Family Branding

Family marking is a showcasing procedure that includes selling a few related items under one brand name. Family marking is otherwise called umbrella marking. It appears differently in relation to singular item marking, in which every item in a portfolio is given a one of a kind brand name and personality. There are regularly economies of degree related with family marking since a few items can be effectively advanced with a solitary promotion or crusade. Family marking encourages new item presentations by inspiring a natural brand name, which can prompt preliminary buy, item acknowledgment, or different favorable circumstances. Family marking forces on the brand proprietor a more noteworthy weight to keep up reliable quality. In the event that the nature of one item in the brand family is undermined, it could affect on the notoriety of all the others. Hence family marking is commonly restricted to product offerings that comprise of results of comparable quality. 2. Family marking is a sort of advertising strategy. It includes utilizing one brand name to advertise numerous items. For instance, an organization may utilize one brand to showcase cleanser, salve, hair cleanser, and nail clean. This contrasts from marking singular items, which includes giving every item its own name and picture. For instance, an organization may sell lipstick and nail clean, giving every product offering a different promoting personality. The thought behind family marking is that an organization can make a wide scope of items both attractive and beneficial by giving them each of the one conspicuous name. At that point, by building acknowledgment of this brand name, an organization can likewise construct client devotion. At the point when the organization presents new items or even makes changes to existing items, it can rely upon client unwaveringness to guarantee its market will buy the new or modified item. Also, family marking, makes it conceivable to utilize a promoting effort to effectively showcase a scope of items rather than only each in turn. Regularly, organizations in the food business utilize family marking procedures to showcase their items. For instance, an organization may make and sell bread, potato chips, solidified food, and fixings all under one exceptionally unmistakable name. This umbrella marking may mean such organizations will sell more than they would with singular marking. A few customers are bound to pick an item with a recognizable name more than one that is less notable, regardless of whether the realized brand is increasingly costly. . Brands †Brand names Introduction How should mark names be picked? Is the name significant? Advertising hypothesis recommends that there are three principle sorts of brand name: (1) Family brand names: A family brand name is utilized for all items. By building client trust and unwaveringness to the family brand name, all it ems that utilization the brand can profit. Genuine models remember brands for the food business, including Kellogg’s, Heinz and Del Monte. Obviously, the utilization of a family brand can likewise make issues on the off chance that one of the items gets awful exposure or is a disappointment in a market. This can harm the notoriety of an entire scope of brands. (2) Individual brand names: An individual brand name doesn't recognize a brand with a specific organization. For instance, take the instance of Heinz. Heinz is a main worldwide food maker with a solid family brand. In any case, it additionally works some notable individual brand names. Models incorporate Farleys (infant food), Linda MacCartney Foods (veggie lover dinners) and Weight Watcher’s Foods (diet/thinning dinners and enhancements). For what reason does Heinz utilize singular brand names when it has such a solid family brand name? There are a few reasons why a brand needs a different character †disconnected to the family brand name: †¢ The item might be contending in another market fragment where disappointment could hurt the principle family brand name †¢ The family brand name might be situated improperly for the objective market portion. For instance the family brand name may be situated as an upmarket brand for rich purchasers. †¢ The brand may have been gained; at the end of the day it has just settled itself as a main brand in the market section. The way that it has been obtained by an organization with a solid family brand name doesn't imply that the gained brand must be changed. (3) Combination brand names: A blend brand name unites a family brand name and an individual brand name. The thought here is to give some relationship to the item with a solid family brand name however keeping up some uniqueness so clients comprehend what they are getting. Instances of blend brand names incorporate Microsoft XP and Microsoft Office in individualized computing programming and Heinz Tomato Ketchup and Heinz Pet Foods. What are the highlights f a decent brand name? Brand names ought to be picked cautiously since the name passes on a ton of data to a client. The accompanying rundown contains contemplations that ought to be settled on before settling on a last decision of brand name: A decent brand name should: †¢ Evoke positive affiliations †¢ Be anything but difficult to articulate and recall †¢ Suggest item benefits â⠂¬ ¢ Be particular †¢ Use numerals when stressing innovative highlights †¢ Not encroach existing enrolled brand names * Family marking is kind of advertising strategy which includes the utilization of one brand name for the offer of a few related items. For instance, an organization may utilize one brand to showcase cleanser, cream, hair cleanser, and nail clean. It contrasts from the individual item marking which gives a one of a kind brand name and character for every item. Family marking helps the presentation of new items by conjuring a well known brand name, which can prompt preliminary buy, item acknowledgment, or different favorable circumstances. It likewise advances lower promoting expenses and market acknowledgment of its items. Family marking is otherwise called umbrella marking. The idea of family marking permits an organization to make a wide scope of items both alluring and beneficial by giving them every one of the a solitary brand name. The prominence achieved with the brand name encourages the organization to fabricate client reliability. At the point when the organization presents new items or even makes changes to existing items, it can rely upon client dependability to guarantee its market will buy the new or adjusted item. Besides, family marking permits an organization to effectively showcase a scope of items by only one publicizing effort. Family marking incurs on the brand proprietor a more noteworthy weight to support steady quality. Family marking is for the most part restricted to items that have comparable quality, in light of the fact that any harm to the nature of one item in the brand family will influence the notoriety of all the others Family brand or umbrella brand by administrator on October 26, 2006 FAMILY/UMBRELLA BRAND When a gathering of items are given a similar brand name, it turns into an instance of family brand/umbrella brand. For this situation, various results of the organization are advertised under one brand name. The models given underneath are subtleties of some family marks. Family marking/umbrella don't imply that whole item blend of the organization ought to go under single brand name. An organization may fall back on various marking approaches for various product offerings. Amul is a case of family/umbrella brand. Amul is the basic brand name for the companyaâ‚ ¬Ã¢â€ž ¢s milk powder, spread, ghee and milk chocolates. Vijay is the family brand name for the results of Vijay Electricals, Mixer-processors, electric irons, electric pots, water radiators and different results of the organization go under the aâ‚ ¬? Vijayaâ‚ ¬Ã¢â€ž ¢ brand. Videocon is a family brand name for an assortment of results of Videocon Corporation. Its TVs, VCRs, fridges, clothes washers and climate control systems go under the Videocon brand name. Godrej is another family brand. A few product offerings of the organization and a few items in every one of the lines go under the brand name Godrej. The items incorporate locks, steel cabinets, office furniture electronic typewriters, work area printers, coolers, forced air systems and so forth. The organization likewise utilizes separate brand names for some different lines. In cleansers, it has singular brands like Cinthol and Ganga. In cleansers, it has singular brands like key and Biz. Johnsonaâ‚ ¬Ã¢â€ž ¢s is another family brand. The organization Johnson and Johnson sells a significant number of its infant care items under the Johnsonaâ‚ ¬Ã¢â€ž ¢s brand name †Johnsonaâ‚ ¬Ã¢â€ž ¢s Baby Powder, Johnsonaâ‚ ¬Ã¢â€ž ¢s Baby cleanser, Johnsonaâ‚ ¬Ã¢â€ž ¢s Baby Shampoo and so forth. BPL is another critical family brand around five dozen results of the organization go under the brand name BPL. It additionally happens to be the organization name. On account of Amul, it is an umbrella/family brand name for one line of results of the organization. As referenced before, Amul is an umbrella brand for NDDBaâ‚ ¬Ã¢â€ž ¢s milk and milk-related and milk-related items. Also, Dhara is an umbrella brand for the companyaâ‚ ¬Ã¢â€ž ¢s cooking oil line. Dhara is an umbrella brand for seven kinds of oil promoted by the organization †Dhara mustard oil, Dhara groundnut oil, Dhara sunflower oil and so forth. Advantages of Family marking It is advantageous to embrace a family brand for related items. Advancement of such items becomes simpler and more affordable under a family brand. Be that as it may, the advertiser in such cases needs to guarantee that all the items offered under the family brand keep up similar norms of value. On the off chance that one item in the gathering turns into a low quality item, it will influence the whole scope of items under it. At the end of the day, in family marking, there is a composite obligation among the items going under the brand. A significant advantage in giving family brand name is that publicizing and advancement exertion can be consolidated for all the items falling under the family brand; the promoting spending plan can be extended more than a few more than a few items. For instance, Johnson and Johnson, with a wide item run in the child c

Scam free essay sample

The Ketan Parekh Scam The Crash that Shook the Nation The 176-point1 Sensex2 crash on March 1, 2001 came as a significant stun for the Government of India, the securities exchanges and the financial specialists the same. All the more in this way, as the Union financial plan postponed every day sooner had been acclaimed for its development activities and had incited a 177-point increment in the Sensex. This abrupt accident in the financial exchanges provoked the Securities Exchange Board of India (SEBI) to dispatch prompt examinations concerning the instability of financial exchanges. SEBI likewise chose to assess the books of a few specialists who were associated with setting off the accident. In the interim, the Reserve Bank of India (RBI) requested a few banks to outfit information identified with their capital market presentation. This was after media reports showed up with respect to a private area bank3 having surpassed its prudential standards of capital presentation, along these lines adding to the financial exchange unpredictability. The frenzy run on the bourses proceeded and the Bombay Stock Exchange (BSE) President Anand Rathis (Rathi) abdication added to the destruction. Rathi needed to leave following charges that he had utilized some favored data, which added to the accident. The trick shook the financial specialists trust in the general working of the securities exchanges. Before the finish of March 2001, at any rate eight individuals were accounted for to have ended it all and many financial specialists were headed to the verge of chapter 11. 1 A difference in Re. 1 in the cost of an offer when one discusses an offer rising or falling by such a significant number of focuses. In financial exchange lists, be that as it may, a point is one unit of the composite weighted normal on showcase capitalization of rupee esteems. 2 A financial exchange record demonstrating weighted normal of 30 contents, otherwise called the BSE Sensitive Index. The every day shutting figure of this list extensively mirrors the exhibition of the capital markets. 3 It was asserted that Global Trust Bank surpassed its Capital market presentation. The trick opened up the discussion over banks subsidizing capital market tasks and loaning assets against guarantee security. It likewise brought up issues about the legitimacy of double control of co-employable banks4. (Experts called attention to that RBI was reviewing the records once in two years, which made sufficient extension for infringement of rules. ) The primary capture in the trick was of the prominent bull5, Ketan Parekh (KP), on March 30, 2001, by the Central Bureau of Investigation (CBI). Before long, reports proliferated with respect to how KP had without any help caused probably the greatest trick throughout the entire existence of Indian money related markets. He was accused of duping Bank of India (BoI) of about $30 million among different charges. KPs capture was trailed by one more frenzy run on the bourses and the Sensex fell by 147. At this point, the trick had become the discussion of the country, with escalated media inclusion and phenomenal open clamor. The Man Who Triggered the Crash KP was a contracted bookkeeper by calling and used to deal with a privately-owned company, NH Securities began by his dad. Known for keeping up a position of safety, KPs just questionable distinguishing strength was in 1992, when he was denounced in the stock trade scam6. He was known as the Bombay Bull and had associations with 4 Co-employable banks are under the double control of RBI and the Registrar of Co-usable Societies. The RBI controls banking capacities while the enlistment center takes care of the administrative and managerial capacities. 5 A speculator who expects share costs to go up and subsequently gets them. 6 When the loan fees were liberated in mid-1989, it made the cost of the two securities and cash increasingly unpredictable, and expanded the connection between the protections and currency markets. With cost unpredictability and expanded volumes, protections broking turned into a beneficial action. The rising volumes were financed by banks through bank receipts (BR is an archive given by a bank recognizing that it has offered certain administration protections to a gathering and got installment). The trick became exposed when RBI requested that the SBI show the bank receipts, and it was discovered that Rs 6. 22 billion not been accommodated and was untraceable. The cash associated with the trick was in the end discovered to be well over Rs 30 billion. ovie stars, lawmakers and in any event, driving worldwide business visionaries like Australian media big shot Kerry Packer, who banded together KP in KPV Ventures, a $250 million funding reserve that put mostly in new economy organizations. Throughout the years, KP assembled a system of organizations, for the most part in Mumbai, associated with securities exchange tasks. The ascent of ICE (Information, Communications, and Enterta inment) stocks everywhere throughout the world in mid 1999 prompted an ascent of the Indian financial exchanges too. The dotcom boom7 added to the Bull Run8 drove by an upward pattern in the NASDAQ9. The organizations wherein KP held stakes included Amitabh Bachchan Corporation Limited (ABCL), Mukta Arts, Tips and Pritish Nandy Communications. He additionally had stakes in HFCL, Global Telesystems (Global), Zee Telefilms, Crest Communications, and PentaMedia Graphics KP chose these organizations for venture with assistance from his examination group, which recorded high development organizations with a little capital base. As per media reports, KP exploited low liquidity in these stocks, which inevitably came to be known as the K-10 stocks. The offers were held through KPs organization, Triumph International. In July 1999, he held around 1. million offers in Global. KP controlled around 16% of Globals skimming stock, 25% of Aftek Infosys, and 15% each in Zee and HFCL. The light financial exchanges from January to July 1999 helped the K-10 stocks increment in esteem significantly 7 The online business unrest had prompted a gigantic upsurge in the estimation of innovation stocks ov er the globe, particularly Internet adventures. This came to be known as the dotcom blast. 8 A bull run is an upswing in the securities exchanges brought about by the ascent in the cost of offers, continued by purchasing weight of genuine financial specialists or updates on great monetary development, decontrol and political turns of events. The National Association of Securities Dealers Automated Quotation System (NASDAQ) is a US-based stock trade, which involves to a great extent of innovation stocks. Begun in 1971, NASDAQ is the principal screen-based, floor less exchanging framework and the second biggest financial exchange in the US. (Allude Exhibit I for BSE Index developments). HFCL took off by 57% while Global expanded by 200%. Accordingly, merchants and reserve administrators began putting vigorously in K-10 stocks. Shared supports like Alliance Capital, ICICI Prudential Fund and UTI additionally put resources into K-10 stocks, and saw their net resource esteem taking off. By January 2000, K-10 stocks consistently highlighted in the main five exchanged stocks the trades (Refer Exhibit II at the cost developments of K-10 stocks). HFCLs exchanged volumes shot up from 80,000 to 1,047,000 offers. Globals absolute exchanged worth the Sensex was Rs 51. 8 billion10. As such colossal measures of cash were being siphoned into the business sectors, it got intense for KP to control the developments of the scrips. Additionally, it was accounted for that the volumes outgrew him to deal with. Experts and controllers thought about how KP had figured out how to purchase such enormous stakes. The Factors that Helped the Man As indicated by advertise sources, however KP was an effective specialist, he didn't have the cash to purchase huge stakes. As indicated by a report11, 12 lakh portions of Global in July 1999 would have cost KP around Rs 200 million. The stake in Aftek Infosys would have cost him Rs 50 million, while the Zee and HFCL stakes would have cost Rs 250 million each. Experts asserted that KP obtained from different organizations and banks for this reason. His financing strategies were genuinely straightforward. He purchased shares when they were exchanging at low costs and saw the costs go up in the buyer advertise while persistently exchanging. At the point when the cost was sufficiently high, he 10 11 In September 2002, Rs 48 equalled 1 US $. Businessworld, 16 April, 2001. promised the offers with banks as security for reserves. He likewise obtained from organizations like HFCL. This couldn't have been conceivable out without the contribution of banks. A little Ahmedabad-based bank, Madhavapura Mercantile Cooperative Bank (MMCB) was KPs principle partner in the trick. KP and his partners began tapping the MMCB for assets in mid 2000. In December 2000, when KP confronted liquidity issues in settlements he utilized MMCB in two distinct manners. First was the compensation order12 course, wherein KP gave checks attracted on BoI to MMCB, against which MMCB gave pay orders. The compensation orders were limited at BoI. It was claimed that MMCB gave assets to KP without legitimate guarantee security and even crossed its capital market presentation limits. According to a RBI review report, MMCBs credits to securities exchanges were around Rs 10 billion of which over Rs 8 billion were loaned to KP and his organizations. The subsequent course was getting from a MMCB branch at Mandvi (Mumbai), where various organizations claimed by KP and his partners had accounts. KP utilized around 16 such records, either legitimately or through other dealer firms, to acquire reserves. Aside from direct borrowings by KP-possessed fund organizations, a couple of agents were likewise accepted to have taken advances for his benefit. It was asserted that Madhur Capital, an organization run by Vinit Parikh, the child of MMCB Chairman Ramesh Parikh, had followed up for the benefit of KP to obtain reserves. KP purportedly utilized his BoI records to limit 248 compensation orders worth about Rs 24 billion among January and March 2001. BoIs misfortunes in the end added up to well above Rs 1. billion. 12 A bank gives a compensation request after plainly the clients account has adequate assets. The MMCB pay request issue hit a few open part banks hard. These included large names, for example, the State Bank of India, Bank of India and the Punjab National Bank, every one of whom lost tremendous sums in the trick. It was likewise affirmed that Global Trust Bank (GTB) gave advances to KP and its introduction to the capital markets was over as far as possible. As per media reports, KP a

Public Libraries SERVICE MANAGEMENT Example

Public Libraries SERVICE MANAGEMENT Example Public Libraries SERVICE MANAGEMENT â€" Assignment Example > PUBLIC LIBRARIES SERVICE MANAGEMENTA Benchmarking Exercise of Local Authority A Library ServicesSubmitted toThe Local Authority AByDirector of Library Services, Local Authority AMarch 14, 2009TABLE OF CONTENTSContents……………………………………………………………………2Summary…………………………………………………………………. .3Introduction: 3.1.Background. .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... 3.2 Purpose. .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .. 3.3 Scope ……………………………………………………………. 455 4.0 A Benchmarking Exercise Of Local Authority A’s Library Services 4.1 Ten Key Measures And Metrics…………………………………. . 4.2 Strengths/ weaknesses……………………………………………. 56-910-12 5.0 Appropriate Methodology ……⠀¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦. ..13-15Conclusions………………………………………………………………. .16Recommendations…………………………………………………………16References………………………………………………………………. ..17SUMMARY. The following report begins with a general overview and background of the factors that necessitated the commencement of a benchmarking process for an imaginary Local Authority (A). It then follows up with the purpose of the report as well as a description of its scope. It then gives a comprehensive analysis of the ten measures and metrics that shall be used and they include: the membership and usage; circulation/ collections; the hours open per week/ availability; the I T Efficiency; income/ profitability; expenditure; existing resources/ collection; and customer satisfactionThereafter, the report analyzes the strengths and weaknesses of the aforementioned measures/ metrics. It discovers that most of them are strong apart from the qualitative measures such as customer satisfaction and service efficiency since they proved to be immeasurable. The report then concludes with a summary of the findings as well as recommendations on how best the benchmarking exercise should be undertaken. INTRODUCTION. BackgroundFollowing the current economic global crisis that has negatively affected the country, local authorities, like other sectors of the government, have had to grapple with a serious budget deficit. In a bid to reduce this deficit, all local authorities have been forced to make cuts to their budgets to remain afloat in these trying times. Inevitably, library services across the country have been targeted as sectors that require cuts to their budgets and Local Authority A’s Library Services is no exception. Local Authority A is the largest in the United Kingdom and likewise has a relatively big budget for its library services. Nevertheless, it has one of the most (if not the most), cost effective and efficient library service in the country, being in the top 20% of Library Services. Benchmarking is thus a very important contractual tool that can be used to prove the efficiency of the Library Services as well as to establish the much needed performance standards that we are contractually obligated to deliver in a rapidly changing Library Services environment. If enforced successfully, it will go a long way in not only improving the relationship between the Library Services and Local Authority A but also in creating new opportunities for the Library Services with regards to additional services and subsequently, a more optimal return on its investment. PurposeThis report seeks to implement a benchmarking exercise of Local Authority A’s Library services in comparison to the Library Services of other local authorities. It mainly seeks to establish what the specific measures and metrics are in this benchmarking exercise; the relative strengths and weaknesses of these measures and metrics; and how exactly the benchmarking exercise will be conducted. ScopeAn effective benchmarking exercise should be current. The findings in this report are therefore based on library services performed by Local Authority A over the past 18 months. In addition, the report covers all the services in all the libraries within Local Authority A.

Conflict Resolution In Church Essay - 1736 Words

CONFLICT In 1996, I was called to serve as pastor of Pryorsburg Baptist Church, located near Mayfield, Kentucky. The Pastor Search Committee had informed me that the church was currently experiencing a time of great unity, harmony, and growth. They further told me that my call was unanimous. They said that the church had grown to the point that the last pastor had resigned, a after a three-year tenure, because he had been promoted to Dean of Students at a nearby Baptist college and could no longer serve as pastor of a church of this size. I arrived at the church ministry field on a Saturday and preached the morning and evening services on the next day. On Monday evening, a member came to my home†¦show more content†¦They also informed me that they had wanted to tell me the truth before I accepted the call, but never had the opportunity. As we talked, it became clear that the church was in a horrific spiritual warfare. The deacon and his wife told me that the church had been doing very well and had been slowly growing, when a nearby church split and its disenfranchised members came to Peyorsburg. Almost immediately upon coming to Pryorsburg, these new members began to take control of the church. The old members did not do anything, because of a suddenly they were outnumbered in the business meetings by these newer members. These newer members had also voted to throw out the Church Constitution and Bylaws in order that they might do as they please regarding the operations of the church. So, there were three basic groups in the church: those in control, those who had been forced from office, and the largest group Ââ€" those who had no idea that anything was wrong. When I arrived, three of the deacons told me that they felt that they were being wrongly accused of running the church, but they had no idea why anyone would have such conceptions. Thereupon, I requested the deacons to provide me with a list of church officers. They said that they would get me a copy. It was three months later, with me constantly badgeringShow MoreRelatedThe World Monotheistic Religions Of Islam, Christianity, And Judaism981 Words   |  4 Pagesthis imperative about loving God/Allah with all the mind, heart, soul, and strength, and love one’s neighbor as oneself, which do indeed run contrary to the adversarial processes of managing conflict in the American legal system. It is evident in a litigation situation in a courtroom or in a dispute resolution forum, may it be negotiation, mediation, or arbitration, the two parties locked in argument, debate, and discussion are not applying this principle of unconditional love required by these religiousRead MoreThe Differences Between Prejudice And Stereotyping1137 Words   |  5 PagesIn class, we had also discussed the different type of conflict styles/resolutions. 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Personal Statement On Workplace Negotiations - 1556 Words

Workplace Negotiations I. 1. The most important issue in taking any form of employment is whether it will involve something that I am interested or was trained to do. Second, a salary that is reasonably related to the position and/or the work performed is important. Third, having the independence to work without constant supervision (as long as my responsibilities are satisfied) would be important. Fourth, the ability to have a flexible work schedule. Fifth, training and development opportunities that allow me to get better at what I’m doing would be important. 2. My BATNA would be the non-guaranteed offer I received prior to the holidays from another position. Although the salary (U.S. $3,000 per month) is the same as I am currently†¦show more content†¦In that case, my source of power would be years I’ve worked at my present employer, including the experience I’ve gained, the work-product I’ve produced, my relationship with clients and customers, and the fact that I understand the goals of the company and have proven that I can assist the company in achieving those goals. Perhaps, however, the ultimate source of my power is that my interests are not completely focused on salary and that if I can achieve all of my other interests except for a salary than I will personally be successful. 4. Although I cannot know for certain but I can assume that in this negotiation my opponent’s five most important issues would be: (1) keep my salary the same or as close to the current amount that it is now, (2) increase the amount of work that I do without any or a significant increase in the salary that I am paid, (3) any increase in salary is mirrored with an equal increase in duties and responsibilities, (4) keeping the work circumstances as they presently are arranged; or more specifically keeping the status quo, and (5) decreasing my salary but keeping my work level the same or increasing it. 5. My opponent’s BATNA is keeping me in my present position. The position includes the following benefits: U.S. $3,000 per month; seven days paid vacation; supervised work for 40 hours per week (five days a week). Accordingly, my opponents target price is U.S.

Principals-Agents’ Conflict of Interest Free Essays

Principals (shareholders) – agent (managers) problem represents the conflict of interest between management and owners. For example, if shareholders cannot effectively monitor the managers’ behaviour, then managers may be tempted to use the firm’s assets for their own ends, all at the expenses of shareholders. Discuss the pros and cons of this statement with regard to duties of Board of Directors. We will write a custom essay sample on Principals-Agents’ Conflict of Interest or any similar topic only for you Order Now Most organisations these days are no more owned by their managers. This separation of ownership and management gives rise to what is called agency relationship. Jensen and Meckling (1976) define the agency relationship as â€Å"a contract under which one party (the principal) engages another party (agent) to perform the some services on their behalf. As part of this, the principal will delegate some decision making authority to the agent â€Å". However, it is important to mention that this relationship is not always peaceful and harmonious; rather, it usually raises some agency problems commonly called conflict of interests between shareholders and managers of the company. These conflicts occur when a person i. . the manager has an obligation not to act in his own personal interest but in another person’s interest i. e. the shareholders. This means that in whatever situation, managers must prioritise shareholders’ benefits. But is this commitment always respected in principals-agents relationships? Hopefully, between these two groups, is the board of directors; directors who are elected by shareholders to act as their representatives by monitoring and controlling managers tasks and ensuring they are in line with shareholders’ expectations. With clear evidence that conflicts of interest are almost unavoidable in any agency relationships, an attempt will be made will be made to get an insight into that issue with regards to board of directors duties. Brennan (1994) states that â€Å" agency problems emanate from the arrangement where the interests of the agents differ substantially from those of the principals because of the impossibility of perfectly contracting for every possible action of the agents whose decisions affect both his welfare and the welfare of the principal â€Å". Therefore, this raises the issue of finding ways to motivate managers to solely act in the best interest of shareholders. However, in a world where the labour market is becoming more and more imperfect and competitive, managers will be more concerned with their personal benefits at the expense of shareholders’ benefits. Since they are the one taking care of the day-to-day activities of the company, they know better than anyone any single details about how the various tasks are being performed and how that affects the company. Therefore, they might be tempted to take advantage of that by consuming some of the organisation’s resources in the form of lavish perquisites such as airplanes. Agency conflicts imply that shareholders wealth maximisation is being subordinated in managers’ goals for the company. Clear evidence of this assumption could be that top level managers are more worried about increasing their salaries, raising their status within the company, creating more opportunities for lower managers or assuring their job security and to achieve all this, their main objective could rather be to enlarge the firm by creating more subsidiaries. Such an action could produce results that do not necessarily maximise the value of the organisation for shareholders, rather, management welfare. We can notice that in conflict of interest, agents are mostly interested in achieving objectives that they feel will be profitable to them, but which are not necessarily or directly for the sake of shareholders. This occurs as a result of the distance created between the shareholders and the management team which prevent the former to effectively monitor and control managers’ behaviour. If agents do things that hurt principals, why don’t they take strong actions against that? In order to remedy to this situation, shareholders rely among others on the board of directors which they elect to look out for their interests and protect them for financial losses due to inadequate managerial actions. Bonazzi L. , Islam (2007) defines the function of the board as a â€Å" collective responsibility to determine the company’s purpose and â€Å"ethics†, to decide the direction, i. e. the strategy; to plan; to monitor and control managers and CEO activities, then to report and make recommendations to shareholders â€Å". To achieve this, they are expected to act in accordance with their four main duties which involve: the fiduciary duty, the duty of loyalty, the duty of confidentiality and the duty of care. In performing their fiduciary duties, directors assumes two roles, the first one as an â€Å"agent† which means acting on behalf of shareholders and the second one as a â€Å"trustee† which means they are in charge of controlling the organisation assets so they have to act â€Å" bona fide â€Å" which means in good faith towards the company; acting only within the scope of their powers and uniquely for the purpose that benefits the business and to avoid being involved in conflict between personal and the company’s interest. First and foremost, the board has as duty to govern the organisation by designing broad policies, and objectives which are intended to provide managers with guidance on how they are expected to run the business, i. e. prioritizing principals’ benefits, and, where they are expected to take the firm to in terms of increasing its value. They must continuously review the performance of the chief executive to ensure that managerial actions are in line with shareholders wishes and given that they are accountable to the former, they have to report to them about the overall organisational performance. Regarding their duty of loyalty, directors must prevent conflict of interest by avoiding transactions which may generate a potential conflict; those transactions according to Professor Bernard S. Black of Standford Law School in an article entitled The principal Fiduciary Duties of Boards of Directors are called â€Å" self-dealing â€Å" transactions. Representing at the same time the boss to one extend and the subordinate to another extend, directors must make sure never to act in ways that will harm either the shareholders or the executives, treat both parties with care and respect and try to make good decisions i. . that will compromise none of the parties, but which will be profitable to the firm. Also, board members have the duty to keep private all dealings, matters and information from the board meeting and the company in order to avoid the disclosure or misuse of information which may lead to a conflict. From the study of board members duties, we can state that companies’ corporate governance rests mostly on their shoulders. So, when effective, it permits the realisation of corporate objectives, risk management, the reduction of agency problems and an increase in the value of the firm. Despite the fact that conflict of interest is quite an obvious issue between shareholders and managers, it is important to keep in mind that the former are the owners of the business and thus, have great powers on the company; for instance through their voting rights at the annual shareholders meeting where they might decide â€Å"to vote with their feet† i. . selling their shares, exposing the organisation to a potential takeover that will lead managers to lose their job. Consequently, managers must at least try to satisfy their principals by aligning their actions and decisions with shareholders expectations; as well as must principals induce their agents to work for their best interest. To achieve this, they must incur some agency costs. In the 1976 Journal of Finance paper by Michael Jensen and William Meckling, it is stated that â€Å"there are three major types of agency costs: (1) expenditures to monitor managerial activities, such as audit costs; (2) expenditure to structure the organisation in a way that will limit undesirable managerial behaviour, such as appointing outside members to the board of directors or restructuring the company’s business units and management hierarchy; and (3) opportunity costs which are incurred when shareholder-imposed restrictions, such as requirements for shareholder votes on specific issues, limit the ability of managers to take actions that advance shareholder wealth†. In a nutshell, conflict of interest is a real fact in every business. Principal-agent relationship can be viewed as complex in terms of how exactly agents are expected to act towards their principals. Obviously, their acts must always be aimed at serving shareholders interest, but this statement seems to imply that either principals’ interests are always morally acceptable or managers might act unethically provided they fulfil shareholders’ expectations. Virtually, all corporate code of ethics addresses conflict of interest because it interferes with the ability of employees to act in the best interest of the firm. The fact is that, the agent is expected to act solely for the benefit of the principal in all matters and situations, yet, the kind of situation or dilemma the agent might be called upon to act in his principal interest are not easily predictable or identified. As optimal solution, it would be advantageous for both parties if they could work in concert prioritising the success of the organisation, and trying to satisfy as much as possible each group’s benefits, because it would help avoiding or at least reducing potential conflict of interest. How to cite Principals-Agents’ Conflict of Interest, Essay examples

Islamic Revivalism Movement Towards the Establishment free essay sample

This meaning is taken from the Quran (22:5). Increase means the increase over capital or nominal amount, the increase being either large or small. According to Islamic law, Riba technically refers to the premium that must be paid by the borrower to the lender along with the principal amount as a condition for an extension in its maturity. Bank Islam Malaysia Berhad (BIMB) was established after the enacting of the Islamic Banking Act (IBA) in 1983, the IBA permitted the establishment of the first Islamic Bank in Malaysia. BIMB with a paid up capital of RM 100 million and an authorised capital of RM 500 million is carrying out its activities on an interest free basis. The establishment of BIMB is a major step towards an interest-free financial system in Malaysia. This marked the establishment of more Islamic commercial institutions under the new mode of the Islamization Policy. Insurance industry has been in the market for a long time. We will write a custom essay sample on Islamic Revivalism Movement Towards the Establishment or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page However, insurance policy does not comply to the teaching of Islam in which the contract and concept of insurance involve elements of riba, gharar (uncertainty) and maysir (gambling). With the emergence of Islamization process in Malaysia, Syarikat Takaful Malaysia Berhad was incorporated on 29 November 1984 as a subsidiary company of BIMB Holdings Berhad. Other major shareholders are the State Islamic Religious Councils / Baitulmals of Terengganu, Pahang, Negeri Sembilan and Amanah Saham Bank Islam (ASBI). The company objectives is to provide takaful services (Islamic Insurance) at the highest standard of efficiency and professionalism to all Muslims and the population in Malaysia. Malaysia is one of the Muslim countries that is committed in not only developing Islamic banking system but also a complete Islamic financial system. It was the objective of the Malaysian government to develop the Islamic banking system parallel to the conventional system. Instead of establishing many new Islamic banks, the government introduced a concept of ‘Islamic window’ which allows the existing conventional banks to introduce Islamic banking productst of customers. The concept of Islamic window started in March 1993 when the Central Bank of Malaysia or Bank Negara Malaysia (BNM) introduced the â€Å"Interest-Free Banking Scheme†. Twenty-one Islamic financial products were developed to cater for this scheme with only three major banks participated initially. By July of the same year, this scheme was extended to all financial institutions in Malaysia. As at end of 2000, the Islamic banking system was represented by two Islamic banks, 17 domestic commercial banks, five merchant banks and seven discount houses. There are also four foreign-owned banks providing Islamic banking products and services. The step towards developing a complete Islamic financial system began with the fostering of both Islamic capital market and Islamic money market. The former started when the Malaysian government issued Islamic bonds in 1983. To further enhance the development in the capital market, Islamic private debt securities were introduced. At the end of 2000, a total of RM22,935 private debt securities were issued, out of which RM 6,278 were Islamic bonds (Hassan, 2001). The establishment of BIMB Securities in 1994, as Malaysia’s first Islamic stockbroker, was the first step towards promoting Islamic equity market. Apart from providing Islamic broking houses and Islamic managed funds, a separate â€Å"Islamic Index† was established. This index comprises 179 permissible stocks on the Kuala Lumpur Stock Exchange (New Horizon, 1996). Today, the Islamic banking and Islamic finance is in its boiling point era. An aim of being the global Islamic financial hub has witnesses a lot of effort take by the government to encourage the development of this industry. Till date, Malaysia remains as the largest issuer of Islamic bond (Sukuk) in the word ahead of the other Middle East countries. In meantime, there are about seventeen (17) full-pledged Islamic banking institutions in Malaysia including those of foreign and subsidiary of parent conventional successful bank. The long-term objective of BNM is to create an Islamic banking system operating on a parallel basis with the conventional banking system. In addition, an Islamic banking system must also reflect the socio-economic values in Islam, and must be Islamic in both substance and form. The first step to spread the virtues of Islamic banking was to disseminate Islamic banking on a nation-wide basis, with as many players as possible and to be able to reach all Malaysians. The rising of the Islamic financial market as well as its conventional counterpart has made the market becoming sophisticated and complex, thus in line with this development the Securities Commission has been establish in 1997 to monitor and regulate the capital market in Malaysia. The growth of Islamic finance was an alternative for a less costly and less risky financial product to please the demands of the society. The final phase is covered from 2000 to presentwhereby Islamic finance has developed tremendously and as it now reach its tipping point. During this period we can see a lot more effort taken by the government to strengthen the industry. This phase begins with the formation of Islamic Banking and Finance Department in the Bank Negara Malaysia (BNM) in 2000, and followed by the introduction of 10-year Financial Sector Master Plan in 2001 which among others has put a specific chapter focusing on the development of Islamic banking and finance industry in Malaysia. Later in 2002, another significant event occurredwitness the birth Islamic Financial Services Board (IFSB) an independent body that focusing on the disclosure and governance of IIFS. In line with it function, it issue guideline and standards for the best practice for the industry as a whole and not limited to Malaysia only. Then, in 2003 BNM has issued Guidelines for Financial Reporting for Licensed Islamic Bank (GP8-i) with the objective to promote onsistency and standardization amongst the Islamic banks in complying with the provisions of the IBA 1983 and approved accounting standards, specifically MASB i-1 and the Shariah requirements. The Guidelines prescribed the minimum requirements of the financial statements that the Islamic banks need to disclose. Malaysias Islamic finance industry has been in existence for over 30 years. The enactment of the Islamic Banking Act 1983 enabled the countrys first Islamic Bank to be established and thereafter, with the liberalisation of the Isla mic financial system, more Islamic financial institutions have been set up. Malaysia has a diverse and growing community of domestic and international financial institutions. Malaysias diversity of market intermediaries consists of investment banks, local and foreign Islamic banks, takaful operators, brokers and fund managers. They include several foreign owned entities; both conventional institutions who have established Islamic subsidiaries and also entities who are conducting international currency business (ICBU). Many of these intermediaries have participated in Malaysias many notable achievements such as record setting sukuk issuance and other industry firsts. As such, these financial institutions possess a proven track record and in-depth experience. Malaysias market intermediaries are also internationally recognised for their innovative capability. This is attributed to their expert use of various Islamic principles or a combination of principles to produce innovative Islamic banking, takaful and Islamic Capital Market (ICM) offerings.