Role of Money Market in Economic Development of Nigeria

Discount Houses Operations, the Money Market and the Nigerian Economy: A Preliminary Investigation C. B. Ezirim and F. E. Enefaa Abstract This paper investigates the relationships subsisting between the operations of discount houses and the performance indices of the money market and the general economy. The method used involved the estimation of regression models and subsequent analysis of results using conventional statistics. The findings indicate that positive and significant relationships existed between the indicators of discount houses and those of the money market and the macro economy.Thus, the operations of these houses reserve the potentials to boost the performances of the money market and the economy considerably. This calls for policy options that would favor the encouragement of existing houses and licensing of new ones to adequately carter for the needs of the overall economy. Introduction It has been underscored that discount houses play very important roles in stimu lating investments in the economy and in boosting the general operations of the money market.Not only do they serve as catalyst in the market, they are, on their own, large-scale investors in the money market as well. Their role in facilitating profitable open market operations is worth stressing (CBN, 2004; Ezirim, 2005). Notwithstanding these and other roles performed by discount houses in a typical economy, the Nigerian money market operations are said to be sub-optimal in terms of engineering desired growth in the economy. The observed sub-optimality of the Nigerian money market is blamed, in part, on the poor performance of discount houses and other money market institutions.Discount houses, from the onset of their operations in the country, were expected to cause the Nigerian money market to operate optimally. Since the money market is yet to achieve this objective, can we then say that the discount houses have failed in their expected duties? It is the burden of this study to ravel the true position by x-raying the relationships between relevant variables representing the operations of the money market and those of the discount houses.Furthermore, the entire activity of the discount houses is expected to directly or indirectly boost aggregate domestic investment, output, and income. The levels of these macro magnitudes, even with the advent of discount houses, have left much to be desired. Does this suggest that these institutions, alongside others, have failed in their critical duty to the economy? The need to investigate the relationship between the 94 operations of these financial institutions and relevant macro indicators is only rife.It is, therefore, main purpose of this study to analyze the operational performance of discount houses in a bid to see how they relate with the general performance of the money market and the macro economy. Theoretical Framework and Review Concept and Roles of Discount Houses Discount houses are recent but novel develo pments that are meant to further the catalytic processes in the economic advancement of the less developed countries (LDCs) like Nigeria, especially in the money market sub-sector.By definition, discount houses are financial institutions devoted to trading in money market securities in the secondary market. As in Ezirim (2005), discount houses (DHs) were established to serve as financial intermediaries between the Central Bank of Nigeria (CBN), licensed banks, and other financial institutions. DHs mobilize funds for investments in securities by providing discounting/rediscounting facilities in government short-term securities.According to Central Bank of Nigeria (2004: 1) Revised Guidelines for discount houses in Nigeria, â€Å"a discount house means any person in Nigeria who transacts a discount house business which in the main consists of trading in and holding of treasury bills, commercial bills and other securities and whose operations are in the opinion of the CBN those of a d iscount house†. Local Banks and other financial institutions including insurance companies, with or without the participation of international finance institutions acceptable to the CBN, can subscribe to the shares of a iscount house business. However the maximum permissible equity holding for any single investor in a discount house is 40%. Kakawa Discount House Ltd. (2005) provided a distinct approach to understanding the discount house phenomenon. To them, a discount house is a specialist financial institution, which intermediates in the money market by accepting short-term monies for onward investment in short-term financial securities from commercial, universal, investment and development banks, building societies, other financial institutions and high net worth individuals.They are credited with playing a vital role in the Nigerian Monetary System by sitting at the centre of the money market, and offering the safest avenues available for investment in Nigeria today. They invest mainly in government treasury bills and to a lesser extent in commercial bills issued by blue chip companies, and accepted by creditworthy bank. Their principal specialization is in providing primary liquidity in the Nigerian financial sector through the buying and selling of security in huge volumes for very short period of time.A discount house in Nigeria is a specialist financial institution that acts as an agent for facilitating the Open Market Operation (OMO) allocations; and as a market marker in Nigeria money market. Ajie and Ezi (2001) maintained that the establishment of discount house in Nigeria has been an important development that led to an increased level of activity, fund flows and growth of the money market. 95 Establishment and Raison d’etre of Discount Houses in Nigeria Discount Houses were set up by the provisions of Section 28, of the Central Bank of Nigeria (CBN) Decree No. 4 of 1991 and sections 61 of Banks and Other Financial Institutions (BOFID) Decree No. 25 of 1991 as amended. Three discount houses commenced operations in 1993 while two others joined between 1995 and 1996. Discount Houses were primarily created in Nigeria to carry out the following functions: (a)Promotion of rapid growth and efficiency in the money market; (b) Acting as an intermediary between the CBN and licensed banks in Open Market Operations (OMO) transactions and other eligible transactions; (c ) Facilitating the issuance and sale of short termGovernment securities, (d) Providing discount/re-discount facilities for Treasury Bills, Government Securities and other eligible financial instruments; (e) Accepting short-term investments on an intermediary basis from banks and wholesale investors; and (f) Providing short term financial accommodation to banks. The CBN injects or withdraws funds from the money market through the Discount Houses, whose operations will enable them serve as a mirror with which the CBN gauges the liquidity position in the market. Discount Houses help banks to adjust their books on a daily basis, resulting in the stimulation of the money market and paving the way for healthy growth, efficiency and professionalism. Following the recent CBN 2004 Guidelines, the functions of a Discount House were expanded to include: (a) Providing portfolio and funds management services, (b) Providing financial and business solutions, and (c ) Other functions that may be prescribed by the CBN from time to time (CBN, 2004).Regulation and Control of Discount Houses in Nigeria The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) regulate and control the activities of the Discount Houses. In a bid to keep Discount Houses secure, the CBN strictly regulates them through daily, weekly, monthly, semi-annual and annual reporting of their statement of affairs while relevant quarterly reports are sent to SEC. This keeps the regulatory agencies continuously informed of the situation prevailing in the Discount H ouses on a daily basis ( Kakawa, 2005).In terms of prudential requirements, the CBN (2004) required that every discount house shall: (a) transfer to the statutory reserve a minimum of 15 percent of profit after tax if the reserve fund is less than the paid-up capital and a minimum of 10% if the reserve fund is equal to or more than the paid-up capital; (b) maintain capital funds to risk assets ratio of 1:13 and cash asset ratio (CAR) of 10% or as may be prescribed by the CBN from time to time; (c ) not exceed a maximum ratio of 50:1 between its total borrowing and capital plus reserves without the prior approval of the CBN; (d) not grant to any bank, facility of more than 75% of its shareholders’ funds unimpaired by losses without the prior approval of the CBN; (e) (i)at all times maintain not less than 60% of total borrowing in government securities; (ii) Any discount house which fails to maintain the 60% of borrowings in government securities is guilty of offence and liable to fine as stipulated in Section 15(4)(b) of BOFIA as amended. (f) shall classify and make provision for its risk assets in line with prudential guidelines for banks; (g) maintain proper books of accounts; (h) every discount house shall display its daily rates or interest in a conspicuous position in all its offices; (i) 96 hanges in the discount house’s top management and Board of Directors shall be subject to the prior approval of CBN; (j) every discount house shall appoint an auditor approved by the CBN whose duties shall be to make to the shareholders a report of their annual balance sheet and profit and loss account. The qualifications, duties, powers and responsibilities of the approved auditors shall conform to the provisions of Section 29 of BOFIA 1991, as amended; and (k) all repurchase transactions (Repos) by discount houses shall be reported on the balance sheet if the securities used are owned by the discount houses with the affected assets remaining in the books of the sellers (discounting houses), while the cash received by them shall be recognized as a liability (CBN, 2004). Services and Financing of Discount Houses Discount Houses offer a wide range of financial products to Banks, Non-Bank Financial Institutions and the general public.The main services include: (a) Securities trading which includes buying and selling of: Treasury Bills, Treasury Bonds, Government Bonds, and Commercial Bills; (b) Accepting short-term investments from banks and providing short-term accommodation to banks; (c) Short-term financial intermediation through the acceptance of funds and simultaneous investment of the funds in: Commercial Papers, Bankers Acceptances, Government Securities; (d) Providing personalized wealth management to high net-worth individuals through a network of investment managers, financial consultants and other specialists; (e) Effective portfolio management on both discretionary and non-discretionary basis through the provision of medium to long term investment management services to: Pension funds, Private clients, Employee Schemes, Trustees of family settlements and charities; and (f) Providing Business Solutions in: Financial Arrangement and Management, Mergers and Acquisitions, Privatization, Business Assessment, Business Structuring, and Data Resource and Management (kakawa Discount House Ltd. , 2005) The Sources of funds for discount houses in Nigeria included: (a) Equity – Paid- up Capital and Reserves. (b) Call money and short-term borrowings of not more than three years maturity. (C) Call money placed by banks with discount houses shall form part of the specified liquid assets of the respective banks for the purpose of the liquidity ratio requirement. d) A discount house that is short of funds may: (i) obtain from the CBN an overnight advance against acceptable collateral. However such an advance shall not exceed 20 percent of the total assets of the discount house and shall not in any event be gran ted if the discount house has exceeded the borrowing limit as prescribed by CBN; (ii) sell short-term bills and/or other securities to the CBN. The CBN shall provide rediscounting facilities for treasury and other eligible securities; and (iii) enter into Repurchase transactions with the CBN using eligible securities. The short-term nature of the liabilities of a discount house requires that its assets be substantially liquid.The assets of a discount house shall consist of the following: a) Treasury Bills; b) Treasury Certificates; c) Negotiable Certificates of Deposit (NCDs); d) Bankers’ Acceptances; e) Commercial Papers (eligible); f) Asset-Backed Securities (of not more than three years to maturity); g) Federal Government Development 97 Stocks (development stocks not exceeding five years); h) Eligible State Bonds (bonds with not more than five years to maturity); i) Promissory Notes issued by State Governments; and j) Any other securities that may from time to time be appr oved by the CBN. Discount Houses, Open Market Operations, and the Money Market Open Market Operations (OMO) is an indirect monetary policy technique that is used to control the level of money supply.It involves the sale/purchases of money market instruments in the open market. In Nigeria, the money market instrument used for OMO auctions is the Treasury Bills. Discount houses are the exclusive agents, in the conduct of OMO in Nigeria. OMO auction are held on a weekly basis. Presently, the notice is put out on Wednesday. Banks and other participants forward their bids to the discount houses on Thursday whilst the results are released the following day, Friday. The Discount House submits bids from authorized dealers, including its needs for OMO instruments, to the Central bank and facilitates the payments and settlement of the transactions.The money market is a wholesale market for low risk, highly liquid, short-term debt instruments. Shortterm refers to a tenor of less than one year. In Nigeria, the instruments traded in the main are Treasury Bills, Bankers Acceptances and Commercial Paper. The heart of activity in the money market occurs in the dealing rooms of discount houses and banks. Each day, billion of Naira is traded between operators in the money markets (CBN, 2004; Kakawa, 2005). Performance of Discount Houses in Nigeria Since inception, the discount houses have especially increased the level of activity in the secondary market for government securities. This is apparent from the volume of treasury bills currently held by banks. This increased from N5,181. million in 1992 to N38,286. 8 million in 1994. This is very remarkable when we consider that the treasury bills issued by the CBN had shown a downward slide from N81152. 1 million in 1992 to N30633. 2 million in 1994 and N20247. 7 million in 1996. As at 2002, there were 5 discount houses operating in Nigeria. Relative to their performance in 2001, they recorded significant growth in 2002. The total assets of the 5 operating Houses amounted to N57. 3 billion at December 2002 and N67. 3B as at the end of 2004 ( See Table 1 below). Total funds available amounted to N28. 7 billion compared with N9. 7 billion in 2001. The funds were sourced mainly from money-at-call (N13. billion), other amounts owed to bank and non-bank customers (N11. 7 billion), accretion to capital and reserves (N1. 6 billion), and reduction in cash and balances with banks (N1. 5 billion). 98 Table 1: Selected Indicators of Discount Houses, Money Market and Nigerian Economy Discount Houses Shareholders’ Funds (DHSF) NM 1993 436. 0 1994 565. 7 1995 865. 6 1996 1251. 7 1997 1430. 5 1998 1710. 3 1999 2136. 5 2000 3730. 7 2001 4948. 6 2002 6511. 0 2003 7679. 0 2004 9924. 5 Source: CBN Annual Reports, various years. Year Discount Houses Assets (DHASS) NM 4,461. 8 9,583. 2 3,431. 9 1,178. 4 6,996. 1 7,842. 6 15,049. 6 30,260. 8 32,353. 7 57,282. 52,731. 2 67,346. 2 The funds were largely utilized for investmen ts in government securities (N19. 7 billion), settlement of claims to banks (N2. 4 billion), and acquisition of other assets (N2. 4 billion) among other uses (CBN, 2002: 42, 43). The Central Bank (2004a) reported that the level of activities of discount houses recorded relatively improved performance in 2004 relative to compared with what obtained in 2003. The total assets/liabilities rose from N52. 7 billion in 2003 to N67. 3 billion in 2004, representing an increase of N14. 6 billion or 27. 7 per cent, while the total funds sourced amounted to N22. 6 million, compared with N15. billion in the preceding year See Table 1). The funds were sourced mainly from non-bank customers (N8. 1 billion), reduction on claims by banks (N5. 7 billion), and an increase in reserves (N2. 2 billion). The funds were utilized mainly in the purchase of Federal Government securities of less than 91-days maturity (N16. 2 billion). Discount houses’ investment in Federal Government securities of less than 91 days maturity amounted to N38. 1 billion at end-December 2004, representing 80. 1 percent of their total deposits liabilities. This was 20. 1 percentage points higher than the prescribed minimum of 60. 0 per cent for fiscal 2004 (CBN, 2004a).These show how important the impact of the discount houses has largely been felt in the level of activity and nature of holding of government debts instruments. Research Methodology Design of the study and Data: The study investigates the effect of the operational Performance of the discount houses on the Nigerian economy. The method employed included the estimation and analysis of regression models. For the purpose of this study, the research design used was the investigative research method which is mainly biased to inferential statistical analysis (Baridam, 2005). This study was intended to cover the entire discount houses operating in Nigeria.Accordingly, time series annual data 99 covering the period of 1993 through 2004 were obtain ed and analyzed. The Annual Report and Statement of Account of the CBN for various years constituted the sources of the time series data for the estimations. Operational Measure of the Variables: The dependent variables in this study are the operational performance indices of the money market and the entire economy, namely the total value of operations of the money market and the real GDP respectively. The independent variables are the operational performance indices of the discount houses, namely the discount houses shareholders’ fund (DHSF) and discount houses assets (DHAS).Data Analysis Techniques: Besides the desk research method which informs an extensive review of the theoretical underpinnings related to this topic, the study involved the estimation of conventional regression models as earlier mentioned which assisted in analyzing the data. The ordinary least square (OLS) technique was also adopted using the SPSS software for the estimation of the variables. The tand F- tests were used to test for significance of the results obtained. Hypotheses, Estimation Results, and Analysis Two hypotheses were formulated to the intent of finding the nature and magnitude of relationship existing between discount houses operations, on one part, and the money market operations and the general economic activity of the country, on the other. The resultant linear regression models were estimated and analyzed below. Relation between Discount Houses’ and Money Market Operations The first ypothesis states that: there is no significant relationship between the country’s money market operational performance and the operations of discount houses in the country. As expected the regression statistics were calculated using the SPSS computer software programme. The indicator of the money market, namely money operations from 1993 through 2004 were regressed against the indicator of discount houses, namely, the total capital injections (shareholders fund – DHSF) of discount houses on one part, and total assets of discount houses (DHAS) on the other. This procedure yields two subhypotheses: one relating money market operations (MMOP) with discount houses shareholders’ fund (DHSF) and the other linking MMOP with discount houses assets (DHAS).The results of the computations are summarized on Table 2 which depicts the regression results of relations between the above variables. In each case, the MMOP remained the dependent or explained variable, while the DHSF and DHAS were the independent variables. As shown by the Table, for the MMOP-DHSF relation, the observed coefficient of regression was 0. 995, while the same statistic was observed as 0. 978 for the MMOP-DHAS relation. 100 This suggested that the degree of association between the money market performance and the discount houses’ operations was very high, being at least 97%. The observed high degree of relationship was confirmed by each of the coefficient of determinat ion (r2) of 0. 91 and 0. 957 respectively. The results of the r2 showed that at least 95. 7% of the variations in money market operations can be attributed to the effects of discount houses’ operation, when the explanatory variable was DHAS. Table 2: Regression Results Showing Relationship between Discount Houses and Money Market Operations Independent Variables Statistics DHSF DHAS Coefficient of Regression (R) . 995 . 978 Coefficient of Determination (r2) . 991 . 957 Adjusted R Square . 990 . 952 F-Ratio 1050. 12 220. 522 Significance Level of F . 000 . 000 Regression Coefficient (beta) . 995 . 978 t-Statistics 32. 406 14. 85 Significance level of t . 000 . 00 * Dependent variable is MMOP. Source: Computer Printout (SPSS) The level of explained variation when the explanatory variable was DHSF was 99. 1%. The range of the degree of explained variation attributable to the models, thus, was between 95% and 99%. After adjusting for the effects of small sample size (number of ob servations) and number of independent variable (which remained constant however in each case implying that only sample size was adjusted), the adjusted coefficient of determination, r2, were 0. 99 for DHSF and 0. 952 for DHAS. By implications after the necessary adjustments, the proportion of explained variation remained at between 95% and 99%.The F-ratios of 1050. 12 for DHSF variable and 220. 522 for DHAS variable are all significant at 1% level or less (P = . 000 in each case). This implies that the relationships between MMOP and DHSF and DHMS are statistically significant at the conventional levels. The relative effects of each independent variable as denoted by the t-statistics are equally computed to be statistically significant as expected (t = 32. 406 for DHSF and t=14. 85 for DHAS; P= . 000 in each case) at 1% level of significance. Given these, we cannot accept a null hypothesis of no significant relationship between operations of the money market and those of the discount houses.Thus, there is a statistically significant relationship between discount houses operations and money market performance in Nigeria. Discount houses operating in Nigeria affect the Nigerian money market both positively and significantly. Relationship between Aggregate Economic Performance and Discount Houses Operations The second hypothesis attempts to know whether or not the general economy has been significantly impacted by the discount houses’ operations in the country. This hypothesis stated in the null is as 101 follows: There is no significant relationship between the aggregate economic performance represented by the GDP and the operations of discount houses in Nigeria.Table 3: Regression Results Showing Relationship between Discount Houses’ Operations and Real DGP Independent Variables Statistics Coefficient of Regression (R) Coefficient of Determination (r2) Adjusted R Square F-Ratio Significance Level of F Regression Coefficient (beta) t-Statistics Sign ificance level of t DHSF . 971 . 943 . 937 163. 97 . 000 . 971 12. 805 . 000 DHAS . 947 . 898 . 887 87. 705 . 000 . 947 9. 365 . 000 * Dependent variable is real GDP. Source: Computer Printout (SPSS) The regression statistics were calculated using the SPSS computer software program. The indicator of the economy namely Real GDP from 1993 through 2004 were regressed against the indicators of iscount houses, namely, the total capital injections (shareholders fund – DHSF) of discount houses on one part, and total assets of discount houses (DHAS) on the other. This procedure yielded two subhypotheses: one relating Real GDP (RGDP) with discount houses shareholders funds (DHSF) and the other linking RGDP with discount houses assets (DHAS). The results of the computations are summarized on Table 3 which depicts the regression results of relations between the above variables. In each case, the RGDP was treated as the dependent or explained variable, while the DHSF and DHAS were the in dependent variables. As shown by the Table, for the RGDP-DHSF relation, the observed coefficient of regression was 0. 971, while the same statistic was observed as 0. 947 for the RGDP-DHAS relation.This suggested that the degree of association between the aggregate economic performance and the discount houses’ operations was very relatively high, being at least 94%. The observed high degree of relationship was confirmed by each of the coefficient of determination (r2) of 0. 943 and 0. 898 respectively. The results of the r2 showed that at least 89% of the variations in aggregate economic activities can be attributed to the effects of discount houses’ operations, when the explanatory variable was DHAS. The level of explained variation when the explanatory variable was DHSF was 93. 7%. The range of the degree of explained variation attributable by the models thus was between 89% and 94%. 102After adjusting for the effects of small sample size (number of observations) and number of independent variable (which remained constant however in each case implying that only sample size was adjusted), the adjusted coefficient of determination, r2, were . 937 for DHSF and . 887 for DHAS. By implications after the necessary adjustments, the proportion of explained variation remained at between 88% and 93%. The F-ratios of 163. 97 for DHSF variable and 87. 7 for DHAS variable are all significant at 1% level or less (P = . 000 in each case). This implies that the relationships between RGDP and DHSF and DHAS are statistically significant at the conventional levels. The relative effects of each independent variable as denoted by the t-statistics are equally computed to be statistically significant as expected (t = 12. 8 for DHSF and t = 9. 4 for DHAS; P= . 00 in each case) at 1% level of significance. Given these, we cannot accept a null hypothesis of no significant relationship between aggregate economic activities of Nigeria and operations of the discount houses . Thus, there is a statistically significant relationship between discount houses operations and economic performance of Nigeria. Discount houses operating in Nigeria affect the Nigerian economy both positively and significantly. Concluding Remarks It was thus the main purpose of this study to analyze the operational performance of discount houses in a bid to see how they relate with the general performances of the money market and with the macro economy.Put simply, the study investigated the effects of the operational Performance of the discount houses on the Nigerian money market and the economy. The method employed included the estimation and analysis of regression models. The results indicated that: there is a statistically significant relationship between discount houses operations and money market performance in Nigeria. Discount houses operating in Nigeria affect the Nigerian money market both positively and significantly. Furthermore, there is a statistically significant rel ationship between discount houses operations and economic performance of Nigeria. Discount houses operating in Nigeria affect the Nigerian economy both positively and significantly.The results suggest that the establishment of discount houses has been shown to be one of the potent measures that have tremendous potentials to strengthen and cause real growth to the money market and the economy. In keeping with the above, the Government and the Central Bank should endeavor to license more discount houses since their operations are beneficial to the country. The five discount houses currently operating are too few to satisfy the requirements of a vast country like Nigeria. The opearational Houses and the authorities should also endeavor to awake the consciousness of the investing and the business public to proper usage of the facilities and services provided by discount houses.Candid awareness should be provided and information made available to the investor public to know which discoun t house is performing better and good for patronage. The management of the operating discount house should endeavor to improve in their service offerings to their customers especially in the area of making their discount charges to be reasonably competitive. This could also improve the clientele level of the 103 operating discount houses in the economy. It is important that discount houses’ management, investors and government critically analyze and understand the effect of under-utilization of services or facilities provided by discount houses.It is the humbly suggestion of the authors that further empirical works be carried out on the identified relationships using more powerful and sophisticated tools and larger number of observations such as in the cases of monthly and quarterly data. Comparisons between the Nigerian experiment and the experiences of other developing countries should also be made. These would assist the general understanding of the unique roles of discoun t houses in the less developed countries. 104 References: Ajie, H. A. and Ezi, C. T. (2001) Financial Institutions and Markets, Paragraphics Publishers, Enugu. Baridam, D. M. (2005) Research Methods in Administrative Sciences. NTA Road, Port Harcourt. Sherbrooke Associates. Central Bank of Nigeria (2002) Annual Report and Statement of Accounts. Abuja: CBN Press. Central Bank of Nigeria (2004) Revised Guidelines for Discount Houses. CBN Press.Central Bank of Nigeria (2004a) Annual Report and Statement of Accounts. Abuja: CBN Press. Ekezie, E. S. (1990) Elements of Banking. Ibadan: University of Ibadan Press. Ezirim (2005) Finance Dynamics: Principles, Techniques, and Applications. Port Harcourt: Markowitz. Federal Government of Nigeria (1991) Banks and Other Financial Institutions (BOFID) Decree No. 25 of 1991. Lagos: Government Press. Federal Government of Nigeria (1991) Central Bank of Nigeria (CBN) Decree No. 24 of 1991. Lagos: Government Press. Kakawa Discount House Limited (2005 ) Discount Houses in Nigeria. www. Google. com, Accessed October 2005. Layi Afolabi (1992) Law and Practice of Banking. Lagos: Lagos University Press. 105

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Information Security - Essay Example Although a voluminous amount of information which talks about cyber attacks has already been presented, there exist several lapses involving properly recognizing security defense weaknesses and how perpetrators breach computer security. Hence, the purpose of this paper is to address the aforementioned topics, which were not discussed in the previous work. Apart from reviewing security bypass strategies, a study design and possible ways to analyze future data will also be addressed. In the context of computers, the security of data will be difficult to manage if the criteria for proper management will not be converted to something that is measurable. Thus, the quantitative aspects cannot be overlooked because these will allow the researchers to better assess the strength of the system to put off any form of security breach to the system or its capability to hold off cyber attacks. This paper starts off with a brief review of the different research method designs: qualitative, quantitative, or both, and an explanation of the importance of each design over the other. After which, the research questions will be presented, followed by a detailed description of how the research design will be implemented including the inherent limitations and validity issues of the chosen design. Prior to discussing the process of data collection, the functions of the researcher will be briefly tackled. Thereafter, an explanation why the mixed method design was chosen over the other approaches will be provided, wherein the validity and quality of the data that will be retrieved using the said methodology will be established. Moreover, the ways of managing the collected data will also be described. A discussion of the mixed method design, in the context of holistic perspectives will follow, which will be used as a guide to analyze the retrieved data. It has been well established that the preconceived notions of the researchers over which research design to use, how

GOLF Assignment Example | Topics and Well Written Essays - 750 words

GOLF - Assignment Example The players competing in a golf game use varied types of clubs to place a ball into a series of holes scattered across a golf course. The size and dimensions of a golf course are not well defined as in other sports. Each golf course has a unique design and layout and may have either eighteen or nine holes. Each hole in a golf course has a teeing ground that is â€Å"the starting point of each hole, where the tee markers are (PGA Professional 20)†. A teeing ground comprises of a bounded tee area that includes the putting green and varied hazards like rough and fairway. Putt pertains to a shot made by a golfer with a golf club to make the ball roll. Putting green happens to be â€Å"the most closely mown and smooth area on the course, which is specifically prepared for putting and on which the hole is placed (PGA Professional 16)†. Hazards consist of bunkers filled with sand or some other stuff and water hazards like ponds and ditches that make the game more complex. A si ngle round of golf involves rolling the golf balls in all the holes on a golf course as per a specific order. This order is set as per the layout of a particular golf course. In a golf course consisting of nine holes, the rules are the same except the fact that a game comprises of two following nine-hole rounds. A Player is usually required to keep on hitting a ball until it is holed that is put in a hole. Golf is a game that could be played either individually or in groups. The player who manages to put the ball in all the holes during a round by resorting to the least number of strokes in a round is considered to be the winner. Mainly there are two basic types of golf that are match play and stroke play. In match play, each hole is considered to be a separate contest, and of the two players or teams, the one that wins the maximum number of holes is declared to be the winner. In stroke play, the strokes made by each player to push the ball in every single hole are

The Patriot (analysis of the film) Essay Example | Topics and Well Written Essays - 1000 words

The Patriot (analysis of the film) - Essay Example The Patriot The American Freedom struggle has been the subject of many Hollywood movies. Roland Emmerich's 'The Patriot', released in 2000 was an epic film which created a stir worldwide.The film was released as a novel by Stephen Molstad in the same year. Mel Gibson won various acclaims for portraying the role of Benjamin Martin realistically. The plot of the film revolves around an ex war veteran who had fought for the French Government. A successful farmer and a father with seven children Benjamin Martin is shown as a man with principles, who has lost his belief in war. He is a neutral who does not support either the colonists or the crown. He simply says â€Å"I'm a parent. I haven't got the luxury of principles†. But war pulls him into action. Revenge as Motive Benjamin's plantation is targeted by the British armies. They kill one of his sons and take another as captive, burning his property and committing various atrocities just for helping some injured soldiers. Benjami n rescues his son with the help of his other children and starts working in favour of the colonists winning the war for them, though he suffers some personal losses from his side. The death of his beloved son and his loyal servants deeply scars Benjamin. He comes across various atrocities committed by the British army in the US to bring down the resistance. For example, we can mention the burning of his daughter in-laws village church along with all its citizens. The vengeance against the British army is portrayed in several places in the film. Gabriel his elder son is killed by Tavington. Leono Rippy, one of Martin’s confederate’s family members are burned down causing his suicide. Tcheky Karyo Martin’s second command-in line describes how both his daughters were burnt to death by the British people. These experiences turn him into a vengeneful man making revenge the main plot of the film. In a particular scene Benjamin and his colleague visits a filthy restaur ant to enlist soldiers for fighting in the American army. Nobody is particularly interested. But, once they say praise the British crown, everybody in the area starts attacking them with pitchfork, knives and rods. The hatred for the Europeans among the Americans is shown comically in this scene. Facts shown in the film Certain facts shown in the film are true while others are completely imaginative. The facts shown about the final battle of the film combined the incidents which took place in the Battles of Cowpens and Guilford court house. The facts are shown from the perspective of the American people rather than from the perspective of the British soldiers. In fact, they are depicted as monsters in most of the film undermining some major victories they achieved in the war. The film creates a rosy world where the good triumphs over the evil because the hero sacrifices his personal benefits and puts the nation in front of him. The Benjamin Martin Character is a combination of vario us real life war heroes like Joseph Plumb Martin and Francis Marion. Francis Marion known as the Swamp Fox is considered as one of the major soldiers behind the guerrilla attacks which were largely responsible for defeating the British Army during the American freedom fight. The war strategies of Benjamin Martin resemble the way Francis Marion fought. The Guerrilla groups always targeted the head of small platoons first. They were able to imprison the confused and leaderless soldiers much easily once the in-charge was captured. Benjamin's character is shown having a similar lifestyle and education to Joseph Plumb Martin. He belongs to a wealthy family, knows how to read and write and lived as a farmer for most of his life. The Benjamin Martin character's children were also named after original Martin's children as Nathan, Thomas and Susan. One major difference between the Joseph Plumb Martin and Benjamin Martin is that, Joseph volunteered in the American Freedom fight as a youngster and

Bumble Products and Services Company E-Commerce Proposal Research

Bumble Products and Services Company E-Commerce - Research Proposal Example The online technologies would act wonders for BP & S enterprise in giving them a global stand and make them quite susceptible to attract competition. Presently it caters to a limited amount of consumers. Its desire to enlarge its wings to international market makes sure that the global demands of the consumers would result it fostering standard practices in line with international standards. The products would be made to compare with the competitors and would further add the brand and quality for sale in the international market. The international consumers would be at ease to purchase products at their convenience and would get across its message with the help of online technologies. Its products would fetch better acceptability in the foreign market and would comprise quality and international standards in the making of things. A widely connected public networks which transmits data using the packet switching mechanisms with the help of Internet Protocol (IP) (Forouzan, 2003). It can also be termed as network of networks that connects all the various networks in the world to access information. An enterprise can use internet to interconnect with other businesses or its own in connecting for information sharing and knowledge resources. The business across geographical locations can interconnect with ease. It offers an inexpensive way to get connected and keep in synchronization with resources and events. It is a privately owned network that uses internet protocols to connect to each other. It is usually within a certain premise to interconnect all the network topologies to be implemented and connected. It is restricted to the business which implements it and not accessible to the public domain (Forouzan, 2003). Used for almost all businesses where information must be shared and the organization needs to keep in synchronization with resources. The business information and access privileges are strong enough to prevent malicious access. It is a

The Dream Giver by Bruce Wilkinson Essay Example for Free

The Dream Giver by Bruce Wilkinson Essay 1) What is my opinion about the statement, â€Å"What you are missing you already have†? I totally agree with it, since I have seen it play out in my life. I grew up in a household of lack thinkers. It was common to hear things like; â€Å"It’s always something,† â€Å"People like us can’t just can’t get ahead,† â€Å"With my luck†¦Ã¢â‚¬  Therefore, most of my adult life I spent chasing something that I thought I wanted. The perfect job, car, situation always seemed to be just out of grasp. I paid for a New age type conference in Scottsdale Arizona. I signed up for a Psychic ability workshop. I came away with a different understanding. What happened was I got seated next to some total strangers. As polite conversations took place, some ah-ha moments happened. I revealed that I do Healing Touch. With that modality, I can attune to a patient’s energy fields. As I described my abilities, strengths and talents, a small group of onlookers appeared. Many made comments like, â€Å"I wish I could do that,† and â€Å"You are amazing†. I also witnessed someone who passed out after a seminar. I responded, and was able to talk to the person who was lying on the floor waiting for EMS. A small group of hotel staff and well-meaning strangers appeared. A physician was there too. However, the doctor was trying to ask the fallen patient many questions about her health history. In fact, the doctor was literally asking the patient a question while she was throwing up. I could not believe it!. As the scene unfolded, I realized that all of my feelings of inadequacy, and thoughts of being an imposter were invalidated right then there. A light bulb went off over my head as I realized that I can be of service. I will know what to do in times of crisis. Furthermore, my emotional sensitivity is actually a blessing in dealing with patients when know one else (even those who are professional caregivers and extremely intelligent) is actually listening to the patient. I have seen many example of my gifts and talents arise when I least expect it. I can fulfill a role and serve a niche. The important part to note is that I need to follow my intuition and not over-think things. All of the gifts, skills and talent have been with me all along. My searching for something I already have seemed ridiculous to me once I realized that is what I’ve been doing most of my life. Now I embrace my abilities. Where is this true in my life? This concept appears when I undertake something new, like a class. Particularly this coaching course. Many time I felt like an imposter, and inadequate. However, as the classes came went, I realized that the skills I have fit in perfectly for becoming a coach. Especially when I pay attention to spirit and energy when I coach. It seems to be a golden opportunity for me to utilize all of my previous academic, work and personal life experiences to be an effective Health Wellness Coach. 2) What do I believe about the statement, â€Å"Everyone has a big dream†? I believe that the statement is true. In fact, I hear snippets of conversations everyday that elude to the dissatisfaction most people seem to have when they talk about their jobs, family life or education. Many people wish they were doing something else. I meet very few people that are doing what they absolutely love. However, most seem to settle for the mundane, safe and secure. What is my big dream? I want to be a successful Healer, Teacher, Speaker, Coach and Author. How am I fulfilling on my dream? I am a practicing Healer by providing Healing Touch to patients at Hudson, WI Hospital. I recently taught 2 classes (Winter Quarter) at the Minnesota School of Business. I also had an article â€Å"Healing Touch† published in Twin Cities Naturally April 2009. Therefore, I am living small aspects of my dream. I hope to make more money at it and be in demand more once I fulfill the Life Coach Practitioner requirements. Then I will feel legitimate and be ready! 3) What was the invisible wall of fear for Ordinary? It was the part of the journey, whereby Ordinary in order to continue, he must turn on back on familiar. This requires breaking through the comfort zone. When have I hit my wall of fear? I was in the Graduate Education program (Ed.D.) at Hamline University in 2001-2003. I felt like an imposter. Especially since my fellow classmates were all elementary school classroom teachers. I could not identify with their mind-set, jargon or profession. Therefore, I created obstacles for myself. What happened? I eventually withdrew from the Ed.D. program. I felt an overwhelming sense of inadequacy and failure. I still do not talk about it much. However, I’ve come to realize that everything happens for a reason and I am better off now for having the experience. 4) When have I been stopped from moving forward by something that was really important to you? My plans for moving forward have been put on hold, by may father’s diagnosis with a chronic health condition. Since he was diagnosed in June of 2007, I have not taken any trips, attended any conferences or explored long-term options on anything. It turns out that my relationship with my Father is very important to me. Furthermore, the role of caregiver, and planner is one that feels good to me. For most of my life, he has provided a stable environment t for me my brother. Now I am privileged to help him. Who rose to the occasion? Who is my Champion (s)? I have many people who support me and champion my activities. Many cousins, uncles, aunts, previous co-workers and classmates. Particularly the Healers in the group. Many people support me. To my surprise, many support my living at home and taking care of Dad. I never have to explain, why I am still living at home with my dad. In fact most admire respect me for this. When people see me, they often ask how my dad is? Similar to when people ask how a spouse is doing etc. For sake of privacy, respect and personal reasons, I am declining to actually name the champions in my life. 5) How similar is Champion’s commitment to being a Border Buster that to being a Coach? Champion wants to help Ordinary break through the opposition. Champion does not want to do it for him, nor instead of him. Therefore, Champion is like a coach due to that philosophy. Coaches help empower the client to come to their own decisions. Coaches do not make decisions for their clients, nor fix them. This is done by helping the client understand a situation. Putting things into context, and broadening awareness. The coach can help their client understand the value in things that may seem undesirable. Turning opposition into opportunity. This helps a client clarify their plans and achieving their dream. 6) What role did Faith play throughout the story? Faith gives Ordinary strength. Faith helps set the path, and reminds Ordinary what is truly important. Faith reminded him that, â€Å"Food enough for the day. Water, when he needed to drink. A path to follow that led to Faith.† The role of Faith also allows the traveler to leave behind baggage of the past. It is no longer needed, no longer serves, and is a hindrance now. What role is Faith playing a role in my big dream? Faith is reminding me to allow things to happen, and give up trying to make things happen. The right person, situation or job will find me when I’m prepared. Things will fall into place in their own time. It is allowing me permission to control the things I can, and accept those that I cannot. It gives me hope that everything is how it is supposed to be. 7) What is meant by unbelief is more dangerous, to a dream, than any giant? Unbelief means taking a risk. If Ordinary turned into unbelief, then the big dream was dead in its tracks. Unbelievers return to the comfort zone and may forfeit any change to strive for their big dream in the future. When has unbelief undermined my dream? I stopped perusing any Ph.D. programs. The disbelief that I could make it through the rigors of taking the GRE, getting accepted and subsequently writing a Ph.D. Thesis research project has stopped me from going any further with it. Therefore, I have settled for teaching undergraduate level college students at second-rate colleges. 8) What truths did Ordinary learn? Everybody has a big dream, it is important and its never too late to pursue it. A big dream never dies. Every Nobody was made to be a Somebody. Wake up to the big dream that God has given you and set out on a journey to achieve it. Face fear as you leave the comfort zone. You will encounter opposition all around. This opposition can actually be opportunity to learn from it. Enduring a season of difficulty will test your faith. The concept of surrender is important to feel one with God. Fight the giants. You can reach your full potential as you achieve your dreams and brings honor to God. When and how have I learned the same truths? I have learned the power of surrender by giving up the hope of finding a job whereby I actually go into work for a company. Any attempts to apply for jobs has proved frustrating. When I gave up the need to plan, I received a call regarding grant money for school, and was offered a temporary teaching job (from an unrelated organization) ten minutes later. Therefore, I was reminded to trust in the ways of God, and stop trying to think my way out of my problems. The struggling to find a job, brought me to the Workforce Center. There I met some individuals that had information. This information led me to a new journey of self discovery and enlightenment. 9) What happened that Ordinary didn’t recognize the big dream when it was right in front of him? The lovely city he had imagined was not his Dream, but a picture of what his Dream would accomplish. The big Dream matches the big Needs of so many people. Therefore, Ordinary’s Big Dream fulfills many people’s needs. He was caught up in the pursuit, that he did not recognize it playing out right in front of him. The busyness of doing helps fulfill the action of carrying out the Big Dream. 10) What was ordinary’s song? It is a song about a special place that everybody has in the Dream Giver’s heart†¦Every Anybody is made to be Somebody Special and accomplish Great Things. What is my song? My song is one of Healing and Helping. My song includes taking my previous work, life, and learning experiences combining them with healing abilities to help those in divine alignment to heal. My song is important for others to learn because†¦ I have learned some valuable lessons by experiencing thing the hard way. I have also changed my views of the world, and am now more in tune to energy. I am a Healer, and apply my ability to help humans and animals in the physical, emotional and spiritual dimensions. My Healing abilities have come about by a series of initiations that have each brought me greater understanding (wisdom) and healing power. I can teach, heal and show others the path to their Big Dream. I am an amalgam of the past, present and future. I meld the feminine and masculine. I embrace the inter-connectedness of all beings. Energy cannot be destroyed, it can only change form. I am sensitive and perceive other’s energy auras. I pay attention to these highly tuned senses in order to help those who come to me for coaching. There is perfection in the divine coincidence which brings me as a Coach and my future Client together to walk through the valley of Transition.

Tourism Marketing Mix Essay

Tourism Marketing Mix Essay The Travel and Tourism industry is still one of the largest single businesses in world commerce and its importance is widely recognized. The tourism industry is now one of the largest sectors earning foreign exchange. In the face of many benefits, many countries have started assigning due weight age to the tourism industry in their national development agenda.Tourism is an industry that operates on a massively broad scale: it embraces activities ranging from the smallest sea-side hotel; to air-lines, multi-national hotel chains and major international tour operators. Originally, non-traditional industries such as tourism emerged as a solution to strike a balance between ecology and industry Tourism is one of the worlds fastest growing industries at present and holds the status of the worlds no. 1 industry.Spending on tourism amounts to 5%-10% of total consumer, spending in a year worldwide.The industry creates a job every 2.4 seconds with every one of those direct jobs creating another 11 indirect ones.The tourism industry as a whole is presently estimated to earn over US$ 3.5 trillion worldwide. Indias share of the total market is a pittance at 0.51%. The non-tourist countries like Malaysia and Indonesia get much more tourists than India. Indias share of the total market is a pittance at 0.51%. The non-tourist countries like Malaysia and Indonesia get much more tourists than India. MARKETING MIX OF TOURISM INDUSTRY PRODUCT Product is the combination of tangible and intangible elements. The tourism product, which is mainly the destination, can only be experienced. The views of the location travel to the destination, the accommodation and facility as well as the entertainment at the destination all form the tourism product.Thus it is a composite product combination of attraction, facilities and transportation. Each of these components has its own significance in the product mix and in the absence of even single components, the product mix is incomplete. PRICE Pricing in tourism is a complex process. Pricing includes the prices of other services like Air travel, Bus, Railways, Hotels, etc. All are included in tourism package. Pricing also depends on the Geographic location of the destination.Pricing also depends on Seasonality. Seasonality is the most important factor in pricing. To match demand and supply tourist managers try to get either discount. E.g. Taj is the tourist attraction in India. Pricing is also based on competitors pricing. Pricing is also subject to government regulations. E.g. Air price changes tourism package also changes, if Hotel charges change then also tourism package changes. Pricing of the tourist product is a complex matter because of its composite nature. Geographical location of the destination affects the pricing decision. At the same time, seasonality factor and varying demand cannot be overruled. The objective of pricing in any other firms is to fetch a target market share, to prevent competition, and to take care of the price elasticity of demand. A very important way, in which the travel and tourism business responded to their highly complex pricing circumstances, is to operate at two levels. The first level is corresponds with the marketing strategy, which concerns with the product positioning, value for the money, long run return on investments etc. The second level corresponds to the marketing operations or tactics where the prices are manipulated to match the current demand and competition. PLACE Different distribution strategies can be selected for Tourism marketing. Tourism as a product is distributed as a travel. Internet is also used widely. There is an also small agent spread all over the town who plays a role of place. Large travel companies like Thomas Cook, Cox Kings, SOTC, etc they act as a wholesalers and these wholesalers also act as a retailer. The tourism marketer may not have adequate choice of the tourist center, because in most of the case the tourist destinations many be natural, historical attraction. But, infrastructure facilities, transportation, communication are important for the development of the tourist center. The major decision that the tourism marketer takes regarding distribution is relating to the channel of choice and channel members. The uniqueness of tourism industry is predominant position of intermediaries. The two major functions performed by the distribution system in tourism marketing are: To extend the number of points of sales or access, away form the location at which services are performed or delivered To facilitate the purchase of service in advance Different distribution strategies may be selected to reflect the companys overall objectives. The middleman may be tour operators, who buy tourism products in bulk and make them available to travel agents who are retailers. The range of tourist products, which are bought by the tour operators are airline seats, hotel accommodation, bus for local sight seeing, etc. they may also sell directly to customers. The latest mode of reaching the tourist is through Internet. Ticket booking can also be done through the Internet and payment is made with credit card. PROMOTION Creation of awareness has a far-reaching impact. The tourist organizations bear the responsibility of informing, persuading and sensing the potential tourists in a right fashion. The marketers need to use the various components of promotion optimally so that they succeed in increasing the number of habitual users. Promotion helps in maximizing the duration of stay, frequency of visit by offering new tourist products in the same country to areas, which have remained untapped or partially tapped. The various dimensions of tourism promotion are as follows: Advertising: Advertisement gives important information to the actual and potential tourists. Its coverage is wide. Advertising is aimed at the public to create awareness of the travel offers available on a resort and its attractions to influence their business decisions. Intangibility can be compensated with the help of visual exposure of scenes and events. We can project hotel bedrooms, well-arranged restaurants and cafeterias, swimming pools etc. Publicity: It focuses attention on strengthening the public relations measures by developing a rapport with media people and getting their personalized support in publicizing the business. It helps in projecting the positive image of tourist organizations since the prospects trust on the news items publicized by the media people. The publicity program include regular publicity stories and photographs to the newspapers, travel editors,  contact  with magazines on stories etc. advertising is a part of publicity. Sales promotions: Sales promotion measures are the short-term activities seeking to boost sales at peak demand periods to ensure that the firms obtain its market share and are used to help launch a new product or support an ailing or modified one. The tool of sales promotions is designed to appeal particularly to those customers who are price-sensitive. There are a number of techniques to promote sale and the tourist professional need to use them in the face of their requirements vis-a-vis the emerging trends in the business. Eg. In the tourism industry, a travel company offers give-aways to their clients, such as flight bags, wallets for tickets, Foreign Exchange (Forex) and covers of passport. The hotels offer a number of facilities like shoe shine clothes, first aid sewing kits, shower caps and shampoo. Further, the VIP clients also get fruits and flowers in their rooms. Word-of-mouth Promotion: Most communication about tourism takes place by word-of-mouth information, which in a true sense is word-of-recommendation. In the tourism industry it is found that the word-of-mouth promoters play the role of a hidden sales force, which help the process of selling. The high magnitude of effectiveness of this tool of promotion is due to high credibility of the channel, especially in the eyes of the potential tourists. The sensitivity of this tool makes it clear that tourist organizations need to concentrate on the quality of services they promise and offer. The marketers or the tourist organizations need to keep their eyes open, identify the vocal persons or the opinion leaders and take a special care of them so that they keep on moving the process of stimulating and creating demand. Personal Selling: Personal Selling is based on the personal skill of an individual. The travel and hotel business depend considerably on the personal selling. The development of travel and tourism has been possible due to well-educated and trained sales personnel. The development of tourism business has been influenced by the services rendered by the travel agents and travel guides since they work as information carriers. Personal selling is the personal presentation of a tangible product or intangible services or ideas to the customers. It is important to mention that in the tourism industry, the personnel who attend tourists form an essential ingredient of the product, such as sales personnel are found responsible for dealing with customers behind the counter, the resort representatives cater to the need of tourists when they reach the destination etc. all of them play a vital role in ensuring that the tourism products satisfy the tourists. The phrase- the customer is always right applies specifically to the tourism industry. No reduction in price would compensate for impolite and indecent travel guide, a solvent waiter and a surly or a haughty coach driver. These facts are testimony to the proposition that the travel business is linked with the performance and behavior of sales personnel or travel staff. Telemarketing: It is a method of selling in which a professionally sound telemarketer markets the business. The quality of technology and the communicative ability of the telemarketers determine the magnitude of success of this component. In tourism, the travel agents, offices of airways, receptionist, and secretaries work efficiently if the telephonic services are not up to the mark. Also recruiting a person considered to be professionally sound, personally-committed sales personnel having an in-built creativity, innovation and imagination is very important. Exhibitions: The participants include state and national tourism promotion boards, travel agents and tour operators, airlines, car rentals, cruise liners, holiday financiers, technology providers, hotels and resorts, education institutions in the field of hospitality and tourism. Over the years the participation of foreign tourism promotion boards like the Dubai Tourism and the Mauritius Tourism, etc has increased in order to aggressively promote their respective countries. PEOPLE It plays a most important part in tourism. In people local people are very important, that how they treat tourist. The travel agents, guides, staff of travel companies, sales staff, etc they are the people. Travel Company also like Railways, Air, etc. is included in people. Normally a tourist assures a tourism quality like hotels, Travel Company. The personnel who attend to the needs of the tourists form an essential ingredient in tourism marketing. The sales personnel are responsible for dealing with the customer behind the counter. The airline and transportation crew interact with customers while traveling. The resort or hotel representatives enter to the needs of the tourist when they reach the destination. The tourist guides, who interact with the customers at the tourist location, all form the people element in tourism marketing. These contract persons must be trained on interpersonal skills as well as knowledge of the product. In the tourism industry the travel agents and the travel guides are the two most important people who speak a lot about the industry. Hence it is imperative that they have to be at their best at all times. Travel guides especially, are expected to have a lot of patience, good sense of humor, tact to transform the occasional tourists into habitual ones, thorough knowledge of the places, linguistic skills etc. PROCESS The operation process of the tourism firm will depend on the size of the tourism firm. The sequential steps involved in the delivery of the tourist products are: Provision of travel information: The information regarding the travel is provided at a convenient location where the potential tourist seeks clarification about his proposed tour. Preparation of itinerates: It is a composition of series of operations that are required to plan a tour. Liaison with providers of services: Before any form of travel is sold over the counter to a customer; contracts have to be entered with the providers of various services including transportation companies, hotel accommodation, coaches for local sightseeing etc. Planning and costing tours: Once the contracts and arrangements are entered into, then the task of planning and costing the tour, this will depend on the tour selected as well as individual requirements. Ticketing: The computerized reservation system has in recent years revolutionized the reservation system for both rail and air travel. Provision of foreign currency and insurance: In case of foreign travel the final task provide foreign currency as well as insurance PHYSICAL EVIDENCE The tourist attraction, which is an expensive for the customer must be tangibilised with the help of tangible items like, comfortable seats while traveling, layout, and design of the resort, natural service scope, etc. the sign posts that indicate directions, route maps, information regarding rules and regulations of the tourist spot and the sign regarding the public utilities like toilets, telephone booth also form a part of the physical evidence. Printed matters such as brochures also play an important role in the development of tourism. As the product, in tourism is intangible. There is a need to describe fully the product, which is done by providing an elaborate brochure, which shows how different elements of the programmes are carefully planned to include all necessary information to make holiday establishes expectation of quality value for money, product image and status, which must be matched when the product is delivered. PEST ANALYSIS Environmental influences can be analyzed by using the PEST analysis. POLITICAL The political factors are the main driving force of the industry. The Indian tourism industry is built on the backbone of Government support and the industry cannot sustain itself without it. The various archaeological sites and the places of historical importance, the roads and the railways are all in the hands of the Government. All the support services like the hotel industry, the airlines industry and the tourist operators to name some are heavily dependent on the support and the cooperation of the Government.   The major reason as to why tourists visit India is for the vast and rich heritage that our country has. That is under the control of the Government, through the Archaeological Survey of India. Any policy change that comes into force can have dramatic effect on the way the industry players perform. For example, the Government charges high rates of taxes on the luxury and the star category hotels and this has always been a cause of disagreement between the hotel associations and the Government. There are many areas where the growth of tourism has not been rapid or has seen dramatic fall because the political environment has not been conducive. Examples are the North East for the former and Kashmir for the latter. The neglect of the Government in developing the North-East has led to a situation where there is practically no tourism in the seven states.   Similarly, the political turmoil in the state of Kashmir and now in Gujarat has caused a virtual decimation of the flourishing tourism industry. However, there has been a change in many of the policies of the Government with regard to the tourism industry. The hotel industry has been getting many incentives and many State Governments are encouraging the growth of major hotels in their states.   ECONOMIC The tourism industry not unlike the other industries grows with the increase in the spending of the people. The more the people spend the more the industry grows. The spending power of the people has been increasing in the country and all over the world. Since we are concentrating on the international tourists, the large increase in the spending power in most developed countries has left a large amount of idle cash in their hands. This has led to a tourism boom the world over and India has been no exception. There have been more people coming into the country with more cash than ever before. This has lead to an increase in the demand for better hotels. People who previously used to come to the country on a shoestring budget and hunt around for the cheapest accommodation can now afford to go in for luxury hotels. This has led to an increase in the number of hotels in the country. However, an increase in spending does not only limit itself to accommodation. The increase in the spending is also evident in the increase in the number of people traveling by air. Even the number domestic tourists traveling by air has dramatically gone up.   SOCIAL Tourism was always looked upon as something that led to the destruction of the social fabric of a place. The more the amount of outside people coming into a place, the more the perceived risk of that place losing its identity. A good example is Goa. From the late 60s to the early 80s when the Hippy culture was at its height, Goa was a haven for such hippies. Here they came in thousands and changed the whole culture of the state. This had a ripple effect on the country. People became cautious, especially of the international tourists. Whenever a certain place became famous, the example of Goa was cited to discourage the inflow of international tourists. However some places such as Kerala and Rajasthan have been able to strike a balance between their own culture and the demands of the international tourists and have profited handsomely in the bargain. People are now adopting themselves to the fact that tourism pays and it can be a major source of income for them.   In addition, tourism as a form of recreation has really caught on. People themselves have started traveling and are willing to travel to a place that is out of the way and exotic. While traditionally traveling on a holiday meant going to a hill station or a beach, now people are willing to go in for adventure tourism and also visit places that might be exotic and cannot really be called hospitable. For example, now places like Leh and Lakshwadeep are mentioned in the same breath as Goa or Kashmir. TECHNOLOGY Although technology does not seem to be a major influence at first glance, it plays a major part in the promotion of a place. Better communication facilities are one of the first prerequisites for growth in the inflow of tourists. This has been made possible with technology. Improved technology in the field of communication at cheaper costs has resulted in many remote and inaccessible areas of the country getting connected to the rest of the world. This connectivity has made these places visible to the world. Better communication means access to media. And that is very important if any place wants to be on the world tourist map.  Similarly better transportation facilities have lead to a dramatic increase in the number of tourists visiting any particular place. The presence of an airport and the availability of frequent flights are a great convenience to any traveler. TOURISM COMPANY:  SITA ONLINE TOURISM CORPORATION(SOTC) Established in 1949 with just five employees at an office in Cawasji Hormusji Street, Mumbai, it has grown to become one of Indias largest travel companies. By the year 1968, the Company had moved to a much bigger office at Mint Road and was also counted as one of the top ten travel agents in Mumbai, with a turnover touching Rs 25 million. A major turning point came in 1976 when SOTC handled its first group tour to the US during the bicentennial celebrations. Within three years, SOTC had taken about 500 passengers to Europe, the US, Singapore and Japan. In 1981, came another breakthrough when SOTC Package Tours began active advertising, with the first ad hitting the newspapers.Between the years 1983 and 1995, SOTC grew by leaps and bounds. It moved to new premises at Church gate, Mumbai, installed the first computer for sales and operations, and went through a management metamorphosis with a complete restructuring of the business into autonomous Strategic Business Units (Subs) with a state-of-the-art call centre. SOTC has been fulfilling the travel needs of Indians for over five decades now. It continues to seek out new and exciting destinations to offer to outbound travelers SOTCs outbound business operations broadly encompass Packaged Group Tours for Indians and Individual Holidays. SOTC World Famous Tours caters to those who seek comfort in group travel. It is widely acknowledged to be the most successful package tour brand in India. Recognizing the importance of language markets, SOTC also pioneered tours conducted in Marathi and Gujarati under the SOTC brand extensions: SOTC BhramanMandal and SOTC GurjarVishwadarshan. MARKETING MIX PRODUCT SOTC offers a variety of tours which includes tours for families with kids, tours for senior citizens, theme vacations like beaches and also special packages for pure vegetarian and jains.Some of its products are as follows:- SOTC World Famous Tours SOTC World Famous Tours is the flagship brand of SOTC, which pioneered the designing and marketing of escorted tours for cosmopolitan travelers in India. SOTC World Famous Tours has escorted over 3, 00,000 travelers across the globe for more than 30 years, to various destinations including Europe, Australia, New Zealand, USA, Africa, Mauritius, South Asia, and the Far East Being a 100% subsidiary of Kuoni Travel Holding, Switzerland one of the worlds largest travel companies SOTC leverages the advantage of the buying power and travel services to provide customers value for- money packages. SOTC has built a reputation that it lives up to its promise to take Indians around the world, while making them feels completely at home, no matter where they are. SOTC BhramanMandal In 2002, SOTC BhramanMandal was launched exclusively for Maharashtrian, to cater to their specific needs and requirements. SOTC BhramanMandal offers All-inclusive exciting package tour options to Europe, Far East, Australia and New Zealand. While designing the tours, every single need of the Maharashtrian is kept in mind their culture, eating habits and likes and dislikesProminent features of SOTC Bhraman Mandal Europe and Australia tours are the Predeparture meeting, Travel Kit and an experienced Marathi speaking Tour Manager who accompanies them all the way from Mumbai to the destination and back. Within just five years of existence, SOTC Bhraman Mandal has become a household name amongst the Maharashtrian. SOTC Gurjar Vishwadarshan SOTC Gurjar Vishwadarshan was launched especially for Gujarati community residing in India, to cater to their needs of having a Pure Indian Vegetarian Meal with a Gujarati flavor, Gujarati speaking tour manager at your service right from India to India and traveling with the finest Gujarati families makes your holiday the most memorable and comfortable one. Gurjar Vishwadarshan launched in the year 2004 received an overwhelming response from the Gujaratis staying all over India. Since then it has been scaling heights year after year today in its 4th year of existence it has become a household name for Gujaratis and is fondly rembererd by Gujarati holiday goers, this has been possible because of all of those fellow Gujaratis who chose to travel with us. With the new positioning of our brand Expect More .in Gujarati which means Apeksha Thi Vadhare we assure our patrons that every time they can just expect more with SOTC.Gurjar Vishwadarshan is one of the business units of SOTC. SOTC ha s pioneered its position in the packaged tour segment with its unparallel expertise devised over last 50 years. SOTC Do-it-Yourself Holidays SOTC Do-it-Yourself Holidays caters exclusively to the needs and requirements of the discerning Free Individual Traveler. It offers a wide range of customized holidays that allows individual travelers the freedom to define their preferences of the destination, length of stay and pace of travel .Following high-quality standards, SOTC Do-it- Yourself Holidays have ensured accommodation at some of the worlds finest hotels allowing for proximity to city centre attractions such as shopping malls, pubs, cafes, restaurants and scenic delights. An individual traveler on SOTC Do-it-Yourself Holidays has the option to explore all the attractions of a single city. Or focus on all key cities of a particular country. They can even combine two to eight countries in their holiday, depending on their tastes, time and budget. SOTC Holidays of India SOTC Holidays of India has something for every kind of traveler be it families, youth, students, honeymooners, groups or individuals. SOTC Holidays of India offers packages that cover every conceivable tour requirement whether it is an extended vacation with the family, a paragliding spree with friends or simply a rejuvenating weekend break. SOTC Holidays of India offers an opportunity to visit and explore all the splendors of India through various categories of holiday packages. SOTC Holidays of India has categorized all holiday packages into Standard, First and Deluxe Class categories.It also offers a wide range of customized holidays thereby giving individual travelers the complete freedom and flexibility to define their preference of the destination, length of stay and pace of travel SOTC Holidays of India offers packages that cover every conceivable tour requirement; whether it is an extended vacation with the family, a paragliding spree with friends or simply a rejuvenating weekend break SOTC Holidays of India offers you an opportunity to visit and explore all the splendors of India through various categories of holiday packages:- Classic Holidays of India are time tested popular attractions like Kashmir, Himachal, Rajasthan and Kerala those have proved their ability to completely satisfy the traveler Fun-filled Beach Holidays offers not just sun and sand but also cool lagoons, clear waters, corals, reefs and beach resorts. Hill Stations Quick Getaways offer a break through a multitude of retreats at a short distance from home. Spiritual Retreats to Rediscover Your Soul provide excursions to various spiritual and hallowed sites. Components of Tours as a Product Sr.No.BENEFITMEANINGWITH RESPECT TO THE TRAVEL AND TOURISM INDUSTRY 1 CORE BENEFIT The fundamental benefit or service that the customer is buying. Traveling. 2 BASIC PRODUCT Basic, functional attributes. Ticketing,  hotel reservation. 3 EXPECTED PRODUCT Set of attributes/conditions the buyer normally expects. Customer friendliness, good food. 4 AUGMENTED PRODUCT That meets the customers desires beyond expectations. Prompt services, comfortable and convenient trip, spectacular sights, and music. 5 POTENTIAL PRODUCT The possible evolution to distinguish the offer. Totally customized tour packages, A grade service at every stage. PRICE SOTC offers price sensitive tours like cost saver and premium tours which can be afforded by all classes. In SOTC the tours are customized that is if customer cant afford the premium holiday he will be given the same tour but the cost will be reduced by offering him a deluxe hotel instead of a five star hotel or by offering him a non ac bus instead of a ac coach. PLACE Different distribution strategies are selected for Tours marketing by SOTC. There are also small agents (who have taken franchise of SOTC) spread all over the town/country who also play a role of place. SOTC act as wholesalers and also act as a retailer. The latest mode of reaching the customers is through Internet that is SOTC has its own website from where information on the tours can be procured, direct booking can be done for which the payment can be made through the credit card. SOTC also has its own offices from where booking can be done. PROMOTION SOTC uses electronic, print and all sorts of media as tourism is a highly promoted industry. SOTC gives printed ads in The Times of India mentioning the special tours in it with the special prices offered by them. Brochures are another form of communication provided by SOTC to stimulate customers and motivate them to buy. They are used to demonstrate in pictures and words the images and positioning of the product and the organizations. PEOPLE SITA enjoys loyalty of its 2, 00,000 Indian customers.   PHYSICAL EVIDENCE SOTC provides its customers with a detailed brochure of the tour they have selected, a list of things to be done before going for a holiday e.g. cooking gas switch to be turned off etc and if the customer is going for foreign tour then a list of basic words like hello, water etc in the foreign countrys language which will make it easy for the customer, this establishes value for money, product image and status, which must be matched when the product is delivered. RURAL TOURISM Rural  tourism  focuses on participating in a rural lifestyle. It can be a variant of  ecotourism. Any village can be a tourist attraction, and many villagers are very hospitable. Agriculture is becoming highly mechanized and therefore requires less manual labor. This is causing economic pressure on some villages, leading to an exodus of young people to urban areas. There is however, a segment of urban population that is interested to visit the rural areas and understand their perspective. This segment has been rapidly growing in the past decade and has led to Rural tourism becoming a good business prospect. Rural tourism allows the creation of an alternative source of income in the non-agricultural sector for rural dwellers.The added income from rural tourism can contribute to the revival of lost  folk art  and handicrafts. It is an ideal and natural method of rural and urban economic exchange. Scheme of Rural Tourism Tourism growth potential can be harnessed as a strategy for Rural Development. The development of a strong platform around the concept of Rural Tourism is definitely useful for a country like India, where almost 74% of the population resides in its 7 million villages. Across the world the trends of industrialization and development have had an urban centric approach. Alongside, the stresses of Urban lifestyles have led to a counter urbanization syndrome. This has led to growing interest in the rural areas. At the same time this trend of urbanization has led to falling income levels, lesser job opportunities in the total areas leading to an urbanization syndrome in the rural areas. Rural Tourism is one of the few activities which can provide a solution to these problems. Besides, there are other factors which are shifting the trend towards rural tourism like increasing levels of awareness, growing interest in heritage and culture and improved accessibility, and environmental conscious ness. In the developed countries, this has resulted in a new style of tourism of visiting village settings to experience and live a relaxed and healthy life

A Gradual Decline in Prejudice between Places and People in North and S

A Gradual Decline in Prejudice between Places and People in North and South Through her characterizations of the two main characters in Margaret Hale and John Thornton, Elizabeth Gaskell develops a transition from prejudice to love. She reveals their inner most thoughts through an omniscient third person narrative to allow the audience to empathise with their feelings. The Characters develop through dialogue because they dispute over the North and South divide and try to distance themselves from each other. But despite their prejudices love prevails because of the actions of good will shown by Margaret, which John interprets to be feelings of love. The audience is satisfied that they have found a general cause which is sufficient to counteract the forms of prejudice depicted in the novel, and that cause is love. The fundamental theme of prejudice in the story is location. Gaskell contrasts the North and South almost as if they were two entirely different countries. Helstone is a sunny place, and the days are lazy and care free for Margaret. As they approach Milton ...

Essay --

From analgesics to chemotherapy, over the years Medicinal Chemistry has helped treat a range of diseases and pathogens. My reasons for wanting to pursue a career in this field stem from my fascination with how drugs function and recondition imbalances in the human body. How a tiny tablet, so small and insignificant looking, can at times achieve such life-enhancing results. However that simple tablet requires a substantial amount of engineering for it to restore the body’s natural rhythm. After reading the article â€Å"Inside the Mind of a Medicinal Chemist† I discovered how computers and algorithms are used to make the decision process behind compound prioritization easier, which in turn reduces the amount of time spent on manufacturing the product. It is fascinating to learn that consensus is not always achievable between medicinal chemists and this highlighted for me the scope of opportunities available for research within the field. My love for Chemistry fuels my analytical approach which is why I am constantly querying the â€Å"how?† and the â€Å"why?† behind the engineering of medicine. I...

Crimes Against the Elderly Essays -- Ethical Issues, Adult Population

The rapidly increasing population of elderly people has been accompanied by a number of challenges to the elderly, communities, and the state. The frequency of victimization of the elderly through various crimes has escalated with the criminal justice system facing increasing pressure to curb this trend. Despite all states having legislation that target protecting the adult population from crimes, wide gaps in reporting of crimes against the elderly are evident across the nation. The elderly have increasingly become more vulnerable to physical, financial, and emotional abuse. In many cases, citizens who are aware of these abuses may fail to report to the police or the elderly people themselves may fear engaging in legal battles. Many of the crimes perpetrated against the elderly to a considerable extent reflect the general state of affairs as far as criminal activities are concerned. However, some categories of crimes are more prevalent among the elderly. This paper shall discuss th ese categories of crimes in light of the manner and forms in which they occur. In addition, the paper shall allude to the existing gaps in reporting and efforts by the criminal justice system, and what needs to be done in order to bridge the gap. According to the results of a recent study, the elderly people are facing an increasing frequency of abuse including widespread cases of financial exploitation and domestic violence. A salient factor which has been cited as aggravating the situation is the limited social services which the elderly people are receiving. This has been caused by little public interest as well as financial constraints facing the economy. In addition, the issue of crimes against the elderly has not received adequate attention as... ...e elderly to a conclusive end. This alludes to the need to see cases of elder abuse being prosecuted and the offenders facing the appropriate punishment. This would send a message to other offenders out there that any crime against the elderly would be met with full force of the law. Therefore, agencies whose work revolves around law enforcement need to take an active role (Tabachnick, 2009). At the same time, there needs to be adequate funding towards nationwide campaigns aimed at sensitizing people on the issue of crimes against the elderly and the steps they need to take in order to make the fight successful. With regard to sensitizing the population, the media has to come up and highlight the reality of this problem. The media has the capacity to make this problem attract the attention it deserves (Tabachnick, 2009).

Economic development programs Essay

One area where African-American churches have largely been on their own is in the area of economic development programs. Reiland relates the tale of a successful grassroots economic development program initiated by the Greater Christ Temple in Meridian, Mississippi. The church started the REACH Program in 1977 in response to high unemployment in the congregation. The program, beginning with sales of peanuts in the church basement, has expanded greatly since these humble beginnings. As Reiland notes, the church’s economic enterprises today include a Christian boarding school, a gas station, motels, restaurants, meat processing plants and several other ventures. The REACH Program hasn’t had the easiest time; differences of opinion within the African-American community, particularly a split with the NAACP, is noted; troubles with formal systems such as the welfare department and the health department are also noted. The REACH Program does not receive any assistance from the government or from philanthropic foundations, and is entirely self-funded, which has occasionally caused problems with the viability of the program. Overall, though, the program has been a success, and the economic health and wellbeing of the congregation has grown tremendously. As Reiland states: A Black bishop who doesn’t look beyond the poor community itself for salvation, who sees potential business success in the faces of his flock, may seem naively out-of-step. To those watching from the ground, a bird that is out of formation risks being seen as misguided. But maybe It is the rest of the flock that is out of step. (Reiland, 7). YOUTH ADVOCACY PROGRAMS Youth advocacy programs and youth ministries have long been a cornerstone of Black church ministry, and have been recognized to decrease youth problems such as crime, premarital sex and pregnancy and truancy and drop out rates in areas with strong church programs. Youth advocacy programs are also one of the main areas where Black churches perform community outreach; many church programs are extended to non-congregation members. Rubin (1994) studied the role of youth advocacy programs within Black churches and their effects on adolescents who participated. Youth advocacy programs are particularly important because, as Rubin states, adolescence is a peculiarly vulnerable time – adolescents are often no longer under the full control of their parents and have adult bodies, but are still lacking in adult psychological qualities like judgment capability, impulse control and the ability to predict the consequences of their actions. Although adolescents are typically physically healthy, they suffer myriad social and psychological ills they are ill-equipped to deal with (Rubin, 252). Rubin notes that the social problems of adolescents range from pregnancy and out-of-wedlock births to emotional and sexual abuse to crime and delinquency. The picture the authors paint is depressing; they note that the highest rate of adolescent pregnancy and out of wedlock birth occurs among poor Black teenagers; that sexually transmitted diseases and premature sexuality are also a concern; that emotional and physical abuse, dysfunctional families, the lack of male role models in the home, and substance abuse are all on the rise; that physical and mental problems like psychosis, accidental injuries, obesity and thyroid problems disproportionately affect Black children and that depression and suicide are common among Black teens (Rubin, 252). Other social problems like crime, delinquency, illiteracy or non-completion of high school, limited career aspirations and lack of opportunity, and behavioral and learning difficulties combine with the above factors to paint a very negative picture of the African-American adolescent (Rubin, 252). Rubin’s study examined the role of the Black church in affecting the lives of Black adolescents to determine how responsive the church is to the needs of its youth. The study, called the Black Church Family Project, examined 635 churches in total across the North Central and Northeastern United States, conducting phone interviews with church leaders in order to determine the degree of youth ministry provided. Out of these churches, 176 reported the existence of at least one program which was open to nonmembers of the church. Most of the programs were targeted at youth from low-income homes (Rubin, 253). The churches who responded to Rubin’s study reported many different types of programs. The most common programs were teen support programs such as counseling, fellowships or ministry, group discussions, seminar and workshops (39%). Sports activities such as athletic camps or martial arts classes were second most popular, at 30% of the responding churches offering. AIDS support and health-related services were offered least commonly, at only 2-3% of responding churches; however, many churches offered general programs for substance abuse counseling. College financial support (16% of the responding churches), parenting and sexuality counseling including pregnancy prevention and teen parenting support programs were offered by 15% of the churches, and 14% of the responding churches offered intervention programs for at-risk youth such as delinquency prevention (Rubin, 254). Other programs included adult role model or mentoring programs, employment training and job readiness, and a category of â€Å"other youth support programs†. The study found a number of different which influenced the potential for a church to host or facilitate a youth outreach ministry: denomination was one such factor, with Methodists being far more likely than other denominations to host such groups, and Baptists least likely; older churches were more likely to host programs, as were churches which were economically more stable. Other factors cited were ownership of church premises and the presence of paid clergy and lay helpers (Rubin, 256). The character and training of the church’s pastor was also seen to be of critical importance when determining the likelihood of a church having youth outreach programs – clergy who were younger, those who were formally trained at a seminar or bible college or those who had advanced degrees were seen as more likely to sponsor youth ministries (Rubin, 257). Rubin’s study highlights some deficiencies in the coverage of youth outreach programs as compared to the problems of modern adolescents. The authors note that health related services and AIDS testing and support programs are very rare; that substance abuse, parenting and sexuality programs are not as prominent as they should be when compared to the size of the problems in the African-American communities overall; and that the bulk of support is aimed at sports and fellowship activities, which can be easily obtained outside the church setting (Rubin, 258). However, Rubin also notes some positive advantages to the involvement of the Black church in adolescent’s lives. The church’s role in family life is one such advantage; the church offers support to parents which reduces their stress and eases the task of socializing their children. Adolescent parents in particular are supported by the Black church, with education of teenage fathers and stress reduction of teenage mothers being primary benefits (Rubin, 260). Black churches have also taken on an increasing burden for sexual education in the wake of federal limits which require abstinence-only programs; life skills, economics and basic prenatal care are also seen as benefits to the church ministry (Rubin, 261). Areas Rubin marks out as having great potential for improvement are in college support (scholarships and tutoring), job training and employment readiness and acknowledging and supporting the difference in adolescent psychology and social support structures between boys and girls (Rubin, 262).