Parable of the Sadhu Essay Example For Students

Illustration of the Sadhu Essay The Parable of the Sadhu Bowen H. McCoy Article Review In the Parable of the Sadhu, a gathering of climbers from various societies went over a Sadhu, an Indian blessed man, who was solidified and scarcely alive. The individuals from the gathering reacted likewise and each assumed a job in getting the Sadhu out. Both outside and interior powers, in any case, on the whole shielded the climbers from committing their complete consideration to him. The issue appeared, as McCoy later pointed, that once the Sadhu turned out to be a lot of a bother, he was given off to another person. Subsequently, nobody knew whether he had lived or kicked the bucket. Basically, nobody in the gathering assumed extreme liability for the prosperity of the man. The choice to leave the Sadhu later left McCoy feeling regretful about his activities. The point of view that McCoy took in his activities on that mountain were Utilitarian, best case scenario. At the time the occasion on that mountain occurred, he was keen on doing the best useful for the best number of individuals included. He had confirmed the Sadhu’s beat and even supported him. He needed to enable the Sadhu to further, yet he was worried about the group’s capacity to withstand the statures to come. Likewise, the trip they were on, for some, spoke to a mind-blowing opportunity. He in this way left the Sadhu with his accomplice, Stephen, and the remainder of the gathering. Stephen applied more vitality in guaranteeing that the Sadhu was, at any rate, passed on to one of his watchmen and accompanied down the mountain. At the point when he got together with McCoy later on the culmination, Stephen censured him for conceivably adding to the passing of the Sadhu. In the coming days after the climb, Stephen called attention to how the instance of the Sadhu spoke to a â€Å"good case of the breakdown between the individual ethic and the corporate ethic†¦ When (the Sadhu) got the opportunity to be an issue, everybody just avoided any responsibility to another person and took off. † (1) While Stephen didn't really know the destiny of the Sadhu, his reaction to the ethical issue encompassing a definitive absence of activity of the gathering appeared to show the attributes of Kantian deontology to, â€Å"Act as though the adage of your activity were to become through your will a general law of nature. (2) Regardless of the danger of disappointment in arriving at the highest point, the gathering had an ethical obligation in acting to assist the Sadhu. In this light, Stephen’s viewpoint conveys an extremely convincing point. Jesus Christ once raised comparative focuses to ‘a certain lawyer’ in identifying with him the Parable of the Good Samaritan. (3) What really would shield us from helping a man who is by all accounts truly out of luck? President Truman begat the adage, â€Å"The buck stops here,† however on account of profound quality, every one of us may have an alternate thought of where that ‘buck’ truly is. How we decipher that thought possibly characterizes us for who we truly are. The essential inquiry in this article was, ‘when do we stand firm? ’ McCoy later asks, â€Å"When do we permit a ‘Sadhu’ to barge in our every day lives? † (1) While we have an obligation, as Kant contends, to act ethically, paying little mind to the result, we really can’t help everybody. The postulation of the article was, Not each moral quandary has a correct arrangement. Sensible individuals regularly deviate; in any case there would be no quandary. In a business setting, in any case, it is fundamental that supervisors concede to a procedure of managing problems. (1) How much do we truly need to give in assisting? As an association, how would we set ourselves up to react fittingly in case of an emergency? We can't adopt a Kantian strategy to each moral quandary; be that as it may, on the off chance that we constantly ignore our arrangement of qualities and discover methods of supporting shameless acts, where do we end up and who do we truly turn into? McCoy’s viewpoint, in relating the Parable of the Sadhu must be thought of. .u80128424b8b640496785252edcf54e4f , .u80128424b8b640496785252edcf54e4f .postImageUrl , .u80128424b8b640496785252edcf54e4f .focused content region { min-stature: 80px; position: relative; } .u80128424b8b640496785252edcf54e4f , .u80128424b8b640496785252edcf54e4f:hover , .u80128424b8b640496785252edcf54e4f:visited , .u80128424b8b640496785252edcf54e4f:active { border:0!important; } .u80128424b8b640496785252edcf54e4f .clearfix:after { content: ; show: table; clear: both; } .u80128424b8b640496785252edcf54e4f { show: square; progress: foundation shading 250ms; webkit-change: foundation shading 250ms; width: 100%; murkiness: 1; change: haziness 250ms; webkit-progress: mistiness 250ms; foundation shading: #95A5A6; } .u80128424b8b640496785252edcf54e4f:active , .u80128424b8b640496785252edcf54e4f:hover { obscurity: 1; change: darkness 250ms; webkit-change: mistiness 250ms; foundation shading: #2C3E50; } .u80128424b8b640496785252edcf54e4f .focused content region { width: 100%; position: relative; } .u80128424b8b640496785252edcf54e4f .ctaText { fringe base: 0 strong #fff; shading: #2980B9; text dimension: 16px; textual style weight: intense; edge: 0; cushioning: 0; content adornment: underline; } .u80128424b8b640496785252edcf54e4f .postTitle { shading: #FFFFFF; text dimension: 16px; text style weight: 600; edge: 0; cushioning: 0; width: 100%; } .u80128424b8b640496785252edcf54e4f .ctaButton { foundation shading: #7F8C8D!important; shading: #2980B9; outskirt: none; outskirt range: 3px; box-shadow: none; text dimension: 14px; text style weight: striking; line-tallness: 26px; moz-outskirt sweep: 3px; content adjust: focus; content embellishment: none; content shadow: none; width: 80px; min-tallness: 80px; foundation: url(https://artscolumbia.org/wp-content/modules/intelly-related-posts/resources/pictures/straightforward arrow.png)no-rehash; position: total; right: 0; top: 0; } .u80128424b8b640496785252edcf54e4f:hover .ctaButton { foundation shading: #34495E!important; } .u801284 24b8b640496785252edcf54e4f .focused content { show: table; stature: 80px; cushioning left: 18px; top: 0; } .u80128424b8b640496785252edcf54e4f-content { show: table-cell; edge: 0; cushioning: 0; cushioning right: 108px; position: relative; vertical-adjust: center; width: 100%; } .u80128424b8b640496785252edcf54e4f:after { content: ; show: square; clear: both; } READ: Minimal Art EssayPeople of different societies may contend his point of view refering to that the moves these Westerners made to spare the Sadhu could have been viewed as them forcing their qualities on the Sadhu. Besides, he may not have needed to be spared. The points of view offered in the story, nonetheless, are amazing and the inquiries posed are experimental in their thought. In understanding this story, we ought not pass moral duty down to another person and expectation it is managed. We have to put more accentuation on the ethics and qualities that quick us to act and do what needs to be done.

Strategic Management and Risk Assessment The Bank of Nova Scotia

Question: Examine about the Strategic Management and Risk Assessment The Bank of Nova Scotia. Answer: Presentation Each substance must make its own devices for hazard appraisal; this segment must turn into a characteristic piece of the vital arranging process, where such assessment is accepted as an essential need and a key instrument to have the option to build up the goals of inside control. It should through a nonstop and fundamental procedure for the association, a steady correction, update and improvement of Internal Control, in view of a particular arrangement of location and assessment of dangers with the attributes of the element. The association in center is a money related organization, basically the Bank of Nova Scotia . It works in the banking and money related industry in Canada. Bank of Nova Scotia is among the four greatest bank in Canada, called the Big five. They control over 80% of the all out advances in Canadian market. The other four who are its friends in this class are, the Bank of Montreal(BMO),Toronto Dominion Bank(TD), Royal Bank of Canada( RBC) and the Canadian Imperial Bank of Commerce( CIBC). In spite of the fact that the Canadian Banking and Financial industry has numerous players, its primary rivals remain the enormous five. It is recorded in the Canadian stock trade as Scotiabank. Its income for the budgetary year finishing June 2016 was C$ 26.049 billion, working pay rose to C$ 12.854 billion, its benefits was C$ 7.413 billion and the all out resources rose to a faltering C$ 896.467 billion. Firm and Industry The present condition of the economy is better contrasted with 10 years sooner when the worldwide money related emergency hit the banking and monetary segment because of inalienable and wild dangers. Because of good small scale financial and large scale monetary conditions the organizations benefits and incomes have expanded colossally so are its rivals. This is appeared in expanded gainfulness by Bank Of Nova Scotia(Ansoff, 2014). Outer Environmental Analysis Coming up next are outside ecological examination of Bank of Nova Scotia; Irritation Analysis World of politics Canada has a standout amongst other worlds of politics on the planet. considering this, financial condition develop because of absence of vulnerabilities on political front. Bank Of Nova Scotia is likewise flourishing monetarily. Financial examination the smaller scale and large scale monetary conditions are preferring the business condition, eg inflationary levels are at all clock low in Canada preferring the financial area. Social Analysis-a developing populace in Canada is empowering more advancement and expanded financial rivalry. Mechanical this is the most significant natural condition as it energizes advancement and item improvement prompting better administrations and more proficiency. Watchmen Analysis It expect that a business has five powers that impact serious intensity of the business. Provider power-in this, providers have expanded in Canadian market and hence the power that they apply to the market isn't as solid and would not really influence showcase powers. Purchaser power-because of significant levels of rivalry and expanded banks in Canada, costs given to Canadian people group are low and reasonable. Serious contention the huge five banks in Canada are commendable contenders and along these lines the banking and money related market give a decent serious and quality assistance. Danger of replacement advancement has prompted improvement of banking administrations and items with an expanding risk of replacement. Replacement would compromise the capacity of the bank to complete more work. Dangers of new passage this power is extremely insignificant thinking about how the large five have been prevailing. There are numerous banks and money related establishments in Canada yet their entrance have not so much influenced the market dimensions(Appannaiah, Narayana Reddy, Ramanath, 2009). Hypothetical applied structure on hazard the board Segments of inward control The control is a fundamental piece of the general elements of the administration, through which you can check the present condition of a framework. The control in its increasingly broad origination analyzes, blue pencils with enough past, certain reality that endorses or amends, now and again when it is discussed control connects this word with something negative, since it is deciphered as limitation, pressure or delimitation, by the by the target Control is to guarantee that outcomes are balanced however much as could be expected to the proposed objectives(Hitt, Ireland, Hoskisson, 2017). Considering that control is a fundamental capacity inside any association and organization process, which encourages official assessment, including checking and efficient survey, with its framework configuration verbalizes inward control in five basic parts Interrelated, and engaged with all parts of an association. The five inside control parts are: The control condition Dangers assessment Control exercises Data and Communication Management and checking We will at that point underscore hazard evaluation as a basic part inside the inward control framework. The hazard appraisal Since financial, mechanical, administrative and operational conditions change consistently, instruments are expected to recognize and limit the particular dangers related with change, and there is a developing need to evaluate dangers. The hazard evaluation comprises of the recognizable proof and examination of both inside and outside elements that might be pertinent to the accomplishment of the planned destinations, alludes to the persistent intelligent procedure and the strategy by which the organization distinguishes the territories of more prominent High hazard, which merit the best consideration and portion of assets for the use of control measures(Horcher, 2005). Inside control has been planned basically to restrain the dangers that influence the exercises of substances. Through the examination and investigation of the significant dangers and the point to which the present control kills them, in this way assessing the powerlessness of the framework. Any association that tries to make progress, regardless of whether open or private, must recognize, assess and deal with its dangers to diminish them through the structure and usage of effective inner control framework. Zero hazard doesn't exist, chance is intrinsic in business, however can be essentially diminished by recognizing dangers to the association and endeavoring to keep up it inside Limits(Milos? Sprc?ic?, n.d.). There are numerous wellsprings of hazard both inside and outer Outside Mechanical improvements not expected that can cause outdated nature of the association. Changes in the requirements and desires for the populace Changes in enactment and principles prompting constrained changes in technique and strategies Inner The authoritative structure received, given the presence of average inalienable dangers Nature of the work force consolidated, just as the techniques for their guidance and inspiration The very idea of the element's exercises a precondition for chance evaluation is the assurance of destinations at each degree of the association and are steady with one another. The board should initially set the targets before recognizing the dangers that may affect on their accomplishment and take the fitting measures to oversee them. In the evaluation of dangers, Notwithstanding distinguishing them at the organization level, these ought to be recognized and broke down at the degree of action, office and activity so as to appraise the significance of the equivalent, and build up control exercises that ensure most extreme administration. The right assessment at the degree of movement additionally adds to the upkeep of a worthy degree of hazard for the substance in general, in this manner ensuring the satisfaction of the normal destinations. The propensity has additionally been engendered for the elaboration of national gauges for the organization of the equivalent and the improvement of numerous frameworks and customized projects of guidance for their administration in the various territories of monetary action. Sorts of Risks Analysis for Bank of Nova Scotia Sort of hazard Recipe Year 2013 Year 2014 Year 2015 Year 2016 Capital hazard Hazard weighted resource (B2+B3/B4) % 16.34 18.19 19.24 16.66 Operational hazard Hazard weighted resource (B2+B3/B4) % 40.5 39.2 37.4 35.7 Credit chance Hazard weighted resource (B2+B3/B4) % 46.6 42.7 50.5 50.3 Key hazard Hazard weighted resource (B2+B3/B4) % 20.84 21.53 20.44 21.60 Liquidity chance Hazard weighted resource (B2+B3/B4) % 16.37 16.17 14.67 13.73 Correlation with industry in Banking and Finance industry Sort of hazard Recipe Year 2014 Year 2015 Year 2016 Capital hazard Hazard weighted resource (B2+B3/B4) % 26.3 28.4 30.4 Operational hazard Hazard weighted resource (B2+B3/B4) % 41.5 37.2 35.4 Credit chance Hazard weighted resource (B2+B3/B4) % 47.6 32.7 40.5 Key hazard Hazard weighted resource (B2+B3/B4) % 20.84 21.53 20.44 Liquidity chance Hazard weighted resource (B2+B3/B4) % 18.37 19.17 17.67 Capital Risk: We can relate it to the misfortune that could be caused if counterparty is consented to and in that exchange it couldn't be requested by the lawful procedure to agree to the installment responsibilities. Capital hazard increments because of increment in capital fleight possibilities. In the three years , the capital hazard increments. Operational hazard: It alludes to tasks that have a portion of the rating is simply a pointer that tries to communicate the limit or likelihood of installment in the exact time of both the premium and the important that all the obligation involves, that is, the sequential credit chance which underpins the financial specialist who

Captivating Nursing Essay Examples on Professional Nurse Responsibility

Nursing Essay Example on Professional Nurse Responsibility What Is a Professional Nurse? A registered nurse is educated and certified according to the legislation of the state. It is highly recommended for a nurse to get at least a Masters degree as she must be able to provide first aid and diagnose a wide range of diseases. Besides, most of the countries let nurses prescribe medication and provide private nursing services. In this case, a nurse takes all the responsibility and obviously must have a high level of education and practical skills. A professional nurses activities are not limited to everyday medical manipulations; attention must be also paid to self-improvement, social work, and enhancement of nursing system as a whole. These aspects are realized through professional nurses associations, which protect the nurses rights and solve various conflict situations arising in the process of daily practice.

Interviewer How Did You Come From School Essay

Interviewer: How did you come to this school? Interviewee: I started here as a coach, just coaching soccer. I met the previous athletic director after I graduate from college. I got a job at Home Depot, working there and he worked there part time and asked me to come help coach. After that first season of soccer, I got to know the kids a little bit better and I got to know the school a little bit better. The students themselves are what attracted me here. The community, the atmospheres and the environment was something that I had never been a part of or seen. Teaching is something that I thought I would do later on in life, when I am an old man and had all of these life experiences. That was my thinking anyway. So, I did that and they asked me to teach lower school P.E. with the little kids. I had a degree in history and they had already had this position filled, so I was working part time here and part time there and then gradually the position opened up here. I started two classes in history and government and now I have all of the history. I kind of worked my way form part time at the very bottom, all the way up to the top, if you want to call it that here. It’s a small pyramid. Interviewer: You are on the second floor. Interviewee: Yeah, I am on the second floor, I am now the social studies teacher, athletic director, and the director of student affairs, so technically administrator, by title, and then I still coach. Interviewer: That’s a lot.Show MoreRelatedIs It For Mouth Guard? Essay1676 Words   |  7 Pagesthis school, I am in the group Mouth Guard, which is technology and stuff where they just help out. They help out in the auditorium or an assembly. When they have an assembly, they call us, a group of children who are in the group, and they tell us to go set up the AV room where we put the DVD player, turn on the sound and everything. 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The Conflict Between Islam And Secular State And Islam

For Kazakhstan where the majority of the population is Muslims, harmonious relations between the secular nature of the state and the religion of Islam are an important precondition for the conservation of the national consent, political and moral integrity and, thus, prevent conflicts in religious basis. Therefore, finding a successful formula for relations between Islam and secular authorities, and after twenty years of independence, has a serious intellectual, theoretical and practical challenge for all parties, including Europe. Furthermore, it should be emphasized that the problem of harmonic Organization of relations between the secular state and Islam cannot be a one-sided approach, in terms of the fight against terrorism. Rather, it is part of the harmonization process, transformation and formation of a national government of Kazakhstan. At the same time it is undeniable that tension between these two sides can lead to representatives of religious radicalization, up to the ter rorism. In the constitution of Kazakhstan the state is defined as secular. However, at the same time the state cannot close their eyes on another fact, namely, the fact that Islam is the religion of the majority of the population. Muslim population and the political and intellectual elite, representing Islam, are permanent civilizing and political values of strategic value of Kazakhstan. The politicization of religion and the wrong approach to the problem of secular-Islamic relationships canShow MoreRelatedThe Experience Of Peter Berger s Theory Of The Process Of Secularization Essay1685 Words   |  7 PagesLastly I will consider Daniel Crecelius’s approach to the question of the secularity of a country that has a secular state but a religious society. 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Jazz Exam free essay sample

John Chlorate (1926-1967) was a saxophonist and composer ; Working in the bebop and hard bop idioms early in his career, Chlorate helped pioneer the use of modes in Jazz and later was at the forefront of free Jazz and modal jazz. He was prolific, making about fifty recordings as a leader during his recording career. ; The recording exemplifies Collocates melodic phrasing that came to be known as sheets of sound, and features the use of a new harmonic concept now offered to as Chlorate changes.Jazz musicians continue to use the Giant Steps chord progression as a practice piece and as a gateway into modern Jazz improvisation. The ability to play over the Giant Steps/ Chlorate cycle remains to this day one of the benchmark standards by which a Jazz musicians improvising skill is measured. ; The album is also considered to be Chlorates farewell to bebop. He ventured into the territory of modal Jazz shortly afterwards. We will write a custom essay sample on Jazz Exam or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Listening: Giant Steps Electric Miles Davits influence included late sass acid rock and funk artists such a sly and the Emily stone, James Brown and Jim Hendrix Fusion ; Fusion or, more specifically, Jazz fusion or Jazz rock, is a musical genre that developed in the late sass from a mixture of elements of Jazz such as its focus on improvisation with the rhythms and grooves of funk and R and the beats and heavily amplified electric instruments and electronic effects of rock.Weather Report ; Leader of the band Joe Zanily ; Influential Jazz fusion band of the sass and early sass combining Jazz and Latin throughout their career). ; Listening; . Birdman Featuring JACK Pastors on Bass Pat Methuen Guitarist and composer One of the most successful and critically acclaimed Jazz musicians to come to prominence in the sass and ass, he is leader of the Pat Methuen Group and is also involved in duets, solo works and other side projects.His style incorporates elements of progressive- and contemp orary Jazz, post-bop, Latin-Jazz and Jazz fusion ; Mad scientist of Jazz Listening A night in Tunisia-Dizzy Gillespie Confirmation-Charlie Parker Well you neednt- Theologies Monk Moon dreams-Miles Davis Blue Rondo A La Turk- Dave Bruce ; Desalinate-Stan Get.

What is the relationship between happiness and meaning an Example of the Topic Psychology Essays by

What is the relationship between happiness and meaning It is important to have the virtue of wisdom primarily because it will lead one to a better path. I have better understanding of wisdom today because of the information I have learned form the past. Wisdom is the blessing that one have to grow as an individual. Many people are intelligent but being wise is a gift. One can learn many things from books, internet or from the experiences of other people but wisdom is the knowledge of an information and a better understanding to it. One becomes wiser and wiser from all the experiences that he has and from all the challenge that life throws him. It is becoming of an individual to get wiser through his journey in life. My understanding of wisdom grew wiser as the course progresses. Ones capacity to understanding things is evidence that one is also wiser of all the things that surrounds us. It is a challenge for a better discernment in life as one go to a process of learning and understanding. Thus, the wisdom one acquires from all his exper iences is one way for acquiring wisdom. The depth of my understanding of wisdom has indeed become wider as my knowledge also grew wider. It is important to gain knowledge on the things we study and from the things, we learn from other people. We get knowledgeable from others experiences and most especially from our own experiences. We gain wisdom from it and the ability to make good judgment. It is also important to use our wisdom in good use and as well as to share it to other people. The gift of wisdom enables us to have a perspective that leads us to a good discernment of good and bad. From time to time, we get the chance to learn many things, things that influence us in one way or another and that contributes to the development of out character and attitudes toward life. Probably, wisdom also defines the ability of an individual to handle situation that are new or difficult to handle. Life itself is offering us wisdom and it is our own ability to embrace it and treasure. I understand that wisdom is our shield to harsh reality of life and definitely, create a bridge of understanding from all things. Better judgment concludes to better understanding hence wisdom. Need essay sample on "What is the relationship between happiness and meaning" topic? We will write a custom essay sample specifically for you Proceed Part II. In the same way that we acquire wisdom from our learnings is also the ability to acquire happiness and meaning. The relationship between happiness and meaning is their correlation to life. One becomes happy through his search of the meaning of life. One lifes has purpose and this purpose is the meaning of life. You become happy through your purpose or meaning of life. As said in Mans Search for Meaning by Viktor Frankl, we can discover the meaning of life in three different ways: by doing good deed, by experiencing a value, and by suffering. It is true then that we discover the meaning of life as we do good deeds for the people around us as we realize there value and importance. Our experience of value of our own self is our discovery to the meaning of our own life. If people treat us good, we then realize or value as a person. From another authors point of view of happiness, Aldous Huxley derives happiness from consuming mass-produced goods, sports such as obstacle golf and centrifugal bumble-puppy, promiscuous sex Thus, Huxley gave examples of other sources of happiness and finding meaning in life. There are individual or group of people who may find happiness in these material things. While Socrates view on happiness depends on one self as he has the choice to be evil or to be virtuous. In addition, Socrates correlates happiness to virtue for one can be happy by being virtuous as well. Socrates believes that wisdom is an important component of happiness. He believes that it is important t go through life reflectively as to understand the life that we are living and the life that we need to go through. It is also important that we discuss out virtue to other people as to remind us of the meaning of our life. An American philosopher, Henry David Thoreau was a poor man. His views about happiness and meaning of life are questionable because of his status in life as a poor man. Many would correlate happiness in how rich they become and Thoreau is one of the best example of happiness, for Thoreau lived his life as a poor man yet he knows what happiness is and what the meaning of life is. While Josef Pieper, a Thomist defends his view of happiness only to be found in contemplation. Among all the views, Socrates has explained well the meaning of happiness, how one will find happiness as well as to find the meaning of life. Being happy is also being contented of what you have. Material things is part of our life and many would relate their selves to material things however the true essence of happiness is in our own view of life and how we understand the meaning of it. Life may throw us hardships and difficulties but our beliefs and/or virtue will help us to find meaning in life. Socrates believed that in order to be happy one should be righteous. He also believes that one cannot be virtuous, if one is not wise. In that sense, we learn that in order to be happy, we should understand first our value as a person. We understand it through our discernment hence wisdom. As we go through life, we find also find the meaning of it and understand that happiness is found within us. Our acceptance of the things around us also helps us for better understanding to life and leads, us to happiness the each one of us needs. Material things are part of ones life bit it may not necessarily be the root of our happiness. Indeed, it is our own wisdom that we realize the connection of happiness to the meaning of life. Part III. Huxley views about happiness correlates with the material things. This I guess mislead our understanding to the real essence of happiness and might lead us to the conclusion that happiness is only found in the material things that we have. As the saying goes, money is the root of all evil things. Yes, we need things in order to survive in life but it should not be a basis or the only basis of our happiness. Happiness can also be found from the people around us and from all the experiences that we had and will have eventually. Temptation is just around the corner, our wisdom will help us get through this temptation, and the virtues that we have will lead us to understanding of happiness. My perception of happiness is that an individual should reflect on his life and all the things around us. Simple things leads to greater things and as we realize the value of simple things, we being to understand the value of life and our own life. It is important to appreciate the things around us the favors the people do for us for it will give us the judgment of how wonderful life can be if we are righteous and wise. We relate happiness and meaning differently depending on our understanding but our own life will help us understand that happiness is found in the meaning of our own life. As we search for our meaning, we also pass the road to happiness and appreciation of life. We go through lifes journey for happiness and for our purpose and meaning. References Beebe, J. R. (2003). Socrates on Prozac and Happiness. Huxley, A. (1932). Brand New World. Penguin Modern Classics. Frankl, V. E., (1946). Man search for meaning. Washington Press Square.

Colombia Essays - Member States Of The United Nations, Republics

Colombia Essays - Member States Of The United Nations, Republics Colombia COLOMBIA GEOGRAPHY: Colombia stretches over approximately 1,140,000 sq. km, roughly equal to the area of Portugal, Spain, and France put together. Colombia occupies the northwestern end of South America, and is the only country there with coasts on both the Pacific (1350 km long), and the Atlantic (over 1600 km.) Three Andean ranges run north and south through the western half of the country (about 45% of the total territory.) The eastern part is a vast lowland which can be generally divided into two regions: a huge open savannah on the north, and the amazon in the south (400,000 sq. km approx.).Colombia is a country of geographical contrasts and extremes. As well as the features mentioned, it has such curiosities as the desert of La Guajira, the peninsula in the most north-eastern tip of the country; the jungle of the pacific coast which holds one of the world's rainfall records; and the Serrana de la Macarena, an isolated mountain formation about 120 km. long, rising abruptly from the eastern plains t o some 2500 meters. Colombia also has several small islands. The major ones are the archipelago of San Andrs and Providencia in the Caribbean Sea, the Islas del Rosario and San Bernardo along the Caribeian coast, and Gorgona and Malpelo in the Pacific Ocean. HISTORY: Spaniards founded Santa Maria la Antigua del Darien in 1510, the first permanent European settlement on the American mainland. In 1538 the Spaniards established the colony of New Granada, the area's name until 1861. After a 14-year struggle, in which Simn Bolvar's troops won the battle of Boyac in Colombia on Aug. 7, 1819, independence was attained in 1824. Bolvar united Colombia, Venezuela, Panama, and Ecuador in the Republic of Greater Colombia (1810-1830), but lost Venezuela and Ecuador to separatists. Bolvar's Vice President, Francisco de Paula Santander, founded the Liberal Party as the Federalists while Bolvar established the Conservatives as the Centralists. Santander's presidency (1832-1936) re-established order, but later periods of Liberal dominance (1849-1857 and 1861-1880), when the Liberals sought to disestablish the Roman Catholic Church, were marked by insurrection and even civil war. Rafael Nuez, in a 15-year-presidency, restored the power of the central government and the church, which led in 1899 to a bloody civil war and the loss in 1903 of Panama over ratification of a lease to the U.S of the canal zone. POPULATION: The racial makeup of the Colombian population is diversified. About half the people are mestizo (of mixed Spanish and Native American ancestry), about 20 percent are of unmixed European ancestry, and about 14 percent are mulatto (of mixed black and white ancestry). The remaining 8 percent is made up of blacks, Native Americans, and people of mixed race. The population of Colombia (1993 estimate) was 34,942,767, giving the country an overall population density of about 30 persons per sq km (about 79 per sq mi). About 70 percent of the population was classified as urban in the late 1980s. CULTURE : The heritage of the Spanish colonial period is more noticeably preserved in Colombia than in any other South American country, and family life and dress often still conform to traditional norms. Although Colombia is a country of many racial mixtures, its culture is diversified more by region than by ethnicity. The Native American civilization was rapidly assimilated into that of the Spanish settlers, whose language nearly all Colombians speak today. Distinguished Colombian writers include the 19th-century novelist Jorge Isaacs and, in the 20th century, the poet Germn Pard Garca and the Nobel Prize-winning novelist Gabriel Garcia Marquez. The National Library in Bogot (1777) contains more than 680,000 volumes; it also administers town and village libraries throughout the country. The leading museums are located in Bogot. The National Museum contains collections relating to the Spanish conquest and the colonial period. The National Archaeological Museum exhibits utensils, stone carvings, textiles, gold works, and other materials found at sites throughout the country. The famous Gold Museum features a noted collection of pre-Columbian gold objects.

Introduction To ART Essay Example | Topics and Well Written Essays - 500 words

Introduction To ART - Essay Example The shapes of these rings are quite different. The first ring from the left is round with a square diamond decoration that is yellow in color. The second ring is beige in color and is round in shape but it is flat from the front view. The other ring is blue in color and it is also thickly rounded with its surface also decorated with different lines. The lines that repeat themselves in the background develop unity as they show how different colors such as blue, purple and shades of yellow could be used together. Generally, the outline of this advertisement entails warm colors of different tones. The colors have at least two tones; dark and light. All in all, the different colors used on the rings could be said to be gender specific. Thick and thin lines have been used in this advertisement. The thick dark lines show the dark tone of the colors used and the thin lines have been used to indicate the light shades of the colors used. The rings have been symmetrically represented at the bottom of the advertisement unlike the upper part that has the statement. The texture of the background surface has been depicted as rough by the bold checked lines at the top while the bottom has faint checked lines that depict some smoothness. The advertisement was placed online by the Rocks by Request Company to reach the several masses that have access to the internet so that they could learn about the qualities of diamond before they can buy them form potential jewelers. The retailers also used internet advertisement so as to increase their sales. The company has maintained connectivity so as to include human characteristics in e-commerce by including both technology and culture in organizations that retail in diamonds. Rings have always been a symbol of love in the form of material. Therefore, diamond rings would symbolize uniqueness and status of the couple as not many people are able to buy them. The different colors used on

Dynamic Regression A Simulation Exercise Math Problem

Dynamic Regression A Simulation Exercise - Math Problem Example From the chart it is also the drop is also evident in the market and MOTOR returns and this shows that a drop in the market returns will also signify a drop in the returns of the stocks in the market. Finally from the chart it is evident that there was a decline in the market returns in 1987 showing that returns for the other stocks also declined. We use 120 0bservations to estimate the model estimate the model rjt = j + jrmt + Ujt for both stocks, we use MOTOR return data for the year 1976 to 1985, after estimation sung the TSM software the results show that rjt = 0.00255 + 0.7193 rmt the above model means that is we hold all factors constant and the market return level is equal to zero then the MOTOR stock return will be 0.00255, also if we hold all factors constant and we increase the market return level by one unit then the MOTOR stock return level will increase by 0.7193 units. ... The above model means that is we hold all factors constant and the market return level is equal to zero then the GPU stock return will be 0.00063, also if we hold all factors constant and we increase the market return level by one unit then the GPU stock return level will increase by 0.4297 units. The R squared for this model is 0.0854and this means that 8.54% of deviations in the dependent variable are explained by the independent variable. The correlation of determination R squared value for this model depicts a weak relationship between the explanatory variable and the dependent variable. Hypothesis testing: We test hypothesis for the estimated coefficients in the two models, MOTOR model: rjt = 0.00255 + 0.7193 rmt MOTOR model Constant: Null hypothesis: = 0 Alternative hypothesis 0 Standard error: 0.00737 Coefficient: 0.00255 T calculated = 0.00255 / 0.00737 = 0.34599 T critical at 95% level of test = 1.95996 When the T calculated value is less than the T critical value we accept the null hypothesis, in the above case therefore we accept the null hypothesis that = 0 and therefore the constant is not statistically significant at 95% level of test. Motor Model Slope: Null hypothesis: = 1 Alternative hypothesis: 1 Standard error: 0.12481 Coefficient: 0.7193 T calculated = 1- 0.7193/ 0.12481= 2.249 T critical at 95% level of test = 1.95996 When the T calculated value is greater than the T critical value we reject the null hypothesis, in the above case therefore we reject the null hypothesis that = 0 and therefore the constant is statistically significant at 95% level of test. GPU model: rjt = 0.00063 + 0.4297 rmt GPU model Constant: Null hypothesis: = 0 Alternative hypothesis 0 Standard error: 0.00841 Coefficient: 0.00063

Enron scandal Essay Example for Free

Enron scandal Essay A brief on Enron’s history ï‚ § Enron was formed in 1985 by Kenneth Lay after merging Houston Natural Gas and InterNorth. ï‚ § In the early 1990s, he helped to initiate the selling of electricity at market prices, The resulting markets made it possible for traders such as Enron to sell energy at higher prices, thereby significantly increasing its revenue. ï‚ § As Enron became the largest seller of natural gas in North America by 1992, Enron pursued a diversification strategy owning and operating a variety of assets including gas pipelines, electricity plants, pulp and paper plants, water plants, and broadband services across the globe. (cont.) brief ï‚ § Enrons stock increased from the start of the 1990s until year-end 1998 by 311% percent, only modestly higher than the average rate of growth in the Standard Poor 500 index. ï‚ § However, the stock increased by 56% in 1999 and a further 87%compared to a 20%  increase and a 10% decrease for the index  during the same years. By December 31,  2000, Enron’s stock was priced at $83.13  and its market capitalization exceeded $60  billion, 70 times earnings and six times  book value, an indication of the stock  market’s high expectations about its future  prospects. In addition, Enron was rated the  most innovative large company in America  in Fortunes Most Admired Companies  survey. Causes of downfall †¢ Enrons complex financial statements were confusing to shareholders and  analysts by using accounting limitations to misrepresent earnings and modify the balance sheet to indicate favorable performance, According to McLean and Elkind in their book The Smartest Guys in the Room, The Enron scandal grew out of a steady accumulation of habits and values and actions that began years before and finally spiraled out of control. the combination of these issues later resulted in the bankruptcy of the company. †¢ the majority of them were perpetuated by the indirect knowledge or direct actions of Lay, Jeffrey Skilling, Andrew Fastow, and other executives, Skilling constantly focused on meeting Wall Street expectations, advocated the use of mark-to-market accounting and pressured Enron executives to find new ways to hide its debt. (Cont.) causes of downfall Mark-To-Market accounting: †¢ when Skilling joined the company, he demanded that the  trading business adopt mark-to-market accounting, citing that it would represent true economic value. †¢ This method requires that once a long-term contract was signed, income is estimated as the present value of net future cash flow. Often, the viability of these contracts and their related costs were difficult to estimate, investors were typically given false or misleading reports. †¢ While using the method, income from projects could be recorded, although they might not have ever received the money, and in turn increasing financial earnings on the books. However, in future years, the profits could not be included, so new and additional income had to be included from more projects to develop additional growth to appease investors. (Cont.) causes of downfall †¢ For one contract, in July 2000, Enron and Blockbuster Video signed a 20-year agreement to introduce on-demand entertainment to various U.S. cities by year-end. After several pilot projects, Enron recognized estimated profits of more than $110 million from the deal, even though analysts questioned the technical viability and market demand of the service. When the network failed to work, Blockbuster withdrew from the contract. Enron continued to recognize future profits, even though the deal resulted in a loss . †¢ Between 1996 and 2000, Enrons revenues increased by more than 750%, rising from $13.3 billion in 1996 to $100.8 billion in 2000. This extensive expansion of 65% per year was unprecedented in any industry, including the energy industry which typically considered growth of 2–3% per year to be respectable. For just the first nine months of 2001, Enron reported $138.7 billion in revenues, which placed the company at the sixth position on the Fortune Global 500. (Cont.) causes of downfall Special purpose entities: †¢ Enron used special purpose entities—limited partnerships or companies created to fulfill a temporary or specific purpose . †¢ These shell firms were created by a sponsor, but funded by independent equity investors and debt financing. †¢ By 2001, Enron had used hundreds of special purpose entities to hide its debt . †¢ The special purpose entities were used for more than just circumventing accounting conventions. Enrons balance sheet understated its liabilities and overstated its equity, and its earnings were overstated (cont.) causes of downfall Executive compensation: †¢ Although Enrons compensation and performance management system was designed to retain and reward its most valuable employees, the system contributed to a dysfunctional corporate culture that became obsessed with short-term earnings to maximize bonuses. †¢ Employees constantly tried to start deals, disregarding the quality of  cash flow or profits, in order to get a better rating for their performance review. (cont.) causes of downfall †¢ The company was constantly emphasizing its stock price. Management was compensated extensively using stock options. †¢ Skilling would develop target earnings by asking What earnings do you need to keep our stock price up? and that number would be used, even if it was not feasible. †¢ Employees had large expense accounts and many executives were paid sometimes twice as much as competitors. †¢ In 1998, the top 200 highest-paid employees received $193 million from salaries, bonuses, and stock. Two years later, the figure jumped to $1.4 billion. (cont.) causes of downfall  Financial audit: †¢ Enrons auditor firm, Arthur Andersen, was accused of applying reckless standards in its audits because of a conflict of interest over the significant consulting fees generated by Enron. †¢ Andersens auditors were pressured by Enrons management to defer recognizing the charges from the special purpose entities as its credit risks became known. †¢ To pressure Andersen into meeting Enrons earnings expectations, Enron would occasionally allow accounting companies Ernst Young or PricewaterhouseCoopers to complete accounting tasks to create the illusion of hiring a new company to replace Andersen. †¢ In addition, after news of U.S. Securities and Exchange Commission (SEC) investigations of Enron were made public, Andersen would later shred several tons of relevant documents and delete nearly 30,000 e-mails and computer files, causing accusations of a cover-up. (cont.) causes of downfall Other accounting issues: †¢ Enron made a habit of booking costs of cancelled projects as assets, with the rationale that no official letter had stated that the project was cancelled. This method was known as the snowball, and although it was initially dictated that such practices be used only for projects worth less than $90 million, it was later increased to $200 million. †¢ In 1998, when analysts were given a tour of the Enron Energy Services office, they were impressed with how the employees were working so vigorously. In reality, Skilling had moved other employees to the office from other departments (instructing them to pretend to work hard) to create the appearance that the division was larger than it was. This ruse was used several times to fool analysts about the progress of different areas of Enron to help improve the stock price. Bankruptcy †¢ On November 28, 2001, The company had very little cash with which to operate, let alone satisfy enormous debts. Its stock price fell to $0.61 at the end of the days trading. †¢ Enron was estimated to have about $23 billion in liabilities from both debt outstanding and guaranteed loans. Citigroup and JP Morgan Chase in particular appeared to have significant amounts to lose with Enrons bankruptcy. †¢ Enrons European operations filed for bankruptcy on November 30, 2001, and it sought Chapter 11 protection two days later on December 2. It was the largest bankruptcy in U.S. history (before being surpassed by WorldComs bankruptcy the next year), and resulted in 4,000 lost jobs. Sarbanes-Oxley Act †¢ The bill was enacted as a reaction to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom. These scandals, which cost investors billions of dollars when the share prices of affected companies collapsed, shook public confidence in the nations securities markets. †¢ The main provisions of the Sarbanes-Oxley Act included the establishment of the Public Company Accounting Oversight Board to develop standards for the preparation of audit reports; the restriction of public accounting companies from providing any non-auditing services when auditing; provisions for the independence of audit committee members, executives being required to sign off on financial reports. Major elements: (Cont.)SOX 1.Public Company Accounting Oversight Board (PCAOB): Title I consists of nine sections and establishes the Public Company Accounting Oversight Board, to provide independent oversight of public accounting firms providing audit services (auditors). It also creates a central oversight board tasked with registering auditors, defining the specific processes and procedures for compliance audits 2. Auditor Independence: Title II consists of nine sections and establishes standards for external auditor independence, to limit conflicts of interest. It also addresses new auditor approval requirements, audit partner rotation, and auditor reporting requirements. It restricts auditing companies from providing non-audit services (e.g., consulting) for the same clients. (Cont.)SOX 3. Corporate Responsibility: Title III consists of eight sections and mandates that senior executives take individual responsibility for the accuracy and completeness of corporate financial reports. It defines the interaction of external auditors and corporate audit committees, and specifies the responsibility of corporate officers for the accuracy and validity of corporate financial reports. It enumerates specific limits on the behaviors of corporate officers and describes specific forfeitures of benefits and civil penalties for non-compliance. For example, Section 302 requires that the companys  principal officers (typically the Chief Executive Officer and Chief Financial Officer) certify and approve the integrity of their company financial reports quarterly. (Cont.)SOX 4. Enhanced Financial Disclosures: Title IV consists of nine sections. It describes enhanced reporting requirements for financial transactions, including off-balance-sheet transactions, pro-forma figures and stock transactions of corporate officers. 5. Analyst Conflicts of Interest : Title V consists of only one section, which includes measures designed to help restore investor confidence in the reporting of securities analysts. It defines the codes of conduct for securities analysts and requires disclosure of knowable conflicts of interest. 6. Commission Resources and Authority: Title VI consists of four sections and defines practices to restore investor confidence in securities analysts. It also defines the SECs authority to censure or bar securities professionals from practice and defines conditions under which a person can be barred from practicing as a broker, advisor, or dealer. (Cont.)SOX 7.Studies and Reports: Title VII consists of five sections and requires the Comptroller General and the SEC to perform various studies and report their findings. Studies and reports include the effects of consolidation of public accounting firms, the role of credit rating agencies in the operation of securities markets, securities violations and enforcement actions, and whether investment banks assisted Enron, Global Crossing and others to manipulate earnings and obfuscate true financial conditions. (Cont.)SOX 8. Corporate and Criminal Fraud Accountability: It describes specific criminal penalties for manipulation, destruction or alteration of financial records or other interference with investigations, while providing certain protections for whistle-blowers. 9. White Collar Crime Penalty Enhancement: This section increases the criminal penalties associated with white-collar crimes and conspiracies. It recommends stronger sentencing guidelines and specifically adds failure to certify corporate financial reports as a criminal offense. (Cont.)SOX 10. Corporate Tax Returns : Title X consists of one section. Section 1001 states that the Chief Executive Officer should sign the company tax return. 11. Corporate Fraud Accountability : It identifies corporate fraud and records tampering as criminal offenses and joins those offenses to specific penalties. It also revises sentencing guidelines and strengthens their penalties. This enables the SEC to resort to temporarily freezing transactions or payments that have been deemed large or unusual.

Claudio and Heros Relationship vs. Beatrice and Benedicks :: Much Ado About Nothing Shakespeare Love Essays

Claudio and Hero's Relationship vs. Beatrice and Benedick's The main topic of discussion is based around the relationships of Claudio and Hero and how their relationship differs from Beatrice’s and Benedick’s. The idea of marriage is an important factor. In Shakespeares time marriage was seen as an obligation and your wife would be ‘chosen’ for you. The decision making was made by the men. It was a very patriarchal society. Beatrice is a prime example of one of Shakespeare’s strong characters. She refuses to marry because she has not found the perfect equal partner and is unwilling to eschew her liberty to the will of a controlling husband. In her frustration and rage about Hero’s mistreatment, Beatrice rebels against the unequal status of women in Renaissance society. â€Å"O that I were a man for his sake! Or that I had any friend would be a man for my sake!† she passionately exclaims. â€Å"I cannot be a man with wishing, therefore I will die a woman with grieving†. Beatrice relates to women in a modern society because of her attitude towards society’s norms at that time. Benedick is the wilful lord who vows never to marry. He engages with Beatrice in a competition to outwit and outsmart each other, but to his observant friends he seems to feel some deeper emotions below the surface. Beatrice and Benedick have a more modern idea of a relationship. In Shakespeare’s time the idea of marriage was very different from today. Women had no freedom to marry for love, whereas today women have a lot more freedom and power to make their own choices. Love and marriage are the two most striking ideas in Much Ado About Nothing. The play ends with the union between a fair young woman and a

Indian Retail Industry

EXECUTIVE SUMMARY Retailing is the process that involves of selling goods or services directly to end consumer for personal, non business use (Kotler, 2010). A retailer or retail store is an enterprise where they make volume majorly from retailing. Any firm selling its goods or services to the end consumers- whether it is manufacturer, wholesaler, or retailer- is said to be retailing. It doesn’t matter how the goods or services are sold (may be by person, through mail, telephone) or where (from a store, by the street or in the user’s home).In the past, retailers secured customers loyalty by offering convenient locations, special or unique variety of goods, greater or better services than competitors. Retailers struggled in developed countries because of their saturated market and forcing them to invest in developing countries like India, China etc. And India has been ranked fifth most favourable market for foreign retailers, according to AT Kearney’s GRDI (2012). An Industrial Analysis on Retail Industry mainly concentrating on Food & Grocery is done in the project using Qualitative methods which includes PEST analysis, tracking mergers & acquisitions etc. nd Quantitative methods which include comparison among the companies and comparison with the US markets. Certain limitation was faced while searching for data but it's made sure it is from a reliable and trusted source. 1 Chapter 1 INTRODUCTION 2 1. 1. Overview Retailing is the process that involves of selling goods or services directly to end consumer for personal, non business use. Present day consumers shop for goods and services at store retailers, non store retailers etc, but the best known retailer is the departmental store. Generally a retailer tend to buy goods or services in large quantities from manufacturers or importers hich may include a middleman (wholesaler) or may directly purchase from them and then sell those to the end – user consumer as small quantities or in in dividual items. Retailers can be considered as the end of the supply chain, because they are final means from which the consumer receives their desired goods or services. Moreover in the marketer’s point of view retailing plays a major role in the overall distribution strategy, which means that to attain an efficient supply chain management retailer is the main source to assess the actual demand in the market.Some world leading retailers are (as per Revenue):1 1. Wal-Mart (US) 2. Carrefour (France) 3. Metro (Germany) 4. TESCO (UK) 5. Lidl Stiftury (Germany) The world market is found is undergoing continuous transformation. And especially when retail market is consider, lots of innovation and cut throat competition is observed. If we consider in India the retail sector constitutes to 22% of GDP and provides 8% of employment. 2 Indian retail sector worth is found to be US$ 350 billion and is growing at a rate of 15-20%3, it is estimated that the value of the retail sector may i ncrease up to US$ 450 by 2015.This high growth rate has attracted many of the foreign investors to invest in India especially in Grocery and Apparel as a part of FDI in multi brand retail. 4 Top retailers in India are; 1. Reliance Fresh 2. Food Bazaar 1 2 www. moneycontrol. com www. ibef. org 3 Pricewaterhousecooper research 4 Deloitte research 3 3. Spencers Mart 4. More 5. Nilgiri's The organized retail sector is found to be only 5%, which shows a huge potential in retail sector and estimated to increase to 9% by 2015. Figure : 1. 1 Organized retail has huge scope of expansion Unorganized retail penetration Organized retail penetration % 9% 20% 95% 91% 80% 2011-12 2015-16 2020-21 Source: Indian retail market sep 2011, Delioitte Aranca research 1. 2. Global Scenario In the last part of 20th century, the world saw the emergence of the retail industry, majorly the supermarket found to dominant grocery retail form. And with the latest advancement in the technology like the bar code, RF ID etc. allowed a store to manage thousands of items and ‘just-in-time’ store replenishment. Computer operated logistical systems integrated with the stores assess the consumer demand in a single electronic system has led to expansion of the retail sector.But with the saturated local market, high competition pushed the major retailers into the globalization though process. And at the same time many government in the mid 1990’s have opened their economies inviting for foreign retail investors. However major issue faced is the economic slowdown that has resulted due to the uncertainty in IT sector and other financial spending. Moreover consumers themselves became much more price conscious, sensitive to price hikes and conservative in their buying, particularly in the developed economies. 4 Even though, Retail industry continues to be the world’s largest private industry with above US$ 8. trillion sales worldwide annually, this accounts nearly 10-15% of GDP f or most economies. 5 Major employer in most of the economies: ? ? ? ? 18% in US 14% in Poland 9% in China 17% in Europe Biggest retail countries in world (as per sales) ? ? ? ? ? US EU China UK India US$ 4. 7 trillion US$ 2. 9 trillion US$ 800 billion US$ 498 billion US$ 350 billon So from the above data it is evident that some developing countries like China and India made up to the top retailers in the world, which shows the huge potential for retail in these economies as major part of the retail is dominated by the unorganized sector.Retailers around the Globe; Table : 1. 1 Rank 1 2 3 4 5 6 Country UK Spain France Germany Italy Switzerland % of International retailers present 55 51 49 47 45 42 5 www. Livemint. com 5 7 8 9 10 Austria UAE China Russia 42 41 40 39 Source: CB Richard Ellis, 2010 The above table shows the concentration of the international retailer in to their economy, where UK topped the list and India ranked 44 in the list (as a lot of clarifications for the interna tional retailers are required).Study also concluded that developed economies are still the favourable markets for international retailers. 1. 3. Indian Scenario The retail industry in India is one of the most attracted market in the world. The major reason for this is, the market is highly unorganized. Almost 90% of the retail market is under unorganized sector where the business are run as kirana stores and family businesses. The organized sector is only less than 10% which is very low compared to other countries like US, UK etc which are having 50%-70% organized sectors.Almost all global retailers are looking out for an opportunity to enter into the Indian market as they knows the growth of the sector in India. Even though food and grocery is having the maximum market share of about 69% in the retail market, its share in the organized market is only 3% which shows the retailers who are mainly into food and grocery sector have an advantage among other retailers. The research conduc ted by Technopak reported that, in 2011 Indian food and grocery sector was estimated to be USD 325 billion that accounts for the 69% of the overall retail in India.This is expected to grow to USD 425 billion by the end of 2016 at a Compound Annual Growth Rate of 5. 5%. In this, the market share of the organized food and grocery was estimated at USD 9 billion which is expected to witness a growth to USD 34 billion by 2016 at a Compound Annual Growth Rate of 30%. 6 The study shows that there is an exponential growth in the Indian organized food and grocery sector in the next few years. 1. 4. Major Retailers in Food and Grocery The major retailers in India are Reliance Fresh, Spencer Mart, More, Nilgiri's and Big Bazaar.The various aspects of these retailers are explained in the following sections of this report. As the organized food sector is very small, the market shares of these retailers are pretty difficult to find. 6 http://www. indianretailer. com/article/sector-watch/food-and- grocery/Standing-against-each-other-1489/ 6 1. 5. Research Objectives 1. To identify the market share and nature of competition of Indian retail industry. 2. To understand the market segmentation of the industry. 3. To conduct PEST analysis for the industry. . To study the difference between standalone and conglomerate diversification in the industry. 5. To analyze the mergers and acquisitions carried out in the industry. 6. To study the international exposure of the industry. 7. To determine the technologies used in the industry. 8. To study the marketing initiatives carried out by the industry 9. To analyze the future prospects of the industry. 10. To Compare the Indian retail industry with US, UK and France. 7 Chapter 2 REVIEW OF LITERATURE 8 2. 1. IntroductionThe size of Indian retail is about US $350 billion but it is highly unorganized. Indian retail is dominated by 15mn independent retailers consisting of kirana stores, chemists, footwear shops, apparel shops, paan and bedi s talls, handcart and pavement vendors, which together makes up ‘unorganized market’. 7 But this situation will not be the same always specially with the fact that multinational companies are trying to enter Indian market. Investors view India as an attractive investment destination. India stands at 4th attractive location for FDI (Ernst & Young, 2012).In 2011, Global retail development index (GRDI) stated that â€Å"time to enter Indian market is now†(Kearney,2011). Some major retailers in India (Kumar, 2011)? ? ? ? ? ? ? ? ? ? ? ? Food & grocery: Big Bazaar, Food Bazaar Consumer electronics : e-zone Entertainment : Bowling Co. Books, Music and gifts : Depot Fashion and accessories Electronic retailers Time wear retailers Pharmaceutical retailers Telecom retailers Jewellery retailers Footwear retailers Catering service retailers 2. 2. Conditions in Retail IndustriesGlobally, A survey in small towns in Minnesota (Brennan,1991) showed that specialized services, offe ring better quality products and improved customer service were most successful strategies while sales & promotions and lowering prices were least successful. It was observed that consumers are more focussed on new discounts compared to old ones. (Brennan, 2000). A survey conducted in south India showed some decision making styles of south Indian peoples, mainly brand conscious, high quality conscious, confused by over choice style and recreational shopper style. (Canabal,M. E,2002).Until 2011 ,Indian central government denied FDI in multi brand retail and even single brand retail was limited to 51% ownership. In November 2011, India’s central government 7 Business monitor international(Indian retail report Q1,2012) 9 announced retail reforms for both multi brand and single brand retail. In December 2011, under pressure from opposition Indian government placed retail reforms on hold till it reached to a consensus. The reforms for single-brand stores to enter Indian market but on a condition that 30% goods should be purchased from local suppliers was approved by the Government in January 2011.Organized retail is increasing at the rate of 45-50% per annum and increases its share to 16% by 2012. On the other hand unorganized retail is increasing at the rate of 10%. Major increase can be seen in personal care, jewellery, sports goods and beverages. 8 According to A associates report, some of the benefits of multi-brand retail are ? ? ? Removal of intermediary Job creation No threat to kiranas India has been ranked as the most attractive nation for retail industry among 30 emerging markets. (Senjam Dwijorani, Consolidation phase in Indian retail industry).According to a Mc Kinsey & company report titled â€Å"The great Indian Bazaar: organized retail comes of age in India†. Organized retail is supposed to increase from 5% in 2008 to 14-18% by 2015. Private labels contribute to 10-12 % of organized retail industry and are growing very rapidly. Key play ers being Westside, Shoppers stop, Spencers, Future group, Reliance and Bharti walmart. Highest penetration is by Westside at 90% followed by reliance at 80% and pantaloons at 75%. Shoppers stop and spencers have 20 and 10% respectively.According to Deloitte’s report on â€Å"Global powers of retailing 2013 , Retail beyond†, the retail industry grows despite difficult economic condition. Most of 250 retailers posted an increase in retail revenue with most of the companies experiencing declining sales. The top 250 maintained a healthy 3. 8 % composite net profit in 2011,matching the industries 2010 result. The average size of top 250 companies in 2011,as measured by retail revenue topped US$17 billion. A crisil report shows the Indian retail market is most fragmented in the world and only 2% compromises of organized sector. This shows potential for growth is immense. ASA & Associates report, August 2012 10 Chapter 3 INDUSTRY ANALYSIS 11 3. 1. Market Share and Nature of Competition The current retail segment contributes 22% of the country’s GDP and 8% of the total employment. And more over India has emerged as the fifth most favourable destination for international retailers9. According to AT Kearney’s GRDI (2012) â€Å"India remains a high potential market with accelerated retail growth of 15-20% expected over the next five years†. India retail sector values US$ 350 billion and is growing at a rate of 15-20%, as per Pricewaterhousecooper (PWC) research report.Mass grocery and apparel are the two most favoured segments for FDI in multi brand retail in India, according to the study conducted by Deloitte. The FDI inflow in single-brand retail trading during April 2000 to December 2012 stood at US$ 42. 7 million, as per the data released by Dept. of Industrial Policy and Promotion (DIPP). A report (KPMG, 2010) indicates that the retail business in India has not able to deliver the expected results, expect a few players. The growth of organized retail trade decreased from 35% in 2007-08 to 10% in 200-09.Food and Grocery segment has been dominated by retailers not organized till date, except a few players like Big Bazaar (Food bazaar), Reliance (Reliance Fresh), RPG (Spencer’s), and AV Birla Group (More). Organized retail is in continuous increase compared from past. Retail can be classified in different sectors such as Food & Grocery, Clothing, Durables goods, Shoes, Furniture, Services, Catering, Jewellery & Watches, Books, Music & Gifts, Mobile phones etc.. Figure : 3. 1 Grocery sales across countries (2010) 18. 40% 12. 40% 11. 10% 10% 3% India Source: IGD international 9 2% USA China Russia Brazil UK ww. ibef. org 12 The highest penetration of private label products is by Trent at 90%, followed by Reliance 80% and Pantaloons 75%, big retailers such as Shoppers Stop and Spencer’s have a penetration of 20% and 10%. 10 Figure : 3. 2 Market Breakup by Revenue (2011) 17% 3% 6% 4% 10% 60% Food and Grocery clothing & fashion Beauty & wellness Electronics Furniture & Furnishing others Source: Indian retail market sep 2011, Delioitte Aranca research The Net Revenues of the top retailers in India; Figure : 3. 3 Retailer Food Bazaar Spencer’s Reliance Fresh More Nilgiri’s Source: annual reports of the companies 010-11(Crs. ) 215. 1 98. 46 127. 67 163. 7 80. 49 2011-12(Crs. ) 298. 09 120. 62 210. 45 236. 8 97. 70 3. 2. Market Segmentation 3. 2. 1. Segment analysis The Indian economy is growing rapidly. An important contribution is made by the growing number of shopping malls. Shopping malls became a centre of attraction or a hang-out place in metro cities. There are development plans proposed 150 new malls in 2008. But what this does is we forget or ignore the traditional retail formats (pedlars, grocery stores and tobacco 10 Consolidation phase in Indian Retail Industry, Senjam. 3 shops etc. ). They continue to co-exist with the modern formats. Modern retail has help ed companies to companies to increase consumption and hence the demand for their products on the market. For example, Indian consumers would normally consume rice sold to the neighbouring Kiranas viz Kolam for everyday use. With the introduction of organized retail trade, it has been noted that the sale of Basmati rice increased by four times that he was a few years back: as a top quality, rice (Basmati) is now available at almost the same price as the normal price at local Kirana.Thus we can see the way a product is displayed, spoken and contiguous and how he won the heart and the minds of consumers affects its sales. It consumption continues to increase in the way; we can say that the local market would go through a metamorphosis of a change. This means that non- union retail trade would suffer a serious setback due to the outdated technology, poor supply chain, inadequate marketing etc. Thus, local stores would soon become things of the past or limited unexpected last minute purc hase. And it is also observed that avg. consumption of Indian consumer will come down to 34% in CY2015 and in addition up to 25% in CY2025.This indicates that, with gradual increase in income levels, Indian consumers are spending more on products of lifestyle or pimping the economies of lifestyle retail value. 11 Currently most popular organized retail formats are; ? Shopping Malls: Malls are larger form of organized retail today. These are mainly located in metropolitan cities, close to urban periphery. The field of shopping centres varies from 60000 m? to 7, 00,000 m? and above. The idea is to provide an ideal shopping experience that includes a mix of products, services and entertainment all under one roof.Some examples are Inorbit mall, Ansal Plaza etc. Specialty stores : These are the stores that focuses on specific market segments, specializing on particular products such as entertainment and leisure, gifts and so on. The most notable among these include channels such as Cross word, Planet M etc. Discounters: As its name suggests, the shops or factory stores, offer discounts on MRP by selling in bulk to achieve economies of scale or surplus stocks in season over. The category includes various perishable goods/ non-perishable. Example: Subhiksha. Department Store: Stores ranging from 20000-50000 Ft? responding to the diverse needs of the consumers. It includes localized departments like clothing, toys, home, groceries etc. the popular among these are Big Bazaar, D-Mart etc. Hypermarkets/Supermarkets: Big self service outlets, with strong emphasis on Food & Grocery store and personal sales and designated as supermarkets. These can still be divided into mini supermarkets typically from 1000 to 2000 Ft? and large ? ? ? ? 11 McKinnsey Global Institute 14 ? ? supermarkets from 3500 to 5000 Ft?. These stores now contribute to 30% of all Food & Grocery store in organized retail.More, Reliance fresh etc are some examples. Convenience stores: These are relatively l ow (400 – 2000 Ft? ) stores generally located near residential areas. They have a limited range of convenience high-sales of business products in stock and are usually open for long periods during the day, seven days a week. The prices are slightly higher because of premium convenience. MBO: Points of sale multi brands, also known as category killers, offer several brands on a single product category. They are generally well in places of markets occupied and cities. 3. 3. Policy FrameworkSince liberalization several policy measures have been taken with regard to regulation and control, fiscal policy, export and import, taxes, exchange and interest rate regulation, export promotion and incentives to high priority sectors. Food and agricultural industries has made an agreement with high priority a number of important releases and incentives. Some of the major policy changes are as follows: 3. 3. 1. Regulation and Control According to the extant policy, FDI up to 100% allowed un der the automatic route in food infrastructure (Food Park, Cold Chain / Storage).As for food retail FDI policy concerns do not permit foreign direct investment in the retail sector, with the exception of a single retail brand products. This policy is the same for all retail operations. FDI policy for the manufacture reserved for the SSI sector is the same for all items, so reserved and a separate dispensation for the items in the food processing sector is not intended. 3. 3. 2. Fiscal Policy and Taxes Broad fiscal policy changes have been introduced gradually. Excise & Import tariffs have been reduced substantially. Many processed foods are exempt from excise duty.Custom tariffs were substantially reduced on plant and equipment as well as raw materials and intermediates, especially for export production. Corporate taxes were reduced, and there is a shift towards market related interest rates. There are tax incentives for new manufacturing units for certain years, except in sectors s uch as: Beer, wine, soda flavoured with concentrates, confectionery and chocolate, etc. Indian currency (rupee) is now fully convertible for current account and capital account convertibility in the unified exchange rate mechanism is foreseen in the coming years. 15Repatriation of profits is freely permitted in many industries, with certain exceptions, which is another requirement offset by dividend income from exports. 12 3. 3. 3. PEST ANALYSIS PEST analysis is concerned as the environmental influences on the business. The factors are Political, Economical, Social, and Technological. 3. 3. 3. 1. Political Environment Political factors include government policies, fiscal policy, labour laws, safety regulations, competitor regulations, political stability and consumer protection. That influence and limit various organizations and individuals in society.Legislation relating to the retail was damaged many years. Political factors include goods and services that the government wants to provide or provided. 3. 3. 3. 2. Economic Environment Economic factors include economic growth, interest rates, exchange rates and inflation rate. These factors have a significant impact on decision-making and business operations. Exchange rates affect the costs of exports of goods and the supply and price of imported goods in the economy. The retail market consists of the purchasing power of people. So the total purchasing power is a function of current income, prices and availability of credit.Changes in economic conditions may affect the business or company. Economic forecasters Looking ahead to the next decade and is likely to find its forecasts of rising costs, shortages and up and down economic cycles. These changes in economic conditions provide new opportunities or threats in the market. 3. 3. 3. 3. Social Environment Social factors include income distribution, population growth rate, age, lifestyle changes, education and living conditions . Society that people grow in their beliefs, values and norms. People live in different parts of the country have different cultural value, which must be analyzed retail person or company.This will help you to understand the business strategy in order to meet the requirements of customers. trend is the social factor will also affect the business for retailers. 12 http://www. punebds. com/pf. asp 16 3. 3. 3. 4. Technological Environment Technological factors include technical aspects such as research and development activities, technology incentives and the rate of change of technological changes, new inventions and development, energy use and costs. They can determine barriers to entry, minimum efficient production and influence outsourcing decisions.Technological implementation can affect the cost, quality, and this leads to innovation. Technology is extensively used in some of the areas such as: ? ? ? ? ? ? ? ? Packing of the products Billing Mobile point of sale(POS) Digital signage Inventory management Customer s ervice Price changes and auditing RFID and location tracking 3. 3. 4. PORTER’S Five Forces Porter's Five Force model is to analyze the competition model, it helps to understand the nature of competition within the industry, and provides a good, simple but effective framework for the development and understanding of the competitive forces in the industry.Michael Porter created a framework, which identified five forces which act to either increase or decrease the competitive forces in the industry. These five forces is ? ? ? ? ? Threat of new Entrants Power of suppliers Power of buyers Availability of substitutes Competitive rivalry 17 Figure : 3. 4 3. 3. 4. 1. Threat of New Entrants The retail industry has seen a growth of the organized sector in recent years. Even though growth is not diversified, it was still significant enough to affect the unorganized retailers. This industry started ten years ago and has been declining number of independent retailers.If you walk through a ny mall, we notice that most of them are chain stores and there exist only a hand full of independent shops. While barriers to the establishment of trade is not impossible to overcome, the ability to establish favourable supply contracts, leases and be competitive, it becomes virtually impossible. Their vertical structure and centralized shopping gives retailers competitive advantage to independent dealers. 3. 3. 4. 2. Power of Suppliers In 1970, when Sears dominated the household appliance market, which set high standards for quality.Suppliers that did not meet these standards were omitted from Sears line. In this way, retailers have tried to exploit relationships with suppliers. This can be attributed to the fact that in the retail industry, suppliers often have very little power. Take the example of WalMart, which imposes strict controls on their suppliers. Contract with a large retailer like WalMart can make or break a small supplier. 3. 3. 4. 3. Power of Buyers Individually, cu stomers have very little bargaining power with retail stores. The prices offered by the center-stores are usually negotiable.They come with a tag attached saying ‘fixed price. â€Å"It warns the customer from the very entrance to the store, if you want discounted prices. ‘s Very difficult to negotiate. , But as a whole, if customers require high quality products at competitive prices, it helps keep retailers honest. 18 3. 3. 4. 4. Availability of Substitutes There is no shortage such as in the retail sector. This is not a monopoly in the market. The tendency in the retail sector is not specialized in one good or service, but to deal with a wide range of products and services. This means that what one store offers, you will probably find it in a store.Therefore, innovation and product differentiation are essential ingredients necessary to separately in the retail industry. Retailers offering products that are unique or have a clear absolute advantage over their competito rs. 3. 3. 4. 5. Competitive Rivalry There is no market without competition, and there are no better ways than the existence of competitive forces in the market to improve the quality, price, supply chain management, inventory management, etc. Retailers always face stiff competition. The slow growth of the market for the retail market means that companies must fight each other for market share.More recently, they have tried to reduce the cut-throat price competition by offering frequent flyer points, membership and other special services to try to gain customer loyalty. Given the relatively weak financial condition of unorganized retailers and physical space constraints on their expansion prospects of the sector itself is not able to meet the growing demand for retail. Therefore, organized retail, which now represents a small 4% of total retail sector is likely to grow at a much faster pace of 45-50% per annum and quadruple its share in total retail trade to 16% by 2011-12. 3. 4. Bus iness DiversificationDiversification is a form of corporate strategy for a company. It seeks to increase profitability through greater sales volume obtained from new products and new markets. Diversification can occur either at the business unit level or at the corporate level. At the business unit level, it is most likely to expand into a new segment of an industry that the business is already in. At the corporate level, it is generally via investing in a promising business outside of the scope of the existing business unit. The different types of diversification that are discussed in this report are as follows; 3. 4. 1. Standalone DiversificationSelf-contained and usually independently operating. They concentrate only on the specific category of products. Standalone diversification has large relationship with the firm’s current business. 19 3. 4. 2. Conglomerate Diversification The companies markets new products or services that have no technological or commercial synergies with current products but that may appeal to new groups of customers. The conglomerate diversification has very little relationship with the firm's current business. Therefore, the main reasons of adopting such a strategy are first to improve the profitability and the flexibility f the company, and second to get a better reception in capital markets as the company gets bigger. Even if this strategy is very risky, it could also, if successful, provide increased growth and profitability. 3. 4. 3. Future Group (Conglomerate) But while contemporaries like Bharti and Tata has teamed up with Wal-Mart and Tesco in the wholesale business, Future Group has built its business by himself. Talks over sourcing partnership with Lawson Inc. Japan ended without agreement is happening this year. Under the new legal regime, it could be more opportunities for future groups to join forces with international traders.Future Group has recently reorganized its retail assets â€Å"simplification† of business and bring greater clarity to investors for business, Biyani says, and sees further expansion, not least the food in the arm, which he described as â€Å"profitable†. (And he adds: â€Å"Some of the high-margin businesses, where demand is not too high, that when concerns are greater food is good, profitable business .. † This week, the Future Group has acquired Express Retail Services, which operates in Delhi supermarket chain Big Apple. Biyani also outlines its goals for the store chain Food Bazaar. â€Å"Currently there are about 200 Food Bazaar stores. No.Maybe in five years, add another 150 to that number,† he says. 3. 4. 4. Reliance Fresh (Conglomerate) Reliance Industries plans to merge all its retail units within a single entity, which suggests he was not looking for a foreign partner in any of its businesses, a person with direct knowledge of the development said. The company started the process all the club's eight independent retailers, such a s clothing chain Reliance Trends and consumer electronics chain by Reliance Digital Reliance Fresh grocery chain, in a bid to remove defects and improve administrative cooperation and efficiency between different companies, people said.This will allow Reliance Fresh single retail entity by Reliance Retail, the group's holding company for retail sale. Reliance last Monday filed a petition in the Bombay High Court seeking permission for the scheme of arrangement of its several entities, including Reliance Retail, Reliance Fresh, 20 Reliance AutoZone format, car accessories, Reliance Trends, Reliance Footprint footwear chains, consumer electronics chain Media Reliance Digital, Reliance leisure, Reliance Gems and jewellery, and Reliance Replay Gaming. 3. 4. 5. Spencers (Conglomerate)Spencer Retail Ltd (Spencer) is one of the India's multi-format retail chain. Established in 1996, Spencer is a group of RPG Enterprises, one of the leading conglomerates operating in India and subsidiaries Cesc Ltd. In 1989, RPG Spencer won, and in 2005 launched its retail brand in the Spencer. Consequently, it Spencer spread to other retail formats starting Hyper Spencer, super fresh and daily formats. Currently Spencer food markets and food products, clothing and accessories, footwear products, home decor items and equipment and consumer durables. 3. 4. 6.More (Conglomerate) More is a group company Aditya Birla Retail Limited, a leading conglomerate in the retail industry with a clear focus on its vision to be a global company premiums. 3. 5. Mergers and Acquisitions 3. 5. 1. Reliance and BP (Merger) During the year 2010, BP and reliance industries limited made the partnership in the oil and gas business. 13 By announcing the partnership both the companies came to an understanding that BP takes 30% of partnership of 23 oil and gas production sharing contracts that which are done by reliance industries in India.This project would help Indians in getting gas and will help to reduce th e import cost included in gas. The same year reliance industries entered into partnership in us with an agreement of joint venture with the companies Atlas Energy, pioneer Naturals Resources and Carrizo oil & gas by three different joint venture agreements. 14 13 14 http://www. ril. com/html/aboutus/major_milestones. html http://www. ril. com/html/aboutus/major_milestones. html 21 3. 5. 2. Bharti Wal-mart (Merger) In order to lead the retail stores in India, Walmart has begun talks with Bharti enterprises for forming a joint venture.Two companies has equal partnership in wholesale business in India, so they decided to continue their business relationship in retail business by requesting the government to make decision for allowing up to 51% foreign direct investment(FDI) in multi brand retail. 15 The aim of joint venture is to establish wholesale cash-and-carry stores and back-end supply chain management operations in line by taking government guidelines. 3. 5. 3. Spencer's India Li mited (Acquisition) Spencer’s is one of the retail sector which sells food and non food FMCG products16.Spencer’s Retail is a part of the RPG Companies that deals with food, apparel, fashion, electronics, lifestyle products, music and books . More over it offers services like gift vouchers and easy loans. 17 Spencer’s has expanded its food retail chain by bringing food world that has been brought over by RPG group18 . The Company has filed an application with the Honourable High Court of Calcutta for merger of its wholly owned subsidiary company Music World Retail Limited with the Company, effective from 1 January 2012, which is pending approval as of date19. 3. 6. International ExposureIn the year 2006-07 ,the size of food industry in India was established at around Rs 8,80,000 crores in that the food industry accounts for around 374000 crores. Now growth of Indian food processing industry is up to 13% per annum20. 3. 6. 1. Dairy Dairy firms are one of the main contributors of Indian food industry among various sectors. In 2006-07 the size was 198000 crores & it is estimated to be 366484 crores by 2015. The states of Gujarat, Tamil Nadu, Kerala, Karnataka, Punjab and Haryana have established many dairy co-operatives running successfully. Most of the packed milk segment is 15 16 http://www. bharti-walmart. n/Overview-CareerAtBhartiWalmart. aspx http://info. shine. com/company/Spencers-Retail/204. aspx 17 http://info. shine. com/company/Spencers-Retail/204. aspx 18 http://www. cesc. co. in/cesc/web/investor/helpdesk/document/sub/Spencer%60s%20Retail_Annual%20Repo rt_2011-12. pdf 19 http://www. cesc. co. in/cesc/web/investor/helpdesk/document/sub/Spencer%60s%20Retail_Annual%20Repo rt_2011-12. pdf 20 Cifti. org/Reports/Ficci_Technopak%2008. pdf 22 dominated by co-operatives it contributes about 70% of the total revenues. In the milk products India, the reports have given that demand is growing faster than supply.The recent rise in milk prices have forced Indian government to Impose a ban on skimmed milk products and reduce Incentives for exports. Many products like Ghee, Curd, etc. has demand more and they are sold as unbranded in Indian market. As the health consciousness among people is increasing day by day ,the demand for milk is increasing in the market. Exports of milk from India to south east Asia countries have grown rapidly. The ice-cream industry though it is widespread is suffering from shortage of cold chain infrastructure and lack of big players in India. 3. 6. 2. Non-Alcoholic Beverages These are of two types namely; ? Carbonated and Non-carbonated drinks Some of the hot beverages are tea and coffee. Almost Rs. 5000 crores was accounted by fruit juices and fruit based drinks. The annual growth rate would be 10-12% India is the biggest country to produce tea in the world accounting for 28% of the total global production at 956 million kg's. Tea production in India is being increasingly improving year by yea r whose turnover itself is above Rs. 8000 crores. The growth has become 1. 2% per annum. India is the 4th largest exporter of tea in the world and it is also the 5th largest producer of coffee which is accounting up to 4% of total production in world.Almost everything produced is being exported. It came up to 75% of produced tea and coffee is exported21 The competitor for US food processing is Indian domestic industry. As it has the best climatic conditions it has got advantage to produce the agricultural goods and potential to cultivate the wide range of raw materials. some of the Indian companies have increased their market share by decreasing the prices for the products while import duties on food and ingredients have become relatively costly. The existing food laws will restrict the producers to use the ingredients, colors, flavors.Thus it has become the additional challenge to the US exporters interested in Indian market. 21 Food. export. org/resources/countryprofiledetail. cfm ? itemnumber=1015 23 3. 7. Technologies used in retail industry Retail industry is one of the most growing industry in the world today with a market share of above 50% with organized sector having a share of 5% whereas unorganized sector has over 90% of share22. Now the factor is to know how to maintain such share. moreover food & grocery alone takes around 62% of market share within retail industry.Everyday thousands of thousands transaction are done in retail market let it be regarding food & grocery or may be some apparels or some clothing. But it's really difficult to manage the details about all these. How to keep complete track of all the products? Earlier people used pen and paper techniques but will that suffice present days requirement. The answer to this question is a big No , it is not possible to implement such techniques today. At this part technology plays a vital role today. Storing the data in a proper manner so that whenever it is required can be fetched immediately without any delay.Database, Data warehousing, Data mining are some of the tools used nowadays for storing and retrieving data efficiently. Forecasting is used to predict future demand, e-commerce used online order and purchasing, The next part discusses how exactly each of the technology has played important role in retail industry. ? Forecasting tools are used to predict the total demand of any product in the near future based on the present or past purchase made by consumers. their details are saved on a computer and based on that prediction is made how much will be actually required to suffice the requirement.Database used to store details about a product how much is in the inventory, what is the amount that has been sold, who are the purchasers of such product, what is the buying frequency of the particular product etc. This is done using barcode scanners or RFID tags that is attached with the particular product. Barcode was the idea of two college students which actually came into effect on the late 1940’s and early 1950’s. Barcode is a code made of series of lines based on morse code and movie equipment. How it is read is by using incandescent light and an oscilloscope23.RFID tags uses radio waves to identify things automatically at any time. it can either be active with their own means of sending signals or passive like using a reader to read the details. Tag may contain manufacturing date, lot number, and serial number. Use of Credit card, debit card to pay for the products purchased can also be added to the technological usage in retail industry. Using cell phones as a medium to intimidate the consumers about any new offers on any product. ? ? ? ? ? 22 23 www. cci. in www. barcode-printing. co. uk/history-of-barcodes. htm 24 ?Use of e-commerce has been the bottle neck of retail industry now. with the ease of ordering stuffs with a click of a button, paying after receiving the product and other facilities has really made life of human be ings easy. Reliance Fresh, Spencer’s, Nilgiri’s, More, Big Bazaar and all uses such technologies. Food and grocery segment comprises mostly of all packed items having barcode on the backside through which its manufacturing date, expiry date, price can be monitored. 3. 8. Marketing Initiatives There are a lot of retail companies coming up nowadays but how to introduce it to public.The best way is advertisement in terms of television ads, hoardings, newspapers, etc. This section discuss about how exactly few retail companies has used advertising a tool to introduce their product to public. For this project five major food and grocery companies in India, viz. Reliance Fresh, Spencer’s, More, Nilgiri’s and Big Bazaar are considered. 3. 8. 1. Reliance fresh Reliance fresh with its splendid combination of red and green colour logo reflects a green environment. Their major advertising types are ? ? ? ? ? Print or broadcast ads through newspapers.Packaging throug h carry bags. Directories like in telephone directories. Audio materials like announcements through radio. Point-of-purchase displays as in when customers reach billing point they can see special offers or promotions. Other ways of promoting are direct marketing through e-mails, messages and personal selling through face to face interaction with customers. 3. 8. 2. Spencer mart Spencer follows same pattern as reliance like packaging, print ads, Audio materials, TV ads but one addition to it is every week a new published ad can be seen in local stores or website. 5 3. 8. 3. More More comes with orange colour logo having tag line â€Å"for you† or â€Å"hamesha extra†. More advertises through newspapers, online advertisement, packaging, etc. They promote by offering discounts and promoting traditional and local specialities during festive season. 3. 8. 4. Nilgiri’s Niligiri’s started in 1905 has a logo of green colour . It is a supermarket chain in south In dia. The major selling product in Nilgiri’s is fresh vegetables with hygienic and superior qualities. Advertising is very essential for promoting of products that led to the growth of Nilgiri’s.Direct marketing, personal selling, store promotion, sales promotion are other ways of advertising the product. 3. 8. 5. Big Bazaar Big Bazaar’s logo comes in orange and blue colour with tagline as †Is se sasta aur accha kahin nahi†. Some of its marketing initiatives taken arePromotional offers? â€Å"saal ke sabse saste 3 din†. ? â€Å"Hafte ka sabse sasta din(Wednesday bazaar)†. ? Exchange offers †Junk swap offer†. ? Future card(3% discount). ? Shakti card. ? Advertisement(print ad,radio,newspaper). ? Endorsement by M. S. Dhoni 3. 9. Future OutlookRetail industry in India, as we know, is one of the fast growing industry which accounts for 22% of its GDP at present24. The sector consist of only 5% of organized market and the rest und er unorganized which shows that there is a wide opportunity for large scale companies in the Indian market (Singh, 2012). The proposal of FDI was considered for taking up the growth of the Indian retail market during early 1990's. It was in the year 1991, the Government has opened up the retail market to FDI through a series of steps which are; (Singh 2012) 24 http://www. ibef. org/industry/retail-india. spx 26 Table : 3. 1 1995 ? World Trade of Organization's General Agreement on Trade in Services, which includes both Wholesale and Retailing services, came into effect. FDI in cash-and-carry (wholesale) with 100% rights allowed under the Government approval route. FDI in cash-and-carry (wholesale) brought under the automatic route. Up to 51% investment in single-brand retail outlet permitted. 100% FDI in single brand retail and 51 % in Multi-brand retail. 1997 ? 2006 ? ? 2012 ? In the year 2007, the Indian retail market stood at Rs 1. 33 billion witnessing a growth of 10. %. In this , organized sector shared only 5. 9%, but itself showed a growth of 42. 7%. It was expected to maintain a much faster growth in the next 3 years (IMAGES F&R Research, 2009). As part of the action taken by the Government in 2006 regarding FDI, Wal-Mart has made an agreement with Bharti Enterprises to establish a joint venture, Bharti Wal-Mart private limited, for wholesale cash-and-carry and back-end supply chain management operations in India in the year 200725. This was a decision taken by Wal-Mart as the FDI policies were not favourable for retailing.The foreign retailers were still waiting for the Government to revamp their policies on FDI in retailing. Even though there was a fast growth in organized sector, it's penetration in the market was only 8-9% during 2009 which is very low as compared with countries like US, France etc with 60-80% penetration level26. During these days, the retail market looked gloomy and experts reported this will last for the next few months which wil l reduce the growth in organized retail sector. In 2011, the market stood at USD 396 billion. It was clear that acceptance of FDI in retail became essential for another growth to attain27.Also, according to A T Kearney's Global Retail Development Index (GRDI) 2012, India is the fifth most attracted market for International retailers and also the market is expected to show a growth of 15-20% over the next five years. 25 26 http://corporate. walmart. com/our-story/locations/india http://www. investindia. gov. in/? q=retailing-sector 27 http://www. deloitte. com/assets/Dcom-India/Local%20Assets/Documents/Indian_Retail_Market. pdf 27 Growth in organized sector can be achieved through retaining and attracting more customers in the future.Also the retailers ability to manage supply chain efficiently, increase the operational efficiency through economies of scale, serviceability and optimal space management are certain other factors that can achieve growth in organized sector (Karthikeyan, 2010). Also the usage of various tools like, GIS (Geographic Information System ); which helps the retailers to capture, store, manipulate, analyze, manage and present all types of geographical data which is highly used for locating and shifting of their stores to specific areas; are considered (Mishra, 2009).The International retailers updates on the Indian status for FDI which allows them to enter the market with less constraints and more freedom. As the Government had not supported the foreign retailers negotiation in terms of the investment, they are still in doubt to establish in the market. For the organized sector to grow further, there should be some foreign investment and that which can show the growth of 15-20% in the next five years. 3. 10. Comparison of Indian retail industry with US, UK and France.As the study shows that the top 5 global retailers are from US, UK and France, comparison study of Indian retail industry with these countries are done on the basis of the si ze of the industry, the major retailers within the country and the nature of competition within the country. Among the retailers above, it's clear that US is the top on the basis of the size of the industry followed by France and UK. But the most attracted retail market among the above countries is India. The comparison given below explains more about the growth of these markets between 2007 and 2011. . 10. 1. Size of Industry The size of the retail industries of India (Singh, 2012) (Assistant Professor, Global Institute of Management & Technology, Noida) 28, USA29, UK30 and France31 in the year 2007 and 2011 are shown in the figure below; In the French scenario, the value for the year 2010 was mentioned as USD 349. 65 billion. From the source it is established that, the growth was following a compound annual growth 28 29 http://www. dnb. co. in/IndianRetailIndustry/overview. asp http://www. slideshare. net/hitaishi9/retail-assignment, http://www. lideshare. net/hitaishi9/retailassi gnment 30 http://www. prospectsnet. com/cms/ShowPage/Home_page/Industry_insights/Retail/overview/p! egiLLL, http://raceforopportunity. bitc. org. uk/sites/default/files/kcfinder/files/RaceforOpportunity/Retail%20Sector. p df 31 http://industryreviewstore. blogspot. in/2012/04/future-of-retailing-in-france-to-2016. html 28 rate of 4. 5% from 2006-2010. Hence, the value of the industry in 2007 is calculated as USD 304. 55 billion32. Figure : 3. 5 4000 3500 3000 2500 2000 1500 1000 500 0 India US UK France 2007 2011The above figure shows the growth of the retail industries of the mentioned countries between 2007 and 2011. The growth rate is more for India and France than UK and US. The retail markets in UK and US are almost in a saturation state whereas the Indian retail market which is mostly unorganized has a wide range of opportunity for the modern retailers. The global retailers will be certainly looking forward to enter into Indian market as its organized sector is yet to grow. 32 http://www. slideshare. net/Allystephen/retailin-france-2011kh 29 3. 10. 2.Major Retailers, Their Market Shares and Nature of Competition The top 5 retailers in the four countries are given below and their market shares are shown in their respective regions33; Figure : 3. 6 Wal-Mart 6% Metro Group Aditya Birla 6% 6% Future Group 54% RETAILERS IN INDIA Reliance Retail 28% The study shows that Future Group is the market leader in Indian retail industry with a market share of 54%. Followed by the challenger, Reliance Retail has a share of 28%. The next three retailers have almost equal shares which show that there is a tight competition within the followers.Figure : 3. 7 RETAILERS IN USA 11% 11% 11% 52% Wal-Mart Kroger Target 15% Walgreens Costco 33 http://www. planetretail. net/Presentations/grocery-2012-web. pdf 30 In USA, the retail industry is lead by Wal-Mart with a market share of 52% followed by four other retailers Kroger, Target, Walgreens and Costco with respective market sh ares of 15% for Kroger and 11% each for the rest of them. This shows that there is a tight competition within the four companies. The Indian and US retail industries are having almost same nature of competition. Figure : 3. 8 RETAILERS IN UK 0% 15% 37% Tesco Sainsbury 19% 19% Walmart Morrisons Co-operative Group The retail industry in UK has different combinations of market shares among the companies. The chart shows that none of them is having more than 50% of the market share. The market leader is Tesco with 37% market share followed by Sainsbury and Walmart with 19% each. Morrisons is only 4% behind the two companies which shows that there is a strong competition between all the retailers in UK. Figure : 3. 9 RETAILERS IN FRANCE 14% 17% 28% Carrefour Leclerc Casino 18% 23% ITM Auchan 31Study shows that there exists a similar competition within the companies in France as in UK. Even though Carrefour is having the higher market share of 28% than the other retailers, Leclerc which h olds the second position with a market share of 23% is not far behind. The rest of the companies have a competition within themselves as they have market shares between 14% and 18%. 32 Chapter 4 CONCLUSION 33 The report analysed in detail, the retail industry in India. The research initially started with the collection of data about the Indian retail industry as a whole, and then moved onto global scenario of retail industries.Also, issues regarding the foreign direct investment(FDI) in the retail sector is covered. The key players currently operating in the retail industry and the bottlenecks that the retail industry is facing in India are also analysed. Based on the findings, the future outlook of the Indian retail industry is mentioned in the report. 4. 1. Major Findings 1) The Retail sector in India is split up into two, the organised and the unorganised. 2) In terms of value the size of the retail sector in India is $350 billion. The organised sector contributes about 5%of the total trade. ) The retail sector in India contributes 10% to the Gross Domestic Product and 8% to the employment of the country. 4) In terms of growth the FMCG retail sector is the fastest growing unit. 5) The foreign retail giants were initially restricted from making investments in India. But now FDI is permitted 51% for multi brand retailing and 100%for single brand retailing. Again they can enter the markets through franchises. The report concludes that, retail industry in India has a very bright future prospect as it is undergoing through a transaction phase.It is expected to enrich the Indian economy in terms of Income and employment. The retail industry in India has come forth as one of the major dynamic and fast paced industries with several players entering the market. From analysis & other reports and surveys it is quite clear that Indian retail players are now all set and ready to triumph over the organised retail sector. The Indian retail industry is now on a verge to ex perience speed actions and competitions, allowing the consumers to get the best deals out of it. 34 Chapter 5 REFERENCES 35REFERENCES 1. www. moneycontrol. com 2. www. ibef. org 3. Pricewaterhousecooper research 4. Deloitte research 5. www. Livemint. com 6. http://www. indianretailer. com/article/sector-watch/food-and-grocery/Standingagainst-each-other-1489/ 7. Business monitor international(Indian retail report Q1,2012) 8. ASA & Associates report, August 2012 9. http://www. punebds. com/pf. asp 10. http://www. managementparadise. com/forums/principles-management-p-o-m/208682pest-analysis-retail-industry. html 11. http://encyclopedia. thefreedictionary. com/PEST+analysis 12.