury Automobiles Essay Example for Free

Demand Elasticity of Luxury Automobiles Essay 1. Introduction â€Å"As long as there is a society, there will always be fashion†. It was not surprised a fashion brands, especially a luxury fashion brands became a national treasure which effect the issues in business, political and social area in European countries. Since the Hermas established in 1837, a special development strategy model has formed and matured in European luxury group. Daniele de winter, the CEO of Daniele de Winter Cosmetics state that â€Å"the secret of successful fashion management is a complete blend of creative genius and business management acumen, skill and resourcefulness†. The develop strategy is the key issue for a successful luxury fashion company. With the development of economy and the increase of income, more and more luxury fashion companies expand their business into Asia- Pacific region, especially the Hong Kong and mainland China market. According to the annual report of Richemont, The Pinault-Printemps-Redoute (PPR), Hemes, Bulberry and other luxury fashion companies, the sale revenue of Asia- Pacific region accounts for more than 30% of the Group total revenue. The Change of Global Luxury Fashion Market The word â€Å"luxury† origin from Latin word â€Å"luxuria†, which means an item that â€Å"is expensive and enjoyable but no essential (Waite, 2012)†. In 186 BCE, the victory of army of Gnaeus Manlius Vulso brought such overseas luxury as bronze couches, and costly cloth spreads into Rome. For some Roman historians, the triumph of Vulso marked as the beginning of luxury industry in Europe. With the development of centres, modern luxury fashion industry has become a cross-sectors industry which offers high price goods and service for target consumers. However, in the space of two decades, the modern luxury market has changed beyond recognition. The narrow range of need and demand of target consumers and the exclusive- distribution channels, represented by French Fashion, have been replaced by a mass industry, accompanied by expansion brands with an affordable price by a wider range of consumers. Since the beginning of 1990s, the luxury industry has been recognised and restructured by designers and the fashion designers become the creator of art. According to the statistics from France Economic and Social Council in 2008 (France Economic and Social Council, 2008), with the strategy of â€Å"physical shop/ store† and expansion brands benefit seven million euros. Depending on the diversion and internationalisation, the luxury industry becomes an industry with wider consumers. For example, Hemes, managed by Jean-Louis Dumas, diversities their goods and creates new products. The French luxury manufacture gets a successful on brand art by purchasing crystal brand Saint Louis and Silversmith Puiforcat. Similarly, Richemont Family, the main competitor of French brand, also control numbers of brands, such as Carites, Baume Mercier and Van Cleef Arpells. The second change of luxury industry is the transformation from the handmade custom to industrial standardisation. Taking LVMH as example, there are three cores of product, as wines and spirit, luggage and leather, and fashion and perfume industry. The famous brands in luxury world, like as Moet Chandon, Loewe, Vuitton, Givenchy, Kenzo, Dior and Guerlain, standardise the products like other heavy industries. Along with the profit-seeking financial logic, the marketing and the product standardisation become the major notion with the concept of large-scale product. In the new centre, the concept of luxury industry and the demand of consumers are changing all the time. â€Å"Heritage and Prestige† is the landmark of lots of luxury brands and the enduring value of numbers of particular brands. Comparing with the old style luxury brand â€Å"which used to be a heritage brand† (Coste-Maniere, et al. , 2012), the new concept of luxury, developed by Louis Vuitton and Burberry, means accepted by more consumers. For the occasional customers, they just enjoy the â€Å"right of luxury† in physical store against with the traditional customer-exclusive. In the new era, increasing the number of customers buy the fashion product they could afford, rather than become the royal consumer due to the high price. Consequently, emphasis of consumer need and the competitive advantage means centralising the core value and expending brand boundary simultaneously. 2. 2 The Development Strategy Model of Luxury Fashion Brand The luxury fashion brand originate in European countries which have plentiful historical and cultural background. With the development of servial centres, the luxury fashion industry in European, American and Japanese have become mature and standarlisation. Under this circumstance, the strategy of luxury development in western countries centralize on the brand expansion, striving for the core products and development of brand reputation. 2. 2. 1 Brand Expansion: the Foundational Strategy Under the press of financial-seeking strategy and the changeable of luxury market, the old style luxury fashion brand faces the challenge of development in the mature market in traditional European, American and Japanese region. Under this circumstance, the expansion of brands has become the foundational strategy for a large number of luxury fashion corporates, which offer a new opportunity to stress the brand image, the most significant assets for a luxury fashion company. (Albrecht, et al. , 2013; Uggla Lashgari, 2012; Hoffmann Coste-Maniere, 2012)Many luxury companies breakthrough the traditional product boundary and expensed their business into new market segmentations. For instance, Louis Vuitton, beginning with luggage, invested in other creative spheres: ready-to-wear industry as well as jewellery market (LVMH, 2012), and Gucci, beginning with leather goods, developed all sets of fashion products including leather goods, shoes, ready-to-wear, watches, jewellery and other products. (PPR, 2012). Meanwhile, there are some companies expensed segments into non-traditional area. For example, the luxury jewellery manufacture Bulgari and Italian brand Versace started to offer hotel under their brand (LVMH, 2012) and Armani provide different products from books, furniture and chocolates to restaurants, bars and spas. The another Italian luxury brand, Roberro Cavalli, famous for its fashion apparel for young generation, offer wine and vodka as well as run coffee bar (The Cavalli Caffe) and club (The Cavalli Club). 2. 2. 2 Striving for the Core: The Product Strategy For a global corporate, it is common rules of development depend on the core production or service and then diversification. However, even as diversification, the excellence core production and the strongest sectors within the luxury brands continued to earn the majority of its profits from the traditional products. (Ahrendts, 2013; Beverland, 2005; Miller Mills, 2012). For luxury consumer, they expect to acquire a honorable brands and product so that they emphase on the value of core heritage. The leather goods, the core of Gucci Group, earn 59% of its revenue in 2012 (PPR, 2012). The iconic luggage is the tradition from the time corporate was founded and become the brand image of the LVMH Group. (LVMH, 2011) The turning of Burberry from a ageing British brand to a global luxury brand is a successful product strategy transition. Before 2006, through in a burgeoning global market. Burberry faced a low growth at a rate of 2 percentage every year and two competitors – LVMH and PPR had more than 12 times and 16 times Burberry’s sale revenue. By surving the sectors among Burberry products all over the world, the results indicate the outerwear, as the core, only accourted of 20% of Burberry’s global brand business. Figure 1: the Facts and Financial Statistics of Burberry (Resource from: Burberry, Yahoo Finance) [pic] After brainstorming and formalizing from the administrative board, the New Jersey factore which is making polo shirts was closed and invested in the Casteford factory in Yorkshire which make the heritage trech coat included traditional rainwear and exclusive waterproof gabardine. Burberry also hire Christopher Bailey as the global designer for innovation of core products. The facts and financial statistic of Burberry from 2006 to 2012 in Figure 1 showed that the decision to focus on the heritage opened up a wealth of creativity. By the end of 2012, the sale revenues and operating income had doubled than previous 5 years, achieving $3 billion and $600 billion respectively. (Burberry, 2007; Burberry, 2012) 2. 2. 3 The Brand Reputation: The Brand Strategy The brand is the most valuable part of luxury goods and the motivity of luxury consumption. Once separating from the luxury brand, the goods is the ordinary one. Every successful company sees the brand as the most valuable fortune. they use the advanced marketing logic and marketing operation to motivate the development, explore approaches to express the value and connotation of brands to luxury consumers and attract the royality of customers. As a tool of art, a carrier of history, and a spirit of classic, building-up a high quiality reputation is brand strategy for luxury companies. Since founded in 1847, Cartier, as one of the most established name in the jewellay market, is the reference of ture and timeless luxury. Designing by Cartier, the product distinguishes itself by the unique skills and excellence in design and execution. Nearly in 30 years, the extensive art activities are not competitive without the support by the Foundation Crtier pour l’Art Contemporain (Richemont, 2013). With the development of brand reputation, Cartier is the synonym of modern art and a pioneering approach. Meanwhile, most of luxury brands come from the centre of Renaissance 2. 3 The Features of Chinese Luxury Market Chinese market places the second place in the world of luxury consumption, surpassing the United States since 2008. Along with Japan, China is the strongest market with the increasing demand of 20 percentages. The consulting report from Glob Advantage estimate there are 18 thousand billionaires, 440 thousand multimillionaires and increasing the number of middle class achieving 250 million in 2015 in today’s China (Degen, 2009), which have the strong purchase power and need of luxury fashion industry. Even with the influence of the financial crisis, the sale revenue of luxury fashion in the mainland China rose by 16 percent, reaching about 64 billion RMB. The market research about Chinese market laid a foundation for the development and expansion strategy of luxury brands. The shifting attitudes to luxury brands, the greater sophistication of Chinese consumers and the new geographic markets have become the main features of Chinese luxury market. The three characteristics drive the global strategy of development for luxury brands. Figure 2. According to the survey of McKinsey Company (KPMG, 2013), with the rapidly increase of income, more and more Chinese consumers shifts the attitude to luxury and feel comfortable to purchasing luxury products. The rich consumers which income over 300,000 RMB continued occupy the majority of the luxury purchase. Meanwhile, the statistics show that, the upper middle class (between 100,000 RMB and 200,000 RMB), which account for 22% of luxury goods purchase by the end of 2015, as the Figure 2 suggested, offers the biggest new growth opportunity. 2. 3. 1 The increasing number of overseas travel. In the information era, Chinese consumers have become more sophisticated than before. With the surge in the number of luxury stores, fashion magazine, the Web official site and the use of social media, Chinese consumers familiar with the luxury brands with the help of Internet, overseas travel, and the first-hand experience. For example, the research result indicated that in the last 12 months, the Hong Kong, Taiwan, Macro and Europe become the main destinations of overseas luxury purchase. Figure 3: Where did you purchase your cosmetics in the last 12 months? (Resource from: Global Reach of China Luxury of KPMG) [pic] 2. 3. 2 The increase of new market segmentation The rapidly growth of urbanisation and individual wealth emerge large quantity of geographic markets with sizable pools of luxury-goods consumptions. The luxury purchase and sale revenue of some medium and small cities, such as Qingdao in Shandong province and Wuxi in Zhejiang province, tripled than the previous 5 years. In the following years, the luxury consumption in these medium and small cities will achieve the same level with Hangzhou and Nanjing, the most developed market in mainland China, the sale of which will arrive at RMB 500 million yuan and account for 76% of whole market. 2. 3. 3 The increasing of Counterfeit goods Love for luxury, preference for counterfeit is a unique phenomenon in luxury consumption in Chinese luxury market. According to a report entitled â€Å"Transnational Organized Crime in East Asia and the Pacific† from Office on Drugs and Crime, almost 70% of global counterfeits luxury goods come from China and the value of counterfeit luxury goods imported into traditional luxury market on the order of $25 billion annually. In a confusion society , the luxury consumption of Chinese consumers become more irrationally than western consumer, which depended on the extenral need rather internal need (Zhang Kim, 2013). For Chinese consumers, luxury brands are somethings â€Å"must to have† for them to reinforce their social status. however, the wealth gap between the rich and the poor in China is the largest all over the world, which offer the passion for consumption of luxury counterfeits. The young generation, aged 25 to 34 with limited budget for genuine luxury fashion goods, racked up nearly a quarter fo fake fanciers. 2. 4 The Passion for Luxury Consumption of Chinese consumers China is the second largest luxury market all over the world and attracting the attention of consumption of Chinese consumers. Under the influence of unique economic situation, cultural background and social factor, the behaviour of Chinese consumers in luxury fashion market have the distinctive characteristics. The bling factor influenced by economic situation, the saving face affected by the Confucianism and group orientation as the social factor drive the luxury consumption in Chinese fashion market. 2. 4. 1 The â€Å"Bling† Factor With the emerging of Internet, fashion magazines and social media, more and more Chinese consumers know the brands of luxury brands. However, the cultural concept and history of the luxury fashion brands are far away from numbers of Chinese luxury consumers. For many luxury fashion firms, there is not one typical luxury customer in China due to the different habits, different tastes and different income levels. The â€Å"bling† factor or following the whole market trend remains an important factor for the Chinese consumer in luxury fashion market. For example, according to luxury consumer report of Chinese market, almost 60 percent of the respondents in Tier 1 cities including Shenzhen, Guangzhou, Beijing, Shanghai and other Tier 2 cities, stated that the key drivers for luxury consumption is the willingness to pay a product that just is popular or fashionable goods. Exclusivity or unique is an important understanding of luxury brand for Chinese consumption. There are about one fifth of customers consider that they will pay the luxury goods that are known and appreciated by the minority rather than the famous one. In terms of China’s unique cultural background, the Chinese consumers consider luxury brand value influenced by Confucianism. In the concept of Confucian, the notion of â€Å"mianzi† is defined as a reputation â€Å"achieved through getting on in through success and ostentation†. (Hu, 1944; Dong Lee, 2007) The traditional cultural understanding and effecting about the face saving becomes the strongest and most conspicuous passion for luxury consumption, which means concerning about the impress to other and the visual display than the level of income. The Chinese consumer in luxury world trend to pay a premium product on the luxury brand rather than essential goods in daily life, due to strong desire and pressure of maintaining face. Taking the finding of KPMG as the example, comparing with the apparel, the stronger growth of market for fashion accessories is considerable. Nearly 40% of luxury consumers enjoy the luxury experiences and â€Å"the right of luxury† in a physical store/shop over purchases of luxury items. Overall, the face saving (saving mianzi) relates to the individual image of worth and reputation within a collectivism society. As the result, Chinese consumers are often careful not to lose face by standing out from the crowed when consuming luxury goods. The general strategy Although the market has its particular features, the development of luxury fashion strategy in Chinese luxury market is followed the general rules of luxury firms in global market. As the foundation strategy, the brand extension and production diversification also provide the base of the development in Chinese luxury market. The apparel, handbag, jewellery, fashion accessories and luxury servicers are offered in mainland China, especially in Tier 1 cities like Beijing, Shanghai, and Guangzhou. Promoting the sale revenue of the core products in mainland China, as the product strategy, enhances the brand awareness in Chinese market. Expanding the influence, luxury fashion firms invest large amount of money to popularize the brand reputation as a simple of elegance and grandeur as well as the means of fashion and art. The marketing strategy: raising brand awareness. Due to the lower brand awareness and lack of knowledge of brand value, the royalty of brand in Chinese market is lower than its in traditional European market. The special situation provides a strong externally powerful tool, which means not only expand the value of the luxury brand into a regular group of consumers, but also sway them making a purchase. In recent year, luxury fashion firm invest increasing the number of budget into Chinese market not only promote the brand awareness, but also help the consumers inform a notion about †luxury goods and luxury lifestyle† and why they should purchase luxury goods and luxury services. The brand building-up develop based not only the advertising on hard paper and television, also included the display on luxury goods exhibition and the customised publications. Nowadays, more and more luxury fashion goods exhibition held in Beijing, Shanghai and other cities, which offer a good opportunity for Chinese consumers to visit the luxury goods frequently displayed in store. Meanwhile, more and more consumers visiting the exhibition are not an onlooker. The localisation strategy The luxury fashion brand with high brand awareness contain the European and American culture and value which is living standard of high level, the product and design of high quality. Those values accepted by and attract young generation who trend to, however, it is not accepted by all Chinese consumers who have their own value. Respecting to Chinese traditional culture and integrated it into the product value is the essential of luxury fashion business in China. For example, Louis Vuitton setting Du Juan, the one of top Chinese model all over the world, and advertising as the Chinese image step one right place on direction and help western luxury fashion companies overcome the cultural barriers. This kind of strategy could build up strong attachments among Chinese consumers and help them accepted the unique characteristic of luxury fashion brands. The pricing strategy Price is one of the most significant signals in Chinese business world. For most Chinese consumers, price represented the value of luxury fashion goods. As a result, the luxury fashion products should not go on discount, no matter what the consumer is. The pricing strategy about goods, especially about core products, could bolster a brand’s prestige. For other items, companies could adjust the price according to the market condition and the inventory in order to long-term brand building. The retailing strategy A stupendous store belongs to the luxury fashion company located in the luxury area build up a sense of important and identified by the market. The luxury fashion positioning enhanced if the boutiques are visible to a lot of consumer in major fashion cities. The landmark stores opened in Chinese Tier 1 cities, such as Beijing, Hangzhou and Guangzhou, are the best locations to building the brand image and attracting the target customer groups. The commercial centres and shopping malls in luxury area are welcomed by most of fashion lovers, luxury followers and luxury intellectuals. Meanwhile, the investment on the landmark store is the best and effective way to generate profits and build-up brand royalty. In an Internet era, shopping online has become the major shopping way, especially for the young people. Although most luxury fashion companies have shied away from online channels due to the fearing that e-commerce might reduce the value of the luxury brand. However, for a long-term return and brand building, online platform provides not only a purchase channel, but also an information exchange channel between luxury fashion brand and Chinese consumers. With the developing of GDP and individual income of consumers, the global luxury fashion market and such the emerging market as China, have become the strategic focus of luxury market researcher and the consult company. This report attempts to identify development strategy of the luxury fashion brand, especially in mainland China market through the analysis of the change of global luxury fashion brand, overview of Chinese luxury market and the passion for luxury consumption. All those factors were identified depend on a comprehensive review of luxury fashion goods related researches and market consulting reports. The findings of this study provide a new insight of global and Chinese luxury fashion market for the consumers who interests the luxury fashion brand and a clear strategy guide for market managers of the luxury fashion firms, particular in the time of the company expand their business in mainland China. In addition, the study helps reduce the risks and costs of market research and helps the company overcome the huge gap in a multicultural business environment. First, the findings about the global luxury fashion market and the general development strategy in luxury fashion market all over the world indicated that the achieving the growth while remaining exclusive positioning, and attracting more consumers without losing cachet of brand value is the core strategy for every luxury corporates. The more loyal consumers may weaken due to the popular brands launched in the market because they choose pay a premium goods that majority and identified by small group. Consequently, the balance between growth and unique, the price and quality may be tougher in China than in any other market. However, customization develops quickly as the new trend of luxury fashion industry. The customizing activities have launched in different business sectors, but which is yet adopted by the luxury industry on a board. At presents, the customization just limited on the area of fashion accessories, apparel, handbags, and jewellery, and emphasising on customizing standard products, point of delivery customization and service and producing bespoke goods. Secondly, the increasing the number of consumers, overseas traveller, new market segments and the counterfeits goods have become the main features in the Chinese luxury fashion market in recent years. The features are important of stress the benefits of investment in mainland China. Based on the research findings, International marketers should setting extension strategy that is coherent with branding, merchandising and global image by serving China’s globetrotting shoppers, striking the balance between store numbers and quality and focusing anti-counterfeit goods. For Chinese globetrotting shoppers, the customer relationship management should emphasis global view rather than on mainland China. In the view of higher management board, the corporate organisational structure of the luxury fashion company should reflect the significant of Chinese market by sorting up the processes for generating direct communication between Chinese luxury consumers and the home headquarter. Based on the new market segmentation, the luxury company should upgrade current stores and outlets in order to keep consistent with the global image and emphasis on the business in Tier 1 cities. As the market statistics indicated that the luxury counterfeit goods have become the barriers for development in China, including seizing sale revenue and weakening brand value. Luxury fashion companies should co-operate with customs officials to seize fake goods at ports. Working with international national organisation or international associations should be the third path for anti-counterfeit activities. The co-operation should ranges from such international associations as World Intellectual Property to regional groups like US-focused International Anti-Counterfeits Coalition. Thirdly, the research findings about the passions for Chinese luxury fashion consumption indicated that the â€Å"bling† customers who lack of knowledge about luxury fashion goods or just following the trend account of a part of Chinese luxury consumers. Besides that, Chinese luxury consumption deeply influenced by saving faces and group orientation, which are the part of traditional Confusion value. Targeting different drivers of luxury consumption, managers should have different strategies. For the bling customers, the global luxury firms should invest in improving the brand awareness and expanding the brand value, which could offer a global opportunity to attracting potential customers and building loyalty and repeat customer groups. For the consumers who care about saving face, International luxury fashion markers should draw the outline of visual and outward appearance of rank and status when unfolding their marketing activities. Meanwhile, the companies should emphasise the brand’s country of origin, so the Chinese consumers have the confident to identified and distinguished with other mass products. In addition, the package of luxury goods also need to be recognisable in order to fit the moderate and lifestyle associated with Chinese consumers. Furthermore, in light of the results about group orientation, the management board company should stress the profit of luxury fashion goods as a symbol of social marker and the sale assistants inspire consumer purchases because of the goods could generate a sense of group belonging and conformity of the elite. Due to the group belonging, a special attention should be given to the layout of the physical store and the luxury service of sale staff. No matter who is the consumer, friends will be involved during the decision making process and become potential consumers in the future. Proving high-quality services and creating luxury experience for non-buyers also benefit for making sure that the brand accepted by group and that the consumer does not stand out from others. Finally, about the current expansion strategy in mainland China market, most of luxury fashion companies emphasis the strategy on marking, localization, pricing and retailing coherent with the global business aims. Raising brand awareness and expressing the luxury lifestyle lay the foundation of marketing strategy. In order to respect to Chinese traditional culture, luxury brands should integrate Chinese culture and art into design, package, and store layout of products, which accepted easily by Chinese consumers in different social class. Meanwhile, the research findings indicated that the price is the most important factor which influenced Chinese luxury consumption. Luxury marketers should balance the price between Chinese market and overseas. As for the retailing strategy, the luxury brand stresses the developing of boutiques store and the setting up online distribution channels. However, there are several special attention should be given to price gap between China and overseas, and the online distribution channels. On one hand, comparing with that rarely go on discount in mainland China, the luxury fashion goods is often at a discount at overseas, especially for the non-core products and in the time of Christmas or Summer Sale. On the other hand, the high rate of tax and fees raise up the price of luxury fashion goods in mainland China. According to the law and regulations in China, a luxury fashion goods, such as the eye cream of Estee Lauder native to the UK, is imported into Chinese market with 10% import tariff, 30% consumption tax, 5% sales tax and 17% value-add tax. Including the managing fees, advertising costs and other issues, the price of the eye cream is double in the UK. In the respect of the luxury company, the appreciate discount in Chinese market could promote the desire of consumption and boost the sale revenue; in the respect of tax policy makers in mainland China, reducing the rate of import tariff and consumption tax of international luxury fashion goods could Finally, luxury fashion goods, as a subject of nature, play different or scenarios, different income level, education background, and social – economic factors, as well as exam the type of relationship that seek from luxury fashion brands. On the view of passions for luxury consumption, there are many other drivers, such as collection, appreciation, should take the consideration into further research.

An Analysis of Frosts Tree at my Window Essay example -- Tree at my W

  An Analysis of Frost's "Tree at my Window"  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚        Ã‚   The poem "Tree at my Window" was written by Robert Frost, an America poet who was born in 1874 and died in 1963 (DiYanni 624). The narrator in this poem appears to be speaking to the "tree at my window"; then, repeating the phrase in reverse order, he calls it the "window tree," as if to emphasize the location and nearness of the tree. Calling the tree a "window tree," might also suggest that this tree is something he sees through, perhaps to some higher truth, to something beyond the mere physical presence of the tree.    As night approaches, the "sash" or movable portion of the window is lowered, perhaps to prevent the air, cooled from lack of the sun's warmth, from entering the house (Webster 1026). The narrator continues, "But let there never be curtain drawn / Between you and me." Literally, this statement could imply that he does not want a drape to cover the window betwen them. A sense of foreboding arises if one looks at additional definitions. "Curtain" can refer to death and "drawn" can refer to being brought about by inducement or being allured (Webster 280, 346).    The narrator begins the second stanza mentioning a dream that is unclear. He then stops short and continues, seemingly describing the appearance of the tree. Referring to "head lifted out of the ground, / Not all your light tonuges taliking aloud / could be profound." Perhaps the speaker could be describing the vastness of the tree's height and width along with the magnitude of leaves. Comparing tongues to leaves is a possibility because, as the wind rushes through them, it causes a distinct sound. The speaker may even believe that the tree has insight to his feelings (Webster ... ...four, the speaker compares "outer" and "inner" lives.    "Tree at my Window" contains descriptions and comparisons that almost bring an image to one's mind. Perhaps I have been able to relate to this poem because I have often looked out of the window at the trees and mountains in the distance and contemplated some dilemma. Perhaps we could all learn from nature not to be so anxious about things that in the long run run do not really even matter.    Works Cited Cox, James, M. Robert Frost: A Collection of Critical Essays. New Jersey: Prentice-Hall, 1962. DiYanni, Robert. Literature: Reading Fiction, Poetry, Drama, and the Essay. New York: McGraw-Hill, 1994. Thompson, Lawrence. Robert Frost: The Early Years 1874-1915 New York: Holt, Rinehart and Winston, 1966. Webster's New Collegiate Dictionary. Massachusetts: G&C Merriam, 1977.   

The Present Scenario of Smes in Bangladesh

Assignment On The Present Scenario of SMEs in Bangladesh The Report Presented to the Faculty of Business Administration in Partial Fulfillment of the Requirements for Degree of Bachelor of Business Administration Submitted To Dr. A K H Helaluz Zaman Course Instructor Faculty of Business, ASA University Bangladesh (ASAUB) Course Title: Entrepreneurship Development Course Code: MGT-321 Submitted By Name | ID| Section| Al-amin| 101-12-0054| 9B| Md. Alauddin Al Mahdi| 101-12-0064| 9B| Hyder Hossain| 101-12-0062| 9B| Nilufa Yesmin| 101-12-0067| 9B| Rashiduzzaman| 093-12-0035| 9B| ASA University Bangladesh (ASAUB) Date: 07 August 2012 ———————————————— Letter of Transmittal Date: 07/08/2012 To Dr. A K H Helaluz Zaman Course instructor Faculty of Business, ASA University Bangladesh (ASAUB) Subject: Submission of the Group Assignment . Sir, It is our pleasure to submit the report on â€Å"The Present Scenario of SMEs in Bangladesh† as a part of our course â€Å"Entrepreneurship Development† We have enjoyed preparing this assignment which enriched our practical knowledge of the theoretical concept. We tried to reflect the practical operational aspects of the organization which is complementary to the theoretical lessons.Should you need any further information to evaluate the assignment, it would be our immense pleasure to furnish you the same. Sincerely Yours Name| ID| Section| Signature| Al-amin| 101-12-0054| 9B| | Md. Alauddin Al Mahdi| 101-12-0064| 9B| | Hyder Hossain| 101-12-0062| 9B| | Nilufa Yesmin| 101-12-0067| 9B| | Rashiduzzaman| 093-12-0035| 9B| | ————————————————- ————————————————- Acknowledgement Preparing this term paper on â€Å"The Present Scenario of SMEs in Bangladesh† was a wonderful experience for our. At fast we would like to thank almighty Allah to carry on our work.We would like to thank our faculty member, Dr. A K H Helaluz Zaman , course instructor, Faculty of Business ASA University Bangladesh for giving our this opportunity as well as for his constant guidance and support. Finally we would like to thank our family for supporting our courage to carry on our work. It was a practical experience for us. Executive Summary Bangladesh is s developing country. Its per capita income is only $750 and per capita GDP is $684 and present GDP growth rate is 6%. Most of the people are living in the below of poverty line. Poverty as like as curse for our country.To remove poverty government and other organization such as NGOs, Bank has taken many steps. Bangladesh Government has taken Millennium Development Goals (MDGs) programs that first goals is eradicate extreme poverty and hunger. Th ey also have written Poverty Reduction Strategy paper (PRSP) to remove poverty. To achieve the committed MDGs and PRSP, Bangladesh must strive to expend employment creation opportunities very rapidly. For this government have formed SMEs Foundation. SMEs means Small and Medium enterprises, it can be defined as enterprises which have at most 250 employees and an annual turnover not exceeding 50 million Euros.Further there is the distinction of Small enterprise- they fewer than 50 staff members and less than 10 million Euros turnover- and micro- enterprises (less than 10 persons and 2 million Euros turnover). Different countries and organizations define SME differently. The government of Bangladesh has categorized SME into two broad classes (a) manufacturing enterprise and (b) non manufacturing activities. Manufacturing enterprises can be divided into two categories (a) Small enterprise and (b) Medium enterprise.Non-manufacturing activities also can be divided into two categories (a) Small enterprise and (b) Medium enterprise. According to Bangladesh Bureau of Statistics different enterprises are defined as Micro industry that number of employees is 0-9, small has 10-49 employees, Medium has 50-99 employees and Large above 99 employees. To complete this assignment we have collected data from the secondary source such as internet, books, journal etc. The objectives of the study are to appraise the present situation of SME in Bangladesh, to identify the problems of SME in Bangladesh and recommend solutions to overcome the problems.Small and Medium Enterprises (SMEs), by producing exportable surpluses of commodities together with local value additions and creation of employment opportunities, can make significant contribution to the economy of Bangladesh. Although financing of SMEs in off-farm rural economic activities are largely dependent on equity financing from personal and family savings, currently banks and financial institutions are also coming forward to pr ovide finance to this sector. As the large potential of employment generation by SMEs has attracted attention of the policy makers, a range of initiatives for channeling loans to SMEs are being taken.The Government has taken up programs to provide financial assistance to expand SMEs through commercial banks. Alongside the disbursement of loans, since FY2004-05, Bangladesh Bank has taken up a scheme of Tk. 100 crore for refinancing the scheduled banks and financial institutions as revolving fund. Recently, the scheme has been widened with an enhanced allocation of Tk. 600 crore. Up to June 2009, Tk. 716. 44 crore and up to December 2009 Tk. 853. 15 has been disbursed among 17 scheduled banks and 21financial institutions for refinancing potential entrepreneurs.In addition to this, IDA has provided US$10 million and the Government of Bangladesh has provided Tk. 112. 32 crore through ‘Enterprises Growth and Bank Modernization Project (EGBMP)’. With the stipulated revolving fund of Tk. 224. 50 crore up to June 2009 and Tk. 244. 14 crore up to December 2009 refinancing facilities among 2541 potential entrepreneurs have been provided to 15 schedule banks and 14 financial institutions. Moreover, in an attempt to provide incentives to the sector, ADB has been providing an additional US$30 million to Bangladesh Bank and Tk. 34. 94 up to December 2009 refinancing facilities among 3264 potential entrepreneurs have been provided to 9 schedule banks and 7 financial institutions. These resources would contribute both in employment generation as well as in enhancing the purchasing power of the poor. It is found that micro enterprises run by up to 10 workers contribute the most which is 86% of the total contribution from SMEs to GDP of Bangladesh. It is also observed that micro enterprises run by more than 21 workers contribute about 7% of total contribution from SME to GDP of Bangladesh.It is reflected from the table that manufacturing sector contributes the high est contribution in GDP i. e. , 38%. It is also observed from the table that agriculture and wholesale and retail sector contribute more than 22 percent in the GDP of Bangladesh. We also show the growth pattern of SME. It is observed that during 2001-2002 to 2004-2005 in every financial year the growth rate of SME is about 7%. In 2005-2006 the growth rate was 9. 21%. The highest growth was in 2006-2007 i. e. 10. 28%. Quantum Index of Production for Medium to Large Scale Manufacturing Industries in 2009-10 is 431. 51.We also found some major problems these are Resource scarcity, High employee turnover, Absence of modern technology, Poor physical infrastructure, Financial constraints, Lack of uniform definition, Lack of information, Lack of entrepreneurship skills, Participation of women entrepreneurs, Access to Market and lack of awareness regarding the importance of marketing tool, Bureaucracy, Absence of transparent legal system, Lack of commitment to innovation and customer satisf action, Lack of quality assurance, Lack of research and development facilities, Fierce competition with the cheaper foreign goods.We also provide some recommendation that mention in the Recommendation chapter. At last we conclusion our assignment on the conclusion chapter. Small and medium enterprises (SMEs) act as a vital player for the economic growth, poverty alleviation and rapid industrialization of the developing countries like Bangladesh. SMEs are significant in underlying country’s economic growth, employment generation and accelerated industrialization. Government of Bangladesh has highlighted the importance of SME in the Industrial Policy-2005.SME has identified by the Ministry of Industries as a ‘thrust sector’. As the SME sector is labor intensive, it can create more employment opportunities. For this reason government of Bangladesh has recognized SME as a poverty alleviation tool. SME also foster the development of entrepreneurial skills and innovati on. Along with poverty alleviation SME can reduce the urban migration and increased cash flow in rural areas. As a result it will enhance the standard of living in rural areas. Performance of SMEs in Bangladesh is significantly found below the level of international standard.Although government of Bangladesh has taken some initiative to ensure the growth of SME but those steps are not enough at all. Keywords: SME, Finance, Employee, Capital Table of Contents Contents Pages Title Fly†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 1 Title Page†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦2 Letter of Transmittal†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦. 3 Acknowledgement†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦4 Executive Summary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ (5-7) Table of Contents†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦8 Chapter NameChapter 1 Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ (9-15) Chapter 2 Methodology†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦16 Chapter 3 Analysis and Interpret Data†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ (17-27) Chapter 4 Findings and Results†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ (28-30) Chapter 5 Recommendations†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦ (31-32) Chapter 6 Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦.. 33 References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦34 Chapter 1 Introduction Bangladesh is a developing country. Its per capita income is very low and its $750 and per capita GDP is $684. Its present GDP is 6%. Bangladesh economic review, 2009-10) Most of the people are living in the below of poverty line. Poverty is the main problem of our country. To remove poverty government has taken many steps such as Millennium Develop Goals, writing Poverty Reduction Strategy Paper (PRSP) etc. To achieve the committed Millennium Development Goals (MDGs) of 2015 or the targets of the National Strategy for Econom ic Growth, Poverty Reduction and Social Development, commonly known as the Poverty Reduction Strategy Paper (PRSP), the development process of Bangladesh must strive to expand employment creation opportunities very rapidly.The MDGs reflect the actions and targets contained in the Millennium Declaration that was adopted by 189 nations during the UN Millennium Summit in September 2000. Bangladesh has made noteworthy progress in the attainment of MDGs during 1990-2000. Bangladesh advancement towards MDGs is evident in human development, for example attainment of gender parity in primary and secondary school enrolment. Mid-way through to the 2015 target of MDGs attainment, Bangladesh has covered significant grounds and can safely be said to be on track in relation to most of the targets.A midterm review of progress at the aggregate level shows that Bangladesh is making progressive strides in reducing poverty, already bringing down the poverty gap ratio to 9 against 2015 target of 8 with the rate of poverty reduction being 1. 34 percent in relation to the required rate of 1. 23 percent. The main goals are as following: Goal 1: Eradicate Extreme Poverty and Hunger Goal 2: Achieve Universal Primary Education Goal 3: Promote gender equity and Empower women Goal 4: Reduce Child Mortality Goal 5: Improve Maternal Health Goal 6: Combat HIV/AIDS, malaria and other diseasesGoal 7: Ensure environmental sustainability Goal 8: Develop a global partnership for development The scope of additional absorption of labor in agriculture being somewhat limited, the best potential for this lies in the manufacturing sector. To create job space government founded SME Foundation that provide loan and help to established small and medium enterprise. In the context of Bangladesh, the development of Small and Medium Enterprises (SMEs) can be considered as a vital instrument for poverty alleviation and ensure the rapid industrialization.In this paper we have tried to identify the problems of SMEs of Bangladesh. The performance of SMEs of Bangladesh especially in terms of employee turnover rate, quality assurance, allocation of funds, marketing activities have been found significantly below the international standard. The sector gets negligible support from government. The rate of development of SME is not up to the expectation. In order to overcome the problems a few suggestions for the development of SMEs are given by us. 1. 1 Scope and Delimitation of the Study This topic SMEs is a very important in the context of Bangladesh.It help us the gather practical experience and we are to know that the role of SMEs, Problems, prospective and their solution. But we have some limitation; it is we are collected data from secondary source, basically internet using. We do not conduct face to face interview because, time was not enough for us to prepare this assignment. If we got enough time we think it will be help to prepare our assignment. 1. 2 Objectives of the Study In this pa per we have tried to identify the factors that influence the development and growth of the SME sector of Bangladesh. Thus the specific bjectives of the study are as follows: * To appraise the present situation of SME in Bangladesh. * To identify the problems of SME in Bangladesh. * To recommend solutions to overcome the problems. 1. 3 SME Definition SME: around the world According to the European Union (2003) SMEs are defined as enterprises which have at most 250 employees and an annual turnover not exceeding 50 million Euros. Further there is the distinction of small enterprises — they have fewer than 50 staff members and less than 10 million Euros turnover — and micro-enterprises (less than 10 persons and 2 million Euros turnover).According to the World Bank (2006) medium enterprises are defined as enterprises which have at most 300 employees and an annual turnover not exceeding 15 million US dollars. Further there is the distinction of small enterprises — the y have fewer than 50 staff members and up to 3 million US dollars turnover — and micro-enterprises have up to 10 persons and $100,000 turnover. In the UK, sections 382 and 465 of the Companies Act 2006 define a SME for the purpose of accounting requirements. According to this a small company is one that has a turnover of not more than ? . 6 million, a balance sheet total of not more than ? 2. 8 million and not more than 50 employees. A medium-sized company has a turnover of not more than ? 22. 8 million, a balance sheet total of not more than ? 11. 4 million and not more than 250 employees. It is worth noting that even within the UK this definition is not universally applied. In the USA, the definition of small business is set by a government department called the Small Business Administration (SBA) Size Standards Office.The SBA uses the term â€Å"size standards† to indicate the largest a concern can be in order to still be considered a small business, and therefore a ble to benefit from small business targeted funding. The concern cannot be dominant in its field, on a national basis. It must also be independently owned and operated. Unlike the UK and the European Union which have simple definitions applied to all industries, the US has chosen to set size standards for each individual NAICS coded industry. This variation is intended to reflect industry differences in a better way. The ost common size standards are 500 employees for most manufacturing and mining industries 100 employees for wholesale trade industries $6 million of annual receipts for most retail and service industries $28. 5 million of annual receipts for most general & heavy construction industries $12 million of receipts for all special trade contractors $0. 75 million of receipts for most agricultural industries. Breaking down the SME definition, Industry Canada defines a small business as one that has fewer than 100 employees (if the business is a goods-producing business) or fewer than 50 employees (if the business is a service-based business).A firm that has more employees than these cut-offs but fewer than 500 employees is classified as a medium-sized business. (www. about. com) In India the Small Scale Industries (SSIs) are industrial undertaking in which the investment in fixed assets in plant and machinery, whether held on ownership terms or on lease or by hire purchase does not exceed Rs. 10 million. The Small Scale Service And Business (Industry related) Enterprises (SSSBEs) are industry related service and business enterprises with investment in fixed assets, excluding land and building up to Ps. million. (Ministry of trade and Industry, Government of India) According to the SME bank of Pakistan, SME means an entity, ideally not a public limited company, which does not employ more than 205 persons (if it is manufacturing concern) and 50 persons (if it is trading/service concern) and also fulfils the following criteria of either ‘a’ and ‘c’ and ‘c’ or ‘b’ and ‘c’ as relevant; (a) A trading/service concern with total assets at cost excluding land and buildings up to Rs 50 million. b) A manufacturing concern with total assets at excluding land and buildings up to Rs 100 million. (c) Any concern (trading, service or manufacturing) with net sales not exceeding Rs 300 million as per latest financial statements. 1. 4 SME in Bangladesh Different countries and organizations define SME differently. The Government of Bangladesh has categorized SME into two broad classes 1. Manufacturing enterprise 2. Non Manufacturing activitiesManufacturing enterprise: Manufacturing enterprises can be divided into two categories; 1. Small enterprise: Small enterprise is an enterprise would be treated as small if, in current market prices, the replacement cost of plant, machinery and other parts/components, fixtures, support utility, and associated technical services by way of capitaliz ed costs (of turn-key consultancy services, for example), etc, excluding land and building, were to up to Tk. 15 million. 2.Medium enterprise: Medium enterprise an enterprise would be treated as medium if, in current market prices, the replacement cost of plant, machinery and other parts/components, fixtures, support utility, and associated technical services by way of capitalized costs (of turn-key consultancy services, for example), etc, excluding land and building, were to up to Tk. 100 million. Non-manufacturing activities (such as trading or other services): Non-manufacturing activities can be divided into two categories; 1.Small enterprise: Small enterprise is an enterprise should be treated as small if it has less than 25 workers, in full-time equivalents. 2. Medium enterprise: Medium enterprise an enterprise should be treated as small if it has between 25 and 100 employees. According to Bangladesh Bureau of Statistics different enterprises are defined as: Name of Industry| N o. of employees| Micro| 0-9| Small| 10-49| Medium| 50-99| Large| Above 99| The Ministry of Industries, Government of Bangladesh has been identified following 11 booster sectors: 1.Electronics and electrical 2. Software-development 3. Light engineering and metal-working 4. Agro-processing/agro-business/plantation agriculture/ specialist farming/tissue-culture 5. Leather-making and leather goods 6. Knitwear and ready-made garments 7. Plastics and other synthetics 8. Healthcare & diagnostics 9. Educational services 10. Pharmaceuticals/cosmetics/toiletries 11. Fashion-rich personal effects, wear and consumption goods. 1. 5 Literature ReviewWith respect to the SME sector of Bangladesh, foreign and national experts undertook some studies. Some of the notable ones are; Uddin (2008), Chowdhury (2007), Miah (2007), Ahmed (2006), MIDAS (2004), ICG (2003), Hallberg (2002). Uddin (2008) has stated that the economic efficiency and overall performance of the SMEs especially in the developing coun tries are considerably dependent upon macroeconomic policy environment and specific promotion policies pursued for their benefit.Chowdhury (2007) highlighted that in context of Bangladesh SME is characterized by Low capitalization and limited assets, geographical diversity and high mortality, poor credit knowledge, very limited access to formal source of credit, cash intensity in transactions, very limited record keeping habit, poor financial disclosure on account of tax issues, high risk perception has led to high borrowing costs.In a study about SME sector of Bangladesh Miah (2007) stated that the major constraints for SMEs are lack of adequate investment, lack of modern technology, high rate of interest on bank loans, irregular/inadequate supply of power, poor physical infrastructure and high transportation cost, poor information about market opportunities and requirements, inadequate availability of raw materials, lack of skilled technicians and workers, lack of research & devel opment facilities, fierce competition, absence of effective and transparent legal system, difficulties in accessing technology, credit constraints, low access to business services, constraint of quality of human resources, low awareness, low lobbying capacity, rapid changes in policy environment. Ahmed (2006) observed that availability of finance is a major constraint to formation and growth of SMEs in Bangladesh.Banks are reluctant to expand their SME credit portfolio because they do not consider SME lending an attractive and profitable undertaking. This is so because SMEs are regarded as high risk borrowers because of their low capitalization, insufficient assets and their inability to comply with collateral requirements of the banks. Administrative costs are also higher because close monitoring and supervision the SME operation becomes necessary. A study (2004) by Micro Industries Development Assistance and Services (MIDAS) revealed that sources of finance are mostly friends and family member in case of SME. MIDAS tried to identify the sources of funds of SMEs. These are: Table-1: Survey Result of MIDAS Source of Funds| Percentage of Finance| Informal sector| 41%|Family members| 20% (interest free)| 4% (with interest)| | NGO| 17%| Bank| 18%| According to Hallberg (2002), a stable macro-economy, an open trade and investment regime, and a competitive financial sector are argued to be most essential ingredients for a vibrant private sector. But with a law and order situation below the optimum level, corruption well above the level of acceptance and unstable political situation, the domestic environment of Bangladesh does not come to any help, rather hinders the prosperity of SME in this country. Chapter 2 Methodology This is basically a library research. Most of the data have been collected from secondary sources.So the research work has been based on published information and data available in any form such as books, journals, magazines, newspapers etc. devot ed to SME sector. Secondary information has been collected from Ministry of Industries, SME foundation, Bangladesh Bureau of Statistics, MIDAS, and Financial Institutions and from other SME related organizations. Relevant articles and literature in this context has also consulted. In this article we have analyzed the data of last six years of SMEs of Bangladesh. We have tried to analyze the performances of SMEs by applying simple statistical analysis i. e. , growth percentage, average etc. Chapter 3 Analysis and Interpret Data 3. Small and Medium Enterprises (SMEs) Small and Medium Enterprises (SMEs), by producing exportable surpluses of commodities together with local value additions and creation of employment opportunities, can make significant contribution to the economy of Bangladesh. Although financing of SMEs in off-farm rural economic activities are largely dependent on equity financing from personal and family savings, currently banks and financial institutions are also comi ng forward to provide finance to this sector. As the large potential of employment generation by SMEs has attracted attention of the policy makers, a range of initiatives for channeling loans to SMEs are being taken.The Government has taken up programs to provide financial assistance to expand SMEs through commercial banks. Alongside the disbursement of loans, since FY2004-05, Bangladesh Bank has taken up a scheme of Tk. 100 crore for refinancing the scheduled banks and financial institutions as revolving fund. Recently, the scheme has been widened with an enhanced allocation of Tk. 600 crore. Up to June 2009, Tk. 716. 44 crore and up to December 2009 Tk. 853. 15 has been disbursed among 17 scheduled banks and 21financial institutions for refinancing potential entrepreneurs. In addition to this, IDA has provided US$10 million and the Government of Bangladesh has provided Tk. 112. 32 crore through ‘Enterprises Growth and Bank Modernization Project (EGBMP)’.With the stipu lated revolving fund of Tk. 224. 50 crore up to June 2009 and Tk. 244. 14 crore up to December 2009 refinancing facilities among 2541 potential entrepreneurs have been provided to 15 schedule banks and 14 financial institutions. Moreover, in an attempt to provide incentives to the sector, ADB has been providing an additional US$30 million to Bangladesh Bank and Tk. 334. 94 up to December 2009 refinancing facilities among 3264 potential entrepreneurs have been provided to 9 schedule banks and 7 financial institutions. These resources would contribute both in employment generation as well as in enhancing the purchasing power of the poor.Detailed refinancing of Bangladesh Bank to various financial institutions and banks is shown at Table. Table-2: Summary Information on SME refinancing (up to June 2009)* Refinancing Source| Amount refinanced (in crore Taka)| No. of Beneficiary Enterprises| | Working Capital| Mid Term Loan| Long Term Loan| Total loan| Industrial Loan| Commercial Loan| S ervice| Total| Bangladesh Bank| 178. 48| 336. 40| 201. 56| 716. 44| 1724| 4150| 1127| 7001| IDA| 61. 51| 96. 40| 66. 59| 224. 50| 899| 1220| 358| 2477| ADB| 138. 68| 112. 82| 52. 75| 304. 25| 728| 1864| 331| 2923| Total| 378. 68| 545. 62| 320. 90| 1245. 20| 3351| 7234| 1816| 12401| (*Source: Bangladesh Economic Review 2008-0, Chapter 8, Industry)Table-3: Summary Information on SME Refinancing from Bangladesh Bank (up to June 2009)* (*Source: Bangladesh Economic Review 2009-2010) Table-4: Summary information on SME Refinancing from IDA (up to June 2009)* (*Source: Bangladesh Bank & Bangladesh Economic Review 2009-2010) Table-5: Summary Information on SME Refinancing from ADB (up to June 2009)* *(Source: Bangladesh Bank & Bangladesh Economic Review 2010) Table 8. 3 shows that up to June 2009, Bangladesh Bank and IDA have distributed Tk. 940. 94 crore as refinancing to 17 banks and 22 non-bank financial institutions. It may be mentioned that the fund has been disbursed (by the mentione d banks and financial institutions) to a total of 9478 SMEs earlier as loan. Out of the total loan, Tk. 239. 9 crore has been provided as working capital, Tk. 432. 79 crore as medium-term loan and Tk. 268. 15 crore as long-term loan. Table-6: Summary Information on SME refinancing (up to 31, March 2010)* | RefinancingSource| Amount of Refinancing (In Tk. Crore)| Number of financing enterprise (Sector wise)| | | Working capital| Mid term loan| Long term loan| Total loan| Industrial loan| Commercial loan| Service| Total| 1. | Bangladesh Bank Fund| 224. 80| 493. 79| 235. 70| 954. 28| 2443| 5844| 1537| 9824| 2| IDA Fund| 63. 71| 100. 74| 87. 26| 251. 71| 924| 1258| 402| 2584| 3| ADB Fund| 144. 48| 132. 27| 58. 19| 334. 94| 800| 2096| 368| 3264| | Total| 432. 99| 726. 80| 381. 15| 1540. 8| 4167| 9198| 2307| 15672| *(Source: Bangladesh Bank & Bangladesh Economic Review 2009-10, Chapter 8, Industry) Table-7: Summary information on SME Refinancing from Bangladesh Bank (up to June 2010)* | N ame of Banks/FIs Refinanced| Amount of Refinancing (In Tk. Crore)| No. of Beneficiary enterprises (Sector wise)| | | Working capital| Mid term loan| Long term loan| Total loan| Industrial loan| Commercial loan| Service| Total| 1. | Private banks(17)| 201. 43| 226. 43| 65. 98| 493. 84| 1257| 4469| 562| 6288| 2| Financing Institutes (22)| 23. 37| 267. 35| 169. 72| 460. 45| 1186| 1375| 975| 3536| | Total| 224. 80| 493. 79| 235. 70| 954. 8| 2883| 5844| 1537| 9824| *(Source: Bangladesh Bank & Bangladesh Economic Review 2009-10, Chapter 8, Industry) Table-8: Summary information on SME Refinancing from IDA (Up to June 2010)* | Name of Banks/FIs Refinanced| Amount of Refinancing (In Tk. Crore)| No. of Beneficiary enterprises (Sector wise)| | | Working capital| Mid term loan| Long term loan| Total loan| Industrial loan| Commercial loan| Service| Total| 1. | Private banks(15)| 57. 48| 67. 07| 24. 73| 149. 27| 688| 1167| 79| 1934| 2| Financing Institutes (14)| 6. 23| 33. 67| 62. 53| 102. 44| 2 36| 91| 323| 650| | Total| 63. 71| 100. 74| 87. 26| 251. 71| 924| 1258| 402| 2584| *(Source: Bangladesh Bank & Bangladesh Economic Review 2009-10, Chapter 8, Industry) Table-9: Summary information on SME Refinancing from ADB (Up to June 2010)* | Name of Banks/FIs Refinanced| Amount of Refinancing (In Tk.Crore)| No. of Beneficiary enterprises (Sector wise)| | | Working capital| Mid term loan| Long term loan| Total loan| Industrial loan| Commercial loan| Service| Total| 1. | Private banks(9)| 144. 32| 90. 95| 34. 17| 269. 44| 657| 1893| 155| 2705| 2| Financing Institutes (7)| 0. 16| 41. 32| 24. 02| 65. 50| 143| 203| 213| 559| | Total| 144. 48| 132. 27| 58. 19| 334. 94| 800| 2096| 368| 3268| *(Source: Bangladesh Bank & Bangladesh Economic Review 2009-10, Chapter 8, Industry) Table 8. 3 shows that up to March 2010, Bangladesh Bank and IDA have distributed Tk. 1205. 99 crore as refinancing to 17 banks and 22 non-bank financial institutions.It may be mentioned that the fund has been disbu rsed (by the mentioned banks and financial institutions) to a total of 12408 SMEs earlier as loan. Out of the total loan, Tk. 272. 70 crore has been provided as working capital, Tk. 519. 79 crore as medium-term loan and Tk. 304. 80 crore as long-term loan. 3. 2 Present Scenario of SME In 2003 the International Consultancy Group (ICG) of the UK, in collaboration with the Micro Industries Development Assistance and Services (MIDAS), conducted the National Private Sector Survey of Enterprises in Bangladesh. The survey results drew the conclusion that there were approximately 6 million Small and Medium Enterprises (SMEs), which included enterprises with p to 100 workers employing a total of 31 million people, equivalent to 40 per cent of the population of the country of age 15 years and above. The survey also found that the industrial structure of SMEs consisted of primarily wholesale and retail trade and repairs (40 per cent), production and sale of agricultural goods (22 percent), ser vices (15 percent), and manufacturing only (14 per cent). Thus the survey brought out the fact that the large untapped potential for expansion in manufacture and production could be exploited (or contributing more significantly to the national economy. Another vital findings of the survey under discussion was that SMEs contributed BDT 741 ($ 12. 5) billion i. e. early 25 per cent of the GDP (BDT 2,996 billion) in 2003. It is reflected from this survey that enterprises employing 2-5 workers contribute 51 percent share of the total SME contribution to the economy, followed by 26 percent by those having only one worker and 10 per cent by those having 6-10 workers. For LDCs like Bangladesh, SMEs are a highly cost-effective route for industrial development. It is observed from Table-1 that micro enterprises run by up to 10 workers contribute the most which is 86% of the total contribution from SMEs to GDP of Bangladesh. It is also observed that micro enterprises run by more than 21 worke rs contribute about 7% of total contribution from SME to GDP of Bangladesh.Table-10: Sectors wise contribution of SME in GDP of Bangladesh (Taka)* Sectors| Total contribution to GDP (Taka)| Percent of total Contribution| Agriculture| 177,729,637,637| 24%| Fishing| 32,872,674,464| 4%| Manufacturing| 282,344,700,575| 38%| Construction| 7,196,460,200| 1%| Wholesale and Retail trade and Repairs| 171,335,861,390| 23%| Hotels and restaurants| 28,599,263,975| 3%| Transport, Storage and Communication| 8,950,171,356| 1%| Real state, Renting and Business activities| 13,771,436,794| 2%| Education| 151,808,506| 1%| Health and Social work| 2,743,049,893| 1%| Others Service activities| 15,632,094,785| 2%| Total| 741,327,159,609| 100%| (Source: ICG/MIDAS Survey, 2004) Figure-1: Sector wise contribution of SME in GDP of Bangladesh Table & graph 2; provides the information regarding sector wise contribution of SMEs to GDP. It is reflected from the table that manufacturing sector contributes the high est contribution in GDP i. e. , 38%. It is also observed from the table that agriculture and wholesale and retail sector contribute more than 22 percent in the GDP of Bangladesh. Table-11: Growth pattern of SME* Year| Growth rate of Large & Medium enterprise| Growth rate of Small enterprise| 1999-00| 4. 35%| 5. 80%| 2000-01| 6. 55%| 7. 02%| 2001-02| 4. 60%| 7. 69%| 2002-03| 6. 56%| 7. 21%| 003-04| 6. 95%| 7. 45%| 2004-05| 8. 30%| 7. 93%| 2005-06| 11. 41%| 9. 21%| 2006-07| 9. 74%| 9. 69%| 2007-08| 7. 26%| 7. 10%| 2008-09| 6. 58%| 6. 90%| 2009-10| 5. 64%| 6. 61%| *(Source: Bangladesh Economic Review 2009-2010, Chapter -8, Industry) Figure-2: Growth rate of SMEs Table 3 shows the growth pattern of SME. It is observed that during 2001-2002 to 2004-2005 in every financial year the growth rate of SME is about 7%. In 2005-2006 the growth rate was 9. 21%. The highest growth was in 2006-2007 i. e. 10. 28%. Table-12: Growth pattern of Manufacturing Sector * Year| Growth percentage of Manufact uring Sector| 1999-00| 4. 76%| 2000-01| 6. 68| 001-02| 5. 48| 2002-03| 6. 75| 2003-04| 7. 10| 2004-05| 8. 19| 2005-06| 10. 77| 2006-07| 9. 72| 2007-08| 7. 21| 2008-09| 6. 68| 2009-10| 5. 92| *(Source: Bangladesh Economic Review 2009-2010, Chapter -8, Industry) Figure-3: Growth rate of Manufacturing Sector Table shows the growth pattern of manufacturing sector. It is observed that the average growth during 1972 to 2005 was 6. 4%. During 2001-2002 to 2006-2007 the highest growth was in year 2006-07 i. e. , 11. 19%. It is also observed that during 2002-2003 to 2005-2006 in every financial year the growth of manufacturing sector was more than 6%. Table-13: Size and Growth Rate of Manufacturing Sector* At constant prices of 1995-96) (Taka in Core) Year| Large & Medium enterprise| Small enterprise| Total manufacturing| 1999-00| 21709| 8659| 30368| 2000-01| 23130| 9267| 32398| 2001-02| 24194| 9980| 34174| 2002-03| 25781| 10700| 36481| 2003-08| 27572| 11897| 39069| 2004-05| 29861| 12409| 4 2269| 2005-06| 33268| 13552| 46820| 2006-07| 36507| 14865| 51372| 2007-08| 39157| 15920| 55077| 2008-09| 41735| 17019| 58754| 2009-10| 44087| 18144| 62232| *(Source: Bangladesh Economic Review 2009-2010, Chapter -8, Industry) Table-14: Quantum Index of Production for Medium to Large Scale Manufacturing Industries* FY2000-01 to FY2008-09 (1988-89=100)Medium to large scale industries| 2000-01| 2001-02| 2002-03| 2003-04| 2004-05| 2005-06| 2006-07| 2007-08| 2008-09| 2009-10 (Up to October, 09)| | 228. 43| 238. 75| 254. 45| 272. 13| 294. 72| 328. 35| 360. 33| 384. 82| 413. 42| 431. 51| *(Source: Bangladesh Economic Review 2009-2010, Chapter -8, Industry) Chapter 4 Findings and Results At present SME sector is facing a lot of problems in Bangladesh. Some major problems are as follows: 1. Resource scarcity: In Bangladesh scarcity of raw materials hinder the ability of SME to be export oriented and limits its ability to reach more advanced stages of international business. 2. High employee turnover: Due to limited growth of SME most of the skilled employees leave SMEs.Levy (2003) observed that SMEs are knowledge creators but poor at knowledge retention. 3. Absence of modern technology: One of the main barriers for the development of SME in Bangladesh is inadequate technologies. Many SMEs have failed to adopt modern technology. 4. Poor physical infrastructure: Inadequate supply of necessary utilities like electricity, water, roads and highways hinder the growth of SME sector. Moreover unfavorable geographical conditions increase the transportation cost. 5. Financial constraints: Availability of finance hinders the growth of SMEs in Bangladesh. Bangladeshi bank considers SMEs as high risk borrowers because of their inability to comply with the bank’s collateral requirements.Only about 15-20% of the owners of SMEs own any immovable property. Bankers issue loan on the basis of ownership of immovable property as collateral risk. As a result it automatically excludes rest 80% SME’s from the list of privileged clients of the banks. Whatever collateral SME’s can manage gets used up in talking the term loan leaving them with no means to seek working capital loans from banks. Because of low access to institutional financing SME’s rely on inefficient financing services from informal sources. 6. Lack of uniform definition: In Bangladesh the definition of SME has changed overtime in different industrial policy announced by the government in different year.Absence of uniform definition makes the formulation and implementation of SME policy difficult. 7. Lack of information: Miah (2006) has observed that SMEs have very limited use of information technology (IT). Accounting package is used by 1-2% of the SMEs. The use of computers is revealed by say 15% of the SMEs, while the use of the Internet for business purposes applies to say 8-10% of SMEs. 8. Lack of entrepreneurship skills: Conservative attitude towards risk, lack of vision, ability to make plan and implementing those hinder the growth of SME in Bangladesh. 9. Participation of women entrepreneurs: Equality of opportunity is a major problem for SME. Female entrepreneurs are treated discriminately.They are not well represented in business organization. Government does not provide adequate institutional assistance for women entrepreneurs. 10. Access to Market and lack of awareness regarding the importance of marketing tool: For SME, owing a retail space is very expensive in the major cities in Bangladesh. As a result many customers are not interested to buy products and services from SMEs. Because they can’t judge the quality until they physically examined the product. Most of the cases SMEs in Bangladesh are not able to use the Integrated Marketing Communication (IMC) tools. But these tools play the role of important stimulus to motivate the customers and retain them.The country does not have enough marketing capability and resources to invest in m arketing. 11. Bureaucracy: Wang (1995) observed that the inadequate government supports are top ranking constraints for SMEs. Unnecessary layers of Bureaucracy and red-taps reduce the competitiveness of SME and raising the cost of transactions and operations. 12. Absence of transparent legal system: The absence of an effective and transparent legal system discourages SMEs in exploring into risky ventures of business. There are a number of unnecessary formal requirements to start and run business that create high compliance costs and become barriers to SME development, growth and market entry. 13.Lack of commitment to innovation and customer satisfaction: Ernesto (2005) stated that to keep in pace with international competition, firms of all size are challenged to improve and innovate their products processes constantly. But in Bangladesh SMEs are still not relating the importance of satisfying and retaining customers by offering novel and desired benefits. 14. Lack of quality assura nce: Govt. has failed to frame a national quality policy, provide adequate support systems and establish a national quality certification authority. As a consequence SME of Bangladesh has failed to ensure the quality of their products and services both in local and international market. 15. Lack of research and development facilities: It is observed that investment in R&D is still negligible in. 16.Fierce competition with the cheaper foreign goods: Fierce competition with the cheaper goods of China, Taiwan, Korea, India, and Thailand also pose threat to SME in Bangladesh. Chapter 5 Recommendations In order to overcome the above mentioned problems the following suggestions are recommended; 1. Government must have to take adequate measures to ensure the uninterrupted supply of raw materials for SME. 2. Government needs to take appropriate measures to fix the minimum salary/wages of the employees of SME. That will help to minimize the employee turnover. 3. Government and financial inst itution may provide adequate finance for modernization and technological advancement. 4.Development of infrastructure is essential for the optimum growth of SME. So government of Bangladesh needs to take appropriate policy strategy for the infrastructure development of Bangladesh. 5. Government, financial institutions and Non Government Organizations (NGOs) may take necessary steps to ensure uninterrupted financial support to the prospective SMEs in Bangladesh. 6. Due to the absence of uniform definition the policy formulation and implementations are not possible. Government should take initiative to develop a uniform definition of each category of SMEs. 7. Govt. of Bangladesh should take the initiative to develop web pages exclusively for SME and an integrated SME database.It will reduce the barriers to SME access to global market. 8. In order to ensure the retention of skilled workforce the government should make the entrepreneurial career attractive by minimizing the uncertainty. 9. In order to encourage women entrepreneurship govt. may; involve women entrepreneurs in policy formulation and implementation. Arrange funds for women entrepreneurs. Provide necessary training to women entrepreneurs in rural and urban area of Bangladesh. 10. SME foundation may take appropriate marketing tools to popularize their products. 11. For minimizing red tapes and accelerating the growth of SME government may provide one roof service under the SME foundation. 12.Appropriate legal framework is necessary to ensure the development of SME of Bangladesh. 13. In this era of intense competition continuous planning and quality improvement act as a prerequisite for the survival of SMEs. In order to improve the quality SMEs can follow the Just in Time (JIT) philosophy and use Total Quality Management (TQM) and can ensure the improvement of quality and productivity at a time. 14. Government should establish a credible certification authority especially for SMEs. So that this sector c an obtain a technical evaluation of the quality of their products within a shortest possible time. The certification of the authority should be world wide accepted. Govt. ay also provide assistance to SMEs during the certification process and promote the importance of product certification for international acceptance among the SMEs. 15. Research and Development (R&D) is must for the development and growth of SME. So government must have to invest in R&D for ensuring the intensification of SME of Bangladesh. 16. Restriction may be imposed on import of SMEs’ products which are available in Bangladesh. Chapter 6 Conclusion Small and medium enterprises (SMEs) act as a vital player for the economic growth, poverty alleviation and rapid industrialization of the developing countries like Bangladesh. SMEs are significant in underlying country’s economic growth, employment generation and accelerated industrialization.Government of Bangladesh has highlighted the importance of S ME in the Industrial Policy-2010. SME has identified by the Ministry of Industries as a ‘thrust sector’. As the SME sector is labor intensive, it can create more employment opportunities. For this reason government of Bangladesh has recognized SME as a poverty alleviation tool. SME also foster the development of entrepreneurial skills and innovation. Along with poverty alleviation SME can reduce the urban migration and increased cash flow in rural areas. As a result it will enhance the standard of living in rural areas. Performance of SMEs in Bangladesh is significantly found below the level of international standard.Although government of Bangladesh has taken some initiative to ensure the growth of SME but those steps are not enough at all. But government shows its positive attitude towards this sector. Bangladesh government should continue to give more focuses on some areas, such as arrangement of finance, provide infrastructure facilities, frame appropriate legal fra mework, establish national quality policy etc. From the sequence of our analysis it seems that for the economic development of Bangladesh SME can play a vital role. We are quite optimistic that if the above mentioned suggestions are implemented then the growth of SME sector in Bangladesh will be accelerated. References 1. Ahmed, M. U. , Mannan, M. A. , Razzaque, A. , and Sinha, A. (2004).Taking Stock and Charting a Path for SMEs in Bangladesh, Bangladesh Enterprise Institute, Dhaka. 2. Alam, M. S. and Ullah, M. A. (2006). SMEs in Bangladesh and Their Financing: An Analysis and Some Reccomendations. The Cost and Management, Vol. 34, No. 3. 3. Hossain, N. (1998). Constraints to SME Development in Bangladesh, Seminar Proceedings, University of Maryland at College Park, USA. 4. Miah, M. A. (2006). 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