Modern pricing models Essay Example | Topics and Well Written Essays - 2500 words - 1

Modern pricing models - Essay Example This work involved calculating a derivative to measure how the discount rate of a warrant varies with time and stock price. The result of this calculation held a striking resemblance to a well-known heat transfer equation. Soon after this discovery, Myron Scholes joined Black and the result of their work is a startlingly accurate option pricing model. The Black–Scholes model was first published in their 1973 paper, "The Pricing of Options and Corporate Liabilities", published in the Journal of Political Economy (Black & Scholes, 1973). Robert Merton was the first to publish a paper expanding the mathematical understanding of the options pricing model, and coined the term "Black–Scholes options pricing model" (Merton, 1973). Merton and Scholes received the 1997 Nobel Prise in Economics for their work. Black was mentioned as a contributor by the Swedish Academy though ineligible for the prize because of his death in 1995. Black and Scholes cant take all credit for their work, in fact their model is actually an improved version of a previous model developed by A. James Boness in his Ph.D. dissertation at the University of Chicago (). Black and Scholes improvements on the Boness model come in the form of a proof that the risk-free interest rate is the correct discount factor, and with the absence of assumptions regarding investors risk preferences. The Black–Scholes model assumes that the market consists of at least one risky asset, usually called the stock, and one riskless asset, usually called the money market, cash, or bond. The key idea is to hedge the option by buying and selling the underlying asset in just the right way and, as a consequence, to eliminate risk. (random walk) The instantaneous log returns of the stock price is an infinitesimal random walk with drift; more precisely, it is a geometric Brown motion, and we will assume its drift and volatility

PoP Culture Trend and Media Essay Example for Free

PoP Culture Trend and Media Essay When I was a child, all I wanted was to be a doctor. I obeyed my parents, studied hard, and played around every once in a while. I had my simple ambitions and simple outlooks. I lived a simple life. Today, however, you can ask any child about his ambition and he would most likely tell you that he would be a Dennis Rodman someday, or a Britney Spears if it was a she you’ve happened to ask. Another possible scenario could be that the child you’d like to ask wouldn’t even talk to you because he/she is too busy with his/her cellular phone, Gameboy Advance, i-pod nanno, or personal computer. Looking at this everyday situation, my father had always been asking me what is happening to this generation. This picture had also been a popular topic for homeroom or sociology classes, and online debates. Each of these discussions, however, boils down to a common phrase: pop culture. Pop Culture, or Popular Culture, is the set of customs, beliefs, values, arts, and entertainment common to massive sectors of the society.  (http://www.cobb.k12.ga.us/~smitha/PopIndex.htm).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Oftentimes, it results from the everyday interactions, needs and desires, and cultural moments of the mainstream. (http://en.wikipedia.org/wiki/Electronic_media). It is important that we examine the prevailing Pop Culture as it can shape peoples beliefs, values system, and attitudes since trendy music, movies, television programs, and fads often mirror the outlooks and behavior of the masses. James E. Combs recognized even in 1984 that Popular Culture is so much a part of our lives that we cannot deny its developmental powers.   Like formal education or family rearing, popular culture is part of our learning environment.   Though our pop culture education is informal-we usually do not attend to pop culture for its educational value. It nevertheless provides us with information and images upon which we develop our opinions and attitudes.   We would not be what we are, nor would our society be quite the same, without the impact of popular culture. (Combs 1984). Nowadays however, an additional factor to the power of popular culture and to the importance of evaluating its effects is technological advancement. Specifically, electronic media has become a tool to further elevate the influence of pop culture, in an ever faster and unstoppable way, to all corners of the world. â€Å"Electronic media are those communications mediums which are based on electronic or electromechanical means of production and most often distinguished from print media. The primary electronic media sources familiar to the general public worldwide include radio, sound recordings, television, video recording, and streaming internet content†. (http://en.wikipedia.org/wiki/Electronic media). Personally, I have been most fond of surfing the internet, watching television programs and movies, listening to contemporary and pop music through radio, cd player, and i-pod, playing computer games, and messaging through cellular phones, either for educational or entertainment purposes. I am now aware that most of my viewpoints have been influenced by the things that I watch, read, and listen to that’s why I have been trying to balance out my views by patronizing different sources of information. My most poignant realization was that pop culture has affected my viewpoint on what is beautiful. Seeing models and actors who are almost perfect and worshipped everyday and everywhere has blinded me into considering beauty as skinny, 36-24-36 for females, and hunky, tall, and handsome for males. Everything else that did not replicate what pop culture has embedded on me seemed merely normal, or worse, ugly. I very much think that this has also been the case for majority of the people in this generation, what with the number of anorexics and bulimics, and steroid users rising up to an alarming level internationally. Social responsibility and morality had also been largely affected by today’s pop culture. The case of pornography that has been very widespread, moreover in the advent of the internet and camera phones, is just an example. The concept of privacy has also been oftentimes mutilated either consciously or unconsciously through electronic means propagated by pop culture. Relationships have also been builded and shattered in the blink of an eye as a result of the prevailing culture and technology. Gossips and defamation had also been most common and aggravated these days, usually spreading worldwide in a split-second. These, however, can either be conscious or unconscious. It can be conscious in the part of the companies who perpetrate these kinds of trend to gain profits in the employment of their technology. It can also be unconscious or subconscious in both sides especially now that these trends have already been inculcated in the society’s culture. It must be noted though that pop culture, aside from its commonly criticized negative influences, also has contributed positive effects to the society. In the negative matters, social responsibility and civility must draw the line. This can only be done by a more conscious meditation and evaluation of the popular culture that is being imposed upon us. As human beings, we were given the capability to analyze the things that are going on around us. And we should. As for the trend in pop culture that had greatly influenced me, I have already mentioned that it is the way that I viewed beauty. Upon analysis, I have come to a conclusion that it had been a result of both my personal desires as a consumer, and the media’s making. Popular culture, in general, does not only result from the corporation’s commercial pursuits. I believe that it is a mixture of the continuous interaction of the consumers and suppliers in every society. References: Combs, James E. Polpop:Politics and Popular Culture In America. University of Wisconsin Pr. 1984 http://www.cobb.k12.ga.us/~smitha/PopIndex.htm http://en.wikipedia.org/wiki/Electronic_media http://en.wikipedia.org/wiki/Electronic media

Market Study of Berger Paints Bangladesh Limited

Market Study of Berger Paints Bangladesh Limited 1.1 Problem Background Bangladesh paint market is experiencing a good growth of 8-10% per annum consistently in the late 90s and early years of this century mainly because of a boom in real estate development[1]. Besides, this trend in growth of demand is likely to persist or may even witness an upswing in the future as the country moves from rural base to urban base project (Real estate). There is a huge possibility that paint industry will further thrive because only 39% of the target market are currently using paint and others are progressing to get into the trend of using paint instead of the traditional way of whitening their dear houses. According to the cement manufacturers of Bangladesh, the cement market is also growing at around 4% p.a., which correlates quite well with our paint market growth data. The limited growth up to now in industrialization and per capita income in Bangladesh has restricted the size of the paint market, which is currently at around Tk.755-800 crores (1.5-1.6 crores gallon s)[2]. However a good number of local paint manufacturing companies (40 organized and at least 50 more in the informal sector) have been operating in this small market. Quite a few of these companies are producing paints of internationally acceptable quality and very importantly, the installed single shift production capacity of the local paint companies is double the present local market demand. Berger, the market leader in the Bangladesh paint market, is one of the oldest names in the global paint industry. It has its origin in the year of 1706 and from then on the company is operating with strong adherence to quality and social responsibility. Initially, Lewis Berger, a German national, founded dye pigment making business in England. Lewis Berger Sons Limited grew rapidly  with a strong reputation for innovation and entrepreneurship culminating in perfecting the process of making Prussian Blue, a deep blue dye, a color widely used for many European armies uniform. Production of dyes pigments evolved into production of paints coatings, which till today, remains the core business of Berger. Today, Berger offers all kinds of painting solutions in decorative, industrial or marine segment for both decorative and protective purpose. Based on the secondary literature survey, experts opinions and consumers requirements, the broad and the specific Objectives of the research have been set-â€Å"Market Study of Paint Industry in Bangladesh†. This objective can be met by following the study methodology described in the forthcoming chapter. 1. 2 Origin of the Study As a partial requirement for the completion of the MBA program, internship program is a vital part which opens the door to gather the practical knowledge in relation with the theoretical knowledge. MBA program at University of Dhaka requires a 3 months long internship program. As an intern, I was placed in Unitrend Limited- Affiliated with McCann Worldwide. I worked for 3 months in the Unitrend Limited (Brand Division), under the supervision of Jahidul Islam, Senior Brand Executive of Unitrend Limited. As an intern of the department I was asked to assist the Brand section (Berger pints Bangladesh Limited). After consultation with my supervisor, my faculty advisor at University of Dhaka, Dr. Serajul Hoque (Professor, Department of Marketing), I decided to explore â€Å"Market Study of Berger Paints Bangladesh limited (BPBL)†. 1. 3 Objectives Based on the secondary literature survey, experts opinions and consumers requirements, the broad and the specific Objectives of the research have been set. 1.3.1 Broad Objective Market Study of Berger Paints Bangladesh Limited (BPBL). 1.3.2 Specific Objectives i. To analyze market trends market shares of BPBL ii. To Analyze competitor behavior and performance iii. To determine current satisfaction level of BPBL iv. To find out whether current products of Berger Paints Bangladesh Limited meet consumer expectations or not. v. To identify the reference group (Painters, Architectures,) influence of the customers in choosing specific brand. vi. To find out the market potential for existing products (e.g. market size, growth, changing sales trends) vii. To Assess the potential for new products that are not provided by the current paint manufacturers ( in term of New product Development) viii. To forecast new user for existing products 1.4 Approaches to the Problem 1.4.1 Theoretical Framework A pull demand is created when demand is created in the market and is the most beneficial. To implement such a strategy we have to first assess the needs of the market, judging the perception of customers and contractors and finding out new locations and convert them into new dealers so that there is more availability of the product in the market.Assessing competitor market and developing a strategy to kill or overcome competition is the second part of the report. Opening new dealers in the market will take care of this. Expanding the dealer network helps in market penetration.All the effort will be a waste if there is no demand from the end consumer of goods. Painters, contractors, advertisements, friends and family influence the end customer. So the end customer generates the main demand and Berger Paints must analyze customer satisfaction over time. A Job Satisfaction Data Form How did you know regarding the services being rendered by Home Decor? TV†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Press†¦Ã¢â‚¬ ¦..Friends †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Word of Mouth †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Others†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ We would like to have your comments on the following job details 1. Shade: Very Satisfied †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Satisfied †¦Ã¢â‚¬ ¦.. Not Satisfied†¦..†¦ 2. Design: Very Satisfied †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Satisfied †¦Ã¢â‚¬ ¦.. Not Satisfied †¦Ã¢â‚¬ ¦. 3. Workmanship of Painters: Excellent †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Good†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Average†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Poor†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 4. Service by Color Consultants: Excellent †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Good†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Average†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Poor†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 5.Overall Service by Home Decor: Excellent†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Good†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Average†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Poor†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6. Will you refer Home Decor to anybody in near future? Yes†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. No †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 7. Completion done according to the time schedule: Yes†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. No †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 1.4.2 Analytical Model: 1.4.3 Research Questions Hypotheses: A structured questionnaire has been used to collect data. Multiple choice questions and dichotomous questions have been used to develop structured questionnaire. H0: There is no association between customer satisfaction (DV) and factors influencing customer satisfaction (IV). H1: There is an association between customer satisfaction (DV) and factors influencing customer satisfaction (IV). 1.5 Problem Definition Management Decision Problem 1. Is the Current satisfaction level of Berger Pints Bangladesh Limited satisfactory? Marketing Research Problem 1. To determine the factors those affect the customer satisfaction level of Berger Paints Bangladesh Limited. 1.6 Problem Variables 1. Dependent Variable To determine customer satisfaction level of Berger Paints Bangladesh limited. 2. Independent Variables Price Availability Variation in paint Variation in Shade Attractive Packet Packet Size Longibility Discoloration Swelling Powdering Thinner Requirement 1.7 Research Timeline: Activities Time (Week) 1-2 3-4 5 6 7-8 9 10 11-12 Preliminary Preparation Selection Training of Fieldwork Data Collection Data Analysis Draft Report Preparation Rerport Presentation Final Report Preparation 1.8 Limitations The study aims to explore analyze market study of Berger Paints Bangladesh Limited and find out if there is any scope for its improvement. In doing so, I have encountered the following problems: The Large sample size could detect the problems more accurately. I was unable to dedicate sufficient time to make an in-depth on such an important issue. It is quite difficult to write about an organization within 3(three) months. Heavy workload at office was one of the main barriers of this study and additional time for doing the survey could hardly be extracted. Another limitation of this report is Enterprises policy of not disclosing some data and information for obvious reason. 2.0: Literature Review The annual report of some of the leading paint companies of Bangladesh including Berger Bangladesh Ltd., Asian Paints Ltd., Elite Paints, Sagor Chemicals Company Bangladesh Ltd., etc. were studied along with whatever reports that were available. However, a good number of them were back dated and were of little use in view of the fast changing market position. Apart from the literature so far consulted, the initial phase of the methodology began with the review of relevant literature on the issues indicated under the â€Å"Top-down† and â€Å"Bottom-up† approaches as well as aspects under â€Å"Projection†, assimilation of relevant data available in the secondary sources, and then conducting a desk research. 2.1 Literature in the official website of Berger Paints Bangladesh Ltd With a view to bolstering consumer satisfaction, Berger Paints Bangladesh Limited has introduced â€Å"Berger Home Dà ©cor† on June 15, 2002 through which one can get an array of services pertaining to painting. Berger Home Decor offers two-stage services: 1. Free Service 2. Paid Service Berger Home Dà ©cor is currently offering wide range of services to its prospects and existing consumers embracing: Technical advice on surface preparation and application guideline.  · Paint selection.  · Dealer selection.  · Painter/ Contractor selection and  · Color scheme. 2.1.1 Literature on the Fundamentals of Berger India Illusions which formed a basis for BPBL Illusions †¦.†¦Report on BPIL Attachment on Illusions Syed Tanzim Rezwan, Assistant Product Manager, BPBL  · What is Illusions? An illusion is basically mentioned as ‘Designers solution/finish. It is more related to the application procedure than product. Regular products are applied with some specialized tools and in some cases with some specialized chemicals to get the desired design. As it is more related to the application procedure, Illusions is offered as a full painting solution rather than a product and that is why it is more like offering a service than a product.  · Objectives of launching Illusions The objectives are: Enhancing the brand image of Berger Value addition to the existing painting service  · Area of usage Illusions is basically a design finish. So it is more appropriate for the interior walls. Plastered walls or wooden surfaces are the preferred surfaces for Illusions use. One has to remember however, that Illusions is more like a designer finish than a protective one. So areas with exposure to high heat or water are not prescribed for Illusions use.  · Distribution Strategy The way Illusions is offered: Berger India is using their Home Dà ©cor facilities to offer Illusions in different cities. Their basic idea is to offer the painting solution through the existing panel of painters they have for different cities. 2.1.2 Literature on the Illusions Procedure as a service flow, developed in Berger India and which formed a basis for the service flow of Illusions in BPBL with some modifications; literature on client generation for Illusions through promotions by Berger India Modus Operandi Satellite Operations: BPHD/Illusions Berger India Illusions procedure as according to Berger India:  § On receipt of enquiry the Customer Support Manager will visit the site and complete finalization of the design/area of application/shades and fill into the job estimate page of the customer fact file  § The final estimate from the customer fact file is to be filled in and given to the customer.  § On customer agreeing to the job, 100% collection by means of a single current dated cheque is to be taken from the customer and a painting schedule has to be developed for the job. The cheque details and the painting schedule have to be filled into the customer fact file in relevant pages.  § On realization of the cheque, the materials for the job may be purchased from the dealer as deposited by the depot manager. Material will be issued by the dealer only against the order. Dealer on delivery of the material to the site has then to raise a bill on Berger Paints Home Dà ©cor for the material supplied and submit it along with a copy of the Material Requisitions form.  § Tools required for the job are to be signed out to the painter who has been allocated the job.  § A ‘Before photograph is to be taken of the site and on completion of the job. An ‘After photograph is also to be taken for each of the areas where Illusions designs has been applied.  § On completion of the job, the completion certificate has to be signed by the customer and following this, the warranty certificate has to be handed over to the customer along with a ‘Friendship ka faida reference booklet. Lead Generation: All of the below mentioned modes of promoting Illusions will be followed in varying mixes depenmding on the efficiency of the individual methods.  § Referrals: 10% of the job value will be paid to the referring party as referral commission Dealer Contractor Architect Interior Decorator 2.2 Literature on Asian Paints entering Bangladesh paint market -Asian Paints starts operations in Bangladesh 04 September 2002 Asian Paints, Indias largest paint company, has begun its operations in Bangladesh. The entry into Bangladesh marks Asian Paints 11th joint venture in international markets and its largest green-field venture in overseas markets. The inauguration of the operations of Asian Paints (Bangladesh) Ltd was done by Bangladesh Minister of Industries M K Anwar and Asian Paints (India) Ltd vice-chairman and managing director Ashwin Dani. M Rahman, executive chairman, Board of Investment, Bangladesh, and M L Tripathi, High Commissioner of India to Bangladesh, were the other distinguished dignitaries at the inauguration. Said Dani: The opportunities that the Bangladesh market provides for Asian Paints are immense. The experience that we have gained from operating in three out of six countries in the SAARC [South Asian Association for Regional Cooperation] region has armed us with excellent expertise to operate in this region. We would like to provide value for money and the complete range of products for the Bangladeshi consumer. He further said that low per-capita consumption of paints, vast potential to upgrade the market, limited product range, increased urbanisation and consistent GDP growth of around 5-6 per cent have been some of the reasons for Asian Paints entering into this market. Moreover, this venture will help the company consolidate its position in the SAARC region. Asian Paints (Bangladesh) Ltd is a joint venture between Asian Paints (India) Ltd, Indias largest paint company, and Confidence Cement Ltd, one of the largest cement producers in Bangladesh. Asian Paints will hold 51 per cent stake in the company, while 49 per cent will be held by Confidence Cement. A fully-integrated paint manufacturing unit has been set up and is situated in the Ghazipur district, north of Dhaka, which will service the entire Bangladesh paint market. Asian Paints will introduce the Apcolite range of products, which is its premium quality range in international markets, and the Decora range, which is its international brand for economy products. Under the Apcolite and Decora brands, many product segments will be covered in the initial phase. Asian Paints will enter into segments like interior wall finishes, the exterior segment, enamels and the wood finish segment through the above-mentioned brand names. The company will immediately introduce the concept of multiple shade choice to the Bangladeshi consumer in most of its emulsion paints. The launch of multiple shades in its Apcolite range of emulsions will provide to the Bangladesh consumer, for the first time, a wide choice of colors that was not previously offered by any paint company. The total Bangladesh paint market is estimated to be over 30,000 MT, valued at around INR 2200 million (US $45 million). The market is growing by around 5-7 per cent. The GDP growth for the country has been consistently around 5 per cent and the per-capita paint consumption is around 250 gms. The market, thus, provides high potential for growth as well as an opportunity for paint manufacturers to upgrade and expand the market. 2.3 Literature on Aqua Paints Architects Awards -Four to receive Ice Today Aqua Paints Award Shawkat Marcel Khan Four interior designers will be awarded the Ice Today-Aqua Paints Award 2007 for their works on interior design. The names of the winners will be announced during the award-giving ceremony which will be held at the Radisson Water Garden Hotel in the city on July 14. The award will be given for innovation, creativity and outstanding achievements in interior design in Bangladesh, said the organizers at a briefing, held at a city hotel on Thursday. ‘The grand prize will not be given as the jury comprising Mustafa Ameen, Nahas Ahmed Khalil and Kazi Golam Nasir did not find any design suitable for the award, said the executive editor of the monthly magazine Ice Today, Ziaul Karim.‘Each winner will receive the Commendation Award valued at Tk 25,000, a crest and a Nokia set, he added. A total of 27 designs were submitted in ‘Residential and Non Residential categories. The jury short-listed the entries to eleven designs in the first phase. Then, they visited each sites and narrowed down to four designs taking three from Non Residential category. 2.4 Literature on Home Dà ©cor Coverage and Painters In total there are Home Dà ©cor outlets in Bangladesh in total. However, apart from the specific regions where these outlets are situated, consultants and painters also travel to nearby areas and thus affectively cover a wider area as shown in Fig 2.2. The following tables and s are information gathered and organized by BPBL: Table 2.1: Painters and Contractors of Home Dà ©cor in Bangladesh Depot Contractor Painter Dhaka 15 38 Chittagong 5 14 Sylhet 3 7 Comilla 2 5 Khulna 3 8 Bogra 1 2 Rajshahi 1 2 National Total 30 76 The following tables and s are information gathered and organized by BPBL: 3.0: Methodology The methodology upon which the team undertook the assignment comprises of top-down and bottom-up approaches effected by literature review, secondary data analysis and desk research, and by conducting surveys, which after consultation with the experts yielded a pragmatic Market Analysis preceded by an overall industry situation, competitor analysis and customer analysis. 3.1 Nature of Research and Sources of Information The conclusive research design adopted is descriptive in nature. The sources of data were both primary and secondary. It involved collection of data about the characteristics of the paint market, competitors and different supply chain members. Secondary information was gathered from websites, newspaper articles, journals and annual reports of different paint companies. The design of collecting primary data from customers (end users) follows the following section. 3.2 Sample Design The sample design consists of defining the target population, determination of sample size and sampling method. 3.2.1 Target Population To collect data from customers (users) the target population is defined to be the households of Bangladesh. The country was considered to be composed of three economic zones (High, Medium and Low) on the basis of economic activities as follows: Zone 1: (High) : Dhaka, Chittagong and Sylhet Divisions Zone 2: (Medium) : Barisal and Khulna Divisions Zone 3: (Low) : Rajshahi Division. [Source: Statistical year book of Bangladesh Bureau of Statistics, 2007] As the use of paint is very much related with rate of urbanization, the divisional cities of Zone 1 were selected. However, another divisional city was selected randomly from the Zone 2 to make the sample more representative to the entire population and it turned to be Khulna city. The sole division of Zone 3 could be taken into consideration too, but after consultation with the experts, it was omitted from the sampling plan for better utilization of the resources available to the Research Team. 3.2.2 Sample Size For determination of sample size, the Research Team tried to adopt various sampling techniques. But as the ratio of house owners (who are the end users of paint) is too small to the entire population of Bangladesh, the sample size becomes very small. So, after discussion with experts and the appointing authority, the sample size per city is determined to be 100. So the total sample size of this study is 400 (100X4). The distribution of the samples are furnished in table 3.1. Table 3.1: Sample distribution Dhaka Chittagong Khulna Sylhet Total End users 80 80 85 85 320 Dealers/Retailers 10 10 5 5 30 Painters 5 5 5 5 20 Architect/Developer 5 5 5 5 30 Total 100 100 100 100 400 3.2.3 Sampling Method Systematic sampling method was adopted for selecting samples. Households were considered sampling units and owner of the household was considered sampling elements. The holding list of City Corporation was used as the sampling frame. The frame was divided by the number of samples required to determine the sampling intervals. Then the first sample was selected from the first sampling interval following simple random sampling and then the rest of the samples were selected from subsequent sampling intervals as usual. If a household was found ineligible then the next adjacent household was considered the sampling unit. For conducting the surveys on the channel members, samples were selected based on judgment. The fieldwork was carried out during the period of May 28 to June 10, 2009. 3.3 Instrument and Scale for Data Collection Structured Questionnaire was used as the instrument of data collection. Five sets of questionnaire were used for customers, dealers, retailers, painters and developers respectively (Provided in the Appendix Section). Questions set in the questionnaire were worded with simplest form possible. Rank order scale and 5 point Likert scale were used in these questionnaires. In each questionnaire, at least one question was set as an open ended question to reveal the thoughts of the respondents regarding paint industry of Bangladesh. After preparation of the questionnaires, they were pretested using a small size of sample taken from Dhaka city. The reliability of the questionnaires was judged from the result of pretest. Coefficient alpha was used as a measure of internal consistency check for the questionnaires. 3.4 Field Survey Field Survey procedure was used to collect data from the primary source. The bases covered include customers (end users), dealers, retailers, painters and architect/developers. Furthermore, a panel of experts was consulted including experts in Chemical Engineering, Civil Engineering, Architecture, Marketing, Economics and Supply Chain Management. A brief list of the expert pool is provided in the appendix A. The purpose, information coverage and other requirements of the study were further reviewed and finalized after consultation by the Research Team with the Unitrend management. Obviously the study was national in nature and the sample size was large enough to be representative of different segments. The steps involved in conducting survey were including sampling design process, questionnaire preparation, fieldwork, and data preparation and analysis. 3.5 Fieldwork and Supervision The fieldworkers were trained thoroughly for carrying out the surveys effectively. The training included as to how to select respondents, introduce themselves to the respondents, ask questions, provide reinforcements to the respondents, record the responses etc. Fieldworkers were students of Department of Marketing from the Faculty of Business Studies of University of Dhaka. A member of the Research Team supervised the fieldwork. He monitored the activities of the investigators very closely, provided them support and motivation, and in some cases, took part in the field investigation. 4.1 Berger Paints Bangladesh Limited: An Overview Berger, the market leader in the Bangladesh paint market, is one of the oldest names in the global paint industry. It has its origin in the year of 1706 and from then on the company is operating with strong adherence to quality and social responsibility. Initially, Lewis Berger, a German national, founded dye pigment making business in England. Lewis Berger Sons Limited grew rapidly with a strong reputation for innovation and entrepreneurship culminating in perfecting the process of making Prussian Blue, a deep blue dye, a color widely used for many European armies uniform. Production of dyes pigments evolved into production of paints coatings, which till today, remains the core business of Berger. Berger Paints started its sailing into the sea of Bangladesh from pre-liberation era, to be precise in 1950. In Bangladesh the major milestones of Berger Paints are given below: 1950 Started operation in Bangladesh by importing Paint from Berger UK 1970 Establishment of Chittagong Factory 1980 Named as Berger Paints (BD) Ltd. from Jenson Nicholson (JN) 1991 BMRE in Chittagong Factory 1995 Establishment of Double Tight Can Manufacturing Plant 1999 Establishment of Most Modern Sate-of-the-Art Paint Production Plant 2002 Construction of own building for the Corporate Office in Dhaka 2004 Establishment of Powder Coating Plant * Owns Corporate Office located in Dhaka * 2 Factories at Dhaka and Chittagong * 7 strategically located Sales Offices throughout the whole country. * A wide distribution channel reaches the whole country with a network of more than 1500 dealers 4.2 Vision and Mission of BPBL Berger emphasize highly on the ethical commitment to produce benchmark quality product. 4.2.1 Vision â€Å"We shall remain as the benchmark in the Paint industry by being an innovative and technology driven Company consistently delivering world-class products ensuring best consumer satisfaction through continuous value added services provided by highly professional and committed team.† 4.2.2 Mission â€Å"We shall increase our turnover by 100% in the next five years. We shall remain socially committed ethical Company.† 4.3 Area of Operation Berger Paints operates in three broad segments of the paint industry. 4.3.1 Decorative Paint * The objective is to beautify the surfaces with protection from corrosion and erosion * This business category mainly targets household segment offered to the consumers through a dealer network constituting major revenue earning business area of BPBL. * Products fulfill the aesthetic value of the consumers. 4.3.2 Industrial * Tailor made products to cater to the specific needs of customers. * Products give protection to the surfaces in extreme situations like severe hazardous environment, high temperature, movement of heavy materials and machinery etc. * Direct marketing approach is being used to promote the Industrial Coatings * Main customer groups: Garments Factories, Chemical Plants, Fertilizer Manufacturing Plants, Consumer Durable Manufacturing Plants etc. 4.3.3 Marine * Products are being offered mainly through direct marketing approach. * Dock Yards, Bangladesh Navy, Passenger Ships are the main user groups. * Market is mostly concentrated in Dhaka and Chittagong. 4.4 Manpower Structure It is consisted of more than 300 employees of whom about 160 are general workers and the rest are White Collar employees. These employees are working in different factories and depots of the company. The positional hierarchy of the company is as follows: 1. Managing Director 2. Director 3. General Manager (Executive -1) 4. Executive -2 5. Senior Manager 6. Manager 7. Assistant Manager 8. Officer (i, ii, iii, iv) / Management Trainee 4.5 SWOT Analysis The SWOT Analysis of Berger Paints is presented below: Strengths * Corporate image as pioneer in paint industry and one of the leading paint companies of the world * Wide distribution network * Rich experience on Bangladesh Paint Market * Presence in all major segments of the market * Strong financial base Weaknesses * Insignificant presence in the international satellite channels * Perceived as premium priced company at semi-urban and rural market * Higher dependence on large dealers * Consumers knowledge gap about paints painting system Opportunities * Growing market * Utilization of positive corporate * image for corporate diversification * To popularize economy products at remote market Threats * Fierce competition in the Bangladesh market * Credit-driven market * Strong command of few dealers in the market through sub-dealer * Unethical and corrupt practices by the local companies * Low priced imported products are entering due to trade liberalization 5.1 Existing Situation The paint market of Bangladesh comprises primarily with urban consumers as the rate of construction and decoration in urban areas is very high compared to that of the semi urban and rural areas. The mix of consumers in paint market encompasses with 80% urban consumers along with 12% semi urban as well as 8% rural consumers ( 5.1). The demand in the market can be categorized into 4 broader segments based on use Decorative, Industrial, Marine and Automotive paints. Decorative products are the used in households for beautification of buildings and interiors. This is the biggest among all segments. Industrial products have mainly two types of uses industrial raw materials and protective or maintenance. But in spite of the dual use, the segment is only 8% of the total demand. Demand for marine products are only 5% and for automotive paints, it is even lesser, only 3%. A detail of the product demand is endowed in 5.2. Decorative produ

Jazz and Culture Essay -- American History Music Cultural Essays

Jazz and Culture Never is the inadequacy of language more apparent than when trying to discuss or describe music. There is a colloquial axiom that suggests that talking about music is like dancing about literature. What words are sufficient to explain your favorite album to a person who cannot hear? There are none. James Baldwin, in his story â€Å"Sonny’s Blues,† does as well as anyone can: â€Å"Creole began to tell us what the blues were all about. They were not about anything very new. He and his boys up there were keeping it new, at the risk of ruin, destruction, madness, and death, in order to find new ways to make us listen. For, while the tale of how we suffer, and how we are delighted, and how we may triumph is never new, it always must be heard.† I will do my best to talk to you today about jazz. In the 1890s, New Orleans’ black population was divided along Canal Street. On one side were the Creoles, French or Spanish speaking free blacks who were generally well educated and had achieved upper class status in their community. Creoles developed a musical tradition based on the European model and, according to Len Weinstock, â€Å"prided themselves on their formal knowledge of European music, precise technique and soft delicate tone and had all of the social and cultural values that characterize the upper class† (redhotjazz.com). Across Canal Street, newly freed blacks, mostly poor and uneducated, were developing their own music; these musicians were â€Å"schooled in the blues, Gospel music, and work songs that they sang or played mostly by ear† (Weinstock). In 1894, a segregation law forced the Creole blacks across Canal Street and the musical styles were forced into contact. So, while music that... ...l as a result of the attention this country’s jazz musicians received abroad. â€Å"Jazz,† Levine writes, â€Å"was an expression of that other side of ourselves that strove to recognize the positive aspects of our newness and our heterogeneity; that learned to be comfortable with the fact that a significant part of our heritage derived from Africa and other non-European source; and that recognized in the various syncretized cultures that became so characteristic of the United States, not an embarrassing weakness but a dynamic source of strength† (Levine, 8). Works Cited: Jones, LeRoi. Blues People. New York: Harper Collins, 2002 Levine, Lawrence W. â€Å"Jazz and American Culture,† Journal of American Folklore, v. 102 n. 403, Jan. – Mar. 1989 Weinstock, Len. â€Å"The Origins of Jazz,† located at: http://redhotjazz.com/originsarticle.html

Positives And Negatives Of Performance Appraisals Commerce Essay

A cardinal facet of human resource direction is the public presentation assessment. The assessment helps to pull off the public presentation of employees as they themselves will normally necessitate feedback and seek blessing of what they are making right. It besides allows for any issues the employee has with the company and the director to be addressed. This survey highlights the assorted facets of public presentation assessments and how the in-class function dramas draw attending to the good and bad points of an assessment.What is a Performance Appraisal?â€Å" Performance assessments, a powerful tool, provide documented feedback on an employee ‘s degree of public presentation † ( Mahapatro, 2010 ) . For a director of an administration, it is a cardinal duty to decently measure the public presentation of its employees. There are many purposes of public presentation assessment, some of which include: set uping demand for preparation, to better public presentation throu gh guidance or coaching and to organize the footing for salary additions, wagess and fillips ( Carnell, 2010 ) . When a choice of companies in the Fortune 100[ 1 ]were asked how appraisal information was used, in the order of importance, the figure one benefit was it allowed them to better work public presentation ( Grote, 1996 ) . Other ways the information was used included ‘Making publicity determinations ‘ , ‘Advising employees of work outlooks ‘ and like Carnell suggested, ‘Identifying developing demands ‘ .BenefitsAppraisals give the chance to measure and mensurate employee public presentation but besides let for developments in general accomplishments and self-belief of the employee being appraised. Benefits associated with assessments include: rewarding staff for a occupation good done, placing and extinguishing underachievers and leting for employee growing ( Admin, 2009 ) . Appraisals allow for important interaction between the director and an employee, something which can be hard to suit during the busy daily responsibilities and undertakings a director or an employee has to account for. Therefore the director and employee are obligated to finish an assessment to discourse public presentation issues. â€Å" It is this consistent coaching that affects changed behaviors † ( Admin, 2009 ) .Negatives/ProblemsA cardinal disadvantage of assessments is the fact it can be clip devouring. â€Å" It is recommended that a director spend about an hr per employee composing public presentation assessments † ( Admin, 2009 ) . This may non be an issue for a director merely covering with a smattering of employees but finishing assessments for a 100 employees is traveling to be significantly boring. The jobs of an assessment can lie with both the director and the employee. An employee could already be experiencing paranoid or insecure about the assessment, particularly when the director has the power in footings of pr esenting wagess, publicity, occupation security etc. This power the director has, can be used unprofessionally which could ensue in an unjust assessment. Superiority can be tied in with power and can ensue in actions by the director that are different and inconsistent to their norm. Associating back to the tedium of assessments, if a director has many assessments to put to death in such a short clip frame, the thought of ennui can originate doing a loss of focal point due to repeat of paper work ( Carnell, 2010 ) .A Good Performance AppraisalThe important elements of a good assessment harmonizing to the ( Chartered Institute of Personal Development ( CIPD ) , 2010 ) are that a good and constructive assessment meeting is one in which: Appraisees do most of the speaking Appraisers listen actively to what they say There is range for contemplation and analysis Performance is analysed non personality The whole period is reviewed and non merely recent or stray events Accomplishment is recognised and reinforced Ends positively with agreed action programs The assessment should be about developing a program for the employee. Therefore for an appraisal meeting to be successful, both employee and director should fix. Using a papers with a few inquiries to be considered by both parties in the assessment should be included when fixing. A cardinal component in the assessment meeting is that the director should concentrate on the hereafter and what he or she would wish to see instead than brooding on what has or has n't worked antecedently. Probably the most of import facet is the finalising of the assessment. It is important that ends and outlooks are set together between the director and employee. This helps to set up where any farther development is required in respects to developing the employee.Role Play AnalysisRole Play AGeneral observations from the beginning were that the director seemed distant and was n't engaged with the employer at all, entire unprofessionalism was displayed when the director decided to read a text message on hi s phone. Besides from the '10 Stairss to Flawless Appraisal Interview ‘ DVD, the first measure discusses that avoiding surprises are cardinal to a good interview and the fact that the employee was told last minute about her assessment was a really hapless action from the director. There was a deficiency of ends set in the old twelvemonth by the director and he besides suggested that the employee should take it upon herself to put her ain marks. Other negative points about the director include non showing feedback to the employee for her public presentation and she besides was n't made cognizant about her bead in public presentation prior to the assessment. When the employee suggests for more preparation to assist increase her public presentation, the director merely disregards it. Even though the bead in public presentation was due to household issues, there was an utmost deficiency of support from the director. A good assessment should be a two manner meeting between both parties but when the employee suggests the director could better his public presentation ; he wholly disregards it and says the assessment is for the employee merely. An assessment should besides set frontward new aims but the 1s set for the employee were so generalized that the employee was confused what was asked of her. When the director was asked to be specific, it was brushed off even though making an action program is important to a good assessment. The employee asked for some overall feedback of her public presentation in the workplace and even that was really hapless from the director with truly generalised remarks that would be of no assistance. The employee stated he was looking for a new occupation due to miss of occupation satisfaction and deficiency of future chances and publicity at the current company. Overall a hapless assessment with no action program created.Role Play BGeneral observations of the function drama include great support and enthusiasm by the director for the employee but complete negativeness from the employee. The employee needs to understand that an assessment is necessary but is inexorable her public presentation is immaculate and believes she does n't necessitate an assessment and thinks it ‘s the director that needs to better. The director highlights the mistakes with the employee and is acute to assist better her public presentation. A hapless action by the employee was the answering of her phone mid-appraisal and systematically seeking to go forth the assessment early. The director recognised that the employee had done a great occupation last twelvemonth and really much understood and sympathised with the employee for her bead in public presentation due to household related jobs. The director was really relentless with what had to be said but was ever being overthrown by the employee. There besides was n't a good terminal to the assessment instead a ‘giving up ‘ by the director and hence no action program was set. Apart from saying the bead in public presentation, the director could hold given more feedback from throughout the twelvemonth instead than concentrating on that exclusive event. The overall behavior of the director was pleasant, sort and considerate whereas the employee was rather merely rude.Role Play CGeneral observations of the function drama include a hapless attitude between both director and employee and a general deficiency of attention for the assessment. This assessment was the worst of the three and both parties had minimum attention for the assessment itself. By burying the clip of the assessment and the employee ‘s name showed complete unpreparedness. Another presentation of a hapless assessment was the manner in which inquiries were put frontward by the director and the manner replies were referred back to him. The inquiries seemed really rigorous to the signifier as if there was no readying done by the director and the replies by the employee once more seemed like there was none or minimum readying. This would bind in with measure three from the '10 Stairss to Flawless Appraisal Interview ‘ which states that a more productive interview is one with good employee readying. Both parties were argumentative and ne'er truly discussed or reviewed decently the public presentation of the employee. At times the director was dissing and complete neglect by the director when the employee stated household jobs. However the employ ee was besides dissing but more so to other staff which is something to clearly avoid in a good assessment. Overall this clearly was a bad assessment and the fact that both parties seemed to hold an action program would be reasonably much pointless summed up the quality of the assessment.Are Action Plans Needed?All three function dramas failed to make an action program, one of the cardinal parts of an assessment. It is the last but one of the most important stairss in '10 Stairss to Flawless Appraisal Interview ‘ . An overall program should be agreed with the appraisee, which should â€Å" take history of the occupation duties, the appraisee ‘s calling aspirations, the departmental and whole organisation ‘s precedences, and the reviewed strengths and failings † ( Mahapatro, 2010 ) . Without any marks or aims, an assessment has minimal or even zero value to both the director and the employee. The aims set should adhere to the ‘SMARTER ‘ rule: â₠¬Å" specific, mensurable, agreed, realistic, time-bound, gratifying, recorded † ( Mahapatro, 2010 ) . The benefit therefore is that the aims are likely to be met before the following assessment.Bettering Performance Appraisalsâ€Å" The public presentation rating procedure is a possible mine field of jobs † ( Mahapatro, 2010 ) . Several sorts of mistakes and prejudices exist in assessments which normally influence the public presentation measuring. Common mistakes as highlighted in ( Steen, Noe, Hollenbeck, Gerhart, & A ; Wright, 2009 ) include ‘Similar to Me Error ‘ , ‘Contrast Error ‘ and ‘Halo and Horns Error ‘ . Wayss to get the better of these mistakes and better assessments would be to present in-depth preparation to avoid evaluation mistakes. Using more than one judge can besides be introduced to increase the opportunities of more accurate consequences. Besides when a director evaluates, he or she should merely carry on assessm ents in the countries they have expertness in which makes the appraisal strategy a much more valid procedure. These techniques should hold been applied to the function plays which in bend would hold made them a far better illustration of a good assessment.

Case Memo Fashion Channel

Ms Dana Wheeler, Senior Vice President, Marketing subject: Suggestions for forthcoming Marketing Plan date: 10/12/2013 TFH is indeed in a rather tricky situation at the moment. Although I agree with you that there is an undeniable need for some substantial changes, I am equally concerned about the negative reception of these changes by our viewers and even our employees. According to me, the aim right now should be to steer our channel way from the risks of declining viewers and advertising prices.However, in order to achieve this, I do not at the same time think it would be wise to expose ourselves to higher concentration risks than is necessary. Therefore, my recommendation is to opt for the third scenario as mentioned in your projections, which targets both ‘Factionists' and ‘Shoppers & Planners'. This strategy could help maintain or limit the damage to our existing viewers, and potentially increase our network rating by 20%; and our annual CPM average from $2 to nearl y $3.This could result in a consequent increase in ad revenues to upwards of $320 million, which is a much better projected delivery than of the first two options. I have explained some reasons below to support this argument. The current CPM is projected to fall by 10% next year if our present audience-mix endures. Change in this area, is therefore vital to Tech's ability to grow and address increasing competition. Attracting a multi-cluster of viewers, may increase numbers, but will not do much to avoid the probable drop in CPM.It would be necessary therefore to place importance on attracting a specific viewer demographic which has could contribute towards increasing our ad revenues. As you are aware, the demographic segment of female viewers aged 18-34 commands a higher CPM in the market. Additionally, of the four attitudinal clusters identified in the report from SGF Associates, ‘Factionists' are found to be comprised of the highest portion of the demographic mentioned abov e. Planners and Shoppers' on the other hand seem to be comprised more of our existing viewers' demographic, hill ‘Sustainability' and ‘Basics' are broader clusters, with lower involvement and interest in fashion. It is quite clear from this that the first cluster would be an obvious target for our future marketing. However, given that it comprises of a relatively small portion of the television viewing population of the US, targeting ‘Factionists' could jeopardize our current viewer numbers and therefore our network rating.In light of this, I consider it strategically much more sensible to offset this risk by including Planners & Shoppers' in addition to ‘Factionists' in our strategy, which could result in achieving a healthy rating, while increasing the number of higher-value viewer (in terms of CPM) demographic. Also, unlike the first scenario, this would avoid over- expansion of our viewer demographic, which is something most advertisers are weary of. I th erefore would advise you to seriously consider Scenario 3, which seems to be efficient, both, in terms of performance, as well as in terms of risk.