Hashemite Kingdom Of Jordan Tourism Essay

Hashemite Kingdom Of Jordan Tourism Essay This policy review aims to review the Hashemite Kingdom of Jordan and its new industries in the current scenario to make it a happening tourist destination in the world. This review also includes substantive findings as well as theoretical and methodological contributions to the topic of Development of New Industries in Jordan. The Kingdom of Jordan has been also review of its policies in Investments across the kingdom in hope to make the kingdom a world class destination. This review also refers to various types of Industries in tourism that are making way into the country even though traditionally well known for this various types of tourism in the region, recently Jordan has been trying to fully capitalize the various tourisms it has to offer by coming up with various Marketing policies and has been support its policies by investing heavily in and around various tourist destinations. The country has been able to successfully make inroads on its investments so far even though it ha s a troublesome neighborhood in the Middle East region. The kingdom has made profits even though they have dropped in numbers in comparison to the previous financial years, considering the Spring Uprising, Civil wars and Insurgency in the Arab world has led to concerns of security issues. Considering the fact that Jordan has been Pro-west country, it has managed to balance traditional values of Islam at the same time being liberal in its approach towards the development of country. Methodology: The methodology used to review the various types of industries and development policies is the use of Porters Diamond model approach to Industries with conditions, have been analyzed with also the role of Government and Chance contributing to the development of Tourism industry as a whole contributing to the development of the country. A cluster analysis has also been done of the various contributing factors for the development of the tourism industry in particular. 400px-The_Porter_Diamond.svg.png Tourism and the economy Tourism is major sector in Jordans economy. In 2010, 8 million tourists from various countries visited Jordan, with tourist spending amounting to about 3.5 billion USD. An additional US$1 billion was earned through medical tourism to the kingdom. In 2011, Jordanian tourism lost $1 Billion due to the instability across the region. Generating 2 billion and 423 million Jordanian Dinars ($3.461 billion), tourism is recognized as a major player of the Jordanian economy. The sector has been the key in attracting local, regional and international investment, in addition to creating jobs, and generating revenues. Its major tourist attractions include visiting historical sites, like the worldwide famous Petra (UNESCO World Heritage Site since 1985, and one of New Seven Wonders of the World), the Jordan River, Mount Nebo, Madaba, numerous medieval mosques and churches, and unspoiled natural locations (as Wadi Rum and Jordans northern mountainous region in general), as well as observing cultural and religious sites and traditions. Jordan also offers health tourism, which is focused in the Dead Sea area, education tourism, hiking, Desert Skiing, Sky diving, Scuba diving in Aqabas coral reefs, pop-culture tourism and shopping tourism in Jordans cities. More than half of the approximate 4.8 Arab tourists in 2009, mainly from the GCC, said they plan to spend their holidays in Jordan. So The Kingdom of Jordan has different of Tourisms to offer to the world -Religious Tourism -Historical Tourism -Nature Exploration -Medical Tourism -Education Tourism -Shopping Tourism (Duty-Free) -Adventure Sports -Cultural Tourism Global Perspective Tourism is one of the biggest and most important movers of the world economy. The world tourism organization expects the number of tourists to grow to 935 million people in 2010. Statistics reveal that tourism accounts for 15% of global GDP, 7% of global investment, and almost 9.6% of total government expenditure. The sector has created 200 million jobs worldwide, representing 11% of the total global workforce. The UNWTO forecasts a growth in international tourists arrivals of between 4% and 5% in 2011, below the estimated percentage of growth rate in 2011 distributed by regions: World: 5% Europe: 4% Asia-Pacific: 7-9% Americas: 5-6% Africa: 6-7% Middle East: 8-10% Job opportunities Tourism accounts more than 40,000 direct jobs and an estimated 130,000 indirect jobs impacting the lives of more than 800,000 people. Current plans aim at raising direct tourism jobs to 60,000, in addition to creating 300,000 direct and indirect job opportunities in supporting sectors. Direct jobs in the tourism sector (2002-2010) The growth of the tourism sector has helped create and develop thousands of small- and medium-sized businesses around the Kingdom. It has also influenced important changes in Jordans work culture. Women currently constitute 10.0% of the current job total. Growth has also been reflected on the educational system, where hospitality is becoming a favorite subject for high school students. Graduates can pursue specialized education at the Jordan Applied University College of Hospitality and Tourism, in addition to a number of the Jordanian universities that teach the Hospitality specialty. Tourist numbers and expenditure levels The number of tourists visiting Jordan has been increasing steadily over the past few years. In 2010, overnight visitors totaled 4.55 million, while same day visitors reached 3.7 million. Focus on the quality of tourists (especially from Europe) has raised the number of nights spent in the Kingdom and increased tourism income to 2.423 billion Jordanian Dinars, a decrease of 17.2% from 2009. Income from tourism (2004-2010) Investment in the tourism sector This decade has witnessed a flurry of investment activity in the tourism sector to meet the increasing numbers of visitors to the Kingdom. Investment in tourism has totaled almost 2.9 billion Dinars between 1996 and 2009, with direct foreign investments constituting 53%. Investment levels in tourism (2004-2009) Jordan has been investing heavily in its tourist infrastructure in the form of luxury hotels, spas, resorts, and massive real estate projects, as The Abdali Urban Regeneration Project and the Marsa Zayed in Aqaba. Luxury residential housing like Sanaya Amman and the Living Wall are attracting vacationers to buy property in Jordan. Queen Alia International Airport is being expanded to handle passengers annually up to 9 million in the first phase; 12 million in the later phase. Tourism Development Currently USAID is an active partner in the development of the Jordan Tourism Industry with the continued support of the Jordan Tourism Development Project (Siyaha), currently in its second project lifecycle. Jordan Tourism Project (SIYAHA) Duration: 2005 2008 Funding: US$17,424,200 Implementing Partner: Chemonics International Jordan Tourism Project II (SIYAHA) Duration: 2008 2013 Funding: US$28 million (Estimated) Implementing Partner: Chemonics International With the establishment of the Aqaba Special Economic Zone, nearly 20 billion dollars have been invested in sole coastal city of Jordan. Luxurious resorts such as Saraya Aqaba and Tala Bay are being constructed with more in the pipleline like the $1 billion Ayla Oasis.[9] With Jordan becoming increasing popular as a cruising destination, a new and modern cruise ship terminal is being constructed in the Marsa Zayed project. Hotel rooms There are a total of 23,882 hotel rooms in Jordan, of which 6,697 are in 5-star hotels, 3,285 in 4-star hotels, and 3,132 in 3-star hotels. Several projects are underway that are expected to add 5,000 rooms by the year 2012, mostly in Aqaba and the Dead Sea. JORDAN TOURISM HOSPITALITY ANALYSIS The tourism cluster map is centered on these four pillars of tourism: Accommodation, Restaurant Food service, Transportation and Tourist Attractions. It includes small vendors to USAID. (J. FischerI. Khan, 2009) Tourism Cluster Map E-tourism Travel agencies Tour operators IFCs Jordan Tourism Board; Jordan Hotel Association; Jordan Society of Tourist and Travel Agents, Fair Trade Jordan Attractive tourism offerings: Historical tourism; Religious tourism Medical tourism; Eco-tourism Financial Services Government AGENCIES; Ministry of Tourism and Antiquities, Public Transport Regulatory Commission, Medical Tourism Directorate Maintain Services Restaurant food service Accommodation Hotels and Resorts Transportation Airlines, road system, railway, shipping Construction Industry International Organizations Technical Financial assistance Education institutions For example: Amman Hospitality College; Jordan University of Hospitality FACTOR Conditions Jordans tourism industry relies heavily upon its historical and natural resources. The country ranks higher than many of its peers on the quality of its historical as well as its natural heritage, as well as highly on the openness of its people to tourism and to foreigners. However, various threats to the tourism sector also exist. For example, high concentrations of tourists threaten Petra, and degradation and environmental concerns related to the Gulf of Aqaba are also rising. Ground transportation infrastructure plays a very important role in Jordans tourism. For one thing, it is the preferred means of entry to Jordan for 76% of foreign visitors. Jordan ranks lower on the quality of its ground transport than some of its leading regional neighbors. Some of the main problems the public transport sector faces are a very low level of coordination among transporters as well as an alarmingly high increase in accidents in recent years. The Public Transport Regulatory Commission was formed in 2001 specifically to oversee the public transport sector. The commission is currently addressing the problem of low-coordination by consolidating unprofitable routes. Presently, a total of 11 universities (including three state-owned), 10 colleges and 16 vocational training centers are involved in providing tourism specific education. However, various business surveys indicate that a majority of the industry respondents were not satisfied with the quality of graduates produced by these institutes. The skills shortage might be a reason why in 2008 foreigners constituted 18% of the overall tourist workforce, up from 10% in 2004. The Government is also cognizant of this fact, and therefore allows new businesses in Aqaba to hire foreigners, up to 70% of the workforce. RELATED AND SUPPORTING INDUSTRIES: The importance of a national strategy for tourism buttressed by a strong public and private collaboration and coordinated development. For instance, popular tourist sites need to be supported by information and good infrastructure in order to create a strong brand and to generate repeat visitors. Similarly, good hotels and high quality services should support a good marketing campaign. Hence, a national tourism strategy becomes imperative for coordinated development (JNCO, 2007). The GoJ analyzed the strengths and weaknesses of the salient pillars of tourism, including accommodation, transport, food, tourism services, and activities for each of the before mentioned niche markets. Hotels and Restaurants Jordans hotels and restaurants employ the bulk of the labor force working in tourism. In 2008, they contributed 1.7% of GDP (ABC, 2009). Hotel accommodations range from one- to five star hotels. In 2008, five-star hotels accounted for almost half of the total nights spent. The hotel sector has managed to attract a substantial amount of investment in recent years. Catholic Student Bay (US$500M), the Ayla Oasis project (US$750M), the Saraya Aqaba project (UD$362M), the Sun Days Water Park (US$60M), the Aqaba Ishkar Kempinski Hotel (US$60M), the Royal Metropolis-Jordan Gate and Royal Villages of Amman (US$1B), the Dead Sea Holiday Inn Hotel (US$21M), and the Crown Plaza Hotel at the Dead Sea (US$49M).Many international hotel chains are competing in the industry and include some award-winning spas near the Dead Sea. In recent years, the tourism industry has gone through changing dynamics, where restaurants are becoming the high growth segment, while hotels are showing stagnancy. 40% increasing growth in the restaurant sector indicates a rising appetite of Jordanians for e ating out. A wide variety of international restaurant franchises have entered the market, which suggests increased competition in the industry. The stagnancy in the hotel industry might be explained by low occupancy rates or by the fact that Jordanian hotels are highly dependent upon European tourists for its demand. This is a market segment that is very vulnerable to changes in perceptions about Jordans security emanating from regional instability. The GoJ has been encouraging hotel construction, with special emphasis in the Aqaba specialized economic zone (JNCO, 2007). Health Tourism: Health Tourism is a core part of the tourism cluster. During the 1970s, Arab patients from around the region started arriving in Jordan for medical treatment. Today, Jordans health sector has a reputation for subspecialties, such as cardiovascular surgery, transplantation, cancer treatment, and plastic surgery. The private sector accounts for 54% of the hospitals and 46% of the beds available. It is soon to be a regional hub to medical tourist. The GoJ has been very responsive towards the needs of the industry. In 1998, the MoH established an office at the Queen Alia International Airport (QAIA) to assist foreigners with immigration, information, and transportation to hospitals. Currently, the Medical Tourism Directorate follows up on complaints from foreign patients and works in collaboration with an association representing doctors and private hospitals. The Investment Law of 1987 also provides tax incentives for investing into the health sector. The health industry, however, is suffering from stagnation. The total number of foreign patients increased only modestly from 95,000 to 108,000, between 1998 and 2005 (WHO, 2009). Given low occupancy rates in private hospitals (around 50%); this stagnation is not due to supply side constraints. Specialized hospitals are running at 70% occupancy (JNCO, 2007). Despite the potential of Jordans health tourism sector, there are threats on the horizon, including a shortage of qualified nurses due to brain drain. Also, as the Dubai Health Care city establishes itself, it will target the same labor market that has traditionally made up the bulk of Jordans health tourism industry. This is likely to double in occupancy as by 2015 200,000 to 250,000 patients are likely to visit Jordan. DEMAND CONDITIONS The industry shows a cyclical pattern in its demand, with the peak tourist season beginning at the end of July and lasting through the end of August, coinciding with school holidays. Most visitors come from Arab countries. Within the Archaeological Tourism segment, the demand is somewhat concentrated on Petra, which accounted for 26% of the foreign visitors who visited Jordan historical sites in 2008. This lack of diversification in terms of origin countries, as well as preferred tourist destinations, puts the industry at risk, while at the same time the lack of sophistication in demand discourages the development of more value-added options. To elaborate further, while Arab visitors constitute 68% of foreign tourists, they contribute only 43% of the overall tourism receipts. One reason is that (in 2008) Arab visitors stayed an average of 3.9 days, compared to European visitors who stayed 5.0 days. Furthermore, in terms of nights spent, 30% of the Arab nights were at the cheapest accommodation available. In contrast, 43% of European nights were spent in five-star hotels, indicating that the Europeans have a much larger and more sophisticated demand than Arab visitors. In broader terms, Europeans accounted for 54% of all the nights spent in Jordanian hotels rated 3 stars and above. European tourists also account for 91% of the nights stayed in camp sites. With less than 15% of occupancy rates, camp sites are the most underutilized of all Jordanian accommodation options. Although the MoTAs National Tourism Strategy 2004-2010 did target niche markets, such as adventure tourism, cruising, and eco-tourism, occupancy rates of camps show no improvement between 2004 and 2007.47 One of the challenges faced by Jordan is its location in a volatile region; it is very vulnerable to losing its customers, if the region experiences political turmoil. This highlights the need for Jordan to develop a sophisticated local demand that could support these high-value added businesses during times of turmoil. CONTEXT FOR FIRM STRATEGY AND RIVALRY On the context for firm strategy and rivalry, Jordan ranks highly compared to regional competitors on key metrics, such as visa requirements, government prioritization, government expenditure, and effective marketing and branding. The GoJ aims to work with the private sector to strengthen the industrys institutional and regulatory framework and thereby improve the competitiveness of the tourism sector. Nonetheless, the cluster can better coordinate activities across the tourism value chain and increase representation at international travel and tourism fairs. Further, the cluster can explore tourism markets for athletic events and conferences, which are both currently untapped. The Jordan tourism cluster is quite competitive with more than 400 hotels, over 350 travel agencies, about 70 tour operators, and an unaccounted number of tour guides. In 1998, the MoTA established the Jordan Tourism Board (JTB) to market the cluster. The JTB is a joint initiative between the public and private sectors with an 80% and 20% ownership, respectively. By running a marketing campaign and providing information to cluster members, the JTB acts as a liaison among the different tourism businesses in the cluster value chain to promote the cluster. The GoJ has always been very receptive to foreign investments. Jordan ranks 44 on the Business Impact of FDI ahead of Israel, UAE, Morocco, and Egypt, which rank 48, 49, 74, and, respectively (WEF, 2009). The JTB, in cooperation with the Jordan Investment Board (JIB), initiated the Tourism Investment Map, a regional map of investment opportunities in SMEs across the country in the tourism and hospitality sectors. The GoJ has upgraded the cluster by enforcing standards for tourism vehicle requirements and other criteria for tour operators. The Touristic Specialized Transports Regulation requires that transport companies use technically reliable and state-of-the-art vehicles for their tourism operations. Also, the Ministry of Transport lists other criteria by which tour operators need to abide. The Role of Government The role of government bears mention, as a supportive and efficient bureaucracy is generally considered a key component of successful development of the tourism industry. Jordan scored well (30th overall) on its TT regulatory framework. This was driven primarily by its performance on safety and security (19th) and prioritization of TT strategies (17th). In fact, Jordan scored 7th in overall government expenditure on travel and tourism. The most notable change for the better in recent years is that the government appears to have recognized the importance of tourism as an economic driver and, while it has handled the implementation of its tourism strategies imperfectly, it is at least taking steps in the right direction. Additionally, proposed changes in the regulatory environment should enhance competition in the transport sector (especially in the deregulation of the airline sector), ultimately increasing quality and driving down costs. Despite the positive support offered by the government to the tourism sector, this support is not yet translating into a constructive relationship between the public and private sectors. Over 75% of the industry believes that government bureaucracy is holding back the industry over 80% state that government regulations are a direct obstacle to the industry or serve no clear purpose. When asked if government regulation is getting better, only 19% indicated that it is improving. A few areas in which the government could still play a more productive role include the amount and quality of training delivered to key personnel, especially guides; more attention paid to some of the smaller but still important sites that will ultimately drive the countrys ability to retain tourists for a longer period of time; and a stronger overall promotion effort to communicate Jordans offer and to build the countrys brand. This includes the development of new products, research on new markets and niches, the devotion of more resources to international marketing, and greater focus on high potential markets. A final consideration is to enhance the frequency, quality, and results of public-private dialogue. The JNCT survey revealed that 66% of respondents resolved issues through personal connections (including individual government officials), against only 24% that utilized an industry association or formal public-private dialogue mechanism. Chance: Due to heavy insurgency in the neighboring countries of Jordan like Iraq, Syria and Lebanon the businesses in those countries may set up firms in Jordan that will make Jordan the gateway to Middle East. This may cause rivalry with many local businesses but at the same time will increase competitiveness. This will be also the reason for people who want to tour Middle East region may prefer due to the security. The inflow of refugees from Palestine, Lebanon, Syria will fill the demand gap for low-cost labor for the domestic market that will drive the development growth in the country. Due to Shortage of natural resources like water and fuel, Jordan is focusing on Nuclear Energy to meet it growing domestic demand needs by mining of uranium. Due high Generic drug pricing the need for pharmaceutical raw material and search for cheaper source can be a chance for the increasing the pharmaceutical industry production in Jordan. Jordan Tourism Statistics: Types of Tourism per Area Types of Tourism per Area History Culture Eco Nature Religion Faith Leisure wellness Fun Adventure Amman x x x X As-Salt x x Madaba x x Um Ar-Rasas x x Mount Nebo x x Jordan Valley The Dead Sea x x x x Karak x Petra x x x X Aqaba x x x x X Jerash x x X Ajlun x x Um Al-Jimal x Pella x x UImm Qays x x Shawbak x Desert Umayyad Casteles x Dana x X Wadi Mujib x X Wadi Rum x x X Azraq Shwmari x X Dibeen Forest x Hammat Maà ­n x Mukawir x Anjara x Tall Mar Elias x Total Number of Arrivals and Tourists Total Number of Arrivals and Tourists 2002 2003 2004 2005 2006 2007 Total Number of Arrivals 4,677,018 4,599,243 5,586,659 5,817,370 6,712,804 6,528,626 Tourist (Overnight visitors) 2,384,474 2,353,088 2,852,809 2,986,586 3,546,990 3,430,960 Same Day Visitors 2,292,544 2,246,155 2,733,850 2,830,784 3,165,814 3,097,666 Tourism Incom/MJD 743.,2 752.6 943 1,021.6 1,460.8 1,638.9 No. of Package Tours tourists 137,660 145,601 254,145 338,787 278,341 359,625 Average Length of Stay 4 4.4 5 4.5 4.2 4.4 www.jordaninvestment.com:ecruos Total Number of Arrivals and Tourists Total Number of Arrivals and Tourists 2002 2003 2004 2005 2006 2007 Total Number of Arrivals 4,677,018 4,599,243 5,586,659 5,817,370 6,712,804 6,528,626 Tourist (Overnight visitors) 2,384,474 2,353,088 2,852,809 2,986,586 3,546,990 3,430,960 Same Day Visitors 2,292,544 2,246,155 2,733,850 2,830,784 3,165,814 3,097,666 Tourism Income/MJD 743.,2 752.6 943 1,021.6 1,460.8 1,638.9 No. of Package Tours tourists 137,660 145,601 254,145 338,787 278,341 359,625 Average Length of Stay 4 4.4 5 4.5 4.2 4.4 www.jordaninvestment.com:ecruoS Recommendations Jordan needs to improve supply-side factors like tourism education, training outputs, and upgrading travel and utilize information technology to reach target market. Tourism sector is labor-intensive, which demands large number of well-trained young population. It means, they should have good senses of service and be relatively well-educated. Although several universities and many intuitions provide hospitality courses and training for people, the teaching qualities are uneven. So enhancing education quality is the key to improve the tourism competitiveness in global market. The Kingdom of Jordan is a distinctive destination which offers diverse, and the year-round tourist experiences can enrich the lives of Jordanians and visitors. It is necessary to improve the overall competitiveness of Jordans tourism industry and enhance the tourist experiences through innovation in product development, better position and promote the tourism offering to global market so that Jordan can attract more foreign customers who have the strong purchasing power and drive better business performance in Jordan. Although the Kingdom receives visitors from countries far away like Brazil, Australia, Korea and Japan, it is necessary to explore new markets throughout the world including China, Russia and other countries to increase the number of visitors. Those visitors from usually prefer to visit more than one destination at a time. Also, it should minimize the seasonal patterns of tourist arrivals to establish Jordan as a unique all-year-around diverse destination. Turkey had witnessed a significant growth in the number of Arab tourists in the past few years,  and it had succeeded in increasing tourism revenues from $12 billion in 2002 to $23 billion in 2011. If Jordan and Turkey have potential cooperation in the tourism sector and develop joint packages for long-haul tourists in near future, it will attract more visitors all over the world. Turkish carriers operate direct flights to these countries, which will help give tourists the option of visiting Jordan in the same trip. Bolstering cooperation between Arab countries and Turkey in tourism could encourage more investment in this sector in Jordan.

New marketing plan for HMV canada

New marketing plan for HMV canada This report proposes a new marketing plan for HMV Canada and incorporates proposals on new profit streams detailed examination of the marketing environment, swot analysis, provides information on SMART objectives, gives a clear segmentation targeting and positioning report, proposals for 7Ps and control and evaluation will be provided in the end. This report has been created in close teamwork , using primary information through interviewing some of the HMV managers and secondary information available in HMV annual reports. HMV group is a leading specialist entertainment retailer operating through different stores in the UK, Canada, Hong Kong and Singapore and transactional local territory websites, which include digital, download. It operates a small specialist chain of entertainment shops in the UK trading as Fopp. In Live entertainment, the group operates 12 venues, summer festivals and ticketing in-store and online. The group is extending to high-quality cinema and pay-to-play games. Hmv is also the UKs leading bookseller, operating as, In-store, Online digital Waterstones. Profit /loss 2010 Directory HMV UK Ireland: Total sales of 1,242 £m increased by 7.6%. HMV International: Total sales of 253 £m decreased by 8.5%. Hmv Live: The Groups result includes 0.9 £m of profit after tax making an operating loss of 0.2 £m. Waterstones: Waterstones total sales decreased by 6.5%, making total sales of 513.6 £m. Joint venture 7digital Inc: The Group acquired 50% of 7digital Inc, a digital media services company, The cash paid for it was  £8.1m. Acquisition of MAMA Group Plc: The acquisition of MAMA Group Plc for  £47.0m in cash, This was to achieve control over the Mean Fiddler Group, Net assets acquired was a total of 20 £m. HMV UK Ireland: The business now trades from 285 stores, following the integration of 32 ex-Zavvi [ex-specialist competitor] stores. HMV International: 125 HMV stores in Canada, 7 stores in Hong Kong, Singapore and local territory websites. Waterstones Total of 314 stores. the groups strategies: The company has successfully delivered most of the strategic objectives in the three-year plan commencing March 2007; The new strategies will be discussed later. FORCES ANALYSIS: Competitive Rivalry: [strong competitiveness] Supermarkets: Online: In general, supermarkets are not considered effective competitors to Large Range Retailers, as they stock a narrower range of titles, predominately best sellers and do not provide the browsing experience or pre-sales service offered by the others. Hmv competes with Amazon, iTunes, Play.com and other generalist and mass merchant retailers; Amazon offers a superior browsing experience as they have the ability to generate recommendations based on past purchases, as well as huge range of products. HMV Canada competes with Future Shop/Best Buy and Wal*Mart. The threat of entry: [high] The barriers to entry are low at all levels, with the increasing number of New competitors entering the internet sector to market their product directly to consumers, and also the use of technology that makes small companies, they face low barriers to entry with investments usually being recovered in short time, the threat is high . The power of buyers: [high] Because of the strong market position of Hmv as main routes to market, and as important marketing vehicles, Hmv are able to negotiate significant discounts with suppliers for the volume they sell, so the suppliers will have no option but to agree to higher discount terms. The power of suppliers: [low] In this market, the power of high street retailers like Hmv controls suppliers and as a result make their power very low, as discussed before, the buyers are very powerful and can incredibly threaten the suppliers to agree on important discount rates. So, the power of suppliers in this market is low. The threat of substitutes: [high] As discussed above, the technologic development and the growth of new digital market has made it easy for new substitutes products to compete with the high street retailers, and the threat of new substitutes in the market has become greater. SWOT analysis internal Strengths Market leading specialist in music, DVD and books Waterstones, member of HMV group is UKs largest high street bookseller Ottakars takeover- specialist book portfolio Fopp Stores [the group operates as a small specialist trading as Fopp.] Operations in seven territories Connections in film industry and events and festival ticketing. Few loss-making stores important Sales growth every year 100% of all packaging used in deliveries is either Re-used or recycled. outstanding product range across all genres Vibrant and stimulating store environments in key shopping locations. The use of in-store radio and listening posts and the latest plasma screen video walls. in-store personal appearances (PAs) :[album signings, and also live performances] Group synergies [Hmv and Waterstones have key operational features in common, example: the management of stock and inventory]. Strong internal communication with head office and employee in stores SWOT analysis + PESTEL external PESTEL Opportunities Political Economic Strategic alliances with media distributors/producers. Live music and entertainment evolve the product mix in stores and online Invest in cinema screens Social Online social networking Loyalty card scheme develop store atmosphere (increase footfall) Sufficient disposable income Technological Internet /digital downloads Pay-to-play services. Digital products E-books/e-readers and related accessories Mobile phone digital media In-store instant digital product purchase. Environmental Decrease Carbon footprint Reduce energy usage in stores. reduce water usage in stores: Waste management /recycling. green build [energy efficient ] Legal SMART objectives. Concentration on increase of revenue and profitability of business in 2011 through implementing new profit streams detailed in 7P proposals below, and monitoring the performance and execution of these business plans . The renaissance of stores of Hmv Group by reducing marketing expenses. Developing online music download portlal for affrortable pricing in first quarter of 2011. Pay more attention to the internet free illegal file sharing by finding new solutions how to ban or stop these type of anti-copyright issues by working with government in order to come up with new actions against those issues. Because an illegal file sharing causes much problems to financial, political and social ways for the Hmv Group Plc. Market segmentation, targeting and positioning strategies. Through this part of the report, it will be focused on the methods in which a well-built strategy of market segmentation, targeting and positioning factors to successful marketing planning. Market Segmentation. It is generally suggested that, a market segment is made of a group of consumers who have similar set of needs and desires. There are a number of effective methods, which Hmv Group management should approach to segment HMV in competitive market: Geographic country, cities, population destiny, climate. Psychographic lifestyle, characteristics, personality. Demographic family life cycle, income and occupation , race, nationality, religion, education, age, sex. Behavioural knowledge, attitudes, readiness to purchase, occasions, benefits, loyalty status. From these concepts, it will be more convenient to apply to market segmentation of Hmv Group Plc. From the research it has been proven that, the geographic strategies of Hmv stores in Canada are basically located in every high street of the cities and towns. This is a successful way to open the Hmv stores in busy places where more consumers visit to purchase the products. If we look at psychographic strategies of Hmv Group Plc, it aims to change or effect positively to consumer lifestyles and personalities. Therefore, the Hmv concerns these terms into consumer views and commitments as to keep existent consumers and also new consumers by supplying with quality and brand new products. Demographic strategies, which Hmv that should be chosen with reasonable and profitable decisions. For that reason, several stages in the family life cycle which will be the most effective factors that should be concentrated: Bachelor stage: Young and single people who aged between 16-25 years old and they have few financial obligations which means they are able to spend money for new products. The classification of this group segment in occupation and income is normally semi skilled or unskilled (Group D) and casual workers, students or unemployed individuals (Group F). Usually, they are most likely to show their interests in buying entertainment products such as games, movies, music albums, books and new technologies such as mobile phones, computers and other brand new products. Newly married couples: In addition, another segment of people who are newly married couples without children and they aged between 20-30 years old. They have higher purchase rate of consumer desirables. This target group has disposable income available, therefore being valuable consumer group. The social grades for newly married people are basically, professional, intermediate managerial skilled (Group B) and junior managerial skilled, supervisory or skilled individuals (Group C1/C2). Market Targeting. Hmv Group Plc should apply market targeting in order to make decisions how those certain segment groups can be targeted. Differentiated market when an organisation targets numerous groups of segments. It would be effective decision for the Hmv Group Plc to choose differentiated market, for the reasons of having several pointed segments for their products. Because, it develops different products and services with separate marketing mix strategies targeted at the changing groups in competitive market. It is widely proven that, the most usual customers of Hmv are perceptive devotees who observe each purchase as a high priority. However, one of the visions of Hmv is to make their discerning shoppers and casual browsers satisfied by providing trusted and valuable brands. Product Positioning. Product positioning determines on the position within the market that product is to inhabit. In this way of strategy, Hmv should do product positioning by appealing product income and how it varies from present and possible competing products. According to Wilson and Gilligan (2005, p.354), there are several influences on product positioning and it would be good decision for Hmv Group Plc to pay attention to these suggestions of authors: Product variety Performance Prices Distribution network Advertising and promotion Consumer profiles Word of mouth Customers experiences Media used By analyzing these suggestions of authors, the product positioning strategy that Hmv can come with by attracting consumers by offering promotional, quality and price discounted products that might change consumers buying behaviour.

sting of prejudice Essay -- essays research papers

Sting of Prejudice   Ã‚  Ã‚  Ã‚  Ã‚  In the novel To Kill a Mockingbird by Harper Lee there are many characters whose lives and thoughts about one another are distorted by prejudice and stereotyping. Three of the many characters whose lives were affected by prejudice are Bob Ewell, Tom Robinson and Dolfus Raymond. Bob Ewell’s mind is distorted in his view of other races. Tom Robinson is a victim of prejudice and is treated unfairly because of the color of his skin. The third character Dolfus Raymond is not accepted by the community because he is married to a black woman. These are three very different men whom by choice or circumstance are forever affected by the hatred associated with prejudice and stereotyping.   Ã‚  Ã‚  Ã‚  Ã‚  Bob Ewell is a man who is consumed by hatred, he is very poor and thinks very little of the black people in the community. Bob believes â€Å"that all Negroes lie, that all Negroes are basically immoral beings† (17). Prejudice in Maycomb is both racial and socio-economic. â€Å"The Cunninghams don’t like the Ewells† (226) because they consider them lower class. The â€Å"Ewells hate and despise the colored folks.† (226) The trial has given Bob Ewell the opportunity to not only persecute a black man but to feel in a very public way that he is superior and more believable to the jury because of his race.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  &nb...

The Use of Immorality in Order to Achieve Popular Rule Essay -- essays

  Ã‚  Ã‚  Ã‚  Ã‚  Throughout The Prince and The Discourses of Livy, Niccolo Machiavelli demonstrates multiple theories and advocacies as to why popular rule is important to the success of a state. Popular rule is a term that will be used to define an indirect way to govern the people of a state. In order to rule the masses, a leader must please the people or revolts will occur, causing mayhem and a lack of stability in oneà ¢Ã¢â€š ¬Ã¢â€ž ¢s state. During both written works, Machiavelli stresses the importance of obedience and order needed for a state, and especially for a leader to be successful. Machiavelli thoroughly states that anything and everything must be done to keep the peace of the masses, even if acts of immorality are used. However, instead of advocating immorality, Machiavelli is saying that to serve the people and the state well, a ruler must not restrict himself to conventional standards of morality. His use of immoral tactics in leadership would appear to be unpopu lar; however the acts of immorality have limitations and are done solely to avoid displeasing the masses or creating disorder. Therefore it is acceptable to practice immorality if it is done only to a small number of constituents, if it is not repeated, and if it is performed to please and benefit the public. It is these limitations that prove Machiavelli is arguing that the use of immoral tactics, to rule the people and in turn be ruled by the people, is needed. He suggests that if the majority of the population is unhappy with a leader, that particular leaderà ¢Ã¢â€š ¬Ã¢â€ž ¢s rule would be in jeopardy, thus falling victim to popular rule.   Ã‚  Ã‚  Ã‚  Ã‚  The first justification for the use of immorality is that it is only practiced upon a small number of residents. Machiavelli summarizes that it is better for a ruler to be immoral to a few of his subjects and prevent disorder from spreading because disorder will damage the community as a whole more than it will damage a few individuals in isolated acts of immorality. The priority of the leader is to maintain order and act to prevent disorder because, à ¢Ã¢â€š ¬Ã…“the whole community suffers if there are riots, while to maintain order the ruler only has to execute one or two individualsà ¢Ã¢â€š ¬? (51). Citizens of a community would much rather live in a peaceful and orderly world which exemplifies how a ruler is actually a slave to the people. It... ...rder, brought unity and made the state as a whole law abiding and peaceful.   Ã‚  Ã‚  Ã‚  Ã‚  Overall Machiavellià ¢Ã¢â€š ¬Ã¢â€ž ¢s perspective does seem harsh and cold at times, but he proves to be an avid supporter of popular rule throughout his writings. He believes in popular rule so strongly that he states it is acceptable to use immoral means to achieve a peaceful government. If the citizens are not happy and feel their ruler disregards their wishes then the populace could become enraged and therefore, the ruler would not be executing his power of indirect popular rule. Machiavelli states that in order to achieve the necessity of popular rule, a leader will have to step outside a moral sphere and do whatever it takes to achieve popular rule. Machiavelli puts clear and strict limits on acts of immorality in leadership. The use of immorality is only acceptable in order to achieve overall good for a government. Engaging in immorality for the sake of popular rule is justified because it is done to serve the people and the state successfully. Works Cited Machiavelli. Selected Political Writings. Trans: David Wooton. Indianapolis: Hackett,   Ã‚  Ã‚  Ã‚  Ã‚  1994.

A death in the family Essay -- essays research papers

James Agee's A Death in the Family is a posthumous novel based on the largely complete manuscript that the author left upon his death in 1955. Agee had been working on the novel for many years, and portions of the work had already appeared in The Partisan Review, The Cambridge Review, The New Yorker, and Harper's Bazaar. Published in 1957, the novel was edited by David McDowell. Several lengthy passages, part of Agee's manuscript whose position in the chronology was not identified by the author, were placed in italics by the editor, whose decision it was to place them at the conclusion of Parts I and II. These dream-like sequences suggest the influence of James Joyce, especially of Ulysses, on Agee's writing. It was also McDowell's decision to add the brief prefatory section, â€Å"Knoxville: Summer, 1915,† Agee's poetic meditation on his southern childhood. As an overture to the novel, this evocative section, although not part of Agee's original manuscript, is extremely effective, for it introduces the theme of lost childhood happiness that is central in the novel as a whole. The novel will treat the same milieu of middle-class domestic life-a social milieu whose calm surface of â€Å"normality† is shattered by the tragic and possibly suicidal death of Jay Follet, the child protagonist's father. In Part I of the novel, Agee quickly establishes the importance of the father-son relationship. Rufus Follet, Jay's six-year-old son, accompanies his father to the silent film theatre against the objection of Rufus's mother, who finds Charlie Chaplin (one of James Agee's heroes) â€Å"nasty† and â€Å"vulgar.† This disagreement underscores the marital conflict that underlies Rufus's ambivalent feelings toward both his parents. When Jay takes Rufus to a neighborhood tavern after the picture show, despite the father's warmth and love for his son, it is clear that the father's pride is constrained by the fact that the son's proclivities, even at this early age, follow the mother's interests in â€Å"culture† rather than the father's more democratic tastes for athletic ability and social pursuits. Tensions between Rufus's parents are apparent as Jay's drinking and â€Å"vulgar† habits become a point of contention in the household, with the child Rufus caught b etween his sometimes bickering parents. For her part, Mary Follet is a character whose extreme subjection to moralistic attitudes suggests... ... a prayer for the dead. Meanwhile Uncle Andrew takes Rufus for a walk and tells him about the â€Å"magnificent butterfly† that settled on Jay's coffin just as it was lowered into the grave before flying off high into the sky – an episode that Andrew believes â€Å"miraculous.† Andrews then reviles Father Jackson, who has refused to read the full burial service, since Jay has never been baptized. Rufus struggles to understand the hostility that Andrew feels toward the church even as he loves Christians such as Mary and Hannah. Rufus wants to ask for some clarification, but instead he and Andrew walk silently home. Thus Agee ends the novel on a note of unresolved conflict. As he grows up, it is suggested, Rufus will continue to suffer from the same divisions of faith and social milieu that are involved in his parents' relationship, and he will develop into the contemplative artist who already, at the age of six, has shown such sensitivity to human motives and the language in which they are conveyed. Written toward the end of his life, A Death in the Family may be considered Agee's attempt to understand the origins of, and to come to terms with, the self-division that plagued his existence.

An Evaluation of the Performance of Three Different Mutual Funds Essay

Asset Allocation: Up to 95% of the Fund’s NAV will be invested in equities. Minimum of 5% of the Fund’s NAV will be invested in sukuk, Islamic debt instruments, Islamic money market instruments and/or liquid assets acceptable under Shariah principle Investment Strategy And Policy RHB Islamic Growth Fund is geared towards investors who look for Shariah compliant instruments that provide long term capital appreciation. The Fund will be mainly investing in public listed companies with growth potential,  sukuk, Islamic debt securities and other securities acceptable under the Shariah principles. Selection of equity investments of the Fund will be in line with those in the SC’s Shariah list which is updated and published twice a year. The External Investment Manager utilises a strategy that seeks attractively priced companies in undervalued sectors, or in sectors that have strong upward stock price momentum by seeking businesses that demonstrate strong increase in earnings per share and continue to strengthen their fundamental capabilities and competitive positions, amongst others. The Fund may invest in fixed income securities to preserve the value of the Fund under volatile market conditions. For fixed income securities, the Fund seeks investments amongst the Shariah compliant fixed income papers that are of investment grades. As such, the equities holding may be reduced. Performance Benchmark: FTSE Bursa Malaysia Emas Shariah Index. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investors’ sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labour shortages or increased production costs and competitive conditions within an industry. Equity securities generally have greater price volatility than The performance of each individual stock that a unit trust fund invests is dependent upon the management quality of the particular company and its growth potential. Hence, this would have an impact on the unit trust fund’s prices and its dividend income. RHBIAM aims to reduce all these risks by using diversification that is expected to reduce the volatility as well as the risk for the Fund’s portfolio. In addition, RHBIM will also perform continuous fundamental research and analysis to aid its active asset allocation management especially in its stock selection process. This risk is associated with investments that are quoted in foreign currency denomination. When an underlying fund is denominated in a foreign currency  which fluctuates unfavourably against the Ringgit, the investment in the Fund may face currency loss in addition to the capital gains/losses. This will lead to a lower NAV of the Fund. Currency risks could be mitigated on a two-pronged approach. Firstly by spreading the investable assets across differing currencies and secondly by utilising forward contracts to hedge the currencies if it is deemed as necessary to do so. Bond issuers may default or reschedule their repayment. When this occurs the value of the defaulted bond would fall and cause the NAV of the underlying fund to decline in a similar proportion. This risk can be mitigated by careful selection of bond funds and in any case this Fund only invests in bond funds that invest in investment grade bonds. The performance of equities and money market instruments held by the underlying funds are also dependent on company specific factors like the issuer’s business situation. If the company-specific factors deteriorate, the price of the specific security may drop significantly and permanently, possibly even regardless of an otherwise generally positive stock market trend. Risks include but are not limited to competitive operating environments, changing industry conditions and poor management. Since the Fund invests into funds managed by other fund houses, the Manager has no control over the respective fund houses’ investment technique, knowledge or management expertise. In the event of mismanagement, the NAV of the Fund which invests into the Target Funds would be affected negatively. Although the probability of such occurrences is far fetched, should the situation arise the Manager reserves the right to seek an alternative fund manager and/or other collective investment scheme that is consistent with the objective of the Fund. Any changes in national policies and regulations may have an effect on the capital markets in which the Target Funds are investing. If this occurs there is a possibility that the unit price of the Fund may be adversely affected. Since a large portion of the Fund’s NAV is invested in the Target Fund, investment into the Fund assumes the risks inherent in the respective Target Funds. The specific risks to investors when investing in the Fund include the following: Investment manager risk As this Fund invests at least 95% of its NAV in the Target Fund, it is subject to the risk associated with the investment manager of the Target  Fund. This is the risk associated with the following:- (i) The risk that the investment manager may under-perform the target or the benchmark of the Target Fund due to the investment manager making poor forecasts of the performances of securities, asset classes or markets; (ii) The risk of non-adherence to the investment objectives, strategy and policies of the Target Fund, which may occur due to system failure or the inadvertence of the investment manager; and  (iii) The risk of direct or indirect losses resulting from inadequate or failed operational and administrative processes, systems and people. RHBIM has no control over the investment manager’s investment strategy, techniques and capabilities, operational controls and management of the Target Fund. Any mismanagement of the Target Fund may negatively affect the NAV of the Fund. In the event of such occurrence, RHBIM would seek an alternative investment manager and/or other target fund that is consistent with the objective of the Fund. Market risk: The value of the instruments in which the Target Fund invests, may go up or down in response to the prospects of individual companies and/or prevailing economic conditions. Movement of overseas markets may also have an impact on the local markets. Currency risk: The Fund invests up to 95% of its NAV in the Target Fund denominated in USD. Fluctuation in foreign exchange rates will affect the value of the Fund’s foreign investments when converted into local currency and subsequently the value of Unit Holders’ investments. When USD moves unfavourably against the Ringgit, these investments will suffer currency losses. This is in addition to any capital gains or losses in the investment (please note that capital gains or losses in the Feeder Fund’s investment in the Target Fund is also exposed to currency gains or losses resulting from fluctuations in the foreign exchange rates between USD and the other currencies which the Target Fund may be e exposed to. RHBIM may utilise the hedging of currencies to mitigate this risk. Liquidity risk: The liquidity risk that exists at the Fund level is associated with the inability of the Target Fund to meet large redemption in a timely manner. In the event of large redemption request that would result in the total redemption shares in the Target Fund to be more than 10% of the shares in the Target Fund or a particular share class of the Target Fund, part or all of such requests for redemption may be deferred for a period typically not exceeding ten Target Fund Business Days. Regulatory risk: Any changes in national policies and regulations may have an effect on the capital markets in which the Target Fund is investing. If this occurs, there is a possibility that the unit price of the Fund may be adversely affected. Risk of Substantial Redemptions Substantial redemptions of shares within a limited period of time could require the Target Fund to liquidate positions more rapidly than would otherwise be desirable, which could adversely affect the value of the shares of the Target Fund. This risk may be exacerbated where an investment with a fixed life or where investments utilizing hedging techniques is made by the Target Fund. Suspension of NAV Calculation / Limitation of Redemption Payments The Umbrella Fund may in certain circumstances temporarily suspend the determination of the net asset value per share of the Target Fund or a specific share class of the Target Fund and the issue, redemption or exchange of shares or a particular share class in the Target Fund. As further described in the Target Fund Prospectus, if on any given date requests for redemption of shares relate to more than 10% of the shares in the Target Fund or a particular share class of the Target Fund, part or all of such requests for redemption may be deferr ed for a period typically not exceeding ten (10) Target Fund Business Days. CIMB Principal Equity fund Investment objective To provide investors with an opportunity to gain consistent and stable income by investing in a diversified portfolio of dividend yielding equities and fixed income securities. The Fund may also provide moderate capital growth potential over the medium to long term period. Any material changes to the investment objective of the Fund would require Unit holders’ approval. Benchmark As this Fund is an equity fund with up to 30% of its NAV in foreign equities, the benchmark of the Fund is a composite comprising 70% KLCI + 30% MSCI AC Asia ex Japan. The information on KLCI can be obtained from http://www.bursamalaysia.com and local national newspapers. The information on MSCI AC Asia ex Japan can be obtained from http://www.msci.com/overview/index.html and Bloomberg L.P. Investment policy and principal investment strategy The Fund may invest up to a maximum of 98% of its NAV in equities in order to gain long-term capital growth. The Fund may opt to invest in foreign equities up to a maximum of 30% of its NAV. In line with its objective, the investment policy and strategy of the Fund will be to invest in a diversified portfolio of high dividend yielding stocks and/or fixed income securities aimed at providing a stable income stream in the form of distributions to investors. The asset allocation strategy for this Fund is as follows:  up to 98% of the Fund’s NAV in a diversified portfolio of dividend yielding equities and/or fixed income securities; and at least 2% in liquid assets. The asset allocation will be reviewed periodically depending on the country’s economic and stock market outlook. The Manager will underweight/overweight equities and/or fixed income securities when necessary. CIMB-Principal combines a top-down asset and sector allocation process with a bottom-up stock selection process. The asset allocation decision is made after a  review of macroeconomic trends in Malaysia and other global economies. In particular, CIMB Principal analyzes the direction of GDP growth, interest rates, inflation, currencies and government policies. CIMB-Principal will then assess their impact on corporate earnings and determine if there are any predictable trends. These trends form the basis for sector selection. The criteria for stock selection would include stocks that have a medium term (2 to 5 years) dividend record or a yearly distribution policy. The Manager will also actively search for under-valued high dividend yielding stocks that may also offer promising long term capital appreciation. Stock valuation fundamentals considered are earnings per share growth rate, return on equity, price earnings ratio and net tangible assets multiples. As part of its risk management strategy, the Fund is constructed and managed within pre-determined guidelines. CIMB-Principal employs an active asset allocation strategy depending upon the equity market expectations. Where appropriate, the Manager will also employ an active trading strategy in managing the Fund. As this Fund is defensive in nature and designed to cater for the needs of more risk-averse equity investors, this Fund will serve well in bear market conditions. However, in bull market the Fund will underperform the market as the Manager will not take on more risk to divert into highly volatile aggressive stocks. Further, in times of adversity in equity markets and as part of its risk management strategy, CIMB-Principal may from time to time reduce its proportion of higher risk assets, such as equities and increase its asset allocation to lower risk assets, such as debentures and liquid assets, to safeguard the investment portfolio of the Fund provided that such investments are within the investment objective of the Fund. When deemed necessary, the Manager may also utilize derivative instruments, subject to the SC Guidelines, for purposes such as hedging. The Manager has appointed CIMB-Principal (S), as the Sub-Manager for the foreign investments of this Fund with the approval of the SC and the Trustee. CIMB-Principal (S) will be responsible for investing and managing these foreign investments in accordance with the investment objective and within the investment restrictions. All costs of this appointment will be borne by the Manager to ensure no additional fee is levied on the Unit holders of this Fund. The Fund may invest in foreign markets where the regulatory authorities are members of the International Organisation of Securities Commissions (IOSCO). The Fund’s investments in foreign markets will be subject to the limit set by BNM and any conditions imposed by the SC from time to time. Currently, the Fund’s holding in foreign investments will not exceed 30% of its NAV. The Sub-Manager may invest beyond this limit provided the approvals are obtained from the relevant authorities (where necessary) and any increase will be reflected in a supplementary prospectus (if deemed necessary). Notwithstanding the aforesaid, the Sub-Manager may decide not to invest in foreign securities as may be agreed upon by the Manager from time to time. Balanced fund Investment objective: To grow the value of investment over the long term through a diversified portfolio with equity and fixed income securities. Any material changes to the investment objective of the Fund would require Unit holders’ approval. Benchmark: As this Fund may invest up to 60% of it NAV in equities with the balance in fixed income securities, the benchmark of the Fund is a composite comprising 60% KLCI + 40% CIMB Bank 1-month Fixed Deposit Rate. The information on KLCI can be obtained from http://www.bursamalaysia.com and local national newspapers. The information on CIMB Bank 1-month Fixed Deposit Rate can be obtained from CIMB Bank website (www.cimbbank.com.my). Investment policy and principal investment strategy The Fund aims to invest in a diversified portfolio of equities and fixed income investments. In line with its objective, the investment policy and strategy of the Fund will be to maintain a balanced portfolio between equities and fixed income investments in the ratio of 60:40. The fixed income portion of the Fund is to provide some capital stability to the Fund whilst the equity portion will provide the added return in a rising market. The investments by the Fund in equity securities shall not exceed 60% of the NAV of the Fund and investments in fixed income securities and liquid assets shall not be less than 40% of the NAV of the Fund with a minimum rating of â€Å"BBB3† or â€Å"P3† by RAM or equivalent rating by MARC, Moody’s, S&P or Fitch. The asset allocation strategy for this Fund is as follows: the equity securities will not exceed 60% of the Net Asset Value of the Fund; investments in fixed income securities and liquid assets shall not be less than 40% of the NAV of the Fund; and at all times, at least 2% of the NAV of the Fund must be maintained in liquid assets. The asset allocation will be reviewed periodically depending on the country’s economic and stock market outlook. In a rising market, the 60% limit may be breached. However, the Manager will seek to adjust this within a time frame approved by the Trustee. CIMB-Principal will adopt an active trading strategy and is therefore especially selective in the buying and selling of securities for the Fund. For the fixed income portion, CIMB-Principal formulates the interest rate outlook by considering factors such as the Malaysian inflation rate, monetary policies and economic growth. With an interest rate outlook and yield curve analysis, CIMB-Principal identifies the weighting of the investment tenor and credit fo r the Fund. In the unlikely event of a credit rating downgrade, the investment manager reserves the right to deal with the security in the best interest of the Unit holders. As active fund managers, CIMB-Principal has in place flexible tolerance limits to cater to such situations. CIMB-Principal can for example, continue to hold the downgraded security if the immediate disposal of the security would not be in the best interest of the Unit holders. For the equities portion, CIMB-Principal combines a top-down asset and sector allocation process with a bottom-up stock selection process. The asset allocation decision is made after a review of macroeconomic trends in Malaysia and other global economies. In particular, CIMB-Principal analyzes the direction of GDP growth, interest rates, inflation, currencies and government policies. CIMB Principal will then assess their impact on corporate earnings and determine if there are any predictable trends. These trends form the basis for sector selection. Sto ck selection is based on the growth style of equity investing. As such, the criteria for stock selection would include improving fundamentals and growth at reasonable valuations. Stock valuation fundamentals considered are earnings per share growth rate, return on equity, price earnings ratio and net tangible assets multiples. As part of its risk management strategy, the Fund is constructed and managed within pre-determined guidelines. Essentially, CIMB Principal employs an active asset allocation strategy  depending upon the equity market expectations, and at the same time monitors the bond portfolio according to three (3) parameters: tenor, credit ratings and sector. The duration of the bond portfolio is also monitored and modified according to the Manager’s interest rate outlook (i.e. the sensitivity of the portfolio to interest rate changes). In response to adverse conditions and as part of its risk management strategy, CIMB-Principal may from time to time reduce its proportion of higher risk assets, such as equities and increase its asset allocation to lower risk assets, such as debentures and liquid assets, to safeguard the investment portfolio of the Fund provided that such investments are within the investment objective of the Fund. Additionally, for investments in debt markets, the Manager may reduce holdings in longer tenured assets and channel these monies into shorter-term interest bearing deposits. When deemed necessary, the Manager may also utilize derivative instruments, subject to the SC Guidelines, for purposes such as hedging. Bond fund Investment objective: The objective of CIMB-Principal Bond Fund is to provide regular income as well as to achieve medium to long term capital appreciation through investments primarily in Malaysian bonds. Any material changes to the investment objective of the Fund would require Unit holders’ approval. Benchmark: The benchmark of the Fund is the RAM Quant shop MGS Bond Index (Medium Sub-Index). Information on the benchmark can be obtained from http://www.quantshop.com Investment policy and principal investment strategy Up to 98% of the Fund’s NAV may be invested in debentures carrying at least an â€Å"A3† or â€Å"P2† rating by RAM or equivalent rating by MARC, Moody’s, S&P or Fitch. The rest of the Fund is maintained in the form of liquid assets to meet any redemption payments to Unit holders. In line with its objective, the investment strategy and policy of the Fund is to invest in a diversified portfolio of approved fixed income securities consisting primarily of bonds, aimed to provide a steady stream of income. The asset allocation for the  Fund is as follows: †¢ up to 98% in debentures and other permissible investments; and †¢ at least 2% in liquid assets. The asset allocation strategy will be reviewed periodically depending on the country’s economic and bond market outlook. CIMB Principal will adopt an active trading strategy and will be especially selective in the buying and selling of securities for the Fund. CIMB-Principal formulates an interest rate outlook through examining factors such as the Malaysian inflation rate, monetary policies and economic growth. With an interest rate outlook and yield curve analysis, CIMB-Principal identifies the weighting of the investment tenor and credit for the Fund. In the unlikely event of a credit rating downgrade, the Manager reserves the right to deal with the security in the best interest of the unit holders. As active fund managers, CIMB-Principal has in place flexible tolerance limits to cater to such situations. CIMB Principal can for example, continue to hold the downgraded security if the immediate disposal of the security would not be in the best interest of the unit holders. As part of its risk management strategy, the Fund is constructed and managed within pre-determined guidelines. Essentially, CIMB Principal monitors the bond portfolio according to three (3) parameters: tenor, credit ratings and sector. The duration of the bond portfolio is also monitored and modified according to the Manager’s interest rate outlook (i.e. the sensitivity of the portfolio to interest rate changes). In response to adverse conditions and as part of its risk management strategy, CIMB-Principal may reduce holdings in longer tenured assets and channel these monies into shorter-term interest bearing deposits. The Manager may also from time to time invest in liquid assets to safeguard the investment portfolio of the Fund provided that such investments are within the investment objective of the Fund. When deemed necessary, the Manager may also utilize derivative instruments, subject to the SC Guidelines for purposes such as hedging. Invesco Asia Infrastructure Fund (â€Å"the Target Fund†) is a sub-fund of Invesco Funds (the â€Å"SICAV†). The SICAV is incorporated as a socià ©tà © anonyme under the laws of the Grand-Duchy of Luxembourg and qualifies as an open-ended socià ©tà © d’investissement à   capital variable. The SICAV is authorized as an undertaking for collective  investment in transferable securities under the law of 20th December, 2002. The SICAV was incorporated in Luxembourg on 31st July, 1990. The Directors of the SICAV are responsible for the management and administration of the SICAV and for its overall investment policy. The Directors of the SICAV have appointed Invesco Management S.A. as management company to be responsible on a day to day basis under the supervision of the Directors, for providing administration, marketing, investment management and advice services in respect of all Invesco Funds. Invesco Management S.A. has delegated the investment management services to Invesco Hong Kong Limited (â€Å"Invesco Hong Kong†), who has discretionary investment management powers in respect of the Target Fund. Invesco Management S.A. was incorporated as a â€Å"socià ©tà © anonyme† under the laws of the Grand Duchy of Luxembourg on 19th September 1991 and its articles of incorporation are deposited with the Luxembourg Registre de Commerce et des Socià ©tà ©s. Invesco Management S.A. is approved as a management company regulated by chapter 13 of the 2002 Law. As at December 2007, its capital amounts to USD 3,840,000 and the Directors of the SICAV are also composing the board of director s of Invesco Management S.A. Invesco Management S.A. shall ensure compliance of the SICAV with the investment restrictions and oversee the implementation of the SICAV’s strategies and investment policy. Invesco Management S.A. shall send reports to the Directors of the SICAV on a quarterly basis and inform each board member without delay of any noncompliance of the Company with the investment restrictions. J.P. Morgan Bank Luxembourg S.A. (â€Å"JPMorgan†) has been appointed as the Custodian of the assets of the SICAV which will be held either directly by JPMorgan or through correspondents, nominees, agents or delegates of JPMorgan. J.P. Morgan was incorporated as a socià ©tà © anonyme incorporated on 16th May, 1973 and has its registered office at 6, route de Trà ¨ves, L-2633 Senningerberg, Grand- Duchy of Luxembourg. Investment objective and policy The Target Fund aims to achieve long term capital growth from investments in a diversified portfolio of Asian securities of issuers which are predominantly engaged in infrastructure activities. At least 70% of the total assets of the Target Fund (without taking into account ancillary  liquid assets) shall be invested in equity and debt securities denominated in any convertible currency issued by Asian companies predominantly active in the infrastructure sector. â€Å"Asian companies† shall mean companies listed in an Asian stock market and having their registered office in an Asian country or established in other countries but carrying out their business activities predominantly in Asia or holding companies investing predominantly in equity of companies having their registered office in an Asian country. Up to 30% of the total assets of the Target Fund may be invested in aggregate in cash and cash equivalents, money market instruments, equity and equity related instruments o r debt securities (including convertible debt) issued by companies or other entities not meeting the above requirement. Invesco Hong Kong is an active manager combining bottom-up and top-down multi-factor analysis, although they have a strong focus on bottom-up stock selection where they believe it can add value. The investment universe mainly includes companies in the Asia Pacific ex-Japan region that are principally engaged in infrastructure-related activities, including companies that are involved in providing the foundation of basic services, facilities and institutions upon which the growth and development of a community depends. In addition, ‘soft’ infrastructure that includes financial support (e.g. project financing from investment banks) and maintenance support (e.g. management of communication networks) also fall into this definition. Broadly speaking, infrastructure can be classified as but is not limited to: Economic Infrastructure – to support the long term growth of the economy. These assets have a long operating life and strong monopoly position. Examples: roads, airports and ports. Utilities – to provide essential services for the community. Examples: gas/ energy/ electricity generation, distribution and retailing, water distribution and waste treatment. Social Infrastructure – to provide public sector facilities for the society. This sector has emerged as governments have embraced the public private partnership concept in order to encourage operation efficiency. Examples: train stations, hospitals, schools and stadiums. Commercial infrastructure – private sector initiatives to cater for technology advancement. Examples: satellites, cable networks and renewable power plants. For the purpose of this Fund, the Manager will be investing in Class C of the Target Fund. As at LPD, only Accumulation Shares  are available for this share class. Investors holding Accumulation Shares will not receive any distributions. Instead, the income due to them will be rolled up to enhance the value of the Accumulation Shares.

Integrated HR Solution with Payroll Software Leave

Having a proper HR solution is a key task for the HR executives to manage their employees. The primary job of HR manager is to manage employee's daily attendance, i. e. the employee's every day Time IN & Time OUT. There are various ways for it. Traditionally the companies using manual punch card machine, later proximity card system / barcode card system was in place. But still there was a problem of buddy punching (making proxy attendance for other employees). To address the issue Biometric Fingerprint system has introduced which is very fast / accurate & efficient. Once employee's time in  & out timing captured by any type of machine then it has to be linked to a Time Attendance Software to generate the useful attendance reports. Those calculated attendance details needs to be linked to payroll software for the employee salary calculation. In addition to that there is a need to maintain employee leaves like annual leave, medical leave, unpaid leave, etc†¦ If a HR manager has all the above solutions with different vendors / different platform then it will be very difficult to maintain and operate. There will be lot of hiccups to integrate the different software's and more importantly being the database is not integrated the newly join / resign employee details need to be entered multiple times in different software’s. So it very efficient and cost effective to have an integrated HR solution which comprises of fingerprint time recorders (preferably), time attendance, leave, Payroll & HR software's. Fingerprint Time Recorder: It is very efficient to have a fingerprint time recorders to track the employees attendance instead of having manual punch card. The biggest advantage of using the fingerprint system is the employees can't do the buddy punching (making proxy attendance for other employees). Usually in most of the fingerprint time recorder, Up to 3 fingers per employee can be registered. While doing attendance the employee can use any one of the finger to do clocking. The purpose of registering 3 fingerprints is if any one finger has problem due to injured / cut / dirty then the employee can use alternative finger. So it is better to have a fingerprint time recorder with higher capacity. Usually the time recorder will have the capacity of 500 / 3000 / 5000 fingerprint templates. It takes about one second to verify the employee finger, once verified the employee id, Date & time will be recorder into the device internal memory. Also it is good to have a device which can store more records. In general most of the fingerprint time recorder can store 20,000 / 30,000 / 50,000 records. Once the records reach the limit the new record will automatically overwrite the very first record. Those records can be downloaded to the Time Attendance Software via built-in Network card or via Thumb Drive. Time Attendance Software: Information from fingerprint time recorder can be transferred to the Time Attendance Software which will calculate the useful information like Lateness, Overtime, allowances, etc†¦ A good time attendance software should have the option for different shift patterns, Supports unlimited rotation duty roster, Auto-shift feature (System auto-assign working hours group based on IN time), Flexible working hours feature, Scheduling working hour's group feature (No fixed working pattern) Companies are paying daily allowances like shift allowance, meal allowance, transport allowance to the employees based on some conditions. For an example a company may like to pay $5 for night shift workers or a company may like to pay $2 who is working more than 5 hours of overtime. So the time attendance software should have all the above features. Good software should come with nicely designed useful reports like Daily attendance report, Individual attendance report, consolidated reports which consolidates the late comers, Early Leavers, Absents & missed out punching, Lateness summary report and Working hour's summary report. Payroll Software:  Payroll software is the one which computes the employee salaries. A well written payroll software should have the below options. The employee may be paid by hourly rate / daily rate/ monthly fixed basis. Other than the employee basic salary, the employee's overtime, daily allowances needs to be linked from the time attendance software. The employee may have some additions or deductions in every month salary like advance payment, medical claim, special allowance, etc†¦ And the employee unpaid leave, lateness & early leaving needs to be deducted from his salary. Different countries have their own computation for taxation & provident funds. So the payroll system should comply with the local government regulation for salary calculation. Finally the payroll should able to generate a pay-slip for individual employee with all his salary details which can be printed in an A4 size paper or sealed pay-slip paper. And payroll software must have useful reports like, Monthly Salary Summary Report, Overtime Payment Report, Taxation Report, Yearly Summary Report, and Monthly Reconciliation Report. Leave Module: A leave module either can be built in with the payroll system or it can be a separate Electronic Leave Application Portal. Leave Module built-in with payroll system: The HR Executive needs to update the employees Annual Leave, Medical Leave, Unpaid Leave, Maternity Leave, etc in to the system manually. Electronic Leave Module: The employee can apply their leaves electronically online via web browser. Those applied leaves can be approved by respective approving officers via online. This is paperless, convenient fast & easy. A good leave system should have the option to set Leave Eligibility for different group of employees and the Annual leave & Medical Leave earned until today should be prorated automatically. There must be an option to carry forward the balance annual leave to the next year. And the leave module should have the useful reports like Leave History & Leave consolidate report to view all kind of leaves taken.