Rice And Genetic Engineering Essays - Rice, Oryza Sativa

Rice And Genetic Engineering Rice is the fundamental nourishment for around 33% to one-portion of the total populace. A develop rice plant is generally two to six feet tall. In the first place, one shoot shows up. It is trailed by one, two, or more branches creating. There are at least five or six empty joints for each tail, and a leaf for each joint. The leaf of the rice plant is for some time, pointed, level, and hardened. The most elevated join of the rice plant is known as the panicle. The rice grains create from the panicles. (Jodon, 300) Rice is characterized in the grass family Gramineae. Its sort is Oryza and species O. sativa. It is ordinarily developed for food in Asia. A few assortments of rice incorporate red rice, glutinous rice, and wild rice. (Jodon, 303) The piece inside the grain contains the greater part of the nutrients and minerals (298). The piece contains thiamine, niacin, and riboflavin (299). Rice has numerous foes that demolish a lion's share of the rice crops. The hatchlings of moth, stem borers, live in the stems of the rice plants. A few bugs suck the plant juices or then again bite the leaves. Winged animals, for example, bobolink, Java sparrow, or paddybird, would eat the seeds or grains. Ailment causing components, for example, organisms, roundworms, infections, and microbes additionally pulverize the rice plants. Impact infection is brought about by growths which causes the panicles containing the grains to break. (Jodon, 300) There are different kinds of rice developed everywhere throughout the world. A dominant part of rice developed is developed rice. At the point when rice is developed with water remaining on the fields, it is called swamp, wet, or watered rice. Rice plants developed in specific parts of Asia, South America, and Africa are called upland, slope, or dry rice on the grounds that they are raised on raised terrains that can't be overwhelmed, however with abundant precipitation. Wild rice is developed along lake shores of Canada and the Great Lakes. It is normally eaten by individuals in India. Scented rice is the most costly on the grounds that is has long grains and tastes like popcorn when cooked. Glutinous rice is waxy rice devoured by Asians. It is cooked to a clingy glue and is utilized for cakes furthermore, sugary treats. (Jodon, 299) Rice was thought to have begun in southeast Asia when Alexander the Great attacked India in 326 B. C(Jodon, 303). Further research uncovered that rice was developed around or at the Yangtze River in China, around 4000 to 11,500 years back. One paleologist, Toyama, reviewed information on 125 examples of rice grains, plant remains, husks, and different components from various locales along the length of the Yangtze River. He revealed that the most seasoned examples. . . are bunched along the center Yangtze in Hubei and Hunan regions. Tests from the upper and lower bits of the Yangtze River were seen as more youthful, around 4,000 to 10,000 years of age. This example.. .proposes that rice development began in the center Yangtze and spread from there. Archeologists see over a time of exhuming of the Yangtze Waterway and close by destinations to affirm that the Yangtze River is the place rice was first developed. (Normille, 309) The Greeks scholarly of rice when Alexander the Great attacked India around 326 B. C. Spain was acquainted with rice when it was vanquished by the Moors during the 700's A.D. Spain at that point acquainted rice with Italy, around the 1400's. The Spanish additionally acquainted rice with the West Indies what's more, South America, around the 1600's. Rice was acquainted with the United States at the point when a Madagascar transport docked in the Charleston, South Carolina harbor. The boat skipper gave the representative a sack of seed rice. It was then developed in states south of the Ohio River and east of Mississippi. (Jodon, 303) Rice is typically developed in swamp fields isolated by earth dividers (Jodon, 300) A lion's share of the rice crops are developed with water remaining on the fields (Jodon, 299). On level land, these paddies and soil dividers are worked in wavy or straight lines. On slope like land, they follow the inclines and structure paddies that ascent like advances. The soil dividers are utilized to hold in water for the fields. (300) Cultivation of the rice plant requires controlling the water gracefully and weeding the rice fields. Water must be two to six inches deep for the seeds to sprout appropriately. After the grains sprout, the water is depleted. The rice plant is at that point developed by hand. (Jodon, 301) Besides steaming the rice for utilization, it is likewise utilized for different items. Enhanced rice

Online learning of Arabic language Essay Example | Topics and Well Written Essays - 3000 words

Internet learning of Arabic language - Essay Example A survey of important writing identified with the difficult zone to recognize different devices and techniques that were utilized follows. This furnishes the engineer with different techniques to look over for use in the venture. A procedures segment goes with the same pattern to clarify how cascade techniques is instrumental to the acknowledgment of the task objectives. Toward the finish of this report, helpful proposals from the entire research are made to guarantee smooth making of the undertaking. ... This has intensified the interest for individuals to learn and know different dialects that they never knew from the beginning. In the previous years, there has been an expansion in the quantity of people charmed in the information on Arabic language. This can be pointed towards the expanded exchange between the western world and the Middle East. Numerous English talking masses might want to know Arabic and speak with the individuals from the Middle East adequately (Gleick, 1992). This is a task report ingested on the online language learning venture that I might want to make. I might want to fabricate an online language learning site that would give different English clients the basic apparatuses for learning Arabic. Anyway to begin this task, a ton of writing on the issue is important to guarantee that there is a right comprehension of the branch of knowledge. To begin the venture, it is important to follow all the means in the framework improvement life cycle. Above all else, it w as important to initially begin with the necessities examination. During the examination stage, a few online language learning sites were utilized to know the client prerequisites essential for the consummation of the undertaking. Scanning for related writing to the subject was done using Google web crawler. The pursuit was a triumph and yielded numerous writing identified with the subject. Be that as it may, just 10 of the writing which included basically of companion investigated articles were utilized. The articles were picked dependent on their importance to the subject of conversation and that they were so compelling to the acknowledgment of the last undertaking. To realize the best techniques to use in the report, it was important to take a gander at all the strategies that were accessible for utilize and pick the most

Useful Argumentative Essay Topics For D&D Games

Useful Argumentative Essay Topics For D&D GamesCritique essays do not have to be too difficult when the essay topics are armed with useful D&D argumentative essay topics. These topics are presented to the student in a strategic way so that it is easier for the student to grasp the subject matter of the essay.The argumentative essay topics for the d&d are great ways to learn the important principles of role-playing games. Many of the games are based on a party system that encourages interaction between players. Thus, the essay is able to gain more information about the character and the game it is playing.In addition, the argumentative essay topics are designed to familiarize students with the rules of D&D. Since the game is generally simple and play-able, there is an opportunity for the student to learn all the finer points. This is a great way to understand what is expected from the D&D games.Another benefit of using the argumentative essay topics is the ability to use critical thin king skills. The students can research the rules of the game and use critical thinking techniques to analyze the facts surrounding the game. Students can also review the facts about the game in light of their current knowledge about the major themes of the games and then prepare themselves to analyze the facts.This is a key skill that many people lack. The argumentative essay topics will help the students develop this important skill. It is good for them to know that they can always do a review at the end of the essay if they find some facts that they don't understand or facts that were left out.It is also important for the students to be able to reason out logically the things that they learned about the game as they move through the topic of D&D.They need to be able to justify their arguments and help to create new ones if needed.The critical analysis is an integral part of learning how to write an argumentative essay. Critical analysis provides valuable information to a student a bout the topic of the essay. A good argumentative essay topic will require this type of critical analysis in order to stand up in the eyes of a reader.Using the arguments in conjunction with the other skills, a student will be able to create a very effective discussion board. It will help the student to find many points that he or she can discuss with others and present the best information to the readers.

Developmental Tasks Of Adolescence And Development

There are multiple developmental tasks of adolescence and within this essay you will be able to fully understand 5, Physical development, motor development, Cognitive development, information processing, and language development. Each child will undergo different physical changes in development according to our text Development Through The Lifespan, â€Å"Children grow slower in early childhood and they become longer and leaner† (216). Growth centers will emerge within the skeleton and as baby fat falls off, children gradually become thinner. Along with physical development the skeletal growth and brain development increases. According to Laura Berk, â€Å"Areas of the prefrontal cortex devoted to various aspects of executive function develop rapidly. The left cerebral hemisphere is especially active, supporting preschoolers’ expanding language skills and improved executive function† (217). Several of the areas of the brain make improvements during childhood and overall increase the coordinated functioning of the central nervous system. The second developmental task is motor development. According to our text Development Through The Lifespan â€Å" As the child’s center of gravity shifts toward the trunk, balance improves, paving the way for new gross – motor achievements†(223). Improved control of the hands and fingers leads to dramatic gains in fine motor skills. Preschoolers then gradually become more self-sufficient. The third developmental task is Cognitive development, whichShow MoreRelatedThe Development Of An Individual And The Aspects Within Psychology1566 Words   |  7 PagesPrior to Developmental Psychology, the summarized articles will indicate the development of an individual and the aspects within psychology. Developmental Psychology is the study of the way a human change over time throughout their life. 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Study And Analysis Of Commodity Markets Finance Essay - Free Essay Example

Sample details Pages: 12 Words: 3474 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? A commodity market is a place in where basic, unprocessed (raw) materials and primary products are traded in exchange of money or other commodities. Our first key term is commodity in the definition. There five main categories of commodity that are traded: Grains: corn, wheat soybean, etc. Don’t waste time! Our writers will create an original "Study And Analysis Of Commodity Markets Finance Essay" essay for you Create order Energy Products: crude oil, heating oil, gasoline, natural gas, etc. Metals: gold, silver, platinum, etc. Softs: food and manucaturing products such as cotton, coffee, etc. Livestock And second key term is market. Trading activities (buying and selling) occur in regulated markets, that are called commodity exchanges, via standardized contracts; or in OTC (Over-the-Counter) markets via physical transactions. As it appears from the explanations, commodity markets are like equity markets. However, instead of buying and selling shares, participants buy and sell commodities. There are currently 48 large commodity exchanges trading approximately 100 different types of commodity around world. Another key term, that doesnt exist in the definition, is fungibility that is the best way to understand commodity markets. Fungibility is the property of a good or a commodity whose individual units are capable of mutual substitution. For example, there is no difference between gr apes in Buca and in ÃÆ'†¦Ãƒâ€¦Ã‚ ¾irince. And gold, it is same in China and in Turkey. Other examples of highly fungible commodities may be crude oil, wheat, orange juice, natural gas. How does fungibility help buyers and sellers? By this way: It allows them trade huge quantities of oil, frozen orange juice, cotton, wheat without considering who, where, when produces; as long as quality of the products meet certain guideliness. Agrarian products must be in raw form; for example wheat-not flour or corn-not cornmeal. Also for perishable commodities there are some certain guidelinesses, as well. For example; orange juice must have adequate shelf life in order to be traded in commodity markets. HISTORY OF COMMODITY MARKETS According to studies, commodity markets in Sumer were known as the oldest and the primitive form of todays commodity markets. Small baked clay tokens in the shape of sheep or goats were used in trade. Sealed in clay vessels with a certain number of such tokens, with that number written on the outside, they represented a promise to deliver that number of sheep and/or goat. Moreover, a promise included time and date of delivery. So that, the clay vessels were like a modern future contracts. In ancient Greece and Rome, The Agora and The Forum were served as distributions centers for commodities brought from different edges. After the fall of these civilizations, experiences on commerce were transfered to feudal times. Merchants, craftmen, promoters arranged regional fairs at fixed times and places to sell commodities more than food like gold, silver, spices, cloth, wood, etc. With these regional fairs, the immediate predecessors of modern future contracts that to arrive contracts s tarted to be used. These were simple agreements to purchase designated goods when they arrived by ship, and they were used for centuries when shipping was the primary mode of international trade. Number of traditional regional fairs was decreasing, as transportation and communication were becoming easier and faster. Specialized market centers; called Fourse, Boerse, Beurs; were developed in Europe, the USA and Japan. In 1700, Japanese merchants stored their rice in warehouses for future use in order to assure continous supply of rice. Warehouse holders sold receipt against the stored rice. They were called as rice tickets. The tickets were used as forward contracts. In early 1800s, in Chicago, farmers were producing crop, meat, milk, etc. and carrying the products from their villages to city centers. The supply was high and the demand couldnt match enough, so that the prices stayed at low-level. Moreover, there was no enough warehouse to store excess supply. The following year s, there were years of crop failure and extreme shortages. Although Chicago was a natural hub for trade, the trading was unefficient and unorganized until a group of businessmen formed Board of Trade of the City of Chicago. The Board offered a centralized location for cash trading of a variety of goods as well as trading of forward contracts. Members served as brokers who facilitated trading in return for commissions. These standardized forwards were essentially the first modern futures contracts. HOW A COMMODITY MARKET WORKS In this section, two distinct forms of commodity markets and their characteristics, and also trading processes are held in order to explain that how commodity markets work. Moreover, two main type of investors are compared for better understanding of commodity exchanges. The two distinct forms of commodity markets are OTC (Over-the-Counter) Markets and Exchange Based Markets (Standardized Markets). Firstly, an OTC market that is also called spot market has specific, small range of commodities depending on its geographical location; since OTCs are regional markets and participants are usually local people like wholesellers, farmers, processors, etc. Participants; for example, farmers or wholesellers; cannot trade in OTCs by themselves. Instead, broker of a farmer negotiates quantity, quality and price of a commodity with broker of a buyer on behalf of the farmer. When the brokers reach an agreement, physical delivery happens generally at that time or with a minimum lag because of delivery constraints. Thus, it can be said that almost all agreements in OTCs are delivery based. In determination of price of each commodity, the supply-demand principle is valid. If supplies meet demands, prices will be low. So that, buyers gain from the transactions made with sellers. On the other hand; if demands excess supplies, prices will soar. In this circumstance, sellers are expected to enjoy with high-level margin. Although, a participant predicted that prices would decrease or increase before, he/she cannot avoid his/her losses in today, in OTC market. Because the prices have been already determined by the market (based on the principle of supply-demand), not by the participant; and the participant cannot control the prices. Secondly, commodity exchanges that are also called as standardized commodity markets have crucial role in terms of trade volume and risk hedging in the two forms of commodity markets. Majority of derivative trading takes place in commodity exchanges. For that reason, commodity exchanges are supposed to be similar to equity derivative markets in their working. Briefly, a commodity exchange performs three valuable functions. It sets rules and regulations to promote uniform practices between buyers and sellers in the market. It provides the machinery for settlement of business disputes. It instantly circulates valuable price and market information to exchange members, their customers and other interested market participants. But, how does a participant trade in a commodity exchange? There are many types of commodities that are traded in the same commodity exchange, although certain commodies are usually traded in specific markets. Each commodity is traded in its own section by future contracts and, as in OTC markets, transactions and agreements are made by brokers; instead of farmers, processors, investors, wholesellers, etc. When a participant decides to buy/sell a future contract of spefic commodity with certain amount and defined qualitydelivery time at a desired price level, the participant let his/her broker know. Then, the broker converts the participants demand into transaction on behalf of him/her. After all, the participant has a future contract with a specific characteristic. In OTCs, all participants are supposed to make physical delivery at agreed time. However in commodity exchanges, most investors sell their contracts and take cash before delivery time. It has been observed world-over that only 2% of all the trades result in actual delivery. Why do investors use future contracts if they dont will to have the commodity physically? The answer is held below Impacts of Commodity Markets on Investors detailed. Lastly, there are two types of participant in commodity exchanges. One is hedger and the other one is speculators. Hedgers are primarily comprised of businesses that actually use the commodities they are trading. The essential aim of hedgers is to fix price of th e commodity they are trading until delivery time written on the future contract and to decrease their losses to minimum level because of unforeseen fluctuations in the spot market. Farmers, mining companies, wholesalers are examples of hedgers who use futures contracts as a kind of insurance for their businesses. However, speculators use future contracts only for making profit by using fluctuations of price levels. They are not interested in taking physical delivery of commodity. Speculators watch markets closely and forecast potential decreases or increases in the future in price levels. Then, they take long position (if prices are expected to rise) or short position (if prices are expected to fall) and if their forecasts come true, they gain from transactions they made. THE LARGEST COMMODITY EXCHANGES IN WORLD In the world there are lots of commodity exchanges that have some specific features and also have some common features. We can list some commodity markets from all over the world but in this section we will emphasize three largest largests commodity markets in whole world. New York Mercantile Exchange (USA) The New York Mercantile Exchange(NYMEX) is the largest commodity futures Exchange and it is located in New York city. It has two different divisions as NYMEX and COMEX. In earlier they have been managed by different companies but in 2008 NYMEX had bougth by same company that have COMEX and now they are managed by the CME Groups. CME Groups also owns Chicago Mercantile Exchange and Chicago Board of Trade. If we look at history, we can realize that commodity exchanges began with narrow perspectives. Some of Manhattan dairy merchants got together for trade of butter and cheese under the Butter and Cheese Exchange of New York. Then they added egg to their trade transactions. In 1882 they modified and add dried fruits,canned goods and poultry in the name of New York Mercantile Exchange. COMEX is younger than NYMEX. In 1933 National Metal Exchange, Rubber Exchange of New York, National Raw Silk Exchange and New York Hide Exchange got together to established COMEX. On August 3, 1994 , the NYMEX and COMEX finally merged under the NYMEX name. In NYMEX division the commodities that are sold and bought; coal, crude oil, electricity, gasoline, heating oil, naturel gas, palladium, platinum, propane and uranium. In COMEX division the commodities that are traded; aliminum, copper, gold and silver. The board of directors of CME Groups and NYMEX is same. Because as we mentioned before NYMEX is subsidiary of CME Groups. The Chief Executive Officer is Craig S. Donohue. He has been as member of board since 2004. Terence A. Duffy has served as Executive Chairman since 2006. Mr. Charles P. Carey has served as Vice Chairman for CME Groups. These people are just three members of board of director but there are other chairmans who has significance role in company. Tokyo Commodity Exchange (Japan) The Tokyo Commodity Exchange (TOCOM) has some different features in accordence to other commodity markets. Its basic difference is being non-profit organization. It regulates trading of future contracts and option products of all commodites in Japan. The future contracts include metals (gold, silver, platinum, aluminum, palladium), oil (crude oil, kerosene, gasoline). The option is about just gold. The Tokyo Commodity Exchange was established in 1951. This date is foundation of Tokyo Textile Exchange. This organization is approved of origin of trading commodities in Japan. Tokyo Rubber Exchange , Tokyo Gold Exchange and Tokyo Textile Exchange were merged into Tokyo Commodity Exchange. Tokyo Commodity Exchanges principal business can be defined as opening and operating commodity markets necessary for dealing in futures of the commodities listed (precious metals, rubber, aluminum, oil) on the markets based on the Commodity Exchange Act. Board of directors; CEO of TOCOM is Tadashi Ezaki ,Umetaro Nagao is senior executive managing officer and also it has eight more directors in board of directors. TOCOM is giving service to their members as forum which they can access fair prices and helps them who wants to hedge risk. TOCOM is largest commodity market in Japan. In 2009, 81.2% of all commodity futures were conducted in Japan, were handled by TOCOM. The other commodity exchanges in Japan like Tokyo Grain Exchange, Central Japan Commodity Exchanges and Kansai Commodity Exchange have little impact on market. From geographic view TOCOM has significance role in Asia commodity market. It leads Asias countries in accordance to trading commodites. They modifies commodities for needs of industries and reforming its markets desing. NYSE-Euronext (EU) NYSE Euronext Inc. Euro-American incorporation that operates multiple security exchanges. Generaly as known NYSE, Euronext and NYSE Arca are included NYSE Group. This group also has non-profit organization that Self Regulatery Organization for observing securitiy trade transactions within the NYSE Group. NYSEs origin relies on 1792, in New York city 24 stockbrokers signed Buttonwood Agreement and this agreement consists of base of trade policies between investors and issuers. In 2008 . NYSE Euronext welcomed to historic American Stock Exchange in worlds largest and most liquid Exchange groups. Combination of NYSE and Euronext are accepted a milistone for financial market by financier. NYSE completed its acquisition of Archipelago Holdings via a double dummy merger in 2006. NYSE Group became a profit organization and its securities are traded publicly under NYX ticker. Merger of NYSE and Euronext occured in 2007 and this event bruoght together Euro marketplace and American mar ketplace whose histories strected eachother for long time. The purpose of this combination is creating a huge market that combine worlds largest two markets. Threre is complex history of NYSE and Euronext. First of all NASDAQ acquired Londan Stock Exchange and then Deutsch Bà ¶rse. SEC controled and regulated this mergers. Merger process has gone on step by step and nearly all Euopan exhanges market combined to NYSE-Euronext. The major NYSE Euronext locations are ; Euronext Amsterdam(Amsterdam Holland), Euronext Paris(Paris France), Euronext Lisbon(Lisbon Portagul), Euronext.liffe(London England),   NYSE Arca(Chicago,  Illinois,  United States of America), NYSE, Headquarters(New York City,  New York,  United States of America), AMEX(New York City,  New York,  United States of America), NYSE Arca (formerly  Pacific Exchange), Euronext Brussels(Brussels,  Belgium  ). Regulation of NYSE Euronext; NYSE Euronext and Financial Industry Regulatory Authority(FINRA) made an agreement on 4 May 2010 about overseeing security exchanges and enforcement fuctions of NYSE Euronext. They announced this regulation standarts for NYSE subsidairies. FINRA controls that the NYSE subsidairies operations are suitable to NYSE Euronexts regulotary subsidairy of NYSE Regulation. During the 19th century NYSEs board of director are unsalaried persons who are willing to operate NYSE and also kepin a position as insurer or issuer. In 1938 they modified Exchange and brought it to more profesional condition and they conducted a reliable and more professional board of directors. Between 2002 and 2005 the president an co-chief operating officer was Robert G. Britz and between 2006 and 2007 co-chief operating officer was Gerald G. Putnam and finally in 2008 Catherina R.Kinney is responsible for this position. If we look at chief executive officer, we will see two significance person. Once that John A. Thain was Chief executive officer between Jan.2004-Nov 2007. The otherone took over the position and have been going on this position ,Duncan L. Niederauer. NYSE Euronext has large product division. There are lots kinds of cash equites that largest cash equity market in whole world. Also it has futures ,options and bonds. IMPACTS OF COMMODITY MARKETS ON ECONOMIES INVESTORS Impacts on Economies Commodity markets is highly active and central to the global marketplace. Due to its highly competitive nature, the future market has become an important tool to determine commodity future prices and current prices with considering estimated amount of supply and demand. Prices are effected by information flow about commodities such as weather conditions or another conditions which effect the supply and demand from around the world. This kind of information and the way people absorb it constantly changes the price of a commodity. This process is known as price discovery. There is no doubt that commodity exchange is a necessity for developing and still underdeveloped countries which economy based on agriculture, species, metals, crude oil and natural gas. Countries have a chance to market our commodity this markets easily so that Financial and Capital markets will be vitality and fullness than before. Also using commodity markets provide that foreign trade will increase, developme nt of economy pick up speed. Using Commodity Exchange ensures that as follow; Contributes to economy more efficient use and distribution of sources. So provides standardization of commodities. Increases level of development of financial markets. Takes part in advanced markets and provides the integration of these markets. Increases efficiency of market and derivatives markets increase the rate of circulation of money by offering alternative investment opportunities for the money circulating in financial markets so increase liquidity of economy. Provides a realistic prices in international market conditions. Markets spread wide bases and prevented shallowness and easy manipulation affected by price movements. And this way markets operate in stability and confidence. Impacts on Investors Existing and doing business on commodity exchange, together with use of different financial derivatives bring benefits to all participants. Future contracts can be used as a means of protection. It provides protection of future price uncertainity. It largely reduce price risk when making purchases, increases liquidity of market and open a lot of space to increase and secure profit. Purpose of futures is transfer the risk from one party to another and to protect against price fluctuations. Speculation has become an important factor in these market. Consumer use futures to protect themselves against a rise in the price of commodities. On the other hand investors use future to speculate on future price changes. Theoretically the speculator assumes the price risk that the hedger is seeking to minimize. Consumer of commodity gets information about prices from the exchange, After the evaluation of price and commodity to ensure commodity over the stability price so account the costs and selling prices with less risk there is less chance of producers hiking up prices to make up for profit losses in the cash market. If produce more cheaper than foreign competitors, they can export to the world and provide foreign exchange return to the own economy. In the commodity markets it is possible to get a position with less capital. Someone who knows the market but can not get a position because of less capital take a futures and obtain high returns. And should be noted that gain can be less than losses even more than entry of contract price. RECENT TRENDS IN GLOBAL COMMODITY MARKETS In the middle of 20th century commodity markets importance have been noticed by people. Nowadays the investors,issuers and finance specialists realizes that commodity markets should be investigated and considered on it because of high expected returns. Commodity markets are very huge contents. Lots of products are trading in commodity markerts. For example as agriculture and food rice ,coffee, dried food, wheat, fruitsÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ we can increase the number of product.Industry products are cotton, crude oil or as metals copper, aliminuimÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ At below we select and mention two important commodities market because of hugeness of commodities markets. AgricultureFood: World market prices of major agriculture and food have increased sharply that more than %60 in last two years. Also retail food prices are increasing all over the world. This increment depends on some circumstances like weather, transportation, demand and supplyÃÆ'  ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦Some factors reflect underlying trend for supply and demand for agriculture products. Also we can say that increments of agriculture products are related to other commodity products like oil. We listed some supply factors and demand factors that result in increment of agriculture produt prices: Demand factors; increasing population ,rapid economic growth, declining demand for stocks of food commodities, rapid expansion biofuels production, aggressive purchases by importers and importer policies. Supply factors; slowing growth in agriculture products ,ascalating crude oil product, rising farm production cost, adverse weather and exporter policies. Note: Each year small percentage of agriculture land has been converted non-agriculture land. Oil commodities: Oil commodities are first formly traded and most widely energy commodities. Fluctuations in the oil markets are particular political interests. Some commodity market speculation is directl y related to the stability of certain states, e.g. during Persian Gulf War, speculation on the survival of the regime of  Saddam Hussain  in Iraq. Similar political stability concerns have from time to time driven the price of  oil. In oil market political conditions of oil countries is very important for stability and prices of oil. Middle East countries(who has huge amount of world oil) are playing a key role for prices. In oil crisis times prices are rapidly increasing as result of countries politics. Nowadays prices are increasing in all countries but with different amounts. Specialists have made some investigation about resources of oil that they assume that oil resources have life of 40-50 year. The world should find out new resources instead of oil. Accourding to this assumption we can think that when supply of commodity decrase , the price of commodity is increase.

American Culture And The Phenomenon Of The Freshman 15

American Culture and the Phenomenon of the â€Å"Freshman 15† Society in America today has become weight obsessed. Every channel on TV, every magazine cover, and every form of social media always has something that can relate back to weight and the obsession of losing it. This emphasis on weight and being skinny has formulated this more recent notion of the â€Å"Freshman 15†. This phenomenon of freshman going away to college and gaining fifteen pounds during their first year has become something that is seen as inevitable to some degree. However, more recent studies have proven this phenomenon false and most students gain a lot less than the stated fifteen pounds during their first year. There has been in depth research into the topic that looks†¦show more content†¦There is hope however; the â€Å"Freshman 15† or any sort of weight gain is preventable. The â€Å"Freshman 15† is a term used to describe the average amount of weight gained during the first year of college. This significant weight gain may be true for some students, but most only gain less than five pounds. Some students are even able to lose weight during their first year of college. There are many alleged causes to blame for this gain, some of them include overeating, late night snacking, limited dining hall food options and alcohol consumption. Avoiding weight gain can be very challenging, especially for people who were used to playing sports their entire lives but didn’t continue at the college level. Fitting in time to exercise and finding motivation to workout can be difficult without some driving force. In a study conducted by Lauren Penney, she interviewed women and asked them their work out tendencies during their freshman year of college. (see table 3) Table 3. Frequency of Exercise Freshman Year of College (n=22) Regularly 10 (45%) Every once in awhile 9 (41%) Every once in awhile to hardly ever 2 (9%) Hardly Ever 1 (5%) There have been all different studies that investigate this topic. Many different factors have to be considered when looking into a study such as where it took place, how many students were studied, over what period of time, the major of the student, and are they

Online Dating Sites And Mobile Dating Apps Essay Example For Students

Online Dating Sites And Mobile Dating Apps Essay The dating world has evolved tremendously over the year, more now than ever with technology. Today Americans are increasingly looking for love online through online dating sites and mobile dating apps. Data from the Pew internet reveals that 15% of Americans have used online dating (Smith,2016). A recent study showed that 542 people married every day in U.S due to the famous online dating site eHarmony. On average, through eHarmony  more than 1 million Non-married people said they were in faithful relationships with an eHarmony match. Match.com  reports that one in five new relationships, and one in six new marriages occur between partners who met using an online dating service but before the commitment of a relationship, little is known regarding the initial meeting when partners choose to meet each other in person. Online dating sites promote initial interaction between prospective romantic partners. Once the beginner phase has been established, the question now is, when should I meet him/her in person? 65% of online daters in Whitty and Carr s (2006) study reported arranging face to face meetings within one week of their initial online meeting. This encounter is essential because it provides additional cues that could either increase or shrink online daters perceptions of each other (Finkel et al. ,  2012), and therefore helps daters assess their offline romantic relationship potential (Whitty,  2008). Online daters might be unsure regarding whether it is better to meet prospective partners face to face soon after establishing online contact, or postpone offline encounters until trust is build and intimacy/interest have been established. Hence this study will indicate the effect of timing of face to face meetings prior to commu. .expectations. Ramirez and Zhang (2007) stated that partners who engaged in early interaction report a more positive POV forecast, a decline in doubt, and an increase in information seeking. Yet, individuals experiencing a late meeting with partner reported a lowered POV forecast, an increase in uncertainty, but a continued increase in information seeking. These two results imply a curvilinear association between the continuous indicator of time spent communicating online prior to meeting face to face, and daters POV upon switching to face to face contact. This study ends at the point of the initial meeting, and consequently do not offer insight into long-term success. However, it provides strong support for advancing early face to face interaction and understanding the effects of online dating interaction on outcomes resulting from initial face to face meetings.

Efficient Market Theory A Contradiction Of Terms Essays

Efficient Market Theory: A Contradiction of Terms Table of Contents Table of Contents i Abstract 2 Discussion 1-1 References A-1 Abstract According to the Efficient Market Theory, it should be extremely difficult for an investor to develop a "system" that consistently selects stocks that exhibit higher than normal returns over a period of time. It should also not be possible for a company to "cook the books" to misrepresent the value of stocks and bonds. An analysis of current literature, however, indicates that companies can and do "beat the system" and manipulate information to make stocks appear to perform above average. An understanding of the underlying inefficient "human" factors in the market equation is necessary in order to account for the flaw in Efficient Market Theory. Efficient Market Theory: A Contradiction of Terms Efficient Market Theory (EMT) is based on the premise that, given the efficiency of information technology and market dynamics, the value of the normal investment stock at any given time accurately reflects the real value of that stock. The price for a stock reflects its actual underlying value, financial managers cannot time stock and bond sales to take advantage of "insider" information, sales of stocks and bonds will not depress prices, and companies cannot "cook the books" to artificially manipulate stock and bond prices. However, information technology and market dynamics are based upon the workings of ordinary people and diverse organizations, neither of which are arguably efficient nor consistent. Therefore, we have the basic contradiction of EMT: How can a theory based on objective mechanical efficiency hold up when applied to subjective human inefficiency? As a case in point, America Online (AOL) offers a classic example of how investors can be misled by a company that uses the market system against itself. AOL, up until early November of this year, used an accounting system that effectively "cooked their books" and provided misleading figures on the company's performance. Instead of accounting for its promotion expenses and costs as a regular expense, as normal companies do, AOL spread them over two years. This let AOL report annual profits based on revenue figures derived from denying actual expenses (as cited in Newsweek, November 11 edition). By deferring those costs, AOL over the years reported profits $385 million greater than they would otherwise have been. The company then used these non-existent profits to promote itself as a money- making opportunity for both stockholders and potential investors, artificially increasing its stock prices. This accounting practice is perfectly legal, but the information was kept private for over two years. The company has recently announced that, effective immediately, promotion expenses will be charged to earnings as the expenses are incurred, the way a normal company does. AOL will also take a one-time special charge of $385 million for the "deferred" promotion costs. This effectively negated all profits reported by the company over the years and put them in a negative net cash flow situation. As a result, AOL's stock is currently listed at 35 ?, down from a high of 71 in May. This example clearly outlines a major flaw in Efficient Market Theory: If EMT relies heavily on information as the basis for determining market value, what happens if the information is manipulated? As a counterpoint, the clear assertion in the Newsweek article is that most normal companies do not use such accounting practices, however legal, to falsely report superior performance. EMT states: Fundamental analysis cannot produce investment recommendations that will enable an investor consistently to outperform a buy-and-hold strategy in managing a portfolio (Malkiel, 1990). The corollary of the theory must also then be true. An investor cannot be hurt by the market because the stock value of a poor or overvalued performer already reflects that fact in its price. The available information would indicate to investors that certain stocks are overvalued and subject to rapid decline. The availability of public information did finally force AOL into disclosing the ruse and changing its accounting practices, and coincidentally, lower the stock value to its true worth. The argument that Efficient Market Theory was working in AOL's case is that the investors were protected from precipitous loss because the system adjusted the stock price to reflect the actual value of AOL stock. The previously high price did indicate the value of the stock based on the accounting practices then in effect, however misleading they may have been. At the moment that the company decided to change the accounting practices, the value of the stock then was corrected to the actual lower value. This could, reasonably, be viewed as a repudiation of EMT.

Gmo Lab Report Essay Example

Gmo Lab Report Essay Example Gmo Lab Report Paper Gmo Lab Report Paper At this rate, Genetically Modified Organisms within food products will increase dramatically, but is this for the best? There are many sis factors that have been brought up with genetically modified foods such as potential increase of cancer according to a French study conducted by Dry. Giles Eric Israelis (Kalmia, 2012). Genetically modified food is a popular subject among scientists, as it has been researched quite often. A study was done in the Czech Republic over a course of five years (2002-2007) to test many foods, such as tomatoes and rice, for approved and unapproved Genetically Modified Organisms. Similar to the experiment conducted in the botany lab, the scientists involved in this study used a Polymerase Chain Reaction, or PC, method to determine their results Karol, Story, Localization, Rubrics, 2010). Enrich Dainties and his partners did another similar study, on soybeans specifically. Like our experiment conducted on the cornbread mix, Dainties and his colleagues followed their PC results with an Agrees Gel Electrophoresis (Dainties, Angelic, De Saints, Macaroon and Contain, 2004). An additional experiment closely related to the one performed by my partners and I is a study done in Brazil to better detect for GUM within their foods sold in markets a other places (Cardinally, Branching, Ferreira, dad Cruz and Gemmed, 2005). These articles show how GUM within odds are present all over the world. The reason my fellow group members and myself are conducting this experiment is to test a sample of processed food (in this case cornbread mix) for any existence of Genetically Modified Organisms using PC methods. : We hypothesize that the cornbread mixture has been genetically modified and therefore will show that in the results. Materials and Methods The purpose of this experiment is to use PC method to identify genetically modified foods. During the experiment we, as a group, tested a known non- GUM food sample, oatmeal, along with our cornbread mix. We first weighed out 0. 77 g f the non- GUM oatmeal. We then proceeded to add 3. 85 ml (5. 00 ml per 1. 00 g) of distilled water (DEW) to the oatmeal and ground them together with a pestle. The same was done with 0. 99 g of the cornbread mix and 4. 95 ml of DEW. We pipettes each of these into separate screw-cap tubes consisting of 500 1 of an Instigate solution. These we incubated and centrifuged for approximately 5 minutes each. We then took six PC tubes and filled them each up, 2 with the non- GUM oatmeal mixture, 2 with the cornbread mixture and 2 with a known GUM positive substance. The Non- GUM and GUM positives served as controls for the experiment. One of each of the two tubes contained 20 1 of plant MM and GUM MM. The PC tubes were then placed in a thermal cycled and after this we did an agrees gel electrophoresis to provide us with the necessary data received from bands that shouldve shown up n the gel. Results Even though we had followed procedure and accurately mixed the correct amount and type of DNA and Master Mix together, as shown in Table 1, we ended up getting shocking results. Photos were taken of the final gel slab the morning of the experiment (Fig. 1) and that same afternoon (Fig. 2). There seemed to be very little signs, if any, of Genetically Modified Organisms within he cornbread mixture. TABLE 1. PC Tube Contents: Tube Number I Master Mix I DANA | 20 1 Plant MM (green) | 20 1 Non- GUM food control DNA | 2 | 20 1 GUM MM (red) | 20 1 Non- GUM food control DNA 3 | 20 1 Plant MM (green) | 20 1 test food DNA I 4 | 201 GUM MM (red)1 20 1 test food DNA I 5 | 20 1 Plant MM (green) | 20 1 GUM positive control DNA | 6 | 20 GUM MM (red)1 201 GUM positive control DNA I FIGURE 1 . GUM Morning (AM) Agrees Gel Electrophoresis results FIGURE 2. GUM Evening (PM) Agrees Gel Electrophoresis results Discussion: The purpose of this experiment was to determine whether or not a sample of n off-brand cornbread mix had contained Genetically Modified Organisms (GUM). As a result, we determined that there were no GUM traces located in the cornbread mix. This could be due to mistakes that may have been made during the procedure such as poor measuring or mixing, misreading results, or the cornbread mix really was not made with genetically modified foods. These results disprove our hypothesis, which stated that we believed there would be GUM traces found within the cornbread mix. It was disappointing to see that we had a negative result while many of the other groups received bold nines on their rag gel indicating that their foods contained high amounts of GUM. I was glad to see that not all processed foods contain it though as in with the results of the Czech Republic study. Out of all the tomatoes and papayas they tested, not one had resulted in the detection of GUM traces (Karol, Story, Localization, Rubrics, 2010). We knew that the gel was accurately detecting GUM traces in foods by using the GUM positive control. Also to back up our assumptions that the Agrees Gel Electrophoresis results are accurate, it is shown in Adenines, and others, work. He used this method of GUM detection in is study to show that this is an effective way of detecting GUM traces (Dainties, Angelic, De Saints, Macaroon and Contain, 2004). It is interesting to see how genealogical modified foods are not only in the US but also in the Czech Republic and even in Brazil markets, where Cardinally and his associates looked into Roundup Ready soybeans and checked other substances for GUM traces (Cardinally, Branching, Ferreira, dad Cruz and Gemmed, 2005). Though I was disappointed to get negative results, I am happy that there was a variety in GUM traces within the whole lab. I dont know if we would have learned much if we all got positive results. It would cause us to just assume that all processed foods have been genetically altered.

Construction Procurement Essay Example | Topics and Well Written Essays - 1250 words

Construction Procurement - Essay Example There are different approaches to procuring projects. These approaches are complicated since they lack clarity and particular description of particular procurement routes. The common types of procurement routes available are; For this type of procurement route, the client develops the idea of the project and comes up with a budget. A consultant prepares the design and tender documents for the scope of work to be executed. It is the work of the client to appoint a suitable contractor to execute the work according to the design. The contractor has to complete the work within the specified time frame after an agreement on the contract amount. The contractor remains in a position to sublet the work although he remains liable to the client. During the execution of works, the consultant remains as the administrator, advising the contractor in matters pertaining to design, the progress of work and payment certificates ought to be paid by the client. The contractor is therefore obliged to execute work according to the design, failure of which may lead to his disqualification. To minimize these risks, some refinements are made to this method. This refinement is called Two stage tender. The contractor’s tender relies on consultant’s design partially. This is the stage 1 tender. Thereafter, the contractor will assist in the development of the design and complete tender documents. These documents are then used to develop tenders for the work to be executed (stage 2 tender).the party involved in stage 1 tender has the opportunity to participate in the construction stage. This refinement adds risks to the final tender sum, uncertainty in date of completion of the project. The only variance that is involved in this route is called contractor design portion. This involves the consultant completing most of the work in design. The contractor completes the rest. This is only applicable when special design input is needed.  Ã‚  

Geek Love Essay Example | Topics and Well Written Essays - 1000 words

Geek Love - Essay Example Degradation oddities mainly lowers lofty spiritual ideal that are correspondingly transferred to the material level, sphere of the universe and body of the prevailing individual unbreakable unity. Moreover, the powerful images of humans within the novel frequently are deformed via eating, drinking, menstruating, having sex, defecating and micturating as in the case of the Binewski offspring conducts. The physical abnormalities are conspicuous in the novel. The embracing moments of the characters of deformities revolves around assets thus depicting the interesting side of Binewskis. Despite Al and Lil resorting to the corresponding dangerous measures to offering themselves with the meal ticket depicts the high level of physical oddities in the novel, which aids in the development of the plot of the geek love (Dunn,pp 123-176). It is cumbersome to acknowledge the degree of the children’s personalities in regard to the influence by the chemicals eaten in the utero and the corresponding outcome of their abnormal upbringing. This depicts that the mental health in the Binewski family in regard to the strong suit is mainly caused by the behaviors of Arty. The novel also opens physical oddities of the Aloysius Binewski and Lilian Hinchcliff Binewski in reminiscing about the period prior to the children implying that she prefer flinging herself into the prevailing pit and bite of the heads off of the chickens. Subsequent to the marriage there exist Fabulon circuses that Al inherits depicting the hatched strategy that mainly breed a family of the bona fide freaks. Lil consume illegal and prescriptions pills, amphetamines, insecticides, and radioisotopes. Moreover, She initially deliver to Arturo the Aqua Boy who mainly flippers for the limbs then preceded by the Electra and the Iphigenia that renowned fringed twins subsequent by the Olympia, the hunchback albino dwarf.

Lobbying in Alcohol Industry Essay Example for Free

Lobbying in Alcohol Industry Essay 1. Alcohol industry in EU The economic role of the alcoholic drinks industry is considerable in many European countries. Alcohol excise duties in the EU15 countries amounted to â‚ ¬25 billion in 2001, excluding sales taxes and other taxes paid within the supply chain – although â‚ ¬1.5 billion is given back to the supply chain through the Common Agricultural Policy. Due to the relative inelasticity of the demand for alcohol, the average tax rates are a much better predictor of a government’s tax revenue than the level of consumption in a country. 1.1 Alcohol and the economy of Europe Europe plays a central role in the global alcohol market, acting as the source of a quarter of the world’s alcohol and over half of the world’s wine production. Trade is even more centred on Europe, with70% of alcohol exports and just under half of the world’s imports involving the European Union (EU). Although the majority of this trade is between EU countries, the trade in alcohol contributes around â‚ ¬9billion to the goods account balance for the EU as a whole. Price differences play more of a role in the level of legitimate cross-border shopping, where individuals legally bring back alcohol with them from cheaper countries. At least 1 in 6 tourists returns from trips abroad with alcoholic drinks, carrying an average of over 2 litres of pure alcohol per person in several countries. The economic role of the alcoholic drinks industry is considerable in many European countries. Alcohol is also associated with a number of jobs, including over three-quarters of a million in drinks production (mainly wine). Further jobs are also related to alcohol elsewhere in the supply chain, e.g. in pubs or shops. However, the size of the industry is not necessarily a good guide to the economic impact of alcohol policies – for example, trends in alcohol consumption show no crude correlation with trends in the number of jobs in associated areas such as hotels, restaurants, and bars, suggesting that the effect of changes in consumption may be relatively weak. A reduction in spending on alcohol would also be expected to free consumer funds to be spent on other areas, with the economic impact depending on the exact nature of the new expenditure. While further research needs to be done on this issue, current evidence from alcohol and other sectors suggests that declining consumption may not necessarily lead to job losses in the economy as a whole. Based on a review of existing studies, the total tangible cost of alcohol to EU society in 2003 was estimated to be â‚ ¬125bn (â‚ ¬79bn-â‚ ¬220bn), equivalent to 1.3% GDP, which is roughly the same value as that found recently for tobacco. The intangible costs show the value people place on pain, suffering and lost life that occurs due to the criminal, social and health harms caused by alcohol. In 2003 these were estimated to be â‚ ¬270bn, with other ways of valuing the same harms producing estimates between â‚ ¬150bn and â‚ ¬760bn. While these estimates consider a number of different areas of human life where alcohol has an impact, there are several further areas where no estimate has been made as it was impossible to obtain data. Similarly, while the estimates take into account the benefits of alcohol to health systems and loss of life (valued intangibly), there is no research that would enable the other social benefits to be evaluated. 1.1 The use of alcohol in Europe The EU is the heaviest drinking region of the world, although the 11 litres of pure alcohol drunk per adult each year is still a substantial fall from a recent peak of 15 litres in the mid-1970s. The last 40 years has also seen a harmonization in Austria, Belgium, Denmark, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, and the United Kingdom. Most Europeans drink alcohol, but 55 million adults (15%) abstain; taking this and unrecorded consumption into account, the consumption per drinker reaches 15 litres per year. Just under half of this alcohol is consumed in the form of beer (44%), with the rest divided between wine (34%) and spirits (23%). Within the EU15, northern and central parts drink mainly beer, while those in southern Europe drink mainly wine (although Spain may be an exception). This is a relatively new phenomenon, with a harmonization visible over the past 40 years in the EU15. Around 40% of drinking occasions in most of the EU15 involve consuming alcohol with the afternoon/evening meal, although those in southern Europe are much more likely to drink with lunch than elsewhere. While the level of daily drinking also shows a north—south gradient, non-daily frequent consumption (i.e. drinking several times a week but not every day) seems to be more common in central Europe, and there is evidence for a recent harmonization within the EU15. While 266 million adults drink alcohol up to 20g (women) or 40g (men) per day, over 58 million adults (15%) consume above this level, with 20 million of these (6%) drinking at over 40g (women) or 60g per day(men). Looking at addiction rather than drinking levels, we can also estimate that 23 million Europeans (5% of men, 1% of women) are dependent on alcohol in any one year. In every culture ever studied, men are more likely than women to drink at all and to drink more when they do, with the gap greater for riskier behaviour. Although many women give up alcohol when pregnant, a significant number (25%-50%) continue to drink, and some continue to drink to harmful levels. Patterns in drinking behaviour can also be seen for socio-economic status(SES), where those with low SES are less likely to drink alcohol at all. Despite a complex picture for some aspects of drinking (with some measures showing opposite trends for men and women), getting drunk and becoming dependent on alcohol are both more likely among drinkers of lower SES. Every country in the European Union (EU) has a number of laws and other policies that set alcohol apart from other goods traded in its territory, often for reasons of public health. Despite the ubiquity of alcohol policies, just under half the EU countries still do not have an action plan or coordinating body for alcohol. Even so, most countries have programmes for one aspect of alcohol policy, of which school-based education programmes are the most common throughout Europe. All countries also have some form of drink-driving restrictions, with everywhere except the UK, Ireland and Luxembourg having a maximum blood alcohol limit for drivers at the level recommended by the European Commission (0.5g/L). However, many European drivers believe that there is only a slim chance of being detected a third overall believe they will never be breathalyses, although this is lower in countries with random breath testing. Sales of alcohol are generally subject to restrictions in most EU countries, in a few cases through retail monopolies but more often through licences, while the places that alcohol can be sold are frequently restricted. Over one-third of countries (and some regions) also limit the hours of sale, while restrictions on the days of sale or the density of off-premise retailers exist in a small number of countries. All countries prohibit the sale of alcohol to young people beneath a certain age in bars and pubs, although four countries have no policy on the sale of alcohol to children in shops. The cut-off point for allowing sales to young people also varies across Europe, tending to be 18 years in northern Europe and 16 years in southern Europe. Alcohol marketing is controlled to different degrees depending on the type of marketing activity. Television beer adverts are subject to legal restrictions (beyond content restrictions) in over half of Europe, including complete bans in five countries; this rises to 14 countries for bans on spirits adverts. Billboards and print media are subject to less regulation though, with one in three countries (mainly in the EU10) having no controls. Sports sponsorship is subject to the weakest restrictions, with only seven countries having any legal restrictions at all. The taxation of alcoholic beverages is another consistent feature of European countries, although the rates themselves vary considerably between countries. This can be seen clearly for wine, where nearly half the countries have no tax at all, but one in five countries has a tax rate above â‚ ¬1,000, adjusted for purchasing power. In general, the average effective tax rate is highest in northern Europe, and weakest in southern and parts of central and eastern Europe. Four countries have also introduced a targeted tax on alcopops since 2004, which appears to have reduced alcopops consumption since. When the different policy areas are combined into a single scale, the overall strictness of alcohol policy ranges from 5.5 (Greece) to 17.7 (Norway) out of a possible maximum of 20, with an average of 10.8. The least strict policies are in southern and parts of central and eastern Europe, and the highest in northern Europe – but the scores do not all decrease from north to south, as seen in the high score in France. This picture of alcohol policy is very different from the one visible fifty years ago, with the overall levels of policy now much closer together, largely due to the increased level of policy in many countries, particular in the area of drink-driving where all countries have a legal limit. Marketing controls, minimum ages to buy alcohol, and public policy structures to deliver alcohol policy are also much more common in 2005 than in 1950. Main interest groups in the industry and their leader in lobbying activities Eurocare: Who we are and what we do Eurocare, is an alliance of around 50 voluntary and non-governmental organizations across Europe created in 1990, working on the prevention and reduction of alcohol-related harm2 . One of the main goals is to promote the prevention of alcohol-related harm in European Union decision-making; this is achieved by monitoring all EU level policy initiatives, and carrying out advocacy campaigns directed at the European Commission (EC) and the European Parliament (EP) to ensure that alcohol issues are included in relevant policy discussions. The catalyst of our work in recent years (and the concrete result of fifteen years of lobbying) has been the â€Å"EU Strategy to Support Member States in Reducing Alcohol Related Harm†, published by the Directorate General for Health and Consumer Protection (DG Sanco) of the European Commission in October 20063. A cornerstone of this strategy is the recently launched Alcohol and Health Forum, a multistakeholder platform bringing together the industry and well as NGOs4 pledging to commit to concrete actions to reducing alcohol-related harm. The cross-sectoral nature of alcohol policy includes the Television Without Frontiers Directive (concerned with young people’s exposure to alcohol advertising), Minimum Excise Duties (a report from the EP proposed to scrap these in order to avoid cross border trade and smuggling), and Labeling (the EC is to present a draft Directive on labeling at the end of the year).For Eurocare, lobbying on alcohol presents several difficulties: first the EU has limited competence to legislate in the domain of public health5. DG Sanco’s Alcohol Strategy is thus useful for advocacy in Member States; at EU level, it has allowed alcohol to secure a place on the political agenda, despite being weakened by the influence of the Commission’s more powerful â€Å"big brothers† (DG Trade, DG Market, DG Agriculture, etc.) (Ulstein 2006). Second, at European level, the aim of reducing alcohol-related harm is competing against other strong public health discourses for example in the field of tobacco, nutrition and physical activity, the latter exemplified in the EU Platform for Diet, Physical Activity and Health on which the Alcohol and Health Forum is modeled. Roizen and Fillmore (2000) articulate this from the researchers’ perspective, but it is also true for advocates that â€Å"our consumerist or dangerous-commodity orientation to alcohol (†¦) obliges us to compete in a public-health-information-offering market place already crowded with health warnings of many kinds†. The specificities of alcohol serve to further complicate the picture; parallels with tobacco or junk food are obvious: indisputable public health burdens; links with social inequalities, and of course, powerful industries. What sets alcohol apart though, is the highly problematic, misunderstood and misused evidence on the â€Å"benefits of alcohol consumption†; like it or not, the â€Å"ambiguous molecule† alcohol forms an integral part of most cultures across Europe, â€Å"causing deaths while saving lives, inflicting pain while producing pleasure† The alcohol industry: no ordinary stakeholder The alcohol industry is undeniably a rival voice in the political process of â€Å"weighing up the evidence†; a strong economic asset, with increasingly visible corporate social responsibility policies, the industry represents a valid stakeholder. Alcohol producers unite underâ€Å"legitimate fronts† through social aspects (SA) organisations6, such as the International Centre for Alcohol Policies (ICAP) or the European Forum For Responsible Drinking (EFRD), both of which are participating in the Commission’s Alcohol and Health Forum. Under these banners, research, policy analysis and of course, lobbying are carried out: in fact, it has not been uncommon to find such groups walking the same corridors of power as ourselves. To the layperson, the â€Å"research† and â€Å"policy analysis† (e.g.: ICAP Blue Book) carried out by these organisations may appear methodologically sound, and conclusive, and the (simplistic) models as comprehensive and logical. For example, that â€Å"patterns of drinking are the best way to understand the place of alcohol in society†; that â€Å"targeted interventions are most sensitive to cultural differences†, and that â€Å"partnerships offer the best opportunities to develop policies†. Funnily enough â€Å"Drinking in Context: Patterns, Interventions and Partnerships†, an ICAP collaborative publication (Stimson et al. 2006) was recently publicised at a lunch meeting held in the European Parliament, hosted by German MEP Renate Sommer. Staff from the Eurocare Secretariat attended this lunch; the event was reminiscent of the spirit of the film â€Å"Thank You For Smoking†8; a sequel named â€Å"Thank You For Drinking† should be considered, and would be highly entertaining. This example highlights the tensions involved in the political process, and how apparently sound and legitimate evidence can be put forward by the industry, in order to counter what is regarded by the public health community as â€Å"legitimate† evidence. When the Institute of Alcohol Studies published the Alcohol in Europe report, the British Beer and Pub Association (also participating in the Alcohol and Health Forum) attempted to undermine its scientific objectivity by â€Å"denouncing† vested interests, namely, links to temperance; they likened this to â€Å"vegetarians writing a report about the benefits of eating meat†. The EFRD’s view (in Baumberg Anderson 2007) was that those advocating a stronger EU alcohol strategy â€Å"had a biased view of the evidence base†. It is precisely through the use of â€Å"evidence† and their engagement in research, policy analysis and lobbying (activities mirroring our own work) that the industry tries to secure a place at the policy table, which may be potentially difficult for the public health community to fight off. The WHO (2007) stresses the â€Å"importance of the participation of civil society organisations without the conflict of interests in alcohol policy development, as a counter influence to the vested trade interests, which might otherwise dominate political decision making†.

Book Review Of the Burning Man By Phillip Margolin :: essays research papers

Book Review of "The Burning Man" by Phillip Margolin Peter Hale, the son of Richard Hale, a four-year associate at Hale, Greaves, Strobridg, Marquand, and Bartlett, has lived his life under the shadow of his father. Despite having a high five-figure salary and fire-engine-red Porsche, Peter was constantly trying to overcome the expectations of his high- class lawyer of a father, who was former president of the Oregon State Bar. Handling only small-time cases did not present Peter with the opportunity to outshine his father, who was also a second-team All-American football player and National Champion wrestler, but when his father had a heart attack and could no longer handle a million dollar case in which Peter had been helping him, Peter could not let the opportunity pass. As Richard Hale lied helpless in a hospital bed, he demanded Peter ask for a mistrial, but it seemed only to go in one ear of Peter's and out the other. Peter's boldness would be costly though, as he would lose the case and lose his father. Richard did not die, but when he heard of his son's error he could not forgive him and couldn't bare to see him anymore. Only a fatherly instinct would force Richard to find a meager job for his helpless son in a small town with an old friend who was looking for someone trying to regain status as Peter now was. Whitaker was not as exciting as Portland was to Peter, but he began to be accustomed to the town when he began his handling small criminal cases and ran into an old friend who graduated with him from highschool, Steve Mancini. Steve, like Peter's father, was a football star, but at the Division II level for the Whitaker State football team. Hale became close with Mancini and met many other residents of Whitaker through Steve. One being Steve's beautiful and intelligent fiance, Donna Harmon and her slightly retarded brother Gary. Just as things began to become settled for Peter in Whitaker, he ran into some problems with Gary Harmon. Peter had to save him once from the police in a peeping incident and then became Gary's lead attorney, under some influence from Steve Mancini, as Gary was charged with the murder of a local college girl. The night of the murder, Gary had been at a local bar, the Stallion, and had gotten into an argument with a girl whom he had asked to buy a drink for. Despite the assurance of a local drug-dealer friend of Gary's, Kevin Booth and his friend, Christopher Mammon, the college girl had rejected Gary heavily not

PROJECT ON CUSTOMER RELATIONSHIP MANAGEMENT WITH RELIGARE SECURITIES LTD Essay

The company can then use the information to learn about the behavior of its customers and improve the way it does a business. It can look at recurring complaints from multiple customers to solve a problem which would otherwise go unchecked with a normal formats and management system of the company. The main objective of my project is to find effective solution for the Customer Relationship Management and accordingly increase the credibility and profitability of the company. This study is more related to consumer behavior and perception about the facilities and convenience provided by the company, Customer Satisfaction is emphasized in this management. o Helping an enterprise to enable its marketing departments to identify and target their best customers, manage marketing campaigns with clear goals and objectives, and generate quality leads for the sales team. Assisting the organization to improve telesales, account, and sales management by optimizing information shared by multiple employees, and streamlining existing processes (for example, taking orders using mobile devices) o Allowing the formation of individualized relationships with customers, with the aim of improving customer satisfaction and maximizing profits; identifying the most profitable customers and providing them the highest level of service. o Providing employees with the information and processes necessary to know their customers, understand their needs, and effectively build relationships between the company, its customer base, and distribution partners. CHAPTER 2. OBJECTIVE OF THE STUDY OBJECTIVES OF THE PROJECT A. Title of the project: Customer Relationship Management (CRM) with Religare Securities B. Objective of the Study: The objective of the project was to analyze „Effective Customer Relationship Management‟ for Religare Securities Ltd., Pune for that we have to understand current CRM System and Services provided from the company and its effect on Customer Needs, Satisfaction Level, their response and emotions. The objective of this study to analyze existing customer satisfaction as those customers are the key sources to new customers with respect to the performance, sales efforts and sales service. As the company stands second in India in aspect of turnover after Kotak Mahindra Securities, it‟s clear that it has very strong Customer Relationship Management System and perfect people to handle it properly for the benefit of customers and company as well. Actual and personal meeting with existing customers and employees has brought me to the reality of the effectiveness of the system and their success. For analyzing the same factor I staked my whole duration of the project and simultaneously for internal study and market watch and other group assignments. Questionnaire is based on the existing services and the satisfaction level of the existing customers which includes questions like Name, Age, Gender, Income, Investment Frequency, feedback about services which they are provided like conformation, calls, suggestions, solutions on stuck money like dead investment and all. On an average all the customers are happy with the company and look forward to the growth of it. C. Scope of the study: Scope the this study is it will assist Religare to get its own Customer Relationship Management system mirror well and it will get all the important things before eyes to apply all the possible ways to provide a superb service to the customers and accordingly make them loyal and retain them long lasting and also to get new customers to be served. Scopes can be stated in few points as follows. o Maintain current / existing customers. o Achieve new potential customers. o Retain all the customers. o Profitability Increment o Reputation and credibility Increment, etc. The heart of CRM is not being customer centric but rather to use customer profitability as a driver for decision making and action. Before exploring this assertion, it is useful to review the process of resource allocation as it is practiced in most organizations. The budget process largely consists of an extrapolation of the past. Resource constraints pit function against function with back room deals that are based on internal politics versus the marketplace. This decision process has little insight as to what is working and what is not working (as it applies to the marketplace) or for that matter why? Without insight relative to cause and effect, the organization has no choice but to follow intuition and anecdote. It is analogous to the story about the marketing VP who admitted that half the advertising budget was wasted; the problem was he did not know which half. CHAPTER 3. PROFILE OF THE COMPANY Profile of company Religare Enterprises Limited (REL): Religare, a Ranbaxy promoter group company, is one of the leading integrated financial services institutions of India. The company offers a large and diverse bouquet of services ranging from equities, commodities, insurance broking, to wealth advisory, portfolio management services, personal finance services, Investment banking and institutional broking services. The services are broadly clubbed across three key business verticals- Retail, Wealth management and the Institutional spectrum. Religare Enterprises Limited is the holding company for all its businesses, structured and being operated through various subsidiaries. Religare‟s retail network spreads across the length and breadth of the country with its presence through more than 1,217 locations across more than 392 cities and towns. Having spread itself fairly well across the country and with the promise of not resting on its laurels, it has also aggressively started eyeing global geographies Religare Enterprises Limited (REL) is one of the leading integrated financial services groups of India. REL‟s businesses are broadly clubbed across three key verticals, the Retail Institutional and Wealth spectrums, catering to a diverse and wide base of clients. The vision is to build Religare as a globally trusted brand in the financial services domain and present it as the „Inv estment Gateway of India‟. All employees of the group guided by an experienced and professional management team are committed to providing financial care, backed by the core values of diligence and transparency. REL offers a multitude of investment options and a diverse bouquet of financial services with its pan India reach in more than 1800 locations across more than 490 cities and towns. REL operates globally following its acquisition of London‟s oldest brokerage and investment firm, Hichens, Harrison and Co. plc. With a view to expand, diversify and introduce offerings benchmarked against global best practices, Religare operates its Life Insurance business in partnership with the global major- AEGON. For its wealth management business Religare has partnered with Australia based financial services major- Macquarie. Religare has also partnered with Vistaar Entertainment to launch India‟s first SEBI approved Film Fund offering a unique alternative asset class of investments. Religare Securities Limited (RSL), a 100% subsidiary of Religare Enterprises Limited is a leading equity and securities firm in India. The company currently handles sizeable volumes traded on NSE and in the realm of online trading and investments; it currently holds a reasonable share of the market. The major activities and offerings of the company today are Equity Broking, Depository Participant Services, Portfolio Management Services, International Advisory Fund Management Services, Institutional Broking and Research Services. To broaden the gamut of services offered to its investors, the company offers an online investment portal armed with a host of revolutionary features. o RSL is a member of the National Stock Exchange of India, Bombay Stock Exchange of India, Depository Participant with National Securities Depository Limited and Central Depository Services (I) Limited, and is a SEBI approved Portfolio Manager. o Religare has been constantly innovating in terms of product and services and to offer such incisive services to specific user segments it has also started the NRI, FII, HNI and Corporate Servicing groups. These groups take all the portfolio investment decisions depending upon a client‟s risk / return parameter. o Religare has a very credible Research and Analysis division, which not only caters to the need of our Institutional clientele, but also gives their valuable inputs to investment dealers. Trading in Equities with Religare truly empowers you for your investment needs. We ensure you have superlative trading experience through – ï‚ · A highly process driven, delight approach ï‚ · Powerful Research & Analytics and ï‚ · One of the „best-class‟ dealing rooms Further, Religare also has one the largest retail networks, with its presence in more than 1800* locations across more than 490* cities and towns. This means, you can walk into any of these branches and connect to our highly skilled and dedicated relationship managers to get the best services. The Religare Edge o Pan India footprint o Powerful research and analytics supported by a pool of highly skilled research analysts o Ethical business practices o Single window for all investment needs through your unique CRN Religare Enterprise Limited, through its subsidiaries, offers a range of integrated financial products and services to retail inventors, high net worth individuals, and corporate and institutional clients in India. It operates in three divisions: Retail Spectrum, Wealth Spectrum, and Institutional Spectrum. The Retail Spectrum division offers equity brokerage, commodities brokerage, personal financial services, including insurance brokerage and mutual fund distribution; internet trading; loans against shares; and personal loans. The Wealth Spectrum division provides portfolio management services, wealth advisory services, and private client equity services, such as international equity services. The company was formerly known as Religare Enterprises Private Limited and changed its name to Religare Enterprises Limited in July 2006. The company was incorporated in 1984 and is based in New Delhi, India. Industry Profile 19 Industry Profile While regulation and reforms have made major improvements in the quality of the equity markets in India, its rapid growth and development are largely due to strong and efficient market intermediation. The robustness of the Indian markets today is attributable to a healthy blend of the quality of market Structure and efficient intermediation. Even as several countries are instituting procedures to commence. Equity derivative markets, India ranks amongst the top five countries globally in this segment, in less than five years of its introduction. This is an example of the proactive and progressive nature of the Indian brokerage industry. In the last decade, the Indian brokerage industry has undergone a dramatic transformation. From being made of close groups, the broking industry today is one of the most transparent and compliance oriented businesses. Long settlement cycles and large scale bad deliveries are a thing of the past with the advent of T+2 (Trading day + 2 days) settlement cycle and dematerialization. Large and fixed commissions have been replaced by wafer thin margins, with competition driving down the brokerage fee, in some cases, to a few basis points. 20 There have also been major changes in the way business is conducted. Technology has emerged as the key driver of business and investment advice has become research based. At the same time, adherence to regulation and compliance has vastly increased. The scope of services have enhanced from being equity products to a wide range of financial services. Investor protection has assumed significance, and so has providing them with education and awareness. Greater need for capitalization has induced several firms to access the capital market; foreign firms are showing increasing interest in taking equity stakes in domestic broking firms. Major developments in equity brokerage industry in India: 1. Corporate memberships There is a growing surge of corporate memberships (92% in NSE and 75% in BSE), and the scope of functioning of the brokerage firms has transformed from that of being a family run business to that of professional organized function that lays greater emphasis on observance of market principles and best practices. With proliferation of new markets and products, corporate nature of the memberships is enabling broking firms to expand the realm of their operations into other exchanges as also other product offerings. Memberships range from cash market to derivatives to commodities and a few broking firms are making forays into obtaining memberships in exchanges outside the country subject to their availability and eligibility. 21 2. Wider product offerings The product offerings of brokerage firms today go much beyond the traditional trading of equities. A typical brokerage firm today offers trading in equities and derivatives, most probably commodities futures, exchange traded funds, distributes mutual funds and insurance and also offers personal loans for housing, consumptions and other related loans, offers portfolio management services, and some even go to the extent of creating niche services such as a brokerage firm offering art advisory services. In the background of growing opportunities for investors to invest in India as also abroad, the range of products and services will widen further. In the offing will be interesting opportunities that might arise in the exchange enabled corporate bond trading, soon after its commencement and futures trading that might be introduced in the near future in the areas of interest rates and Indian currency. 22 3. Greater reliance on research Client advising in India has graduated from personal insights, market tips to becoming extensively research oriented and governed by fundamentals and technical factors. Vast progress has been made in developing company research and refining methods in technical and fundamental analysis. The research and advice are made online giving ready and real time access to market research for investors and clients, thus making research important brand equity for the brokerage firms. 4. Accessing equity capital markets Access to reliable financial resources has been one of the major constraints faced by the equity brokerage industry in India since long. Since the banking system is not fully integrated with the securities markets, brokerage firms face limitations in raising financial resources for business and expansion. With buoyancy of the stock markets and the rising prospects of several well organized broking firms, important opportunity to access capital markets for resource mobilization has become available. The recent past witnessed several leading brokerage firms accessing capital markets for financial resources with success. 23 5. Foreign collaborations and joint ventures The way the brokerage industry is run and the manner in which several of them pursued growth and development attracted foreign financial institutions and investment banks to buy stakes in domestic brokerage firms, paving the way for stronger brokerage entities and possible scope for consolidation in the future. Foreign firms picked up stake in some of the leading brokerage firms, which might lead to creating of greater interest in investing in brokerage firms by entities in India and abroad. 6. Specialized services/niche broking While supermarkets approach are adopted in general by broking firms, there are some which are creating niche services that attract a particular client group such as day traders, arbitrage trading, investing in small cap stocks etc, and providing complete range of research and other support to back up this function. 7. Online broking Several brokers are extending benefits of online trading through creation of separate windows. Some others have dedicated online broking portals. Emergence of online broking enabled reduction in transaction costs and costs of trading. Keen competition has emerged in online broking services, with some of these offering trading services at the cost of a few basis points or costs which are fixed in nature irrespective of the volume of 24 trading conducted. A wide range of incentives are being created and offered by online brokerage firms to attract larger number of clients. 8. Compliance oriented With stringent regulatory norms in operation, broking industry is giving greater emphasis on regulatory compliance and observance of market principles and codes of conduct. Many brokerage firms are investing time, money and resources to create efficient and effective compliance and reporting systems that will help them in avoiding costly mistakes and possible market abuses. Brokerage firms now have a compliance officer who is responsible for all compliance related aspects and for interacting with clients and other stake holders on aspects of regulation and compliance. 9. Focus on training and skill sets Brokerage firms are giving importance and significance to aspects such as training on skill sets that could prove to be beneficial in the long run. With the nature of markets and products becoming more complex, it becomes imperative for the broking firms to keep their staff continuously updated with latest development in practices and procedures. Moreover, it is mandated for certain types of dealers/brokers to seek specific certification and examinations that will make them eligible to carry business or trade. Greater emphasis on aspects such as research and analysis is giving scope 25 for in-depth training and skills sets on topics such as trading programs, valuations, economic and financial forecasting and company research. 10. From owners to traders A fundamental change that has taken place in the equity brokerage industry, which is a global trend as well, is the transformation of broking from owners of the stock exchange to traders of the stock market. Demutualization and corporatization of stock exchanges bifurcated the ownership and trading rights with brokers vested only with the later and ownership being widely distributed. Demutualization is providing balanced welfare gains to both the stock exchanges and the members with the former being able to run as corporations and the latter being able to avoid conflict of interests that sometimes came as a major deterrent for the long term growth of the industry. Emerging challenges and outlook for the brokerage industry .Brokerage firms in India made much progress in pursuing growth and building professionalism in operations. Given the nature of the brokerage industry being very dynamic, changes could be rapid and so as the challenges that emerge from time to time. A brief description on some of the prospects and challenges of the brokerage firms are discussed below. 26 11. Fragmentation Indian brokerage industry is highly fragmented. Numerous small firms operate in this space. Given the growing importance of technology in operations and increasing emphasis on regulatory compliance, smaller firms might find it constrained to make right type of investments that will help in business growth and promotion of investor interests. 12. Capital Adequacy Capital adequacy has emerged as an important determinant that governs the scope of business in the financial sector. Current requirements stipulation capital adequacy in regard to trading exposure, but in future more tighter norms of capital adequacy might come into force as a part of the prudential norms in the financial sector. In this background, it becomes imperative for the brokerage firms to focus on raising capital resources that will enable to give continuous thrust and focus on business growth. 13. Global Opportunities Broking in the future will increasingly become international in character with the stock markets being open for domestic and international investors including institutions and individuals, as also opportunities for investing abroad. Keeping abreast with developments in international markets as also familiarization with global standards in broking operations and assimilating major practices and procedures will become relevant for the domestic brokerage firms. 27 14. Opportunities from regional finance Regional economic integration such as that under the European Union and the ASEAN have greatly benefited businesses in the individual countries with cross border opportunities that helped to expand the scope and significance of the business. Initial measures to promote South Asian economic integration is being made by governments in the region first at the political level to be followed up in regard to financial markets. South Asian economic integration will provide greater opportunities for broking firms in India to pursue cross border business. In view of several of common features prevailing in the markets, it would be easier to make progress in this regard. 15. Product Dynamics As domestic finance matures and greater flow of cross border flows continue, new market segments will come into force, which could benefit the domestic brokerage firms, if they are well prepared. For instance, in the last three to four years, brokerage firms had newer opportunities in the form of commodities futures, distribution of insurance products, wealth management, mutual funds etc, and as the market momentum continues, broking firms will have an opportunity to introduce a wider number of products. 28 16. Competition from foreign firms Surging markets and growing opportunities will attract a number of international firms that will increase the pace of competition. Global firms with higher levels of capital, expertise and market experience will bring dramatic changes in the brokerage industry space which the local firms should be able to absorb and compete. Domestic broking firms should always give due focus to emerging trends in competition and prepare accordingly. 17. Investor Protection Issues of investor interest and protection will assume centre stage. Firms found not having suitable infrastructure and processes to ensure investor safety and protection will encounter constraints from regulation as also class action suits that investors might bring against erring firms. The nature of penalties and punitive damages would become more severe. It is important for brokerage firms to establish strong and streamlined systems and procedures for ensuring investor safety and protection. 29 Chapter 4. Literature Review Literature Review Historical Background: Customer relationship management (CRM), a concept that has been around since the mid 90s, has its roots in the technology of sales automation and call center operations. At that time, it was thought that merging the customer data from the field (sales) with the call center interactions would result in more informed interactions with the customer. The concept resonated with user organizations and soon mergers and acquisitions created a host of software vendors all claiming to have an integrated set of capabilities that became known as CRM. On a parallel track, Internet-based tools such as e-commerce, Internet marketing, personalization, and self-help were evolving. These products competed outside of the CRM sphere due to the newness of the technology, and they were referred to as e-business. When the concepts of CRM and e-business melded together there was a short period of e-madness where vendors talked about eCRM and e-everything. There are still vestiges of this transition in the industry such as essentially using e-business to add value to vendors and referring to it as partner relationship management (PRM) or providing tools for employees and referring to it as employee relationship management (ERM). 31 Similarly, enterprise resource planning (ERP) vendors realized that the 360-degree view of the customer has to include transaction data, so they have likewise developed an integrated package with CRM capabilities. Thus from a technology perspective CRM consists of a set of applications that address the needs of customer-facing functions that in turn feed a common database that is supported by business analytics. Each vendor has variations on this theme. On the other hands, CRM can be defined as a process or methodology used to learn more about customers‟ needs and behaviors in order to manage and develop stronger relationships in an organized way with them. 32 Components of CRM: 1. Contact an Account Management: Relevant data for customer profile is captured with the help of the software. Necessary information is captured from prospective customers. CRM system stores data in common customer database. The database integrates customer account information and presents it in desirable format to the company. The data is used for sales, marketing, services and other applications. 33 2. Sales: Sales process management follows a customized sales methodology with specific sales policies and procedures. Sales activities include – Product information, Product configuration, sales prospectus and sales quote generation. CRM also provide the history of customer account so that the sales call can be scheduled accordingly. 3. Marketing and fulfillment: CRM helps the professionals in product marketing, target marketing, relationship marketing and campaign management. By analyzing customer and business value of direct marketing can be estimated. CRM also helps in customer retention, behavior prediction, channel optimization, personalization. Customer response and requests can be quickly scheduled and hence sales contacts. 34 4. Customer Service and support: CRM system provides service representatives with adequate access to customer database. It also helps to create, assign and manage the service requests by customers. Calling format is designed to route customer calls to respective attendants as per the skills and authority to handle special cases. Help desk system is developed to help customer service representative to help customers who face problems with product or service to resolve it. Web-based Self Service means help customer to access personalized information at company website. 5. Retention and loyalty programs: The primary objective of CRM is to enhance and optimize customer retention and loyalty. CRM systems are also useful in determining most loyal and profitable customers and reward. 35 The essential link between Marketing, Sales and Customer Service: Too often, the three key functions that directly affect customers -Marketing, Sales and Customer Service – operate independently of one another. This can create confusion and inconsistency in how you communicate and service your customers. For examples, marketing staff may come up with a price promotion. However, if that is not communicated to the sales team, the result could be incorrect billing, which may take time or resources from the customer to rectify and could create ill will and mistrust, making it seem like your company does not adhere to its word. 36 Similarly, if a salesperson makes a sale and gives certain guarantees to a customer but those are not communicated to the customer service team or even to the other sales team members, then the customer may fees as if the company is not standing behind its assurance. This can be particularly problematic if there is employee turnover and poor communication between or even departments. This „silo effect‟ – where information is between vertically in departments that may or may not communicate with each other- could actually damage your business. With comprehensive CRM system, however, customer communication is captured and housed in an accessible database, making the most current information available to anyone who needs it and has access to the system. By breaking through barriers between various business functions and making communication transparent, your company can act in a more consistent and unified fashion with its customers, instilling a greater level of trust and strengthening customer relationships. Religare Securities Limited (RSL) provides a host of financial services under one roof following a ONE STOP SHOP philosophy. It has a dedicated team of professionals to cater to the variety of services to Individuals, Corporate and Institutions. The team updates its clients with opportunities – with a sense of competitive urgency and risk management. What‟s more, their special analysts design customized services for HNI and Institutions. 37 Over the years Religare Securities Ltd. has played a successful role in client’s wealth creation. In the process Religare Securities Ltd. also refined itself, as an investment advisor and is poised to provide complete Investment Management Solutions to its valued clientele. The following is the product profile of the company. ï‚ · Equity Broking – BSE and NSE ï‚ · Derivatives Futures and Options ï‚ · Internet Broking- Online Trading ï‚ · Commodities Trading – NCDEX & MCX ï‚ · Institutional Broking ï‚ · Depository Services – NSDL & CDSL ï‚ · Portfolio Management Services ï‚ · NRI Investments ï‚ · Initial Public Offerings (IPO) ï‚ · Mutual Fund Investment NEWS: Religare Securities bags LIPPER-STARMINE Award for Excellence in Research Mumbai, February 18, 2009: Religare Securities Limited a wholly owned subsidiary of Religare Enterprises Limited has been recently awarded the LIPPER-STARMINE broker award for â€Å"Earnings Estimates in Midcap Research for 2008†. The Lipper| StarMine Awards organized by Thomson Reuters, for Asset Management and sell-side broking Companies in India, were announced last week in Mumbai. The awards recognize analysts who are more accurate than their peers in forecasting earnings, awarding credit to those who demonstrate an ability to make accurate estimates earlier than their peers. On receiving the award, Mr. Amitabh Chakraborty, President (Equity), said, â€Å"We are extremely proud to receive this award as a validation of our efforts in what was the most difficult and volatile year in stock market and corporate history. It is in these difficult times that the ability of a team to accurately estimate corporate earnings stands its truest test and we have succeeded in enabling our customers to make informed buy or sell recommendations in order to give above average returns to investors.† 40 Equities What is equity? Funds brought into a business by its shareholders is called equity. It is a measure of a stake of a person or group of persons starting a business. What does investing in equity mean? When you buy a company’s equity, you are in effect financing it, and being compensated with a stake in the business. You become part-owner of the company, entitled to dividends and other benefits that the company may announce, but without any guarantee of a return on your investments. Dematerialization What is Demat? Demat is a commonly used abbreviation of Dematerialisation, which is a process whereby securities like shares, debentures are converted from the â€Å"material† (paper documents) into electronic data and stored in the computers of an electronic Depository (SEE next page). You surrender material securities registered in your name to a Depository Participant (DP). These are then sent to the respective companies 41 who cancel them after dematerialization and credit your Depository Account with the DP. The securities on dematerialization appear as balances in the Depository Account. These balances are transferable like physical shares. If at a later date you wish to have these â€Å"Demat† securities converted back into paper certificates, the Depository can help to revive the paper shares. What is the procedure for the dematerialisation of securities? Check with a DP as to whether the securities you hold can be dematerialised. Then open an account with a DP and surrender the share certificates. What is a Depository? A Depository is a securities â€Å"bank,† where dematerialised physical securities are held in custody, and from where they can be traded. This facilitates faster, risk-free and low cost settlement. A Depository is akin to a bank and performs activities similar in nature. At present, there are two Depositories in India, National Securities Depository Limited (NSDL) and Central Depository Services (CDS). NSDL was the first Indian Depository. It was inaugurated in November 1996. NSDL was set up with an initial capital of Rs 124 crores, promoted by Industrial Development Bank of 42 India (IDBI), Unit Trust of India (UTI), National Stock Exchange of India Ltd. (NSEIL) and the State Bank of India (SBI). Who is a Depository Participant (DP)? NSDL carries out its activities through business partners – Depository Participants (DPs), Issuing Corporates and their Registrars and Transfer Agents, Clearing Corporations/Clearing Houses. NSDL is electronically linked to each of these business partners via a satellite link through Very Small Aperture Terminals (VSATS). The entire integrated system (including the VSAT linkups and the software at NSDL and at each business partner’s end) has been named the â€Å"NEST† (National Electronic Settlement & Transfer) system. The investor interacts with the Depository through a Depository Participant of NSDL. A DP can be a bank, financial institution, a custodian or a broker. 43 Chapter 5. Research Methodology 44 Research Methodology Research Design: Research design means adopting that type technique of research which is most suited for the research and study of the problem. For the study and the research of the problem proper material has to be selected and collected for the investigation. â€Å"A research design is the arrangement of conditions for collection and analysis of data in a manner that aims to combine relevance to the research purpose with economy in procedure.† – Jahoda, deutish. Cook. In order to know about effectiveness of Customer Relationship Management in Religare Securities Ltd., it was necessary to interact with the customer. The sample taken comprised of respondents from Pune city. A questionnaire had to be designed to collect valuable information from the different customer groups. The questionnaire which was designed suitably to meet the objective of research work. 45 Nature of Research: In this project report I have undertaken quantitative type of study. Type of the questions: The questions in the questionnaire asked to the visiting customers of Religare Securities Ltd, Regional office in Pune, are Straight Forward and Limited Probing. Type of the Questionnaire: The questionnaire in this project report is straight forward and formalized. Type of Analysis: The analysis done in this particular project report is statistical. 46 Sources of Data: a. Primary Data: The Primary data are those data which are collected fresh and for the first time and thus happen to be original in character. The primary data that was collected through interview conducted in Regional Branch with daily visiting customers. The primary data sources include copies of questionnaire and data of their respective responses. b. Secondary Data: The secondary data are those which have already been collected by someone else and which have been passed through the statistical process. Secondary data was collected through company websites. Some of the web sites http://www.religaresecurities.com/ and some others like. 47 Chapter 6. Primary Data Collection 48 Primary Data Collection Research Technique: As the researcher, I adopted survey method as a research technique for this particular project report. Contact Method: I as a researcher interviewed the respondents by personal interview. Sampling Plan: a) Population: The population covered in this project report refers to the existing (Office Coming) customers of Regional Office, who have their trading and D‟mat A/c with Religare Securities Ltd. b) Sample Size The sample size undertaken by me for this particular project report is 100 respondents. 49 c) Sample Element The respondents contacted and interviewed in this project report are all from different domain some of them were Businessmen, High Net-worth Investors, Proprietors, even Students also invest in Share Market. d) Sample Extent As a researcher, I conducted this survey only for the customers in Regional Office of Religare Securities, Pune. e) Sample Duration The survey was undertaken from the 01st June, 2009 to 30th July, 2009 i.e. for two months. f) Research Instrument: Questionnaires containing both open ended and close ended questions were used as a research instrument in this particular project report. 50 Chapter 7. Data Analysis & Interpretation 51 Data Analysis & Interpretation 1. Respondents: Respondents Businessmen HNIs Proprietors Individuals Number of respondents Interpretation: Above pie chart represents that research contains 100 respondents which are Businessmen, HNIs, Proprietors and Individuals and they are 30, 8, 24, 38 respectively in numbers and percentages. 30% 8% 24% 38% Businessmen HNIs Proprietors Individuals 52 2. Income Group(Annual): Income Group (INR) 10000 – 1 Lakh 1 Lakh – 5 Lakh 5 Lakh-10 Lakh 10 Lakh – Above Number of respondents Interpretation: Above pie chart represents that the research contained 100 investors and customers of Religare Securities Ltd. All the people were from different different Income group which are in numbers shown above. W e can clearly see sample includes more customers from first income group i.e. INR 10,000 – 1 Lakh 43% 37% 13% 7% 10000 -1 Lakh 1 Lakh -5 Lakh 5 Lakh -10 Lakh 10 Lakh -Above 53 2. Company Interaction via Email and Telephone Calls: Interaction Via Email and Telephone Calls Interpretation: From the above result of Company Interaction via Email and Telephone calls, we can imagine the satisfaction level of customers and accordingly Customer Relationship is managed through electronic media to maximize the wealth of customers. In Religare mostly dealers are in touch of regular traders / customers and customers also get loyal to the company through this practice. Every call is taped by default for the evidence of orders to buy or sell the stocks and Emails too. Excellent Interpretation: When it was asked sudden and on the time answer was the same of maximum people, it means the credibility and trustworthiness of the company is on the height. It‟s nothing but the result of Relationship Management. It is said that Share Market means „Well of Loss‟, nevertheless Religare‟s Customer don‟t have any tension in investing because they believe in Company‟s Researchers and Analysts and their investment tips too. 96% Number of respondents Interpretation: From the above answers Customer Relationship can be very well highlighted because out of 100, 43 people have rated Religare on the scale of 1 to 10 and again in remaining maximum customers say that they rate Religare at on the scale of 1 to 10.Every customer has his own value and consideration about Religare because they invest their Hard Earned money and take risk to earn more cause of Religare‟s Services and Attachment and it is all the output of Customer Relationship Management. 4% 5. Where do you invest/ trade mostly? Where Customers Invest mostly Equity Commodity Currency Number of respondents 66 19 15 Interpretation: One general question was asked in questionnaire to know the investment flow of customers towards Religare Services. When it was asked why they invest in specific area mostly then it was answered by many people that liquidity market is easy to make money out of investment and take money out whenever we feel not to put. And other reason many customers don‟t want to invest for long time.And about currency some people were not interested. 66% 19% 15% Equity Commodity Currency 57 6. Where do you trade mostly? Where Customers Trade mostly Intraday Delivery Both Number of respondents 48 37 15 48% 37% 15% Intraday Delivery Both 58 Interpretation: From the above view of graph we come to know that maximum people, 61% customers trade in Intraday Trading. On this customers say they like to trade in Intraday because of Short term investment and high level of excitement and sometimes they feel their money seems to sink. It‟s like One Day Cricket play for many customers. In Delivery, people say here is „No / Low Risk, More Money‟ , in this people say if scrip goes down like „Satyam‟, then also we get chance to book profit buying current stocks in low price and putting old stock aside temporarily. Here we find people hesitate to invest in Intraday and confident to trade in Delivery trading. Very less traders population do trade in both area, for few people it‟s nothing but fund managing, if one finds difficulty in making money in Intraday, they simultaneously manage their fund for Delivery, but very few people feel do this type of management. Eventually Religare is the Broking firm and it doesnâ₠¬Å¸t lose its attention from making money for its customers and lose its attention from Customer Relationship Management. 59 7. Do you trade in any other broking firm? Trade in other Broking Firm Yes No Number of respondents Interpretation: Above pie chart represents the maximum people have their D‟mat A /c and Trading A/c somewhere else also nevertheless they say they trade from Religare only and few of their other A/cs are put Non-Operating by them. Here we get a fact that Religare‟s Customer Relationship Management really has something very attractive and attachable to emotions cause of services. Few of them were hesitating while answering this question. 8. Are you satisfied with the services provided by Religare? Satisfaction Strongly Yes Slightly Yes No Strongly No Slightly No Number of respondents Interpretation: Above chart represents us the output of Customer Relationship Management with the help of the services and customers satisfaction can show a mirror of the efforts of the company towards making their customers loyal to them. Here 64% customers have selected and stated that they are fully satisfied with the services that they are getting from Religare Securities Ltd. 64% 9. Since last how many years you are in field of trading? Since when customers are trading ? Less than 1 year More than 1year More than 2 years Number of respondents Interpretation: This question was asked intentionally to know the loyalty of customers with Religare Securities Ltd., which is nothing but the back-screen coding of on screen output. These all things are the proud of Religare and its customers are also very proud to be in Religare. 17% Customer Relationship Management Business Drivers and Benefits ï‚ · It empowers management with a real-time pipelines and forecasting so they can build and focus on high profit, sustainable relationships. ï‚ · It empowers staff wit customer intelligence and best practices to increase their likelihood of successful transactions. ï‚ · It increases customer‟s acquisition, retention, loyalty, and profitability by integrating information across the enterprise. ï‚ · It enables executive and management to gain customer insight. 64 Customer Relationship Management Risks ï‚ · Effective internal controls must be in place to prevent customer information from becoming scattered across databases and servers. ï‚ · CRM can be associated with significant revenue cycle. ï‚ · CRM should be kept and handled and carefully kept inside the company only otherwise Customers Database can be misused by rivals. Customer Common Findings while contacting: ï‚ · Generally people whom I have contacted they were from different domains like Business, Proprietors, High Net worth Income Group (HNIs) and students. ï‚ · Their responses may not be proper because of their „Busyness‟ in Dealing Room. ï‚ · This data is called Primary Data, which is considered very genuine but is this case it misrepresents the Reality and Credibility. 65 ï‚ · Some people, its felt that they gave fake response, with impression that this questionnaire is from Religare Securities internal. ï‚ · Some people did not take it serious because this was not important to them as they are busy for trading at dealing Room. ï‚ · Every data interpretation and statistics cannot be think worthy from their results because this study is for only two months altogether. 66 Chapter 8. Limitations 67 Limitations Findings are according to the observations. 1. Many consultants, vendors, and analysts today define CRM in terms of being a customer-centric business strategy that is enabled by a set of applications that support customer-facing functions and management decision making. That may capture the essence of what CRM is, but while it does not concentrate on the extra expenses occurring on Company‟s A/c due to increment in expenses in serving customers all the ways and Return on investment means consideration may not be more than expected. Customer may not give that much business transactions which is estimated or expected. 2. It needs specific staffs to handle all the tasks of Customer Relationship Management because the data that is feed in system cannot be handled merely by Relationship Managers who has to make new customers and take care of their dealings and also to accomplish their additional responsibilities. 68 Suggestions 69 Suggestions 1. Short Duration: o Project research duration was only for two months, in this tenure neither study nor observation can be done properly. For example, we saw sample plan – in that only 100 customers could be contacted and now the problem is- from this samples we cannot think of Macro Level Perception of customers. Many people may be from same point of view and many may not and those 100 people may not contain these type of people. So duration of Research Project should be more than two months. 2. Customer Category: o To find effective Customer Relationship Management, Broking firm can do one more thing which will be very beneficial to them in finding Asset Customers from the bottom level management to top level management. Religare should adopt system of allotting Customer Categories according to their transactions, due payments, exposure, loyalty, frequency of trading and all. 70 o In this system at all the level where CRM is handled and watched by Top class officials of the company, they also get to know the list names and details of the loyal customers and CEO or Board of Directors also get to know total customers and at last their turnover of the total transaction. 3. Affiliated Awareness Programs: o Religare should arrange affiliated programs within its own groups to come to the sense of new people and accordingly to prospecting and acquiring new customers. o With the help of it companies CRM will help it to get height of success and dominate the world of Services. Because CRM affects Marketing, Sales and profitability and these all can be achieved by CRM. o For E.g., Religare Securities can play few awareness documentaries and Advertisement with „Religare Vistaar‟ this will result in getting more and more customers to serve and accordingly Religare can become the first ranker in turnover very soon. 71 Appendix I. Copy of questionnaire II. Bibliography , 72 Questionnaire 1. Name:________________________________________________ 2. Contact No:________________________________________________ 3. Occupation: ï‚ £Businessman ï‚ £Proprietor ï‚ £HNI ï‚ £Individual 4. Income Group(Annual): ï‚ £ 10000 – 1 Lakh ï‚ £1 Lakh – 5 Lakh ï‚ £ 5 Lakh-10 Lakh ï‚ £ 10 Lakh – Above 5. How do you find Company Interaction via Email and Telephone Calls ? ï‚ £Poor ï‚ £Fair ï‚ £Good ï‚ £ Very Good 73 6. Do you find company’s investment tips useful and beneficial? ï‚ £Yes ï‚ £No ï‚ £Can’t Say 7. Where do you rate Religare on the scale of 10 in terms of Services? ï‚ £4 ï‚ £6 ï‚ £8 ï‚ £10 8. Where do you invest/ trade mostly? ï‚ £Equity ï‚ £Commodity ï‚ £Currency 9. Where do you trade mostly? ï‚ £Intraday trading ï‚ £Delivery Trading 10. Do you trade in any other broking firm? ï‚ £Yes ï‚ £No If Yes, name of the broking firm__________________________________ 74 11. Are you satisfied with the services provided by Religare? ï‚ £Yes ï‚ £No Since last how many years you are in field of trading? ï‚ £Less than 1 Year ï‚ £More Than 1 Year ï‚ £More than 5 Year 12. What improvement do you want be done in company’s services? ï‚ £__________________________________________________________________________________________________________________________________________________________ _____________________ 13. Which service do you like most in Religare? ï‚ £_______________________________________________________________________________________________________________________________________________________________________________ 75 Bibliography Websites = http://deadpresident.blogspot.com http://religareonline.com http://www.religaresecurities.com Newspapers = The Hindu Books =