State Bank of Mysore Project

INTRODUCTION As a part of the MBA programme, I have undertaken Project Work i. e. an Organizational Study of State Bank of Mysore, which I completed as per the requirements of the organization as well as project rules. This internship did enable me to understand the nuances of the service sector and get an on-hand experience of application of theoretical knowledge. In fact it gave me a look-through to gimmicks of the game and assured me of the fact that „Business is a combo of Art, Science and Profession. I did gain good amount of knowledge since I had an encounter with the assets of the organization or rather Employees of the firm, its? ulture, practices, departments, so†¦ On and so forth. Walter Lipmann says â€Å"The ultimate test of a leader is found by the trail he leaves behind and not by what he has achieved†. And therefore let me take you through further in this report to show you what trail State Bank of Mysore has left by being a Leader in letter and spiri t. The study is limited to the information drawn from the authorities of the organization and its? respective website. The study is not proposed to be an expert study since the time frame offered for the study was very short.However the scope of the study, by and large is all inclusive though there could be areas which are not addressed to due to the reason stated above already. All in all it was an experiential learning that an MBA candidate is expected to possess which was possible because of curriculum defined by the Bangalore University and State Bank of Mysore. Rest assured I am now for this internship has cleared the veil in front of us to let us know how actually does a firm look like and functions, unlike what we had read in the books. Chapter – 1MEANING OF ORGANISATION Organisation is the foundation upon which the whole structure of management is built. Organisation is related with developing a frame work where the total work is divided into manageable components in order to facilitate the achievement of objectives or goals. Thus, organisation is the structure or mechanism (machinery) that enables living things to work together. In a static sense, an organisation is a structure or machinery manned by group of individuals who are working together towards a common goal. Organisation is the process of identifying and grouping work to be performed, defining and delegating responsibility and authority and establishing relationship for the purpose of enabling people to wore most effectively together in accomplishing objectives†. Definition Different authors have defined organisation in different ways. The main definitions of organisation are as follows: †¢ According to Keith Davis, â€Å"Organisation may be defined as a group of individuals, large of small, that is cooperating under the direction of executive leadership in accomplishment of certain common object. †¢ According to Chester I. Barnard, â€Å"Organisation is a system of co-operative activities of two or more persons. † †¢ According to Louis A. Allen, â€Å"Organisation is the process of identifying and grouping the work to be performed, defining and delegating responsibility and authority, and establishing relationship for the purpose of enabling people to work most effectively together in accomplishing objectives. † †¢ According to Mooney and Railey, â€Å"Organisation is the form of every human association for the attainment of a common purpose. † IMPORTANCE OF ORGNISATIONAL STUDYThe effectiveness and efficiency of organization helps in providing the continuity and success to the enterprise. There are many factors that explain the importance and objectives of organisation and they are:- 1. Facilitates Administration: An efficient and sound organisation make easy for the management to relate the flow of resource continually to the overall objectives. A sound organisation helps in providing appropriate platform where m anagement can performs the functions of planning, direction, coordination, motivation and control. 2.Facilitates Growth and Diversification: A sound organisation helps in the growth and diversification of activities. The growth is facilitated by clear division of work, proper delegation of authority etc. In short, it helps in the organisational elaboration. In case of reasonable expansion of organisation, the functional types get replaced by a more flexible decentralized organisation. 3. Permits optimum use of Resources: The optimum use of technical and human resources gets facilitated in sound and efficient organisation. The organisation can have the facilities of latest technological developments and improvements.It also facilitates optimum use of human resources through specialization. The people in the organisation get appropriately trained and get promotion opportunities. A sound organisation provides all the desired potential and strength to the company to meet the future chal lenges. 4. Stimulate Creativity: The specialization in the organisation helps individuals in getting well defined duties, clear lines of authority and responsibility. It encourages the creativity of the people. The sound organisational structure enables mangers to concentrate on important issues where their talent can be exploited to the maximum. . Encourages Humanistic Approach: A sound organisation helps in adopting efficient methods of selection, training, remuneration and promotion for employees. It makes people work in a team and not like machines or robots. Organisation helps in providing factors like job rotation, job enlargement and enrichment to its employees. A sound organisation provides higher job satisfaction to its employees through proper delegation and decentralization, favourable working environment and democratic and participative leadership.It enhances the mode of communication and interaction among different levels of the management. PRINCIPLES OF ORGANIZATION ? The Principle of Objective ? Principle of Specialization ? The Scalar Principle ? The Principle of Authority ? The Principle of Unity of Command OBJECTIVES OF THE STUDY 1. To study the organization 2. To study various departments such as: a). Operations Management Department b. Planning and Development Department c). Commercial and Institutions Department d). Treasury Department e). Technology Department f). Vigilance and Inspection Department 3.To study the day to day activities of the Bank DATA COLLECTION The methodology used in this study involves the collection of data through various ways such as primary data and secondary data. Primary data Primary data is collected from primary sources the data collected through interview with various department heads and officers of the firm. With the help of managers and employees in various department helps to get a clear idea about the organization and its day to day activities. Secondary data Publications of a wide variety provide a good deal of external secondary data.News paper, magazines, technical journals, trade publications, directories, government publications, committee reports, these are sources of external secondary data. Secondary data can also be purchased in some cases from commercial marketing research services. Various types of written documents within the organization, magazines and internet. a) Price lists b) Catalogues etc c) Internet and websites 1. 6 LIMITATION OF STUDY 1. Very less time span is available for study. 2. Sales data is taken 18th July to 18th August 3. Lack of prior experience. 4. There is a possibility 0f an exaggerated claim. INDUSTRY PROFILE pic] Chapter –2 Overview of Industry Profile A Bank is a financial institution and a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly or through capital markets. A bank connects customers that have capital deficits to customers with capital surpluses. Due to their critic al status within the financial system and the economy] generally, banks are highly regulated in most countries. Most banks operate under a system known as fractional reserve banking where they hold only a small reserve of the funds deposited and lend out the rest for profit.They are generally subject to minimum capital requirements which are based on an international set of capital standards, known as the Basel Accords. The oldest bank still in existence is Monte dei Paschi di Siena, headquartered in Siena, Italy, which has been operating continuously since 1472 Banking Sector in India Banking in India originated in the last decades of the 18th century. The first Banks were The General Bank of India, which started in 1786, and Bank of Hindustan, which started in 1790; both are now defunct.The oldest Bank in existence in India is the State Bank of India, which originated in the Bank of Calcutta in June 1806, which almost immediately became the Bank of Bengal. This was one of the thre e presidency Banks, the other two being the Bank of Bombay and the Bank of Madras, all three of which were established under charters from the British East India Company. For many years the Presidency Banks acted as quasi-central Banks, as did their successors. The three Banks merged in 1921 to form the Imperial Bank of India, which, upon India's independence, became the State Bank of India. HistoryIndian merchants in Calcutta established the Union Bank in 1839, but it failed in 1848 as a consequence of the economic crisis of 1848-49. The Allahabad Bank, established in 1865 and still functioning today, is the oldest Joint Stock Bank in India. (Joint Stock Bank: A company that issues stock and requires shareholders to be held liable for the company's debt) It was not the first though. That honour belongs to the Bank of Upper India, which was established in 1863, and which survived until 1913, when it failed, with some of its assets and liabilities being transferred to the Alliance Ba nk of Shimla.When the American Civil War stopped the supply of cotton to Lancashire from the Confederate States, promoters opened Banks to finance trading in Indian cotton. With large exposure to speculative ventures, most of the Banks opened in India during that period failed. The depositors lost money and lost interest in keeping deposits with Banks. Subsequently, Banking in India remained the exclusive domain of Europeans for next several decades until the beginning of the 20th century. Foreign Banks too started to arrive, particularly in Calcutta, in the 1860s.The Comptoire d'Escompte de Paris opened a branch in Calcutta in 1860, and another in Bombay in 1862; branches in Madras and Pondicherry, then a French colony, followed. HSBC established itself in Bengal in 1869. Calcutta was the most active trading port in India, mainly due to the trade of the British Empire, and so became a Banking centre. The first entirely Indian joint stock Bank was the Oudh Commercial Bank, establish ed in 1881 in Faizabad. It failed in 1958. The next was the Punjab National Bank, established in Lahore in 1895, which has survived to the present and is now one of the largest Banks in India.Around the turn of the 20th Century, the Indian economy was passing through a relative period of stability. Around five decades had elapsed since the Indian Mutiny, and the social, industrial and other infrastructure had improved. Indians had established small Banks, most of which served particular ethnic and religious communities. The presidency Banks dominated Banking in India but there were also some exchange Banks and a number of Indian joint stock Banks. All these Banks operated in different segments of the economy. The exchange Banks, mostly owned by Europeans, concentrated on financing foreign trade.Indian joint stock Banks were generally undercapitalized and lacked the experience and maturity to compete with the presidency and exchange Banks. This segmentation let Lord Curzon to observe The period between 1906 and 1911, saw the establishment of Banks inspired by the Swadeshi movement. The Swadeshi movement inspired local businessmen and political figures to found Banks of and for the Indian community. A number of Banks established then have survived to the present such as Bank of India, Corporation Bank, Indian Bank, Bank of Baroda, Canara Bank and Central Bank of India.No. of Banks Failed & their Capitals | Years |Number of Banks |Authorised capital(Rs. |Paid-up Capital | | |that failed |Lakhs) |(Rs. Lakhs) | | 1913 | 12 | 274 |35 | | 1914 | 42 |710 | 109 | | 1915 | 11 | 56 | 5 | | 916 | 13 |231 | 4 | | 1917 | 9 | 76 |25 | | 1918 | 7 |209 | 1 | Table 2. 1: No. of Banks Failed and its capital The fervour of Swadeshi movement lead to establishing of many private Banks in Dakshina Kannada and Udupi district which were unified earlier and known by the name South Canara ( South Kanara ) district.Four nationalised Banks started in this district and also a leading priva te sector Bank. Hence undivided Dakshina Kannada district is known as â€Å"Cradle of Indian Banking†. During the First World War (1914-1918) through the end of the Second World War (1939-1945), and two years thereafter until the independence of India were challenging for Indian Banking. The years of the First World War were turbulent, and it took its toll with Banks simply collapsing despite the Indian economy gaining indirect boost due to war-related economic activities.At least 94 Banks in India failed between 1913 and 1918 as indicated in the following table: Post-Independence The partition of India in 1947 adversely impacted the economies of Punjab and West Bengal, paralyzing Banking activities for months. India's independence marked the end of a regime of the Laissez-faire for the Indian Banking. The Government of India initiated measures to play an active role in the economic life of the nation, and the Industrial Policy Resolution adopted by the government in 1948 env isaged a mixed economy.This resulted into greater involvement of the state in different segments of the economy including Banking and finance. The major steps to regulate Banking included: ? The Reserve Bank of India, India's central Banking authority, was nationalized on January 1, 1949 under the terms of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948 (RBI, 2005b). ? In 1949, the Banking Regulation Act was enacted which empowered the Reserve Bank of India (RBI) â€Å"to regulate, control, and inspect the Banks in India. † The Banking Regulation Act also provided that no new Bank or branch of an xisting Bank could be opened without a license from the RBI, and no two Banks could have common directors. Nationalisation [pic] Banks Nationalisation in India: Newspaper Clipping, Times of India, July, 20, 1969 Despite the provisions, control and regulations of Reserve Bank of India, Banks in India except the State Bank of India or SBI, continued to be owned and o perated by private persons. By the 1960s, the Indian Banking industry had become an important tool to facilitate the development of the Indian economy.At the same time, it had emerged as a large employer, and a debate had ensued about the nationalization of the Banking industry. Indira Gandhi, then Prime Minister of India, expressed the intention of the Government of India in the annual conference of the All India Congress Meeting in a paper entitled â€Å"Stray thoughts on Bank Nationalisation. † The meeting received the paper with enthusiasm. Thereafter, her move was swift and sudden. The Government of India issued an ordinance and nationalised the 14 largest commercial Banks with effect from the midnight of July 19, 1969.Jayaprakash Narayan, a national leader of India, described the step as a â€Å"masterstroke of political sagacity. † Within two weeks of the issue of the ordinance, the Parliament passed the Banking Companies (Acquisition and Transfer of Undertaking ) Bill, and it received the presidential approval on 9 August 1969. A second dose of nationalization of 6 more commercial Banks followed in 1980. The stated reason for the nationalization was to give the government more control of credit delivery. With the second dose of nationalization, the Government of India controlled around 91% of the Banking business of India.Later on, in the year 1993, the government merged New Bank of India with Punjab National Bank. It was the only merger between nationalized Banks and resulted in the reduction of the number of nationalised Banks from 20 to 19. After this, until the 1990s, the nationalised Banks grew at a pace of around 4%, closer to the average growth rate of the Indian economy. Liberalisation In the early 1990s, the then Narasimha Rao government embarked on a policy of liberalization, licensing a small number of private Banks.These came to be known as New Generation tech-savvy Banks, and included Global Trust Bank (the first of such new g eneration Banks to be set up), which later amalgamated with Oriental Bank of Commerce, Axis Bank(earlier as UTI Bank), ICICI Bank and HDFC Bank. This move, along with the rapid growth in the economy of India, revitalized the Banking sector in India, which has seen rapid growth with strong contribution from all the three sectors of Banks, namely, government Banks, private Banks and foreign Banks.The next stage for the Indian Banking has been set up with the proposed relaxation in the norms for Foreign Direct Investment, where all Foreign Investors in Banks may be given voting rights which could exceed the present cap of 10%, at present it has gone up to 74% with some restrictions. The new policy shook the Banking sector in India completely. Bankers, till this time, were used to the 4-6-4 method (Borrow at 4%; Lend at 6%; Go home at 4) of functioning. The new wave ushered in a modern outlook and tech-savvy methods of working for traditional Banks. All this led to the retail boom in In dia.People not just demanded more from their Banks but also received more. Currently (2007), Banking in India is generally fairly mature in terms of supply, product range and reach-even though reach in rural India still remains a challenge for the private sector and foreign Banks. In terms of quality of assets and capital adequacy, Indian Banks are considered to have clean, strong and transparent balance sheets relative to other Banks in comparable economies in its region. The Reserve Bank of India is an autonomous body, with minimal pressure from the government.The stated policy of the Bank on the Indian Rupee is to manage volatility but without any fixed exchange rate-and this has mostly been true. With the growth in the Indian economy expected to be strong for quite some time-especially in its services sector-the demand for Banking services, especially retail Banking, mortgages and investment services are expected to be strong. One may also expect M's, takeovers, and asset sales. In March 2006, the Reserve Bank of India allowed Warburg Pincus to increase its stake in Kotak Mahindra Bank (a private sector Bank) to 10%.This is the first time an investor has been allowed to hold more than 5% in a private sector Bank since the RBI announced norms in 2005 that any stake exceeding 5% in the private sector Banks would need to be vetted by them. In recent years critics have charged that the non-government owned Banks are too aggressive in their loan recovery efforts in connection with housing, vehicle and personal loans. There are press reports that the Banks' loan recovery efforts have driven defaulting borrowers to suicide. Phase 1 (March 2005 to March 2009) . Foreign banks were allowed to establish presence in India and were given an option to operate through branch presence or set up a 100% Wholly Owned Subsidiary (WOS). 2. Foreign banks were allowed to open 12 branches a year (the limit was in line with World Trade Organisation (WTO) commitment). Branch licens ing procedure was kept same as applicable for private banks. More liberal branch opening policy was adopted in under-banked areas. 3. The limit of 12 branches a year was raised to 20 branches for foreign banks in March2006. 4.Acquisition of shares in Indian banks by foreign banks was permitted for banks whichare identified by RBI for restructuring. Phase 2 (April 2009 onwards) 1. Branch expansion: -After reviewing the experience of the first phase, RBI has proposed to remove the restriction on branch expansion and limited excess to Indian market and treating them on par with domestic banks to the extent appropriate. 2. Listing of foreign banks: -After completion of the proposed year of operation in India, WOS of foreign banks will be allowed to list and dilute the stake in the manner that at least  of 26% of the paid-up capital remains with the resident Indian. . Mergers and acquisitions: -After a review is made with regard to the extent of  penetration of foreign investment in Indian banks and functioning of foreign banks, foreign banks may be permitted, subject to regulatory approvals and such conditions as may be prescribed, to enter into merger and acquisition transactions with any private sector bank  in India, subject to the overall investment limit of 74 per cent. Adoption of Banking Technology The IT revolution had a great impact in the Indian banking system.The use of computers had led to introduction of online banking in India. The use of the modern innovation and computerisation of the banking sector of India has increased many fold after the economic liberalisation of 1991 as the country's banking sector has been exposed to the world's market. The Indian banks were finding it difficult to compete with the international banks in terms of the customer service without the use of the information technology and computers.The RBI in 1984 formed Committee on Mechanisation in the Banking Industry (1984) whose chairman was Dr C Rangarajan, Deputy Gove rnor, Reserve Bank of India. The major recommendations of this committee were introducing MICR Technology in all the banks in the metropolis in India . This provided use of standardized cheque forms and encoders. In 1988, the RBI set up Committee on Computerisation in Banks (1988) headed by Dr. C. R.Rangarajan which emphasized that settlement operation must be computerized in the clearing houses of RBI in Bhubaneshwar, Guwahati, Jaipur, Patna and Thiruvananthapuram. It further stated that there should be National Clearing of inter-city cheques at Kolkata, Mumbai, Delhi, Chennai and MICR should be made Operational. It also focused on computerisation of branches and increasing connectivity among branches through computers. It also suggested modalities for implementing on-line banking.The committee submitted its reports in 1989 and computerisation began form 1993 with the settlement between IBA and bank employees' association. In 1994, Committee on Technology Issues relating to Payment s System, Cheque Clearing and Securities Settlement in the Banking Industry (1994) was set up with chairman Shri WS Saraf, Executive Director, Reserve Bank of India. It emphasized on Electronic Funds Transfer (EFT) system, with the BANKNET communications network as its carrier. It also said that MICR clearing should be set up in all branches of all banks with more than 100 branches.Committee for proposing Legislation On Electronic Funds Transfer and other Electronic Payments (1995) emphasized on EFT system. Electronic banking refers to DOING BANKING by using technologies like computers, internet and networking, MICR, EFT so as to increase efficiency, quick service, productivity and transparency in the transaction. Apart from the above mentioned innovations the banks have been selling the third party products like Mutual Funds, insurances to its clients. Total numbers of ATMs installed in India by various banks as on end March 2005 is 17,642).The New Private Sector Banks in India is having the largest numbers of ATMs which is fol off site ATM is highest for the SBI and its subsidiaries and then it is followed by New Private Banks, Nationalised banks and Foreign banks. While on site is highest for the Nationalised banks of India. The below graphical representation shows Number of branches in India [pic] Figure 2:1 No. Branches in India . History of other banks in India (includes Nationalised Banks, Private Banks and Foreign Banks) | No. Year |Period |Characterized by | |1 |1840 to 1947 |Pre Independence |Small size, less regulated and bank  failures | |2 |1947 to 1969 |Post Independence to |Slower growth, private sector dominance and start of | | | |Nationalisation |regulation | |3 |1969 to1991 |Nationalisation to Liberalisation|Nationalised of banks by government, high regulation, | | | | |secular growth in business and expansion & rising | | | | |inefficiencies | |4 |1991 to 2010 |Liberalisation to current  date |De-regulation, entry of private and foreig n banks and | | | | |technological advancement | Table 2:2 History of Banks in IndiaArguments of government for nationalisation were as follows: Before the nationalisation, the privately-owned banks were operating on the criteria of profit maximisation and lesser emphasis was placed on the development of rural areas. Credit and deposits base was confined to large corporate and wealthy depositors. The nationalised banking set-up would vigorously pursue expansion programmes to cover rural areas, smaller towns and lower income groups. To pay special attention to inter-sectoral balances and balanced regional development. To take away the stranglehold of the few industrial houses on credit and reduce their control over the community's resources. Ensure stability in the functioning of the credit institutions and inspire more confidence among the depositors.Encourage healthy competition between large and small industrial houses. Insummary, the following are the steps taken by the Governmen t of India to regulate thebanking institutions in the country: 1949: Enactment of Banking Regulation Act. 1955: Nationalization of SBI. 1959: Nationalization of SBI subsidiaries. 1961: Insurance cover extended to deposits. 1969: Nationalization of 14 major banks. 1971: Creation of credit guarantee corporation. 1975: Creation of regional rural banks. 1980: Nationalization of seven banks with deposits over Rs. 200 crores. These are the list of banking currently operating in India: State Bank of Mysore State Bank of Bikaner and Jaipur State Bank of HyderabadState Bank of Patiala State Bank of Travancore State Bank of Indore Nationalised Banks Allahabad Bank Indian Bank Andhra Bank Indian Overseas Bank Bank of Baroda Oriental Bank of Commerce Bank of India Punjab National Bank Bank of Maharashtra Punjab & Sind Bank Canara Bank Syndicate Bank Central Bank of India Union Bank of India Corporation Bank United Bank of India Dena Bank 19. UCO Bank IDBI Bank Ltd. Vijaya Bank Private Sector Ba nks Axis Bank Jammu & Kashmir Ban Bank Of Rajasthan Karnataka Bank Catholic Syrian Bank Karur Vysya Bank City Union Bank Kotak Mahindra Bank Development Credit Bank Lakshmi Vilas Bank Dhanalakshmi Bank Nainital Bank Federal BankRatnakar Bank HDFC Bank SBI Commercial & International ICICI Bank South Indian Bank South Indian Bank IndusInd Bank Tamilnad MercantileBank Tamilnad Mercantile Bank ING Vysya Bank Yes Bank Yes Bank Foreign Banks ABN AMRO Bank DBS Bank 2. Abu Dhabi Commercial Bank Deutsche Bank Antwerp Diamond Bank HSBC Arab Bangladesh Bank JP Morgan Chase Bank Bank Of America Krung Thai Bank Bank Of Bahrain & Kuwait Mashreq Bank Bank Of Ceylon Mizuho Corporate Bank Bank Of Nova Scotia Oman International Bank Bank Of Tokyo-Mitsubishi- UFI Shinhan Bank Barclays Bank Societe Generale BNP Paribas Sonali Bank Calyon Bank Standard Chartered Bank Chinatrust Commercial BankState Bank of Mauri Objectives of the Study 1) To know the organisational structure of the SBM 2) To have the pr actical exposure to Organisational function as compared to theoretical concepts 3) To know the product and service offered by SBM at Kaval Byrasandra branch, Bangalore 4) To know its growth strategy and potential 5) To study the strength, weakness, opportunities and threats of the organisation to carry out swot analysis. Profile of State Bank of Mysore [pic] Chapter -3 [pic] State Bank of Mysore State Bank of Mysore was established on 2nd October 1913 as â€Å"Bank of Mysore Ltd†. under the royal patronage of the Maharaja of Mysore, erstwhile Govt. f Mysore, on the recommendations of the Banking Committee headed by the great Engineer-Statesman,Bhara Late Dr. Sir M. Vishweswaraiah . Subsequently, in March 1960, the Bank became an Associate of State Bank of India. State Bank of India holds 92. 33% of shares. The Bank's shares are listed in Bangalore, Chennai, and Mumbai stock exchanges. As an associate Bank, State Bank of Mysore has a team of employees with a management. This B ank has 737 branches (as on 31. 03. 2012) and 10249 employees. The Bank has regional officesin, Bengaluru, Mysore, Mangalore, Mandya, Hassan, Shimoga, Devanagari, Bellary, Tumkur, Kolar, Chennai, Coimbatore, Hyderabad, Mumbai and New Delhi. About State Bank of Myore | | |Date of Establishment |1913 | | | | |Revenue |( USD in Millions ) | | | | |Market Cap |21775. 942287 ( Rs. in Millions ) | | | | |Corporate Address |KG Road,PBNo 9727,Bengaluru-560009, Karnataka (www. statebankofmysore. co. n) | | | | | | | |Business Operation |Bank – Public | |Background |State Bank of Mysore was established in 1913 as Bank of Mysore under the | | |patronage of the erstwhile  government of Mysore, at the instance of the banking| | |committee headed by the great Engineer-Statesman, Late Dr Sir M Visvesvaraya. | | |Subsequently, in March 1960, the bank became an Associate of State Bank of | | |India. State Bank of India holds 92. 33% of shares. The bank's shares are listed| | |i n Bangalore, Chen | |Financials |Total Income – Rs. 55948. 247 Million ( year ending Mar  2012) | | |Net Profit – Rs.Million ( year ending Mar  2012) | | | | |Company Secretary |G Soundarajan | | | | |Bankers Auditors |HS Ahuja & Co, Dhawan & Co, LK Kejrswal & Co, SK Basu & Co, PKKG | | |Balasubramaniam & Associates, Bhasin Raghavan & Co, BL Ajmera & Co, MKPS & | | |Associates, SK Basu & Co, Maharaj N R Suresh & Co | Management Committee of the Bank |Managing Director | |+91 80 22251855 | | |Mr.Sharad Sharma |+91 80 22353480 Fax 080 | | | |22254753 | | Chief General Manager | |+91 80 22251570 | | |Ms. Hamsini Menon |Fax 080 22350563 | | |   | | |Chief General Manager |Mr.KalyanMukherjee | | |General Manager  (Operations) & Corporate Development Officer |Mr  Bibhupada Nanda |+91 80 22353487 | | | |Fax 080 22353478 | |General Manager Executive  (Agriculture & MSME) |Mr K Lakshmisha |+91 80 22257149 | | | | | | | |Fax 080 22353494 | |General M anager & Group Executive(Corporate Banking) |Mr.SaswataChaudhuri |+91 80 22353471 | | | |Fax 080 22355978 | |General Manager (Treasury and Finance & Accounts) & Group |Sri Viswanathan V |+91 80 22257149 | |Executive(Government Business) | |Fax 080 22353494 | |General Manager (Technology Management) & Group Executive |MrV Pattabhiraman |+91 80 22352591 | |(Personal Banking) | |Fax 080 22356472 | |General Manager – Risk Management and Credit Policy and Procedures |Mr  ParthasarathyN | | |General Manager & Chief Vigilance Officer |Mr Vijay Dube |+91 80 22255617 | | |   |Fax 080 22350562 | State Bank of Mysore Organizational Structure Figure 3:1 Sbm Organization Structure VISION: â€Å"Working for better tomorrow† MISSIONA premier commercial Bank in Karnataka, with all India presence, committed to provide consistently superior and personalised customer service backed by employee pride and will to excel, earn progressively high returns for its shareholders and be a r esponsible corporate citizen contributing to the well being of the society. POLICIES & PROCEDURES State Bank of Mysore: – FUNCTIONS AND DUTIES Power and duties of its officers and employees- All the officers have certain financial powers and administrative powers depending upon their positions. The delegation of financial powers of various grades of officials is decided by the Central Board which is revised from time to time, depending upon the organization’s requirement and also Government / RBI guidelines. The concerned sanctioning authority takes a decision to sanction a loan or otherwise on merits of each proposal.The procedure followed in the decision making process, including channels of supervision and accountability-There is a well defined system in the Bank regarding the decision making process. Financial decisions are taken at various levels by different officials depending upon their positions and also through committee approach. Centralized credit processin g cells are being formed at certain centres for sanction of personal segment loans and other loans. Branches will source the applications and forward them to the respective credit processing cells, for their consideration. Further, there is a well defined organisational structure and a clear system of accountability and control system, which also take into account the RBI / CVC guidelines. The norms set for discharge of its functionThe Bank functions with the following core values / norms ? Excellence in customer service ? Profit orientation ? Fairness in all dealing and relations ? Risk taking and innovation ? Integrity ? Transparency and discipline in policies and systems Regarding the core functions of the Bank i. e. accepting deposits and sanction of loans, the interest rates for deposits / advances and different deposit as well as loan products, are displayed in the Bank’s website and also made available at all the Branches. Regarding sanction of loans, each officer of t he Bank will consider loan proposals and take a decision in terms of the scheme of delegation of powers, on the merits of the proposals.All the officers of the Bank are expected to discharge their duties and responsibilities with integrity and due diligence. Public can also refer to the captions †Interest rates', ‘code of ethics' & ‘citizens charter' of the Bank's website for any further information. The rules and regulations, instructions, manuals and records held by the Bank/ used by its employees for discharging its functions. There are quite a number of documents like manuals, book of instructions, codified circulars, scheme of delegation of powers, proceedings of the board etc and also the periodical circulars used by the employees for discharging various functions. A statement of the categories of documents that are held by the Bank or under its control.These are mainly register of Shareholders/Record of the proceedings of the AGMs, Board Meetings and various Committee meetings, documents executed by customers/borrowers/guarantors, contracts with third parties etc. The particulars of any arrangement that exists for consultation with, or representation by, the members of the public in relation to the formulation of its policy or implementation thereof in SBM. As per the present arrangement, the Shareholders can raise issues concerning policies and in the Annual General Meetings which can relate to the policy of the Bank. Further, the Banks quarterly results and annual results / reports are published in the Bank’s website periodically for information of public as well as shareholders which would give an idea about the policies of the Bank and implementation thereof.Further, the Central Board the apex management body of the Bank is constituted with members who are leaders from different interest groups and professions such as Industrialists, Bankers from Apex Institutions, Chartered Accountants, Economists and Workmen representative s. Public can also refer to the captions financial results / consolidated financial statement / annual report / shareholders information of the Bank's website, for further information. Bank has appointed various committees for different purposes. Following are some of the important Committees managing the key affairs of the Bank a)Risk Management Committee b)Credit Risk Management committee c)Asset Liability Management committee d)Operational Risk Management committee e)Audit Committee f)Central Management Committee g) Central as well as Local BoardsPublic are not entitled to participate on the above committee meetings and minutes are not accessible to public. Public can also refer to the caption Annual report for various committees more particularly the â€Å"corporate governance† link under the Annual report for more information about the committees. Achievements 1913 – The Bank was established as ‘Bank of Mysore Ltd. ‘, on the 19th May, & commenced its b usiness on the 2nd October 1913, under the patronage of His Highness the Maharaja of Mysore, with an authorised capital of Rs. 20. 00 Lakhs. 1953 – During the year, the Bank was appointed as an Agent of Reserve Bank of India to conduct Government business & treasury operations. 959 – With effect from the 10th September, the Bank was constituted as State Bank of Mysore as a Subsidiary of State Bank of India, under State Bank of India [Subsidiary Banks] Act, 1959 enacted through an Act of Parliament, [Act No. 38 of 1959s]. – The Bank has formulated schemes for [1] financing coffee planters/coffee traders against coffee curer’s certificate, [2] financing coffee traders, [3] coffee exporters & [4] coffee curers who also engage in trading. – State Bank of Mysore has various deposit schemes to cater to the requirements of its customers. – The Bank has also actively participated in all Government sponsored schemes and contributed its share of finan cial assistance or the economically weaker sections through DIR, IRDP, Prime Minister Rojgar Yojna & SUME schemes. The Bank has sponsored two Regional Rural Banks, Cauvery Grameena Bank & Kalpatharu Grameena Bank which have between them 202 branches for growth of agriculture & rural industries. – The Bank, as part of State Bank Group has been engaged in financing 551 since 1960 & introduced the concept of need based rather than security oriented finance & the Entrepreneur scheme under which technically qualified persons were financed the entire requirement up to Rs. 2 Lakhs. – The Bank has 3 specialised SSI branches to assist the SSI units & proposes to establish 3 more such 551 branches shortly. – The Bank has correspondent & agency arrangements all over the world & offers spot services in 18 major approved currencies. The Bank computerised dealing room is equipped with state-of-the-art information net-work for excellent services to the Bank customers. – The Bank also proposed to open 21 NRI service centres to specially cater to the requirements of NRI customers. – State Bank of Mysore handles a significant part of day-to-day Banking business of both the Central & State Governments in the State of Karnataka & is a Banker to various Public Sector Undertakings in various sectors of Economy. – The Bank has been actively participating in welfare Banking needs of public through its community services. – The Bank has set up social circles, a voluntary group of employees to conduct the community service activities, at various centres. The Bank is the proud recipient of Rolling Trophy from the Red Cross Society of Karnataka for 17 years in succession, till date, for having mobilised the maximum number of blood donors each year, among Banking Institutions. – The Bank has installed a Main Frame Computer in its Head Office which provides a useful information system to the Management & mini computers at the Zonal Of fices. – The Bank is a member of society for worldwide Inter Bank Financial Telecommunication [SWIFTs] which was established to offer cost effective & fast transmission of financial messages globally, 2 branches of Bank are presently covered under the scheme and an additional 15 branches are proposed to be covered under SWIFT shortly. 992 – The State Government has also taken up vigorously ‘ASHRAYA', a new housing scheme for weaker sections & ‘VISHWA', a new rural & cottage industry scheme. A new programme called ‘AKSHAYA' has also been launched to help the children in primary education. The Konkan Railway Project & the New Mangalore Port Project are also progressing satisfactorily. – The Bank has also been assisting Small Scale industries by offering technology & financial consultancy services to the units in its books, so as to enable them to overcome the problems of technological obsolescence, marketing, management etc. – The Bank has been given a special annual award by Karnataka Unit of Indian Red Cross Society for fourteenth time for having held the most number of voluntary blood donation camps. 994 – Several important measures have been introduced in the busy season credit policy of November 1993 & slack season credit policy of May 1994, announced by Reserve Bank of India. – The Bank extended rehabilitation finance to 54 such units during the year under review. – The Bank STREE SAKTHI PACKAGE designed exclusively for women continued to be implemented with full vigour. – The Bank also proposes to introduce Automated Teller Machines [ATMs] and Electronic Funds Transfer facility during the next year as a measure of offering state of art Banking services to its customers. 2000 – Mr. M. Sitarama Murty has been appoi nted as Managing Director, of Bank. – Crisil has reaffirmed the A+ & P1+ ratings assigned to the bond issue & the CD programme of Bank. 001 – State Ban k of Mysore has opened a foreign exchange cell at its hierarchically Industrial estate branch in Tumkur district to enable small-scale industrialists to manage their foreign exchange transactions. – The Bank has closed its issue of unsecured non-convertible debentures after raising the target of Rs 60 crore. 2002 – Enters the market with a coupon of 6. 4% per annum for its Tier-II capital bonds issue of Rs. 60cr on a private placement basis. – Slashes interest rate on domestic term deposits & on NRE deposits by 25-50 basis points. 2003 – Considers new method of appraisal for lending to the agricultural sector more on the lines of industrial credit given to trade & commerce. Declared a dividend of 40% on equity capital for year ended. – Ties up with HMT Ltd & launches SBM-HMT Agri Farm Scheme, to promote agricultural mechanisation in south India. – Maruti Udyog forges alliances with SBM to offer car finance. – Slashes floating home loa n rates & the new loan is as follows: maturities up to 5 five years, the rates would be 8 per cent, for maturities up to 10 years, the rates would be 8. 75 per cent on a floating rate basis & for above 10 years, 9. 25 per cent. The fixed rate housing loans remained unchanged. Farm lending rate up to Rs 50,000 was lowered to 9 per cent – Inaugurated two branches in Hyderabad. 004 – SBM joins hands with LTJD for tractor financing – State Bank of Mysore has informed that Shri M. Sitarama Murty, Managing Director of Bank retired from the services on December 31, 2003 on attaining super-annuation – Mr. Vijayanand assumes charges as Managing Director of Bank from 01/03/2004 -State Bank of Mysore has joined the Real Time Gross Settlement Systems [RTGSs] network that facilitates inter-Bank funds settlement on 22 July 2005 – SBM unveils new single window system 2006 – Mr P. P. Pattanayak has assumed charge as Managing Director of State Bank of Mysore . Mr Pattanayak was earlier Deputy Managing Director [DMDs] & Chief Credit Officer of State Bank of India, Mumbai. 2009 – The Comp. as splits its face value from Rs100/- to Rs10/-. The State Bank of Mysore has a dedicated workforce of 9926 employees consisting of 3179 supervisory staff, 6747 non-supervisory staff (as on 31 March 2011). The skill and competence of the employees have been kept updated to meet the requirements of customers keeping in view the changes in the Banking environment. State Bank of India is the nation's largest and oldest Bank. Tracing its roots back some 200 years to the British East India Company (and initially established as the Bank of Calcutta in 1806), the Bank operates more than 15,000 branches within India, where it also owns majority stakes in six associate Banks.State Bank of India (SBI) has more than 80 offices in nearly 35 other countries, including multiple locations in the US, Canada, and Nigeria. The Bank has other units devoted to capit al markets, fund management, factoring and commercial services, credit cards, and brokerage services. The Reserve Bank of India owns about 60% of State Bank of India. The roots of the State Bank of India rest in the first decade of 19th century, when the Bank of Calcutta, later renamed the Bank of Bengal, was established on 2 June 1806. The Bank of Bengal and two other Presidency Banks, namely, the Bank of Bombay (incorporated on 15 April 1840) and the Bank of Madras (incorporated on 1 July 1843).All three Presidency Banks were incorporated as joint stock companies, and were the result of the royal charters. These three Banks received the exclusive right to issue paper currency in 1861 with the Paper Currency Act, a right they retained until the formation of the reserve Bank of India. The Presidency Banks amalgamated on 27 January 1921, and the reorganized Banking entity took as its name Imperial Bank of India. The Imperial Bank of India continued to remain a joint stock company. Pu rsuant to the provisions of the State Bank of India Act (1955), the Reserve Bank of India, which is India’s central Bank, acquired a controlling interest in the Imperial Bank of India.On 30 April 1955 the Imperial Bank of India became the State Bank of India. The Govt. of India recently acquired the Reserve Bank of India’s stake in SBI so as to remove any conflict of interest because the RBI is the country’s Banking regulatory authority. In 1959 the Government passed the State Bank of India (Subsidiary Banks) Act, enabling the State Bank of India to take over eight former State-associated Banks as its subsidiaries. On Sept 13, 2008, State Bank of Saurashtra, one of its Associate Banks, merged with State Bank of India. SBI has acquired local Banks in rescues. For instance, in 1985, it acquired Bank of Cochin in Kerala, which had 120 branches.SBI was the acquirer as its affiliate, State Bank of Travancore, already had an extensive network in Kerala. SBI provides a range of Banking products through its vast network in India and overseas, including products aimed at NRIs. The State Bank Group, with over 16000 branches, has the largest branch network in India. With an asset base of $250 billion and $195 billion in deposits, it is a regional Banking behemoth. It has a market share among Indian commercial Banks of about 20% in deposits and advances, and SBI accounts for almost one-fifth of the nation’s loans. SBI has tried to reduce its over-staffing through computerizing operations and Golden handshake schemes that led to a flight of its best and brightest managers.These managers took the retirement allowances and then went on the becoming senior managers at new private sector Banks. The State Bank of India is 29th most reputable company in the world according to Forbes. Associate Banks:-The Subsidiaries of SBI till date *State Bank of Indore *State Bank of Bikaner & Jaipur *State Bank of Mysore *State Bank of Hyderabad *State Bank of Pat iala * State Bank of Travancore Company pictures [pic] State Bank of Mysore [pic] [pic] [pic] [pic] PRODUCTS/SERVICES OFFERED State Bank of Mysore offers its products and services in domains like †¢ Personal Banking. †¢ NRI Services. †¢ Agriculture. †¢ International. †¢ Corporate. †¢ SME. †¢ Domestic Treasury. (i) Personal Banking | |Current Accounts | |Savings Bank | |Savings Plus | |Term Deposits | |Reinvestment Plan | |Multi Option Deposits | |Recurring Deposits | |Public Provident Fund Scheme |Housing Loans | |Car Loans | |Education Loans | |Consumer Durables Loans | |Personal Loans | |Loans to Pensioners | |Gold Loans | |Demand Loans on Term Deposits | |Demand Loans against Govt.Securities | |(ii) NRI Banking | |Foreign Currency Non Resident (Bank Scheme) Deposit | |Non Repatriable Rupee Deposits (NRNR) | |Non Resident (External) Rupee Deposit Accounts (NRE) | |Resident Foreign Currency Deposit Accounts (RFC) | |Ordinary Non Reside nt Rupee Accounts (NRO) | |Non Resident Special Rupee Accounts | |Housing Finance for NRIs | |(iii) Small Business Finance | |Retail Trade | |Professionals and Self Employed | |Business Enterprises | |Transport Operators | |(iv) Agriculture Finance | |Agricultural Crop Loans | |Agricultural Gold Loans |Produce Marketing Schemes | |Agricultural Term Loans | |Land Development Schemes | |Minor Irrigation Schemes | |Farm Mechanizations Schemes | |Kisan Credit Cards | |(v) Government Business | |State Govt. | |Central Govt. |CBEC | |CBDT | |Defence | |Posts | |Telecom | |Central Civil Pensions | |Defence Pensions | |Telecom Pensions | |State Govt.Pensions | |PSU Retiring Employees Scheme | |(vi)Other Services | |Safe Deposit Lockers | |Safe Custody | |(vii) Miscellaneous Business | |Demand Drafts | |Remittance Facilities (with Associate Banks) | |Remittance Facilities (with RBI & Govt. ) | |Collections (Cheques) |RTGS/NEFT | |Collections (Bills) | |Demand Draft Purchases ( Cheques) | |Demand Draft Purchases (Bills) | RATES OF INTEREST WITH EFFECT FROM 4th May   2012. |PERIOD |RATE OF INTEREST (%) | | |Up to  Rs. 15 lacs |Above Rs. 15. acs | |7 Days to 14 days |—— |8. 50 | |15 days to 45 days |6. 25 |8. 50 | |46 days to 90   days |6. 50 |8. 50 | |91 days to 179 days |8. 00 |8. 50 | |180 days to 299 days |8. 50 |8. 0 | |300 days |8. 50 |8. 50 | |301 days to less than 1 year |8. 50 |8. 50 | |1 year to less than 500 days |9. 25 |9. 25 | |500 days |9. 25 |9. 25 | |501 days to less than 2 years |9. 25 |9. 5 | |2 years to less than 909 days |9. 25 |9. 25 | |909 days |9. 25 |9. 25 | |910 days to less than 3 years |9. 25 |9. 25 | |3 years to less than 5 years |9. 25 |9. 25 | |5 years and above |9. 25 |9. 25 | Table 3:1 Interest Rate Interest Rates on Personal Segment Advances   | |Housing Loans (w. e. f. 01. 11. 2011) | |NAME OF THE SCHEME |Rate Of Interest | | |(Base Rate 10. 50%p. a) | |   |11Upto Rs 25 Lacs | |HOUSING L OAN |Upto 20 Years |BR+0. 75 |. 5% | |   |Above 20 to inclusive of 25 |BR+1. 00 |11. 50% | | |years | | | | |Above Rs 25 lacs upto Rs 30 Lacs | | |Upto 20 Years |BR+0. 75 |11. 25% | | |Above 20 to inclusive of 25 |BR+1. 00 |11. 0% | | |years | | | |

How to establish a performance improvement plan

How to establish a performance improvement plan One of the biggest challenges of working in Human Resources can be the role that you play in employee struggles and difficulties: poor performance reviews, disciplinary action, conflicts between employee and manager, etc. It can feel like you’re caught in the middle- you’re not necessarily the employee or the manager, but you’re there to represent both their interests and those of the company, so your role is a delicate one. Part of that role is facilitating performance improvement plans (PIPs) to help struggling employees get back on track in their jobs.Why use a performance improvement plan?A PIP is a tool at HR’s disposal to help restore a worsening situation. Maybe the employee has chronic difficulties with his or her role, or maybe there was an incident that has shaken his or her manager’s confidence in their job performance. A PIP is a chance to say, â€Å"Okay, this situation is not great, but there’s potential to turn things around.à ¢â‚¬  It’s a formal document and process, acknowledged by the employee and his or her manager, that there are certain steps that the employee needs to complete before his or her performance is stabilized.It’s important to note that a PIP is not necessarily a last stop on the way to firing an employee. Instead, look at it as a way to acknowledge that performance has been poor, but that there are ways to move on with clearer expectations from all involved. It can help ensure that the employee is receiving the resources he or she needs to do the job, if that support was lacking before and contributed to mistakes or poor performance.What is HR’s role in creating a PIP?The Human Resources role can vary according to the size and type of company, but there are some baseline issues you can expect to address as an HR manager:Documenting circumstances- why the employee is being placed on a PIP, what the manager’s concerns are, what the employee’s response i s, and any other factors that need to be made clearEnsuring that the employee knows his or her rights in the situationProviding information or resources that the employee needs to succeed under the PIP, such as training or company policySupporting the manager in implementing the PIP for the employeeDeveloping an action plan for both the manager and the employeeThe HR role is one of support and guidance, and making sure that all parties are engaged in the process of making the work situation better for all involved.  hbspt.cta.load(2785852, '9e52c197-5b5b-45e6-af34-d56403f973c5', {});What’s included in a PIP?The PIP is not meant to be an accusatory tool, piling on to scare or intimidate the employee into improving, or else. Rather, it’s a way to get everything in writing and make sure that everyone is clear on expectations moving forward- particularly if there are consequences if the employee does not meet particular benchmarks.A PIP should include:Written documentati on of the problematic behavior or performance issueA specific description of the expectations for the employee’s performanceA list of the resources that will be provided to the employee to improve performanceAn explicit follow-up plan, including timeframes, a schedule of meetings with the employee, or other milestones set between the manager and employeeConsequences for failure to meet the benchmarks in the plan, if applicableThere may not be a one-size-fits-all PIP for your HR department. As the HR rep, you’re part of a collaborative process so it’s important to make sure that the PIP you’re developing is applicable to the particular situation and allows for input by both the manager and employee as well.Best practices for implementing a PIPAs you know, part of your role in HR is helping to defuse tense workplace situations with proactive steps and productive solutions. The employee probably isn’t happy (hence the issues), the manager isn’t happy to have to deal with this, and no one wants to be told they’re not doing well. Navigating an unhappy situation while trying to put a mechanism in place to get things back on track is challenging, no question. Here are some best practices you should consider as you create a PIP.Be clear, in writing, about the behavior or performance that merits the PIP.Provide specific examples of each type of behavior or poor performance.Create a dialogue about potential reasons for the behavior or poor performance. Give the employee an opportunity to express his or her understanding of the issue and of the performance expectations.Create a written improvement plan with specific, measurable goals for the employee to meet on a clear timeline. Make sure to include any consequences that may happen if the employee fails to meet particular benchmarks, if applicable.Set up a time to meet with the employee or manager to review the employee’s progress along the way.If at all possible, u se an automation system to track performance and ease your way into a PIP implementation planRemember, the goal here is growth- not punishment. You want everyone involved to feel comfortable with the plan moving forward. And ideally, the plan will help address the underlying issues that caused the poor performance in the first place.How to approach a PIP with an employeeImplementing a PIP can be a touchy situation- the employee is likely feeling embarrassed that things have gotten to this point and could be emotional or defensive. Here are some things you can do to help make the plan implementation easier on everyone.Let them know you’re in their corner. The employee may feel overwhelmed, so the idea that someone has their best interests at heart during a tough time can help.Get the employee’s perspective on the issue. Let them explain where they think things went wrong and see if they have a different perspective on what the expectations were, whether they were lackin g in resources, etc. It’s possible the employee has a different interpretation of how or why things went wrong, and it’s important to get both sides.Balance the negative with some positive. Let the employee know what he or she is doing well, instead of hitting the negative over and over.Don’t be vague or ambiguous. Provide clear examples of the problematic behavior, as well as the next steps needed to correct the issue. Also be clear about the impact of his or her behavior or poor performance.Give constructive feedback. Saying â€Å"this is unacceptable,† or â€Å"just be better,† without offering potential solutions or next steps is unlikely to help the employee correct the issue. Give recommendations about how they can improve. He or she already knows that she has to improve, but may not be clear on how to approach it.Make time to meet with the employee. Make sure he or she feels supported throughout the process. It’s not enough to say, â €Å"Okay, here’s the plan, do this.† Checking in can help ensure that a) progress is happening, and b) the employee understands what’s expected at every step.One thing to remember is that PIPs are not a magic fix for work disasters or poor performance. They’re a tool you can offer to your employees as a way to right the ship before it sinks and before someone loses a job or the company suffers further consequences from the poor performance. As long as everything is clearly defined (the source of the problem, the consequences of the problem, and the specific plan for remedying the problem) and you work closely with employees and managers to implement it, it can be one of the most effective and successful tools you have for turning around poor performance. A bit of optimism and a lot of careful documentation can go a long way in ensuring employee success, even after a failure.

Small business management To build or buy

Small business management To build or buy Introduction This article examines strategic planning process of purchasing an existing coffee business in Miami. We have based the business concept on News Cafà ©, which demonstrates affordability, growth, and comfort at the Ocean Drive of Miami Beach. New Cafà © is a 24-hour business with a great menu that consists of both national and international coffee and desserts. It has a great oceanfront view. However, the place experiences service lackluster during high tourists’ seasons. Business Concept Strategy Starbucks introduced coffee business to the US and coffee has become a common feature of Americans as millions of them consume coffee daily. These people are willing to spend money on quality coffee.Advertising We will write a custom research paper sample on Small business management: To build or buy specifically for you for only $16.05 $11/page Learn More Specialty coffee has become a growing coffee business in Miami as News Cafà © shows (Mona ghan and Huffaker, 1995). Market conditions such as recession and slow economic growths have not affected coffee consumption in Miami or the US. In fact, specialty coffee sales have increased. In addition, no coffee house closed due to recession unlike in other industries. News Cafà © and other coffee outlets serve quality coffee in Miami. However, most of these coffee outlets look like ‘fast food restaurants’ because of their services. Now Miami coffee consumers have increased, and their preferences for coffee and other products have grown. As a result, many consumers need fresh coffee, varieties, and coffee with health benefits. This means that there is a niche in the coffee market of Miami. Coffee consumers want fresh, high-end, quality, and health coffee served in high volumes and in a warm and conducive atmosphere. A new coffee business in Miami can meet these needs and fill the niche in the market. The business should provide high quality coffee products in upsca le locations of Miami. The location must also provide a mixed clientele base in order to ensure that the business has high-levels of activities throughout the session. Develop or Purchase Based on the performance of News Cafà ©, it is necessary to purchase an existing coffee business than developing a new one. The existing coffee business in Miami has existing customers, a stream of revenues, existing employees, recognized business name, and working business policies and procedures (Joseph, Nekoranec and Steffens, 1992). Purchasing an existing coffee business in Miami shall enable the investor to avoid risks associated with start-ups. Business pundits claim that nearly 80 percent of start-ups do not last for more than two years. In addition, start-ups may also lack adequate cash flows, which may affect their working capital. New businesses have financing and setup challenges. An investor who opts for an existing business with history avoids challenges associated with a new business that lacks a record of accomplishment. Therefore, the process of developing a new coffee business in Miami should be through purchasing an existing business. Still, it also eliminates a daunting task of finding capital for a new business.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Start-ups also undergo creation challenges. There are business procedures and policies, which the new business owner would not like in an existing. However, the new owner may make changes that fit his new business concept. The purchasing party can easily locate what areas or policies of the existing business need changes. The investor may also decide to overhaul all aspects of the business, but eventually gains from identifying factors that do not favor the business. Such existing business already has stability required to start operation. In addition, the interested party can rely on hist orical sales records in order to make sales projection. The new owner can realize immediate returns after the purchase. Any business for sale usually has a fair price. Furthermore, purchasing an existing business may not require all the capitals needed when buying a new business. The owner can make down payment and pay the rest of the debt in installment by using the generated cash flows from the business. A new start-up does not provide this advantage. Still, sellers also offer favorable financing terms for such existing businesses. This may be due to income tax reasons, enhance profitability of the business, and get a net for existing loans. A seller who may carry back any part of sales price indicates that he has confidence in the future performance of the business even under new management. Form of Ownership Aspiring entrepreneur has various forms of business ownership and can select the one that matches his business financial position. For this new coffee shop venture in Miami, we have settled on limited liability company (LLC). LLC has a hybrid structure that will provide the new owner with limited liability features of corporation, offer tax efficiency and eliminates cases of double taxation, and operational flexibility of a partnership business. However, this form of business ownership is complex and formal that a general partnership ownership. Business Plan Executive Summary This new coffee shop venture borrows the concept of News Cafà © in Miami, but shall be in upscale areas, provide high quality coffee, efficiency, and 24-hour services. The owner can introduce other partners or run it independently (McDonald, 2007).Advertising We will write a custom research paper sample on Small business management: To build or buy specifically for you for only $16.05 $11/page Learn More Financing shall be from the owner’s capital. The owner shall fund the rest with income generated from returns. After reviewing the operation of N ews Cafà ©, the new coffee business shall rely on the News Cafà © model for expansion to other areas of Miami. Mission The new coffee business goal is to be the coffee shop of choice in Miami for upscale consumers, tourists, students and the local business community by offering high quality coffee and coffee products. The business intends to be profitable with more than 20 percent returns annually. The business also intends to support local environmental initiatives at the beach and supports coffee farmers too. Objectives Make the new business highly attractive place for coffee consumers in Miami Make sales of $750,000 in the first fiscal year, $1 million for the second year, and $ 1.3 million for the third fiscal year Achieve over 20 percent net profit after the third year Start expansion within six months after opening Support community, coffee farmers, and conservation efforts Key to Success High quality coffee products Upscale markets with mix customer base Targets on tour ists, affluent population, students, working community, and pedestrians Well-trained staff Aggressive and continuous marketing Sales of coffee and related products for multiple revenue sources Provide online sales services in the Web Company SummaryAdvertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The business shall provide unique coffee to its consumers. Variety: the coffee shop shall have different varieties of coffee not found in Miami Location: the coffee shop shall occupy upscale environments with attractive views next to busy streets, shopping complex, tourists’ destinations, and entertainment locations The coffee shop shall expand within six months after successful takeover Ownership The coffee shop shall be LLC Products The coffee shop shall offer high quality: Coffee varieties Tea Juice Gift items Chocolate Bottled water Soft drinks Snacks Pricing of these products shall favor both high-end and low-end consumers. Market Analysis Summary The new venture shall launch a new coffee business by purchasing an existing business in a receptive and a growing market. America coffee consumers are increasing. The business shall consider: Affluent and popular locations Areas with tourists activities throughout the year Student locations Low media costs Busy streets Popular beach areas Market Segmentation The customer base in Miami shall consist of various customer segments: High-end local residents Local community business people Tourists Students Pedestrians and travelers These segments of consumers are strong and provide mixed benefits. They can provide consistent business and cash flows throughout the fiscal year. The business will also benefit from high tourist seasons during summer breaks when students break for their long holidays. Still, the other segments of the market shall be available throughout the year. Figure 1: Target Market Segments for the New Coffee Shop Competitors Competition consists of international, regional, and local coffee shops. Starbucks News Cafà © Cafà © Demetrio Joffrey’s Coffee and Restaurant Versailles Mercedes Coffee Shop Romeos Cafà © Greenstreet Cafà © These competitors have grown ever since their inception. In addition, no single chain of coffee shop has failed in Miami in the last 20 years . Marketing Strategy The new coffee shop shall rely on word of mouth, local media, and social media as marketing strategies in order to reduce costs of media promotions. The aim of the marketing campaign is to establish profitability for fast and continued growth of the business. The marketing strategy shall position the coffee shop as the only place that offers high quality coffee products in Miami Beach. Assumptions The market requires high quality coffee products There is a need for conducive environment Consumers want affordable luxuries Coffee market is stable Competitive Edge The business competitive edge in comparison to competitors includes: High quality products with great tastes Best locations in busy streets, areas with tourists’ presence throughout the year High-end locations Favorable prices to both high-end and low-end consumers Superior ambience 24-hour operation Varieties of products for various segments of the market Internet online sales The business sh ould have more than 20 shops within the next five years. However, this will depend on the financial performance of the purchased business. The managers must track all daily activities in order to provide clear perspectives for expansion. Web Plan Summary The coffee shop will have an established Web site from the previous business owner. The established Web site of the business guarantees the new owner high traffic from existing customers. The Web site shall act as a tool of marketing and offer online sales services. Management Profile Owner Chief finance officer Marketing head Operation manager Financial Plan Achieve sales growth of 15 percent annually Adequate cash flows Profit margins of 20 to 25 percent Marketing budget shall be five percent of the annual budget The profits shall fund expansion strategies Figure 2: Monthly sales by products Figure 3: Yearly sales by products References Joseph, R., Nekoranec, A., and Steffens, C. (1992). How To Buy a Business. New York, NY: Kaplan Publishing. McDonald, M. (2007). Marketing plans: how to prepare them, how to use them. Oxford: Butterworth Heinemann. Monaghan, J., and Huffaker, J. (1995). ESPRESSO! Starting and Running Your Own Specialty Coffee Business . New York: Wiley.

American Temperance Society

* Formation of the American Temperance Society marked the beginning of the first formal national temperance movement in the US. * The Temperance Movement was an organized effort during the nineteenth and early twentieth centuries to limit or outlaw the consumption and production of alcoholic beverages in the United States. By the mid 1830s, more than 200,000 people belonged to this organization. The American Temperance Society published tracts and hired speakers to depict the negative effects of alcohol upon people. Lyman Beecher was a prominent theologian, educator and reformer in the years before the American Civil War. * Lyman Beecher was a prominent theologian, educator and reformer in the years before the American Civil War. Beecher was born in 1775, in New Haven, Connecticut. He graduated from Yale College in 1797 and was ordained in the Presbyterian Church in 1799. He became a minister in Long Island, New York. In 1810, he accepted a position as minister in Litchfield, Connecticut. He became well known for his fiery sermons against intemperance and slavery. In 1826, he resigned his position in Litchfield and accepted a new one in Boston, Massachusetts. By this point, his reputation had spread across the United States. The church in Boston had more money to pay a minister of his standing. It also had a much larger congregation. In 1830, Beecher’s church caught fire. A merchant who rented some rooms in the church stored whiskey in the basement. The whiskey somehow ignited. Beecher took this as a personal affront considering the sermons he delivered in the church’s sanctuary against the evils of liquor. Neal Dow, temperance reformer, born in Portland, Maine, 20 March 1804. He is of Quaker parentage, attended the Friends’ academy in New Bedford, Massachusetts, and was trained in mercantile and manufacturing pursuits. He was chief engineer of the Portland fire department in 1839, and in 1851 and again in 1854 was elected mayor of the City. He became the champion of the project for the prohibition of the liquor traffic, which was first advocated y James Appleton in his report to the Maine legislature in 1837, and in various speeches while a member of that body. * Through Mr. Dow’s efforts, while he was mayor, the Maine liquor law, prohibiting under severe penalties the sale of intoxicating beverages, was passed in 1851. After drafting the bill, which he called â€Å"A bill for the suppression of drinking houses and tippling shops,† he submitted it to the principal friends of temperance in the City, but they all objected to its radical character, as certain to insure its defeat. It provided for the search of places where it was suspected that liquors intended for sale were kept, for the seizure, condemnation, and confiscation of such liquors, if found; and for the punishment of the persons keeping them by fine and imprisonment. Maine Law of 1851, The law was forced into existence by the mayor of Portland, Neal S. Dow. Its passage prohibited the sale of alcohol except for medical or manufacturing purposes. By 1855, there were 12 states in the U. S who joined Maine in what became known as the â€Å"dry† states. And the states which allowed alcohol were dubbed â€Å"wet† states. – The act was very unpopular among many working class people and many immigrants. That is when opposition to the law turned deadly by June 2, 1855 in Portland, Maine. It was rumored that Neal S. Dow was keeping a vast supply of alcohol within the city while denying it to the citizens of Portland. He was then called the â€Å"Napoleon of Temperance,† and to others, an unadulterated hypocrite. The alcohol which was allowed into Portland was supposed to be used for medicinal and mechanical reasons were valued at about $1,600. It was distributed to doctors and pharmacists as authorized by the Maine law. – The Irish immigrant population of Portland, Maine was vocal critics of the Maine Law. They saw it as a thinly disguised attack on their culture based on stereotypes. The Irish community already distrusted Neal S. Dow. The Maine law that Dow sponsored had a mechanism whereby any three voters could apply for a search warrant based on suspicion of someone illegally selling liquor. † The Father of American Education†,† Horace Mann, was born in Franklin, Massachusetts, in 1796. Mann’s schooling consisted only of brief and erratic periods of eight to ten weeks a year. Mann educated himself by reading ponderous volumes from the Franklin Town Library. This self education, combined with the fruits of a brief period of study with an intinerant school master, was sufficient to gain him admission to the sophomore class of Brown University in 1816†³ (4, Cremin). He went on to study law at Litchfield Law School and finally received admission to the bar in 1823 (15, Filler). In the year 1827 Mann won a seat in the state legislature and in 1833 ran for State Senate and won. Horace Mann felt that a common school would be the â€Å"great equalizer. † Poverty would most assuredly disappear as a broadened popular intelligence tapped new treasures of natural and material wealth. He felt that through education crime would decline sharply as would a host of moral vices like violence and fraud. In sum, there was no end to the social good which might be derived from a common school -In 1848 Mann resigned as Secretary of Education and went on to the U. S. House of Representatives and then took the post of President of Antioch College in 1852. He stayed at the college until his death in August 27, 1859. Two months before that he had given his own valedictory in a final address to the graduating class; † I beseech you to treasure up in your hearts these my parting words: Be ashamed to die until you have won some victory for Humanity† (27, Cremin). – Mann had won his victory as the public school soon stood as one of the characteristic features of American life – A â€Å"wellspring† of freedom and a â€Å"ladder of opportunity† for millions. William McGuffey, U. S. educator remembered chiefly for his series of elementary readers. McGuffey taught in the Ohio frontier schools and then at Miami University (1826 – 36). His elementary school series, starting with The Eclectic First Reader, was published between 1836 and 1857. Collections of didactic tales, aphorisms, and excerpts from great books, the readers reflect McGuffey’s view that the proper education of young people required their introduction to a wide variety of topics and practical matters. They became standard texts in nearly all states for the next 50 years and sold more than 125 million copies. In these years McGuffey also served as president of Cincinnati College (1836 – 39) and of Ohio University, Athens (1839 – 43). He was a founder of the common school system of Ohio. In 1845 he was elected to the chair of mental and moral philosophy at the University of Virginia, Charlottesville, a position he held until his death. Noah Webster published his first dictionary of the English language in 1806, and in 1828 published the first edition of his An American Dictionary of the English Language. The work came out in 1828 in two volumes. It contained 12,000 words and from 30,000 to 40,000 definitions that had not appeared in any earlier dictionary. In 1840 the second edition, corrected and enlarged, came out, in two volumes. He completed the revision of an appendix a few days before his death, which occurred in New Haven on the 28th of May 1843. * Webster changed the spelling of many words in his dictionaries in an attempt to make them more phonetic. Many of the differences between American English and other English variants evident today originated this way. The modern convention of having only one acceptable and correct spelling for a word is due mostly to the efforts of Webster, in standardizing spelling. Prior to this, the popular sentiment toward spelling might have best been summed up by Benjamin Franklin who said that he â€Å"had no use for a man with but one spelling for a word. † * produced his own modern English translation of the Bible in 1833. Though an excellent and highly accurate translation, Webster’s Bible was not widely accepted, due to the continued popularity of the ancient King James version. It was, however, was the most significant English language translation of the scriptures to be done since the King James version of more than 200 years earlier. Mary Lyon, American educator, founder of Mt. Holyoke College, b. Buckland, Mass. She attended three academies in Massachusetts; later she taught at Ashfield, Mass. , Londonderry, N. H. , and Ipswich, Mass. Interested in promoting the higher education of women, she won the aid of several influential men and succeeded (1837) in establishing Mt.  Holyoke Female Seminary (later Mt. Holyoke College) at South Hadley, Mass. She served as principal for 12 years, directing the development of a well-rounded college program and emphasizing the principle of service to others. Emma Willard, Educator. Born Emma Hart on February 23, 1787, in Berlin, Connecticut. Emma Willard is remembered for her trailblazing efforts on behalf of women’s education. Raised by a father who, while a farmer, encouraged her to read and think for herself, she attended a local academy rom 1802 to 1804 and then began teaching. – In 1807 Emma Willard went to Middlebury, Vermont to head a female academy there. Two years later she married a local doctor named John Willard. She opened her own school, the Middlebury Female Seminary, in 1814 to provide advanced education that young women were denied by colleges. Her Address†¦ Proposing a Plan for Improving Female Education (1819) was a much admired and influential proposal to get public support for advanced education for young women. Emma Willard moved to Troy, New York, in 1821, where she opened the Troy Female Seminary. (It was renamed the Emma Willard School in 1895. ) With both boarding and day students, in some respects it was the first U. S. institution of serious learning for young women, though even it recognized that most of its graduates would be housewives, not professionals, and most of its students came from families of means. The school actually made a profit, and she also earned money from the textbooks she wrote. American Temperance Society * Formation of the American Temperance Society marked the beginning of the first formal national temperance movement in the US. * The Temperance Movement was an organized effort during the nineteenth and early twentieth centuries to limit or outlaw the consumption and production of alcoholic beverages in the United States. By the mid 1830s, more than 200,000 people belonged to this organization. The American Temperance Society published tracts and hired speakers to depict the negative effects of alcohol upon people. Lyman Beecher was a prominent theologian, educator and reformer in the years before the American Civil War. * Lyman Beecher was a prominent theologian, educator and reformer in the years before the American Civil War. Beecher was born in 1775, in New Haven, Connecticut. He graduated from Yale College in 1797 and was ordained in the Presbyterian Church in 1799. He became a minister in Long Island, New York. In 1810, he accepted a position as minister in Litchfield, Connecticut. He became well known for his fiery sermons against intemperance and slavery. In 1826, he resigned his position in Litchfield and accepted a new one in Boston, Massachusetts. By this point, his reputation had spread across the United States. The church in Boston had more money to pay a minister of his standing. It also had a much larger congregation. In 1830, Beecher’s church caught fire. A merchant who rented some rooms in the church stored whiskey in the basement. The whiskey somehow ignited. Beecher took this as a personal affront considering the sermons he delivered in the church’s sanctuary against the evils of liquor. Neal Dow, temperance reformer, born in Portland, Maine, 20 March 1804. He is of Quaker parentage, attended the Friends’ academy in New Bedford, Massachusetts, and was trained in mercantile and manufacturing pursuits. He was chief engineer of the Portland fire department in 1839, and in 1851 and again in 1854 was elected mayor of the City. He became the champion of the project for the prohibition of the liquor traffic, which was first advocated y James Appleton in his report to the Maine legislature in 1837, and in various speeches while a member of that body. * Through Mr. Dow’s efforts, while he was mayor, the Maine liquor law, prohibiting under severe penalties the sale of intoxicating beverages, was passed in 1851. After drafting the bill, which he called â€Å"A bill for the suppression of drinking houses and tippling shops,† he submitted it to the principal friends of temperance in the City, but they all objected to its radical character, as certain to insure its defeat. It provided for the search of places where it was suspected that liquors intended for sale were kept, for the seizure, condemnation, and confiscation of such liquors, if found; and for the punishment of the persons keeping them by fine and imprisonment. Maine Law of 1851, The law was forced into existence by the mayor of Portland, Neal S. Dow. Its passage prohibited the sale of alcohol except for medical or manufacturing purposes. By 1855, there were 12 states in the U. S who joined Maine in what became known as the â€Å"dry† states. And the states which allowed alcohol were dubbed â€Å"wet† states. – The act was very unpopular among many working class people and many immigrants. That is when opposition to the law turned deadly by June 2, 1855 in Portland, Maine. It was rumored that Neal S. Dow was keeping a vast supply of alcohol within the city while denying it to the citizens of Portland. He was then called the â€Å"Napoleon of Temperance,† and to others, an unadulterated hypocrite. The alcohol which was allowed into Portland was supposed to be used for medicinal and mechanical reasons were valued at about $1,600. It was distributed to doctors and pharmacists as authorized by the Maine law. – The Irish immigrant population of Portland, Maine was vocal critics of the Maine Law. They saw it as a thinly disguised attack on their culture based on stereotypes. The Irish community already distrusted Neal S. Dow. The Maine law that Dow sponsored had a mechanism whereby any three voters could apply for a search warrant based on suspicion of someone illegally selling liquor. † The Father of American Education†,† Horace Mann, was born in Franklin, Massachusetts, in 1796. Mann’s schooling consisted only of brief and erratic periods of eight to ten weeks a year. Mann educated himself by reading ponderous volumes from the Franklin Town Library. This self education, combined with the fruits of a brief period of study with an intinerant school master, was sufficient to gain him admission to the sophomore class of Brown University in 1816†³ (4, Cremin). He went on to study law at Litchfield Law School and finally received admission to the bar in 1823 (15, Filler). In the year 1827 Mann won a seat in the state legislature and in 1833 ran for State Senate and won. Horace Mann felt that a common school would be the â€Å"great equalizer. † Poverty would most assuredly disappear as a broadened popular intelligence tapped new treasures of natural and material wealth. He felt that through education crime would decline sharply as would a host of moral vices like violence and fraud. In sum, there was no end to the social good which might be derived from a common school -In 1848 Mann resigned as Secretary of Education and went on to the U. S. House of Representatives and then took the post of President of Antioch College in 1852. He stayed at the college until his death in August 27, 1859. Two months before that he had given his own valedictory in a final address to the graduating class; † I beseech you to treasure up in your hearts these my parting words: Be ashamed to die until you have won some victory for Humanity† (27, Cremin). – Mann had won his victory as the public school soon stood as one of the characteristic features of American life – A â€Å"wellspring† of freedom and a â€Å"ladder of opportunity† for millions. William McGuffey, U. S. educator remembered chiefly for his series of elementary readers. McGuffey taught in the Ohio frontier schools and then at Miami University (1826 – 36). His elementary school series, starting with The Eclectic First Reader, was published between 1836 and 1857. Collections of didactic tales, aphorisms, and excerpts from great books, the readers reflect McGuffey’s view that the proper education of young people required their introduction to a wide variety of topics and practical matters. They became standard texts in nearly all states for the next 50 years and sold more than 125 million copies. In these years McGuffey also served as president of Cincinnati College (1836 – 39) and of Ohio University, Athens (1839 – 43). He was a founder of the common school system of Ohio. In 1845 he was elected to the chair of mental and moral philosophy at the University of Virginia, Charlottesville, a position he held until his death. Noah Webster published his first dictionary of the English language in 1806, and in 1828 published the first edition of his An American Dictionary of the English Language. The work came out in 1828 in two volumes. It contained 12,000 words and from 30,000 to 40,000 definitions that had not appeared in any earlier dictionary. In 1840 the second edition, corrected and enlarged, came out, in two volumes. He completed the revision of an appendix a few days before his death, which occurred in New Haven on the 28th of May 1843. * Webster changed the spelling of many words in his dictionaries in an attempt to make them more phonetic. Many of the differences between American English and other English variants evident today originated this way. The modern convention of having only one acceptable and correct spelling for a word is due mostly to the efforts of Webster, in standardizing spelling. Prior to this, the popular sentiment toward spelling might have best been summed up by Benjamin Franklin who said that he â€Å"had no use for a man with but one spelling for a word. † * produced his own modern English translation of the Bible in 1833. Though an excellent and highly accurate translation, Webster’s Bible was not widely accepted, due to the continued popularity of the ancient King James version. It was, however, was the most significant English language translation of the scriptures to be done since the King James version of more than 200 years earlier. Mary Lyon, American educator, founder of Mt. Holyoke College, b. Buckland, Mass. She attended three academies in Massachusetts; later she taught at Ashfield, Mass. , Londonderry, N. H. , and Ipswich, Mass. Interested in promoting the higher education of women, she won the aid of several influential men and succeeded (1837) in establishing Mt.  Holyoke Female Seminary (later Mt. Holyoke College) at South Hadley, Mass. She served as principal for 12 years, directing the development of a well-rounded college program and emphasizing the principle of service to others. Emma Willard, Educator. Born Emma Hart on February 23, 1787, in Berlin, Connecticut. Emma Willard is remembered for her trailblazing efforts on behalf of women’s education. Raised by a father who, while a farmer, encouraged her to read and think for herself, she attended a local academy rom 1802 to 1804 and then began teaching. – In 1807 Emma Willard went to Middlebury, Vermont to head a female academy there. Two years later she married a local doctor named John Willard. She opened her own school, the Middlebury Female Seminary, in 1814 to provide advanced education that young women were denied by colleges. Her Address†¦ Proposing a Plan for Improving Female Education (1819) was a much admired and influential proposal to get public support for advanced education for young women. Emma Willard moved to Troy, New York, in 1821, where she opened the Troy Female Seminary. (It was renamed the Emma Willard School in 1895. ) With both boarding and day students, in some respects it was the first U. S. institution of serious learning for young women, though even it recognized that most of its graduates would be housewives, not professionals, and most of its students came from families of means. The school actually made a profit, and she also earned money from the textbooks she wrote.

The Golden Age of Byzantine Empire Essay Example | Topics and Well Written Essays - 1500 words

The Golden Age of Byzantine Empire - Essay Example The very issue indeed of Justinian I's ruling is the ruling of him in this period. For the traits and characteristics of this ruler opposed of those great rulers. The author of The Secret History added his descriptions to him as "deceitful, devious, false, hypocritical, two-faced, cruel, skilled in dissembling his thought, never moved to tears by either joy or pain, though he could summon them artfully at will when the occasion demanded, a liar always, not only offhand, but in writing, and when he swore sacred oaths to his subjects in their very hearing. Then he would immediately break his agreements and pledges, like the vilest of slaves, whom indeed only the fear of torture drives to confess their perjury. A faithless friend, he was a treacherous enemy, insane for murder and plunder, quarrelsome and revolutionary, easily led to anything evil, but never willing to listen to good counsel, quick to plan mischief and carry it out, but finding even the hearing of anything good distastef ul to his ears". One issue is the changing of the law in the Emperor's own favor. A definite instance is to permit him to marry a courtesan, in which the former law forbids him to. The ignorance in state of affairs of the Empress Euphemia permitted him to perversed the law especially after her death. Justinian's choice of wife put him in shame as Theodora is known and condemned for several abortions, but blinded by his own preference. Procopius put this marriage this way "I need hardly mention any other proof of the character of this man: for all the perversity of his soul was completely displayed in this union; which alone was ample interpreter, witness, and historian of his shamelessness". In an independent minded citizen during that period like Procopius, having someone like Theodora in the monarchial power is a disgrace that is yielded and majestically honored by many. Their marital affair affected christianity, as it was split in two, siding one side to the Emperor and the other to Theodora every time they were having disagreement. Each party stands as an opposition to one another. Theodora supported the Blues, and encouraged them to make the most of the heinous violence against the opposing party; while Justinian, lead the opposition pretentiously not opposing her orders. The Blues being punished and compensated whenever she was being defeated by her husband. Both were in guile to serve their own selfish intentions, even reached to the point of dropping their parties and stripping off the properties of the members once they were not in used anymore. Procopius clearly stated that "as soon as Justinian came into power he turned everything upside down" pertaining the perversion he made within the previous laws just to serve his intentions. As the Romans were in peace to the world before his term, he managed his way to set battle between the barbarians unfortunately for no logical reason. This proves his lust for slaughtering leveling him as a mass murderer indirectly. The slavery of the Roman empires under the Huns was through the will of the Emperor himself, even paying the Huns' chieftains to proceed on their barbaric domination. This condition of Romans invited others to robbed them off their own wealth, and after these

The economy in California Essay Example | Topics and Well Written Essays - 1250 words

The economy in California - Essay Example In the course of this assessment and analysis, various factors are considered in light of their effects and implications on the economy. These factors are divided according to their level of influence and their scope in regards to how each individual entity can deal with them (Melvin & Boyes, 122). As such, economics as a social science incorporates aspects of creation, circulation and utilization of commodities and services within an economy and the various factors that affect this cycle. For a proper and more insightful analysis of these factors, the concepts of micro and macroeconomics are introduced to deal with varying perspectives of the way in which various dynamics impact on the economy. Microeconomics often deals with aspects that are within a given economic entity’s scope, and refers to factors that the entity has control over. On the other hand, macroeconomics lays emphasis on factors that an economic entity has little or no control over, especially factors that hav e a national, transnational or global scope. An example of a factor that affects the economy on a national perspective is the inflation rate, or the level of inflation within the economy. As such, the analysis of this factor forms an insightful upshot from which the impact of macroeconomic factors can be viewed in relation to the economy. BODY: On a general platform, inflation can be described as the gradual increase in the prices of commodities and service provision within an economy over a given period. This is occasioned by the value of the currency dropping, whereby the financial might of a unit of currency drops and it is able to purchase lesser and lesser items as the level of inflation increases.... On other platforms, inflation refers to an average increase in the money circulating within an economy, as occasioned by the value of the currency dropping warranting the need for more legal tender to complete a transaction (Melvin & Boyes, 134). Inflation is caused by a number of factors, ranging from government expenditure exceeding the revenues, or the private sector causing shortfalls in output resulting in demand exceeding the supply of goods and services. Moreover, increased production costs also result in increased prices of goods thereby resulting in inflation. The measure for inflation is carried out through the price index that monitors the overall pricing of consumer goods and services over a given period. The general percentage change in price roughly implicates the inflation level within the economy. The impacts of inflation can be both positive and negative in some instances. However, its negative force is more impacting than the positive effects (McEachern, 187). There are levels of inflation, with low levels of inflation generally considered not as harmful. However, zero and high inflation are considered harmful to any economy. The major impact of inflation is that it creates a financial shortage for individuals who are surviving on a fixed income. This is occasioned by the lack of income dynamism in relation to the rate of inflation (McEachern, 222). The amount of disposable income for such individuals decreases, thereby leading to less expenditure, further enhancing the inflation rate. This results in minimized savings, as more money is used in purchases that were previously less straining on the financial muscle. However, inflation can also result in hidden tax raises especially in

Case study Neo Example | Topics and Well Written Essays - 1250 words

Neo Pets - Case Study Example How do you think Neopets can prevent its concept from becoming a fad? Most of the children’s products will last only for a short period in the particular market, thereafter they will be out of the market or in other words, they will become the fad. That is it will be a temporary trend to use a particular product. There are some children’s products like Ninja turtles and Hula Hoops which did not run for a long period. In this era, there is an increase in the number of people who are interested in playing games, particular males in the age group of around 20. So the company should consider the adults also while designing the games so that it can be there in the market for a long period. Though Neopets was started as an online gaming solution, later it started its offline operation also. (Chapter 16, Marketing globally). The company is having a business strategy, which can be changed as and when required and ensures that its products are not becoming the fad. And also the customers or the users should not get bored with the product. If so the product will soon become the fad. â€Å"A lot of goods do not become the fad because they maintain their usefulness for longer periods of time, and people tend not to become bored with them.† (Bergman, (n.d). It is a commonly known business fact that, the mouth-to-mouth advertisement by the satisfied customers is the best and inexpensive advertisement. Even then, the organization can test other methods of advertising. Advertising on the internet will have more response. The internet usage among the adults has increased, so the company can give advertisement about their products on the internet rather than in television. The company can also place advertisements in front of the primary and secondary schools. That will attract the students to Neopets. And also, it can conduct marketing campaigns exclusively targeting the children.