National Bank of Pakistan

PRINCIPLE OF MANAGEMENT SEMESTER FALL ‘10 FINAL REPORT RESEARCH LOCATION: NATIONAL BANK OF PAKISTAN – HEADOFFICE TOPIC: MANAGEMENT PREPARED BY: Nash Jinia – 4456 Sarosh Ejaz – 5050 Irfan Ali – 5129 Jehanzaib – 4591 SUBMITTED TO: MAM AMBER RAZA COURSE ID: 10108 DATED: 14th NOVEMBER,2010 TABLE OF CONTENTS S. NO| PARTICULARS| PAGE NO. | 1| Acknowledgments| 2| 2| An Introduction – NBP| 3| 3| Vision and Mission| 4| 4| Management and Strategic Values| 5| 5| NBP Organizational Structure & Leadership| 7| 6| SWOT Analysis| 10| 7| Questions and Answers| 12| 8| Our Findings| 17| 9| Why work at NBP? | 24| 0| Conclusion| 25| ACKNOWLEDGEMENTS We start with the name of Allah, the most beneficent, the most merciful. We thank Him for giving us the strength and resources to complete this task as He gives all. We would like to thank Mr. Jamil Akhtar (AVP Logistics Wing) who kindly referred us to different departments. We would also like to thank all the s taff members of the National Bank of Pakistan (Head office), who gave us some of their valuable time to answer all the questions we had regarding their job and working of the HR department and also for providing us with such accurate knowledge of their system especially Mr.Mohib-ur-Rehman (Manager Employee Communication). We would also like to thank our teacher and guide, Mam Amber Raza for giving us the research topics as our final term report, which gave us the opportunity to move forward and explore the real world scenarios and the working of the system in the public sector which benefitted us all the more; us being BBA students, and, with whose guidance we were able to put together all the information necessary in forming this report.AN INTRODUCTION – NBP National Bank of Pakistan is the largest commercial bank operating in Pakistan. Its balance sheet size surpasses that of any of the other banks functioning locally. It has redefined its role and has moved from a public s ector organization into a modern commercial bank. The Bank's services are available to individuals, corporate entities and government.While it continues to act as trustee of public funds and as the agent to the State Bank of Pakistan (in places where SBP does not have a presence) it has diversified its business portfolio and is today a major lead player in the debt equity market, corporate investment banking, retail and consumer banking, agricultural financing, treasury services and is showing growing interest in promoting and developing the country's small and medium enterprises and at the same time fulfilling its social responsibilities, as corporate citizen. In today's competitive business environment, NBP needed to redefine its role and shed the public sector bank image, for a modern commercial bank. It is now listed in the Karachi Stock Exchange. National Bank of Pakistan is today a progressive, efficient, and customer focused institution. It has developed a wide range of consu mer products, to enhance business and cater to the different segments of society. Some schemes have been specifically designed for the low to middle income segments of the population.These include NBP Karobar, NBP Advance Salary, NBP Saiban, NBP Kisan Dost, NBP Cash n Gold. A number of initiatives have been taken, in terms of institutional restructuring, changes in the field structure, in policies and procedures, in internal control systems with special emphasis on corporate governance, adoption of Capital Adequacy Standards under Basel II framework, in the up gradation of the IT infrastructure and developing the human resources.National Bank of Pakistan has built an extensive branch network with 1250 branches in Pakistan and operates in major business centre abroad. National Bank has earned recognition and numerous awards internationally. It has been the recipient of The Bank of the Year 2001, 2002, 2004 and 2005 Award by The Banker Magazine, the Best Foreign Exchange Bank – – Pakistan for 2004, 2005, 2006 and 2007, Global Finance, Best Emerging Market Bank from Pakistan for the year 2005, Global Finance, Kissan Time Awards – 2005 for NBP's services in the agriculture field.It is listed amongst the Region's largest banks and also amongst the largest banks in South Asia 2005, The Asian Banker. It has also been presented a Recognition Award –– 2004 for having a Gender Sensitive Management by WEBCOP AASHA besides other awards. Year 2007 has yet been another outstanding year with the bank recording the highest profit in its history. NBP’s wide range of product offerings, large branch network and committed workforce are some of our fundamental strengths that enabled NBP to achieve exceptional results in a very competitive market. VISION AND MISSIONTo be recognized as a leader and a brand synonymous with trust, highest standards of service quality, international best practices and social responsibility. NBP will aspire to th e values that make NBP truly the Nation’s Bank by: †¢ Institutionalizing a merit and performance culture †¢ Creating a distinctive brand identity by providing the highest standards of services †¢ Adopting the best international management practices †¢ Maximizing stakeholders value †¢ Discharging our responsibility as a good corporate citizen of Pakistan and in countries where we operate. MANAGEMENT AND STRATEGIC VALUES As told by Dr. Mirza Abrar Baig, Senior Executive Vice President ; Group Chief, HR ; Administration) The management team as a whole, and each member of it, has clearly defined responsibilities and the necessary authority to manage the insurer in a manner consistent with the strategic direction approved by the supervisory board. All members of the management team are required to perform their duties with due care and diligence, and for the purpose of maintaining the insurer’s capacity to meet its obligations to all counterparties and constituencies at all times.Members are free of material conflicts of interest that could unduly influence their judgment. Where management is constituted as a management board, no non-executives should be part of the management board. The NBP team found that the management teams of the insurance companies are professional, with clearly defined responsibilities and adequate authorities to fulfill their duties. Boards of directors (i. e. the management boards) consisted only of executives. Management have sufficient skills and experience in relation to insurance, finance and other disciplines relevant to the management of an insurer.All members of the management team have access to sufficient resources and receive sufficient training to assist them in the performance of their roles. The management of the major NBP bank appears to be highly professional and demonstrates sufficient skills to fulfill their duties. The NBP team did not review the management of the small locally-owned banks that are not members of the banking association. NBP is continuously transforming its image and customer perception as a modern bank through branch renovation and relocation to more convenient and accessible sites.The team at Operations Group commits itself to change the face of the Bank by way of improving its physical outlook, effective implementation of its systems ; controls and the quality of service provided to its customers. Improving operational efficiency is getting more focus given the challenges being faced by the industry. With opening of customer facilitation centers for the collection of utility bills and making payments to pensioners, the bank expects to reduce its counter traffic at branches thereby focusing more on its customer’s business needs.Customer care is a key area of the bank and various training programs have been conducted for employees to improve customer handling and interaction. Special Assets Management Group is primarily responsible for monitoring and settlement of non performing loans (NPLs) portfolio. With NPL coverage of more than 76% we believe that non performing loans can contribute substantially in the bank’s profitability through recoveries and settlements. Rising non-performing loans has been an industry wide phenomenon and due to adverse economic factors, NPLs increased by 26% or Rs. 4. 5 billion. We believe that most of the NPLs are the result of business cycle / circumstantial defaults and with the economy picking up and reduction in interest rates; the quantum of non-performing loans is expected to decline. We are keeping our staunch focus on recovery and reduction in non performing loans is the area of greatest attention. The bank truly values its staff and the vital role they play in successful organizations. The bank gives special attention to attracting, developing and retaining good quality human resource.Our new hiring of top class MBAs as Management Trainees Officers (MTOs) and search for talent within the Bank have helped in preparing second and third tier leadership lines. ‘Female Empowerment’ was launched to empower female employees and impact communities by championing the cause of women’s empowerment in the society. Today, NBP is determined in pursuing the policy of placing females on responsible and challenging position as Branch Managers, Branch Operations Managers and Customer Facilitation Officers. A number of female MTOs have been selected, trained and posted as branch managers.Currently, 60 branches are being headed by females. HR initiatives and strategy is amid at competitive employee compensation, training need assessment and succession planning. NBP is striving to become an employer of choice through improved HR policies and competitive remuneration. NBP ORGANIZATIONAL STRUCTURE Organization Structure of the National Bank of Pakistan Main Offices Main Offices of the National Bank of Pakistan are of three types : * Head Office * Reg ional Offices * Branch Office Head Office Head office of the National Bank of Pakistan is located in Karachi.Head office controls and monitors all the activities of the bank. The President of the National Bank of Pakistan seats the head office. A secretariat is established to assist the president in the head office. The head office is divided into twelve Departments. A Group Chief controls a Group. President All Groups/Departments are headed by Group/Department Chiefs. President is the head of all Group Chiefs. All strategic matters are discussed and approved by the president and Group Chiefs. In Head Office following are the Group/Department Chiefs: * Operations Group Chief * Corporate ; Invest.Group Chief * Special Assets ; Remedial Mgt. Group Chief * Strategic Planning ; Economic Research Group Chief * Treasury Mgt Group Chief * Risk Mgt. Group Chief * Commercial ; Retail Banking Group Chief * Audit ; Inspection Group Chief * I. T. Planning Dept. ; Implementation Group Chief * HR M Dept. Chief * Org. Development ; Training Dept Chief * Over-seas Operations Chief NBP HUMAN RESOURCE MANAGEMENT â€Å"To provide more talented human resource in relation to competition in all NBP functional areas, creating a motivating environment and maintain industrial harmony†.As evidenced from the Mission Statement, key element of strengthening the HR base of the bank includes the following: * Provision of talented human resource * Employee motivation * Industrial harmony Additionally, all the HR initiative implemented at NBP is in line with the above objectives. VALUES They believe that; * People make the organization * People collectively yield results * People have ambitions and aspirations to be distinguished and rewarded * People form the human capital to be developed and invested in.LEADING POLICIES OF NBP Basically lending policies are governed by SBP lending policies; however, NBP has some discounter powers in respect of lending policies. The advances made by th e NBP have increased so much and are involved in creating a great amount of return for the bank. Deposits and the Advances are the two important functions of any bank. NBP takes deposits from the customers and lend them to the others for earning a profit. The difference between the deposit rate and the lending rate will be the benefit of the bank.Civil line branch of NBP is playing the most important role in this category because it has a separate department to deal with the peoples those who want to have money. Civil line branch is dealing with the corporate sector as well. Working Capital and Short Term Loans: NBP specializes in providing Project Finance – Export Refinance to exporters – Pre-shipment and Post-shipment financing to exporters – Running finance – Cash Finance – Small Finance – Discounting ; Bills Purchased – Export Bills Purchased / Pre-shipment / Post Shipment Agricultural Production Loans Medium term loans and Capita l Expenditure Financing:NBP provides financing for its clients’ capital expenditure and other long-term investment needs. By sharing the risk associated with such long-term investments, NBP expedites clients’ attempt to upgrade and expand their operation thereby making possible the fulfillment of our clients’ vision. This type of long term financing proves the bank’s belief in its client's capabilities, and its commitment to the country. Loan Structuring and Syndication: National Bank’s leadership in loan syndicating stems from ability to forge strong relationships not only with borrowers but also with bank investors.Because we understand our syndicate partners’ asset criteria, we help borrowers meet substantial financing needs by enabling them to reach the banks most interested in lending to their particular industry, geographic location and structure through syndicated debt offerings. Our syndication capabilities are complemented by our ow n capital strength and by industry teams, who bring specialized knowledge to the structure of a transaction. Cash Management Services:With National Bank’s Cash Management Services (in process of being set up), the customer’s sales collection will be channeled through vast network of NBP branched spread across the country. This will enable the customer to manage their company’s total financial position right from your desktop computer. They will also be able to take advantage of our outstanding range of payment, ejection, liquidity and investment services. In fact, with NBP, you’ll be provided everything, which takes to manage your cash flow more accurately. Generally Leading Policies Include: * Clean Credit Report. * Compliance with maximum exposure by the bank. Compliance with maximum exposure that can be allowed to a single party. * Funded = 4 times of equity of the firm. * Non-Funded = 10 times of equity of the firm. SWOT ANALYSIS A SWOT analysis is an effective tool, which can be used to examine the issue that will directly affect the success of alternative delivery mechanism. The emerging banking environment is becoming more competitive with the advancement of new technology. The banks are striving to provide their customers with prominent and efficient services at lower cost in order to get the competitive advantage upon other banks.During the internship program a SWOT analysis was also conducted which is as follow: Strengths * Deposit security that is guaranteed by Government of Pakistan. * Largest contribution toward Government & semi-Government requirements. * Agent to the SBP for handling Treasury/ Currency Chest Functions. * Collaboration with Federal/ Provincial Government organizations for receipts of taxes & other revenues. * Largest network of domestic & overseas branches. * More secured jobs of employees as compared to other commercial banks (Job Security). Sale & Purchase of prize bonds, NIT units, National Defense Saving Certificates (NDSCs) and other government securities. * Heavy project financing, Agriculture, Industrial as well as small loans. * Key role in country’s economic development. * Easy and shortened documented procedure. * Guidance and help of experienced people. Weaknesses * Under utilization of the new technology equipment & procedures of banking. * More formal organizational setup. * Bureaucratic style prevails in the National Bank of Pakistan. Lack of highly skilled, trained and professional personnel. * Fixed deposit rates not compatible with the competitors. * Foreign currency accounts governing rules more restricted & not customer oriented. * Bank staff not highly cooperative among themselves as well as with the customers. * Overall employees’ poor attitude towards work. Opportunities * The ability to obtain a larger customer base. * Global expansion. This is an enormous market, which will be a great opportunity in the future. * The ability to take advantage of the growing popularity of internet banking. Providing Information Technology loans to the students and educational institutions in order to foster the Computer and Management studies. * Providing the personalized services to the customers. * Offering high deposit rates and cutting down the high lending rates. * Financing the educational institutions and general public welfare projects in order to create a good image in general public. Threats * Continual changing technology. * Uncertainty of the banking industry. * Competition from â€Å"lower price† operations. * Possible failure of product due to non-acceptance of customer. General competitiveness of the banking industry. QUESTIONS & ANSWERS In addition to all the theoretical evidences we found which includes many conversations with people involved at NBP as listed in our findings, we luckily got the opportunity to meet the two senior executives in the HR department who gave accurate answers to our several questions. Th e HR function that we were most interested to find about was â€Å"RECRUITMENT AND SELECTION† but we also met with the personnel division head and found out about how HR at NBP handles grievances and compensates its employees.Being students of business administration and on our way to graduation getting into the most eligible organizations remains top priority and of course†¦National Bank of Pakistan remains top of the list. Obviously getting the group chief of HR, Dr. Mirza Abrar Baig, to talk to us still remains a big deal so we remained short of meeting him; instead we got an interview with Mohib-ur-Rehman Khan who is the manager-employee communication of Human resource management and administration group and, we might add, sits right ext to the Group chief who also told us as mentioned earlier what the group chief had to say regarding our research. Here are mentioned some of the questions we asked and his answers. Q: Sir, please tell us what type of hiring takes plac e at NBP? A: Certainly. NBP hires in two different ways. One is Contractual hiring and the other is hiring of the main management trainees. Contractual hiring is when we employ someone for three years and then when the contract is about to end we reconsider and sign a new contract. Main management trainees comprise 50% of the attraction for our pool of candidates.These are the employees to receive proper management training for higher posts. Q: Your external and internal sources for recruiting? A: Currently we don’t consider rehiring but we do focus on employee referrals and if the person who is retiring is valuable to us and no equal has been found out yet to take that place then we often stop the retiree†¦other than this, as I said earlier, reemployment on contract does take place of that person is hired on contract initially. If and when internal candidates are recruited they are applied to the position of MTOs for future top posts.External sources include media adver tising but not through internet. We advertise in the â€Å"National† and â€Å"Daily† newspaper once or twice. But we do college recruiting and have been done so quite successfully in the past. Q: So what is the actual recruitment and selection process? A: It is very simple but often tedious and costly. We publish our criteria in the newspaper. Through various sources of which are mentioned above, applicants fill out application forms and submit it to us. Once the applications are accepted there are written tests which are held by IBP (Institute of Bankers Pakistan).These written tests are both a mix of personality, aptitude and skill tests based on the person’s analytical and communication skills. These are based on the GMAT/GRE format. After the applicants are selected through these tests they are passed through group discussions and panel interviews. These interviews are structured and judged on equal basis. For both types of hiring, first interview consists of a panel of 3 IBP and 1 NBP member and then for the second interview a panel of 2 IBP and 2 NBP members sits. Q: What is NBP’s educational criterion for hiring?A: NBP requires an MBA degree (Masters in Business Administration) with a minimum 3. 0 CGPA. Q: What do you look for when recruiting personnel? A: We like to hire applicants who are team players with excellent interpersonal skills, have knowledge and use of information technology, have strong analytical and problem solving skills and have excellent written and verbal communication skills in English. So when they tell you in graduation school to emphasize on English, they are not wrong. Q: What happens after selection? A: After selection on-the-job training starts.These include simulations and video simulated training. They have 27 weeks training with IBP, then 27 weeks training with NBP staff colleagues, then 54 weeks training on job and then they are on their own aboard. All the while during training they are paid t heir salary. After this they are designated to posts in small cities and sent there for a period of three years and then if a proper appraisal comes in welcomed to work at the head-office. Once they get out of training groups of executives and officers are decided according to their skills and achievement of objectives.Thus NBP follows competency based job analysis. Q: What about EEO laws? A: We follow all rules. Equal employment opportunity is not violated by NBP. We have set the hiring quota for the disabled up to 2%. Recently we hired a blind lady in the telecommunication department. We do hire blind, deaf or applicants who are ill due to polio. Q: What can you tell us about negligent hiring? What does the bank do if it comes across a person who has had, let’s say, a bad record? A: As I said, NBP follows all the rules.As the recruitment and selection is both costly and time consuming we don’t want negligent hiring on our hands. Thus we make sure proper guidelines ar e followed. All the background checks regarding certificates and other educational documents and reference calls are handled by the IBP. Once the salary pay check comes in, first rounds are made and police report is requested from the police department while on the other hand the person for whom verification is being performed is notified of it all. After the police verification report comes in then only the salary is paid.If there is someone who is identified with a criminal background or false referrals he is told so and asked to withdraw. His information is kept secret (need for privacy). Targeted firing has not been started yet or else the employees go to court. Q: How is appraisal linked with recruitment? A: When appraisal comes in, promotions happen. Seats are vacated and we get the number to employ. This was all we discussed here from Mr. Mohib. While wandering about and reading the HR mission statement and vision we tried to look on into other departments but with little suc cess.At around late after lunch we got some little time blessed upon us and ultimately met the AVP/Head of Personnel Administration, Mr. S. Hasan Akber Zaidi, of the Personnel and Industrial Relations Division. We grabbed the opportunity to ask some questions about how the HR at NBP handles the various grievances that come in. Q: Sir, please tell us what actually does the personnel department do? A: We basically look into promotions, leave and absences, whether any mishap occurs and also keep record that all due liabilities of the employees are cleared. Q: Promotions would mean that you also look into appraisal reports (ACRs)?A: We basically have a policy department that makes all the policies for promoting and appraisals and also a separate department who handles appraisals but, yes, we do look into appraisals to know whose being promoted to what extent and how much an increase in salary takes place and how the others would be affected by it. In 1984, when I got hired there was no such thing as a union but now there is and so we keep check as to whether no biasness occurs. Q: Tell us something about the Industrial Relation Department? A: They are the people concerned with the laws of the union.They make sure that no mishap occurs and in the case of employees going to court they keep check that all lawful procedures are followed in. Q: what about the compensation procedures? A: compensations are handled by the compensation committee. There is no concept of overtime here. We tend to provide a whole lot of facilities according to the posts the employees have and that can include medical, logistics other membership facilities. We also provide loans on land and property as well as other technological things but keep a proper balance of these liabilities.Q: What happens if an employee fails for some reason in paying his liabilities or disappears? A: All employees have accounts. In situations like these, or when a fraud occurs, we seize and freeze the accounts of th ose employees. The matter comes into our hand then and until and unless the reasons will be cleared we don’t let any kind of transaction occur. Q: What happens when you catch some one doing a fraud or someone disappears? What if they do not notify you of the absences? A: There is no concept of rehiring. We decide at the time we catch the fraud what to do with the person and he is notified of our intentions.Most of the time frauds are not tolerated because NBP has a lot on its hands to protect itself from. But there are exceptional cases where we have had some dilemmas and looking into the matter deep has often resulted in a better solution. For example there was a case at Gujranwala where decision making was not easy. An employee of ours didn’t notify us that he was going to take leave, didn’t approve it and stopped coming to work. He was arrested by the police and the bank faced the problem as to let him back or not. The unauthorized absence and an FIR was a da ngerous match. But the personnel department looked into it.Since the police arrest was made on the basis of a family quarrel and had nothing to do with any criminal offence, the bank allowed him back on the job. Such decisions require our foresight and logical reasoning. Again sometimes, retaining an employee is difficult and his grievances have to be handled in a different way and at other times a golden handshake has to be offered in order to let other people take someone else’s place. Q: What about promotions? A: There is a continuous planning going on. Aren’t we all looking for the same things? A raise in salary†¦a better position. It’s a mad race that we are running.Constantly we keep an eye on whose going to replace whom and with how much. Sometimes it’s just not the work that lets you through. It’s the connections as well but then these things happen. The important part is that you have to keep an eye open and know everyone. If your col leagues like you†¦then you are the head of the list. Q: How efficiently does HR keep all these records? A: We have been upgrading and are still in the process of doing so. Everything will become computerized. In all total three hubs will be performed. Q: Are any HR events held? A: Yes a lot of them actually†¦We have conferences and female empowerment workshops.Also many dialogue sessions and quiz programs. With many thanks to the two executives who gave us much to think about we left their departments and headed towards the refreshments. OUR FINDINGS The bank has taken a number of HR initiatives to develop its workforce. Today banks have to survive in a highly competitive environment, where the demand for banking services is highly diversified and growing and changing rapidly. To meet the competitive challenges, NBP felt that it had to enhance the knowledge and skill level of its employees so as to gain a sustainable edge over other banks.Importance is being placed on upgr ading the quality of human resource for higher and better performance and to meet the demand of growing competition. Not only are the employees being provided with the job related training to develop a talented human resource base at the bank, but qualified management trainees have been inducted, professionals have been hired to fill the skill gap, a talent pool has been created by identifying talented employees from within the bank throughout the country and placing them in important positions in all functional areas of the bank.All this was done with one purpose – to develop a talented human resource base at the bank. In addition, the bank has gone a step further and has made concerted efforts to reduce the gender gap. The last four to five years, a change has been witnessed in the employment pattern, where more women have been employed at more responsible managerial positions, like those of female branch managers and female operation managers. While recruiting and selectin g Management Trainee Officers, the bank management ensures that young and qualified females are offered equal employment opportunity. * TALENT MANAGEMENTThe highest emphasis was laid on talent management as it is now globally recognized that talent is the critical driver of corporate performance and that an organization’s ability to attract, develop, motivate and retain talent results in a major competitive advantage. Organizations that do better job for attracting, developing, motivating and retaining their talent boost their performance dramatically. * MANAGEMENT TRAINEE SCHEME Recruitment in the permanent cadre of the bank was kept in abeyance since 1995 and there was induction in the bank for nearly a decade in this category.To fill the skill gap the bank management obtained special permission from GOP for restricted recruitment in the permanent cadre on an annual basis till 2010. About 700 management trainees have been inducted till end 2007 from the start in year 2003. After a vigorous scholastic and on job training the management trainee officers were placed at responsible in high value branches all over the country. Their contributions in furtherance of culture change, infusion of contemporary work practices and overall growth in bank’s performance is noteworthy.The Management Trainee Officers have been placed in the fields of General Banking, HR, Compliance, Risk Management, Treasury, IT and Audit. The Management Trainee Scheme of the bank has thus, proved highly successful and is being emulated by other financial institutions in the country. * TALENT POOL SCHEME There was realization by the bank’s management that there are many existing employees within the bank who had the necessary qualification, experience, skill and talent but due to one reason or the other; their career growth had become stunted.Such employees were dispersed throughout the country and were required to be identified for proper placement. In line with the glob al corporate strategy of leading Fortune 500 Companies that the best people should be placed in responsible and key positions, the implementation of the NBP Talent Pool Scheme has proved to be pioneering efforts in this direction in the Pakistan banking industry. Consequently, the first place over 200 employees were identified on merit through written test and interview and interview for selection in the NBP Talent Pool Scheme and posted in positions of higher responsibility.The implementation of the second phrase is in process and it is envisaged that other batch of about 300 existing bank employees will be available under the scheme for placement in high value branches of the bank. * FEMALE BRANCH MANAGERS The demographics of Pakistan are slightly skewed reflecting a higher female population which to a great extent is underutilized and their contribution to the economic sectors of the country in thus less than optimum level.Currently there is very high scope of including this fema le population in economic activities as many of them are academically qualified to take up challenging job opportunities. In line with the Government’s policy and vision of the bank’s President, NBP implemented a plan to empower the existing female employees of the bank and post them as managers in 10% of the bank’s branches. Around 30 female branch managers were selected from the existing female workforce of the bank while 30 others were recruited for external source.These 60 female managers have been posted at branches after intensive training and initial performance results indicate that they have shown remarkable performance. NBP employees excelling in banking examination of the Institution of Bankers, Pakistan: About four years ago the performance of NBP employees in banking examinations was quite dismal and it was the lowest in the banking sector. On account of the creation if an enabling environment with the management’s encouragement and support f or such academic pursuits besides various incentives, NBP employees today obtain the No. position in the country when compared to any other financial institution in terms of maximum number of NBP employees qualifying in such examination. * AGRICULTURE FIELD OFFICERS The agricultural sector of Pakistan contributes the highest to the GDP of the country. National bank of Pakistan enjoys the greatest strength in term of branch network which is concentrated in the rural areas of the country. The bank was therefore adequately poised to provide a full range of specialized financial services at the doorstep of the farmer.In line with the government policy to boost the agricultural sector with its large untapped potential for growth, NBP the initiative of the of developing adequate HR base in the agriculture dominated regions of the country consequently, 100 agriculture officers were appointed having necessary agriculture based qualifications to guide, facilitate and provide financial access to the farmer for enhancing their agricultural produce. * CASH OFFICERS Counter service to the costumers has been given top priority by the bank in order to improve the promptness in delivery of basic banking service.To improve customer services, 300 cash officers have been posted through internal sources by promoting staff of clerical cadre. This also provided for employee empowerment and motivation; in the past; promotions in clerical cadre took over 10 years. Upon encouraging results of such initiative, we have, once again internally advertised the position to induct another batch of cash officers which is going to be finalized shortly. * HIRING OF PROFESSIONALS Counter service to the costumers has been given top priority by the bank in order to improve the promptness in delivery of basic banking service.To improve customer services, 300 cash officers have been posted through internal sources by promoting staff of clerical cadre. This also provided for employee empowerment and m otivation; in the past; promotions in clerical cadre took over 10 years. Upon encouraging results of such initiative, they have, once again internally advertised the position to induct another batch of cash officers which is going to be finalized shortly. * EMPLOYEE MOTIVATION Human motives are based on conscious and subconscious need filled in individualistic, hierarchical order.Generally, motivation includes the entire class of drives, desire, needs and wishes, all of which are different for different individuals and further differ in their importance at various times for the same individual. Managing employee motivation is always an extremely complex task. To continuously enhance the level of performance of the employees and attain the optimum level for ensuring the growth of the organization, it is the primary responsibility of all HR practitioners to continuously maintain employee satisfaction and high motivation levels.NBP utilized all HRM tools for enhancing employees’ motivation thereby, contributing to the bank’s record growth. Promotion and Career Progression: During the last five years, 98% of the bank have been promoted at least once while, 45% of this total strength have received two promotions. This is a major step towards ensuring employee motivation and high morale. Promotions of employee who perform well are made strictly on merit basis and in the most transparent manner. Such promotions have been made a regular feature so that high performing employees are rewarded and their efforts in the growth of the bank are recognized.Employee Compensation: Pay Packages 2004, 2006 and 2008 were negotiated and implemented to the complete satisfaction of the employees and n the best interest of the bank. This was a major accomplishment in view of the highly charged intra-union and inter-union rivalries compounded by the transaction of HR responsibilities. During last five years increase in pay was a 100% for almost all NBP employees. The ensu re compensation levels of bank employees in relation to the market, salary surveys have been conducted and salary adjustments are being made wherever required. THE BANK’S INTERNAL CUSTOMER In order to provide maximum satisfaction to internal customers, which is vital for motivation and innovation each employee of HR has been given specific responsibility with the agreed upon standard time for each activity. The performance of the individual in then continuously monitored for the actual time taken for each activity against the set standard, to measure the HR performance. This quantification and measurement of each HR activity has resulted in substantial improvement in internal efficiency thereby, contributing to employee satisfaction and motivation. ACHIEVEMENT AND SPOT AWARDS A merit based culture has been established in the bank through implementation of achievement and spot awards for individual employees showing exemplary performance during the year or in an assigned task. The achievement award policy of the bank is a transparent system for rewarding high performing employees through achievement awards to 10% of the total employee strength every year. The policy of spot award is basically for recognizing individual employees their one-off excellent performance.Performance appraisal system has been revised to replace the traditional subjective ACR to provide more objectively in evaluation and recognizing merit. This system has been implemented with effect from January 2007 for all executives and contractual employees. Further; PAS will also be applicable to over 9000 regular officers w. e. f. 01. 01. 2009. Based on the evaluation of individual employees as per their performance appraisal, a system of pay for performance is being implemented to properly compensate relatively high performing employees thereby, strengthening the merit based culture. * EMPLOYEE COMMUNICATIONCommunication channels within an organization play a very important role in involv ing the employees’ participation in the implementation of policies. Through involvement in the implementation process, employees feel motivated to perform and establish their contribution in the overall growth of the organization. The 1st phase of ECP has been completed by 20 regions and about 8000 employees are already covered under the program. With a view to establish top-down and bottom-up communication, dialogue sessions with field functionaries of high value branches with the President have been held and constructive suggestion incorporated.Further to make the employee communication more effective regular bi-monthly publication of NBP Newsline and monthly publication of the Management Brief have also been introduced. * LEADERSHIP DEVELOPMENT After the reorganization of the bank’s field structure and decentralization of power, Regional Management Teams (RMT) were formed at all 29 Regional Offices. These leadership positions were filled through a systematic selecti on of RMT Member on merit, in the most transparent manner and after qualifying through a rigorous selection process involving written tests, group discussions and interviews.The empowerment of Regional Management Teams and managers of branches through enhanced discretionary powers for prompts decision making and assumption of higher responsibilities has motivated them to ensure high performance levels. Further, the bank intends to launch a â€Å"NBP Management & Leadership Development Scheme† for internal skilled and qualified employees of the bank for placement in middle and higher management level position in the future. * INDUSTRIAL HARMONYThe implementation of all HR policies depends to a great extent, on continuously maintaining industrial harmony within the organization. This has to be ensured through developing a mutual respect between the management and employee representatives. Mutual respect between the management and the CBAs as well as Officers representatives at NBP has been strengthened through trust building measure. These trust building measures included maintaining a continuous dialogue process with CBAs and Officers representatives.Industrial Relations Conferences were held to build better understanding of IROs and management policies, to ensure a ongoing harmonious environment. Industrial Relations Conferences are planned at Karachi & Islamabad for 2008. Additionally, the Employees Communication Program involving meeting at regional offices for staff are planned to create better awareness of management policies and the bank’s tradition of employee care. WHY WORK AT NBP? * NBP maintains its position as Pakistan’s Premier Bank with a huge network abroad as well. The Bank currently has an employee has of over 15,000 employees worldwide. The various departments include: Consumer Banking – Corporate Finance – Investment Banking – Agricultural Banking – Transactional Banking – Operations â₠¬â€œ Software Development and Automation – Financial Control – Treasury – Internal Audit – Risk Management & Credit – Economic & Business research – Training & Development – Strategic Planning – Human Resources * NBP has started several new programs to train its employees further to be prepared for the dynamic aspect of their job and to meet the challenges ahead. Besides a competitive financial package, NBP offers excellent working conditions, job satisfaction, superior leadership, and a conducive environment for growth. CONCLUSION It seemed impressive with the new HR department at NBP – a major public sector bank, decked out in wood and glass, with people in and out trying to devise plans of how to boost up the morale of each and every working person there and how to recruit the best ones out of a whole lot. The steps taken for the strengthening of the HR base in NBP have been instrumental in achieving record performanc e. This has been empirically proved through KPIs received from the field.Nevertheless, to remain competitive they cannot be complacent and should adequately prepare their human resource for meeting the challenge of competition in the future. A goal setting meeting was held in December 3 and 4, 2007 and a complete road map has been prepared for the year 2008. The goals and objective for the year 2008 were firmed up with a view to identifying the right kind of people socializing them in the right direction, training them; assigning tasks and roles that bring out their best, motivating them to put extra effort and creating conditions whereby the employees have a sense of fulfillment.This highly motivated effort will serve to retain NBP’s positions as the â€Å"Employer of Choice†. In recent times ,under the leadership of president Syed Ali Raza ,the banking has become conscious in promoting empowerment of women within the organization which not only requires a significant change in attitude but also immense modification in working culture. In view of this realization, national bank has accepted the abilities of women as component workers, and has started making the most of these potentials by assigning them managerial responsibilities.Currently, 63 branches are being headed by the females. The management under its female empowerment programme is committed to have 10 percent of NBP branches to be headed by the females. The management also considered the request for transfer of married and unmarried female employees to their desired place of posting which is close to their parents and spouse. The bank management envisaged that a strong human resource injection is essential for the success on a sustained basis .The management trainee's scheme was introduced management for attracting talent from all over the country having professional qualification particularly in the field of business management and commerce having proficiency in computer operation. T he first batch of management trainees joined NBP in July 2003 to translate the idea. Up till now a total of eight batches have been inducted and of them have been posted to region and groups. In view of all these improvements that have been done we still remain controversial on the subject of getting employment in NBP.It is true that all gender biasness has been removed and extensive training has been organized keeping in view that talent needs to be recognized and appreciated. We also remain highly appreciative of the fact that since the development of the HR department and its focus on the issues of recruitment, selection, gender biasness, appraisals, compensation, EEO compliance, grievances and training, the fact that we would not have been able to gain so much cooperation of the people we interviewed at the bank without our own personal source speaks for itself for the kind of resources that still work in the public sectors.HR needs to finish it or maybe it is on its way. We may gather from the data we received that many positive changes have come and are yet to come but are not negligent of the fact how and where what kind of biasness and sincerity is at work. While sitting in any organization you learn to come out of the theoretical meaning of appraisals and learn in real terms. We all saw the positive changes and the zealous way in which the department was at work in NBP and know that strategically it’s trying to achieve the better part of the system, competing against the system in its own way.For the bank itself, the need of HR is being fulfilled which keeps its employees more focused and well looked after. Here are some tips for being better employees than others that during our case study we have gathered: Educate yourself Many people promoted to new, senior position think that they can learn on the job, without any need for education in the new tasks. Yet, if you wanted to indulge in a new hobby, for example if you want to learn how to play a guitar, you would expect to take classes.The same principle applies to taking up a new position or moving to new company. Your natural ability needs reinforcement by learning both general and specifics ways, how to do the work. Many companies fail to insist on this reinforcement. If the employer will not provide the learning, take steps to get it yourself. Master computers However you obtain access to computing power, it is an indispensable extension of your own brain and capabilities. You must quickly master a word processing programme, email and a spreadsheet.Productivity aids like desk diaries and personal databases. Computer in many organizations now provide access to company files, colleges, message, customer, suppliers, collaborative, working and the internet. Strive for excellence The pursuit of the highest possible standards automatically points you towards achieving excellence. It you have achieve perfection in any activity, you must be the best, which is the proper objec tive in any context. In practice, aiming to improve skills means performing significantly better than your present standards, which are always imperfect.Remember that refusal to tolerate imperfection is a powerful force for success. Raise your standards However good you are at something, you can always improve. Similarly, however high the standards you have set for yourself and others, they can always higher. Apply to the total quality principle of continuous improvement to everything that you do. In a new position you may feel daunted by new demands and doubt your ability to tackle the tasks successfully. However, after the few weeks in the new role you will be performing well without difficulty.People tend to underestimate their power, which achieves the opposite of maximizing potential. It is better to overshoot and miss than never to try for the best of which you are capable. Learn a language Mastering other language makes a difference in negotiations and business relationships. It is also a valuable exercise for the mind. Cassettes and videos are effective learning tools but the best learning is interactive. You can sign up for the classes or use interactive media. Then take every chance to improve your skill.It will impress everybody, including your foreign business contacts. Share your knowledge Make sure that any courses you plan to attend are relevant to your work. Then do all you can to apply what you have learnt. Do not be deterred by less enlightened colleagues who may pour scorn on what you have been taught. You can only discover whether those lessons have real value by putting them into practice in your day-to-day work. Pass on your new knowledge to colleagues, and make them your allies. Be the bestJust like runners, managers and organizations needs opponents, or at least pace-setters, to produce their best performance. The process known as benchmarking measure comparable performance to set targets that they seek to exceed. The defect in this app roach is that the benchmarks may themselves be too low. You want to be the best at what you do. That means looking at the performance of the others to see not just what they do well. Being the best means setting new ways, this drive for reform can be very demanding, but also highly rewarding.

Mel Gibson vs. Kenneth Branaugh as Hamlet Essay

The recent â€Å"box office rebirth† of England’s favorite bard has left Hollywood with much to do about interpreting Shakespeare’s classic dramas. The characters of Ophelia, Rosencrantz and Guildenstern, the gravedigger, and of course Hamlet himself take new life, as the greatest actors of our time assume these timeless roles. Produced in 1990, Mel Gibson’s â€Å"Hamlet† is a more straightforward, highly edited version of the original text in comparison to Kenneth Brannagh’s lavish rendition of the same tale. At only 135 minutes, Gibson’s â€Å"Hamlet† might be considered â€Å"Shakespeare Light,† the cinematic equivalent of Cliff’s Notes. However, although Brannagh should be commended for sticking to the text, be forewarned about this â€Å"Hamlet†-by including every line of the original play, this movie clocks in at exactly 242 minutes. The setting chosen for Brannagh’s and Gibson’s â€Å"Elsinore Castle† are as different as day and night, quite literally. And these bright and dark castle settings symbolically reinforce the specific â€Å"mood† or themes each director emphasizes. For instance, the lugubrious Gibson feels perfectly at home in his dark and dank mansion, an ideal place for a grieving soul to maintain its ruefull descent. Conversely, the introspective Brannagh is continuously catching glimpses of himself and others (and into their true souls) in the mirror-lined ballrooms of his glistening castle. Since Hamlet is, in its essence, truly a ghost story (so apropos for Halloween week!), each director has handled these â€Å"special effects† quite differently. Gibson gives a more stage-like handling of the ghost of  Hamlet’s father, using only lighting to cast an eerie glow or flickering shadows on its actors. Brannagh, on the other hand, seeks to use every filmmaker’s device possible, including the light blue glowing eyes of Hamlet’s father and the â€Å"dry ice forest,† (both of which stretched the limits of viewers’ imagination). One special effect that worked very effectively was the use of â€Å"flashbacks† in a character’s memory, specifically in scenes which show Hamlet and Ophelia’s romantic (yet clandestine) relationship developing. The greatest aspect of watching the Gibson and Brannagh films together is noticing the subtle differences between each actor’s expression of the same character. Both versions address, or evade, some of the most controversial issues in interpreting this play: Hamlet’s possible madness, his seemingly Oedipal relationship with his mother, and Ophelia’s suicidal demise. Mel Gibson portrays a brooding, sullen-browed young Hamlet–moody, miserable yet clever and cunning, and always lurking in the dark corners of this ever-somber castle. By contrast, Brannagh commands the screen with a Hamlet more brash and emboldened than Gibson’s, a determined young man whose bright and opulent surroundings reflect a very intellectual, socially and politically astute strategist (not to mention pretentious snob!). Both tiptoe the line between sanity and madness, without ever fully crossing over into a psychological abyss. With Glenn Close playing Gertrude, Hamlet’s mother, Gibson intensifies the Oedipal overtones between the queen mother and her son. Beautiful, elegant, and intensely emotional, Gertrude exudes an exuberant yet refined sensuality throughout the early scenes of the film. Does she linger a little too long on the lips of Hamlet, or is this merely a joyous display of affection for her only son? The famous, and perhaps infamous, bedroom scene eventually shows the glamorous duo of Close and Gibson struggling against one another, and the final fencing scene also emphasizes this pair, their constant awareness of the other’s situation. By casting the ethereal Close alongside the handsome Hamlet, Gibson focuses  on the mother-son relationship versus the Ophelia-Hamlet romance, as Helena Bonham-Carter presents an overly passive, almost prepubescent and one-dimensional performance of Ophelia. Too young, too much manipulated by her father, Ophelia in her insanity scene merely shows a weak young woman overcome by her own pitiful plight. Because her relationship with Hamlet is never developed in Gibson’s â€Å"Hamlet,† Ophelia’s suicide is a merely an action that furthers the plot of Hamlet’s fate–it is not given consideration as the fate of Ophelia herself, a complex, passionate, and â€Å"three-dimensional† character in the play. Brannagh’s casting of â€Å"Shakespeare’s women† gives an entirely different interpretation. To begin with, Julie Christie (as Gertrude) is downright homely in comparison to Glenn Close (check out the differences between the early â€Å"consoling scene† of each film in which Gertrude tells Hamlet that death is â€Å"common†). Thus, Christie is perfect for Brannagh’s interpretation–Hamlet seeks to avenge his father’s death not because of his Oedipal attraction to his mother (which would be too emotional and adolescent for this prince), but rather for some higher sense of truth and justice (perfect for the philosophical Brannagh). Christie is not the amiable, all-loving (or sensual) mother that we saw Close to be, and thus Gertrude’s â€Å"motivation† to marry the brother of her dead husband seems more about politics and power than pure passion. Her role in the movie and the sympathy she evokes in the viewers diminis hes greatly as we view her (and her second husband) with suspicion and even aversion. Yet Kate Winslet (also starring in â€Å"Sense and Sensibility,† â€Å"Heavenly Creatures†), cast as Ophelia, is simply breathtaking. Her presence on the screen commands the full attention of viewers, and Brannagh uses her charisma to create perhaps the most fully developed representation of Ophelia to be brought to any film. She is shown as a strong-willed, intelligent and independent young woman who is passionately in love (and lust!) with her eccentric prince. If you have seen and heard her grief expressed in â€Å"Heavenly Creatures,† then you will know that her â€Å"insanity scene† is the most harrowing display of a heart’s devastation that you might ever see. Her ethereal voice, her song of sadness, will be hard for viewers to forget. With a cast of characters including Billy Crystal, Charlton Heston, Robin Williams and Jack Lemmon, Kenneth Brannagh’s â€Å"Hamlet† is a sure-hit among devoted â€Å"Shakespeare-philes.† Yet, the dynamic performances of the characters in Gibson’s â€Å"Hamlet† guarantee that both movies are even better appreciated when viewed, and compared, together. One of the greatest aspects about Shakespeare’s plays is the never-ending interpretations and expressions that can be made–not only by film makers with their elaborate scenery and all-star casts, but also by each of us as viewers and, hopefully, as readers too.

Michigan Coal-Powered Plants

1769, or the start of the Industrial revolution was when James Watt patented his steam engine.   All the steam-powered machines like the steamboat, steamship, and steam locomotives, were all powered by coal.   Coal is a solid fossil fuel that when mined, can be used for energy.   Today, more then 90% of coal is used for electricity and that which isn’t used for that is used as an industrial power source.   Coal fired railroads stopped in the 1950’s and industrial use has declined, but electric utilities have increased their use of coal tenfold in the past 50 years.   By the early 20th century, radiator heat was powered by coal and older homes still have their coal chutes.Wyoming, Colorado and West Virginia are some of our main coal producers and our supply far exceeds that of oil and natural gas.   Today, 52% of electricity generated in the United States is coal powered compared to only 14.8% for nuclear power.   In 2004, 1.16 billion tons of coal was burn ed, most for electricity.   At the current usage rate of coal, the world has 1500 years left to use this resource.There are actually many cons of using coal even though Americans are more leery of nuclear power.   It was found that people who live near coal-fired plants are exposed to higher radiation then people living by the nuclear plants.   (McBride, J.P.)   Because of people’s fears about nuclear energy, most plants will be replaced with coal-fired plants unless solar energy is harnessed in a better way.   First and foremost, coal produces carbon dioxide, which is suspected to cause global warming.   Human health is susceptible because coal is a source of sulfur oxides and nitrogen oxides, two sources that may cause acid rain.   Coal also contains uranium and thorium, two radioactive materials.   In 1982, each U.S. plant released 5.2 tons of uranium and 12.8 tons of thorium.Total  was 801 tons of uranium and 1971 tons of thorium.   It is predicted in the year 2040, that 145,230 tons of uranium and 357,491 tons of thorium will be released in the U.S. alone.   These large quantities of these two materials are not being treated as radioactive waste.   Coal-powered plants aren’t regulated and are basically permitted to emit low-levels of radiation.   Long-term accumulation of these radioactive materials could pose serious health hazards†¦ already the effects are being seen, showing up as more asthma in children.   Michigan has the highest prevalence of asthma in children.Exposure within 30 miles of a coal-powered plant showed 1,929,662 children with 18% of them having asthma.   Large amounts of pollution that coal-fired plants built before 1977 are exempt from the Clean Air Act.   Illinois alone has 22 plants that are exempt and in 1997 these plants emitted 240,000 tons of Nitrogen Oxide, or as much as the annual pollution from 12 million cars!Also in 1997, Illinois plants emitted 722,000 tons of Sulfur Dioxi de which fine particulate pollution of this has been attributed to 5,570 premature deaths a year in Illinois and 3,767 in the city of Chicago alone, according to a 1996 study by the Environmental Working Group.   (http://www.consciouschoice.com/1995-98/cc115/note115.html.)With so many health problems, potential and active, why are coal plants still being proposed?  Ã‚   The Great Lakes basin is home to more than thirty million people.   The Great Lakes are the largest system of surface freshwater on the Earth, spanning about 800 miles and containing about 20% of the world's surface freshwater resource. The water in the Great Lakes accounts for more than 90% of the surface freshwater in the U.SBut this beautiful land also has the special focus of our government and that is they want the  Great Lakes region to be the future sites of many more coal-powered plants.   As many as 94 plants are already in various stages of planning.   Ten plants in Illinois, five in Wisconsin, and already Northern Lights Coal Plant in Michigan is causing quite a stir.   At first this plant was given a hesitant welcome since it was claiming to be the cleanest coal-powered plant in the U.S. and would create jobs, but looking deeper into it, it was discovered that there were political and environmental regulatory trends and that the Bush administration wanted a nationwide surge in proposals for new coal-fired power stations, with a special focus on the Great Lakes region.President Bush wants to dismantle federal environmental safeguards and encourage burning more fossil fuels.   He has agreed that older coal fired plants in Michigan and other states need to modernize their plants, but will still avoid improving air pollution controls.With all this, there are some good things about burning coal.   Natural gas, which is much more cleaner then coal, has gone up in price.   The price has doubled since 1990 and costs four times more to generate then coal so burning coal i s more economically feasible for the country.  Ã‚   Also, since 1960, particulate precipitators have been used by U.S. coal-fired plants, which reduce 99.5% of the fly ash.   Utilities can also collect ash, cinders, and slag and deposit them on coal-plant sites.   Coal ash is rich in minerals including large quantities of aluminum and iron, which haven’t been fully looked into.   If the government could really regulate coal-fired plants, these would be great advantages of having them.In conclusion, coal-fired plants are hazardous to human health, animals, and nature especially for those of us living in the Great Lakes region.   Instead of the  government looking at just the economic advantages of coal, they should also be focusing on what the implications are of producing almost 100 plants in a few states.   Canada has already charged that 50% of the pollutants that cause ozone come from the Midwest states so one can only imagine if you actually live in one of t hese states, what people must be breathing in.   The Bush Administration needs to clarify and fix the Clean-Air Act so that not only do older plants need to modernize, but also they need to be regulated.   The Great Lakes are a beautiful region to live and vacation and need to be protected against the air toxins that will be released if all these coal-fired plants are built and un-monitored.Bibliography  McBride, J.P., R.E. Moore, J.P. Witherspoon, R.E. Blanco.   â€Å"Radiological Impact ofAirborne Effluents of Coal and Nuclear Plants.†Ã‚   Science Magazine.   Dec 8, 1978.Schneider, Keith.   â€Å"The Bush Administration Pushes Dirty Coal Plants.†Ã‚   E / TheEnvironmental Magazine.   August 20, 2004.http://www.climateark.org/articles/reader.asp?linkid=34416.Gabbard, Alex.   â€Å"Coal Combustion:   Nuclear Resource or Danger.†Ã‚   NoDate.   http://www.ornl.gov/info/ornlreview/rev26-34/text/colmain.html.No Author.   â€Å"History of Energy .†Ã‚   DKospedia, The Free Political Encyclopedia.December 21, 2004.No Author.   â€Å"Self-Reported Asthma Prevalence and Control Among Adults — UnitedStates, 2001.†Ã‚   MMWR Weekly.   V.52 May 2, 2003 pg. 381-384.http://www.cdc.gov/mmwr/preview/mmwrhtml/mm5217a2.htm.Lilliston, Ben.   â€Å"Poison Power.†Ã‚   Conscious Choice.   September 1998.http://www.consciouschoice.com/1995-98/cc115/note115.html.

Perfectly competitive markets Essay Example | Topics and Well Written Essays - 1500 words

Perfectly competitive markets - Essay Example No seller has a bargaining power over another because the products sold in perfectly competitive markets are assumed to be homogenous in nature. Lastly, the motives of the seller participants is maximization of profit, hence they sell where marginal revenues equal the marginal cost. From these characteristics is driven the 'price taker' nature of firms in the market. Hence it is safely inferred that in such markets the prices set by individual firms and the industry are same; and is determined by the interaction of total market demand and total market supply. The prices set by individual firms and the industry is same; and is determined by the interaction of total market demand and total market supply. From the above graph, it is visible that when both quantity demanded and quantity supplied is at the same level i.e. 800 kgs, there the market will reach equilibrium. At that point, the equilibrium price is $11 per kg. The prices of products are impacted either by a change in the demand of that product, or when the supply of that particular product changes. Bade, Parkin and Wesley (2008) said on the demand side, the change in demand factors including changes in consumer tastes by preferring a certain product over another, when then is an increase in the number of buyers for the product, or when income of the buyer changes (increases or decreases) depending on whether the product is normal good or inferior good. The change in the prices of related products also impacts the demand. On the supply side resource prices, technology, taxes and subsidies, prices of other goods and anticipation of future price changes and the number of suppliers affect the supply. Cyclone Larry increased the price of bananas because it wiped out the banana crop in Queensland, which reduced the quantity supplied of bananas into the market, hence a movement on the supply curve; which led to the increase in the prices of bananas. Price Quantity Supplied Quantity Demanded in A $ in kgs in kgs 15 1000 400 13 900 600 11 800 800 9 700 900 8 600 1100 7 0 1300 6 0 1600 In the diagram, we can see that at $ 15, the quantity demanded is less than quantity supplied, which means 'many consumers could not afford to buy them'. Question 3: In controlling the price of bananas, which have reached a certain high and is unaffordable for consumers, the government intervenes to control the prices that it thinks are unfavorably high for the buyers. Thus, using its legal right, government limits the high prices by imposing the price ceiling (Lipsey & Chrystal, 2007). Here, we demonstrate the impact of price ceilings graphically. In our case, Cyclone Larry has adversely impacted the crop of bananas, and has reduced the supply of bananas. At this level, quantity demanded increases relative to quantity supplied. This increases the equilibrium or the market price. This rapidly rising prices of bananas greatly burdens low and moderate income house holds , which leds government to intervene for making it affordable for the masses. It imposes a ceiling price of A $ 8 per kg. For this to be effective, the price ceiling is less than the equilibrium price, which in our example as earlier

MASS MEDIA ASSIGNMENT (Sociology) Example | Topics and Well Written Essays - 1250 words

MASS MEDIA (Sociology) - Assignment Example These types of advertisements frequently make appeals to dark humor as a means of both gaining attention and delivering a specific message that their product or service is uniquely suited to answer. The message is embedded within the rhetoric of the visual and textual elements of the ad. To examine how rhetoric is used in advertising, an ad from the Northern Bariatric Surgery Institute that promotes weight loss with seeming emphasis on delivering a social message will be examined for its intended and perhaps unintended output. There are two basic approaches advertisers might take to the development of their ad -- first, to present a social message for the overall benefit to society with their product or service taking a modest interest through the presentation of a logo or title somewhere on the page and second, to present the product or service as the main focus of the ad with social responsibility considered secondary or not at all. Whether we acknowledge it or not, there is a grea t deal of truth behind the statement that we are what the media tells us we are. â€Å"Much of what we share, and what we know, and even what we treasure, is carried to us each second in a plasma of electrons, pixels and ink, underwritten by multinational advertising agencies dedicated to attracting our attention for entirely nonaltruistic reasons† (Twitchell, 1996: 468). In working to create the ultimate ad, many advertisers forget to consider the unintended impacts their message might have on the greater social front. â€Å"Broadly speaking, the media exist in a very close, sympathetic relationship to power and established values. They favor a consensus view of any problem: they reflect overwhelmingly middle class attitudes and experience† (Hall, 1974). Subtle clues embedded within the action or image of an advertisement such as this one can change the way people interpret and react to specific behaviors such as overeating. This ad is focused on the problem of obesit y and relies mostly upon a dominant image to impart its message. â€Å"Inductive reasoning takes a specific representative case or facts and then draws generalizations or conclusions from them. Inductive reasoning must be based on a sufficient amount of reliable evidence, in other words the facts you draw on must fairly represent the larger situation or population† (Weida, 2007). The image featured is that of a heavyset man holding his shirt open to reveal sticks of butter strapped to his torso like dynamite. It is intended to evoke an immediate negative reaction to the concept of obesity. According to Weida (2007), emotional appeals such as this are usually made to â€Å"paint a more legitimate and moving picture of reality or illuminate the truth.† Rather than relying on a string of text to make this emotional appeal, the advertisement relies almost exclusively on image with only a few small words to help direct the focus of attention. The faceless image is filled wi th the torso of this man and the numerous sticks of butter that have been attached, causing him to appear as a suicide bomber. The most dominant words on the page are â€Å"Obesity is Suicide.† As further analysis reveals, this ad works to encourage negative attitudes toward obesity, indicate an active, willing participant in the creation of an overweight person, elicit associations

POPULAR CULTURE AND HUMANITIES Essay Example | Topics and Well Written Essays - 250 words

POPULAR CULTURE AND HUMANITIES - Essay Example This is certainly probable because the artifact does not mirror the world around them (Naremore & Brantlinger, 1991). At first, John will be perplexed by the robot and may not decipher what it is. The capability of the robot to mimic human behaviors and activities, inclusive of speech, will be of utmost importance in shaping John’s reaction. In such case, the robot will be like a person, though not â€Å"a real person.† The novelty of the robot will make John think that the robot is a divine device, but â€Å"evil,† and a threat to his existence. As the fear subsides, interaction between John and the robot will increase, as it dawns to John that the robot is neither â€Å"godly† nor â€Å"evil† after all. The robot may be programmed to interact with John on matters that are familiar to John such as culture and language. To this end, the robot heralds an incremental cultural benefit to John, which stirs his consciousness. The robot can turn out to be a valuable tool in cross cultural exchange between â€Å"John’s world† and the mainstream culture. The robot will act as a bridge between John’s world and the modern

Orgainizational research Essay Example | Topics and Well Written Essays - 1000 words

Orgainizational research - Essay Example The fact that Ahold and Enron were the source of empirical evidence may have incorporated some form of bias, as the two organizations were high-ranking CSR organization prior to the induction of the concept. H (4): Four, the uniqueness of the CSR strategies determine its success. This follows Smith’s concept that if a firms’ strategies are conceived carefully and genuinely, then they must be unique despite the similarities of corporate reports even from the closest rivals. This research focuses on a new perspective on CSR: A sense-making approach that will enhance our understanding on CSR strategies and the impacts of specific sense-making processes in an organization. The assumption is that a thorough investigation and understanding of how people speak, talk, and tend to behave towards CSR strategies will provide a rich context of exploration on the nature of CSR in organizations (Banerjee, 2007). Essentially, the research combines the theories of sense making by Weick and other scholars (including Palazzo and Bazu, and Wheaterbee and Mills). The research uses a qualitative case study approach for collection of data, as this generally enables consideration of specific elements of industry and context, as well as respecting the unique nature of CSR (Leedy and Ormrod, 2010). The concept of CSR is has been constantly expanding and evolving over time, presenting difficulties in analyzing theories on CSR. Moreover, different scholars combined different approaches using similar terminologies but came up with diverse definitions. Examples include corporate social performance, corporate social responsibility, stakeholder management, corporate governance, sustainable development, and corporate citizenship, among others (Banerjee, 2007). There literature review identifies six foci of CSR in a chronological order. The first focus of CSR was a pro-CSR attitude, fostered by the legitimacy and social contract

Money, Banking, and Financial Markets Assignment - 1

Money, Banking, and Financial Markets - Assignment Example 3). Around the world key indexes are on the rise, fuelled by the reduction in the benchmark interest rates by the Central Bank of China (The Globe and Mail Par. 4). The Eurozone has also announced it is acquiring assets in a move to bolster the economy of that region (The Globe and Mail Par. 4). The Canadian dollar is growing against other currencies, and there is an expectation that there will be an increase in Interest Rates by the Bank of Canada to reflect on the new levels of inflation. Moves made by the Government have situated Canada as an inexorably appealing spot to open and develop a business. A solid and aggressive business environment, thusly, helps the economy develop (The Globe and Mail Par. 4), makes new occupations and raises our expectation for everyday life. The Government has conveyed duty decreases totaling more than $60 billion to occupation making organizations from 2008–09 through 2013–14 (Bankofcanada.ca Par. 23). To build business investment and enhance gainfulness, the government general corporate pay assessment rate was diminished to 15 for every penny in 2012 from 22.12 for every penny in 2007 (Bankofcanada.ca Par. 23), including the disposal of the corporate surtax in 2008 for all organizations. In recognition of the especially unsafe impact that capital expenses have on business investment, the government capital expense was killed in 2006. The Government likewise gave an interim money related motivating force to urge the prov inces to dispose of their general capital expenses (Bankofcanada.ca Par. 24). The last commongeneral capital duty was dispensed with in 2012. To empower the development of little organizations by abandoning them with duty funds that can be held and reinvested in the business, the little business assessment rate was decreased to 11 for every penny in 2008, and the measure of wage qualified for

Informative speech - continuation career path Essay

Informative speech - continuation career path - Essay Example We have different units for dyeing, woodworking and enveloping. Taken together these different units contribute to the overall success of the business and adding to the bottom-line of the company. We supply furniture to universities, offices and hotels among others on a contract basis. We ensure good quality and reliability in our delivery that ensures repeat business from many of our clients. To come to my career plans in this business, I want to use my education as an IT major to contribute to the success of the company. I believe that with the use of IT in business, it would be possible to manage inventory and sales and purchases in a better way. To start with, we could have an integrated solution that has the components of sales and finance along with inventory. Each of these components would cater to one particular business area and would be integrated as a whole with the net result that there would be a systemic approach to the whole concept of doing business in total. I want to use my training in IT to design the system and implement it across the business. Thus, my career path would be that of an entrepreneur who uses his education to the advantage of the family’s business. To focus on the likely rewards that may accrue to me, first, I would be happy with the fact that I am helping my family along with taking care of the entire business in the future. At another level, it would also mean that I would be giving back to the country of my nationality from which I have gained substantial benefits and privileges. Taken together, these would constitute my motivation in serving my family and country. In monetary terms, I would have the satisfaction of growing the business and ensuring an augmented income stream for me and my family. The flip side of my career plan is that I may not be able to realize my earlier goals of a career in the IT industry. However, I have started taking

Dubliners & stories Essay Example for Free

Dubliners stories Essay James Joyce’s book, â€Å"Dubliners† offers a variety of stories about the city of Dublin. James wrote the collection of short fifteen stories where each story adds to the wonderful completion of the book. Each story was so different from the previous and it was very interesting to read various tales that took place in Dublin where each of the stories were kept interested and ready to read the next short story about a great love for the country and you could easily see the disappointment the writer held for some of the country people and the way they lived. I found myself glued to the pages while reading most of the stories and I would be eager to get to the next short story, and occasionally the next wasn’t quite as good, but I continued in my reading and I was never fully disappointed. Some of the stories were better than others, but as a whole, I would have to say that the book, â€Å"Dublin† was well worth the extra time I spent reading it, and I would recommend that others read the book, as well. Reading Joyce’s book is a wonderful way of learning about the country of Dublin and viewing how people live in the country. It was interesting to tour the country using a mental image that guided me along with Joyce’s words. Joyce used impressive and descriptive words to describe the surroundings in Dublin, such as â€Å"glow of a late autumn sunset† which gave me a feeling of serenity and full color description. Joyce used the color gold more than once in her writing, which I assumed was a color that she closely associated with the country of Dublin. In one of Joyce’s short stories, I found it very interesting when she told about Gallaher, from the title, â€Å"A Little Cloud† and told about the man returning from London and she had a way of clearly describing the man as dirty and dear. Gallaher brought interesting light to the short stories because he was able to bring in a different perspective of Dublin, because he wasn’t one that resided in the country. Joyce, in my opinion, possessed a love and hate relationship with Dublin. The author would tell stories of the country which left you feeling as if you never wanted to go there, but would then he would leave you feeling as if you had a deep respect for the country and the people who lived there. In the short story, â€Å"The Dead† Joyce talks about a marriage that was all wrong and failed because the relationship was full of deception and lies. The secrets destroyed the marriage, but at the same time, I liked and appreciated how the author was still able to show the love that was in the failing relationship. Joyce was able to teach me that it’s okay to still love someone, even though there are problems. I was able to see that you can still love someone, even though they are not perfect. The story made me think of unconditional love. In some of the stories, the author was able to come across strongly when she told about alcoholism and how it effected the lives of those who lived in Dublin. I was also able to feel sorry for the poor residents. It was sad how some of the Dublin citizens tried to escape the country only to end up in prison. It took some of the hope away that you had previously wished for and left a stagnant impression of Dublin. In the story, â€Å"Mother†, I found that it was depression that was the main theme of and I found it to be, less than entertaining. It was interesting to see how the author was able to move the story from ones youth to that of an adult. The author brought the words of the stories with anger at times and then gentleness with others. Joyce was able to display both good and bad emotions, from love to hate, and from depression to hope. The young characters in the story made me want to reach out to them. They seemed to be starving for affection and looked so helplessly for a means to escape from the country of Dublin. It was sad to see that hope diminish with the turning of the pages and watch as the young characters grew up to be defeated in their possibilities of escaping. The author spoke with an artistic ability with the words he chose for the story. He spoke in rhythm and it was easy to follow his writing. He had a remarkable way of describing the characters in his short stories and a means to help me closely identify with the characters. â€Å"His eyes burned with anguish and anger† was a line at the end of one story that was more frightening than entertaining. The author spoke bluntly about what he was saying I could clearly see the rage in the eyes of the person. The character, Farrington is such an angry individual in the story â€Å"Counterparts† and you can sense a hatred in his character. You had to wonder if Dublin brought out the worst in everybody. Dublin is a country that I see as oppressed through the authors writing and I don’t feel that I’d enjoy visiting the country, in fear that some of the anger and depression may rub off on me. I sense too much struggle in the daily lives of Dubliners, some which manage to survive with some hope and other characters that I just saw no hope for their eventual happiness. Joyce seemed cold and agitated in his writing when he talked about Dublin as if he had some type of hate for the country. But, in the end you have to ask yourself if he really did hate the place as much as he tried to make you believe he did. His writing was extremely creative and interesting and I’m happy that I read each of the short stories because I did learn so much the people who lived in Dublin. Their lives seemed so dull and full of despair which reminded be how fortunate I am to be able to live in a great country like The United States of America. The author very successful at opening up my imagination and I felt like I was in Dublin with the characters. I would have like to been capable of intervening for many of the characters, which is why I feel that â€Å"Dubliner† was a book that made me feel and react with several emotions. â€Å"Dubliners† by James Joyce is a story that I will always remember, but not with fondness. I will never forget the characters or the country of Dublin. I didn’t realize how old the book truly was, and I found it very impressive to read about the stories of Dublin in the early years. Joyce, James, 1914, â€Å"Dubliners† Penguin Group

Big Skinny Online Marketing Development

Big Skinny Online Marketing Development Big Skinny Case Analysis Executive Summary In 2010, Big Skinny CEO Kiril Alexandrov was looking to transcend from retail distribution and print advertising to the world of online marketing to achieve maximum growth. The retail sales pitch was an easy one, as Alexandrov focused on the value of the wallet and the impulsiveness of consumers (Benjamin Kominers, 2012). Unfortunately, translating this type of sales pitch was much harder to do in the world of cyberspace. Big Skinny centered their online marketing efforts around display Ads, keyword searches, social media and relationships with online distributors and deep DISCOUNTED sites such as Amazon and Groupon respectively. The expansion caused much hardship, as Big Skinny received negative feedback on the review website Yelp that stemmed from their Groupon experiment. They also faced a glitch in their online promotion that allowed 4,000 people to order free wallets from their online store. Big Skinny needs to refocus their online marketing strategy by getting rid of display Ads, refining keyword searches and severing ties with deep DISCOUNTED sites. Big Skinny can create value for their product and manage their orders better by being more selective with who distributes their product and by keeping the price steady. A more seasonal approach surrounding keyword searches can create new revenue from those who are looking to make quick and impulsive purchases. Lastly, by being responsible for who distributes their products, Big Skinny can deliver their product in prompt and timely manner, which will resolve the majority of customer complaints against Big Skinny. Problem Statement Despite successful in-person sales campaigns, Big Skinny struggled to find an effective online marketing platform that would grow and connect them to their consumer base. Big Skinny also ran into glitches with their current online marketing campaigns that brought unwanted negative attention and resentment towards the company. Data Analysis When Big Skinny transcended into the world of online marketing, it had to develop a way to attract visitors to the website while attempting to convince these visitors to buy wallets. Since most of their wallets were being sold at trade shows or retail stores that centered on a straight-forward approach regarding impulse and value, the translation of this strategy to the internet proved to be a tall task. Big Skinny looked at various means of advertising such as display ads, algorithmic search, sponsored search, A/B Testing and social media. Display ads offered a two-frame animation; however, the click-through rate of general display ads in 2009 was only .1% (Bejamin Kominers, 2012). Algorithmic searches use algorithms that the search engine deems most relevant to the user’s query. The websites that most resemble the query appear the highest on the search engine’s list. Sponsored searches use keywords that the advertisers specify that they want to target. These are mostly sold on a â€Å"per-click† basis; however the company loses money if the clicks aren’t converted into sales. A/B testing is a marketing technique that shows different advertisements to different users to compare the response rates between the two. Lastly, social media utilizes websites such as Facebook and Twitter to try and create an interactive relationship with consumers. Alternatives Big Skinny could eliminate their means of online distribution and PAID ONLINEmarketing, only utilizing social media and their website to conduct advertising and business transactions. Big Skinny could be more selective in their selection of online distribution, while tailoring their paid sponsored searches to generate interest and sales. Big Skinny could scrap their online marketing plans, with the exception of social media, and reallot their advertising money strictly on deep DISCOUNTED sites like Groupon and Living Social. Big Skinny could focus their efforts on expanding in more brick and mortar retail stores by target marketing towards different demographics. They could use traditional media such as TV and radio to drive these efforts. Key Decision Criteria Increase customer satisfaction and corporate image Increase sales and market share Improve (or at least maintain) profitability Ease or speed of implantation Be consistent with corporate mission or strategy Within our present resources or capabilities Within acceptable risk parameters Minimize environmental impact Maintain and build employee morale and pride Alternatives Analysis 1. By limiting their online marketing to free social media sites such as Twitter or Facebook, Big Skinny can greatly reduce their marketing costs. With display advertisements only getting clicked through .1% of the time the money is essentially thrown away. Investing in A/B testing requires the hiring of a permanent person and huge overhead. Getting rid of online distributors allows Big Skinny to eliminate the 7-15% commission they pay to Amazon and eBay while being able to manage their order load. Social Media is more than enough because 71% of social media participants say they are more likely to purchase from a brand they follow online. 91% of local searchers say they use Facebook to find local businesses online (Bennett, 2013). The cons of this are that they are missing out on a lot of potential customers by eliminating Amazon and eBay. While ONLINE PAID marketing can be expensive, there is still benefit to sponsored searches. Some of the cost per conversions are profitable and b y completely eliminating these searches would be throwing away potential opportunities. 2. The pros of Big Skinny being more selective with their online distributors allows for a happy customer base. There have been several negative reviews on the Yelp site regarding slow delivery and non-existent customer service. By eliminating deep discounting sites such as Groupon, Big Skinny can manage their order load and keep customers happy. Big Skinny would also keep the revenue from the top paid sponsored searches rather than eliminating them all together. The negatives of this are that Big Skinny could miss out on a lot of revenue by not using Groupon or Living Social. They could also miss out on the repeat customers that are generated by these sites as well as missing out on the people who want to try their product without having to pay full price. 3. Instead of eliminating sites like Groupon and Living Social, Big Skinny could embrace the huge influx of customers that it brings. According to the customer satisfaction and analytics company ForeSee, 91% of customers have already or plan to conduct business with the merchant since buying the deal (Bedigian, 2013). This strategy generates a large influx of customers in a short time while attempting to generate residual income by repeat customers. The cons of this are that company’s often lose money during the initial Groupon. The product is discounted by 50% or more and then Groupon takes a 50% commission on the sale price, which leaves the seller receiving only 25% of the original selling price of the item (which in some cases is less than the cost of the item). Forbes has found that 1/3rd of businesses have lost money on a Groupon deal and there is no guarantee that the customers ever return to pay full price from the merchant again (Gleeson, 2012). 4. The pros of using a more traditional advertising medium such as TV or radio would bring brand recognition for Big Skinny. Big Skinny has always had success selling in retail stores because they market their products based on value and impulse. By putting the product in more retail stores, there is a greater chance people will put it in their hands and buy on impulse. Instead of targeting just one big audience, Big Skinny should advertise by target market such as Big Skinny Sport or Big Skinny Women. By doing this they could partner with big retail chains to get into more stores and generate more revenue the old fashioned way. The average time an American spends watching TV is 5 hours compared to just 1 hour browsing the internet, which leads for greater exposure. The cons of doing this are that TV advertising is much more expensive than online marketing (Nielsen, 1997). Another con is Tivo allows people to record their favorite shows and then fast-forward past the commercials. The last con is that TV advertising seems to be a thing of the past, as the amount spent on TV advertising was only up 4.5% in 2011 as compared to 21.7% via online marketing (Gleeson, 2012). Recommendations Based on the data, it is best for Big Skinny to be more selective of their online distribution, while tailoring their paid sponsored searches to generate interest and sales. In regards to online distribution, Big Skinny should keep eBay and Amazon, however, should drop deep-discount sites such as Groupon or Living Social. To offer a Groupon deal, Big Skinny is guaranteed to be taking a loss. To be eligible to offer a Groupon, Big Skinny must discount the price of their wallet by at least 50%. This turns a $20 wallet into a $10 wallet. Groupon takes a commission of 50% on the sale price, which leaves Big Skinny walking away with only $5 for every wallet sold (Bice, 2012). Essentially, they are taking a loss with every wallet they sell on Groupon. The goal of a Groupon is to try and get repeat customers; however, the people that use Groupon are bargain-hunters. They won’t return to Big Skinny, but rather, they will return to Groupon again looking for another bargain deal. By usi ng Groupon, Big Skinny also decreases the value of their brand (Gibbard, 2011). Why would a customer pay full price for a $40 wallet when they just bought it on Groupon for $15 or $20 just a short time ago? In addition to dropping Groupon, Big Skinny needs to manage their online distribution better because of customer satisfaction issues. On the review site Yelp, Big Skinny’s wallets are only receiving a rating of 2.5 out of 5 stars. A lot of the reviews include gripes about not receiving their order for 3-4 weeks or non-existent customer service (most of the negative reviews are from users who bought a Big Skinny wallet on Groupon). If the online distributor doesn’t ship your product in a timely manner, your company risks a tarnished reputation. Whether Big Skinny didn’t have enough stock to fulfill orders or whether Groupon didn’t ship the products in a timely manner, Big Skinny is taking the fall and abuse from customers. When people do research for a product they are going to see Big Skinny’s products with poor ratings. These poor ratings can scare potential customers away. Big Skinny should only use Amazon, eBay and their website to sell their wallets. This allows them to manage their inventory, not get behind on orders and make sure their product gets shipped in a timely manner . Big Skinny has excellent Amazon ratings and should continue to grow their product through the sterling reputation of Amazon. They should sell the product for a higher price on their website so that people are encouraged to buy through Amazon. This is a win-win for Big Skinny because if people buy through Amazon then Big Skinny doesn’t have to waste time and effort fulfilling and shipping orders. If they choose to buy direct than Big Skinny receives a larger profit on their wallets. Lastly, Big Skinny needs to tailor their sponsored keyword searches. They need to eliminate the term â€Å"leather wallet.† They don’t manufacture a true leather wallet and the cost per conversion for this keyword is a sky-high $20.26. Big Skinny should also bid less for the term â€Å"thinnest wallet.† The cost per conversion for â€Å"thinnest wallet† also has a high cost, which is $10.53. After replacing leather wallet and lowering the bid for thinnest wallet, Big Skinny should add keywords centered on holidays. Wallets are popular gifts on occasions such as Father’s Day and Christmas. Big Skinny should add season keywords such as â€Å"Father’s Day Wallet,† â€Å"Wallet for Dad,† â€Å"Best Wallet for Gift† and â€Å"Wallet for Christmas.† This will bring seasonal shoppers into the mix who are looking to spend quickly and impulsively. Action and Implementation Plan CEO Kiril Alexandrov will be responsible for delegating the following tasks. The Director of Marketing will pull any promotions or future plans with deep discounted sites such as Groupon or Living Social. The Director of Marketing in combination with the Director of Product Management will reach out to all of those who left negative reviews on Yelp to satisfy the customer complaints and retract the negative ratings. The Director of Sales will carefully select the online distribution channels which Big Skinny will sell through. Big Skinny will only sell through Amazon, eBay and any online outlets of the retail stores that they are currently featured in. The Director of Sales will also raise the prices of wallets on the Big Skinny Website by 10-15% to create value for the product and promote customers to purchase through the select online distribution. Doing this saves Big Skinny the time it would take to fulfill and pack orders, however, if a customer decides to purchase direct, then Big Skinny recoups the 10-15% it would pay Amazon or eBay to sell and fulfill the order. This new price point will be conveyed in a message from the Director of Sales to Big Skinny’s distribution channel. References Bedigian, L. (2013). Does Groupon Help Businesses Thrive or Bury Them Alive?. In NASDAQ. Retrieved June 12, 2013, from http://www.nasdaq.com/article/does-groupon-help-businesses-thrive-or-bury-them-alive-cm243672 Bennett, S. (2013). 6 Amazing Social Media Statistics For Brands and Businesses. In Media Bistro. Retrieved June 12, 2013, from http://www.mediabistro.com/alltwitter/social- media-facts_b40978 Bice, B. (2012). Groupon Isn’t a Good Deal for Businesses. In CNBC. Retrieved June 12, 2013, from http://www.cnbc.com/id/49092709 Donnelly, T. (2011). How Groupon Can Boost Your Companys Exposure. Inc. Magazine. Retrieved June 14, 2013, from http://www.inc.com/guides/201101/how-groupon- works-for-small-businesses.html Edelman, Benjamin, and Scott Duke Kominers. Online Marketing at Big Skinny. Harvard Business School Case 911-033, February 2012. (Revised from original February 2011 version) Gibbard, J. (2011). Considering Offering a Groupon? Read This First. In Social Media Today. Retrieved June 12, 2013, from http://socialmediatoday.com/jgibbard/337550/considering-offering-groupon-read-first Gleeson, B. (2012). TV Advertising VS Digital Marketing. Forbes. Retrieved June 12, 2013, from http://www.forbes.com/sites/brentgleeson/2012/11/20/tv-advertising-vs-digital- marketing Nielsen, J. (1997). Why Advertising Doesnt Work on the Web. In Nielsen Norman Group. Retrieved June 13, 2013, from http://www.nngroup.com/articles/why-advertising- doesnt-work-on-the-web