God Exhibits Parental Characteristics. Uses examples from the Old Testament of the Bible to prove that God exhibits the traits of a parent when interacting with humans.

God Exhibits Parental Characteristics. Utilizations models from the Old Testament of the Bible to demonstrate that God shows the characteristics of a parent while interfacing with people. Numerous individuals seek God for comfort. They live their lives dependent on His lessons in the Bible. Individuals additionally seek their folks for comfort and live their lives dependent on what they educate them. From multiple points of view, God is tantamount to a parent. Giving solace, setting rules, and restraining are three attributes of guardians that God exhibits.One way God is like a parent is He gives solace to His youngsters. A model is when individuals are annoyed with the passing of a friend or family member, their folks are there to comfort them. After Cain murders Abel, God gives Eve another child, Seth, to reassure her. Another is if a kid is apprehensive, they look to their folks to ensure and comfort them. At the point when Cain is stressed that somebody will kill him, God guarantees him that whoever kills him will endure a punishment multiple times as more regrettable. In addition, guardians spread their youngsters when they are cold.English: The narrative of the Eden Garden. The temptat...Similarly, God gives covering to Adam and Eve when they are embarrassed about their exposure. While He gives comfort, he likewise has decides that one needs to submit to win it.Another way God resembles a parent is He sets controls and exhorts His kids. In the first place, similarly as guardians prompt their youngsters not eat certain confections and nourishments does as well, God. God advises Adam and Eve never to eat from the tree of information on great and fiendishness. Likewise, guardians educate their youngsters that they need to do tasks around the house to win their stipend. Nearly, God advises Adam that he needs to work in the field to deliver nourishment for his family. Furthermore, guardians exhort their kids not to be sluggish and accomplish something with their lives. In like manner, God advises Adam and Eve to be productive...

Areas of Learning

|Area |Extending learning and advancement | |Quiet/perusing region |The calm zone permits kids to build up their comprehension of the composed word; they discover that words pass on importance and that| | |this is reflected by the photos that are in the books. | |They create association with others using books and listening | |They figure out how to share and co-work | |They learn fixation and discretion | |They find out about their general surroundings, ideas, thoughts and ethics | |They figure out how to deal with assets | |Small world |The kids figure out how to pretend and to share and alternate with others | |They learn social collaboration and powerful correspondence | |The learn resistance and comprehend of different people’s thoughts and convictions | |The build up their fine engine aptitudes | |They find out about the world wherein they all live | |Role play |The youngsters figure out how to pretend, to imagine and to acknowledge other’s as a major aspect of th at misrepresentation | |They figure out how to associate, to share toys and thoughts | |They build up their creative mind | |The mimic talk and conduct | They figure out how to dress themselves | |The build up their capacity to take on a job and create it | |They offer and alternate | |They mark make | |They copy and duplicate | |Mark making |In mark causing they to figure out how to utilize various mediums to make marks | |They build up their fine engine abilities | |They broaden their language | |They decide, alternate and offer | |They build up a comprehension of the composed word and discover that words pass on importance | |The improve their manual expertise and hand eye co-appointment | |They build up their comprehension of points and show pride in their accomplishments They figure out how to compose, draw and perceive shading | |They create control and focus | |Maths/ICT |In this region they find out progressively/less | |They will create critical thinking and rationale | |Th e kids will figure out how to impart and build up the utilization of numerical language | |They will learn hand eye-co-appointment, fine and gross engine aptitudes | |They will build up their comprehension of number, checking and it’s emblematic portrayal | |They will analyze, differentiation, match and sort (utilizing different rule) | |They will create and consciousness of PC and mouse control | |They will figure out how to share and alternate | |Craft |The kids will utilize a wide range of mediums to make | |They will grow fine engine abilities and hand eye co-appointment | |They will find out about shading, example and surface | |The will utilize their creative mind and draw upon their comprehension of the world in which they live. | |The youngsters build up their inventive mindfulness and freedom | |They will utilize creative mind and critical thinking | |The will build up their social abilities, correspondence and co-employable aptitudes | |The will start to create self -articulation , certainty and imaginative energy | |Outside |The kids will comprehend the earth, finding out about climate and the world in which they live | |They will build up their spatial mindfulness/net engine aptitudes | |The will investigate their manipulative aptitudes/feeling of parity/deftness abilities/hazard taking | |The will build up their spatial mindfulness/fine manipulative/net engine aptitudes | |They will build up their hand-eye and foot-eye co-appointment/train aptitudes | |They will create social aptitudes, turn taking, sharing and inventiveness | |They will build up their language and relational abilities | |They will build up their certainty and attention to their own capacities just as propelling themselves somewhat more to learn | |new abilities | Whilst the kids are learning through their play and through all the aptitudes and territories above we will screen and bolster them so as to assist them with creating in the correct manner. We will support great co nduct and demoralize negative conduct. We will give the youngsters certainty to build up their range of abilities, certainty and capacities. We keep a nonstop record of their accomplishments with the goal that we can screen their advancement and feature and regions for unique thought. Thusly we will cause elevated levels of desire and accomplishment.

Baroque Music

Show was the new melodic type of the Baroque time frame and it was extremely expressive of the elaborate social qualities. By then finish of the operatic structure was adapted into a formula, including unrealistic plots, little inspirations for the characters, and otherworldly changes, which were indications of show's ornate nature. Persecute joined show, move, expound stage systems, and view with music. Johann Sebastian Bach was one craftsman whose most prominent heritage was strict music.His works re recognized by their imaginativeness and complete dominance of major and minor tonality. George Frederic Handel was famous for his Italian-style dramas. He had a splendid manner by which music permits the artists to show their virtuosity. Indeed, Opera was the new melodic type of the Baroque time frame; it started from Italy in the late sixteenth century by a gathering of Florentine performers and writers who had ties with the nobles. Notwithstanding, let us not overlook that on the off chance that it was not for the four patterns that gave he music of this timespan its unmistakable qualities.One in which was the making of the major and minor tonality which was prefigured by Joaquin des Perez. That was the ascent of present day music. The second was the blending of the class, which was notable in the writing and expressions of the human experience advanced into extravagant music. Also, the third thing was the expressiveness in the music in the late 1 backtalk; it turned out to be progressively amplified and was utilized in feelings in the content of the music that might not have been eared. Furthermore, finally was the time of virtuosos, ace artists, particularly artists, who might perform with extraordinary specialized ability and striking individual style, and of a developing assortment of instruments. † That takes us back to Opera; this melodic structure brings all the referenced patterns together, turned into a definitive image of the age. Claudio Montev erdi was the main incredible arranger of drama; he formed Refer (1607) about an amazing old Greek artist named Orpheus. It consolidated slam, move expound stage components and painted view with music (410).Monteverdi was known for extending the emotional intrigue by taking every one of the five demonstrations and completion them with an incredible melody. He took the utilization of aural images and music expressions to strengthen occasions. Jean-Baptists Lully was the organizer of French drama yet he was really Italian. He would later turn into a French resident and fill in as Louse's court writer. French show under Lully's bearing would turn out to be progressively stately and brimming with tunes and would include artful dance and French content. Rococo Music The name Baroque, which is a French word from the Portuguese’s barroco, initially utilized in building structure in Europe explicitly in Italy having a disfigured style as a sporadically molded pearl. In music, it is known for its irregularities that the twentieth century students of history later utilized the term ornate as a recognizable proof of the Early Classical Period in music.Instrumental music utilizing piano or clavichord (a German word for console), violin, harpsichord and other string instruments managed the Baroque Era of Western European Art Music between the years 1600 to 1750. Attributes and Forms Although Temperley contends that â€Å"Baroque music was composed to a great extent for rulers, blue-bloods, and tyrant church leaders† (standard 9), the deep tune and significantly course of action of any melodic piece made during this period caught the hearts of the strict and nonreligious groups.Furthermore, as Kisser said â€Å"the working class shaped too in this era† (standard 1). By and large, ornate music has the antithesis and difference as the fundamental fixings. Its trademark is intended to be passionate in nature having a progressively unbending conventional plan with current tones and exploratory musicality utilizing the blend of a firm and more than once solid bass line with colorful treble as authors meant to speak with contemporary music in understanding to their warm conduct. Melodic structures are not hardened to instrumental music alone.Along with suite, fugue, partita, canzona, sinfonia, capriccio, ricercar, toccata, chaccone, sonata, concerto and concerto grasso, which the ensemble is made fundamentally out of various instruments to make a smooth polyphony sound, the utilization of vocal music with the type of cantata, monody, song of praise, enthusiasm, masque, chorale preface, oratorio and show began to develop and before long became sought after. The consolidation of artful dance moving and showy expression s is additionally presented, and the open valued it all things considered. The Era of Baroque Music 1600-1630 (Early Baroque)The passing of Renaissance period segued into the Early Baroque Music in the year 1600. It began when the Florentine Camerata chose to rethink the traditional polyphonic sound from complex plans to fundamental backup and basic tunes. Thus, contrast melodic pieces started rising. The activity to utilize harmonies rather than notes made tonality, and congruity is then communicated. As Baroque type is beginning to develop, Protestantism likewise shows up somewhere else in Italy. Experimentation in expressions and music turns out to be amazing in restoring Catholicism.Instrumentation and enthusiastic symphonic music was one of its items. Be that as it may, when open developed tired tuning in over absolutely instruments, another advancement come out. The utilization of music and content is exhibited in Orfeo, the first historically speaking drama formed by Claudio Monteverdi with the utilization of vocalist entertainers and music joined. 1630-1680 (Middle or Classic Baroque) Due to the support in Baroque sort, accessibility of symphonic instruments expanded. Writer craftsmen gave huge commitments and got mainstream just as show and other showy dramatization, moves, for example, artful dance, and vocal music genre.Most of their subjects were excerpted from the expository methodology of Greek and Roman in expressions and music. Formal educating of craftsmanship exercises explicitly music began in Middle Baroque to give center more around music and concordance. Contradiction sytheses ended up being progressively precise and very much organized. Be that as it may, the engaging quality of dramatic class didn't give concerto and concerto grasso a prevention to be acknowledged. Rather, music in this period is increasingly valued by general society. A portion of the unlimited magnum opuses made during the Classic Baroque made due until today like Geo rge Friedrich Handel’s Hallelujah and Johann Pachelbel’s Canon in D.1680-1750 (Late Baroque) The declination of Baroque period started in the year 1680 and finished in the year 1750. Germany in this time received Italy’s guileful convention that they grew later on putting German touch. Music here was expensive because of the interest of regal courts and individuals from the nobility. European craftsmanship music began to be regarded by other neighboring landmasses like the United States of America. Information and logical disclosures just as craftsmanship and music were given most extreme consideration where authors and artists are dealt with benefactors even by the mainstream and strict members.Before the Baroque time frame moved to old style period, another critical advancement in music has been made accessible, and two arrangement styles were watched. These are called â€Å"the homophonic commanded by vertical contemplations and the polyphonic overwhelmed by impersonation and contrapuntal considerations†. (Wikipedia standard 69) Composers and Musicians of Baroque Era Further investigations of Thornburgh and Logan stated, â€Å"Baroque performers were not worried about communicating their own sentiments and feelings, rather they looked to depict with objectivity, emotions and feelings which were particular from what they really felt†.(par 21) Here are the absolute generally respected, persuasive and very much refreshing writers, dramatist specialists, and artists during this time. Italy: Monteverdi, Frescobaldi, Corelli, Vivaldi, Domenico and Scarlatti France: Corneille, Racine, Moliere, Couperin, Lully, Charpenter, and Rameau Germany: Praetorius, Scheidt, Schutz, Telemann, Pachelbel, Handel and Bach England: Purcell, Donne and Milton R E F E R E N C E S Baroque Music. Wikipedia, the free Encyclopedia. 11 Nov. 2007 < http://en. wikipedia. or on the other hand g/wiki/Baroque_music>Bukofzer, Manfred. Music of the Bartoq ue Era. New York: Norton Company Inc. , 1947 Kisser, Brandon. A Brief History of Music: The Baroque Era Part I. Sept. 2007. Newsvine. Com. 12 Nov. 2007 <http://kiser. newsvine. com/_news/2007/09/25/98 5009-a-brief-history-of-music-the-rococo period pt-1> Temperley, Nicholas. Elaborate Artists of Champaign-Urbana: Baroque Music. 11 Nov. 2007 < http://www. baroqueartists. organization/manage. asp> Thornburgh, Elaine and Logan, Jack, Ph. D. Florid Music Part One. 12 Nov. 2007 <http://trumpet. sdsu. edu/M345/Baroque_Music1. html> Ornate Music As indicated by Craig Wright, â€Å"â€Å"baroque† is the term used to portray the craftsmanship, design, move and music of the period 1600 to 1750 (Wright, 97). † The sound has been depicted as â€Å"rough, striking [and] instrumental† (Ibid). Initially, the term â€Å"baroque† was disparaging (Ibid). One of the fundamental qualities of ornate workmanship and engineering, that stretches out itself to the music of the period, is greatness. Everything in ornate society was overwhelming. Gaudy was likewise a term that was utilized to characterize the music of the period.With this affectedness was additionally a tender loving care that showed itself in â€Å"vigorous, throbbing rhythms with solid, standard beats and numerous littler developments (Ibid). † During the rococo time frame, there was a lot of improvement and development in the field of music. During this time, three melodic structures created and arrived at their apex, the Baroque Opera, Con certo Grosso, and the Cantata. These three structures were best spoken to by Claudio Monteverdi, Antonio Vivaldi, and Johann Sebastian Bach. The main structure that came to advancement was the Baroque Opera. This was best exemplified by the dramas of Claudio Monteverdi.One of his shows was Th

The Importance Of Quality Corporate Governance Finance Essay - Free Essay Example

The importance of corporate governance quality has been stressed by many studies (Asian Roundtable on Corporate Governance, 2006; Andy Mullineux, 2006; Chris Mallin, 2003; Ross Levine, 2004; Stephen Y.L.Cheung et. al., 2004; Vasile Cocris et. al., 2007). Notably, an opinion survey conducted by McKinsey Company (2002) highlighted a significant 78% of investors are willing to pay a premium, as high as 22% to 25%, for Malaysian companies exhibiting good corporate governance quality. Due to the special nature of the banking business, notably with the fiduciary duty owe by the banks to its stakeholders, many studies have identifies reasons why corporate governance for banks should be given priority as compared with other industries (Asian Roundtable on Corporate Governance, 2006;). Such a study is even more pronounce in Malaysia as many prior studies perceive the failure of corporate governance is the root cause to the Financial crisis in 1997 (Asian Roundtable on Corporate Governance, 2006;). This chapter provides some relevant prior studies on corporate governance quality in Malaysia as well as its banking sector. Malaysian corporate governance reform aims to restore investors confidence of the capital market, this paper is satisfie d that discussions and findings on corporate governance practices in Malaysia directly contributes to the corporate governance quality of the Malaysian banking sector. Innssa Love (2010) specified three main sources used to construct measures of corporate governance quality, namely, (i) information from companys by-laws and charter provision; (ii) Independent rankings constructed by rating agencies, such as Standard Poors (S P) or Credit Lyonnaise Securities Asia (CLSA); as well as (iii) Opinion surveys of firms. It is the intent of this chapter to provide review of these sources to discern the perception of corporate governance quality in the context of the Malaysian banking sector. Measurements of Corporate governance quality in Malaysian domestic banking institutions The mechanisms that determine corporate governance quality in Malaysia can be analyzed from the directions contain in the master plans as well as orders from relevant regulatory bodies (Abdul Hadi B. Z., 2000 and Inessa Love, 2010). According to Abdul Hadi bin Zulkafli et al., (2000), the main sources of corporate governance reforms agenda in Malaysia can be traced back to three official documentations, namely, the Malaysian Code on Corporate Governance (MCCG), the Capital Market Master Plan (CMP) and the Financial Sector Master Plan (FSMP). As part of its implementation plan for the FSMP, Bank Negara Malaysia (BNM) also issued various prudential guidelines such as Guideline on Corporate Governance for Licensed Institutions (BNM/GP1) to regulate corporate governance practices of the banking sector. In addition to sufficing to BNMs prudential guidelines, Malaysian domestic banking institutions are also required by Bursa Malaysia to disclose and justify the extent of compliance with the principles and best practices set out in the MCCG. With the above legal and regulatory environment in place, the following sub-sections take stock of the progress of corporate governance reform of Malaysian domestic banking institutions. On the basis of analysis of broad principles of corporate governance directly affecting the quality of corporate governance of the Malaysian domestic banking institutions as shown in Table 1.2, this research discusses the following mechanisms of corporate governance. Board Characteristics (Directors) In a paper that examines the impact of corporate governance practices on the performances of firms in Malaysia, Allan Chang Aik Leng, 2005 concluded that corporate governance practices, such as board composition, CEO duality and concentrated ownership were found to have insignificant impact on ROE. The paper, however, concluded three independent variables that were found to have significant impact on ROE. These variables are, namely, (i) th e dominant role of the CEO and chairman of the board, (ii) gearing; and (iii) size of the company (Allan Chang Aik Leng et. al., 2005). Broad principles set forth by MCCG in this category includes board effectiveness, board compositions, supply of information to the board, as well as appointments of directors. Board Effectiveness Lum Chee Soon et. al. (2006) concludes the important role of board effectiveness in the corporate governance in Malaysia banking system. The paper evaluates that board independence is a prerequisite for enhancing board effectiveness. There is still room for improvement in this important basis of the internal governance mechanism in the post financial crisis period. This is a difficult area for most banking leaders to tread: and improvements must be made at the board level if the board is truly committed to the idea of enhancing board effectiveness. Board independence is a prerequisite for enhancing board effectiveness. The results of the survey questionnaires show there is still room for improvement in this important basis of the internal governance mechanism. All board members, especially the independent directors, must truly feel independent without any reservations about, first, whether their term can be terminated if they dont toe the line, or second, if they have an obligation to the controlling owner or CEO who appointed them. This is a difficult area for most banking leaders to tread; and improvements must be made at the board level if the board is truly committed to the idea of enhancing board effectiveness (Lum Chee Soon et. al., 2006) Much still remains to be done to enhance board effectiveness and independence at the firm-level. The board must be more conscious and passionate of its role in establishing the ethical and cultural values of good corporate governance. Board diversity is always an important ingredient for those interactions to take place that are necessary to promote open and constructive engageme nts within board discussions and decision-making process. We have seen that the increasing role of independent directors in the boardroom is an important ingredient for this diversity (Lum Chee Soon et. al., 2006). The appointment of the board members is very much a contentious issue. A perusal of the board composition in the domestic banking institutions in Malaysia reveals the fact that very little change has taken place in terms of recruitment of new board members: there is still a reluctance to recruit unfamiliar independent non-executive directors to the board in domestic banking institutions. Appointment of non-executive directors should not be based on who you know but should be based on who is best. A simple criterion of choice should be on the candidates merits and passion to engage in constructive boardroom discussions and create value for the shareholders as well as other stakeholders (Lum Chee Soon et. al., 2006). Board Responsibilities Directors Remuneration The broad principle of directors remuneration in MCCG refers to .. Sang-Woo Nam et. al., () conducted an opinion survey on Directors Remuneration and show that compensations for CEOs, boards of directors, and executive directors are positively related to changes in stock return. In a study that investigates the relationship between financial compensation of bank directors and the banks performance for the period 2000-2003 of Asian banks, Katsuyuki Kubo (2006) concluded that there is a positive link between banks profitability and their financial compensations. This result is consistent with the opinion survey by bank directors which confirms a link between performance and compensation. The implication of the result of this study renders directors compensation as not an important element of corporate governance. Rights of Shareholders The World Banks Report on Observance of Standards and Codes (2005) highlighted protection for minority shareholders and shareholders activ ism as key challenges for corporate governance reform in Malaysia. Accoutability, Independence, Disclosure and Transparency McKinsey (2002) found that majority of survey respondents agree that corporate governance remains of great concern to them with strengthening the quality of financial disclosure and transparency as the top priority, followed by board independence and board effectiveness (Hafiza Aishah Hashim et. al., (); Sang-Woo Nam et. al., 2004; Stephen Y.L.Cheung et. al.,2004). The World Banks Report on Obeservance of Standards and Codes (2005) highlighted directors accountability as a key challenge for Malaysia. Julius C. P. (2006) found that banks risk management practices in Asian banks generally meets the requirements of internationally accepted standards under current supervisory framework. Generally, the survey results show that Asian banks have sound practices in areas of risk management, such as credit and market risk management, as well as internal cont rol. However, Much, however, must still be done to address operational risk management, public disclosure practices related to risk exposure of banks as well as more closely integrate risk management into overall governance and managegement of banks. S.Susela Devi (2003), in an article that describe the evolution of corporate governance in Malaysia, provides a chronological list of corporate governance initiatives in Malaysia and discusses the development of corporate governance in Malaysia in three phases, namely, Awareness, Advocacy and Action. S.Susela Devi (2003), in a forum article organized by United Nations aims to discuss corporate transparency and disclosure, describes Malaysia experience in corporate governance developments in three phases: Awareness, Advocacy and Action. In his article written for UN, Chris Mallin (2003) observes that transparency and accountability were two key corporate governance qualities recommended for reformed in many countries, including Malaysia, that have been affected by a lack of investor confidence. Innessa Love (2010) presents an example that measures various components in a Corporate Governance Index based on CLSA (2001) questionnaire provides 45% weightage to Transparency, Independence and Accountability. The other 45% are attributed to discipline, responsibility anf fairness. Lum Chee Soon et. al. (2006) concludes that although much has been achieved in the post-crisis period, the public perception of corporate governance in Malaysia banking system is still weak. One important area of public concern is that of disclosures and transparency of the workings of the boards in the domestic banking institutions. In a study published by Institute for Development Policy and Management, University of Manchester, Tommy Thomas of United Nations Development Programme concluded that the quality of corporate governance is inextricably linked to accountability of directors to shareholders. Hence, the greater the a ccountability, the better the corporate governance. Conversely, the lesser the accountability, the poorer the corporate governance (Tommy Thomas, 2002) cg and malaysia 3 The relationship between Corporate Governance, transparency and Financial disclosure ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦the disclosure category looks at the transparency of a corporation as measured by the quantity and quality of the publicly available information on the governance structure. Deminor state that information to shareholders is one of the most important aspects of corporate governance, as it reflects the degree of transparency and accountability of the corporation towards its shareholders. The paper concludes with the recognition that while no single universal model of corporate governance exists nor is there a static, final structure in corporate governance that every country or enterprise should emulate (Commonwealth Association for Corporate Governance, 2000), transparency and disclosure are key attributes of any model of good corporate governance. Institutional Framework supporting Corporate Governance Quality Environment Legal and Regulatory In a paper that measures the progress of corporate governance reforms in nine East Asian economies, including Malaysia, a divergence between the regulatory environment and market perception of corporate governance practices in the countries sampled (Stephen Y.L. Cheung et. al., 2006). In considering the implications of banks fiduciary duty to their depositors and taxpayers in the context of the banks corporate governance, Andy Mullineux (2006) found that good corporate governance of banks requires regulation to balance the interests of depositors and taxpayers with those of the shareholders. The Malaysian Code of Corporate Governance (2000) was developed to provide guidance on general principles of corporate governance and best practices of each principle as part of Malaysian corporate governance reform of the private sector. In recognizing that there are aspects of corporate governance where statutory regulation is necessary and others where self-regu lation, complemented by market discipline is more appropriate, the code was structured in a way so as to allow for a more constructive and flexible response to raise standards in corporate governance. In considering the special nature of the banking business and implications of banks fiduciary duty to their depositors in the context of banks corporate governance, Andy Mullineux (2006) found that good corporate governance of banks requires regulation to balance the interests of depositors with those of the shareholders. As discussed in previous section, the Malaysian banking sector has made great strides in embracing corporate governance practices for the last decade. Abdul Hadi B. Z. (2000), in his descriptive analysis of corporate governance mechanisms in Malaysia, found that the mechanisms that have been put in place are comprehensive and covers a wide spectrum of corporate governance internally and externally. Indeed, the key results of an opinion survey of the board of dir ectors and survey of risk management conducted by Sang-Woo Nam et. al., (2006), imply that the practice of good corporate governance has become a norm in the domestic banking institutions in Malaysia. The author also commended the effort of Bank Negara Malaysia (BNM) and the domestic banking institution and confirmed that there is some persuasive evidence, with particular reference to strict measures of board structures and composition, to suggest that the banking sector have embraced the importance of the practice of corporate governance in Malaysia. Even though the Malaysian banking sector has made great strides in embracing corporate governance practices, however, many researches held to the perception that much more needs to be done, especially on the institutional-level, to enhance the corporate governance quality of the Malaysian banking sector (Asian Lum Chee Soon et. al., 2006; Stijn Claessens et. al., 2002). While work on Asia has thus clarified some corporate governa nce issues, many important issues are still unknown. These issues include: (a) the causes of specific ownership structures and the relationships of ownership structures with countries institutional environments; (b) how ownership structures influence not only firm performance and valuation, but also other corporate policies, such as investment patterns and financing structures; (c) alternative governance mechanisms in enhancing governance, such as the roles of reputation, second block holders, (foreign) institutional investors and other voluntary mechanisms; (d) family firm internal governance issues, including management, compensation and family succession; and (e) the interaction between the quality of public governance and corporate governance. Most of the challenges of addressing these issues arise because of data availability problems. Resolving the data problems calls for systematic data collection by researchers and corporate governance research centres in this region (Stijn Claessens et. al., 2002). Mike W. Peng et. al. (2006) examined whether the role of concentrated family ownership and control in large firm in Asia is good, bad or irrelevant for firm performance. Their findings demonstrated that concentrated family ownership does not have a negative impact on firm performance in the Malaysian context. The authors explains that, in general in countries where institutional framework are weak, family ownership may provide a complementary internal control mechanism and better access to resources. A major element of public concern during the crisis period was the close connectivity between banks and corporate borrowers. It is acknowledged that much has already been done in terms of regulatory guidelines (GP1, GP5, GP6 and GP7) to ensure the avoidance of conflicts of interest and the problem of large single corporate borrowers. With this, the associated dire consequences will not occur and have an adverse impact on the whole financial and banking sy stem. However, it must be recognized that BNM cannot solve the root of the problem by using its regulatory guidelines alone. While regulatory bites can have its advantage, there must also be the banking industrys corporate leaders will to ensure that the intents of the regulatory guidelines are implemented in practice (Lum Chee Soon et. al. 2006) In moving forward a review of the implementation issues and problems at the ground level may be necessary. Enforcement and surveillance mechanisms by the regulatory bodies are critical. There is little doubt that the reality of corporate governance is that those in control of corporations will always have one eye on the laws governing his / her actions and more particularly the penalties that go with any breach thereof and another eye on wealth-making for the corporation (Chan, 2001). Political economy The World Banks Report on Observance of Standards and Codes (2005) highlighted large government ownership as a key challenge for co rporate governance reform in Malaysia. Stijn Claessens et. al. (2000) provides insight of Malaysia banking sector as following: State control is significant in Malaysia. Ownership data are either completely missing, available only on nominee accounts, or not sufficient to collect more than half of the ownership rights in Malaysia. Family ownership is significant in Malaysia. Significant evidence of cross-holdings in Malaysia. Four-fifths or more of companies in Malaysia have managers who belong to the controlling group. Medium size firms show the most separation of ownership and control. The separation of ownership and control in state-controlled firms occurs in Malaysia with the smallest firm displaying the most separation, such as families firms. Firms held by financial institutions do not display significant ownership and control. Family controlled firms in Malaysia increases from 58% to 67%. Older firms are more likely family controlled. A qua rter of the corporate sector in Malaysia is controlled by largest ten families. The largest 15 families in Malaysia held a significant 76% of corporate assets as a percentage of GDP in 1996. These findings can be interpretated as indicative of both the motivation for and the means to crony capitalism in East Asia. The concentration of corporate control in the hands of a few families creates powerful incentives and abilities to lobby government agencies and public officials for preferential treatment, whether through trade barriers, non-market based financing, preferential public contracts, or other means. Concentration of control might also have been a detriment to the evolution of the countries legal systems. Finally, the direct participation by government officials in the control of a large part of the corporate sector opens up the possibility of wide-spread conflicts between public and private interests of some individuals, leading to crony capitalism. While we can not docu ment whether and through what channels crony capitalism has developed in East Asia, the large ownership concentration certainly raises the likelihood of it. The author concluded that while there is a separation between ownership and management, there is not a separation between control and management. These leads to wealth concentration in the hands of few family which could negatively affect the evolution of the legal and other institutional frameworks for corporate governance and the manner in which economic activity is conducted. It could be a formidable barrier to future poliy reform. Third is the interaction between corporate governance and public governance. As suggested in several studies reviewed in this paper, governments and politicians can determine the rules of the game and the nature of competition in the market place. Listed companiescorporate governance practices are likely to be influenced by the rules, in particular how and to what degree the rules are enforce d. Therefore, it would be important to examine how corporate governance practices of a country are shaped by the quality and the integrity of its government and its regulatory policies (Stijn Claessens et. al., 2002). In a research that examine the separation of ownership and control for corporations, Stitjn Classens et al., 2000 find state control to be a significant corporate governance environment exists in majority of Malaysian corporations (Stijn Claessens et. al., 2000). Malaysia and Hong Kong show the highest degree of family ownership, with 67.2 per cent and 66.7% of total market capitalization controlled by family groups. Certain industry, such as, banking sector might be heavily regulated and the State may own a controlling stake in the companies in such industries. Malaysia has the second most significant, after Singapore, State ownership with 13.4% of value under State control (Stephen Y.L.Cheung et. al., 2004) Stijn Classens et al., 2000 find Malaysia to be amo ng other East Asian countries in examination, with highest concentration of control rights in the hands of the largest blockholder (Stijn Claessens et. al., 2000) The continual lack of public confidence in corporate governance of Malaysia banking system despite hardwork of BNM may be inherited in the potential area of concern in the post-merger domestic banking that the ownership structures of dominant domestic banking institutions financial conglomerates have become more complex and opaque. (Lum Chee Soon et. al., 2006) Markets and Competition In a paper to study the relationship between ownership structure and governance quality, Joseph P.H.F. et al., 2006 found that different ownership structures between widely held foreign banks and family / state-controlled banks in Asian nations may be due to their different business models. The implication of this result was that concentrated ownership structures should not be given much weight in the measure of good corporate govern ance. The paper also provides detail empirical data relating from banks characteristicsÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ After reviewing major governance concepts in general, Ross Levine (2004), discusses two special unique attributes of banks, namely, greater opaqueness than other industries and greater government regulation. With the perception that these unique attributes of banks weaken many traditional governance mechanisms, Ross Levine (2004) concluded that existing work suggests the importance to strengthen the ability and incentives of private investors to exert governance over banks rather than relying excessively on government regulators. The continual lack of public confidence in corporate governance of Malaysia banking system despite hardwork of BNM may be inherited in the potential area of concern in the post-merger domestic banking that the ownership structures of dominant domestic banking institutions financial conglomerates have become more complex and opaque . (Lum Chee Soon et. al., 2006) Reputational agents One possible corporate governance role of institutional investors in Asia, and emerging markets in general, is certification. When ownership is concentrated and a firm is subject to agency conflict between controlling owner and minority shareholders, the firm may invite institutional investors equity participation so that it can borrow their reputation to enhance its credibility to minority shareholders. Institutional investing, however, may or may not lead to subsequent improvement of corporate governance or be accompanied with active monitoring. As in any situation with rent seeking and relationship-based transactions, institutional and other minority investors may prefer to let controlling owners continue to protect their rents and not force them to disclose all information, as otherwise their own values are negatively affected (Stijn Claessens et. al., 2002). [Regulatory v Market Discipline] Following a decade of corpo rate governance implementation in Malaysia, there is no lack of write up on the subject matter. Existing literature, however, focuses their attention on legal and regulatory aspects, such as descriptive details on regulatory reform of corporate governance in MalaysiaÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ Despite the importance of the Malaysian Code of Corporate Governance, preliminary review of literature has discerned the following public perceptions of corporate governance quality to be of significant barriers to on-going mplementation of corporate governance in the Malaysian banking industry: Past experience of government regulatory forbearance: Effectiveness of the board Lack of separation of ownership and control Connectivity of banks and corporate borrowers Opaqueness of banking institutions High degree of government intervention Following a decade of corporate governance implementation, this chapter provides review of literature from both academic and professio nal sources to establish a strong grounding on the subject matter of corporate governance quality, with particular focus on public perception of corporate governance quality in the context of Malaysian domestic banking institutions. Corporate Governance Quality of Malaysian Banking Sector Following a decade of corporate governance reform to the Malaysian capital market, issues related to corporate governance quality in the Malaysian banking sector has been well documented in the literature. Inessa Love (2010) specified three main sources used by researchers in constructing measures of corporate governance quality, namely, information from companys by-laws and charter provisions, independent rankings constructed by rating agencies, as well as, surveys of firms. Review of Corporate Governance Quality through banking sector by-laws and charter provision In the context of Malaysian banking sector, the main sources of the banking sector by-laws and charter provision are namely, the Malaysian Code of Corporate Governance (MCCG), the Capital Master Plan (CMP), the Financial Sector Master Plan (FSMP) (Abdul Hadi B. Z. et. al., 2000) as well as the Guidelines on Corporate Governance for Licensed Institutions (BNM/GP1) issued by Bank Negara Malaysia to its member bankin g institutions. Abdul Hadi B. Z. et. al., (2000) provides a descriptive analysis on some important mechanisms of corporate governance quality taken from the capital and financial sector master plans as well as orders from relevant regulatory bodies and found that the mechanisms that have been put in place are comprehensive and covers a wide spectrum of corporate governance internally and externally. Review of Corporate Governance Quality of the Malaysian banking sector through independent rankings and surveys Public Perception of Corporate Governance Quality in Malaysian Banking Sector Public perception of cg quality in Malaysian banking sector is discern through a triangulation approach from existing literature on cg quality of Malaysian banks and various surveys on corporate governance of Malaysia as a whole. Academic literature Surveys [cg 8] There are three main sources used by researchers to construct measures of corporate governance: Information from companys by-laws and charter provisions; Independent rankings constructed by rating agencies, such as Standard Poors or Credit Lyonnais Securities Asia (CLSA) (described in Gill 2001), which rely on public information, proprietary analysts assessments, or both; Surveys of firms Mckinsey Survey [cg 5] Mckinsey (2000 / 2002) Investor Opinion Survey found that the majority of investors were prepared to pay a premium to invest in a company with good corporate governance. The survey states that good governance in relation to board practices includes a majority of outside directors who are truly independent; significant director stock ownership and stock-based compensation; formal director evaluations; and responsiveness to shareholder requests for governance information. The Mckinsey Emerging Market Investor Opinion Survey (2001) showed that respondents considered greater transparency the most important corporate reform in emerging markets. [cg and asia 1] Mckinsey Company conducted an investor opinion study in 2000 and 2002 to see if the investors were willing to pay a premium for good governance and if yes, the marnitude of the premium. The result was an overwhelmingly large percentage of respondents stated that they were willing to pay a premium for companies with good governance structures. With regard to the magnitudes of premiums that investors were willing to pay, it appears that there is a pattern that the value of good corporate governance s higher for economies where the quantity and quality of information available to investor is inadequate. [The weaker the level of transparency, investors are willing to compensate more for its effort in promoting transparency.] [cg and asia 5] According to a survey by Mckinsey (2002), 78% of professional investors in Asia say that they are willing to pay a premium for a well-governed company in 2002. The average premium these investors are willing to pay generally ranges from 20% to 25%. Many scholars have attempted to find the relationship between good governance and firm performance in a more rigorous way. Opinion surveys of professional investors may provide some guide on the construction of corporate governance scores. Survey respondents of Mckinsey (2002) say that, for corporation, timely and broad disclosure is the highest priority, followed by independent boards, effective board practices, and performance-related director / management compensation. The survey also shows that priority areas for policymakers include strengthening shareholder rights, improving accounting standards, more effective disclosure, and stronger enforcement. [cg and Malaysia 13] In the global institutional investor opinion survey of McKinsey Company (2002) on Corporate Governance issues, it was found that the majority of investors agree that corporate governance remains of their great concern with strengthening the quality of accounting disclosure as the top priorities. The majority institutional investors are willing to pay a high premium for companies with good corporate governance. The survey also provides evidence that majority (71%) of the respondents state that accounting disclosure is the most important factor that impacts their investment decisions and 52% of the respon dents identify that improving financial reporting quality is the governance priorities for policymakers. [cg and Malaysia 19] While the evidence seems to be quite mixed, there does appear to be a widely held perception that corporate governance can make a difference to the bottom line. The findings of a survey by McKinsey (2002) found that the majority of investors would be prepared to pay a premium to invest in a company with good corporate governance. The survey states that good governance in relation to board practices includes a majority of outside directors who are truly independent, significant director stock ownership and stock-based compensation, formal director evaluations, and good responsiveness to shareholder requests for governance information. The author synthesized that the results indicate the investors perception and belief that corporate governance is important and that belief leads to the willingness to pay a premium for good corporate governance. [cg and Malaysia 3] A recet survey by the international management consultancy, McKinsey Co. suggests that institutional investors are actually prepared to pay a premium for good corporate governance. Its survey revealed that international investors are prepared to pay a mark-up of more than 20% for shares of companies that achieve good corporate governance. In such companies, a majority of directors come from outside the company, have no ties to management and receive most of their remuneration in the form of stocks or options. They are likely to have formed an evaluation process for their directors and to be responsive to investors requests for information on governance issues. Apparently, the results were based on information received from more than 200 institutional investors worldwide. Interestingly, more than 80% of the investors who responded to the McKinsey study say they would pay more for the shares of a well-governed company than those of a poorly governed company with compa rable performance.[bad synthesis] The author synthesized that companies with poor governance will find themselves at a competitive disadvantage when it comes to attracting capital to finance growth. In the concluding words of the McKinsey report: High governance standards will prove essential to attracting and retaining investors in globalised capital markets, while failure to reform is likely to hinder those companies with global ambitions. Questionnaire Survey on Corporate Governance Practices [cg and asia 5] This questionnaire survey pays its major attention to the actual corporate governance practices at the micro-level, rather than the laws and regulations governing them. As observed in the White Paper on Corporate Governance in Asia (OECD, 2003), most Asian jurisdictions have substantially reformed their laws and regulations largely along the spirit of the OECD Principles. However, due to poor implementation and enforcement or some other reasons, the actual practices usually fall short of the new rules. Companies may simply ignore some regulations and guidelines or comply only in cosmetic way in form but not in substance. For various reasons, independent directors may be far from being independent and effective, and small shareholders may be much frustrated in their efforts to exercise the rights secured by the laws. In other cases, corporations may adopt governance practices that are of higher standards than the minimum requirements, or those not required by l aws and regulations. They might do so to signal the market of their intention to protect the interests of minority shareholders. Without a comprehensive firm-level investigation, it is difficult to evaluate the degree of deviation between the regulatory framework and the realities. As such, the survey, in its approach and methodology, is closer to those of the Standard Poors. The corporate-level governance practices, however, will be discussed in close reference to the relevant laws and regulations of individual countriesÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦. The questionnaire survey concluded that diffused ownership is rather rare in all the countries under study except for Malaysia. Professional managers in CEO position are found in less than 60% of the Malaysian firms and only in 40-50% of the respondent firms in three other countries. This confirms that the major corporate governance concern in the exchange-listed firms are indeed is to prevent the controlling owners from expropr iation of minority shareholders. It is notable that the positions of CEO and board chairpersns are separated in more than 80% of the Malaysian firms. The functions of the boards and board committees are generally weak, even though corporate directors tend to agree that their boards are a forum for serious discussion of significance corporate matters. In all four countries, boards seem to be rather inactive in selecting, monitoring, and replacing CEO, and reviewing the remuneration of key executives and directors. They are particularly poor in evaluating and supporting directors for their best contribution as board members. Outide or independent directors are inadequately supported with necessary information, access to outside professional services, personnel assistance, education and training, stock-based incentive compensation, and insurance coverage for personal liability. Though there seems to be little role played by banks and employees in protecting stakeholders rights, t his may not be the case in the future. Corporate directors in the surveyed countries are rather sympathetic with the roles of broader stakeholders. About 60% of them strongly agree that a corporation has the goal of enhancing the well-being of various stakeholders in addition to making profits for shareholders. They are generally interested in relationship banking, and seem to be increasingly willing to treat employees as partners given the rising importance of human capital. Their concern about the downside of the increased participation of these stakeholders doesnt seem very serious. Other favorable environment for employee participation includes their high educational background, relatively long tenure, and availability of complementary mechanisms making employees truly stakeholders such as shop-floor and financial participation. Corporate governance practices have been scored to come up with aggregate scores that are to be used for the investigation of the link with firm perf ormance. The scores are based only on practices related to shareholder rights and the effectiveness of the boards. The scores are generally lower for board effectiveness (than for shareholder rights). The highest scores are found among the Malaysian firms, followed by the Thai firms. Scores for Korean firms turn out to be the poorest, which is consistent with their ownership and control structure dominated by a single largest owner. Regression results show that high overall corporate governance scores are associated with larger firms, and firms substantially foreign owned or with a professional manager as CEO. For the whole sample firms, the survey results provide strong evidence that corporate governance matters. Although score for shareholder rights alone does not have any significant association, scores for board effectiveness and overall scores turn out to be significantly associated with firm performance. Investigated by country, such association is evident for Korea and Ind onesia where corporate governance is relatively poor. However, such evidence however, cannot be found for Thai and Malaysian firms. The regression results provide some other interesting evidence. First, the market seems to discount the quality of corporate governance by about 30% in the case of firms controlled by a single Report on the Observance of Standards and Codes: Corporate Governance [CG Asia] One key step in a countrys transition towards improving corporate governance is the completion of the World Banks Reports on the Observance of Standards and Codes (ROSC). The ROSC process identifies weaknesses that may contribute to a countrys economic and financial vulnerability. [cg and asia 3 / cg and asia 7] The World Bank (2003; 2004 a b; 2005 a, b c; 2006 a b) has conducted a number of studies of corporate governance practices in various countries all over the world. It has conducted eight studies of Asian countries. Out of X corporate governance practices, the result highlighted two corporate governance challenges for Malaysian corporate governance reform, namely, participation rights, Act in Due diligence and care, ensure compliance with laws, and equal treatment of shareholders. [cg country assessment msia] The world banks Report on Observance of Standards and Codes (2005) highlighted the following key challenged to corporate governance reform t o Malaysian assessment: Large government ownership; Free float remains low; Directors accountability; protection for minority shareholders; Institutional investors and shareholder activism Scorecard on Corporate Governance in East Asia [cg and asia 8] This paper measures the progress of corporate governance reforms in nine East Asian economies as revealed empirically through two surveys. The first survey is a stock-taking exercise to take note of on-going reforms in corporate governance rules and regulations, while the second covers perceptions of the implementation and enforcement of corporate governance rules as seen by fund managers and analyst. This study indicates a divergence between the regulatory environment and market perceptions of corporate governance practices in the countries sampled. The survey results also shw that, although the nine economies do not differ significantly in the corporate governance rules and regulations they have put in place, there is s significant difference in terms of market perceptions of their corporate governance practices. CLSA CG Watch 2007 With all these reforms in place, Malaysia was ranked number one in terms of rules and regulation in a study conducted by Credit Lyonnaise Securities Asia (CLSA) and Asian Corporate Governance 2003. However, Malaysia only managed to obtain a score of 5.5 out of 10 for the overall corporate governance practice (Zulkafli et. al, 2005). [cg and Malaysia 2 reviewed zulkafli] Although the regulators have created a commendable framework for corporate governance, Malaysian corporations have yet to achieve a satisfactory level of corporate governance practices and compliance. This is evident from a joint study conducted by CLSA and Asian Corporate Governance 2003 in which the country was ranked number one (9 out of 10) in terms of rules and regulation but only managed to obtain an average score of 5.5 out of 10 for overall corporate governance practice. [sv and cg 14] As proxies for the quality of corporate governance they use the CLSA corporate governance scores and the S P t ransparency rankings. Indeed, both the CLSA and S P scores give weight to qualitative and quantitative board characteristics. [cg watch 2007] Refer to handout KPMG Fraud Survey Report [cg and asia 6 cg asia] In Malaysia, KPMG fraud survey report provides insights into contemporary fraud issues faced by Malaysian companies. The findings are quite striking. While on one hand it shows that there is relatively high degree of awareness and concern about fraud within the Malaysian business community, the survey found that fraud is very often the product of both poor governance and a deficient corporate culture. What is particularly alarming is that 61% of the respondents expect the level of fraud to increase during the next two years. About 89% expect that the trend of fraud as well as financial statement fraud will increase markedly in the aftermath of the economic downturn. Indeed, while Malaysia has succeeded in improving its governance framework in line with the global best practices, there are still lingering concerns about the way it is being implemented. [S P] 1. refer to printed handout 2. refer to S P 1 Past experience of government regulatory forbearance: Effectiveness of the board Separation of ownership and control Opaqueness of the banking instutions Connectivity of banks and corporate borrowers High degree of government intervention

The Gatorade Sports Drink Company - 1701 Words

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Curriculum Evaluation Task Three. The Classroom Consists

Curriculum Evaluation Task Three The classroom consists of eighteen students, seven boys and eleven girls. The students sit in six groups of three. The students are allowed to lean on each other for help, and to collaborate with heads together. The groups are switched every six weeks, and students are moved to different places around the room, and sit with different students each time. Every six weeks we go over character traits that make the word P. (Positive), R. (Respectful), I. (In control), D. (Dependable), and E. (Engaged). We talk about what it means to hear these traits, and what it looks like to be practicing these traits throughout the six weeks. While the weeks pass, students will be able to earn point using the traits†¦show more content†¦The classroom fits a learner centered classroom where the students come first. They rely on each person in their desk groups for support. At carpet time, the students are expected to turn and talk about questions posed to them throughout their learning experien ce. â€Å"Opportunities for collaborative learning provide benefits to students across grade levels, academic subjects, and achievement levels.† (Johnson and Johnson, 1999). The learning objective is for students to use critical thinking skills to create something out of a cardboard box collaborating with their peers. The multi-day unit lesson allows for students collaboration when they are trying to agree on a project to build. They need to compromise and be understanding to each other. At the beginning of the lesson, they are to draw four inventions of their choice. When everyone has completed their sketches, the students put heads together and agree to build something from the sketches they drew into one project. All throughout the build, they are working through difficulties and compromising on objects to use for the build. 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Rural Marketing Project Essay Example For Students

Rural Marketing Project Essay RURAL MARKETING PROJECT DISTRIBUTION, MARKETING AND CONSUMER BEHAVIOR COMPANY: SHETH BROTHERS PRODUCT: KAYAM CHURNA DATE: 2nd MARCH 2010 SUBMITTED TO: DR. A. C. BRAHMBHATT INSTITUTE OF MANAGEMENT NIRMA UNIVERSITY SUBMITTED BY: VEDANT D. SHETH ROLL NO 084158 MBA FB E INSTITUTE OF MANAGEMENT NIRMA UNIVERSITY ABOUT THE INDUSTRY Ayurvedic medicines are produced by several thousand companies in India, but most of them are quite small, including numerous neighborhood pharmacies that compound ingredients to make their own remedies. It is estimated that the total value of products from the entire Ayurvedic production in India is on the order of one billion dollars (U. S. ). The industry has been dominated by less than a dozen major companies for decades, joined recently by a few others that have followed their lead, so that there are today 30 companies doing a million dollars or more per year in business to meet the growing demand for Ayurvedic medicine. The products of these companies are included within the broad category of fast moving consumer goods (FMCG; which mainly involves foods, beverages, toiletries, cigarettes, etc. . Most of the larger Ayurvedic medicine suppliers provide materials other than Ayurvedic internal medicines, particularly in the areas of foods and toiletries (soap, toothpaste, shampoo, etc. ), where there may be some overlap with Ayurveda, such as having traditional herbal ingredients in the composition of toiletries. The key suppliers in Ayurveda are Dabur, Baidyanath, and Zandu, which together have about 85% of Indias domestic market. These and a handful of other companies are mentioned repeatedly by various writers about the Ayurvedic business in India. Several small companies that have grown rapidly in recent years envision themselves as primary players in the Ayurvedic market. The market for Ayurvedic internal medicines is dominated by Chyawanprash, an herbal honey comprised of about 3 dozen ingredients, with amla (emblic myrobalans) as the key ingredient. The leader in this field is Dabur, which had a 69% market share at the end of 2002; followed by Baidyanath, with nearly 11%, and Zandu and Himani (Emami Group) with about 7. 5% each. A variety of individual herbs, traditional formulations, and proprietary medicines make up the rest of the health products section involving internal remedies, while the remainder of the market is taken up by toothpastes and powders, skin creams, massage oils, shampoos, and other topical preparations. Two of the largest companies involved with providing traditional medicine products, such as the above, are Himalaya Drug Company and  Universal Medicaments. Exports of Ayurvedic medicines have reached a value of 100 million dollars a year (about 10% the value of the entire Ayurvedic industry in India). About 60% of this is crude herbs (to be manufactured into products outside India), about 30% is finished product shipped abroad for direct sales to consumers, and the remaining 10% is partially prepared products to be finished in the foreign countries. The Indian government and non-government organizations have been collecting statistics on the Ayurvedic system in India and these data about the manpower and institutional aspects of Ayurveda have emerged: * Number of registered medical practitioners: 366,812 * Number of dispensaries: 22,100 Number of hospitals: 2,189 * Number of hospital beds: 33,145 * Number of teaching institutions (undergraduate): 187 * Number of upgraded postgraduate departments: 51 * Number of specialties in postgraduate medical training: 16 * Number of pharmacies manufacturing Ayurvedic medicines: 8,400 In India, 60% of registered physicians are involved in non-allopathic systems of medicine. In addition to the nearly 400,000 Ayurvedic practitioners, there are o ver 170,000 homeopathic physicians; India has about 500,000 medical doctors (similar to the number in the U. S. , but serving nearly 4 times as many people). Reliance on Ayurvedic medicine is heavy in certain regions of India, such as Kerala in the Southwest. Many Ayurvedic practitioners in small villages are not registered. ABOUT SHETH BROTHERS Sheth Brothers, a family owned firm, was established in 1972 by Mr. Rasikbhai Sheth along with his three brothers. Today company is managed by seven cousin brothers and they are the second generation of the family. It is into manufacturing of ayurvedic medicines in India. It is the acknowledged leader of Ayurvedic know-how. The company has played a pioneering role in re-establishing ancient knowledge with modern research and manufacturing techniques. The product range includes Kayam Churna, Somva-34, Bijorin and Pratikar Churna. It has its operation based in Bhavnagar. It has all India presence as well as it exports to South Africa and Kenya and gulf countries. Bringing the precious gifts of nature to common people has been the motto of the company. It tries to achieve its prime objective of customer satisfaction and customer retention. The success mantra of the company is â€Å"providing best quality products at affordable price†. The vision of the company is to be the most respectable brand globally. Today after 38 years of presence in the market company is the market leader in the manufacturing of laxative product. â€Å"Kayam Churna† is one of the most successful brands around the country. Today company has more than 30 % market share in Ayurvedic laxatives in the country. Today company is having strong distribution network and logistics management. Company has at least one distributor in each state of India. Company is also exporting its product â€Å"Kayam Churna† to the countries like UAE, Oman, Yemen, South Africa, Kenya, Latin America and Nepal. At present company is also having modern production facility at Bhavnagar to meet increasing demand of its products. Recently the company was awarded with â€Å"Most trusted companies of 2008† in Gujarat by Zee Business Group. VISION Company’s vision is to be globally recognized as leading Ayurvedic Medicinal Firm and achieve a minimum of 20% of market share. MISSION Sheth Bros. is in the business of providing best quality ayurvedic medicine at reasonable rates to its customers; thereby re-establishing ancient knowledge with modern research and manufacturing techniques. PRODUCTS 1. Kayam Churna (Ayurvedic Laxative Medicine) Used for: chronic constipation, Acidity, Gas, headache, ulcer in mouth 2. Bijorin Churna (Tasteful digestive powder) Used for: indigestion and gas 3. Pratikar Churna (for resistance power) Used for: cold, flu, laziness, backache, loss of appetite, throat infection 4. Somva-34 (for healthy growth of baby) Used for: patristic infestation, excessive crying, stomachache The most well known products of the company are kayam churna, somva-34, Pratikar Churna, Bijorin and K-Yuva and Komla Gutika. Komla Gutika was the first product launched by the company in the year 1972. It was useful in shedding extra fat from the body. Komla Gutika brought great popularity and fame to Sheth Brothers, especially in Gujarat and Maharashtra. Later, in 1977 Sheth Brothers launched Kayam Churna into the market. Kayam Churna cures ailments like constipation, acidity and headache. Due to its effectiveness it has become popular across the country. Some other products of Sheth brothers are ‘Somva-34’ which is for the healthy growth of babies, ‘Bijorin’ which is a digestive powder, ‘K-Yuva’ which is a tooth powder. Recently in 2007 company has launched ‘Pratikar Churna’ which is for cold, flu, laziness, backache, loss of appetite ; throat infection. ‘Kayam Churna’ consists 90% of total turnover of the company. DISTRIBUTION NETWORK Company is having strong distribution network across the country. These distributors supply the stock to stockiest which in turn supply the product to the retailers. There is minimum one distributor in each state appointed by the company. Majority of them are with the firm since long time so they can support and help in launching of company’s new products. The company performs regular survey to keep a check on inventory levels maintained at the distributors, stockiest and retailers. It also keeps a track of demand fluctuations in the market. SIZE OF THE COMPANY Turnover Total sales turnover of the company is around 40 crores. Employees At present company have 84 employees out of which 71 are factory workers and 13 are administrative staff. Company also employs around 20 to 25 temporary workers during pick season. Geographical spread Company’s geographical spread is all of India. Company is having strong distributor network across the country. At the time of its inception it was limited to the states of Gujarat and Maharashtra only. Now company also exports its products to many countries. SWOT analysis (Sheth brothers) 1. Strengths * Company has been in the market from past 36 years which has helped establish a strong goodwill in the market. This goodwill and brand image has been established because people trust in the brand name. Company also sells other products using the goodwill of Kayam churna saying â€Å"from the manufacturers of Bhavnagar wala Sheth Brothers†, which means that this is a product from the Sheth Brothers which also manufactures Kayam churna. Another reason for establishing goodwill in the market is, company has always produced a good quality product which has happened because it procures best quality herbs (raw materials) irrespective of its fluctuations in prices. For eg the herbs which are used are available in Kutch (which is of low quality) also but we procure it from southern states becaus e the herbs are of good quality compared to that available in Kutch. * Company has a strong distributor network of 20 entities which has helped to sell our products all over India. In big states like Maharashtra and Uttar Pradesh Company has more than one distributor because of huge size of market. Below distributors company has stockiest in each city which helps in distributing products to retailers like chemists and other provision stores. * It has an open culture where there is a good relation between employer and employee and also they (employees) are free to give any suggestions to the employer. Such an open culture has helped to establish dedicated workforce of around 110 people with a very low turnover. Also the pay-scale is much more then industry standards and company also gives performance based increment which motivates an employee to be more productive. * Company is receptive to the customers and accepts feedback and complaints from them and for this it has started a helpline. In this if customer has any complaint for instance if the product is not working effectively, company asks them to send their address and bottle to the company and in return they send them 2 bottles of Kayam churna which results in customer satisfaction and customer loyalty. Kayam churna is an ayurvedic product which is made of 7 selected herbs and being an ayurvedic product it has no side-effects. 2. Weakness * An attractive packaging is very essential to sell any product but packaging of Kayam Churna is very traditional in looks which might drive away a prospective customer to buy it. * Demand for the product is huge compared to what the supply is; this is because of capacity constraints. Many a times K ayam churna is not available to customers at retail stores like chemists and mom and pop stores leaving the customer dissatisfied. Company has limited funds and it has budget constraints and because of this company is not able to do aggressive marketing compared to the competitors like Zandu and Emami which produces other laxatives like Nityam Churna and Good Morning Churna respectively. * Many a time customers don’t believe in taking faaki (taking in powder form with water) because they prefer taking pills rather then consuming powders. 3. Opportunities * We have a huge market to be exploited around the globe because many Indians are migrating to foreign countries and they carry Kayam Churna bottles along with them because it is not available in all foreign countries. Also laxatives could be used by many people in western and Middle East countries. * Young generation doesn’t take laxatives in powder form and this market can be captured by introducing laxatives in form of pills. * These days’ people don’t have sound eating habits and they also consume junk food a lot which results in constipation and other indigestion problems and they use laxatives to cure this which gives us a huge opportunity to expand the market. . Threats * Company faces competition from players like Zandu and Emami. These players have deep pockets and because of this they can market their product aggressively and because of these they can also indulge themselves in price wars which could be catastrophic to company’s product. There are many indigenous players who sell laxatives and they have also proved to be major competitors. For Eg. People in South India trust these local vaids (doctors practicing Ayurveda) and buy laxatives from them. * Duplication is another major threat for Kayam Churna. Rice EssayWe had intentionally targeted only those customers who lie in the age group of 18 years to 40 years. The results of the survey are as under. RESULTS – URBAN 35 % of the respondents did not show any appreciation for the idea of introducing Kayamchurna in a tablet form. They had their own reasons for the refusal. Some of them were not among those who prefer ayurvedic medicines and showed interest only in allopathic medicine. Some were people who said they would rather consult a doctor before taking any medicine. 65 % of the respondents appreciated our idea of introducing Kayamchurna tablet. Such a major % of the small sample supported our idea further. Although this is a very small sample to be examined when we talk about a product like Kayamchurna, yet, being in the youth age group, we ourselves also know about probable reasons why people avoid ayurvedic medicine like Kayamchurna. Normally the youth finds uncomfortable to take medicines in Churna (powder) form. However the tablet will remove this defect. RESULTS – RURAL 45% of the respondents did not show any appreciation for the idea of introducing Kayam Churna in a tablet form. They mainly find powder form comfortable than their urban counterparts. Some of them were not using any medicines for constipation and related problems. While 55% of the respondents appreciated the idea of introducing Kayam Churna tablet. Questionnaire response: RURAL Dear Sir/Madam. We would like to know your response to the following questions. Name: __________________________________ Age: ____ years 1. Are you already aware of Kayamchurna as a medicine for constipation? ___18___Yes ___2___No 2. If you suffer from constipation would you like to take Kayamchurna (powder)? ___5___Yes ___15___No 3. If your answer to above question is ‘No’, why would you not select Kayamchurna? A. I am not comfortable with powder form. 3 B. Kayamchurna is expensive compared to other brand. 2 C. Kayamchurna is very strong. – 2 D. I use another brand. (please mention)___________3____________ E. Other reason (Please mention) ______________________5______________________ 4. If Kayamchurna is available in tablet form A. It would be very good. I will surely buy it. 11 B. No. Introducing it in tablet form makes no difference. 9 Any other comments (please mention) ________________________ Questionnaire response: URBAN Dear Sir/Madam. would like to know your response to the following questions. Name: __________________________________ Age: ____ years 1. Are you already aware of Kayamchurna as a medicine for constipation? ___14___Yes ___6___No 2. If you suffer from constipation would you like to take Kayamchurna (powder)? (Please tick mark) ___8___Yes ___12___No 5. If your answer to above question is ‘No’, why would you not select Kayamchurna? F. I am not comfortable with powder form. 6 G. Kayamchurna is expensive compared to other brand. 0 H. Kayamchurna is very strong. 2 I. I use another brand. (please mention)___________3____________ J. Other reason (Please mention) ______________________1_______________________ 6. If Kayamchurna is available in tablet form C. It would be very good. I will surely buy it. 13 D. No. Introducing it in tablet form makes no difference. 7 Any other comments (please mention) ________________________ RURAL DISTRIBUTION OF TH E COMPANY At present company has very good distribution network across the country but it is very difficult to reach at the remotest place. As more than 40% sales come from rural market it is very important for the company to design its marketing strategy accordingly. Efficient distribution network is the backbone of each marketing campaign. If product doesn’t reach to the target market, there is no relevance of spending huge amount on advertisements and promotional activity. So, availability of the product is utmost important. At present company is having 20 distributors in different states of the country who distribute to the stockiest than some stockiest distribute to the wholesalers and some stockiest distribute directly to the retailers. Currently company has 935 stockiest across the country. Normally company appoints a stockiest in every town population exceeding 1 lac. Now in extreme rural area company doesn’t have any distribution center. The retailers from such area get our product from the nearby town as per the demand in their village. RURAL MARKETING OF THE COMPANY ADVERTISEMENT Both print media and electronic media are being used by the company. Firm is concentrating on print media as it is more effective for the nature of the business and products and it also concentrates on wall paintings for advertising in rural markets which forms a huge share of the total sales. Company advertises in regular intervals that are most appropriate and cost effective. And there are several versions of firm’s advertisements. We give advertisements according to region and target audience. In India we give advertisement almost in all major languages and concepts of advertisement are also different for different group of people. Currently company is dealing with two advertisement agencies; one based in Rajkot and another in Mumbai. The main functions of agencies are to create new creative ideas and prepare advertisement for us. And they are the intermediaries between the company and all media. All advertisements are released through these agencies and media planning is also done by them. Company spends considerable amount in Doordarshan and Radio to reach remotest place in the country. This is because still there are lacs of people who are not connected to the cable and have no access to the electricity. So Doordarshan is the best medium to communicate with those people who do not have cable and radio is the best option to reach to the people who do not have access to electricity and where electricity cut offs are frequent. Company has also put up hoardings on the highways which connects many villages in many states in the local language. SALES PROMOTION Company gives various promotional schemes to its distributors to boost up the sales of the products. Company gives 4 bottles free with every 96 bottles purchased of a particular product. Company also gives 10 free bottles of its new product with purchase of every 100 bottles of Kayam Churna to promote and make the new product available in the market. Company has set standards for every distributor. They are being awarded if they exceed their standards. Holiday packages are also given on achieving certain benchmark set by the company. CONSUMER BEHAVIOR Rural consumer is all together different from the urban consumer. Their need, preference, lifestyle, priority, spending pattern, income and knowledge about the product are very different from their urban counterparts. Rural people are very price sensitive and they want value for money. One interesting thing is that they are very loyal to the brand they use. They would never switch to other brands easily. I would like to quote one rural guy whom I met during my field work. He said, â€Å"if ‘Kayam Churna’ is not available in the store in my village, I go to buy it for my mother from nearby town which is 15 Kms away and I also buy it for my neighbours. † This shows that they are very loyal to whatever brand they are using. The store man asked him to buy a similar product, but he refused to buy it. Many of the rural consumers are illiterate, they don’t know how to read and write. They identify the product only by the color, shape of the bottle and font of the letters. One retailer during the field study told me that many times people from nearby village come with the empty ‘Kayam Churna’ bottle and asks for it. They do it because they want the same product. They can’t read and write so they have fear of getting cheated. Questionnaire – stockiest (Ahmadabad) Name: ________________________________________________________ Other brands: ___________________________________________________ Turnover: ______________________________________________________ Sales per month (Kayam Churna) ___________________________________________________________ __ Region: ________________________________________________________ Feedback/Suggestion: _____________________________________________ Results: Total 4 stockiest of the company was surveyed, 3 in Ahmadabad and 1 in Bhavnagar. Their turnover ranges from 3 crore to 20 crores. They are also the distributors of some big pharmaceutical companies like Himalaya, J ; J, Gillette, Torrent Pharma, Paras Pharmaceuticals, Zandu, Dabur, Baijyanath and so on. All stockiest are happy with the relationship with the company. One of the stockiest commented that company’s policy is very transparent and fair, while the other stockiest had some problem regarding payment mode and credit period. ‘Sheth Brothers’ has advance payment policy since the beginning so it doesn’t allow any credit period to the distributors and stockiest. And it accepts only demand drafts for the safety of the transaction. Once money is received, order gets dispatched. So stockiest and distributors have to pay some extra charges for demand draft. Company doesn’t accept cheque or bank transfer. Questionnaire – retailer rural and urban Name: _____________________________________________________ Area: ______________________________________________________ Sales of ‘Kayam Churna’/month: ________________________________ Sales of competitor’s product/month: _____________________________ Competitors Product: __________________________________________ Consumer behavior: ___________________________________________ Availability: _________________________________________________ Relationship with stockiest/distributor: ____________________________ Feedback/suggestion: __________________________________________ RESULTS chemists from each rural and urban area were surveyed. Some interesting things came to know from them. In urban area ‘Kayam Churna’, ‘Nityam Churna’, ‘Kabzhar Churna’, ‘Samay Churna’ was available almost in all medical store surveyed. While in rural area ‘Kayam Churna’ was available in 4 out of 5 medical stores surveyed and Ni tyam Churna, Kabzhar Churna and Samay Churna were available in 3, 2, 0 stores respectively. Few of the medical stores in village area also told that few customers come with the empty bottle of Kayam Churna or Somva – 34 so they don’t get cheated. So they identify products by color, shape of the bottle, logo and so on. They also told that rural consumers are very brand loyal and they would not easily switch to other brands. Survey about the availability of the product – ‘Kayam Churna’ Total 3 respondents from rural area were asked about the availability of ‘Kayam Churna’. These people were the regular user of ‘Kayam Churna’ since many years. The village surveyed for this purpose was also very small with less than 5000 population. There were only 2 medical stores in the village with limited medicines. Feedback There is good demand of ‘Kayam Churna’ in the village but availability is the biggest problem always. Half of the times they do not get ‘Kayam Churna’ from the medical store in their village. One of the respondents told that he goes to nearby town to get ‘Kayam Churna’ for his mother and his neighbors too. While other respondent told that if ‘Kayam Churna’ is not available than either he has to wait for some days or he has to buy some local brand which is not as effective as ‘Kayam Churna’. After talking for some time with the respondents I had talk with one of the retailers in the village. He told that he used to go to the nearby town every month and get necessary medicines from there. When he was asked about ‘Kayam Churna’ he replied that there is huge demand of ‘Kayam Churna’ in the village but he doesn’t get good margins and competitors (local brands) give huge margins. So he tries to sell competitor’s product more than ‘Kayam Churna’. This was the main reason behind non-availability of ‘Kayam Churna’ in that village and same can be the case with thousands of villages across India. So it is very necessary to initiate some promotional strategy for these retailers which motivate them to stock ‘Kayam Churna’ in ample quantity. It will also help customer switching to competitors products. PROBLEMS FACED BY THE COMPANY IN REACHING RURAL INDIA * Illiteracy * Financial constraint * Poor infrastructure * Local brands * Dedicated sales force * Price SOLUTION AND FUTURE PLAN OF ACTION * Aggressive marketing strategy * Dedicated sales force team * Introduce sachets * Divert advertisement budget to rural area for next 5 years * Focus on 1 state for 1 year * Promotional scheme for customers and retailers