Informational Interview Essay

Owner of Nutra-Planet, Sam Hong, is a respected, hardworking man that gave me advice that will be very useful in the future. Nutra-Planet is an online supplement store that has been growingly rapidly the past few years. I met with Mr. Hong for about twenty minutes, and discussed things such as: the education needed to work in his business, his job setting, required skills, and many other things. I chose Mr. Hong because I have been a customer with his business for a few years, and his warehouse/office is in my home town. He was a very polite man, and he said that he always enjoys the chance to share his knowledge with people. I interviewed him at his main office and I dressed business casual. I really learned an abundance about owning your own business, and it gave me an idea of what I needed to do if I decided to own my own store. Education Needed The first question to Mr. Hong was the type of education needed, not just to work there, but to actually have an opportunity to advance. He told me that he is interested in someone who knows both the business aspect and the supplement knowledge aspect of running the business. In order to pursue this path, I would be more successful finding a major supplement chain like his that has opportunities for advancement. My major now is marketing, and he said that will definitely help me in the future. I need to know the business aspects if I want to run day to day operations. Job Setting My next question for Mr. Hong was the type of job setting that his business offered. He said that his main goal was to make his customers’ experience a pleasurable one, and that the environment was a major factor in making that successful. From the casual, friendly atmosphere to the layout of the online store and warehouse, all things need to come together to make the customer want to come back, and tell all their friends about it also. This requires a knowledgeable staff that is helpful to everyone, and a friendly personality is as important to him as the experience an employer brings with him. Required Skills When I asked Mr. Hong about the skills that were required to be hired in an upper-level position in this business, he told me there were two different avenues to advance through; the business aspect or the customer relations aspects. He said that it is crucial for his employees to work well with other employees, and be able to take criticism and advice. Although I am majoring in business, I would still love to work hands on with customers. Aside from the obvious skills of knowing about supplements, Jay said the single most important skill he looks for is â€Å"people† skills. The personality to interact with others and assure them that you know what you are talking about when it comes to supplements. Conclusion The interview with Mr. Hong went very well, and he was said that he was happy that he could answer my questions. He emphasized that it is very important to stay in school and make sure that I graduate, because if I ever need any loans or anything it will help out tremendously if I have a good background and a degree. I will make sure that I interview more people in the future because I believe that it is a huge help to talk to someone face to face instead of reading stuff online.

Internshp on Performance Evaluation of Exim Bank Ltd

Internship REPORT ON EXPORT IMPORT BANK LIMITED TOPIC: Performance Evaluation of EXIM Bank Ltd. Special Focus on Foreign Exchange Division Department of Business Administration Submitted by www. AssignmentPoint. com Date of Submission: 17th May2012 LETTER OF TRANSMITTAL 17th May2012 To Lecturer Department of Business Administration Subject: Submission of the BBA Internship Report. Dear Madam, It is a great Pleasure for me that I have the opportunity to submit the Internship Report on performance evaluation of Export Import Bank of Bangladesh Limited special focus on foreign exchange division.The internship program gave me an opportunity to have an exposure to the working environment and on the job experience. I have acquired a good understanding on distribution channel of this multinational. I have tried my level best to put meticulous effort for the preparation of this report. Any shortcomings or fault may arise as my unintentional mistakes' I will wholeheartedly welcome any clarifi cation and suggestion about any view and conception disseminated through this report. Sincerely yours www. AssignmentPoint. com †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. SUPERVISOR’S CERTIFICATIONThis is to certify that student of department of BBA and major in Finance, has completed the Internship Report titled â€Å"Performance Evaluation of EXIM Bank Ltd. Special Focus on Foreign Exchange Division† successfully under my supervision. I wish her every success in life. Supervisor †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Lecturer Department of Business Administration Acknowledgement Allah is Almighty to mock internship report of my port of study of BBA Program. The accomplishment and completion of this report would not have been viable without the contribution of some people who took the time and effort to guide me in my report work.I deeply appreciate and value their suggestions and recommendations through the entire course of my report work. I would like to extend my heartiest thanks and my sincerest gratitude to all those who directly/ indirectly contribute to the compilation of report. I am especially grateful to my teacher, my internship supervisor. I could not prepare my Internship Report without her proper guidance and inspiration. Last but not least, I would like to give my thanks to all the members of EXIM Bank Ltd. , Panthapath Branch because working with them was such a wonderful experience in my life that I will never forget.TABLE OF CONTENTS Particular Page No |Executive Summary |VIII | | | | |CHAPTER-1 Introduction |1 | |1. 1 |Origin of the Report: |2 | |1. 2 |Objective of the Report: |2 | |1. |General objective of the Report: |2 | |1. 4 |Specific objective of the Report: |3 | |1. 5 |Scope of the Report: |3 | |1. 6 |Limitations of the Report: |4 | |1. 7 |Methodology of the Study: |4 | |1. |Sources of Information: |5 | | | | | |CHAPTER-2 Economic Conditions In Bangladesh |6 | | | | |CHAPTER - 3 Industry Analysis | | | | |CHAPTER-4 Company Analysis |12 | |4. 1 |Historical Background Of The Exim Bank |13 | |4. 2 |Vision |13 | |4. 3 |Mission |13 | |4. 4 |Objective |14 | |4. |Strategy |15 | | | | | |CHAPTER-5 The General Banking Division |16 | | | | |CHAPTER-6 Loans And Advances Department |24 | | | |25 | | | |29 | | | | | |CHAPTER-7 Foreign Exchange Department |39 | | | | |CHAPTER-8 Competitive position of Export Import Bank of Bangladesh limited with Premier Bank limited |45 | | | | |CHAPTER-9 SWOT & Financial Analysis |51 | | Swot Analysis | | |Ratio Analysis | | |CHAPTER-10 Recommendation & Conclusion |70 | |10. 1 |Findings |71 | |10. 2 |Recommendation |72 | |10. 3 |Conclusion |73 | | | | | Appendix |74 | |Bibliography |78 | Executive Summary Bank is a service oriented business organization. The prime goal of this organization is earning profit as another business organization. Customer service is core product of the bank. According to Bank Company Act 199 1 clause 5(3) Banker means that person or institute of accepting for the purpose of lending or investment of Deposit of money from public, repayable on demand.To know your customer is the main slogan in new modern Banking System providing customer services. EXIM Bank Limited has earned a good reputation around Bangladesh. Despite competition among banks operating in Bangladesh both local and international, EXIM Bank has made remarkable progress, practically in every sphere of its activities. Export Import Bank of Bangladesh Limited is a third generation private commercial bank in the country with commendable operating performance. This study is mainly based on performance evaluation of EXIM Bank Ltd. Special focus on foreign exchange division. In order to make foreign the report more meaningful and presentable, use both the primary and secondary sources of collection information. EXIM Bank Ltd. as already established a favorable reputation in the banking industry of the country. At is one of the leading private sector commercial banks in Bangladesh. The bank has already shown a tremendous growth in the profits and deposits sectors. To get competitive advantage and to deliver quality service management can establish training institute and credit car should be introduced. The over all performance of the bank is very good according to its competitive position. Within a near future EXIM bank will be a market leader among the banks. 1. Introduction: 1. 1 Origin of the Report: In today's world only academic education does make a student perfect to become competitive with the corporate & Global business world.By doing an internship program, a student can get the opportunity to learn facing about real business world. Internship is highly needed to gain idea knowledge and experience. I am a BBA graduate from Private University in Bangladesh. It has designed its curriculum of the BBA Program such a way that the international standard graduates will be produced. After co mpleting my 139 Credit hours I Need to go for further professional experience through Internship program in a Business organization EXIM Bank Ltd. is a place where I have learned the business dealings. This organization has created a positive image to the customer's mind by providing better service specifically I am telling about the Panthapath Branch.This branch has introduced an exclusive modern banking system that has got high market sharing and rating in the prominent business & banking avenue in Panthapath Bank way. As an BBA Internee Office I have tried to maintain the pace with the competitive business environment on official Activities Culture Philosophy Norms & Styles. It should be reflect the best at any field of my Professional life; The Vice President & Manger is my overall Guide Philosopher & Superior. By receiving his all sorts of cordial support I have been availed the opportunity to work with this branch for three months from 10th January 2010 to 9th March 2010. I ac quired idea about real business and corporate world. 1. 2 Objective of the Report: Prime objects to a large-scale study on Banking System. 1. 3 General objective of the Report:The report specification based on the overall banking performance evaluation and special focus on foreign exchange division of EXIM Bank Ltd. 1. 4 Specific objective of the Report: ? To apply theoretical knowledge in the practical field. ? To make a bridge between the theories and practical procedures of banking day-to-day operations. ? To know the different modes of scheme, in EXIM Bank. ? Trend analyses of the different scheme. ? To know the financial activity of bank. ? An overview on the major financial activity and practices of EXIM Bank ? To identify the strategies for EXIM Bank Limited, implementing in constant prosperity of the company ? Analyzing the performance trends of EXIM Bank. To give some idea about its management and organization structure ? To present and overview of EXIM Bank Ltd. ? Compare the different mode of scheme of Exim Bank with other similar bank. 1. 5 Scope of the Report: First the report presents about the current economic condition of Bangladesh and the present condition of the banking sector of our country and next it gives some ideas about EXIM Bank Ltd. Then it analyzes the performance of the bank based on financial analysis and SWOT analysis. After that, it emphasizes or foreign exchange division. By reading this report one can easily have some ideas about the performance and foreign exchange division of EXIM Bank Ltd. 1. 6 Limitations of the Report:Although there were sincere co-operation from employees of EX1M Bank Limited, Panthapath Branch, they could not manage enough time to provide the necessary information for the completion of the report. During the preparation of the report the following problems occurred that may be termed as the limitation or shortcomings of the study. Some of the limitations faced in preparing this report are: ? Confidentia lity the Bank's policy restricts disclosing some data ? Data about the performance of the bank of the year 2008 have not yet been disclosed by the bank. ? The study of such a short course of time is not free from limitation. ? The data relevant for the analysis report writing sometimes could not be collected due to excessive year-ending workload at the branch. It is too much difficult to comment and suggest based on only the annual report and information collected from written documents. ? As some assumptions were made with the help of limited information, there may be some personal mistake in the report ? It was very difficult to collect the information from various incumbents for the job restriction. 1. 7 Methodology of the Study: Although there were so many limitations, it was tried to use both the primary and secondary sources of collecting information to make the report presentable with as less abstraction as possible. 1. 8 Sources of Information: Two sources (i) Primary & (ii) Secondary A.Primary data: Primary data is always known as survey data. This type of data is collected from the respondent. For this personal Interview with the offices and customers have been conducted. B. Secondary Data: Data that were published before for some other reason can be collected using internal and external sources. i) Internal secondary data: To furnish the report properly some papers has been collected from the officials of EXIM Bank Ltd. Information from annual reports journals, newspapers and other published documents have been used besides other published information about the organization, depth interview of the branch manager and second branch manager have also taken. i) External Secondary data: For better interpretation some data has been collected from Bangladesh Bank. Internet Browsing is also one source of external Secondary data. 2. ECONOMIC CONDITIONS IN BANGLADESH Bangladesh has an agrarian economy with 32% of GDP coming from the Agriculture Sector. Major agricultural products are rice, jute, wheat, potato, pulses, tobacco, tea and sugarcane. . The country is the largest exporter of jute and jute goods in the world. Readymade garments are among the most exportable items. Tea, frozen shrimp, fish, leather goods and handicrafts are also major exportable commodities. The country has under gone a major shift in its economic philosophy and management in recent years.At Bangladesh's birth, the country embraced socialism as the economic ideology with a dominant role for the public sector. But, since the mid-seventies, it undertook a major restructuring towards establishing a market economy with emphasis on private sector-led economic growth. During the nineties, the country has completed a major stabilization program which has reduced inflation as well as fiscal and current account deficits and established a healthy foreign exchange reserve position with low and sustainable debt-service liabilities. With modest economic growth, the basic in dicators related to health, education and poverty have all shown sustained improvement.According to a World Bank estimate, Bangladesh has the 36th largest economy in the world in terms of GNP based on the purchasing power parity method of valuation, and the 55th largest in terms of nominal GNP in U. S. Dollars. Bangladesh economy grew on an average at above 6. 0 percent in the last four years up to FY07 . According to the provisional estimates of the Bangladesh Bureau of Statistics (BBS),real GDP recorded a strong growth of 6. 5 percent in FY07,which is marginally lower than 6. 6percent recorded in FY06 . This growth was commendable as it was achieved in challenging environment marked by high and volatile oil price ,phasing out of the MFA quota, labour unrest in the garment industry and confrontational political situation of the country in the first half of FY07. With reasonable support from agriculture sector, the 6. percent real GDP growth was underpinned mainly by industry sector and services sector. The expansion was broad based, registering positive growth by all sectors and sub-sectors of the economy. Spurred by a robust 9. 5 percent growth in industry sector and 6. 7 percent growth in services sector, GDP growth during the year was also aided by 3. 2 percent growth in the agriculture sector. The domestic savings-investment gap was met with net factor income from abroad which increased by 37. 0 percent in FY07 from 4. 4 percent in FY06 reflecting higher savings growth. The domestic savings investment gap was met with net factor income from abroad which increased by 37. 0 percent in FY07.The rising trend of inflation of FY06 as measured by CPI continued in FY07 mainly due to higher prices of oil and some other imported goods in the international market, distortion in the supply side factors and demand pressure generated from excess money supply . Slower import of consumer necessities pulling their domestic prices heightened the price pressures. Annual ave rage CPI (base FY96) inflation as of end June 2007was 7. 20 percent, compared to 7. 16 percent as of end June 2006. There was notable increase of food prices component of CPI inflation from 7. 8 percent as of end June 2006 to 8. 1 percent as of end June 2007. Maintaining a favorable investment environment and a sound macroeconomic management are important to strengthen private sector investment in the economy.In view of medium term outlook of sustainable economic growth and low inflation for world and south Asian economies and assuming continuation of prudent policies and progress in advancing structural reforms, the near and medium term economic prospects of Bangladesh appear favorable. 3. INDUSTRY ANALYSIS Bank plays an important role in this modern world. The development of industries and business sectors of a country mainly depends on good banking system. The industries and businessman are taking short and long term loan from banks. In the modern world international businesses a re fully depended on banks. Without sound banking system no country can develop in international trade. Bank constitutes an important segment of the financial infrastructure of any country. The economic history of many countries reveals that economic development and growth of financial infrastructure go hand in hand.Financial system of a country is the heart of a country’s economic system as it connects suppliers of the funds and demanders of fund, which is needed to produce economic goods. It also provides a large arena of employment opportunity. As Bangladesh is containing a bank base economy, its economic development is largely depended on the development of banking sectors. Bangladesh appeared as a new nation on the world map in the year 1971. After independence financial institutions, especially banks played a vital role in re-constructing the war-torn economy of Bangladesh. Bangladesh Bank is the central bank of the country and is in charge of monetary policies of the G overnment and controls all commercial banks. Development and growth of our banking system may be divided into three parts. The performance of our banking system during 1972 to 1982 was commendable in respect of expending network and providing easy credit to the socially desirable sectors but equally frustrating with regard to maintaining validity and customer services. The second phase from 1983 to 1989 was characterized by denationalization and privatization of banking system without broad-basing the prudential and information regulatory framework; however, these measures of denationalization and privatization could not bring the viability and operational efficiency of banking system.Under the above circumstances and with the recommendation of World Bank, a Financial Sector Reform Project (FSRP) was undertaken in 1989 by the government, which can be identified with third phase of the development of our banking system. The government of Bangladesh has also enacted some important act s namely financial institutions act 1993, Securities and Exchange Commission act 1993, the companies’ act 1994 and recently Bankruptcy act 1997. The present day banking structure has evolved over several decodes. The far-reaching program of economic reform is being carried out at present towards efficient utilization of scare resources and the development of private entrepreneurship. Banks are financial service firms, producing and selling professional management of the public's fund as well as performing many other roles in the economy.Banks are those financial institutions that offer the widest rang of financial functions of any business firm in the economy. Competition is strengthened by the entry of new and innovative provides of financial services, through the development of Money market and Capital market. Money market is designed for the making of short-term loans where individuals and institutions with temporary surplus of funds meet borrowers who have temporary cash shortages. Capital market is deigned to finance long-term loans where individuals and institutions with temporary surplus of finds meet borrowers who have temporary cash shortages. Capital market is designed to finance long-term investments.Private sector commercial banks are private companies operate under the legislative framework, which covers both Company Act, and Banking Company Act, under the ongoing financial liberalization, EXIM Bank emerges as a new Bank in private sector to operate at the Banking arena of Bangladesh It is committed to provide high quality financial services/ products to contribute to the growth of GDP of the country through stimulating trade and commerce, accelerating the pace of industrialization, boosting up export, creating employment opportunity for the educated youth , poverty alleviation, raising standard of living of limited income group and overall sustainable socio-economic development of the country. 4. COMPANY ANALYSIS 4. 1 HISTORICAL BACKGROUND OF THE EXIM BANK EXIM Bank- Export Import Bank of Bangladesh Ltd. was named at first as BEXIM Bank BEXIM stands for Bengal Export Import of Bangladesh. This new commercial Bank was opened in August 03, 1999 with some new innovative visions in customer services.The Bank received the certificate of incorporate no. C-37864 (2164)/99 under the commencement of the business on the same day by the section 150(2) under companies Act. A part from the head office in Dilkusha C/A, it stared its first local branch in Motijheel C/A simultaneously in order to provide all kinds of Banking support to the clients. On December 02, 1999 the second branches both in Dhaka City and other cities. Now it has twenty-five branches in the country. 4. 2 VISION The gist of EXIM bank vision is ‘Together Towards Tomorrow'. Export Import Bank of Bangladesh Limbed believes in togetherness with its customers, in its march or the road to growth and progress with services.To achieve the desired goal, there will be pursuit of excellence at all stages with a climate of continuous improvement, because, in EXIM Bank, they believe, the line of excellence is never ending. Bank's strategic plans and networking will strengthen its competitive edge over others in rapidly changing competitive environments. Their personalized qualities services to the customers with the trend of constant improvement will be cornerstone achieve their operational success. 4. 3 MISSION The bank has checked out the following corporate objectives in order to ensure smooth achievement of its goals- ? To be the most caring and customer friendly and service oriented bank. ? To create a technology base most efficient banking environment for its customers ? To ensure ethics and transparency in ail levels To ensure sustainable growth and establish full value of the honorable shareholders and ? Above all, to add effective contribution to the national economy Eventually the bank also emphasize on: ? Provide high quality financia l services in export and import trade ? Providing efficient customer service ? Maintaining corporate and business ethics ? Being trusted repository of customers’ money and their financial adviser ? Making its products superior and rewarding to the customers ? Display team spirit and professionalism ? Sound Capital Base ? Enhancement of shareholders wealth ? Fulfilling its social commitments by expanding its charitable and humanitarian activities 4. Objective Bangladesh is now integral part of global market. As such there is an urgent requirement for Bangladesh to place the traditional banking pretties in harness with the global trades of a free market economy by following international banking customs, practices and standards. Today clients of a bank in Bangladesh are exposed as well as international markets. They have to stay update with their practice and standards to meet the demands of achieving harmony in the high standards of a free economy. EXIM Bank fully appreciates the importance and implication of the rapidly emerging competition in the banking and finance sector of Bangladesh.It intends financing its customer suited to his or her place in the market. In this regards EXIM Bank emphasizes in its employment the software aspects of human resource capability. It also emphasizes competence among its banking professional to cater to vary customer requirements to the modern time. The objectives of EXIM BANK is not only to earn profit but also to keep the social commitment and to ensure its co-operation to the person of alt level, to the businessman, industrialist specially who are engaged in establishing large-scale industry by consortium and the agro-based export oriented medium and small scale industries by self inspiration.EXIM BANK is always ready to maintain highest quality of services by upgrading banking technology prudence in management and by applying high standard of business ethic through its established commitment and heritage. EXIM BANK is committed to ensure its contribution to national economy by increasing its profitability through professional and disciplined growth strategy for its customer and by creating corporate culture in international banking area. 4. 5 Strategy In order to reach the goal it is important to build strategy and follow the policies. If it can select the appropriate strategy and choose the right policy, it will be very easy to touch its desired position.The distinguishing attribute of policy is to set the over all boundaries for activities. According to this system when the bank was started it has to decide what kind of business it is going to be in. The Bank also has to decide on its growth and communicate through am system of major objective of the business is to reach the goal, to reach the desired position from the current status. There might be a number of ways to reach there and its has to be decided which path would be easier to reach the objective. So the authority has no decided wh ich path they select to proceed. The following figure can be explained clearly. Slogan of the EXIM Bank: â€Å"Local Bank Global Network†The world EXIM implies the meaning of its operation. Through it is a new type of Bank in Bangladesh; it is familiar with so many countries in the world such as Export Import Bank of the United States, Export Import Bank of Japan. Despite it is a local Bank, It has spread of its operation in the whole world through foreign Banking. To achieve the desired goal, it has intention to pursuit f excellence at stages with a climate of continuous improvement. Because it believes, the line of excellence is never ending. It also believes that its strategic plans and business networking will strength its competitive edge over in rapidly changing competitive environment.It motto I to provide quality service to the customers all over the world so, the slogan of the Bank â€Å"Local Bank Global Network† is completely adjustable with its operation. T HE GENERAL BANKING DIVISION Internship has provided the opportunity to coordinate the theoretical knowledge that one has gathered in MBA Class with the practical field. Although three months is not a very long period to learn the whole thing that usually occurs in an organization. The supervisor divided this report into three parts. 1) The general banking department 2) The Investment department 3) The foreign Exchange department. Learning experience from General Banking Division:The main business of this Division is dealing with Deposit. There are two types of Deposit in this Branch and General Banking division as the following section: 1. Deposit section 2. Account Section 3. Remittance section 4. Clearing section 5. Customer Service section 6. Cash section and 7. Information Technology section Task I Handled in this Division is 1. Opening Accounts 2. Opening Monthly saving scheme, 3. Modaraba Term Deposit Account Current 4. Deposit foreign current Deposit Account 5. Modarada short notice Deposit (STD). 6. Fixed Deposit, Steady Money. 7. Demand Draft (D. D) 8. Telegraphic Transfer (T. T) 9. Payment Order (P/O) 10. Travelers Check (T. C) 1. Issuing Check. Pay Order (PO): Pay order is one kind of unconditional promissory note or instrument that is issued by the Bank to the customer. The difference between check and pay order is the mode of encasement. Demand Draft: Demand Drafts are made for the transfer of money from one place to another in the form of cheques through a particular Bank, which can be ensued right way. The Bank issues DD for their outer district branches. Telegraph/ Telephone Transfer: When a certain amount of money is asked by the client to transfer from one branch to another than it is called telegraph/ telephone transfer. For TT, there is a particular from.When the form is filled up properly and deposits the amount by the applicant, the authorized officer issued a cost memo to the application for their confirmation. lssuing cheques Books: Che ckbook issue is a very sensitive because most of the fraud occurs through this checkbook. Customer requiring check books to fill out requisition ship. For saving accounts 10 pages check book issued and CD/SOD/ CC accounts issued 25 and 50 pages checkbook. Cash Section: In clearing section the work is to clear the cheques, DD's and PO's through Bangladesh Bank that are submitted for cash collection. Everyday morning House another in the evening called return house.In the hose all the Banks representative sit together and exchanges their money receive instrument of their particular bank to clear the paper and transfer to money the paper partlcular accounts. Type of Clearing: There is two type of clearing 1) In-Ward 2) Out –Ward In- ward: Those Cheques or instrument of EXIM, which are submitted to other banks for collections are called In – Ward Clearing. Out- Ward: The cheques of other banks that are submitted to the EXIM for collections are called out-ward Clearing. Cas h Section: Cash is the main element of all financial activities. The cash section of any branch plays very significant role. It's very sensitive place of the branch, because it deals with most liquid assets. The EXIM Bank Mirpur Branch has an equipped cash section.This section receives cash from depositors/Client and pays cash against cheques draft, payment order and pay to slip over the counter This section deals with all type as of negotiable instruments and in includes volt. Used as the store of cash instrument, the main functions of the sections are cash receipt and cash disbursement. Accounts Opening Section: This section deals with opening of different types of accounts. It is also deals with issuing of books and different deposit boos to the different accounts opener. A customer can open different types of accounts through this department such as: l. Current Account 2. Saving Account 3. Fixed deposit account (FDR) 4.Short term Deposit (STD) 5. Monthly saving Scheme (Money Gro ver) 6. Monthly income scheme (Steady money) 7. Smart saver Scheme 8. Multi plus saving Account 9. Super saving scheme 10. Education saving scheme EXIM Bank gives special importance various deposit schemes are: l. Monthly saving Scheme (money Grower) 2. Monthly income scheme (Steady Money) 3. Multi plus savings A/C 4 Super saving scheme 5. Double benefit Scheme 6. Smart saver Scheme 7. And Education saving Scheme Types of Accounts with Terms and Conditions Current (CD) Account: Current account is purely a demand deposit account. There is no restriction on withdrawing money from the account.It is basically justified when funds are to be collected and money is to be paid at frequent interval. Some Important Points are as follows- †¢ Minimum opening deposit of TK. 1000/- is required; †¢ There is no withdrawal limit. †¢ No interest is given upon the deposited money; †¢ Minimum Tk. 1000/= balance must always maintain all the time. Savings (SB) Account: The bank provid es savings account services for the ease of its clients. It offers both personal and corporate Savings Account to its clients in every branch. Hence, there is a restriction on withdrawals in a month. Heavy withdrawals are permitted only against prior notice. Some Important Points are as follows- Minimum opening deposit of Tk. 5000/= is required; †¢ Minimum Tk. 1000/= balance must always maintain all the time; †¢ Withdrawal amount should not be more than 1/4th of the total balance at a time and limit twice in a month. †¢ If withdrawal amount exceed 1/4th of the total balance at a time no interest is given upon the deposited money for that month. †¢ The current rate on deposit amount is 6%. †¢ Closing of saving accounts will cost 300tk to a customer. Short Term Deposit (STD) Account: Normally various big companies, organizations, Government Departments keep money in STD account. Frequent withdrawal is discouraged and requires prior notice.The deposit should be kept for at least seven days to get interest. The interest offered for STD is less than that of savings deposit. Interest is calculated based on daily minimum product and paid two times in a year. Interest rate is 4. 50%. Call Deposits (Money at Call): Sometime the banker secures funds from the money markets usually from other bankers against receipt to meet his purely tepmorary shortage of funds. These debts are repayable immediately at call. When the money market is tight such derosits attract higher rate of interst and then to be treated as banker’s borrowings as call loans. Account opening: To dill with the bank individuals need to have an account first.The particulars are essential for identification of the account holders individually so that the banker can discharge his obligations to every one correctly and to the extent due. Documents required for opening account ? Individual / Joint Account: 1. Introduction of the account. 2. Two photographs of the signatories duly attested by the introducer. 3. Identity (copy of passport). 4. Joint Declaration Form (For joint a/c only). 5. Employee’s Certificate (in case of service holder). ? Partnership account: 1. Introduction of the account. 2. Two photographs of the signatories duly attested by the introducer. 3. Partnership letter duly signed by all partners (Sign should be similar as stated in Partnership Deed). 4. Partnership Deed duly certified byNotary public. 5. Registration (If any). 6. Updated Trade license. ? Proprietorship account: 1. Introduction of the account. 2. Two photographs of the signatories duly attested by the introducer. 3. Valid copy of Trade License. 4. Rubber stamp. 5. TIN number certificate. 6. Identity (Copy of passport). 7. Permission letter from DC/ Magistrate (in case of newspaper) 8. ? Limited company: 1. Introduction of the account. 2. Two photographs of the signatories duly attested by the Introducer. 3. Valid copy of Trade License. 4. Board resolution of opening A /C duly certified by the Chairman/Managing Director. 5. Certificate of Incorporation. 6.Certificate of Commencement (In case of Public limited company). 7. Certified (joint stock) true copy of the Memorandum and Article of Association of the Company duly attested by Chairman or Managing Director. 8. List of directors along with designation & specimen signature. 9. Latest certified copy of Form – xii (to be certified by register of joint stock companies) (In case of Directorship change). 10. Rubber Stamp (Seal with designation of each person) 11. Certificate of registration (In case of Insurance Company – Obtained from department of Insurance from the Peoples Republic of BD). ? Club / societies account: 1. Introduction of the account. 2.Two photographs of the Signatories duly attested by the introducer. 3. Board Resolution for Opening A/C duly certified by President/ Secretary. 4. List of Existing Managing Committee. 5. Registration (if any). 6. Rubber Stamp. 7. Permiss ion letter from Bureau of N. G. O. (In case of N. G. O. A/C). Savings Scheme; †¢ Monthly Income Scheme †¢ Multiplus Savings †¢ Smart saver †¢ Super Saving Scheme †¢ Monthly Savings Scheme (Money Grower) †¢ Hajj Scheme Finance/Loans: †¢ Corporate Finance †¢ Industrial Finance †¢ Lease Finance †¢ Hire Purchase Finance †¢ Commercial Loans †¢ Project Finance †¢ Syndicate Loans †¢ Retail Loans †¢ Mortgage Loans †¢ Loan against Share and Securities †¢ Account Opening Procedures: Step 1 | | | |The account should be properly introduced by Any one of the following: | | |An existing Current Account holder of the Bank. | | |Officials of the Bank not below the rank of an Assistant officer. | | |A respectable person of the locality well known to the Manager/Sub-Manager of the Branch concerned. | |Step 2 | | | |Receiving filled up application in bank’s prescribed form mentioning what type of account is de sired to be | | |opened. |Step 3 | | | |The form is filled up by the applicant himself / herself | | |Two copies of passport size photographs from individual are taken, in case of firms photographs of all | | |partners are taken | | |Applicants must submit required documents | | |Application must sign specimen signature sheet and give mandate | | |Introducer’s signature and accounts number – verified by legal officer | |Step 4 | | | |Authorized Officer accepts the application | |Step 5 | | | |Minimum balance is deposited – only cash is accepted | |Step 6 | | | |Account is opened and a Cheque book and pay-in-slip book is given | Account Sections: Daily function: The routine daily tasks of the accounts department are as follows: 1. Recording the daily transactions in the cash book 2. Recording the daily transactions in general and subsidiary ledgers 3. Preparing the daily position of the branch comprising of deposit and cash 4.Preparing the daily statement o f affairs showing all the assists and liability of the branch as per ledger and subsidiary leader separately. 5. Making payment of all expenses of the Branch 6. Recording inters branch fund transfer and providing accounting treatment in this regard. 7. Checking whether all the vouchers are correctly passed to ensure the Conformity with the Activity Report; if otherwise making it correct by calling the respective official to rectify the voucher. 8. Recording of the vouchers in the Voucher Register 9. Packing of the correct vouchers according to the debit voucher and the credit voucher. Periodical Tasks: The routine periodical tasks performed by the department are as follows. 1. Preparing the monthly salary statements for the employees 2.Publishing the basic data of the branch 3. Preparing the weekly position for the branch this is sent to the Head Office to maintain Cast Reserve requirement 4. Preparing the monthly position for the branch, this is sent to the Head office to maintain statuary liquidity requirement. 5. Preparing the weekly position for the branch comprising of the break up of sector wise deposit, credit etc. 6. Preparing the weekly position for the branch comprising of the denomination wise statement of cash in tills. 7. Preparing the budget for the branch by fixing the target regarding profit and deposit so as to take necessary steps to general and mobilize deposit 8.Preparing an Extract' which is a summary of all the transactions of the Head Office account with the branch to reconcile all the transaction held among the accounts of all the branches. General Account: General account is important one, which has to be maintained by each branch. Indeed general account is are record of Oregonian and responding transactions among inter- branches of the same bank. All types of assets and liabilities of one branch with another one are settled through this account. Branch can know how much the bank is liable with Head Office. The debit and credit balance shows assets and liabilities of the respective branch. Statement or Affairs:Accounts section prepares the statement of affairs for finding the profit/ loss as well as amount of assets and liabilities of concerned branch per day Theoretically, it is called financial statement and has tow parts: 1. Income and Expenditure Account 2. Statement of Assets and Liabilities Amortization and Depreciation: Amortization is the allocation of the cost of an intangible asset to expense for example, prepaid expenditure, prepaid insurance and good will etc Amortization schedule is determined by the decision of management. Establishment: This section deals with employee's salary, much type of internal expenses such as purchase of pen, paper equipment, machinery and payment of labor Cost and employee conveyance. In cause of leave of absence employee collects prescribed from this section. LOANS AND ADVANCES DEPARTMENT Introduction:Banking is essentially a business dealing organization with money and c redit like all other business activates. Banks are profit-oriented organization. A bank invites its find many ways to earn more and more profit and most of its income is derived from loans and advances. Bank makes loans and advances to traders, Businesspersons, industrialists and many other persons against security of some cautions policy and sound lending principle in the matter of lending. EXIM Bank is a lending bank in loans and advances and it grant loans in various sectors especially in industry, trade and commerce. Types of loans and advances: There may be different types of loans and advance given from the commercial banks such as EXIM Bank Ltd. Of our country.Loans and advances may be in the following types: 1. Cash credit 2. Overdraft 3. House Building loan (General and Staff) 4. Transportation (Car) loan (only for senior staff) 5. Consumer credit Scheme 6. Loan against Imported Merchandise (LIM) 7. Loan Bills purchases Documentary (LBPD) 8. Loan against Other Securities (L AOS) 9. Term Loan Brief Idea about the different types of loans and advance: Cash Credit (CC): Cash credit is an arrangement by which the customer is allowed to borrow May up to a creation limit. This permanent arrangement and the customers need not to draw the sanctioned amount of money at a time. The borrower can draw the money when required.The borrower can put back any surplus, amount, which he/she may he affect frequently. Intersect is charged only to the amount with drawn and not he whore amount sanctioned cash credit arrangement is usually divide into two ways such as: 1. Cash credit pledge 2. Cash credit hypothecation Cash Credit Pledge: In case of cash credit pledge possession of the goods dealings to bank and ownership of the of the goods belongs to borrower and bank the possessions of the goods as primary security. The goods storied in go down under lock and key by direct supervision of the bank. If the borrower wants to sell any potion of the pledged goods he/she permiss ion of bank with returning the value of the loan amount.It is therefore regarded as the most secured type of advance. 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Nature of business 2. Banking with EXIM 3. Transition with CD account by the client 4. Allied deposit with SB/STD account. 5. Number of adjustment (s) how many times the CC holder made his/her Account nil that means debit balance equal to credit balance. 6. Recycling it is ration of total credit summation to the limit.If the ratio is Higher it is better from banker's points of view. 7. Turn over in the account 8. By the encasement authority the bank holds the power to encase the FDR the encasement authority at any time in case borrower's failure to repay the loan amount with interest in due time. Based in the above-mentioned information the dealing officer of the loans and advances department prepares recommendation about the prospect of granting the CC loan to the client. Overdraft: Overdraft is an arrangement between the banker and the customer by which the letter is allo wed to withdraw over his/her credit balance in the current account up to an agreed limit.The borrower is permitted for draw and repays any number of times, provided he total amount overdrawn dose not exceeds the agreed limit. Here the interest is charged only for the amount withdrawn over the limit. Not for the whole amount. Overdraft is divided into tow categories:  ¦ Secured overdraft (SOD)  ¦ Temporary overdraft (TOD) Secured overdraft: It is allowed against the full security (i. e. FDR, ICB unit Certificates). Temporary Overdraft: It is allowed to the customer for a very short period of time. But EXIM bank deals only secured overdraft. Car Loans: This is a special type of loan, which is only provided for the staff of EXIM Bank.Usually AVP and above level officers get this kind facility. This loan is reimbursed on instrument basis and repayable after each month. House Building loan (General and Staff): General house building loan is providing into two sectors:  ¦ Generally  ¦ Staff Naturally house building loan is paid for the construction of commercial building, and owners etc, procedures for sanctioning house- building loan as follows:-  ¦ Application for sectioning loan  ¦ Application properly filled up for credit facilities supplied by the bank.  ¦ Personal net worth statement each director  ¦ Enquiry form Required papers for sanctioning HB loan:  ¦ Copy of general power of attorney  ¦ Copy of material certificate Copy of engineer's estimate  ¦ Copy of projected cash flow Loan (General): In case of loan the banks sanction some of money for a certain period of time. The enter amount is one time disbursement and paid in cash or credit loan A/C. The interest is charged on full sanctioned amount @16%. The bank generally sanctions loan to establish industry. These types of loan are granted for capital expenditure such as purchase of land, constriction of factory building, purchase of new machinery and modernization of plant. The borrowe r cannot withdraw this type of loan once repaid in full or in part again. Formalities for extending project loan: Loan application form:After receiving the loan application from the borrower the branch scrutinizes the application whether it is viable or not. Loan application from contains the following particulars amongst other detail below:  ¦ Particular description of the Project.  ¦ Nature of the Project  ¦ Detail information about the borrower  ¦ Statements of assets and liabilities of the borrower with declaration  ¦ Detail information about proposed products, machinates and manpower etc  ¦ Project cost and source of fund.  ¦ Market for the proposed project. 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LIM, PAD, FBP, IBP etc. (c) Fixed Term Loans: The loan which is repayable with in the specific time period under a pacific repayment schedule will be treated as Fixed Term Loans. d) Short Term Agriculture & Micro Credit: Short Term Agricultural Credit will be as per list issued by Agricultural Credit and Specialized Programmers Department (ACSPD) of Bangladesh Bank under the Agricultural C redit Programmed. Credit in the Agricultural sector repayable within 1(one) year will also be included herein. Short Term Micro Credit includes any micro credit not exceeding TK. 25,000. 00 and repayable within 12 months. 2) Basis for Loan Classification: (A) Objective Criteria (1) Past due/ over due: In this point we saw four factors those are; a) Any continuous loan if not repaid / renewed within the fixed expiry date for repayment be treated as past due/ overdue from the following day of the expiry date. ny demands loan if not repaid/ rescheduled within the fixed expiry date will be treated as past due/ overdue from the following day of the expiry date. b) In case any installment of a fixed term loan (repayable within fives) is not repaid within the fixed expiry date, the amount of unpaid installment will be treated as past due/ overdue (defaulted instilment) from the following day of the expiry date of the particular installment. c) Incase of any installment or part installment of a Fixed Term Loan (repayable over five years) is not repaid within the fixed expiry date, the amount of unpaid installment will be treated as past due/ overdue after 6(six) months of the expiry date of that particular installment. ) The Short Term Agriculture & Micro Credit if not repaid within the fixed expiry date for repayment will be considered as past due/ over due (defaulted instilment) after 6(six) month of the expiry date. 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Project appraisal: It is the reinvestment analysis done by Banker before a project is approved. Project appraisal in the Banking sector is needed for following reasons:  ¦To ensue repayment of the Bank finance To achieve the organizational goals  ¦To establish industrialists in a country. The main tasks of the project appraisal is to justify the soundness of an investment by the Banker by means of a capital and systematic of the different elements of the Project For this purpose Banks use two types of analysis:  ¦Lending Risk Analysis (LRA)  ¦Spread Sheet Analysis (SSA) Lending risk analysis: Lending risk analysis is modern methodologies, which describes how to access the risks that are inherent any credit extension and how to access the likelihood that the customer will repay a loan. The LRA form contains 16 pages to analysis different categories of Risks.The Financial Sector Reform project introduces the lending Risk analysis format in 1993. 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Diversity Process of Investment |Heads |Characteristics | |Application |Applicant applies for the Investment in the prescribed form of the bank describing the types | | |and purpose of Investment. |Sanction |Collecting credit information about the applicant to determine the credit worthiness of the | | |borrower. Sources of information | | |Personal Investigation, Confidential Report from other bank, Head Office/Branch/Chamber of | | |Commerce. | | |CIB (Central Information Bureau) report from Central Bank. | | |Evaluation of compliance with its lending policy. | | |Evaluating the proposed security. | | |LRA is must for the Investment exceeding one crore – as ord ered by Bangladesh Bank. | |If everything is in accordance the Investment is sanctioned | |Documentation |Then bank prepare a Investment proposal which contains terms and conditions of Investment for | | |approval of H. O. or Manager. | | |Takes the necessary papers and signatures from borrower | |Disbursement |An Investment Account is opened. Where customer | | |A/C—————————————————————————————Dr. | | |Respective Investment A/C —————————————-Cr. |FOREIGN EXCHANGE DEPARTMENT Introduction: One of the largest businesses carried out by the commercial bank is foreign trading. The trade among various countries fills for close link between the parties dealing in trade. The situation calls for experti se in the field of foreign exchange operations. The bank, which provides such operations refereed to as rending international Banking operation. Mainly trisections with overseas countries are respects of import, export and foreign remittance come under the preview of foreign exchange transaction, and international trade demands a flow of goods from seller to buyer of payment from buyer to seller.In this case the Bank plays a vital role to bridge between the buyer and seller. Foreign Exchange Mechanism in Flow Chart: Sales/Purchase contract Issues L/C Forward Forward documents Makes payment Makes payment Foreign Exchange department of EXIM Bank is department of all departments. This department handles various types of activates by three separate sections: 1. Import Section 2. Export section 3. Foreign Remittance. Import Section: The functions are of the section is mainly to deal with various components such as  ¦ Letter of Credit (L/C)  ¦ Payment against Document (PAD)  ¦ Payme nt against Trust Receipt (PTR)  ¦ Loan against Imported Merchandise (LIM) Letter of Credit (L/C): Definition:A letter of credit can be defined as an arrangement where in a Bank Guarantee on behalf of these customers to make payments to the beneficiary upon presentation of documents specified in the credit. Parties involved in L/C: Opener/ Buyer/Importer: The person who opens the L/C is known as opener/ buyer/importer of the L/C. The buyer and the seller conclude a sales contract providing for payment by documentary credit. 0pening Bank: The Bank issuing the L/C in favor of exporter is known as opening Bank. The opening bank opens L/C on request of importer according to application of the importer. Advising Bank: The Bank through L/C is advised their agent (correspondent Bank) abroad.The duty of the advising Bank is to authenticate the message so that is to the seller can act on it without any fear of forgery etc. Beneficiary: Seller and exporter in whose favor the L/C are opened. The beneficiary is normally the seller of good who receive payment under documentary credit. If has compiled with terms and conditions thereof. Negotiating Bank: The Bank that is authorized to handle (purchase) the documents under the L/C in the exporting country is known as negotiating Bank. L/C will stipulate either a notified bank to negotiate (restricted L/C) or any bank can negotiate in the seller’s country (unrestricted L/C). Reimbursing Bank: The Bank that is (by the L/C issuing Bank) to effect reimbursement is known as reimbursing bank.Reimbursing Bank authorized to honor the reimbursement claims in settlement of negotiation/ accepting/ payments lodged with its by the paying/ negotiating/ accepting Bank. Confirming Bank: A Confirming Bank is one which adds the guarantee to the credit opened by another bank. Therese undertaking the responsibility of payment/ negotiating/ acceptance under the credit in addition to that of the issuing Bank. A confirming Bank normally doe s so it requested by the issuing Bank. Types of L/C: – Revocable/ irrevocable L/C – Confirmed/ unconfirmed L/C. – Transferable L/C – Back to back L/C – Acceptance L/C – Revolving L/C – Red clause L/C – Green close L/C The EXIM Bank basically deals with irrevocable L/c. which can not be amended or cancelled by the issuing Bank at any moment and without prior to the beneficiary.It also deals back to back L/C, which is the letter of credit, provided by the exporter to the import the raw materials from abroad in order to produce the exportable commodity for the importer. Procedures for opening L/C: Application for opening L/C: An importer who is desirous to import goods from foreign country will apply Issuing Bank for opening a L/C. The importer will provide an application mentioning the following aspects: 0 Full particulars of applications Bank account. 0 Types of business 0 Historical background 0 Amount of required L/C limit 0 A mount of L/C margin. 0 Term of payment 0 Name of imported goods 0 Repayment schedule and source of fund Document schedule and source of fund.An importer or L/C opener has to submit the following documents 0 Application from (provided by the Bank) 0 Import registration certificate 0 Pro-forma invoice 0 Four sets of IMP from 0 Insurance cover not 0 VAT registration number 0 Tex registration number 0 Letter of credit authorization form Examination for opening L/C: Application must be carefully checked by the concerned officer considering the facts mentioning below: ? The terms and conditions of L/C applications are consistent with exchange control and import trade resolution UCPDC 500. ?Illegibility of imported goods ?The L/C must be opened in favor of importer ?That is signed by the importer and agreed with the terms and conditions. Indenting registration number ?Goods are not of Israel and vassals to be used are not of Israel ? Insurance cover note with date of shipment. ?Whether RC is up to date or not ?Whether IMP form is duly filled up and singed ?The imported goods are marketable After scrutinizing all thee legal aspects necessary entry is given to the margin register and charge, commission and margin in realized. Transmitting the L/C: The L/C is transmitted to the advising Bank for advising the L/C to he beneficiary. L/C is generally transmitted through tested Telex of Fax. Before transmission of final examination of the L/C contents is

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SWOT ANALYSIS - Essay Example It I this form of integration that makes it competitive. Throughout its history, the company has enjoyed strong economic growth and constantly increasing cash flow (Baines, Fill, and Page, 230). This has enabled it to expand and command a wider share of the market. At one point in the market, research was ineffective with the company failing to anticipate the need for new products such as phablets. What resulted was late entrance into the market thus affecting sales and revenue. The lack of a wider price differentiation strategy makes the company appear to be a premium category company. This means that many people in the middle and low socioeconomic status disregard its products. Further, the company has overtime depended on revenue from only two products, iPad and iPhone. Most of Apple’s products have remained popular and relevant to many people. This means that the company can continue investing on the same products with the assurance of revenue. The growing technology industry increases the demand for electronic products constantly. The company is thus assured of progress. Lack of price differentiation strategy is detrimental to the company’s quest to get into a wider market. The company is outperformed by competitors such as Samsung on this and the demand for its products may shift when lower priced products are in the market. There is increased a need for innovativeness in the industry (Kurtz, 23). As long as the company enjoys revenue from only two of its products, innovation may be delayed and with time, the products will lose

Report Case Study Example | Topics and Well Written Essays - 500 words - 1

Report - Case Study Example Note that the standard labor hours per unit = $ 5.75. Therefore, with respect to the application rate of the combined variable and fixed cost, the standard number of hours allowable = (5.75*4,100) = 23,575. Since we have the price of overhead per hour ($ 29.37), the standard combined variable and fixed overhead rate = (29.37*23,575) = $ 692,398. The predetermined total overhead cost per hour = $ 29.37. The variable cost per hour = $ 8.10. Therefore, the fixed cost per hour = (29.37 – 8.10) = $ 21.27. The variable portion of the overhead = (8.1*23,575) = $ 190,957.5 Consequently, the fixed portion of the predetermined overhead = (21.37*23,575) = $ 501,440.25. The variance with (-) sign denotes the unfavorable deviations in the above exhibit. Some of the potential risk identified is a possible case of surplus or deficit unit production. Another imminent risk is failure to completely cover the overhead costs. These variances occur due to less focus on the prediction of the future conditions. A possible way forward is to predict possible changes and include a certain margin to cover for any uncertain unfavorable variance. The organization can implement the use of linear programming or regression analysis to establish an inclusive variable prediction (Berger,

The Importance of the Culture in Global Industry Essay

The Importance of the Culture in Global Industry - Essay Example Culture has become a multi-billion dollar industry. Lampel, Lant and Shamsie (2000) concede to this reality in their article on the challenges which confront managers in cultural industries. Quoting Marshall McLuhan’s assertion that â€Å"†¦ we are swiftly moving at present from an era when business was our culture into an era when culture will be our business,† (p. 263), Lampel, Lant and Shamsie’s (2000) primary concern is the effective and efficient management of the cultural industries. Craves (2003) echoes this same concern and underscores the importance of art and culture as commercial commodities. Garnham (2005), despite an evident agreement with the previously mentioned authors’ main arguments, approaches the issue of commerce and culture from a different perspective. Rather than look at it from a managerial viewpoint, he critiques it from a policy perspective. In so doing, he questions the impact of cultural policies on the creative arts indus tries in the UK. His approach compliments and, to an extent, completes that of the other authors and, taken together, all three articles provide readers with a clear insight into the importance of arts as an industry, and the management challenges it poses. Caves (2003) proceeds from the premise that even though art can be appreciated for art’s sake, its valuation and monetary appreciation requires management. An art piece or an artistic production has its connoisseurs, regardless of whether or not marketing and management have entered into the equation. Its popularisation, however, is dependant upon management and marketing.

Ethics Game & Reflective Journal Essay Example for Free

Ethics Game Reflective Journal Essay This journal contains the reflection of the Ethics Game simulation assignment. The purpose of this paper is to describe the steps and process that I used to answer the ethical questions involved in two simulation games: The case of the troubled Teen and Policies and Politics. In addition I will also discuss how these concepts relate to my workplace. The case of the Troubled Teen: This case describes the case of an unmarried, 16 year old pregnant patient (RB) admitted to the labor and delivery, accompanied by her parents. Parents chose to limit medication citing personal reasons. The primary nurse (YN) is concerned that the situation may become critical for the patient and unborn baby. The nursing staff is also concerned that the parents may not understand the consequences of their action. The ethical issue in this case is how to ensure safe delivery of the baby and to provide adequate medical care to both mother and baby. The case of Policy and Politics: This case describes one of the ICU patients AT, who is unconscious for few days, was brought to the hospital by his domestic partner. YM, his partner was beside him in the ER but he was not allowed to be with the patient after transferring to ICU. The day supervisor CB prevented Yves from visiting AT. Her actions violated current hospital same sex domestic partner policy. The question her is if the rights of the patient and the significant others have been violated here. Decision making steps I used an organized process to make this ethical decision called the Baird Method, which consists of four steps. Step 1: Identify the issue in the ethical dilemma, and evaluate the evidence. I need to be attentive as to gather all data to determine which issue has to be resolved. Step 2: Identify the primary stakeholders. I have to be intelligent and identify the real issue in the case. Step 3: Use my knowledge, be reasonable, fair, and understand my duty, which focus on the equal rights and remember my role on the impact on stakeholders. Step 4: Develop a situation that has balance and meets the needs of all stakeholders and communicate the decision to everyone involved. Applying these steps to issue of the Troubled teen I gathered all the information from the patient’s chart, went over the care  plan, medical plan and received the bedside verbal report from the outgoing nurse. She was not given adequate pain medicine nor seen by the physician on call because she/he was attending an emergency elsewhere. The stakeholders in this situation are as follows: †¢RB, the patient †¢LB, RB’s unborn child †¢RB’s parents †¢Shift supervisor †¢YN, RN caring for RB †¢The Shareholders Applying these steps to the issue of Policy and Politics: First of all here, I have to identify the problem. There are two issues here. One is allowing the domestic partner to visit the patient and the second one is to make sure that the hospital staffs follow the policy of the hospital. The stakeholders are †¢AT, the ICU patient †¢YM, the domestic partner †¢Staff nurse, M †¢CB, the shift supervisor †¢AF, the director of nursing †¢The Shareholders Ethical Lens used that influenced decisions Lens used in Troubled Teen case: Using the rights and responsibility lens, I could identify my duties as to assure that the care of the pregnant teen is not compromised and for those who cannot speak for themselves. I want to ensure that there is a safe delivery of the mother and the baby is safe. Result lens considers focus on the results we want in our community and how it contributes to the greater good in our community and to greater number of people. I used the action that tilted towards sensibility because I honored the need in this situation to consider parental wishes and aftercare of mother and baby. In the first situation the rights and responsibility lens was first and foremost in my mind. My duty made me to assure that the care of the patient and her unborn baby was not in danger nor the care was compromised especially when someone can’t speak for themselves. I used the result lens to make the care plans and involve the parents in the care of  their child and grandchild with the help of chaplain. In the second situation, it focused on the system and allowed me to incorporate what is best for the system and community, however protecting the rights of both. Lens used in the Policies and Politics case: In this case the use of relationship lens and reputation lens was used. The relationship lens focuses on the processes that systems need an ethical organization. The ethical lens tries to protect the basic liberties of everyone and this situation the domestic partner is to be treated like any other person. However, the reputation lens focuses on assuring that the hospital protocols are consistently followed and in this situation the partner should be allowed to visit his other partner. How concepts relate to the workplace In my workplace I face difficult ethical decisions associated with patient care and the policies set forth by the care agencies. This simulation helped me to recognize my own personal values, such as equality, fairness, compassion, which influences my decision in various decisions. This game helped me to examine the decision making process when faced with the difficult situations and how to make the right decision during any dilemma. The process set up in our workplace might not be ethical one for that particular situation but in this scenarios they were not followed blindly, but the best option was picked to solve them. Identifying my personal values and gaining knowledge of the ethical lenses allowed me to minimize necessary conflict at work and deal directly with the situation. CONCLUSION Ethical issues at work place associated with the patient care can add stress and increased burden on the nurses. The ethical game simulation allowed me to identify the issues and guided me through a systematic approach to solve the dilemma. This exercise helped me to prepare for a situation which will help me to reduce stress and make a sound judgment. The lenses allowed me to gain knowledge and insight to solve the problems.

What Qualities A Teacher Should Have Essay Example for Free

What Qualities A Teacher Should Have Essay Teachers play an important role in the education of every student. There are many who think that a teacher have a certain skill in teaching their students. I think that a teacher should obtain multiple qualities to be able to have the skill in teaching. In my view, a teacher must enjoy their job. They should do this because if they do not then they will become unhappy. Once a teacher is unhappy, they will not be able to perform well for their job. If a teacher is not able to perform well; how will a student be able to learn the proper skills for their subject? A teacher should have knowledge about their subject. If a teacher does not have the knowledge; how will he be able to guide his students towards the right path? The teacher should have knowledge because he will be able to share his knowledge with his students, which enables his students to learn more. I strongly believe that a teacher should present his subject in an interesting manner. If a subject is not presented in an interesting manner; how will students be able to obtain the information given to them? Students these days have very limited attention spans. If very vital information is being presented in a boring monotone voice; do you think students will remember this information? A teacher should be hardworking, caring, responsible and must like children. If a teacher is none these; how do you think a student will react? If a teacher is not hardworking; will he be able to actually teach a student something? If a teacher is not caring; will he able to gain the trust of a student? If a teacher is not responsible; will he be able to handle the welfare of a student? If a teacher dislikes children; will he be able to achieve in getting any information towards a student? In conclusion, I think in order to obtain a certain skill in teaching; a teacher must be able to have certain qualities such as the ability to appreciate his job, the knowledge of a subject, the ability to present their subject in an interesting manner, the ability to be hardworking, caring, responsible and the ability to like children. Teachers are counted as a noble profession as they shape the minds of tomorrow.

A critical evaluation of CRM (Customer Relationship Management)

A critical evaluation of CRM (Customer Relationship Management) The era in which marketers have increasingly acknowledged the importance of customers retention has seen as the evolution of related models and strategies. Increasingly, customer retention has needed greater emphasis in the company strategies due to the environmental changes and globalization occurring in the markets. The area of relationship market is very important and is main issue at the time of tough competition in the market. Various factors like internet and advanced technology has give rise to the attention and awareness among the customers to access a far greater choice of services and products offer to them. The analysis of the strategy of Customer Relationship Management has become an indispensible part of the organisations in the market management. This area is of great importance in the management strategies as customer are the key factors for the organisations in any field and there is great importance related to the customers as they are the determinants of the success of an organisations and has to be managed good relationships with them in order to gain competitive advantages in the market. The existing market needs the managers with all the knowledge to deal the customers. For this purpose there are many researches are going to be on in the relation to this subject, by realising the important of this area in tem market the companies become aware to the facts that how crucial is the managing relationships with their customers. The person reason behind adopting the area of research for the dissertation is that in todays market customer are take as God and each and every area of marketing and management is based on the dealing, satisfaction and retention of the customers. Without customers there is no market and no management. So it is mandatory for everyone to have the in-depth knowledge about the management and dealing of customers. Without having the proper study of customer relationship within the market is tea without sugar. For the personal reason I have the greater interest in the dealing with the customers and in order to get the proper knowledge regarding the management of relationship with them it would be very helpful to understand the nature of customers and hoe it could be managed healthy relationships with them to make them happy and satisfied. 2.1 Aim The aim of this dissertation is to critically evaluate the strategies of Customer Relationship Management. It also seeks to explore the difference between the concepts of Relationship Marketing and the concept of Customer Relationship Marketing. 3. Preliminary Review of the Literature Introduction A compelling business case and success stories continue to attract business interest and investment in customer relationship management (CRM). The CRM software market is expected to increase from $7 billion in 2000 to $23 billion in 2005, even though conventional wisdom is that 30 to 50 present of CRM initiatives fall short of meeting company objectives, while another 20 present actually damage customer relationships (AMR Research 2002). A seemingly myriad of challenges, conditions and circumstances contribute to the ultimate success or failure of a CRM initiative. Before investing scarce resources in such a risky technology innovation, corporate leadership is calling for a means of decreasing the sphere of uncertainty surrounding CRM. The adoption phase (Rogers, 1995) of a technology based innovation such as CRM is where decision-making and planning activities are conducted to address whether, why, and how to implement the innovation (Markus Tanis, 2000:189). Occurring at project i nception, the associated problems or shortcomings of this phase are multiplicative, and can exert a toxic effect on the ensuing innovation process. Although decisions made during this phase are critical to the eventual success or failure of a CRM initiative, there is a paucity of research exploring these adoption issues (Markus Tanis 2000). 2. Business value, complementarity and alignment When considering a CRM initiative, executives ultimately want to know the impact on organizational performance that is, the likely business value of the initiative. This is typically measured via the return on investment (ROI) metric. However, determining the economic value of an innovation, especially one enabled by technology, has posed major difficulties to researchers and practitioners for several decades. Recent literature on business value suggests complementarity as a key determinant of organizational performance (see Barua and Mukhopadhyay 2000 for a summary). Two activities or factors are complementary if the benefits of doing more of one increase by doing more of the other (Milgrom and Roberts, 1990). Organizational alignment is concerned with the level of agreement between complementary constituent parts (e.g. people, processes, activities). Alignment research typically falls into either of two basic dimensions: intellectual or social (Reich and Benbasat, 2000). The intellectual dimension, also known in the literature as strategic alignment, centers on the alignment of organizational strategy, structures and planning processes Here, strategy is the focal point such that positive alignment can be achieved when organizational structures and processes support strategy. In contrast, the social dimension concerns the alignment of organizational culture, stakeholder interactions and knowledge of one anothers work domain. In this context, culture is at the nucleus where positive alignment occurs when stakeholders are knowledgeable about each others domain areas such that cooperative interaction (as opposed to conflictive) occurs within the bounds of the organizations norms and values. O ther related research underscores the importance of alignment between the intellectual and social dimensions. For example, using general systems theory and chaos theory as the foundation, Semler, 1997) presents a theory of systematic organizational alignment where strategy, structure and culture are complementary. A harmonious agreement of these aspects breeds an internal environment supportive of the organizations strategy, by eliminating internal barriers to cooperation and performance. The theory outlines six aspects of alignment (process, reward system, values, norms, performance and environment) that, if in agreement, should result in positive organizational performance. As organizational performance is guided by strategy (Pearce and Robinson 1994), and given that a firms leaders develop strategy, it is the leaders and the roles and processes they prescribe that largely drive alignment. 3.1 Intellectual dimension 3.1.1 Strategy. A highly competitive global marketplace places pressure on firms to reduce costs, while simultaneously differentiating themselves through improvements in customer service to gain revenues. The underlying premise of CRM is: If a firm improves upon how it manages relationships with its customers, the result will be evidenced as an increase in firm productivity and customer satisfaction, leading to better financial performance. However, firms must avoid viewing CRM as the solution to competitive pressures. CRM is much more involved a CRM initiative should be conceived of as a corporate strategy. The customer-related capabilities of a firm are at the heart of assumptions regarding customer satisfaction, productivity, and the firms financial performance. According to marketing theory, to be successful an organization must aim all of its efforts at satisfying its customers, at a profit that is, managing customer needs profitably. This means that organizations must create, deliver, and communicate customer value more effectively than their competitors. Organizations that succeed at such are described using terms such as market driven, customer-centric, customer-focused, or customer oriented. Day (1999:5) suggests that such market-driven organizations are marked by a superior ability to understand, attract and keep valuable customers, and he identifies three specific components of market orientation: (1) an externally oriented organizational culture with a focus on added value; (2) distinctive capabilities in market sensing, relationship building, and strategic thinking; and (3) a configuration that enables the entire organization to anticipate and respond to changing customer and market conditions (pp. 6-7). Kohli and Jaworski (1990) provide further specification, defining market orientation as the organization-wide generation of market intelligence, dissemination of the intelligence across departments, and responsiveness to it. Concerning IT innovations, Kwon and Zmud (1983) find that top management support is a key, recurring success factor. Management support can be defined as the widespread sponsorship of an innovation. Successful implementation of an innovation has been found to occur when top management exhibi ts commitment to change (in our context, the CRM initiative) as well as commitment to the (CRM) implementation effort. Support is evidenced through commitment of resources such as time and money for education and training of employees, assignment of key employees throughout the innovation process, and money to purchase the technology and support the multiyear implementation effort. Kwon and Zmud state that successful IT implementation is more likely to occur when sufficient organizational resources are initially directed toward motivating the implementation effort and then to sustaining it. The literature also consistently points to the importance of a champion of the innovation effort. To qualify as a champion, an employee must be a upper level, highly respected individual who actively supports and promotes the innovation, providing information, material resources, and political support. As an aid to success, it is important that the same champion sees the innovation effort through to completion. In a recent field study, firms undertaking CRM projects with a dedicated high-level champion were twice as likely to report that their project was doing at least better than expected (Yu 001). Leadership styles are a key factor when embracing a new initiative such as CRM. Nguyen-Huy (2001) identified four change management leadership styles, including: commanding; engineering; teaching; socializing; or hybrid. No one type is inherently superior to another. Much depends on the styles that have brought success in the organizations past. Also, successful change leaders have utilized one style during an initial stage, and changed to a different style in a later stage. For example, a commanding style may be important at the outset of a project, to communicate that top management is serious and committed to the change, whereas a more collaborative style may be successfully used during implementation. In the context of CRM, little research has been done to examine the change management leadership styles utilized, or to analyse under what conditions a particular change management leadership style is likely to be effective. 3.1.2 Structure. The innovation literature suggests that a firm with a flat, decentralized structure, as opposed to a centralized hierarchical structure, is most likely to support the development of innovative ideas. However, with regard to implementing the innovation, a centralized structure has been shown to be most effective. In terms of an IT innovation, structural factors pertain to the compatibility of the system with the organizational design (e.g., centralization, decentralization, organic), the authority hierarchy, reporting relationships and the like. ERP and CRM efforts revolve around business processes. Effective CRM must integrate and support the business processes that create customer experiences. These business processes span the organization, including the customer-facing business processes of marketing, sales, and customer service. However, back-office business processes such as accounting, purchasing, production, and logistics are also involved. The significance of this logical integration of customer related knowledge cannot be under-estimated. It poses a major challenge to organizational readiness. 4. Research Questions RQ1. What are the critical issues that have to be discussed in the customer relationship management initiatives? RQ2. What problems have to be faced during the adoption of CRM initiatives? RQ3. What is the scope of CRM for different type of organisations? RQ4. Is Customer Relation Management is taken as the appropriate for all kind of organisations? 4.1 Research Objectives As the emerging discipline the CRM needs great deal of assistance in the theoretical area. The area of customer relationship management is very important for the To identify the main issues of Customer Relationship Management To critically analyse the literature of the CRM To examine the facets of the customer welfare and to retain them for long term To explore how CRM succeed and fail. To examine the CRM strategy for the Tesco Plc To draw conclusion and suggest some recommendations for the company Word Guide 200 5. Research Plan / Methodology Research methodology is mainly split into three parts i.e. research perspective, research design and collection of data. These three phases of methodology collectively formed the clear description about the importance and need of the research methods. Research Perspective From the view point of Saunders et al (2003) for the research to be conducted there must be an appropriate choice of research perspective. This dissertation is a case study approach which is most suitable for the topic of CRM in the industry. This help to examine the research topic in depth and provide the required information for the plotting of dissertation. For this there is good chance to know about the efficiency of the company regarding the implementation of the CRM strategy. The case study approach covers the areas like clarification of topic, data processing, collection of data and the conclusion for the research is presented. Following is given the research strategy chosen for the dissertation to be conducted. Research design for the research design there is a process given by Saunders (2003) known as the Research Onion. The following figure explains the whole design of the research. For this there are mainly two type of approaches named inductive approach and deductive approach. Inductive approach This approach follow the process in there is movement from the specific to general for the formulation of the theory of the research. This approach is widely open and exploratory for the research to be conducted at the first stage. On the other hand deductive approach is usually follow the process of general to specific and this is totally opposite to the inductive approach. In this approach theory is taken at the first step and then goes to the observations. This approach is taken as the narrow one as there is restriction and binding to the theory chosen. To conduct the research regarding the dissertation the author decided to go with the inductive approach because the inductive approach is flexible than that of the deductive one and there are more chances of exploration of the topic in the inductive approach. Data collection methods Data collection methods is taken as the very crucial part of the research to be conducted as the whole process and phenomenon of the research of dissertation is depend on the methods of data collection used for the purpose to collect relevant data so that there could be access to problem of the research. There are mainly two types of methods are available for the collection of data these methods are Secondary Data Collection Methods and Primary Data Collection Methods. Secondary data collection methods Secondary data is that data which is available and already exists. This data is always ready to use. This data usually collected for other purpose of research and is used by the some other sources as this is always free to access and easily available. The secondary data is usually available in forms of qualitative and quantitative both types of data. In qualitative data there is no numeric and diagrams and facts and figure. This data is totally based upon the theory part. This is mostly used for the formulation of literature review for the research. On the contrary there is another form of data i.e. Quantitative: this type of data is in the form of numeric and facts and figure. The annual reports of the companies and analysis in the form of numeric presentation is comes under this. Primary data collection methods Primary data collection methods are those methods in which the researcher itself collects the data in order to get the relevant data for the research to conduct. This type of data is mostly in the form of qualitative data. The various methods used to collect the primary data are interviews, surveys, questionnaires etc. For this dissertation there is use of both type of data i.e. secondary data collection and primary data collection. Both data collection methods are equally important and researcher cant go with alone one for the research. As there is need of in depth and critical analysis of the research problem and so for this there must be both type of data will be used in the dissertation. In following table there is brief outline for the various methods used in the collection of data with their advantages and challenges. Limitations of study The thing is that at this stage the topic of the research is not yet consider in detail. Still there are some limitations that are outlined here. At first the area in which the research is going to conduct is wide and it became hard to collect the relevant data for the research by the use of data collection methods. Secondly there is a huge collection of data regarding this topic and they are available in different software of database. At last it is not easy to get relevant and proper data from the side of interviewee regarding the research area, and sometime these interviews are biased. 6. Ethical Considerations As this topic of research is related to the customer relationship management the main ethical issue for this is to how to implement the suitable strategy for a company to run this process. For seeking the development of the research topic for the dissertation I will conduct the instructions provided to us by the college and will also follow the rules of the University accordingly that are provide to me in the available form. Also regarding the data collection for the research the main source of data collection for the dissertation is the available data i.e. secondary data for the company or organisation. There is no provision of data protection this protection will considered at the time of publishing of the data later on. As other reliable source for the collection of data for my research is interviews and questionnaires. For this, if there is needed the interview will be recorded after getting the permission the interviewee. For all the process there will be supervision of the supervisor which will provide during the dissertation to be conducted. There will be appropriate use of participation information during the plotting of the literature review and other parts of the research. 7 Planning and any special resources required Week1 Week2 Week3 Week4 Week5 Week6 Week7 Week8 Week9 Week10 Week 11 Introduction to aim objectives Literature review Research methods Data collection Data analysis Findings Conclusion Recommendations Setting and submission