Monday, September 30, 2019
With the increasing tendencies of poorness and coupled with the failure of macro-economic policies in supplying recognition services to the hapless, micro-financing is progressively being advocated as an alternate agencies of recognition bringing to the hapless. Microfinance has bit by bit developed to be a world-wide motion, no longer being a capable affair of microfinance practicians entirely, Governments, givers, development bureaus, Bankss, foundations, corporations, concern communities, civil societies, research workers, universities, advisers, altruists and others are taking increasing involvement in it ( Latifee, 2006 ) . Microfinance is a general term that refers to the proviso of fiscal services for the hapless who conventionally have been excluded from the formal Banking system. Microfinance is hailed as a tool for poorness relief because entree to fiscal services assist the hapless families in run intoing their basic fiscal demands, protects against hazards and develop societal and economic authorization. Notwithstanding these potencies of microfinance towards helping the hapless, other surveies elsewhere have shown that microfinance does non relieve poorness as claimed by some surveies. In Nigeria, like most other developing states microfinance proviso is both undertaken by formal and informal agreements. Between 1977-1999 the Nigerian authorities have initiated and implemented no fewer than 5 microfinance plans in the signifier of microcredit to help the hapless as a manner of relieving poorness. However, with the drastic decrease of authorities subvention to them, they all ceased to run as all of them depended chiefly on Government support. ( Mohammed & A ; Hassan, 2008 ) . Sing the failure of the so top-down attack, the Government in 2005 came up with a new microfinance policy under the supervising of the Central Bank of Nigeria. The execution of this new policy led to the active engagement of the private sector runing along-side with the bing government-owned microfinance establishments in supplying fiscal services to the economically active hapless.1.1 Statement of jobBing a developing state and the most thickly settled state in Sub-Sahara Africa, Nigeria harmo nizing to 2006 nose count figures has a population of 150 million people. Available statics shows that out of the 150 million Nigerians, 70 million people are populating below poorness line ( World Bank, 2009 ) . Further, the highest poorness rate of 72 % is recorded in the Northern portion of the state compared to 43 % recorded in the southern portion of the state ( Kpakol, 2009 ) . This is an indicant that the incidence of poorness is more outstanding in the Northern portion of Nigeria. In an effort to turn to the job of poorness, Government had between1977-1999 initiated and implemented no fewer than 5 poverty relief plans in the signifier of microcredit proviso to help the economically active hapless as a manner of relieving poorness. However, with the drastic decrease of authorities subvention to them, they all ceased to run as all of them depended chiefly on Government support ( Mohammed and Hasan, 2008 ) . Sing the importance and increased protagonism of microcredit as a agency of relieving poorness, the Government in 2005 came up with a new microfinance policy under the supervising of Central Bank of Nigeria. Under the new policy, authorities and private persons are granted licence to open and run microfinance establishments. This development led to the outgrowth as of today, more than 900 registered microfinance establishments runing in the state which hitherto been entirely a authorities matter. Available statistics indicates that the formal microfinance establishments merely service less than one million clients in a state where over 50 % of the state Ã¢â¬Ës population of 150 million unrecorded below poorness line ( Felix and Adamu, 2007 ) . In add-on, the formal fiscal system provides services to about 35 % of the economically active people, while the staying 65 % do non hold entree to fiscal services ( CBN, 2007 ) . In separate surveies about microfinance in Nigeria utilizing different sets of variables, shows that engagement in microfinance by and large improves the life conditions of its participants which constantly consequences in relieving poorness ( see for illustration, Irobi N C,2008 ; Felix & A ; Adamu, 2007 ; Mohammed & A ; Hasan, 2008 ; S B Williams et Al, 2007 ) . Of involvement to observe nevertheless, most of available literature on microcredit in Nigeria focused on the impact appraisal of microcredit towards poorness relief and more significantly, the surveies were carried out in southern parts of the state. However, small or nil is known about the state of affairs of microcredit in the northern parts of the state which statistics have shown to hold higher prevalence of poorness. The intent of this survey hence, was to understand the perceptual experience of selected communities in Northern Nigeria towards microcredit and how it has contributed towards elating the populating criterion of clients1.2 Significance of the surveyTaking into consideration the developmental challenges posed as a consequence of poorness peculiarly in developing states, the significance of the survey can non be over-emphasized. The variables involved in the survey viz. ; microfinance and poorness relief are of import issues environing modern-day development circles. Most surveies conducted on the viability and effectivity of microcredit towards poorness relief reveals that microcredit greatly enhances the life conditions of the hapless. In position of the foregoing, it is expected that the recommendations offered at the terminal of the survey, will travel a long manner in supplying informed advice and policy sentiment on ways and agencies of germinating echt microfinance activities pa rticularly in countries where poorness is still prevailing. Similarly, the findings of the survey will greatly lend to the bing literature for usage in academic and policy issues.1.3 Research QuestionsThe research inquiries are ; What is the general perceptual experience of these selected communities towards microcredit? In what ways does microcredit alleviates poverty among donees of microcredit?1.4 Purpose of the surveyThe survey seeks to understand the general perceptual experience of some selected communities in northern Nigeria towards microfinance. In making so, the survey will besides find the viability and effectivity of microcredit as a scheme for poorness relief. Contrary to earlier surveies on same issue that chiefly focused on formal microcredit establishments and the impact of loans peculiarly to adult females, this survey will analyze the function of the informal sector that is believed to be supplying fiscal services to more than 60 % of the economically active hapless with a position to understanding whether the informal microcredit can every bit lend towards relieving poorness as is obtained in the formal sector. Furthermore, the survey besides seeks to understand the ways in which the microcredit helps in elating the life conditions of the hapless.1.5 Restrictions of the surveyThis survey investigated the research job based on the relevancy and or effectivity of microcredit in selected communities in Northern Nigeria. Due to fiscal and clip restraints, the survey was limited to merely two communities where two community leaders were selected as samples of the survey. Similarly, the Chief Executive officer of Yerwa microfinance Limited was besides used, and two ( 2 ) donees of loans from the said Bank besides serve as samples of the survey. Otherwise, the sample would hold been much larger than this. One other thing to see as restriction in this survey is the inability of the research worker to be in the field for the behavior of interview. As such, a research helper had to carry on the in-depth interview with the respondents based on the interview usher sent to him, except for the CEO of Yerwa microfinance Bank who granted interview to the research worker straight through SKYPE. Chapter TWO LITERATURE REVIEW 2.1 The construct of microfinance As mentioned earlier, the failure of the conventional banking system to supply recognition services to the hapless led to the outgrowth of microfinance establishments as an alternate beginning of recognition bringing with the purpose of supplying little loans to the hapless without collateral. Microfinance hence, is a manner of funding to hapless for their concern, to relieve their poorness, authorising them and giving societal benefits on sustainable manner. Due to microfinance activities, many possibilities have emerged including widening markets, cut downing poorness and fostering societal alteration ( Agion & A ; Morduch, 2005 ) . Microfinance Bankss are establishments that are established to supply fiscal services to the active hapless. They can be non-governmental organisations ( NGOs ) , nest eggs and loan co-ops, recognition brotherhoods, authorities Bankss, commercial Bankss or non-bank fiscal establishments ( Ledgerwood, 1999 ) . One of import facet of microfinance to observe is its comparative success in intentionally making out to the hapless life in different socio-economic environment. It has been argued nevertheless, that the successes of microfinance mediation recorded in some cases can non be generalized taking into consideration the heterogenous nature of societies within which a microfinance establishment operates. Many research workers had conducted the impact assessment surveies on microfinance plans. Some of the research workers have concluded the positive impact of the microfinance on the socio-economic development ( Tripathy, 2006, Sundarapandian, 2006 ; Pandin, and Eswaran, 2002 ) in India and across the universe ( Hiatt and Woodworth, 2006 ) . At the same clip, some other surveies found that the microfinance intercession had small impact on the socio-economic development of people ( Kabeer, 2005 ; Shamsuddoha and Azad, 2004 ) . Besides ( Kabeer, 2001 ) found out with the negative impact of mic rofinance in Bangladesh. So, taking into awareness the conflicting results of assorted impact surveies conducted utilizing different methodological analysiss in different state of affairss the positive impact of microfinance can non be generalized and universally accepted in this regard. 2.2: Microfinance Approachs There are two diverse attacks in the literature handling microfinance ; the welfarist ( besides called the direct recognition attack ) and the institutionists approach ( or fiscal market attack. The welfarist attack focuses on the demand side, which is to state on the clients. This attack support the thought of subsidising microcredit plans in order to take down the cost for the microfinance establishments so that they can offer low involvement rates on their loans, the public presentation of the MFIs are measured through family surveies with focal point on the life criterions of the persons, figure of nest eggs histories, figure of loans, productiveness betterment, incomes, capital accretion, societal services such as instruction and wellness every bit good as nutrient outgos. ( Congo, 2002 ) The Institutionists criticize the subsidisation because it leads to high, unpaid rates dealing costs, which have led to the failure of many microcredit plans. They mean that it is non sustainable for the MFIs to be subsidized and that the subsidies lead to an inefficient allotment of the fiscal resources. The economic experts back uping this position mean that the welfarist made the incorrect premises when they say that the repayment involvement rate must be low, that the clients are non responsible and unable to salvage and that commercial Bankss can non last in rural countries because of high cost of offering fiscal services to the hapless families. The institutionalists suggest that the MFIs should run harmonizing to the conditions of the market, bear downing high involvement rates because of high costs and in that manner operate on a sustainable mode. They mean that hapless persons are willing to pay high involvement rates in order to hold entree to recognition. The public presen tation of MFIs is measured through the refund rates, dealing costs, fiscal autonomy of MFIs etc ( Congo, 2002 ) In malice of holding advanced thoughts for concern, if there is no entree to fiscal resources, these thoughts go in vain. Microfinance alterations whole scenario and reaches to the hapless to happen their thoughts and acquire fiscal benefits. Harmonizing to Sengupta, Aubuchon ( 2008 ) there are now about 70 million people who are acquiring benefits from 2500 MFIs in over 100 states by microfinance. Conditionss of the hapless are different in different states of the universe. These conditions are related to societal, ideological and political issues ( Weiss, Montgomery, 2004 ) . Therefore, there are typical differences between attacks and motivation of microfinance. We will see briefly two attacks, one is the celebrated Grameen theoretical account originated from Bangladesh and the other is Banco Sol, in Bolivia.2.2.1 Grameen ModelIn Grameen theoretical account, primary unit is a group of 5 members that organize and apply for a loan. In first unit of ammunition, loan is granted for tw o members to put in their concern. If these two members become successful to refund back, so four to six hebdomads subsequently, the following two members are granted besides. The last one will be eligible upon successful refund of the old two. If one member of the group defaults in refund, the whole group will be disqualified for farther loan. Similarly, alone and advanced attack of group loaning is used. As Sengupta, Aubuchon ( 2008 ) described that group loaning has many benefits. First, groups are normally organized in members who are neighbor to each other, those that can understand each other good and acknowledge their demands. Second, if any of the group members will non be present in a meeting, the leader or other group member can pay its installment. We can state there is common apprehension among members. Third, in south East Asia by and large, and in Bangladesh specifically, there are societal force per unit areas among members of society with societal binding in them. If one member of group will non pay even one installment, societal force per unit area will be levied from all eight groups on this member. Ultimately, this leads to decrease of hazard.2.2.2 Bonco Sol of Bolivia.While the Grameen theoretical account of microfinance emphasize on loaning to villagers, the other nucleus construct is the formation of groups and these groups are eligible to take loans, no option of loans to persons. The thought of Bonco Sol of Bolivia is progressive loaning where the sum of loan will increase after completion of every refund agenda. But other features of Grameen model ( Group loaning ) are included in this method like aiming to hapless, adult females, group formation and public payment. No uncertainty, progressive loaning is an extension of group imparting which many microfinance establishments are now following this attack. In this theoretical account of progressive loaning, micro-lenders are flexible about collateral and lend loan to groups and persons b esides. This method is really helpful in countries with low population densenesss or high diverse population where group forming is non so easy due to different ratio of safe and hazardous borrowers. While appreciating the differences in attacks as indicated above, one can state that microfinance are evolved due to different political, ideological and societal conditions. Harmonizing to Weiss Montgomery ( 2004 ) Ã¢â¬Å" Microfinance in Latin America developed under rather different conditions. In Bolivia, a fall ining democrat government led to widespread unemployment. Bonco Sol, a pioneering microfinance establishment in the part was developed to turn to the job of urban unemployment and supply recognition to the cash-strapped informal sector. The impression of commercial profitableness was embraced comparatively early in this attack.2.3 Microfinance- a Development ToolIn developing states, people from low income communities have advanced thoughts for their concern, even as shop-keepers or family merchandises maker, but they have no fiscal resources to implement their thoughts. This low economic activity in low income communities due to miss of fiscal resources lead them to more poorness and hapless life criterions. By and large, fiscal services screen nest eggs and recognition activities and there is same construct about MFIs. But harmonizing to Ledgerwood ( 2000 ) , MFIs work for general fiscal services with this they provide insurance and payment services to their clients. But of import facet of MFIs is non merely fiscal mediation but besides supplying societal intermediation and societal services to their clients. Social mediation and societal services contain many activities including preparations, direction development and fiscal literacy activities. Furthermore, many MFIs, arrange get-together where experient people guide others, where they give utile suggestions, tips and other tactics for their concern. Therefore, microfinance is supplying fiscal services with societal services. Normally, societal services are non applicable in general banking system. So, microfinance is non merely banking system but development tool, uniting both fiscal and socie tal intermediation. Therefore, microfinance provides the undermentioned services ;2.3.1 Fiscal IntermediationFiscal intermediation is by far the most primary aim of MFIs because without loan/money societal intermediation can non work. MFIs in this respect, becomes a span to entree finance and this consequences to poverty relief, wellness attention and instruction literacy ( Ledgerwood, 2000 )2.3.2 Social IntermediationSocial intermediation that covers the issues of group formation, leading preparation and concerted acquisition is secondary function of microfinance for borrowers of MFIs. Development in societal capital is a basic ingredient of sustainable development in hapless Ã¢â¬Ës life and particularly in society. Social capital really links between clients of a group and multiple groups and between MFIs and borrowers ( Agion & A ; Morduch, 2005 ) . The ratio of societal capital will increase with the addition in concern activities among members and fiscal dealing between loane rs and borrowers.2.3.3 Enterprise Development ServicesMFIs provides support to persons or groups in different endeavor development services like selling, concern and accounting services etc. this service can be divided into two parts, endeavor formation and endeavor transmutation. In endeavor formation, MFIs provide proficient support to group or person in start up of concern with thoughts and accomplishments. While, in transmutation of endeavor, MFIs arrange preparations for borrowers, workshops and get-together for developing latest accomplishments in their concern countries ( Ledgerwood, 2000 ) .2.3.4 Social ServicesHarmonizing to microfinance practicians, poorness can be addressed by funding hapless for productive activities which in consequence come up to their entree to life necessities. Ledgerwood ( 2000 ) observes that MFIs serve to their clients with extra societal services and fiscal intermediation. The best manner to reach with their clients is in the signifier of group, that is the easy manner to educate them, giving wellness attention and other installations. So in this manner, MFIs function is productive in the life of hapless by offering fiscal services with supportive services. These supportive services really play of import function in sustainable human development and support of the hapless ( Khan, Rahman, 1998 ) .2.4 The Goals of MicrofinanceThe ends of Microfinance Bankss are ; To supply diversified, reliable and timely fiscal services to the economically active hapless. To mobilise nest eggs for fiscal intermediation. To make employment chances. To supply regular avenues for the disposal of the micro-credit plan of authorities and high net worth persons. To render payment services such as wages, tips and pensions on behalf of assorted grades of authorities. To affect the hapless in the socio-economic development of the state ( Egbu, 2006 ) .2.5 The Concept of PovertyThere is no individual definition of the word Ã¢â¬Ëpoverty due to the relativity of the construct, it can take assorted signifiers depending on the context within which the construct is defined. In a more luxuriant definition, The United Nations defines poorness as Ã¢â¬Å" Fundamentally, poorness is a denial of picks and chances, a misdemeanor of human self-respect. It means deficiency of basic capacity to take part efficaciously in society. It means non holding plenty to feed and dress a household, non holding a school or clinic to travel, non holding the land on which to turn one Ã¢â¬Ës nutrient or a occupation to gain one Ã¢â¬Ës life, non holding entree to recognition. It means insecurity, impotence and exclusion of persons, families and communities. It means susceptibleness to force, and it frequently implies populating on fringy or delicate environments without en tree to clean H2O or sanitation Ã¢â¬ ( UN, 1998 ) . Poverty in many developing states is mostly a affair of non holding plenty on their tabular arraies to eat. Supplying the hapless with fiscal services is one manner to increase their income and productiveness e.g. through self-employment and therefore get away poorness ( Chowdhury, 2001 ) . Poverty is farther classified into three variables ; income poorness, exposure and authorization. Income poorness bases for deficiency of income to afford minimal basic necessities of life. Vulnerability involves the chance of hazards of today being in poorness or to fall into deeper poorness in the hereafter. Sing authorization, based on the focal point of this survey, to find the manner ( s ) microcredit alleviates poorness, most MFIs are working towards authorising economically active to partake in one signifier of endeavors or the other. Here, authorization is farther classified into three classs viz. ; Economic, societal and political authorization. They are defined as follows ; Economic authorization refers to economic security of oneself. Social authorization refers to the ability to take part in decision-making in the community including the family and non-family groups. Political authorization refers to the ability to interact in the populace sphere.2.5.1 What causes Poverty?Poverty is a macro job. The causes are every bit broad as they are deep besides. Some of the cardinal grounds why people all over the universe are hapless and remain hapless are political instability, natural catastrophes, corruptness, socio-economic disparities and bias, deficiency of entree to instruction, deficiency of substructure etc. Some other causes of poorness can be from acute conditions like warfare. The stuff and human devastation that is frequently caused by warfare is a major development job ( World Bank, 2000/01 ) . Apart from devastation caused by natural events such as hurricanes, environmental forces ever cause acute periods of crisis by destructing many harvests and animate beings every bit good.2.5.2 Measuring PovertyWhen poorness is defined in a broader sense, it can raise the inquiry of how to mensurate overall poorness and how to compare accomplishments in different dimensions. Below is how the different dimensions of poorness can be measured. Measuring material want: Under this we have the income and ingestion degrees of the family. This is measured by utilizing the national poorness line, a critical cut off in income or ingestion below which an person is deemed to be hapless. Measuring Vulnerability: Poverty can non be to the full alleviated in a sustainable manner unless mediators are designed to undertake the multi-dimensional nature of poorness. Vulnerability being a dynamic construct has its measuring centered on the variableness to income or ingestion and on the handiness of other dimensions of wellbeing like physical assets, human capital, societal capital and prevalence of non-income hazards like force, natural catastrophes and so on ( World Bank, 2000 ) . Measuring Authorization: Measuring authorization may change harmonizing to the context i.e societal, cultural and political context of a given society.under this we have: Economic authorization: This can be measured harmonizing to the ability of single to command sufficient resources. Social authorization: This can be measured in footings of the ability of single to partake in determination devising. Political authorization: This has to make with persons Ã¢â¬Ë ability to take part in political personal businesss.2.6 Microfinance Profile in Nigeria.Variously described as the giant of Africa, Nigeria is the most thickly settled state in sub-sahara Africa with an estimated population of 150 million people. Divided into 6 geo-political parts, operates a federal system of authorities. Bing the 7th largest exporter of rough oil manufacturer in the universe which constitutes 70 % of the states gross and yet more than 70 % per centum of its 150 million people are populating below poorness line. In line with the desire to contend poorness, consecutive disposal in the yesteryear have initiated and implemented assorted poorness relief plans with a position to turn toing such job. Notwithstanding these far-reaching policies the issue of poorness has continued to be a repeating job as most of these plans failed to accomplish the coveted aims and by 1999 all authorities poorness relief plans ceased to work due to inadequate subvention from the authorities. In realisation of its duties to its citizens peculiarly the hapless, the authorities in 2005 came up with a new microfinance policy under the supervising of the cardinal Bank. Under this policy, prospective persons, corporate organisations and NGO Ã¢â¬Ës willing to partake in microfinancing were granted licence to run. This new policy saw the outgrowth into operation of more than 900 microfinance Bankss across the 36 provinces of the federation. Of involvement to observe nevertheless, these MFIs provide services to merely 35 % of the 70 million economically active hapless Nigerians, the staying 65 % do non hold entree to credits ( Soludo, 2009 ) . One other upseting facet of microfinance activities in Nigeria is uneven spread of its operations to the hurt of the Northern parts of the state as most of these establishments are concentrated in the Southern parts of the state. By and large, microfinance establishments in the state are faced with legion jobs runing from deficient financess to deficiency of managerial accomplishments which in bend effected on the hapless outreach of its operations and their inability to provide for the pullulating economically active hapless. As specified by the new microfinance policy, microfinance establishments have the undermentioned aims: To better the socio-economic conditions of adult females, particularly those in the rural countries through the proviso of loan aid, skills acquisition, generative wellness attention service, grownup literacy and miss kid instruction ; To construct community capacities for wealth creative activity among enterprising hapless people and to advance sustainable support by beef uping rural antiphonal banking methodological analysis ; and To eliminate poorness through the proviso of microcredit and skill acquisition development for income coevals ( Anyanwu, 2004 ) . Chapter 3 Methodology3.1 Research Design:The survey is of qualitative nature which is besides referred to as inductive attack. Inductive attack is done by taking into consideration the empirical informations foremost and so research worker goes on to construct hypothesis which leads to the development of and consideration of new theories or doing add-on in bing theories ( Bryman, 2004 ) . It is of import to observe here that the pick of this attack was informed by ; non-sufficient informations of the researched subject and besides because of the argument on the impact of microcredit as a medium of poorness relief. Otherwise, the survey would hold employed the deductive attack in turn toing the research inquiries. Furthermore, it is appropriate to utilize qualitative attack as the survey seeks to understand the perceptual experience of donees of microcredit. It is believed that this method will supply rich and thick description from the participants sing their experiences, perceptual experience and apprehension of microfinance.3.2 participants and scene:The participants involved in the survey include the Chief Executive Officer of Yerwa Microfinance Bank, Maiduguri, 2 community leaders and 2 loan donees of the said Bank. The Chief executive officer who is holding 5 old ages experience in microfinance activities besides serves as the current director of the aforesaid Bank. He was chosen because of his wealth of experience and besides runing in one of the countries with high prevalence of poorness. The two back-to-back interviews he granted to the research worker through skype have provided an institutional position on the general nature of Nigerian microfinance industry. Two community leaders of Matara and Bulangu identified as samples of the survey represent the voices of the said communities that are considered to be among those countries worst hit by poorness. Their perceptual experience towards microfinance is by and large believed to stand for the position of their co mmunities. Similarly, the two donees were identified in coaction with Chief Executive Officer of Yerwa community as his clients, gave a self-account of their perceptual experience, experiences every bit good as their apprehension of microcredit as being direct donees. 3.3: Ethical Measure Attached as appendix 1 is the consent missive served to all participants seeking their consent to take part in the survey as respondents. The aim of the survey was clearly explained to them and were assured that all informations obtain from them will entirely be used for the intent of the survey and that they are at autonomy to retreat at any clip they deemed appropriate to make so. In add-on, they were promised a transcript of the work should at that place be a demand for them to verify the intent for which the survey is intended. 3.3: Ethical Measure Bing a qualitative attack, the research worker is the instrument of the survey. Data aggregation was at the same time obtained by both the principal research worker and the research helper employed due to some restrictions encountered as a consequence of the inability of the principal research worker to be in the field. While the principal research worker conducted an in-depth interview with the Manager of Yerwa microfinance Bank through Skype, the research helper conducted same with the community leaders and the donees of loans who every bit served as respondents guided by the interview usher prepared and sent to him for that intent. By and large, the following semi-structured inquiries guided the behavior of the interview ; Would you wish to state us about yourself and what you do for a life? Would you wish to state us what Yerwa microfinance Bank is making in this community? Have you of all time collected any loan from the bank? If yes, when? Would you wish to state us what has happened to you since you obtained that loan? Would you wish to state us who introduced you to Yerwa microfinance Bank as a client? What has been the procedure of obtaining the loan? How did you see that your life has changed as a consequence of the loan you collected. What advice would you give to others like you who have non collected the loan? Have you completed refund of the loan? If yes, would wish to travel for farther loan? All interviews were audio-taped and subsequently transcribed. Having transcribed the information, common tendencies and forms associating to the respondents Ã¢â¬Ë perceptual experience of microcredit and its impact on the general betterment of their life conditions were marked and coded suitably. In add-on, similarities between coded statements were compared which enables grouping into major subjects for concluding presentation. In all, a sum of 49 codifications associating to the general perceptual experience towards microcredit and the ways in which it has improved the criterions of life of participants emerged. These codifications were farther categorized into major subjects as will be presented in the concluding analysis of the informations.Chapter FOURINTERVIEW RESULTS AND ANALYSIS Founded in 2006, the Bank as of today has a sum of 3,000 clients with one caput office every bit good as a subdivision office wholly situated within Maiduguri township. The operational system is fashioned along the Bangladeshs Ã¢â¬Ë Grameen Bank in which loans are offered to groups of between 5-6 members. The sum of loan offered to groups scopes between N500,000 to N700,000 for the intent of puting into broad scope of economic activities like cowss rise uping, orienting, agricultural activities depending on the pick of donees. The sum of involvement charged harmonizing to the Bank Manager is for every N100,000 given out as loan, the Bank charges 5 % as service charges. These charges are chiefly used for employee rewards and payment of rents and other administrative costs. Though comparative new with a small capital base, deficient figure of staff and comparatively few clients, the Bank was able to go on with the hope of spread outing its services in the hereafter. 4.2 Data analysis Based on the informations generated from the interview, a sum of 56 statements refering to perceptual experience of the respondents every bit good as the impact of microcredit on donees were coded. These codifications were farther compared based on their similarities and subsequently grouped into two major subjects dwelling of several sub-themes as will be presented hereunder. The two major subjects are ; the general perceptual experience of the donees of microcredit and impact of microcredit towards poorness relief. Table 1 Percept towards microcredit Impact towards poorness relief Trouble in accessing loans. Limited finance. Default in loan refund. Lack of consciousness on the activities of MFIs Increase in income. Social coherence. Table 1 above shows the classs of major subjects with sub-themes.4.3 Data reading.4.3.1 Trouble in accessing loans: Most of the respondents interviewed complained about the trouble in treating a loan with the Bank. Harmonizing to one of the donees it took them as a group about six months before they eventually obtained the loan. This has to make with the weak capital base of Microfinance Bank. As found out in the survey this microfinance Bank is one of the few microfinance establishment operational in province that is estimated to be holding more than 1.8 million economically active hapless that require one signifier of recognition or the other to enable them partake in economic ventures that would take to fiscal betterments. Another factor responsible for the hold in treating the loans is that the Bank deficiencies adequate work force and even the available 1s lack proper preparation to run into the increasing client demands. The Bank harmonizing to the Manager has merely 10 employe es in its wage axial rotation. This figure is rather deficient compared to the figure of clients of the Bank. 4.3.2 Limited finance: One of the disclosures in this survey which is mentioned by both loan givers and receiving systems is deficient financess. Insufficient capital harmonizing to the Bank Manager is one of the jobs the microfinance industry is confronting. This has a attendant consequence on the figure or sum of loan the Bank is able to give out as loans. Apart from that, the bank could non ship on enlargement undertakings such as staff enlisting and preparation, gap of other mercantile establishments to diversify its operations etc. One of the donees interviewed besides testified to that fact he had ab initio applied for N100,000 but eventually secured N40,000 which harmonizing to him is grossly unequal to take attention of his planned enlargement of concern. 4.3.3 Default in loan refund: loan default is besides one of the jobs associated microcredit. Although harmonizing to the Manager the Bank was able to enter 87 % and 90 % in the preceding old ages, but still the Bank is seting all necessary steps to guarantee impressive rates in the coming old ages. On the portion of donees they normally complained of higher involvement rates and high inflationary rates as factors responsible for their refund as and when due. Short refund period is besides mentioned by clients as one of the grounds for their inability to refund back harmonizing to agenda. 4.3.4 Lack of consciousness on the operations of MFIs: though comparative new in their operations, Microfinance Banks are still non known to bulk of the hapless and even if they know they can non appreciate the differences between them and other conventional Banks. Most of the donees interviewed said that they were introduced by friends who have been clients of the Bank and they were besides told that it is a topographic point where one can borrow money even if do n't hold a house or land to demo as collateral. Harmonizing to the Bank Manager, due to the weak capital base of MFIs, they can non be able to patronize adverts in the print and electronic media and as such they have to trust on the bing method to make out to their clients. This, he added will be a history as the Bank is bit by bit turning twenty-four hours by twenty-four hours. 4.3.5 Increase in income: by and large, most of the donees acknowledge though non significantly, alterations in the general conditions of their life as a consequence of the loans they collected from the Bank. One of the donees said that because he has invested the loan he received, after paying back the loan he noticed an addition in his overall capital base from N200,000 to N500,000. With the enlargement of his concern he was able to use an helper and at the same clip enroll into grownup flushing category which he is about to graduate in the following three months. To him this loan has brought succor as it has empowered him economically and educationally. Similarly, another donee besides said that as a consequence of the loan was able to purchase a reasonably used bike which he uses for commercial intents. As a consequence, he is now gainfully employed, able to purchase another new bike which he will give out for same commercial intent. In add-on, he was able to buy a little piece o f land that he hoped to develop bit by bit. 4.3.6 Social Coherence: apart from the fiscal mediatory function that microcredit dramas, the survey besides found out that engagement in microcredit unites its participants socially as a consequence of group loaning policy of microfinance establishments. As pointed out earlier, the microfinance establishments merely lend money to groups. Coming together of group members to use for a loan has afforded them the chance to carry on meetings on how to obtain, use and pay back the loans. The single groups besides register themselves under one umbrella of association of microcredit donees within the whole community. This has non merely further their sense of belonging but besides afforded them the chance to organize themselves into a formidable group that in most instances influences the determinations taking by the community. As one of the respondents remarked, Ã¢â¬Å" Ã¢â¬Å" Because of the formation of this association we are now politically empowered as most of the political parties ev er seek our support and input as a group, we support campaigners that we feel capable of protecting our involvement. In this regard we can state that our engagement in microcredit has given us a stronger voice to be heard even by the leaders contrary to what it used to be before our engagement in microcredit Ã¢â¬ . In another case, another donee besides said Ã¢â¬Å" Ã¢â¬Å" Because we are now formed into a strong group, we ever during our meetings raised and help in work outing personal jobs of our members such as sing infirmaries to help the bed-ridden, go toing societal assemblages like matrimony and appellative ceremonials. Most significantly, we were able to enroll a instructor who conducts flushing grownup literacy category to us on hebdomadal footing. Besides, field officers from the Bank educates us on the rudimentss of accounting and record maintaining which has greatly helped us in carry oning and pull offing our concerns Ã¢â¬ .Chapter FIVECONCLUSION AND POLICY RECOMM ENDATIONS: In decision, the survey has succeeded in understanding the perceptual experience of some donees of microcredit in Northern Nigeria. The survey found out that though microfinance establishments are faced with series of jobs runing from deficient fund to give out every bit loans to prospective clients, inability to spread out its operations to make out to the bulk hapless who largely live in the rural countries. In add-on, the operations and ends of these microfinance establishments is non known to bulk of people due to their concentration in urban countries. Yet, with the small they were able to loan out, has made an appreciable betterments on the life conditions of its clients in different respects. As other surveies have indicated the positive every bit good as the negative impacts of engagement in microcredit plans, the findings of this survey suggest that microcredit has impacted positively in bettering the life conditions of participants. In position of the foregoing and as revealed by this and other old surveies I wish to propose as follows ; Government should as a affair of precedence, happen a agency of supplying more sufficient and accessible financess to this microfinance establishments so that they excessively can hold plenty to impart out to prospective clients. As most microfinance Banks are concentrated in urban countries to the hurt of rural countries where bulk of the hapless resides, the Bank should ship on witting attempts in opening their subdivisions in rural countries. By taking their services to the door stairss of the hapless, it is believed the that this will pull more clients and thereby ensuing in the enlargement and growing on the portion of the Bank and to function as a agency of relieving poorness amongst the generalization of rural inhabitants. Another issue that needs to be observed and which has ever been complained of by donees is the duplicate issues of high involvement rates and short refund periods. Government and these fiscal establishments should look into this facet with a position to supplying microfinance services with easiness to the hapless. It is believed that high involvement rate and short refund periods are the major obstructions militating against popular engagement of the economically active hapless section of the society in microcredit plans. Intervention of the Government and all stakeholders of Nigerias Ã¢â¬Ë microfinance industry in this way will promote the hapless to take part and prosecute in micro-enterprises activities that will finally better poorness. Mentions A D Mohammed and Z Hassan ( 2008 ) Microfinance in Nigeria and the chances of presenting its Islamic Version, MPRA Paper. 2008. Agion, B. A.d. & A ; Morduch, J. , ( 2003 ) , Ã¢â¬Å" Microfinance, Where do we Stand? Ã¢â¬Å" , The Anyanwu, C.M. ( 2004 ) . Ã¢â¬Å" Micro finance establishments in Nigeria: policy, pattern and British Association for the Advancement of Science Meetings, University of Salford, UK, 3, pp.136-144. Bryman, A. , ( 2004 ) , Social Research Methods, 2nd Edition, Oxford University Press Inc. , New York. 2004. CBN, ( 2007 ) Annual Report and Statement of Account for the year-ended 31st December 2006. Congo, Y. , Performance of Microfinance Institutions in Burkina Faso, Discussion Paper No. 2002/01, UNU World Institute for Development Economics Research potencies Ã¢â¬ paper presented at the G24 workshop on bottlenecks to growing in Sub-Sahara, Africa, Pretoria, South Africa, November Felix, M A and Adamu G ( 2007 ) Support to the Development of Sustainable Microfinance in Nigeria. Mid-term Evaluation Report. UNDP/UNDCF 2007. Khan, M.A & A ; Rahaman, M.A, ( 1998 ) , Ã¢â¬Å" Impact of Microfinance on Living Standards, Empowerment and Poverty Alleviation of Poor Peoples: A Case Study on Microfinance in the Chittagong District of Bangladesh Ã¢â¬ , Master thesis, diva-portal.org, pp.14-30. Ledgerwood, J. , ( 1999 ) , Ã¢â¬Å" Microfinance Handbook: an Institutional and Financial Perspective Ã¢â¬ , Washington DC: The World Bank, pp.1-2, 63-90. M Kpakol ( 2009 ) The Role of Government in Poverty Eradication. A public Lecture series held in Minna, Niger State 2009. Sengupta, R. & A ; Aubuchon, C.P. , ( 2008 ) , Ã¢â¬Å" The Microfinance Revolution: An Overview Ã¢â¬ , Federal Reserve Bank of St. Louis Review, Volume 90 ( 1 ) , pp. 9-30. UN Ã¢â¬â United Nations Capital Development Fund, Special Unit for Microfinance ( 2002 ) Weiss, J. , Montgomery, H. , ( 2004 ) , Ã¢â¬Å" Great Expectations: Microfinance and Poverty Reduction in Asia and Latin America Ã¢â¬ , ADB Institute Discussion Paper No.15, pp.3-7APPENDIX 1UNIVERSITY PUTRA MALAYSIA ( UPM )DCE 5920: Introduction TO QUALITATIVE RESEARCHINTERVIEW CONSENT FORMI, Sule Ahmadu a pupil of the above mentioned class is required to set about a qualitative survey entitled Ã¢â¬Å" Microfinance and poverty relief in Nigeria: perceptual experience of microcredit donees in Northern Nigeria Ã¢â¬ . You have been invited to be in this survey due to your experience either as an operator of microfinance Bank or as a client. Note that your engagement in this survey is wholly voluntary and you may make up one's mind to retreat at any point you may hold it appropriate. If you decide to take part you will be asked to give an history of your perceptual experience on microcredit. You will every bit good be asked to besides depict in what manner ( s ) does microcredit improves the life conditions of donees as a consequence of their engagement. As you may make up one's mind to conceal your individuality, you are assured that anonym will be used to depict your individuality throughout in the presentation and analysis of the research work. Additionally, if you wish to cross-check the genuineness of the informations obtained from you, a transcript of the research work will be forwarded to you for that intent. For farther elucidation and information, I can be reached on 0102737786 Thank you for your cooperation! Signature of participant Date aÃâ Ã ¦aÃâ Ã ¦aÃâ Ã ¦aÃâ Ã ¦aÃâ Ã ¦aÃâ Ã ¦aÃâ Ã ¦aÃâ Ã ¦.. Bukar Modu Name of research Assistant Date & A ; SignaÃâ Ã ¦aÃâ Ã ¦aÃâ Ã ¦aÃâ Ã ¦aÃâ Ã ¦aÃâ Ã ¦aÃâ Ã ¦aÃâ Ã ¦aÃâ Ã ¦.. Sule Ahmadu Name of Researcher Date & A ; SignaÃâ Ã ¦aÃâ Ã ¦aÃâ Ã ¦aÃâ Ã ¦aÃâ Ã ¦aÃâ Ã ¦aÃâ Ã ¦aÃâ Ã ¦aÃâ Ã ¦..
Sunday, September 29, 2019
During the early 19th century America went through something remembered as the Ã¢â¬ËGreat Depression. Ã¢â¬â¢ It struck millions of people who became victims of ageism, racism, prejudice, isolation, poverty and unemployment. Where some lost hope, some were motivated by their ambitions known as the Ã¢â¬ËAmerican Dream. Ã¢â¬â¢ In this essay I will be looking at how the Ã¢â¬ËGreat DepressionÃ¢â¬â¢ affected peopleÃ¢â¬â¢s dream and desires. In the novel of Mice and Men, I will analyse the major characters of the novel Ã¢â¬ËOf Mice & Men. Ã¢â¬â¢ SteinbeckÃ¢â¬â¢s novel presents the feelings, dream and desires in an unbiased manner as it is written in 3rd person. George is an important character in Ã¢â¬ËOf Mice & MenÃ¢â¬â¢ suffering from the American depression. For George there is no escape from him being a migrant worker because of the American Depression. Steinbeck introduces George as a relatively small person compared to his huge companion Lennie; however GeorgeÃ¢â¬â¢s mental abilities are much higher. George is a caring man with a big heart but has developed a hard edge due to the tough times he has to face as a migrant worker which he cannot escape from. George occasionally grumbles of having to take care of Lennie. Ã¢â¬Å"I got to get you out. Ã¢â¬ GeorgeÃ¢â¬â¢s frustration and obligation (burden) is highlighted by the pronoun Ã¢â¬Å"IÃ¢â¬ and the verbs Ã¢â¬Å"gotÃ¢â¬ and Ã¢â¬Å"get. Ã¢â¬ However this also shows how George has to take responsibility of Lennie but also stands up for him, contrary to the very close friendship amongst George and Lennie. Steinbeck displays GeorgeÃ¢â¬â¢s desire in this way to get across the reader to feel GeorgeÃ¢â¬â¢s hindrance but to feel sympathy for George as well. Another GeorgeÃ¢â¬â¢s desireÃ¢â¬â¢s was to be independent (even though Lennie was his only and best friend) as he felt that Lennie stopped him from living a comfortable life which he desires in the first place. Ã¢â¬Å"If I was alone, I could love so easy. Ã¢â¬ SteinbeckÃ¢â¬â¢s use of this is rather ironic, as Steinbeck is indicating, George is prophetic and foreshadows George loosing Lennie, as this becomes a reality at the end of the novel. However Steinbeck portrays in this manner so that Lennie is not a prevention in order for George to achieve his desire of being independent. Additionally George and Lennie travelling together but being friends was very unusual because during the Ã¢â¬Å"American depression Ã¢â¬ people travelled alone in order to find work as there would be less hassle. Despite the disgruntling, Steinbeck clearly denotes George enjoys LennieÃ¢â¬â¢s company, which George is quick to protect him which shows the companionship, as George shares his aspirations with Lennie. Ã¢â¬Å"With us it ainÃ¢â¬â¢t like that, weÃ¢â¬â¢ve got a future. Ã¢â¬ The pronouns Ã¢â¬Å"usÃ¢â¬ and Ã¢â¬Å"weÃ¢â¬ indicate the unity and comradeship between George and Lennie, this suggests that George aspires to share his dream because he tries to distance himself from isolation which the other migrant workers suffer from and to avoid a miserable, wasteful meaningless life. The noun Ã¢â¬Å"futureÃ¢â¬ shows George is enthusiastic about his future in-relation to Crooks who is forlorn. It also suggests that George believes that he and Lennie will achieve their dream because the term Ã¢â¬ËfutureÃ¢â¬â¢ illustrates he is looking beyond their present situation on the ranch, which he sees their dreams as a success. Steinbeck presents the character in this way, so the reader recognizes the dreams and desires that migrant workers wanted to accomplish; In order to escape from their dismal and hopeless lives. In-addition George and Lennie being comrades was very rare, but the most infrequent thing was George helping Lennie which was also uncommon at the time of the Ã¢â¬Å"American Depression Ã¢â¬Å", as nobody would help another person. In-addition George desires to share his dream with Lennie, in-order to keep Lennie happy and to keep him as a companion. Ã¢â¬Å"I could build a smoke house like the one grand Ã¢â¬â¢pa had. Ã¢â¬ This phrase insinuates George wants his future to reflect his ideal childhood memories. The verb Ã¢â¬Å"couldÃ¢â¬ which suggests the potential to succeed which consolidates the heavenly idea of the dream in contrast with the hopeless and depressing lives of others. At the end of the novel George kills Lennie for the sake of Lennie to protect him from an awful tragedy. But in this context it is a way of renunciation of GeorgeÃ¢â¬â¢s own contentment which George wanted to share his own dream with Lennie. Steinbeck interprets GeorgeÃ¢â¬â¢s dreams in this way to the reader to shows how much one desires in order to accomplish his dream, in order to live a life of happiness but also to achieve the Ã¢â¬Å"American DreamÃ¢â¬ . Steinbeck explores the theme of destiny which creates a picture in the readerÃ¢â¬â¢s mind, of how people had to face the severe realities in order to achieve the Ã¢â¬Å"American DreamÃ¢â¬ at that time. As this is a perfect example to show oneÃ¢â¬â¢s dreams and desires, but what extents a person would go to in order to do that. Lennie Small is a rather ironic man; he is delineated as an enormous and powerful man but ability wise he is slow, innocent and childlike. With Lennie, Steinbeck mainly follows the theme of innocence within the novel. Lennie shares the same dream with George but his perspective is different to of that GeorgeÃ¢â¬â¢s. George wants his own land so he can live with freedom whereas Lennie desires to keep Ã¢â¬Å"furry rabbitsÃ¢â¬ and tend them. As Steinbeck portrays Lennie in this way, so the reader feels sympathy for him, as we would say he has a mental disability but this would have not been recognised at the time of the Ã¢â¬Å"American DepressionÃ¢â¬ as people would have considered Lennie as strange. In-addition the dream for Lennie petting Ã¢â¬Å"furry rabbitsÃ¢â¬ on his own farm will provide contentment and security for him. Despite his innocence, Lennie is still capable of great violence. Steinbeck constantly compares Lennie to various animals but comparison to a dog is quite significant. This comparison is apparent, such as Lennie is GeorgeÃ¢â¬â¢s only friend and the dog is CandyÃ¢â¬â¢s only companion. Also Lennie is dependent on George to be his faithful protector like the dog is loyal to Candy and relies on him. Furthermore LennieÃ¢â¬â¢s hands were the reason he kills CurleyÃ¢â¬â¢s wife, which Steinbeck compares to those of a dogs, calling them Ã¢â¬Å"huge pawsÃ¢â¬ and also saying that he Ã¢â¬Å"pawed up the hay.
Saturday, September 28, 2019
Business Management - Assignment Example This in essence will enable the company remain competitive. Improving on the quality of the products and services extended to customers. High quality ensures that the services are able to be competitive in the market and in turn sell with ease expeditiously (Hauser, 2004). Referral system. The company will rely on the goodwill it enjoys from its royal customers, to refer new customers to the company. To achieve this objective effectively, the customers will be offered a bonus point for every referral they make. The accumulated point bonus will be used to acquire more web hosting airtime on top of what they will have purchased. A company puts together goals and objectives to be achieved by the employees. Therefore, they are the core and key to the realization of these goals and objectives. Regular seminars and training programs to be undertaken to acquaint the human resource of the company with the action plan. They will be trained on the role they are expected to plan. ItÃ¢â¬â¢s a common belief in the field of management that failing to plan is planning to fail. However, itÃ¢â¬â¢s fully guaranteed that a plan will succeed as planned. Therefore, there is the need for a contingency plan to contain on the failure of plans and provide guidance when such a scenario occurs (Kurkarni, 2011). The company has put in place a monitoring and evaluation committee to review the implementation of the plan. Its mandate is to monitor the implementation of the plan and report any discrepancies and provide recommendations on the best way to handle
Friday, September 27, 2019
Organizational Behaviour 2 - Essay Example The role of Patch Adams was portrayed by one of the most revered actors of contemporary times, Robin Williams, known for his wit and genuine love for humor. The modes of communication used in the movie would be discussed and evaluated in the light of theories of both verbal and nonverbal communication, used as an integral and critical part of the healing process of patients. The development of language as a means of communication has enhanced the growth of interrelationships with people all over the world. Language facilitated the replacement and expression of behavior with concrete and concise messages. There is little doubt that language Ã¢â¬â the ability to communicate with words, whether in speech, writing, or signing Ã¢â¬â is one of the attributes that make one human, perhaps the most basic one. In any organized system, whether in business, politics, the academe, or in health care, the influence of theoretical perspectives in communication has evolved from a simple framework to the complex structure we have today. The development of communication theories opened a whole spectrum of information which enhanced the interaction and interrelationships among people from diverse walks of life. According to Delaune & Ladner (2006, 270), communication is the Ã¢â¬Å"process of transmitting thoughts, feelings, facts, and other informationÃ¢â¬ through verbal or non-verbal means. Verbal messages are messages communicated with the use of words and language. These messages can either be spoken or written. Non verbal communication, on the other hand, is the process of transmitting messages without words, that is, through body language (Delaune & Ladner, 2006, 275). Non verbal communication is usually understood as the process of communication through sending and receiving wordless messages. In another study conducted by Stuart & Laraia (2001), communication was described as having prominent
Thursday, September 26, 2019
Approaches to explain Entrepreneurship - Essay Example There are several approaches using which one can analyze the personality of an entrepreneur. In this paper, we will discuss some key approaches, which can help us explain an entrepreneur. 2. Environmental Background of An Entrepreneur Environmental background of an entrepreneur is very important to consider when assessing different approaches to explain entrepreneurship. Environmental background includes several elements, which play critical roles in the development of an entrepreneur. Some of those elements include family, education, role model, experience, and government support. Let us analyze these elements in some detail. 2.1 Family Family plays a vital role in the development of an entrepreneur. Professions and businesses of the family members of a person have a lot of influence on his/her professional mindset. According to Bruin and Dupuis (2003, p. 93), family business has a deep association with the concept of entrepreneurship. In some families, if the father of a person is involved in the business of construction, son will also try to step into that business by opening a firm or an independent construction company. Similarly, businesses of relatives also influence the mindset of an entrepreneur. 2.2 Education Education also plays a critical role in shaping professional approach of a person. Education makes a person aware of the legalities of different businesses, which help him/her become an entrepreneur at some stage of life. Education not only creates awareness among the entrepreneurs but also ensures economic development. Bruin and Dupuis (2003, p. 178) state, Ã¢â¬Å"Raising overall education and skill levels of indigenous peoples is undoubtedly crucial to indigenous economic developmentÃ¢â¬ . 2.3 Role Model Another element, which plays a role in shaping the mindset of an entrepreneur, is role model. As discussed earlier, a person is likely to step into the business of his/her ancestors. The reason is that success of parents or other relatives in any specific business positively influences the professional thoughts of an entrepreneur, which results in making that person an entrepreneur at some stage of life. Similarly, some successful businesspersons also become the role models for some people and they try to test their luck in the businesses of those people. 2.4 Experience Professional work experience is also an important element in the life of an entrepreneur. According to Bruin and Dupuis (2003, p. 69), entrepreneurs having little or no prior experience are less likely to succeed in their ambitions. A person is likely to start his/her own business after getting some experience in the related field. For example, a person doing job in a fresh food store or in a construction company may open his/her own company at some point in life after getting some practical experience and knowledge of all issues related to the business. 3. Entrepreneurs are Born or Made According to Shefsky (1994, p. 2), entrepreneurs are made, they are not born. Various factors play their roles in shaping an entrepreneur. Every entrepreneur is a normal person like every other person. The difference is just of their approaches to professional life. A normal person is generally less enthusiastic and innovative. He/she does not think of starting an independent business. On the other hand, an entrepreneur has some determination to do something new in life. Various
Wednesday, September 25, 2019
Implementation of the Carlson SAN Approach - Essay Example The figure illustrates that with the SAN approach storage devices are connected which makes them the protection of data more efficiently than before. SAN is a devoted network that transmits I/O traffic to the server and the storage devices and hence is termed as Ã¢â¬Å"network behind the serversÃ¢â¬ . Moreover, the applicability of SAN would enable a strong universal connectivity within storage to assist in clustering technology to derive the best output. Also, SAN can deliver disk and tape competence in more servers. SAN eliminates any limit regarding the access of the storing data in the individual server (Walder, 2013). Ã SAN central data facility was required by Carlson to enjoy a safer environment and high data protection of the data of the organization. Upholding consolidated data on a SAN central data facility is relevant as it protects data and enhances the speed for the benefit of the organization regarding the storage of the relevant data. Besides, file sharing can be done in a convenient manner with safety and without risk of security everywhere in the world. In addition, it improves the mobility and data control facility to a greater level of efficiency. The SAN central data facility is more cost-effective as it enables to store the data in several computers and it also facilitates as a backup data. Furthermore, the SAN central data is reliable and provides the scalable facility. It is also easy to access and provides quick efficient data sharing activity. On the other hand, the dispersed arrangement that it replaces leads to a time-consuming framework and also involves high maintenance. It requires high cost and is not as fast as the SAN central data facility. The risk associated with the dispersed arrangement is more as it is not fully protected.
Tuesday, September 24, 2019
Entrepreneurship and new business ventures - Essay Example Andrew Bengry-Howell from the University of Bath, stated that the people he interviewed at 4 of the largest music festivals were there to escape their daily routines (Tickle, 2011). These people view these festivals as havens where they could experience that sense of release. Some people said that they deliberately left their cellphones at home and tried to drift aimlessly inside the festival and disappear. The music festival kit will targeted towards these consumers who frequently spend 2-4 days at music festivals, depending on the length of the festival, and require materials for overnight stays. The attendance at these music festivals can give us an idea of the target market. Below is a list of the biggest festivals around the globe and their attendance numbers (MTV Contributer , 2013). It is important to note the attendance figures as it gives us an idea of the potential market size: These numbers show that the size of the target market is relatively large. What is interesting to note is that these festivals comprise of a sizable chunk of foreign participants. The SZSW festival held in Austin comprised of registrants from 64 foreign countries (SXSW, 2013). So it is worthwhile to note the global hubs of music festivals since the participants of the music festivals do not restrict themselves to their localities. They regularly visit other cities and even countries hunting for the best and biggest music festivals to attend and hence are a part of the potential market. In Australia, attendance at such festivals went up by 0.6% since ticket prices fell by 0.7%. Revenue from this sector averaged around $1.3 billion, which shows the growth potential of this market (AlNewstead, 2012). Contemporary music was the biggest drawcard and hence contributed $539.2 million in revenue which is 41.3% of the total share. Ticket sales from this sector amounted to 5.9 million tickets. Australia is considered to be the strongest market in the world right now for music
Monday, September 23, 2019
Biotechnology in healthcare - Essay Example Biotechnology has been around in some form for a very long time, but in the last few decades it has changed drastically to become a modern science that is crucial to the determination of the molecular mechanisms behind disease. Early biotechnology included baking bread and making such fermented food products as beer, wine, cheese, and yoghurt; all of these processes could be considered biotechnology as they require the use of bacterial enzymes to complete. However, this is not what most scientists today consider to be biotechnology, and the first modern use of the term Ã¢â¬ËbiotechnologyÃ¢â¬â¢ was in a 1919 publication by Karl Ereky. Ereky was a Hungarian engineer and economist. In his paper on biotechnology, he predicted an Ã¢â¬Å"age of biochemistryÃ¢â¬ which would rival previous technological periods in human history (Bruggemeier 2006). Given the current state of modern medicine and pharmacology, it seems that Ereky's prediction is correct; biochemistry and its brain child, biotechnology, are the way of the future. Modern medicine would be nearly impossible without the many almost miraculous discoveries of biotechnology. Biotechnology has infiltrated medical practice at all levels, from basic preventative care by family doctors and general practitioners all the way to specialized diagnostic techniques and highly individualized and effective treatments. The article seeks to provide basic and applied information on how biotechnology has been useful in the prevention, diagnosis and treatment of disease. Prevention: Preventive medicine is the prospective treatment of disease, an attempt to stop an illness from occurring before it starts and to keep patients in an overall healthy state. Prevention of the disease and/or illness is the objective. This is done through screening patient populations for high-risk groups and providing education and early interventions to those patients, and by providing general prophylactic care such as vaccination or vitamins. Biotechnology in preventative care is best exemplified through the recent advantages of vaccination. A classic example is the vaccination of humans with attenuated bacteria in order to control diseases caused by such bacteria. This type of vaccination with attenuated bacterial vaccines or its modified derivatives to express antigens from the pathogens has the merit of inducing protective immunity to those pathogens (Curtiss, 2002). Furthermore, vaccination with live recombinant attenuated bacterial antigen affords the in vivo production of the antigen in immunized individual long after immunization. This is an effective yet inexpensive vaccination approach. Vaccination is not restricted to the bacteria. Other pathogenic organism, such as viruses, fungi, etc can be use. For instance, a live, oral attenuated vaccine developed from the pentavalent rotavirus vaccine (RV5) has been shown in a trial study conducted in Finland and the United States to prevent 98% of severe rotavirus diarrh ea (Patel et al. 2009). As shown in Table 1, an association did exist between the rotavirus vaccine and the rotavirus disease (Patel et al. 2009). Table 1. Association between Rotavirus Vaccination and Rotavirus Disease Requiring Hospital Admission or Intravenous Hydration adapted from Patel et al. 2009. The ability to sequence viral genomes offers another vaccination approach that applied biotechnology fundamentals. Understanding the genome of a virus means researchers
Sunday, September 22, 2019
Women Role in Society - Essay Example Today, women share the same political and civil rights as men. They can vote and they can even be elected and appointed in public office. They can own property, they can practice profession and in all aspects of the law, they are considered as equal. Discrimination is even punished. As such, women now are no longer expected to just stay at home and rear their children. They can now pursue any career that they like. They are free to endeavor on anything. Although it still is challenging for them, we see women executives and politicians. And society actually looks up at successful, career-oriented women. However, being a woman, the demands of motherhood is still present. Despite having a career, mothers still have the responsibility to take care of their children. As such, the problem of women now has a different face. It is no longer discrimination or oppression. Now, their problem involve, them being torn between pursuing a career and the demands of child rearing. Personally, I would like my wife to remain at home to take care of me and the kids. But I know that way of thinking will be frowned upon. Society now dictates that the modern woman be career-oriented. Being a housewife is considered old-fashioned and pass. I don't want my wife to be called old-fashioned. And I don't want to be scorned as I will be depriving my wife of her opportunity to pursue a career. However, I find the essay of Danielle Crittenden very interesting. My impression of her is that she was born in the time civil and political rights was already equal between men and women. As such, she does not share the same sentiments as Stanton, Adams, Wollstonecraft and Wolfe. She does not have that extremely strong drive to prove herself as capable and worthy as any man. Because at the time that she was born, equality between men and women has already been established. As such, Crittenden was not ashamed to admit that motherhood is equally important to women. That it is also hard for mothers to leave their children while they work away from home. That while society demands that the modern woman be career-oriented, a mother cannot easily brush off the longing to personally take care of her child at home. In my opinion, women now face a different kind of pressure. Because of the work of a lot of female activists to grant women the equal status that they enjoy today, modern women feels compelled, that it is their responsibility to keep it that way. To voluntarily submit and be limited to housework would be throwing away all the years of advocacy for equal opportunity that women like Stanton worked hard to achieve. As such, women feel ashamed to fall back into the old-fashioned state of women. They feel that they should do more than just stay home and take care of the household. That they could do better than just become a housewife. I do not agree with this line of thinking. Being a housewife is not an easy task. It may not be as glamorous but it is difficult just the same. The house doesn't clean by itself. The clothes don't wash themselves either. And the babies, they can't feed on their own, they can't change their own diapers. That's why I don't understand why they get less respect from society. They do hard work
Saturday, September 21, 2019
Big City Description- Stone Cold Essay I knew I shouldnÃ¢â¬â¢t have done this, not like this, not todayÃ¢â¬ ¦ Not any day. I canÃ¢â¬â¢t turn back now, itÃ¢â¬â¢s too late for that, and in fact it was too late 3 hours ago, sitting on the planeÃ¢â¬ ¦ I stare out of the window trying to look at the New York streets, but the shapes are a meaningless blur. ThereÃ¢â¬â¢s hardly any green, I notice every colour of the rainbow, but no green. ItÃ¢â¬â¢s nothing like home Ã¢â¬âSnap out of it- I tell myself sternly. I look at the hole that I dug in the tired upholstery of the worn seat, Ã¢â¬Å"ThatÃ¢â¬â¢ll be 24 dollars, doll,Ã¢â¬ the cabbie says, his tone of voice clearly implying that this wasnÃ¢â¬â¢t the first time he was trying to get through to me but his face is a mask of nonchalance and amusement, itÃ¢â¬â¢s like he has two personalities that are fighting to show in one way or another Stiffly and without looking him in the eyes, I put a $50 bill in his hand and leave, not waiting for change. The pungent smell of car fumes was unbearable; so was the amount of people. To be quite honest, the whole city came as a huge surprise, the images in books lied, or maybe they hadnÃ¢â¬â¢t and I made it out to be more perfect than it actually wasÃ¢â¬ ¦ Most people were thankfully keeping to themselves, though some were openly staring; their icy glares like knives on my back. Others were something IÃ¢â¬â¢d call rather eccentric, one woman with a homeless sign looked up and smiled, a toothless genuine smile, I would have given her money, if not for her eyes; they looked like grey polished stones, dead eyes in a live body Ã¢â¬âDonÃ¢â¬â¢t look into anybodyÃ¢â¬â¢s eyes- I remind myself. Another man laughed at a joke that only he seemed to hear. Right then I realized I had stayed in this street for far too longÃ¢â¬ ¦ As I walk I look up into the bruised sky, itÃ¢â¬â¢s dotted with greyish clouds; I have the sudden urge to clear them away to see nothing but the flares of the celestial sun casting a dreamy haze upon the sky, announcing the arrival of twilight. I canÃ¢â¬â¢t hear crickets- I didnÃ¢â¬â¢t expect to, though I guess it would be nice to think I was back Ã¢â¬âYou donÃ¢â¬â¢t even have a home- I think bitterly. I hadnÃ¢â¬â¢t realized I walked this far but I find myself face to face with the Empire State BuildingÃ¢â¬ ¦ My mind starts to wonder what it would be like to step out one of the highest windows, just floating, flying at peace like a weightless bird. The last seconds of my life, stretched to minutes, but then would one feeling be worth hitting the ground in the end? ItÃ¢â¬â¢s not like I would mind dying, not now, with no family or a place I could call home without thinking twice about it. Ã¢â¬âStop it right now! My inner voice tells meÃ¢â¬ ¦. Ã¢â¬âHappiness lays somewhere in your future- it carries on, but I donÃ¢â¬â¢t listen, I have made up my mind, and there was only one road I could take now. I Cyan Kaylock, had a missionÃ¢â¬ ¦ I had to prove them wrong.
Friday, September 20, 2019
Ethical Issues In Marketing Vulnerable Customer Groups Ethics are defined as the set of principles which guide a persons conduct towards being morally right. When a person is faced with some moral dilemma, the choice that the person makes largely depends upon the values and ethical principles that person holds. It is over and above just being legal. Due to being dependent upon the personal values and principles a person holds, ethical code of conduct cannot be described in absolute terms. Like in all the disciplines of life, recognizing and quantifying what is ethical in marketing and what is not is difficult. In a broader sense, ethics in marketing mean implementing standards of moral rights and wrongs and of fairness in the marketing practices of an organization. The main objective of any business is said to be shareholders wealth maximization. In order to achieve this objective, the organization has to perform better than its competitors and create a competitive advantage for itself. This competitive advantage is mainly dependent upon the perception the customers hold of the products or services of the organization. An organization can create competitive advantage by means of its marketing decisions, behavior and practices. This includes aligning its marketing mix as per the customers requirements. The organization will gain competitive advantage only when the customer will perceive the marketing mix i.e. product, price, place and promotion to be of value. The focus has increased towards being ethical in marketing practices mainly due to two reasons. First, when an organization works ethically, the customers tend to develop more positive perception and attitude towards its products and services and the organization as a whole. This leads to long-term positive relationship with the customers. When the marketing practices of an organization depart from being ethical and the standards that are considered to be acceptable by the society are not followed, the organization taints its own image. It may lead to bad publicity for the firm, dissatisfied customers, lost business, lack of trust, and in some case even a legal action. Second, ethical abuses lead to pressure from either the society or the government for the firms to be more responsible. Since such ethical abuses do occur, people tend to believe that such marketing practices abound. As a result of this, consumer interest groups and some professional associations exert influence on marketing practices and keep them checked. An indicator of this is several regulations that have been designed just to protect the consumers rights. However, in order to be good to some stakeholders the organizations may sometimes make decisions which are not good for other stakeholders and effectively turn against those stakeholders interests. The ethical issues may not be only in terms of consumer, but they may also be for other stakeholders like the suppliers, employees, distribution chain etc. Categorizing Ethical Issues in Marketing Ethical issues in marketing can be categorized as follows: Unethical Product and Distribution Practices Several product-related issues, especially regarding the quality of products and services raise questions about ethical conduct in marketing. The most frequent complaints are voiced regarding the products which are of unsafe nature. Other than this, the problems are regarding poor quality of product or service, product/service not containing what is promoted or the product/service becoming obsolete or going out of style before they are used. The company which is making products that is of poor quality or is potentially unsafe for its consumers may jeopardize its image and develop a reputation for poor quality products or services. It may also put itself in situation of product claims or legal actions. Sometimes, however, the changes in an industry itself occur and the products become obsolete so fast that the consumers may misinterpret it as planned obsolescence e.g. in computer industry. Ethical issues may arise in the distribution process as well. Since the marketing personnel and sales representatives are evaluated mostly on the basis of sales performance, they may face performance pressure and this pressure may lead to ethical dilemmas. This may lead to unethical practices like pushing sale for products with higher commission, exerting influence on vendors to reduce promotions for competitors products, or making false promises regarding shipment dates and quantities. Deceptive Marketing Practices Deception is making the customer believe in the value provided by the product/service which it actually doesnt provide. It may take the form of misrepresentation or omission of key facts or misleading practices. This may also involve omission of important terms and conditions of sale and bait-and-switch selling techniques in which a product/service is offered usually at a lower price and the customers are then encouraged to buy more expensive items. Selling the potentially hazardous products without disclosing the dangers is also considered as deceptive and unethical marketing practice. There may also be packaging deception which is mislabeling regarding the content, weight, size, or use information of the product. Offensive and Objectionable Materials and Marketing Practices The promotional materials, advertisements and publications that are perceived as objectionable may create strong negative reactions for the organization. Such things may be perceived as objectionable or even offensive for some when they contain material which is related to certain stereotypical images, sex, or religious practices. Some things may carry different meanings in different locations and religions which may also be problematic if not handled properly. When people find the products or the promotion and advertising media as objectionable, they may force the vendors to stop carrying the product. So, it is in the interest of the company to screen such things and make them suitable so as to match to the tastes and preferences of their target market. Direct marketing also involves objectionable practices ranging from minor irritants like the frequency and timing of sales calls, letters or e-mails, to the ones that are even illegal. The practices that may raise ethical questions are persistent and annoying telemarketing calls, sales disguised as contests, use of mailing lists containing personal mail IDs, junk mails etc. However, there have been some steps and regulations to control these practices like Do not call registry to avoid telemarketing calls etc., but they are not sufficient and much needs to be done in this regard. Marketing Research and Benchmarking This is another area in which ethical questions may arise. Consumers and entities being benchmarked may consider it an invasion on their privacy. They are usually resistant on giving out personal information. However, in order to obtain correct and better data, researcher may act by unfair means. The same may happen in case of benchmarking. In some cases, the questions may be modified in a way to gain information which the respondent would not be willing to share otherwise. The organizations have to impose ethical standards for themselves in such instances. Ethical Issues in Marketing to Vulnerable Customer Groups The vulnerable customer groups include children, elderly, certain minorities, and religious groups. These customers may be influenced comparatively more easily as they have either less knowledge about these practices or they are vulnerable in terms of their minority or religion. Children have always been important marketing target for certain kind of products. However, in recent times more and more marketing efforts are being focused on children. Children have great influencing power while making any purchase decision. But, generally, their knowledge is less developed and limited about the products, media, advertisements, and the selling strategies adopted by the firms. Due to these reasons, they are more likely to be attracted to the strong images projected towards them and the psychological appeals directed towards them. Ethical questions arise in such environment when children are exposed to questionable practices e.g. advertisements attracting them towards products which are potentially harmful like alcohol and tobacco. The advent of Internet and direct marketing practices to market the products to children has become a major ethical issue in todays environment. There are very less, almost negligible, controls which can supervise the content which goes over the web sites. The marketers can present objectionable and misleading material to the minors without any regulation. Due to all these issues, there is increasing need to control the content being presented to children. It requires higher levels of regulations for marketing to children. Ethical Issues in International Marketing There is a relationship between the culture of a country and the perceived ethical perceptions of the citizens of that country. Due to globalization of the markets and hence the marketing practices, the marketers have to deal with the ethical issues arising in cross-cultural scenario. In this cross-cultural environment, the marketer may have to choose between entirely different set of ethical norms and values. A marketer may not wish to leave her own ethical values and adopt the cross-cultural values and this may pose the ethical dilemma. A practice which is generally accepted as being right in one country may be completely unacceptable in another. The situation gets more complex due to lack of clearly defined ethical standards and code of conduct. Major ethical problems in international marketing are as follows: Small or large scale bribery Bribery is mostly considered to be an unethical practice. However, in some countries it may be acceptable to get some work done or speed up the process. Gifts/Favors/Entertainment These include items like gifts, personal travels etc. which may be intended to get some job done. However, it may be considered just as a gift in some cultures, it may also be considered as being a source of influence in other cultures. Pricing The ethical issues regarding this include unfair price differentials, pricing to eliminate local competition by selling products at prices which are well below those in home country, or adopting pricing practices which are illegal in home country but are legal in host country like price fixing arrangements and forming cartels. Products/Technology This may involve ethical issue of selling the product/service which is banned in home country but not in the host country or which is inappropriate or unsuitable for people in host country to use. Questionable commissions to Channel partners This may include unethical practices like paying unreasonably high commissions to channel partners like dealers, distributors, sales personnel etc. to carry the products of this firm and restricting the products of competing firms. Involvement in political affairs This includes the issues of exertion of political influence by multinationals, or indulging in marketing practices in countries which are at war with the home country. Cultural differences There may be potential misunderstandings as some practices may be considered as right in one culture and immoral or even illegal in another. Reasons behind Ethical Issues in Marketing For any ethical issue arising in marketing, first we need to understand the reason of its emergence. Following are the reasons or ethical dilemmas or tensions due to which ethical issues arise: Consumer Autonomy vs. Marketing Effectiveness The consumer should be autonomous and should be allowed to make free choice about the product/service. At the same time, the marketing effort should be effective which means that it should help the organization to achieve the intended financial results and to do so affect the consumer behavior. Most of the times, the effectiveness criteria which can be described as achievement of sales goals takes preference over the consumer autonomy. The problems arising out of this type of tension may include misleading advertisements, concealment or misrepresentation of critical information etc. This can best be explained by the example of Amazon.com which offered different prices to different customers on the same day. The concept of differential pricing is perfectly in sync with the marketing effectiveness. However, it was against the concept of consumer autonomy. Consumer Choice vs. Consumer Protection Consumers should be given alternatives to choose from as per the consumer choice concept. Consumer protection says that the consumer should be protected from abuse. Consumers may not always choose the product which is good for them. This is especially true for consumers like children, elderly or poverty-stricken. Target marketing to such vulnerable consumers is an example where these two goals diverge. Target marketing is a core concept of marketing. However, when it involves vulnerable consumer segment, it may attract criticism. This raises a question that the product is serving the distinct needs of the segment or taking advantage of their vulnerability. Consumer Satisfaction vs. Revenue Growth Firms should increase their profits and they should also focus on delivering satisfaction to their customers. Most of the times these two objectives can go hand-in-hand. However, sometimes these objectives diverge because fulfilling the requirements and obligations of current customers may come in way of incremental revenue generation. E.g. If a firm discovers a fault in its product, should it recall it, offer free or discounted replacement or use the same resources for further revenue generation. If a recall is not done it may cause reduction in customer satisfaction. There have been several instances in which companies have forsaken their revenues for customer satisfaction. The latest example in this can be taken from Honda recalling almost 7 lakh Jazz and City cars globally due to a defect. However, there have also been the cases where companies chose not to act even after detecting the defect and the customers have suffered due to this. Customer Participation vs. Total System Efficiency As per the marketing theory, entire marketing process from product development to communication and distribution should be made as efficient as possible. It also says that the consumers should participate in the process. However, to gain more efficiency, the processes require standardization which may not be quite engaging for the customers. Customer Welfare vs. Price Discrimination In industries having high fixed costs and expiring capacities, like airlines, hotels etc., price discrimination is very important to maintain profitability. In such cases, the firms should try to capture the consumer surplus by exercising price discrimination. On the other hand, the firm should also contribute to consumer welfare and price discrimination is believed to reduce this consumer welfare as it results in increased price dispersion for the products/services. Ethical issues such as predatory pricing occur due to this reason. Predatory pricing initially offers lower prices to the customers, but subsequently it leads to reduced innovation, variety and increased prices. Selling branded goods at price premium is also considered as being an ethical issue due to this particular reason. Employee Satisfaction vs. Short-Term Profit Employee satisfaction has often been related to customer satisfaction which in turn leads to the success of an organization. If the organization maintains conditions such as ethical climate in the organization, then it may lead to improved employee satisfaction and service quality. However, this may come in conflict with the profit goal of the organization to maintain its competitive advantage. This may lead to situations where companies take advantage of their employees, avoid safety and health standards and go against labor unionization. There have been cases when companies have put the health and safety of their employees just in order to maintain their profits and earnings. Collaborative Supplier Relationships vs. Short-Term Cost Control Longer term relationships with suppliers enhance the firms results. The smaller the number of suppliers, i.e. the more collaboration a company has with its suppliers, the better the results of a firm are. However, the mass merchandisers take so much margin out of small suppliers that the small suppliers are forced to leave the business. Hence, such things lead to ethical issues. Changing Perception to Resolve the Ethical Issues in Marketing Ethical issues cannot be resolved easily due to the fact that there are no concrete guidelines regarding what is ethical and what it not. However, a marketer may try to resolve the ethical dilemmas she faces by applying some logics which are different from generally followed logics. Following are some of the ways that may help in resolving some of the ethical issues arising in marketing: Changing perception about the unit of exchange Changing perception about unit of exchange between the organization and consumer from just being a product or service to the benefit of than product or service may help a company make better ethical choice. Where a product focus makes a company think that since the product is intended for a particular segment, it will always provide benefit to the segment, a benefit focus makes the company think in terms of actual benefit that is being provided to its consumers. E.g. while marketing an alcoholic or tobacco product; the marketer may think that there is a good demand for the product, so the consumer should be provided with additional choice. However, when the focus is on benefit being provided to the consumer, the company may take responsible action like also providing information about the health hazard of such products. With this logic, a firm would not sell a potentially harmful product to its customers with conviction that they are do ing it for harmful purposes. Customer as a Co-Creator of Service Generally a customer is regarded as only a recipient of products or services. The marketer segments the customer, places its products, and distributes and promotes to the customers. However, if the marketer involves the customer and does things in interaction with the customer it may work to reduce two potential ethical dilemmas of consumer autonomy vs. marketing effectiveness and consumer participation vs. total system efficiency. When the customer is working in collaboration with the marketer, more transparency can be introduced which will further lead to marketing efficiency. E.g. in case of differential pricing, with collaborative actions more transparent discounting may be introduced which will further allow the customers to make informed choices. Such an approach makes sure that deception or any other type of manipulation with consumers judgment doesnt happen. When the consumer is co-creator of service, the perception of marketer will shift from making the process as efficient as possible to making it of more value to the customer. Value determination from producer to consumer Recognizing the fact that value is determined by the consumers may help the firms decide between societal benefits and mere profit maximization. This helps in resolving the ethical dilemmas of consumer welfare and price discrimination. The companies may look closely at the totality of their value proposition including all its consequences like social and environmental consequences. Instead of focusing on the product and its functional benefits, the value is determined from the perspective of consumer. Here, as long as the price discrimination is transparent, the choice made by the customers reflects the perceived value she attached with the choice. It reflects the notion of consumer welfare in the terms of customers perceived value of status, quality, convenience, innovation, variety and assurance. This logic also shows that the price premiums charged by companies are evidence of customers willingness to pay more for the trust inspired by the brand name. Firm-Customer Interaction As per this concept, the customers should be active participants instead of just being acted upon. This reduces the tension between the goals of satisfying current customers and working for incremental revenues. It also works to reduce the firm-supplier tension of collaborative relationships and profit maximization. These ethical dilemmas get diluted because the firm recognizes the value of customer relationships and this is willing to invest in the same. An example of this is the implied meaning of a brand as being a promise. There is a moral obligation for a company to deliver what a brand promises. Failure to deliver that value may harm the consumer perception and hence the firm-customer relationship. On the other hand, fulfillment of this leads to the strengthened relationship between the firm and the consumer. Recognizing the source of economic growth Traditionally, the firms consider the wealth to be the things which they own i.e. the resources which can be acted upon. However, the firms should consider that the main source of their economic growth is the skills and knowledge of the employees which act on these resources. This recognition may help in reducing the ethical dilemma of employee satisfaction vs. short-term profit. What an organization should do? Following are some guidelines that an organization may adopt in order to be ethical in its marketing practices: Take responsibility First and foremost, an organization should be able to take the responsibility of its actions. The organization should make sure that any marketing decisions and actions meet the customers needs and are able to satisfy them. In addition to this, these marketing decisions and actions should also cater to the broader needs of the society. The responsibility also extends to the employees and other organization that the firm deals with like suppliers or dealer agencies. The organization should not choose to encourage the unethical behavior in terms of any of these stakeholders. Recognize your customers rights Any organization has specific duties towards its customers: The customers should be able to expect that the products and services they intend to use are fit accordingly. The communication regarding the products or services should not be deceptive. The organization should intend to work in good faith. The organization should have appropriate policy to handle the grievances a customer might have. The organization should be considerate about the rights and interests of vulnerable groups and should not exploit them. Balance the Customer Interests with Marketing Needs Marketing has a number of objectives ranging from providing information about the product/service, stimulating the demand and boosting the sale, emphasizing the product value and differentiating the product from those of competitors. Hence, it may get difficult for an organization to strike a balance between these objectives of marketing with the ethical commitment to the consumer for providing honest, clear and unambiguous information. The situation may be aggravated if the business conditions are not good. However, the organization should focus on the long-term benefits in terms of better branding and customer loyalty while taking decisions on ethical issues. Recognize the inherent possibility of Ethical Issues Ethical issues arise when the interests and viewpoints of different stakeholders like the organization itself, customers, employees, and society etc. clash. Such issues are, however, very prominently inherent in certain industries or with certain kind of products e.g. tobacco and alcohol products. The organization should consider whether to advertise for them, to what extent to advertise and what the target customers for the advertisements should be. But, in such industry, no matter what decision an organization takes, it may have to bear the brunt of social ethicality merely be being in the particular industry. Be Environment-Friendly Green issues have come to prominence and have become major point of concern in recent times. Several organizations have made changes in their methods in order to be environment friendly. Some have even adopted special practices to give back to the environment. However, when the organizations try to improve the perception of their products/services by communicating these practices to the customers and other stakeholders they tend to get skeptical about the motives and claims of the organization. The organization should be able to promote such motives and claims so these are accurate and are able to be substantiated. Importance of Corporate Social Responsibility Conventionally, customers are primarily influenced by the product/service features, price and availability while making a choice about the product/service. However, with growing concerns about sustainable practices, environment-friendliness and social responsibility, there is one more dimension which has started influencing customer decisions. This dimension is of the policies a company adopts for its products and services. Customers are getting increasingly sensitive about the production processes, and the level of social responsibility with which organizations deal with their employees, invest their money, or indulge in other activities. Customers tend to prefer the products/services from a company which is relatively more socially responsible. Hence, it is a benefit for the organization to be ethically correct for its customers. In order to gauge the level of social responsibility of the organization, it should consider following factors: Are the products safe and being manufactured with sustainable materials, processes and under responsible conditions? Are the advertising practices being followed honest, clear and socially acceptable? Does the product provide value for money to the customers along with providing profits to the organization? Is the organization indulging in unethical selling practices? Does the organization ensure fair access to its products and services through its distribution channels? Is it easy for customers to get their issues resolved and does the organization meet customer requirements? Review all the aspects of marketing The organization should review all aspects of marketing including product design, pricing, distribution and promotion. Product Design and Development The organization needs to consider how the product will be produced i.e. the methods of manufacturing, materials and other resources to be used in the production. The company should assess whether the all these things including the production process are safe or they have any impacts on society or environment. The organization should also consider the potential use of the product/service. It needs to consider whether the product has the potential of being exploited and misused. The organization should take into consideration, the disposal of the product after it has been used. Pricing The prices of the products/services should provide value to the customers. It should not necessarily be the lowest price on the market. However, the company should be able to convey the value to the customers that they are getting for the price they pay. Packaging and Labeling Packaging has an important role in terms of brand identity and is very critical for sale. However, there are growing concerns with regards to packaging due to environmental impacts of the discarded packaging. The organization should also ensure that the labeling provides clear information regarding the use of the products. If there are some potential health or safety hazards associated with the product, they should be clearly brought to notice of the customer through means of labeling. Distribution In terms of distribution, the organization should make sure that the products are freely accessible to the customers without any discrimination e.g. of geographies. If the business is heavily dependent upon retailing, there may be another set of ethical issues that may arise. With growing concentration of retail business, retailers have gained considerable power to exert influence over the customers as well as the suppliers. The retailer may get involved in unethical practices like stocking products for only some of the companies who pay them more margins. All these issues should be tackled carefully and the power of influence should be divided carefully.