Wednesday, September 2, 2020
CAPITAL INVESTMENT ANALYSIS - TWIN FALLS HOSPITAL Article
CAPITAL INVESTMENT ANALYSIS - TWIN FALLS HOSPITAL - Article Example Decrease in the deals would require a system to expand their incomes - setting up an outpatient place in order to build the incomes earned. In the event that the emergency clinic opened an inside for outpatient medical procedures, they would help increment the incomes. This would make an equalization as the inpatient medical procedures earned the network emergency clinic less income and the outpatient medical procedures would acquire more income. (Muth, 2002). To maintain a strategic distance from rivalry, it was prudent to showcase their outpatient place and guarantee that every one of their patients understood that they presently led outpatient medical procedures so all individuals in the territory could visit the network clinic more than different emergency clinics in the region. This would prompt an expansion in absolute total compensation for the emergency clinic a they advertised their new focus. On the off chance that the network emergency clinic put resources into the aggregate sum put in, as appeared above, because of vacillations in the costs of hardware every year, they would expect $11,223,557.62 on the off chance that they expanded the sum at pace of 3% every year because of abnormalities. As well as could be expected get from the contributed sum every year if the rate expanded a similar way would be $11,483,660.76. The most pessimistic scenario if the pace of pay because of inconsistencies became lower at a similar rate for each year would be $9,591,959.65. The most exceedingly awful situation in the examination above would help the network emergency clinic to measure whether they were eager to hold up under the dangers from the contributed sum. The most pessimistic scenario would occur if there were different clinics in the zone that offered greater quality administrations for their outpatient medical procedures in this manner presenting extraordinary rivalry for Twin Falls. Another misfortune would happen if the costs of gear expanded at an extremely high rate in a year in this manner prompting more charges for all that they require to buy. Additionally, if the market of outpatient medical procedures diminished throughout the years, which was far-fetched, they would have the most dire outcome imaginable. The most dire outcome imaginable investigation would empower the emergency clinic
Saturday, August 22, 2020
The Significance of the Open-Source Act and Linux Essay -- Exploratory
The Significance of the Open-Source Act and Linux In the 1980's not really anybody realized what a DOS assault was, a great many people hadn't ever observed a PC. There was one extraordinary OS for organizations in those days, UNIX. Unix was monetarily made, over the top expensive, however was a solid Operating System. In view of the cost of gear, numerous individuals wouldn't get into PCs, yet there was no motivation to. Nothing of incredible criticalness was put away on PCs. By 1985, PCs hit the standard, giving numerous colleges connects to one another and their libraries. This all joined the creation of the Internet. Abruptly there was a lot of data accessible to the individuals who approached. There were numerous individuals who needed to have the data these colleges had, and they attempted to get it any way that is available. Inside basically no time an underground culture began to bring forth on the net. This underground comprised of a wide range of kind of individuals: Hackers, somebody who misuses security for their advantages; Crackers, somebody who breaks programming to get it for nothing; Phreakers, somebody who hacks the telephone framework; and different, less huge others. These individuals alone were futile, however once the Internet had associated them, they are permitted to do what they need, when they need. The vast majority of them were left with early forms of Microsoft Windows, or Unix. In 1986, another huge blast caused the web underground to increment in size. Congress passed what is known as the Open-Source Act. It permitted any code that was made open source to be altered by anybody, as long as the copyrights stayed unblemished in the source-code. Abruptly there were a large number of the underground sorts getting into programming like never before. With each... ...s make certain to surface. Furthermore, with numerous organizations delivering variants of Linux, an ever increasing number of individuals change to it over Windows. Any product you use on your Mac, PC, or Unix can be ran on Linux, which makes more individuals switch there. Each and every individual who opens up X Windows, the GUI in Linux, will unsurably see the Source-Code compilers and models in the startup menu. On the off chance that only one out of a hundred of those attempts to run it, and one out of a hundred of them keeps at it, there will be a lot increasingly open-source programs out, a large portion of them not made to better the world. Works Cited: Raymond, Eric. The New Hacker's Dictionary. On the web: http://info.astrian.net/language/Local/, Perodically Updated Raymond, Eric S. The Cathedral And The Bazaar. 2001 Verton, Dan. The Hacker Diaries. Osborne McGraw-Hill 2002 Thomas, Douglas. Programmer Culture. Univ of Minnesota Pr. 2002 The Significance of the Open-Source Act and Linux Essay - Exploratory The Significance of the Open-Source Act and Linux In the 1980's not really anybody recognized what a DOS assault was, the vast majority hadn't ever observed a PC. There was one incredible OS for organizations in those days, UNIX. Unix was financially made, pricey, however was an extremely solid Operating System. As a result of the cost of gear, numerous individuals wouldn't get into PCs, however there was no motivation to. Nothing of incredible hugeness was put away on PCs. By 1985, PCs hit the standard, furnishing numerous colleges with connections to one another and their libraries. This all joined the innovation of the Internet. Abruptly there was a lot of data accessible to the individuals who approached. There were numerous individuals who needed to have the data these colleges had, and they attempted to get it any way that is available. Inside practically no time an underground culture began to bring forth on the net. This underground comprised of a wide range of sort of individuals: Hackers, somebody who abuses security for their advantages; Crackers, somebody who breaks programming to get it for nothing; Phreakers, somebody who hacks the telephone framework; and different, less noteworthy others. These individuals alone were futile, however once the Internet had associated them, they are permitted to do what they need, when they need. A large portion of them were left with early forms of Microsoft Windows, or Unix. In 1986, another large blast caused the web underground to increment in size. Congress passed what is known as the Open-Source Act. It permitted any code that was made open source to be altered by anybody, as long as the copyrights stayed flawless in the source-code. Unexpectedly there were a large number of the underground kinds getting into programming like never before. With each... ...s make certain to surface. What's more, with numerous organizations delivering renditions of Linux, an ever increasing number of individuals change to it over Windows. Any product you use on your Mac, PC, or Unix can be ran on Linux, which makes more individuals switch there. Each and every individual who opens up X Windows, the GUI in Linux, will unsurably see the Source-Code compilers and models in the startup menu. In the event that only one out of a hundred of those attempts to run it, and one out of a hundred of them keeps at it, there will be a lot increasingly open-source programs out, the greater part of them not made to better the world. Works Cited: Raymond, Eric. The New Hacker's Dictionary. On the web: http://info.astrian.net/language/Local/, Perodically Updated Raymond, Eric S. The Cathedral And The Bazaar. 2001 Verton, Dan. The Hacker Diaries. Osborne McGraw-Hill 2002 Thomas, Douglas. Programmer Culture. Univ of Minnesota Pr. 2002
Friday, August 21, 2020
Critical Review of Nelson Mandelas Autobiography, A Long Walk to Essay
Basic Review of Nelson Mandelas Autobiography, A Long Walk to Freedom - Essay Example Alongside his companions, Mandela was instilled with a gigantic awareness of other's expectations to his family and network. This is clear from his announcement, around evening time, I imparted my nourishment and cover to these equivalent young men. I was close to five when I turned into a group kid, taking care of sheep and calves in the fields. The significant component that added to the political cognizance of Mandela during his childhood was his tuning in to the seniors of his town examine the historical backdrop of their kin. It was from Chief Joyi that I started to find that the historical backdrop of the Bantu-talking people groups started far toward the north landmass. He found out much about a portion of the barbarities experienced by his kin under European pioneer rule and this started to shape his cognizance. Mandela's craving to consider law exuded from his perceptions of the foremost head leading court in his town and from his duty to assisting with consummation minorit y rule in South Africa. My later ideas of administration were significantly affected by watching the official and his court. I watched and gained from the ancestral gatherings that were consistently held at the Great Place. Mandela's introduction into political activism started in 1940 while he was chipping away at his degree at Fort Hare College in the Eastern Cape. He did well scholastically however he started to acknowledge himself as 'the other'. We were instructed - and accepted - that the best thoughts were English thoughts, the best government was English government, and the best men were Englishmen. Such instruction convinced him to produce his very own character. As an individual from the Student's Representative Council, he was suspended from school for partaking in a blacklist to fight the decrease of the chamber's forces by specialists. Subsequent to getting back quickly, he before long left for Johannesburg to maintain a strategic distance from an organized marriage an d being prepared for chieftainship. The occasions that happened here are significant as they shape Mandela's perspectives about isolation. While filling in as a mine police officer, he watched, the mining organizations favored such isolation since it kept diverse ethnic gatherings from joining around a typical complaint and strengthened the intensity of the boss. During this period, the mid 1940's, Mandela turned out to be politically mindful and joined the African National Congress (ANC), a working class political development established in 1912. Abrading at the ANC's ineffectualness in getting the legislature to perceive African rights, he helped dispatch its Youth League in 1944. After four years, the Afrikaner-overwhelmed National Party's ascent to control started the politically-sanctioned racial segregation period and made ANC exercises progressively earnest. In the mid 1950s he started the rebellion crusade' against the unfair arrangements of the South African govern ment, and contended for peaceful protection from politically-sanctioned racial segregation. In any case, following the Sharpeville slaughter in 1960 his position changed, and he was constrained underground to maintain a strategic distance from the recently forced restriction on the ANC. The abhorrences at Sharpeville solidified Mandela's determination, and he started to advocate an alternate course of non-fear based oppressor' activity, focused on the state however hypothetically forestalling non military personnel turmoil. He was selected the crusade's national volunteer-in-boss, which necessitated that he travel all through South Africa visiting the many dark townships so as to clarify and win mass help for the battle.
Friday, May 29, 2020
The Oil Field Why Do We Need Directional Drilling - 275 Words
Drilling in the Oil Field: Why Do We Need Directional Drilling? (Essay Sample) Content: Drilling in the oil fieldNameInstitutionDrilling in the oil fieldWhy do we need directional drilling?Directional drilling refers to a trenchless method of installation of an underground pipe in a shallow arc through the use of a surface-launched drilling rig with the aim of reducing the impact on the particular area. The use of directional drilling aims at reaching the targets beneath the adjacent lands and reduction of the footprint gas field (Allouche, Ariaratnam Lueke, 2000).The first reason for the use of directional drilling is to ensure that targets which may not be reached by vertical drilling are accessed. There are instances where a reservoir is located under a park making drilling impossible. The use of horizontal drilling makes it possible to carry out the procedure at a different angle that does intersect the reservoir(Allouche, Ariaratnam Lueke, 2000).Directional drilling makes it possible to drain a broad area. The same can be accomplished from a sin gle drilling pad where the aim is to reduce the surface footprint of the drilling operation. The method is effective as it helps minimise the footprint of the development of natural gas.Also, directional drilling makes it possible to increase the length of a particular pay zone in the target rock unit. For example, in cases where the rock unit is approximately fifty feet thick, the vertical well that is drilled may have a pay zone with the same length. However, when employing directional drilling and the rock unit drilled for about five thousand feet, the single well could have pay zone that is approximately the same length (Allouche, Ariaratnam Lueke, 2000). Such has a ...
Saturday, May 16, 2020
Replacement of Mouse-Driven Screens by Multi-Touch Screens due to Interface Metaphors Free Essay Example, 1000 words
The mouse-driven interface has the and + for zooming in and out, this is used for increasing and reducing the size of images, documents among others. The screen also uses the scroll bars to scroll up and down the window. Zooming in and out on a multi- touch screens is achieved by pinching the screen to increase or reduce the size of objects and content displayed on windows. To scroll up and down the screen, sliding sliders, spinning pickers and simple sliding are used (Carroll et al, 2007). Interaction types and stylesThe underlying difference between the two screens with regard to interaction types and styles is the fact that the multi-touch screens are operated by touch while the mouse-driven screens are operated by the mouse events. Essentially, the mouse-driven screen involves a series of actions including dragging and clicking. The multi-touch screen has the ability to recognize and accept more than one or two points of contact on the screen surface. This creates an interactio n style that enables the user to perform complex functions such as pinching on the screen (Gersh, McKneely Remington, 2005). We will write a custom essay sample on Replacement of Mouse-Driven Screens by Multi-Touch Screens due to Interface Metaphors or any topic specifically for you Only $17.96 $11.86/page Multi-touch screen products such as smartphones, tablets and laptops among others are featured with functions that can only be initiated by multi-touch gestures.
Wednesday, May 6, 2020
Machiavelli s The Prince And Leviathan - 2240 Words
Although misunderstood when introduced to society during their time, Niccolo Machiavelliââ¬â¢s The Prince and Thomas Hobbesââ¬â¢ Leviathan have been two of the most influential political works in history. The Prince and Leviathan, although seen as immoral and almost wicked works of their time, have guided many political thinkers, even Americaââ¬â¢s own Thomas Jefferson, on the subject of governance and power. This paper will compare the similarities and differences between both works in terms of the historical settings in which they were written as well as between the two distinct political philosophies presented by each man. More specifically, this paper will differentiate the purpose of power between Machiavelliââ¬â¢s theory of an absolute ruler separated from morals and ethics compared to Hobbesââ¬â¢ reasoning for a necessary and absolute ruler to put an end to the chaotic ââ¬Å"state of natureâ⬠he presents. Identification of Documents The Prince, written by Niccolo Machiavelli in 1513 in his native Italian language, was a book dedicated to Florenceââ¬â¢s then leader Lorenzo deââ¬â¢Medici in an effort for Machiavelli to gain a position in Florenceââ¬â¢s new government. The book was intended to help guide Lorenzo and other present and future leaders in gaining and maintaining power, more specifically to aid Lorenzo in unifying Italy under one ruler. Machiavelli lived during a time of great political strife in Italy as the small city-states of Italy, the Papal States, and the powerful states of Spain andShow MoreRelatedThomas Hobbes And Niccolo Machiavelli s The Prince And Hobbes Leviathan1447 Words à |à 6 PagesHobbes and Niccolà ² Machiavelli are known to be philosophers whom have helped to develop the views of political power and human nature. Both men had very different views from one another, yet at the same time they did indeed have many similarities. From having opposite views on Political Powe r, to having alike views on Human Nature, Hobbes and Machiavelli are men whom have shaped political philosophy throughout our time. Through the works of Machiavelliââ¬â¢s, The Prince and Hobbesââ¬â¢ Leviathan their views areRead MoreThe Nature Of Human Beings By Niccolo Machiavelli s The Prince, And Thomas Hobbes Leviathan1450 Words à |à 6 Pagesbeings. However, this does not give us the right to disregard emotional feelings that fall beyond rationality and other animals do not share the same qualities. Renà © Descartesââ¬â¢ Meditations on First Philosophy, Niccolà ³ Machiavelliââ¬â¢s The Prince, and Thomas Hobbesââ¬â¢ Leviathan, support this ideology that the depth of human beings fall beyond reason, solidifying that emotions are also a foundation to human existence. Thomas Hobbes adds significant insight to the claim that human existence stretches beyondRead MoreDifferent Philosophers, Nicolo Machiavelli And Thomas Hobbes1326 Words à |à 6 Pagesphilosophers, Nicolo Machiavelli and Thomas Hobbes. Both Machiavelli and Hobbes express their thoughts and opinions on the topic of human nature in their work. In Machiavelliââ¬â¢s ââ¬Å"The Princeâ⬠dating back to the renaissance is one of the most controversial pieces of writing still studied to this day. Machiavelli believes that we are born either powerful or born as nobodyââ¬â¢s or as ââ¬Å"private citizensâ⬠as he describes it (Machiavelli, The Prince, Chapters 12-18). Within this piece Machiavelli outlines and providesRead MoreDiffering Veiws of Liberty and Freedom from Machiavelli and Hobbes1828 Words à |à 7 PagesLiberty and freedom are central topics that both Machiavelli and Hobbes touch upon as authors of their individual works. While both authors feel that the idea of liberty and freedom is directly tied to politics, rulers and government, the way they associate these ideas with each other is very different. Machiavelli has several different definitions of liberty. Ultimately however, he believes that liberty is a right that the public obtains and that the republic is a state of government in which changeRe ad MoreThe Prince After The English Civil War1035 Words à |à 5 PagesMacchiavelli wrote his book The Prince after having assisted in the creation of a republic in Florence at a time when several Italian states were fighting for control. Philosopher Thomas Hobbes wrote his work The Leviathan under the English Civil War when it was clear that the king was not able to keep his people safe. These backdrops of political unrest helped mold both philosophers attitudes toward both the government and the people living under it. Machiavelli saw the stability of the state withRead MoreThe Human Nature Of The Prince, Thomas Hobbes And James Madison1447 Words à |à 6 Pagesus. Actions, whether they are good or bad, also derive from our most inner thoughts. The question now is what type of reasoning is natural to us all? This human nature is a topic explored by thinkers such as Thomas Hobbes in Leviathan, Niccollà ² Machiavelli in The Prince, Thomas Hobbes and James Madison in The Essentia l Federalist and Anti-Federalist Papers. Human nature is the force that pushes an individual to his or her actions. Political theory, as a result, is shaped around this nature forRead MoreAnalysis Of Machiavelli s The Prince 1505 Words à |à 7 Pagessignificance in each text. Machiavelli believed that, ââ¬Å"a ruler must think only of military matters, and in time of peace he should be even more occupied with them than in times of warâ⬠(The Prince, 46). Furthermore, ââ¬Å"he will never relax during peacetime, but will always be working to take advantage of the opportunities peace presents, so he will be fully prepared when adversity comes. When his luck changes, he must be ready to fight backâ⬠(The Prince, 47). Therefore, according to Machiavelli during periods ofRead MoreIn Nature Of Politics, We Have Read And Gone Over Many1743 Words à |à 7 Pages In Nature of Politics, we have read and gone over many pieces of literature ranging from Machiavelliââ¬â¢s The P rince, which focuses on the art of maintained and failed principalities, to the Federalist papersââ¬â¢ rational defense of the United States constitution and pluralistic decentralization of government to Dostoevskyââ¬â¢s idea of ââ¬Å"miracle, mystery, and authorityâ⬠that is framed by the Grand Inquisitor detailed, albeit somewhat twisted, thinking and so on. From these readings, one is taught to graspRead MoreHobbes, Locke, Rousseau, and Machiavelli Essay1855 Words à |à 8 PagesHobbes, Locke, Rousseau, and Machiavelli The thirteenth through the eighteenth century brought profound changes in the political realm of Western civilization. Beginning with the Scientific Revolution and only advancing during the Renaissance, secularization and skepticism lead to changes in not only the intellectual life of Westerners, but also to their politics. At the forefront of the political debate were well-versed men such as Machiavelli, Hobbes, Locke, and Rousseau. The influencesRead MoreThe Prince And His Power1675 Words à |à 7 PagesThe Prince and His Power Kings ruled during the Early Modern Period in Europe and many Europeans addressed this. The issue of the prince and his power was discussed by statesmen, observers of the king, philosophers, political theorists, and bishops. Kings themselves would use various methods to not only build up their image, but to promote the power of the monarch. Each of these individuals had different views on by what means the prince got his power and how the prince should rule. The first view
Tuesday, May 5, 2020
Challenges of Inflation Targeting Market â⬠MyAssignmenthelp.com
Question: Discuss about the Challenges of Inflation Targeting Market. Answer: Introduction Ceccheti and Schoenholtz (2015) defines inflation as a phenomenon where general price level in the economy increase overtime. The rate of inflation is the rate of continuous increases in general price level affecting household, firms and government. Obtaining a stable price level is a central objective of central bank in order to achieve a stable economic growth. It is a continuous process where price level goes on increasing at a continuous phase. Inflation does not refer to the event of sudden price rise at any specific point of time. Inflation in the economy is computed by considering price movement of a certain basket of goods and services in the given year. A price index is then constructed using the prices of the taken based and compared with price index of the base year. The inflation rate is finally calculated as a percentage change in the relevant price indices (UNISA 2017). The selected basket of goods and services differs depending on the categories of goods ad assigned weight on the goods in the basket. A number of price indices are available to compute the increases in price of the basket. Some common price indices used for the present paper are given as follows Consumer Price Index (CPI): The consumer price index intend to measure the cost of living in two different periods to maintain a balanced standard of living. The measured inflation rate using CPI is called headline inflation. Here, the goods and services used by the households are valued to measure the average price level of the household. The inflation targeting policy of central bank uses the measured inflation to stabilize price. Producer Price Index (PPI): Producer Price Index is used to trace the change in wholesale prices that is prices charged by the suppliers of the manufactured goods. As noted by UNISA 2017, PPI focuses on the prices of intermediate goods. The intermediate goods refer to the goods that are exchanged between firms. The basket includes mostly consumer goods that the retailers pay to the manufacturer. The index therefore measures the production cost. The inflation rate computed from consumer price index is compared with the core inflation rate. Core inflation is a more sustainable measure to trace the price level movement. There are several methods of computing core inflation in the economy. The ne used by the Reserve Bank of South Africa is the method of exclusion. In this method some of the goods are removed from the selected basket of good. These goods are energy, petrol and food. For these goods price level remains generally unstable and transitory (UNISA 2017). The paper discusses nature of inflation and inflation targeting in South Africa. After giving major definition related of inflation the paper analyzes the nature of inflation in describing conflict of income distribution. This then shows the importance of inflation targeting in framing monetary policy of the central bank. The issues are analyzed in context of South Africa and find the significance of exchange rate in inflation rate determination in South Africa. In this context the role of money in the inflation process, the significant role played by different sector of the economy to control inflation and major challenges that the emerging markets face in the phase of inflation targeting policy are evaluated. The nature of inflation as an indicator of conflict over income distribution The discussion of inflation needs a starting point. The inflation in an economy arises with increases in the set of goods or in a single good. Price in the market is a medium of exchange between the buyers and sellers. The price is the amount of money that needs to be exchanged at times of transaction of goods and services.The inflation therefore implies the situation where the suppliers raises price to raise their income and buyers still willing to make their purchase even ta a high price. The increase in the price level means suppliers are able to increases their income through a high price at the cost of the buyers. The trend of inflation starts with a price hike in a single good and then gradually transforms to other goods creating inflationary pressure. The inflation in the economy is explained either supply side factors or demand factors. The cost-push inflation arises because of an increase in the production cost. The producers raise their price to recover the increased cost. Suppliers often raise the price in order to increase their profit margin. This is called profit push inflation. Increase in the demand for a good creates upward pressure on price and the resulted inflation is called demand-pull inflation. The suppliers compensates the loss incurred in times of purchasing any good that they desire to purchase by raising the price of the goods supplied by themselves. The incidence of inflation affects all the economic agents in different ways, no matter whether they are participating in trade or not. This can be explained with a simple example. Workers demand for an increase in their remuneration because of inflation. This raises the wage cost to the firm, which then raises the price to make higher payment to its employee. If price raises and buyers continue to purchase goods without raising the price of their own supplied goods including labor then the motion of inflation stopped. There remains inflationary motion that can be put into force. In this situation, the overall price level stops moving and stays unchanged. In the other instance, where the goods that demander purchase experiences a hike and they compensate their loss from purchasing by raising the price of the goods that they supplied then the inflation spiral is in motion. Then, there is an indication towards conflict over income distribution. The next aspect to be discussed is identification of factors that makes an economy prone to inflationary pressure. Three factors play key role here. These are described as follows A sustained increase in the price of goods or services regarded as essential input of in the production process or importance for maintaining living standard. In this situation, demanders may decide to absorb the small increase in price without pass on the burden in terms of raising price or wages. In order to avoid inflation, essential items such as fuels, staple food, exchange rate and wages should have stability in price. In order to have cost-push inflation, major sectors such as firms, government and labor should be large so that they can able to protect their real income in the phase of increasing production cost by raising prices. In this case, inflation is realized because of lack of competition in goods and labor market. In this situation, business possesses enough bargaining power without concerning for losing sales volume. The labor union enjoys the bargaining power and can increase the wage without affecting level of employment and output. In case of government, it has the potential to raise taxes without fearing for any tax revolt. This is the situation where the major sectors in the economy instead of absorbing lower profit, lower tax income and lower real wage, pass on the burden to other by hiking price. This creates inflationary pressure, which perpetuates to price level of major commodities and prevents prices to come down. This is true for firms that are major exporters. In situation w here these firms are price takers in the international market and can give in high wage demand have incentives to prevent these demands (UNISA 2017). In situation where there are highly elastic money supply, then forces of demand-pull inflation easily transmitted to an increase in demand for credit and inflationary pressure is accumulated via credit demand. In a less elastic or rigid structure of money supply firms usually do not raise price to pass their cost burden on demander because of the fear of losing market share. If firms raise price, then buyers find it difficult to finance their spending because of increasing cost. A tight monetary policy aims at reducing inflation by creation of money through raising interest rate. The idea is when there is less money and falling demand for goods then firms are left with no other option but to absorb the increasing cost and prevents the wage demand. The role of money in the process of inflation Inflation reflects the changing value of money. Price of goods purchased today is several times higher than that in years ago. Irrespective of kinds of goods necessary or luxury, prices are higher today than they were before. There is a positive correlation between rate of growth in the money supply and inflation rate. Inflation is defined as the continuous rise in the general price level and hence is associated with the growth money supply. There are instances of countries where inflation moves in lines with money supply. Countries such as Ukraine, Turkey and Zambia during 2000 to 2010 have experienced high inflation and high money supply. The developed countries such as United States of America, Sweden are countries that experience low inflation along with low supply of money. This validates the assertion made by Milton Friedman that inflation is a monetary phenomenon. UNISA (2017) supports the claim made by the Friedman. It indicates the fact that a persistent increase in general price level requires an increase in total supply of money to keep the transaction volume not to shrink. It suggests inflation is a demand-pull phenomenon and accelerates with a rise in money stock. The supply side factors can also play a potential role in influencing inflation and sustain inflationary impulses (UNISA 2017). The quantity theory of money is not applicable in the short run as that in the long run as it assumes complete flexibility of prices and wages. It indicates a change in the price level because of a change in quantity of money (Mishkin 2013). In order to continue purchase at a higher price buyers need some additional financing capacity. The financing capacity can be increased only through monetary injection that increasing supply of money by the central bank or preventing monetary leakages such as selling of financial assets, dishoarding and others. Owing to financial limit with dishoarding increasing money remains only feasible option to boost purchasing power. This implies increase in money supply is the only way to promotes inflation in the economy. During inflation central bank faces the problem of bank debt because more money is required to support the aggregate demand gives boost to the price level. If credit supply does not increases with inflation then people reduces their demand which hurts the volume of sales and slows economic growth. The declining growth rate reduces output and employment and restricts further growth. The unchanged money supply in times of inflation means financial loss as same amount of goods and services are exchanged and maintained at a higher cost. This explains the rationale for allowing increasing money supply to support minimal inflation. However, the money supply is increased within limit. The reason for accepting all sectors in the society that real income cannot grow in excess of productivity gains to come down inflation Inflation has monetary implication in the form that those in the demand side charges a high price in times of behaving as producer to finance their additional cost of purchasing. Banks are the main source of credit expansion in terms of providing additional money supply. Therefore, supply of money needs to be increased to support inflation. There are some major sectors in the economy that has contribution to creation of more money in the economy. These sectors are the following Firms and household that involve in mortgaging to take loans from banks in order to make property purchase. Government, in times of financing deficit through selling bonds and treasury bills to the central bank. Household and small firms running with debt in form of bank overdraft and debt to credit card. Central and commercial banks through purchasing debt paper from non bank financial institution and public. The importance of exchange rate in determination of inflation in South Africa The central bank though can directly control money supply in the economy however cannot directly control the rate of inflation. However, there are other channels through which central bank can influence the inflation rate. One such channel is exchange rate. In South Africa, exchange rate alone is the most significant determinant of inflation rate. The reasons for importance of exchange rate in determining the inflation rate are the following The first reason is that a considerable portion of consumer goods in South Africa are imported from abroad. Secondly, a significant portion of domestic production coast comprise of imported raw material inputs such as machines, skilled labor, tools, fuels and other essential components. Therefore, price of domestic currency relative to its trading partners play is a vital component of the economy. Depreciation of currency makes import costlier. Because of heavy reliance on import for both consumer and producer goods depreciation of currency that raises price of imported manufactured goods and input6s raises cost of production in the nation. The rising production cost shifted to the households in forms of raising prices pointing to cost push inflation. For a small open economy like South Africa the sudden inflow or outflow of capital affects the balance of payment account by influencing the capital account and this affects the exchange rate. For example, fluctuation in inflation rate during recession in 2008-2009, in the middle of 2014 and important political decision in 2015 where Finance ministry considers various changes largely contributed to a decline in the value of rand. In this way, exchange rate plays a vital role in deciding the future price level. In order to reduce inflation a structural solution is required. To achieve this following requirement need to be met. Stability is required in the cost of major inputs such as wage and prices of oil. In addition prices of those goods necessary for leading a standard living such as bread, maize and clothes needs to be stable. Competition should be encouraged both in the goods and factor market. The money supply should be less elastic. As per UNISA (2017d, p.60), the central monetary authority has some counter inflationary measures to counter inflation. The inflation in the economy can only be reduced when major sectors such as labor, business and government accepts the reduction in the real income in forms of lower wage, profit and increase in payable tax in times as compared to that in times of inflation. Implication of inflation targeting in the framework of monetary policy and its application in South Africa Under the inflation targeting program of monetary policy framework, the central bank first sets a target inflation rate and then uses tools of monetary policies to achieve this target. The inflation targeting framework gives transparency to the central banks monetary framework (SARB Inflation Targeting Framework, 2017). Several countries adapt the inflation targeting policy with a varying level of targeted inflation. Some countries chose a range of inflation targets while others decide to stick on a particular targeted point of inflation. Some countries sort to the policy of setting inflation target in between an extreme point and a targeted range. Setting inflation target to a particular point has the flexibility of target setting. The inflation target within a range helps the nation to absorb shocks that the central authority cannot control. In 2000, South Africa made formal introduction to the policy of inflation targeting though the framework was already present informally. The announcement had made in August 1999. The policy was succeeded by a set of other policies such as discretionary monetary policy, targeting exchange rate, aggregate monetary target (SARB Inflation Targeting Framework, 2017). The inflation targeting policy decreases political duty. With set inflation target the pressure on the central bank is reduced as it no longer needs to take inflationary policy in the long run . this in turn reduces the likelihood of employment expansion in the short run. It helps general public to understand the inflation targeting and thereby reduces the uncertainty in times of discretionary monetary policy and helps to cope with interest rate, inflation. The SARB Monetary policy Committee informs public about the interest rate and corresponding inflation rate. It helps to regulate the monetary policy and thus increases accountability of the central bank. The transparent inflation target clears the objective of central bank to be met. Once the actual rate deviates from the targeted rate central bank needs to investigate the reason behind the deviation. In line with the advantages, followings are the main disadvantages of the policy It takes some times for the monetary policy to effectively achieve the inflation target. This time lag results in delayed signaling about the price level with revelation of set inflation target to the public considerable time lag. Then pre set inflation target is suspected to make the monetary policy rigid where the monetary authority is unable to deal with unforeseen circumstances. Too much focus on inflation when the prevailing inflation rate is beyond the target results in a restrictive monetary policy leading to high fluctuation in prices. A high inflation causes low growth of economies and employment- a situation similar to current economic scenario of South Africa. The Inflation Targeting Framework of SARB in 2017, states that monetary policy is unable to influence growth and employment creation in the long term. It can only provide a stable financial environment. This helps top fulfill the necessary pre condition of economic development. Importance of expected inflation in determining inflation rate and the role of inflation expectation in inflation targeting As mentioned by UNISA (2017) the inflation expectation plays a vital role in determining anti inflationary policy. In this regard, adaption of inflation targeting policy by the government of South Africa constitutes a clear example. At first, an announcement is made in public about the numerical inflation figure or targeted inflation rate. An institutional commitment is made stating inflation as the primary long term monetary policy goal and promise to achieve the announced inflation target. An approach including detail information about important macro variables to taker monetary policy decision is taken. There are increased means of communication to bring transparency in the monetary policy. The accountability of the central bank increases to achieve the objective of inflation. The central bank aims that public makes inflation adjustment in line with downward inflation pressure. It believes that the inflation expectation that is made today is the main driving factor for inflation rate in future. The households in the economy adjusts the inflation expectation wit their income demand. These adjustments tend to fulfill future inflation target (UNISA 2017 d, p.64). Inflation expectation thus turns out as self-fulfilling and at the same time threatens the long term policy goals of the economy. Therefore, in other countries the central bank adapts tight monetary policy using the instrument of increased interest rate without considering the adverse effect on state of economic growth. The workers demand a high wage to compensate the loss due to price rise. UNISA 2017 finds out that price rise firms often take place in pro active manner as the firms anticipate increasing cost of production from their inflation anticipation. This encourages the firms more to raise their prices. A declining inflation target is set in times when the inflation expectation in the economy is reduced (UNISA 2017). Therefore, it can be hoped that with a disclosure of inflation target to the public nad commitment of the central bank to achieve the target using its central power the inflation in the economy can be controlled. When public possess a downward inflation expectation then inflation target is set with a downward pressure price level. The major challenges that emerging countries like South Africa face in times of adapting framework for inflation targeting A successful implementation of inflation targeting policy needs to fulfill some basic requirement. As most of the developing or emerging economies unable to comply with this requirement, the inflation targeting turns out to be an inappropriate policy tool for these economies (Khan 2008). The emerging markets of developing countries are more vulnerable to economic shocks a greater flexibility is required on part of these countries to resist the shocks. The example countries include Brazil, Turkey, Ukraine and others. The mechanism for combating inflation targeting policy involves cost as stated by UNISA 2017. There are countries where such costs are so high that anti inflationary policy is opposed by most of the policymakers. Considering the high cost involved in the inflation targeting policy these countries chose to accept the high price with the hope that persistent inflation is not a permanent state and inflation will be reduced after some time and prevents the economy from experiencing a state of hyperinflation. High interest rate have adverse effect on the economic agents highly dependents on the bank credit for financing their activities. Example includes credit needs of the household in terms of mortgaging bonds to afford their property purchase. The tight monetary policy though intended to reduce the inflation rate adversely affected the growth rate of labor and business. The counter inflationary policy is not successful unless these agents cooperate with accepting the reduced income in form of reduced profit and wages. A deflation which is opposite to inflation and describes a decline in the general price level increases the value of bank debt in real terms. The indebted firms and household counter the situation by restricting expenditure to repay the debt. This leads to a shrink in economic activity and decreases money supply. The result is another round of deflationary pressure on prices. This is exactly what happened during great depression in 1930s. The mechanism through which a supply shock in the form of a considerable rise in settlements of real wages (nominal wages raise more than the current inflation rate) could affect the economy of South Africa in current situation and an appropriate policy response of SARB The study reflects that though inflation is indentified as a monetary phenomenon however it initially begins with the rise in a single commodity or a group of commodities and then gradually transmitted to the overall price level. The initial rise in the general price level when occurs at the initiatives of suppliers then it is called supply push inflation. The supply push inflation is then divided into two categories namely cost push inflation and profit push inflation. The cost push inflation occurs when suppliers raise the prices to recover the increased cost of production. Profit push inflation on the other hand occurs when suppliers raise price simply to increase their profit margin. These two are not the only reasons of inflation. Price may rise because of an increase in demand in the economy. Prices rise in response to a high demand and termed as demand-pull inflation. References Cecchetti, SG Schoenholtz, KL (2015): Money, Banking and Financial Markets. 4th edition. McGraw-Hill Irwin. Khan, B, 2008. Challenges of Inflation Targeting for Emerging Market Economies: The South African Case (presentation at a conference on challenges for Monetary Policymakers, South African Reserve Bank), 29-31 October. https://www.resbank.co.za/Lists/News%20and%20Publications/Attachments/51/Brian+Kahn.pdf Accessed on 21 October 2017. Mishkin, B (2013): The Economics of Money, Banking, and Financial Markets. 10th Edition. Pearson. The South African Reserve Bank Inflation Targeting Framework (2017) https://www.resbank.co.za/MonetaryPolicy/DecisionMaking/Pages/default.aspx Accessed on 26 October 2017. Kantor, Brian Kavoli, H. 2011. Inflation and Inflation Expectations in South Africa: The observed absence of second round effects. https://www.zaeconomist.com/wp-content/uploads/2011/04/Study-on-Inflation-and-Expectations.pdf Accessed on 27 October 2017. Unisa, 2017. The Basics of Inflation, Tutorial letter 105/2017, Pretoria: Unisa, pp.69 - 91
Friday, April 17, 2020
The Affordable Healthcare Act free essay sample
Abstract This paper explores the anticipated affects of The Affordable Healthcare Act, on Medicare coverage and the overall cost of medical care. This paper will serve to provide a succinct overview of the expected changes. The Affordable Healthcare Act: Analysis of the Affects on Medicare Coverage and Medical Care Cost For many decades there has been mounting concern over the cost of healthcare, the availability of coverage, and the future of Medicare. Few agree exactly as to what is the best plan of action. Nevertheless, most people do believe that something has to be done about the current state of affairs regarding healthcare. The trend has been ballooning cost, reduced coverage availability, and skyrocketing indigent care. While the American population struggled to cover the expenses related to caring for an ever aging and chronically ill population. Although The Affordable Healthcare Act may not be everyoneââ¬â¢s chosen solution to these problems, it is the law. We will write a custom essay sample on The Affordable Healthcare Act or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Therefore, we must become familiar with it, and learn ways to make these legislative changes mutually benefit both patients and the healthcare industry. Medicare is health care for the aged; a federally administered system of health insurance available to persons aged 65 and over. For most elder Americans, Medicare is the only means by which they can receive coverage for health services. Itââ¬â¢s no wonder that many become very apprehensive about changes to this program and the coverage. According to Medicare.gov (2013): Medicare isnââ¬â¢t part of the Health Insurance Marketplace established by ACA, so you dont have to replace your Medicare coverage with Marketplace coverage. No matter how you get Medicare, whether through Original Medicare or a Medicare Advantage Plan, youââ¬â¢ll still have the same benefits and security you have now. Many Medicare recipients have been afraid of the changes the Affordable Healthcare Act would have on their coverage. Although the government has ensured that Medicare will be strengthened byà reform, there are many proposed cuts to what Medicare will cover for certain services. This may indirectly affect Medicare recipients due to a lower Medicare participation rate by many physicians. Physicians already feel Medicareââ¬â¢s coverage is low based on their standard, further cuts may mean less providers accepting Medicare. One of the primary goals of The Affordable Healthcare Act is to reduce healthcare spending. One area the government seeks to reduce expenditures is in the direct cost of medical services. This is a divisive issue, due to the personal nature of healthcare. On one side healthcare providers fear that cuts will mean less revenue, they are joined by patients that fear cuts will result in less care. On the other side the government and insurance providers struggle to reign in the ever escalating cost of healthcare. The government has made it known that cuts will be made; they say these cuts will be in fraud, waste, and abuse. Nevertheless, providers are already up in arms about reductions in Medicare pay they are beginning to experience. Regardless, of which side is taken a solution was definitely needed. Recent OIG reports have revealed that for decades many physicians and facilities have blatantly abused the system costing the government and thereby the American people billions of dollars in fraud, waste, and abuse. Conclusively, the Medicare fund is expected to not only remain intact but to see additional programs focused on preventive care and wellness. Overall the cuts will be to medical care overall, and the amount paid for specific services. The short term effect is reduced spending; however, itââ¬â¢s difficult to say how this will affect the availability of service in the long term.
Friday, March 13, 2020
Big Bazaar Report Essay Example
Big Bazaar Report Essay Example Big Bazaar Report Essay Big Bazaar Report Essay Essay Topic: Bound Feet and Western Dress The Book Of the City Of Ladies The Joy Luck Club A PROJECT REPORT ON ââ¬Å"CUSTOMER PERCEPTION ââ¬â A STUDY AT BIG BAZAAR MYSORE ROAD BANGALOREâ⬠In partial fulfilment for the award of the degree of Master of Business Administration By SHIVANAND REG. NO: 09JRCMA040 GUIDE Dr. H. S. MAHABALESHWAR BHATTA PRINCIPAL, RRMBA RAJARAJESHWARI COLLEGE OF MANAGEMENT STUDIES COMPUTER APPLICATIONS No. 14, Ramohalli cross, Mysore Road, Banglore-74 (2009-2011) RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 1 CHAPTER-I INTRODUCTION RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 2 INTRODUCTION Introduction to retail market: Todayââ¬â¢s retail market is facing their toughest competition, that Big Bazaar can outperform the competition. If they can move from a product and sales philosophy to a marketing philosophy. The Big Bazaar can go about winning customers and outperforming competitors by performing a better job of meeting and perceiving customers needs. The ultimate success of any marketing programme depends upon how the customer behaves and Weather his/her behaviour is indicated of the acceptance of the product or service offering from the firms. Today even Big Bazaar is pouring in a lot of money for undertaking researches to have a better understanding of their customer perception. Marketing process begins with customers and ends with customers. It means marketing process aims at delivering maximum perception to customer. In doing so, it takes care about purchase perception with the loyalty of the customer. Marketing is responsible for driving the rest of the Big Bazaar to be customers oriented and market drives customers care without them, the Big Bazaar ceases to exist. Plans must be laid to acquire and keep customer and because of many malls affect customer perception. Many of which lie outside the scope of marketing department such as delivery, reliability, sales process after sales service. Big Bazaar must work hard to ensure that it delivers as per customer expectations the service required by them. Customerââ¬â¢s expectations are increasing day by day in case of products life. Products, which are used for daily purpose, involves complex decision making. After sales, service is important in winning the confidence of the customer. Every customer wants to enjoy full benefits of a purchase over the excepted life of the product. To ensure this, Big Bazaar effort towards customer perception is very important. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 3 INDUSTRY PROFILE In India, the retail sector is the second largest employer after agriculture. The retailing sector in India is highly fragmented and consists of predominantly of small, independent, and owner-managed shops. The organised retail sector in India is only 2%. The Proportion of sales through organised retailing is estimated to increase to around 6% by 2010. There are some 12 million retail outlets in India; the retail business in India is expected to reach Rs. 19069. 3 billion by 2010. Over 50 of the Fortune 500 and 25 of the Asian top 200 companies are retailers. Retail is Indiaââ¬â¢s largest industry; it contributes for over 10 per cent of the countryââ¬â¢s GDP and around eight per cent of the employment. Retail industry in India is at the crossroads. It has emerged as one of the most dynamic and fast paced` industries with several players entering the market. But because of the heavy initial investments required, break even is difficult to achieve and many of these layers have not tasted success so far. However, the future is promising; the market is growing, government policies are becoming more favorable and emerging technologies are facilitating opertaions. Retailing in India is gradually inching its way toward becoming the next boom industry. The whole concept of shopping has altered in terms of format and consumer buying b ehavior, ushering in a revolution in shopping in India. Modern retail has entered India as seen in sprawling shopping centers, multi-storied malls and huge complexes offer shopping, entertainment and food all under one roof. The Indian retailing sector is at an inflection point where the growth of organized retailing and growth in the consumption by the Indian population is going to take a higher growth trajectory. The Indian population is witnessing a significant change in its demographics. A large young working population with median age of 24 years, nuclear families in urban areas, along with increasing working women population an emerging opportunities in the services sector are going to be the key growth drivers of the organized retail sector in India. According to this yearââ¬â¢s Global Retail Development Index, India is positioned as the leading destination for retail investment. This followed from the saturation in eastern retail markets and we find big western retilers like Wal-mart and Tesco entering into Indian market. Indiaââ¬â¢s retail industry accounts for 10 percent of its GDP and 8 percent of the RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 4 Employment to reach $17 billion by 2010. There are about 300 new malls, 1. 500 supermarkets and 325 departmental stores being in the cities very soon. A shopping revolution is ushering in India where, a large population between 20-34 age groups in the urban regions is boosting demand by 11. 1 percent in recent years to an Rs 23,308 purchasing power. This has resaulted in huge international retail investment and a more liberal FDI. India represents an economic opportunity on a massive scale, both as a global base and as a domestic market. Indian Retail sector consists of small family-owned stores, located in residential areas, with a shop floor of less han 500 square feet. At present the organized sector accounts for only 2 to 4% of the total market although this is expected to rise by 20% to 25% year on year basis. Retail growth in the coming five years is expected to be stronger than GDP growth, driven by changing lifestyles and by strong income growth, which in turn will be supported by favorable demographic patterns and the extent to which organized retailers succeed in reaching lower down scale to reach potential consumers towa rds the bottom of the consumer pyramid. Growing consumer credit will also help in boosting consumer demand. The structure of retailing will also develop rapidly. Shopping malls are becoming increasingly common in large cities, and announced development plans project at least 150 new shopping malls by 2012. The number of department stores is growing much faster than overall retail, at an annual 24%. Supermarkets have been taking an increasing share of general food and grocery trade over the last two decades. However, Distribution continues to imporve, but it still remains a major inefficiency. Poor quality of infrastructure, coupled with poor quality of the distrubtion sector, results in logistics costs that are very high as a proportion of GDP, and inventories, which have to be maintained at an unusually high level. Distribution and marketing is a huge cost in Indian consumer markets. Itââ¬â¢s a lot easier to cut manufacturing costs than it is to cut distribution and marketing costs. Also, government has relaxed regulatory controls on foreign direct investment (FDI) considerably in recent years, while retailing currently remains closed top FDI. However, the RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 5 Indian government has indicated in 2005 that liberalization of direct investment retailing is under active consideration. It has allowed 51% FDI in ââ¬Å"Single Brandâ⬠retail. The next cycle of change in Indian consumer markets will be the arrival of foreign players in consumer retailing. Although FDI remains highly restricted in retailing, most companies believe that will not be for long. Indian companies know Indian markets better, but foreign players will come in and challenge the locals by sheer cash power, the power to drive down prices. Indiaââ¬â¢s vast middle class and its untapped market are the key attractions for the foreign players by changing lifestyle and strong income growth. Retail reform The government regulations allow 100 percent FDI in cash and carry through automatic route and 51 percent in single brand. Besides, the franchise route is available for big operators. Now, the Government also proposes further liberalization in the retail sector allowing 51 percent FDI in consumer electronics and sports goods. The retail road ahead The Indian retail market is estimated at US$ 350 billion. But organized retail is estimated at only US$ 8 billion. However, the opportunity is huge- by 2010, organized retail is expected to grow to US$ 22 billion. With the growth of organized retiling estimated at 40 percent (CAGR) over the next few years, Indian retiling is clearly at a tipping point. India is currently the ninth largest retail market in the world. And it is names of small towns like Dehardun, Vijayawada, Lucknow and Nasik that will power India up the ranking soon. The main competition for the organized retail industry which at this point of time is 2%-4% comes from the unorganized sector. But this scenario is going to change in the future. The existing players in the market such as LandMark, TATA group, Pantaloon group, RPG group are trying to strengthen thier market. Where as the new entrants like the Reliance group which is trying to enter the market in the most aggressive manner and the some others include the Bharti group with the tie up with the Wal-Mart. As the markets open up for the multi brand retiling then the competition from the unorganized sector will reduce gradually and the competition among the organized sector will become intense. So in the coming years the retailing is going to drive the economy by RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 6 providing employment in a huge magnitude and thus becoming the major contributor to the GDP of the country. As the western markets are saturated the big global players in retailing are eyeing India, for the other reasons such as growing middle class population and increasing awareness and other changes in the life styles and shopping patterns. At present all the formats are not yet being practicewd in full fledge, once the formats are defined and retailerââ¬â¢s rollover in full fledges then the patterns will evolve and will be practiced in a proper manner. So in the next five to seven years the industry is going to be intense as big players are entering and eyeing the huge untapped market. Major Competitors: 1) RPG Group- Spencerââ¬â¢s 2) Reliance Retail 3) Vishal Group 4) Tata Group 5) Aditya Birla group Reliance Fresh is the retiul chain division of Relaince Industries of India which is headed by Mukesh Ambani. Reliance plans to invest Rs 25000 Crores in the next 4 years in their retail division and plans to begin retail stores in 784 cities across the country. The Reliance Fresh supermarket chain is RILââ¬â¢s Rs 2500 crore venture and it plans to add more stores across different, and eventually have a pan- India footprint by year 2011. Vishal Mega Mart is a conglomerate encompassing 100 showroom in 67 cities / 20 states. RPG Group is planning to double its total retailing space from the existing level of 10 lakh sq. ft. Within the next 18 months. Retailing encompasses the business activities involved in selling goods and services to consumers for their personal, family, or household use. It includes every sale to the final consumer. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 7 Characteristics of retailing: Retailing can be distinguished in various ways from other businesses such as manufacturing. Retailing differs from manufacturing in the following ways: There is direct end-user interaction in retailing. It is the only point in the value chain to provide a platform for promotions. Sales at the retail level are generally in smaller unit sizes. Location is a critical factor in retail business. In most retail businesses services are as important as core products. There are a larger numbers of retail units compared to other members of the value chain. This occurs primarily to meet the requirements of geographical coverage and population density. For Effective Retail Marketing Strategy we need to focus onâ⬠¦Ã¢â¬ ¦ ? Maintaining consistent branding across different channels. ? Optimizing the media mix. ? A Partner to support Marketing Strategies promotions. ? Use of Effective Campaign Management Techniques. ? Managing the relationship with the customers. ? Increasing the brands share of usage within a household Classification of Retail Operations: Ownership:? ? Independent Retailers Chain Stores Franchises RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 8 Level of Service:Types of Stores and Their Characteristics:Hypermarket:A hypermarket is a superstore which combines a supermarket and a department store. The result is a gigantic retail facility which carries an enormous range of products under one roof, including full lin es of groceries and general merchandise. When they are planned, constructed, and executed correctly, a consumer can ideally satisfy all of his or her routine weekly shopping needs in one trip to the hypermarket. Hypermarkets, like other big-box stores, typically have business models focusing on high-volume, low-margin sales. Due to their large footprints - a typical Wal-Mart Supercenter covers 150,000 square feet, a typical Carrefour 210,000 square feet - and the need for many shoppers to carry large quantities of goods, many hypermarkets choose suburban or out-of-town locations that are easily accessible by automobile. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 9 Statement of the problem: ââ¬ËA Study on customer perception towards Big Bazaarââ¬â¢ It is important for any company to know how customer perceives their products, service or the organization as a whole. The understanding of customerââ¬â¢s perception is a very difficult and vital task for the organization. If the organization makes an attempt to find the customer perception, it is easy to offer the service according to customers. OBJECTIVES OF STUDY 1. To know the frequency of the customer visiting the stores 2. To understand the customer profile of Big Bazaar. 3. To know the factor influencing the customer purchase decision 4. To know the customer perception towards Big Bazaar 5. To know overall satisfaction of customer. SCOPE OF STUDY The scope of the study is limited only to the customers of Big Bazaar (Mysore road) This study helps to know the perception of customers towards Big Bazaar. The study helps to know the customer satisfaction level. Period of study: The study was undertaken during the period of 2011 from 28 thJanuary 2011 to 28 Feb. 2011, a total of 4 weeks. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 10 RESEARCH METHODOLOGY The word ââ¬Ëmethodââ¬â¢ indicates the mode or the way of accomplishing an objective. The study was description type of research as it describes the current market situation. Sampling:Sampling is bsimple process of learning about the population on the basis of a sample drawn from it. Thus, in sampling technique instead of every unit of universe only a part of universe is studied and the conclusions are drawn on the basis for the entire universe. Sample design In this study simple random sampling method is used to select the respondents. Simple random sampling refers to sampling technique in which each an every unit of the population has an equal opportunity of being related in the sample. Sample size The total sample size for the study was 100 respondents. SOURCES OF DATA There are two types of data collection methods that are being used in this research: a) Primary data b) Secondary data Collection of primary data: RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 11 Primary data is that type of data which includes the first hand information which is being collected from the respondents through observation or through direct communication with respondents in one form or another or through personal interviews. In this research personal interviews were conducted to get primary data. Collection of secondary data The secondary data includes data from various external and internal sources of the organisation. PLAN OF ACTION ? Planning the study ? Devising the question and making the questionnaire ? Selecting the type of sample ? Using the questionnaire to obtain the information ? Organizing the data ? Making the finished tables and charts ? Analyzing the findings Tools for data collection The tool used for collecting the data is a structured questionnaire. Tools used for Analysis: Percentage analysis Bar charts/pie chart Limitation of the study: RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 12 The limitations of this research are: 1. The opinion of the respondent visiting the store may not represent the whole population. 2. Due to the limitation of time, it was unable to cover larger base of respondent where in sample was limited. 3. The customer opinion might have been bias ed and may not represent the whole population opinion. 4. Most of the customer was busy in shopping they were reluctant to fill the uestionnaire. 5. Analysis and interpretation of date obtained from the questionnaire was done on the assumption that the data given by the customer was correct and honest. Company profile Pantaloon Retail (India) Limited, is Indiaââ¬â¢s leading retailer that operates multiple retail formats in both the value and lifestyle segment of the Indian consumer market. Headquartered in Mumbai (Bombay), the company operates over 10 million square feet of retail space, has over 1000 stores across 61 cities in India and employs over 30,000 people. The companyââ¬â¢s leading formats include Pantaloons, a chain of fashion outlets, Big Bazaar, a uniquely Indian hypermarket chain, Food Bazaar, a supermarket chain, blends the look, touch and feel of Indian bazaars with aspects of modern retail like choice, convenience and quality and Central, a chain of seamless destination malls. Some of its other formats include, Depot, Shoe Factory, Brand Factory, Blue Sky, Fashion Station, all, Top 10, bazaar and Star and Sitara. The company also operates an online portal, futurebazaar. com. A subsidiary company, Home Solutions Retail (India) Limited, operates RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 13 Home Town, a large-format home solutions store, Collection I, selling home furniture products and E-Zone focused on catering to the consumer electronics segment. Pantaloon Retail was recently awarded the International Retailer of the Year 2007 by the US-based National Retail Federation (NRF) and the Emerging Market Retailer of the Year 2007 at the World Retail Congress held in Barcelona. Pantaloon Retail is the flagship company of Future Group, a business group catering to the entire Indian consumption space. Pantaloon is not just an organization it is an institution, a centre of learning development. We believe that knowledge is the only weapon at our disposal and our quest for it is focused, systematic and unwavering. At Pantaloon, we take pride in challenging conventions and thinking out of the box, in travelling on the road less travelled. Our corporate doctrine ââ¬ËRewrite Rules, Retain Valuesââ¬â¢ is derived from this spirit. Over the years, the company has accelerated growth through its ability to lead change. A number of its pioneering concepts have now emerged as industry standards. For instance, the company integrated backwards into garment manufacturing even as it expanded its retail presence at the front end, well before any other Indian retail company attempted this. It was the first to introduce the concept of the retail departmental store for the entire family through Pantaloons in 1997. The company was the first to launch a hypermarket in India with Big Bazaar, a large discount store that it commissioned in Kolkata in October 2001. And the company introduced the country to the Food Bazaar, a unique bazaar within a hypermarket, which was launched in July 2002 in Mumbai. Embracing our leadership value, the company launched all in July 2005 in Mumbai, making us the first retailer in India to open a fashion store for plus size men and women. Today we are the fastest growing retail company in India. The number of stores is going to increase many folds year on year along with the new formats coming up. The way we work is distinctly Pantaloon. Our courage to dream and to turn our dreams into reality ââ¬â that change peopleââ¬â¢s lives, is our biggest advantage. Pantaloon is an invitation to join a place where there are no boundaries to what you can achieve. It means never having to stop asking questions; it means never having to stop raising the bar. It is an opportunity to take risks, and it is this passion that makes our dreams a reality. Come enter a world where we promise you good days and bad days, but never a dull moment! RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 14 Future Group Future Group is one of the countryââ¬â¢s leading business groups present in retail, asset management, consumer finance, insurance, retail media, retail spaces and logistics. The groupââ¬â¢s flagship company, Pantaloon Retail (India) Limited operates over 10 million square feet of retail space, has over 1,000 stores and employs over 30,000 people. Future Group is present in 61 cities and 65 rural locations in India. Some of its leading retail formats include, Pantaloons, Big Bazaar, Central, Food Bazaar, Home Town, eZone, Depot, Future Money and online retail format, futurebazaar. com. Future Group companies includes, Future Capital Holdings, Future General India Indus League Clothing and Galaxy Entertainment that manages Sports Bar, Brew Bar and Bowling Co. Future Capital Holdings, the groupââ¬â¢s financial arm, focuses on asset management and consumer credit. It manages assets worth over $1 billion that are being invested in developing retail real estate and consumerrelated brands and hotels. The groupââ¬â¢s joint venture partners include Italian insurance major, Generally, French retailer ETAM group, US-based stationary products retailer, Staples Inc and UK-based Lee Cooper and India-based Talwalkarââ¬â¢s, Blue Foods and Liberty Shoes. Future Groupââ¬â¢s vision is to, ââ¬Å"deliver Everything, Everywhere, Every time to Every Indian Consumer in the most profitable manner. The group considers ââ¬ËIndian-nessââ¬â¢ as a core value and its corporate credo is- Rewrite rules, Retain values. Mr. Kishore Biyani Managing Director (FUTURE GROUP) RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 15 Major Milestones/ Achievements 1987 Company incorporated as Menââ¬â¢s Wear Private Limited. Launch of Pantaloons t rouser, Indiaââ¬â¢s first formal trouser brand. 1991 Launch of BARE, the Indian jeans brand. 1992 Initial public offer (IPO) was made in the month of May. 994 The Pantaloon Shoppe ââ¬â exclusive menswear store in franchisee format launched across the nation. The company starts the distribution of branded garments through multibrand retail outlets across the nation. 1995 John Miller ââ¬â Formal shirt brand launched. 1997 Pantaloons ââ¬â Indiaââ¬â¢s family store launched in Kolkata. 2001 Big Bazaar, ââ¬ËIs se sasta aur accha kahi nahinââ¬â¢ Indiaââ¬â¢s first hypermarket chain launched. 2002 Food Bazaar, the supermarket chain is launched. 2004 Central ââ¬â ââ¬ËShop, Eat, Celebrate in the Heart of Our Cityââ¬â¢ Indiaââ¬â¢s first seamless mall is launched in Bangalore. 005 Fashion Station the popular fashion chain is launched a LLââ¬â ââ¬Ëa little largerââ¬â¢ exclusive stores for plus-size individuals is launched 2006 Future Capital Ho ldings, the companyââ¬â¢s financial arm launches real estate funds Kshitij and Horizon and private equity fund in division. Plans forays into insurance and consumer credit. Multiple retail formats including Collections, Furniture Bazaar, and Shoe Factory, E-Zone, Depot and futurebazaar. com are launched across the nation. Group enters into joint venture agreements with ETAM Group. 007 Pantaloon Retail wins the International Retailer of the Year at US-based National Retail Federation convention in New York and Emerging Retailer of the Year award at the World Retail Congress held in Barcelona. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 16 2008 Future Capital Holdings becomes the second group company to make a successful Initial Public Offering in the Indian capital markets. Big Bazaar crosses the 100-store mark, marking one of the fastest ever expansion of a hypermarket format anywhere in the world. Total operational retail space crosses 10 million square feet mark. 2009 CNBC Awaaz Consumer Awards 2009 Most Preferred Multi Product Chain Big Bazaar Most Preferred Multi Brand Food Beverage Chain Big Bazaar Images Fashion Forum 2009 Most Admired Fashion Group of the Year Future Group Most Admired Private Label Pantaloons, the lifestyle format Critics Choice for Pioneering Effort in Retail Concept Creation Central Coca-Cola Golden Spoon Awards 2009 Most Admired Food Grocery Retailer of the Year Most Admired Food Court, Most Admired Food Professional Our culture At Pantaloon, Empowerment is what you acquire and Freedom at Work is what you get. We believe our most valuable assets are our People. Young in spirit, adventurous in action, within average age of 27 years, our skilled qualified professionals work in an environment where change is the only constant. Powered by the desire to create path-breaking practices and held together by values, work in this people intensive industry is driven by softer issues. In our world, making a difference to Customersââ¬â¢ lives is a Passion and performance is the key that makes it possible. Out of the Box thinking has become a way of life at Pantaloon and living with the change, a habit. Leadership is a value that is followed by one and all at Pantaloon. Leadership is the quality that motivates us to never stop learning, stretching to RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 17 reach the next challenge, knowing that we will be rewarded along the way. In the quest of creating an Indian model of retailing, Pantaloon has taken initiatives to launch many retail formats that have come headed for serve as a benchmark in the industry. Believing in leadership has given us the optimism to change and be successful at it. We do not predict the future, but create it. At Pantaloon you will get an opportunity to handle multiple responsibilities, and therein, the grooming to play a larger role in the future. Work is a unique mix of preserving our core Indian values and yet providing customers with a service, on par with international standards. At Pantaloon you will work with some of the brightest people from different spheres of industry. We believe itââ¬â¢s a place where you can live your dreams and pursue a career that reflects your skills and passions. New discoveries in retail In the financial year 2006-07, the companyââ¬â¢s retail businesses discovered new categories across formats, new sets of consumers and fresher and contemporary merchandise. We have been able to offer more in the established businesses and gain favourable acceptance with new concepts. In addition, concerted expansion plans saw retail space increase to over 5. 2 million square feet at the end of 2006-07. This expansion mode was characterized by a two pronged approach. By dominating the cities the company was already present in and by bringing the benefits of modern retail to towns and cities like Mangalore, Palakkad, Surat, Indore, Kanpur, Haldia, Agra, Coimbatore, Jaipur and Panipat. The company has also undertaken significant private label initiatives in food, in general merchandise and in the consumer durables and electronics Categories. Strategic alliances have also been forged with established domestic and international brands. However, the most significant development was the internal realignment the company undertook within each of its retail businesses. To embark on a more detailed approach towards value creation and increasing efficiency, the company reviewed its business operations and adopted a more focused approach by creating RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 18 an integrated support unit or Line of Business. Augmenting the retail front-end team, Line of Business (Lob) units have been created in the three most critical businesses ââ¬â food, fashion and general merchandise. Formed during the second half of 2006-07 these business units focus on introducing optimum operational efficiencies. Thus, these units ensure that back end measures are appropriately taken care of and the right kind of merchandise reaches the stores in the best possible time, at the right price. These teams focus on product consolidation and suitability, margin improvement, and vendor rationalization, thereby ensuring that the sourcing benefits are made available to the front end team. The companyââ¬â¢s efforts over the next couple of years would entail a combination of expansion and process up gradation and implementation. The emphasis will be on the next discoveries to be made in the retail space that will lead to expansion. At the same time, there will be an increased focus on micro detailing aspects including process, product and operational efficiencies thereby contributing positively to the companyââ¬â¢s bottom-line. Discovering fresh fashion RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 19 It was the first Pantaloons store in Kolkata that set off a chain of discoveries that have led us to where we are today. Ten years later, we have launched our largest Pantaloons store in Kankurgachi in Kolkata. Spread across 85,000 square feet, the store is the first among a series of large format stores that will be launched across the nation. After consolidating its Fresh Fashion positioning, Pantaloons embarked on a major expansion during the year 200607. In 8 cities, 11 Pantaloons stores were opened with 7 of them opening in the single month of March 2007. The total count of Pantaloons stores as on 30th June 2007 stood at 31 with the total area under retail close to 1 million square feet. In order to maintain the top of the mind association with fashion in India, Pantaloons continued to be the title sponsor for the Femina Miss India 2007 pageant. In addition, Bipasha Basu and Zayed Khan were roped in as brand ambassadors in the month of August 2006. The success of this initiative was evident in the increased sales for the ââ¬ËHaldi Gulalââ¬â¢ range as well as the ââ¬ËSvayam Utsavââ¬â¢ summer collection that were endorsed by Bipasha and Zayed. The private label apparel share during the year was in excess of 70 percent. The year also witnessed categories like Winter-wear and Ethnic Ladies-wear strengthening their presence in the stores. The increasing success of the store brand is evident from the fact that the storeââ¬â¢s loyalty programme, Green Card, added 200,000 new members. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 20 Pantaloons will see a significant expansion during the coming year with an increase of nearly 0. 50 million square feet of retail space and an addition of about 15 stores. Pantaloons will look at dominating cities where it has a first entrant advantage and will scale up sizeably with larger stores, additional categories and retail formats. The year 2007-08 will witness considerable focus in the North and East regions. Delhi and the NCR area along with Punjab, Chandigarh and Ludhiana will see the next stage of expansion. Cities like Ranchi, Guwahati and Siliguri in the East will also discover Fresh Fashion. Discovering more value In 2006-2007, more Indians discovered the value of shopping in Big Bazaar. And with the launch of each store, we discovered more value in terms of operational efficiency. Big Bazaar launched 27 new stores in 22 cities, covering over 1. 40 million square feet. As of June 2007, there were 56 Big Bazaar stores across 43 cities. While Big Bazaar continued to expand in the large cities, it also tapped consumption potential in smaller cities like Agra, Allahabad, Coimbatore, Surat, Panipat, Palakkad, Kanpur and Kolhapur. The year under review also witnessed realigning of business teams with shared Experience in category management, sourcing, front-end operations and business planning. In addition, separate teams have been formed to look into all aspects of new store launches and to manage mature stores. This provides more flexibility and focus in expansion plans. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 21 The increase in SKUs in existing categories and the introduction of new categories encouraged the opening of larger stores or Super Centres, measuring 100,000 square feet or more. There are now 5 Big Bazaar Super Centres. Considering this scale of expansion, technology plays a significant facilitating role. The introduction of SAP in 2005-06 and its roll out during the year positively impacted the business. Big Bazaar has initiated the process of Auto Replenishments Systems, thus improving operational efficiencies and productivity. The company has also rationalized nearly 250 vendors through better vendor management in terms of potential to expand, and for inclusion and up gradation to the online B2B platform. The company plans to open over 60 stores across India in FY 2008, and the opening of the 100th Big Bazaar store will mark the fastest ever expansion by a hypermarket format. Discovering the new consumer Based on the companyââ¬â¢s in-house consumer data and research, and in cognizance with observations on customer movements and the shopping convenience factor, Food Bazaar has initiated certain refurbishments and layout design across all stores. The intention is to continuously change with the times and demands of the evolving Indian consumer. Food Bazaar also witnessed healthy expansion during the year 2006-07, making its presence felt in nearly 26 cities and adding 40 stores during the year under review. The total count of Food RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 22 Bazaars as on 30th June 2007 stood at 86 stores. The year under review witnessed the companyââ¬â¢s private label programme gaining significant traction. The brands have been very competitive vis-a-vis the established brands in quality and price terms, and have in fact scored better than national or international players in certain categories. The shares of private labels as a percentage of total Food Bazaar revenues has increased significantly and comprise nearly 50 merchandise categories. While Fresh Pure brand entered categories like cheese slices, frozen peas, honey, packaged drinking water and packaged tea, the Tasty Treat brand received a very favourable response in new categories like namkeens and wafers. In the home care category, Caremate launched aluminium foil and baby diapers while clean mate launched detergent bars and scrubbers. A new format ââ¬ËBB Wholesale Clubââ¬â¢ was launched and 4 such stores have been opened so far. To be managed by Food Bazaar from the ensuing financial year, this format sells only multipacks and bulk packs of a select range of fast moving categories and caters to price sensitive customers and smaller retailers. The company has also forged tie-ups with established companies like ITC, Adanis, DCM Group, USAID and other farm groups in Maharashtra and Madhya Pradesh to source directly from them. These alliances are expected to drive efficiencies as well as bring better products to consumers. By the end of FY 07-08, the total number of Food Bazaar stores is expected to be 200. Future ideas Discovering new opportunities Future Ideas is the Innovation, Design Incubation cell within Pantaloon Retail that stems from the core proposition ââ¬ËProtecting and preserving the soul of a small business or RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 23 enterprise within a large organisation. ââ¬â¢ Future Ideas deals with the whole aspect of idea creation, scenario planning activities, alternate approaches to an issue, providing varied outcomes and solutions to a problem and handholding the activity till its success parameters are satisfied. A unique initiative in corporate India, Future Ideas rests on a tripod that can be classified as Innovation driven, Design Management approach and an Incubation chamber, each with its own uniqueness, yet with common objectives. The Design Management team looks at each observation made by the Innovation team, and brainstorms by using a collaborative and holistic approach. The resultant ideas are then nurtured within the Incubation cell. The Incubation team comprises of business teams, mentored by the Innovation and Design teams. They are people who are released from their original businesses or concepts and made part of the entire ideation process at Future Ideas. They remain at Future Ideas till project completion stage when the success parameters for running the business are met. Future Ideas draws inspiration for most of its activities and projects, keeping in mind the new genre of inspirational Indians. At any point of time Future Ideas would work on about 20 varied projects within the Future Group. Some of the formats that are now being incubated by this team include Top10, Depot, Star Sitara and Talwalkarsââ¬â¢ Fit Active. The team is also working on ideas around small format no-frills stores, rural retailing, and fashion for the masses and on projects involving women and self-help groups. Discovering new segments Depot, in many cities, is the first modern retailer in books and music and the Response has been overwhelming. The core differentiators of Depot are its young, colourful and vibrant RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 24 stores, strong regional range, affordability and a private label publishing rogram Depot Exclusives. In its first year of operation, Depot has launched 6 stand-alone stores and 50 cutins. Along with its expansion in major cities, Depot debuted in smaller towns like Rajkot, Vadodara, Haldia, Thrissur, Palakkad and Tiruvanantharam. The Depot Exclusives (released solely in Depot) catalogue expanded rapidly with over 100 titles across genres like childrenââ¬â¢s books, cookery, regional literature etc. Reputed authors/ imprints like Nita Mehta and S anjeev Kapoor in cookery, Disney in childrenââ¬â¢s books etc. have been associated with the company. Depot has also tied-up with the UK based publisher of Childrenââ¬â¢s books, Small World, to co-publish a series of toddlersââ¬â¢ interactive books. In FY 2007-08, the total Depot footprint should cross over 100 stores. The Health, Beauty Wellness business opened 35 new outlets in the beauty products, services and holistic health care formats Multiple formats operate in this segment, including Tulsi, the pharmacy chain and Star Sitara, the beauty products cut-ins and Star Sitara Salons. The largest format, Beauty Free offers unique combination of products, services and holistic health offerings. To capture the increasing consumption spend on wellness and preventive health care, the joint venture between Pantaloon Retail (I) Limited and Talwalkar Better Value Fitness opened its first ââ¬ËTalwalkars Fit Activeââ¬â¢ health centre at Orchid City Centre, Mumbai in April 2007. Spread over 5,200 square feet, it is the countryââ¬â¢s first health centre to offer health, fitness and gym services within a modern retail and consumption environment. The venture is also looking at innovative value added offerings in the fitness space as well as developing a Spa model for the Fit Active brand across the country, by increasing its presence to nearly 50 such centres in the near future. Human Resources Discovering talent diversity The company strongly believes that its sustainable competitive advantage lies in the values that it cherishes the culture that it imbibes and spirit of enterprise that resides within the organization. Talent management therefore continues to be the core focus for the company. Considering the Multiple businesses and rapid expansion expected across the business, the company saw merit in taking a fresh guard to the way in which business would run in order to meet the next leg of expansions. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 25 During the year 2006-07, the company conducted an extensive review of in-house talent management, which involved mapping every managerial position in the organization for their skill sets, competence and attitudinal aspects as well as taking an inventory check of the existing talent base and addressing their development needs. Development Centres were created with in-house assessors, which further aided in identifying potential resources and helped chalk out post assessment development plans. Continuing with its policy of strategic alliances, the company is collaborating on joint degree programs with 15 management schools, design institutes and institutes of higher learning in areas like food business, supply chain management, design experience management etc. This ââ¬ËSeekhoââ¬â¢ programme for external and internal candidates has ensured a steady stream of mid level, well trained retail professionals every year. The companyââ¬â¢s ââ¬ËGurukoolââ¬â¢ programme provides the front-end employees an opportunity to imbibe the companyââ¬â¢s values and a sense of ownership to the company. The company has also created an Employee Growth Trust Fund that was launched during the last financial year for the senior management. Equal Opportunity The company believes that in order to build a sustainable business environment, the composition of its talent base needs to reflect the diversity that exists in our country and among its customers. Therefore the company ensures that the proportional representation of different communities in the Indian population is mirrored in its employee profile. The majority of employees in the company come from socially and economically marginalized sections of the society. Close to 46% of the employees in the organization are women and the average age within the organization is 27 years. The effectiveness of its talent management initiatives is reflected in the fact that the annual rate of attrition is 8. 2%, much below industry levels. The company plans to strengthen its employee platform to about 30,000 people by FY 08, from nearly 18,000 people as on FY 07. Human Resource Initiatives RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 26 Pantaloon Retail believes that one of its sustainable competitive advantages will continue to be the people who are part of the organization. Being in service industry, the Company places a lot of focus is placed on attracting, and training , incentivising and retaining talent. The vision is To provide an environment that creates happy people who have a meaningful life and add value to business and society. With over 18000 employees at an average age of 27 years, the Company prides itself on being a young and energetic organization, driven through the The Pantaloon People Management System. This is Built on 5 pillars of people based growth, namely Culture Building, Performance Management through Balanced Scorecard, People Processes, Management Processes and Leadership Brilliance. Training A competent Learning Development Team is responsible for training employees at all the levels across the country, focusing on primary and secondary research into various aspects of retail and assessment of training needs across Knowledge, Skills Attitude areas. The emphasis is on creating product and process knowledge through well defined programs like Praarambh and Parikrama. For the critical front line staff, the Companys unique outbound residential training program Gurukool focuses on integrating the mind, body and soul and brings about measurable attitudinal and behavioural changes. The program has covered nearly 4,500 employees. The SMILE initiative for training of new Store Managers has been created and disseminated to over 100 store managers by this team Group Vision ? Future Group shall deliver Everything, Everywhere, Every time for Every Indian Consumer in the most profitable manner. Group Mission We share the vision and belief that our customers and stakeholders shall be served only by creating and executing future scenarios in the consumption space leading to economic development. We will be the trendsetters in evolving delivery formats, creating retail realty, making consumption affordable for all customer segments ââ¬â for classes and for masses. We shall infuse Indian brands with confidence and renewed ambition. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 27 We shall be efficient, cost- conscious and committed to quality in whatever we do. We shall ensure that our positive attitude, sincerity, humility and united determinatio n shall be the driving force to make us successful. Core Values Indianness: Confidence in ourselves. Leadership: To be a leader, both in thought and business. Respect Humility: To respect every individual and be humble in our conduct. Introspection: Leading to purposeful thinking. Openness: To be open and receptive to new ideas, knowledge and information. Valuing and Nurturing Relationships: To build long term relationships. Simplicity Positivity: Simplicity and positivity in our thought, business and action. Adaptability: To be flexible and adaptable, to meet challenges. Flow: To respect and understand the universal laws of nature. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 28 CHAPTER-4 DATA ANALYSIS AND INTERPRETATION RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 29 Analysis and interpretation Table No. 1. 1:-Showing classification of respondents based on which source they Come to know about Big Bazaar. Particulars News papers. Magazines. Friends/word of mouth Internet Other Total No of respondent 49 10 25 3 13 100 % Of Respondent 49 10 25 3 13 100 Analysis:From the above table it is clear that majority of the respondents came to know about Big Bazaar with the help of News Papers. This shows that Big Bazaar is giving importance for advertisement to attract customers. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 30 Chart-1. 1:-Respondents based on which sources they come to know about Big Bazaar:- Interpretation The following is the percentage of respondents, through which they have come to know about the Big Bazaar 49% of respondents through News papers, 10% of respondents through Magazines, 25% of respondents through Word of mouth, 3% of respondents through Internet. The remaining 13% of respondents through other source like TV, Radio and by direct observation RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 31 Table No 1. 2:- Showing frequency of customer visiting stores Particulars Twice in a week Once in a week Once in a fortnight Once in a month Special occasion First time Total No of respondent 13 18 22 17 24 06 100 % Of Respondent 13 18 22 17 24 06 100 Analysis:From the above table maximum no. of respondents visited the stores in special occasion. This shows that Big Bazaar is giving discounts or offers during festivals and public holidays. Chart-1. 2:-Frequency of customer visit Big Bazaar:RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 32 Interpretation The following is the percentage of frequency of customer visiting to store. 6% of customers are first time visitors, 24% of customers visit only at special occasions, 17% of the customers visit once in a month, 22% of the customers visit once in a fortnight, 18% of the customers visit once in a week, 13% of the customers visit twice in a week. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 33 Table No1. 3:- Showing classification of customers with whom they would like to shop. Particulars Alone with friends With family With spouse Any others No of respondent 12 38 44 06 00 % Of Respondent 12 38 44 06 00 Analysis:From the above table it is found that majority of respondents like to do shopping in Big Bazaar with family rather than visiting with friends. This shows that they are maintaining good environment. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 34 Chart-1. 3: showing the customers with whom they would like shop:- Interpretation Following is the percentage of customers with whom they would like to shop. 6% of customers would like to shop with Spouse, 12% of customers would like to shop Alone, 38% of customers would like to shop with Friends, and 44% of customers would like to shop with Family. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 35 Table No 1. 4:- showing classification of respondents based on distance from Big Bazaar to their residence. Particulars Less than 1km 1-3 Km 3-5 Km More Than 5 Km Total No of respondent 10 38 43 09 100 % Of Respondent 10 38 43 09 100 Analysis:From the above table it shows that majority of respondents have their residence near to Big Bazaar. So they are visiting frequently and get all the products in one place. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 36 Chart-1. :-The respondents based on distance from Big Bazaar to their residence:- Interpretation The following is the percentage of customers, how far they are located from Big Bazaar. 9%of customers are located above 5km, 10% of customers are located within one kilometre, 38% of customers are located between one to three kilometres, 43% of customers are located between three to five kilometres. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLI CATIONS Page 37 Table No 1. 5:- Showing opinion of respondent about prices of products in big bazaar when compared to other retail stores. Particulars High Affordable Low Total No of respondent 46 39 15 100 % of respondent 46 39 15 100 Analysis:From the above table it is clear that maximum no. of respondents said that the price of products in Big Bazaar is high when compared to other retail stores. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 38 Chart-1. 5:-The opinion of respondent about prices of products in big bazaar when compared to other retail stores. Hence majority of customers have the favourable opinion towards Big Bazaar prices. Interpretation 6% of customers have perceived that Big Bazaar prices are high, 39% of customers have perceived that Big Bazaar prices are Affordable, 15% of customers have perceived that Big Bazaar prices are low. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 39 Table No1. 6:-Showing no of respondentââ¬â¢s rate the product quality of big bazaar when compared to other retail stores Particulars 5 4 3 2 1 Total No of respondent 8 25 51 10 6 100 % o f respondent 8 25 51 10 6 100 Analysis:From the above table it is said that more no. of respondents experienced that quality of products in Big Bazaar is average when compared to other retail stores. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 40 Chart-1. 6:-No of respondentââ¬â¢s rate the product quality of big bazaar when compared to other retail stores: Interpretation 6% of customers have perceived that product quality is Very low, 8% of customers have perceived that product quality is Very good, 10% of customers have perceived that product quality is below average, 25% of customers have perceived that product quality is above average, 51% of customers have perceived that product quality is Average. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 41 Table No1. 7:-Showing comparison of brand big bazaar with other retail stores Particulars Value for money Quality of products Wide variety of product Good shopping experience Any other Total No of respondent 26 12 37 14 1 100 % of respondent 26 12 37 14 1 100 Analysis:From the above table it is clear that majority of respondents said that wide variety of products are more when compared to other retail stores. This shows that Big Bazaar is giving importance to more number of brands when compared to other retail stores. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 42 Chart-1. :-Comparison of brand big bazaar with other retail stores:- Interpretation 1%0f customers have perceived that the brand Big Bazaar is affordable compared to other retailers, 12%of customers have perceived that the brand Big Bazaar has quality products compared to other retailers, 14%of customers have perceived good shopping experience in Big Bazaar compared to other retailers, 26%of customers wo uld like to compare brand Big Bazaar as value for money than other retailers, 37%of customers have perceived that the brand Big Bazaar has got wide range of product compared to other retailers. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 43 Table No 1. 8:-Showing opinion about discount offered by the Big Bazaar when compared to other retailers. Particulars Very good Good Fair Satisfied Bad Total No of respondent 5 34 55 6 00 100 % of respondent 5 34 55 6 00 100 Analysis: From the above table it shows that maximum number of respondents said the discount offered by Big Bazaar was fair when compared to other retailers. This shows that Big Bazaar is giving importance to price to attract customers. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 44 Chart-1. :-Opinion about discount offered by the Big Bazaar when compared to other retailers:- Interpretation 5%of customers have perceived that the discounts offered by the Big Bazaar are very good, 34%of customers have perceived that the discounts offered by the Big Bazaar are good, 55%of customers have perceived that the discounts offered by the Big Bazaar are Fair, 6% of customers have perceived that the discounts offered by the Big Bazaar are satisfied. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 45 Table No 1. 9:- Showing no of respondent purchasing product in Big Bazaar. Particulars Apparels Accessories Food Beverages Home durables Electronic goods Personal care Cosmetics All of the above Total No of respondent 21 31 8 24 10 6 100 % of respondent 21 31 8 24 10 6 100 Analysis:From the above table it is clear that majority of respondents said food and beverages were purchased more when compared to other item. This shows that Big Bazaar is giving importance to food and beverages when compared to other items. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 46 Chart-1. 9:-No of respondent purchasing product in Big Bazaar:- Interpretation 6% of the customers purchase All of the Above, 8% of the customers purchase Home durables, 10% of the customers purchase personal care and cosmetics, 21% of the customers purchase Apparels, 24% of the customers purchase all Electronic goods, 31% of the customers purchase Food and Beverage. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 47 Table No 2:-Showing no of respondent are satisfied with the billing system of big bazaar. Particulars Yes No Need to be improved Total No of respondent 56 14 30 100 % of respondent 56 14 30 100 Analysis: From the above table it shows that maximum number of respondents said that the billing system of Big Bazaar is satisfied but it needs to be improvement. Billing counter should be increased. Chart-2:- No of respondent are satisfied with the billing system of big bazaar:RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 48 Interpretation 14% of customers are not satisfied with the billing system, 30% of customers think that, the billing system needs to be improved, 56% of customers are satisfied with the present billing system Table No 2. :-Showing composition of factors in which they will shop in big bazaar RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 49 Particulars Availability of products Convenience of location Shopping experience Reasonable price Parking facility Other Total No of respondent 40 14 18 25 3 00 100 % of respondent 40 14 18 25 3 00 100 Analysis:From the above table it shows that majority of respondents said that the availabili ty of products is more when compared to other composition. This shows that they are giving more importance for products rather than location, price and parking facility. Chart-2. 1:-Composition of factors in which they will shop in big bazaar:- RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 50 Interpretation Following is the percentage of respondentââ¬â¢s reason to shop in Big Bazaar. 3% of customer purchase because of parking facility, 14% of customer purchase because of convenience of location, 18% of customer purchase because shopping experience, 25% of customer purchase because of reasonable price, 40% of customer purchase due to availability of product. Table No 2. 2:- Showing composition of factors influencing the respondent purchasing decision. Particulars Price No of respondent 23 % of respondent 23 RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 51 Quality Brand Usage Any other Total 30 22 25 00 100 30 22 25 00 100 Analysis:From the above table it is clear that maximum number of respondents said that the quality of products is good when it comes to the matter of purchasing decision. This shows that product quality is tested and other factors are not justified. Chart-2. 3:-Composition of factors influencing the respondent purchasing decision:- RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 52 Interpretation Following is the percentage of factors influencing the purchase decision. 22% of customers are influenced by Price, 23% of customers are influenced by Family, 25% of customers are influenced by Quality, 30% of customers are influenced by friends. Table No 2. 3:- Showing no of respondent satisfied with service of a big bazaar. Particulars No of respondent % of respondent RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 53 5 4 3 2 1 Total 3 29 42 16 10 100 3 29 42 16 10 100 Analysis:From the above table it is clear that majority of the respondents are highly satisfied with the service provided by Big Bazaar. This shows that Big Bazaar is providing good service. Chart-2. 3:-No of respondent satisfied with service of a big bazaar:- RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 54 Interpretation Following is the percentage of satisfaction with the service provided by the Big Bazaar. 3% of customers are highly dissatisfied, 29% of customers are dissatisfied, 42% of customers are highly satisfied, 16% of customers are neutral, 10% of customers are satisfied. Table No 2. 4:- Showing classification of respondent no the basis of age group. Particulars No of respondent % of respondent Page 55 RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Less than 20 years 20 to 30 years 30 to 40 years Above 40 years Total 3 59 28 10 100 3 59 28 10 100 Analysis: From the above table it is said that the maximum number of respondents come to visit Big Bazaar are all at the of 20-30. This shows that average aged peoples are aware of Big Bazaar products and discounts when compared to others. Chart-2. 4:-Classification of respondent on the basis of age group:- RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 56 Interpretation Following is the percentage of respondentsââ¬â¢ age group visiting the Big Bazaar 3%of customers are belonged to less than 20 years, 10%of customers are belonged to above 40 years, 28%of customers are between 30 to 40 years, 59% of customers are between 20 to 30 years. Table No 2. 5:- Showing composition of respondent gender. Particulars No of respondent % of respondent Page 57 RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Male Female Total 60 40 100 60 40 100 Analysis:From the above table it is clear that majority of them are males visiting Big Bazaar when compared to ladies. This shows that males are interested to do shopping in this retail store may be due to price discounts. Chart-2. 5:-Composition of respondent gender:- RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 58 Interpretation 40% of respondents are Female, 60% of the respondents are Male Table No 2. 6:-Showing composition of marital status of the respondent. Particulars No of respondent % of respondent RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 59 Single Married Total 58 42 100 58 42 100 Analysis:From the above table it shows that maximum number of respondents visiting Big Bazaar is unmarried. This shows that unmarried persons are willing to do shopping may be due to the availability of variety of brands in all products. Chart-2. 6:- Composition of marital status of the respondent:- RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 60 Interpretation 42% of respondents are married, 58% of respondents are Single. Table No 2. 7:-showing composition of respondent occupation Particulars Student Professional Business man Home maker Govt employee No of respondent 33 28 21 7 7 % of respondent 33 28 21 7 7 Page 61 RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Other Total 100 4 100 Analysis:From the above table it shows that majority of respondents visiting big bazaar are students when compared to professionals, and others. This shows that students are aware about this retail store when compared to others. Chart 2. 7:-Composition of respondent occupation:- RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 62 Interpretation 4% of respondents a re belonged to other group, 7% of respondents are govt employees, 7% of respondents are home makers, 21% of respondents are Businessmen, 33% of respondents are students, 28% of respondents are professionals. Table No 2. 8:- Showing composition on annual income of respondent Particulars Less than 15000 1. 5 lakh-3 lakh 3lakh-5 lakh More than 5 lakh No of respondent 23 30 14 3 % of respondent 23 30 14 3 RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 63 None Total 30 100 30 100 Analysis:From the above table it is clear that majority of respondents annual income is 1. 53 lakh. This shows that middle income group people are willing to do shopping in Big Bazaar. Chart 2. 8:-Composition on annual income of respondent:- RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 64 Interpretation 3% of respondents have more than 5lakh income, 14% of respondents have income between 3-5lakh, 23% of respondents have less than 150000 income, 30% of respondents have income between 1. 5-3lakh, 30% of respondent donââ¬â¢t have any income. FINDINGS FROM THE STUDY Majority of the respondents felt that the billing system needs to be improved, as during weekends and in other occasions it takes a very long time for the customers to complete the billing procedures. Majority of respondents felt that the parking facility was not enough during the weekends and during other festive seasons. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 65 Some of the respondents also raised thier concern regarding the arrangement of the products within the product category, some respondents found it difficult to find the products which they require immediately, it took a lot of time for them to search for the products which they required. Some respondents did not find much space to shop during the weekends and in other festive seasons because the store will be crowded during these periods. So respondents found it uncomfortable to shop during the weekends and festive seasons. Some of the respondents also raised their concern regarding the seating arrangement; drinking water facility priority should be given towards these issues. Majority of the respondent are asking about the branded products, the store does not have so much of branded products. Conclusion The overall perception of the BIG BAZAAR store is good except in some areas like billing system during the festi val time, proper arrangements of the products, parking facility and seating arrangement. The target customer for the BIG BAZAAR is the middle class segment is growing due to high disposal income. Customers found the prices are affordable with a good variety of the products available less than one roof. RR COLLEGE OF MANAGEMENT STUDIES AND COMPUTER APPLICATIONS Page 66 Customerââ¬â¢s responded positively to the promotions offered at the store, with the sales during the weekends and festive seasons picking up nicely. The quality of the products offered at the store was also very well accepted by the
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