Attitudinal Behaviour Essay

Purpose – In order to classify individuals based on their needs, this paper aims to consider both self-stated attitudes and behaviours in a comprehensive range of daily ï ¬ nancial affairs. Furthermore, it aims to study the impacts of socio-demographic variables such as gender, age, and education. Design/methodology/approach – A questionnaire was answered by 1,282 respondents in the German-speaking part of Switzerland. Factor analysis revealed ï ¬ ve components. Based on these components a two-step cluster analysis (Ward and K-means analyses) identiï ¬ ed distinct subgroups. Linear regressions were used to investigate the impacts of socio-demographic variables. Findings – Factor analysis revealed ï ¬ ve underlying dimensions of ï ¬ nancial attitudes and behaviour: anxiety, interests in ï ¬ nancial issues, decision styles, need for precautionary savings, and spending tendency. Cluster analysis segmented the respondents into ï ¬ ve subgroups based on these dimensions with an ascending order of speciï ¬ c needs for ï ¬ nancial products. Gender, age, and education were found to have signiï ¬ cant impacts. Research limitations/implications – Real consumption behaviour cannot be observed through the survey, which limits the external validity of the study. Practical implications – The segmentation identiï ¬ es different levels of ï ¬ nancial competence and needs for ï ¬ nancial products. It allows ï ¬ nancial service providers to offer more effective advice and to meet customers on their own level to improve personal ï ¬ nancial management. Originality/value – Attitudes and behaviours in daily ï ¬ nancial affairs are examined to reveal individuals’ ï ¬ nancial competence and consequential product needs. A heterogeneous sample covers a variety of demographic groups. Keywords Personal ï ¬ nance, Savings, Questionnaires, Factor analysis, Cluster analysis, Switzerland Paper type Research paper Introduction Everyone has to manage his or her personal ï ¬ nance in one way or another. Some tend to save a lot, some like to collect information before each purchase, some like to follow their gut feelings. Private investors are not a homogeneous group but rather The authors would like to acknowledge the support of the University Research Priority Program â€Å"Finance and Financial Markets† of the University of Zurich and the National Centre of Competence in Research â€Å"Financial Valuation and Risk Management† (NCCR FINRISK), Project 3, â€Å"Evolution and Foundations of Financial Markets†. In addition, they would like to thank the Swiss ï ¬ nancial company that provided them with client data and the anonymous referee for the helpful comments. International Journal of Bank Marketing Vol. 27 No. 2, 2009 pp. 108-128 q Emerald Group Publishing Limited 0265-2323 DOI 10.1108/02652320910935607 individuals with various ï ¬ nancial practices combined with different levels of experience, anxiety and interest in ï ¬ nancial matters (Gunnarsson and Wahlund, 1997). In an increasingly competitive marketplace, ï ¬ nancial institutions need to emphasise customer relationships and the retention of existing customers that require an in-depth understanding of their attitudes and behaviours (Harrison and Ansell, 2002). The heterogeneous market is divided into smaller more homogeneous groups to meet speciï ¬ c needs with a corresponding business model (Jenkins and McDonald, 1997). Market segmentation relies, in the ï ¬ nancial industry, largely on socio-demographic information to deï ¬ ne segments for speciï ¬ c services (Harrison, 2000). It is questionable  ¨ as to how appropriate they are (Jorg, 2005), therefore in this study, selected aspects of ï ¬ nancial affairs such as routines and attitudes are gathered to gain insights towards signiï ¬ cant behavioural patt erns. The objective in this research is to examine the extent to which a broad range of private investors can be classiï ¬ ed into a small number of clusters in order to learn about group-speciï ¬ c needs in ï ¬ nancial affairs. More than 1,200 participants in Switzerland have answered our questionnaire with a response rate of 79 per cent. Unlike some other studies in this ï ¬ eld (e.g. Lim and Teo, 1997; Wood and Zaichkowsky, 2004), this survey is not limited to students, but includes a broader range of the public. Instead of focusing solely on savings behaviour (EBRI, 2002; MacFarland et al., 2003), the present study embraces a wider scope of daily ï ¬ nancial concerns. Thereby factor analysis exposes ï ¬ ve underlying dimensions: anxiety, interests in ï ¬ nancial issues, decision styles, need for precautionary savings, and spending tendency. We demonstrate that our respondents can, based on these dimensions, be classiï ¬ ed into ï ¬ ve distinct groups by cluster analysis where from cluster I to V, the need for action for a better handling of ï ¬ nancial matters increases: for example, the â€Å"Gut-feeling followers† show a intuitive way of decision taking, disinterest in ï ¬ nancial subjects and a lack of awareness for the need of provision which make it difï ¬ cult to argue for or to initiate remedial action. Each cluster raises key issues in meeting their needs and allows for guidance to design and adapt instruments to assist in speciï ¬ c ï ¬ nancial requirements. To illustrate how ï ¬ nancial behaviour can be modiï ¬ ed to improve personal ï ¬ nance speciï ¬ cally for each group, examples from the area of retirement savings, an important part of daily ï ¬ nancial management, are chosen (Clark-Murphy and Soutar, 2005). Linear regression further reveals that the clusters highlight socio-demographic characteristics and help generate a better understanding, although one socio-demographic factor alone does not offer enough information to detect cluster membership. The main theoretical contribution of this paper is that we segment the investors based on the revealed dimensions in attitudes (e.g., level of anxiety), together with the self-stated ï ¬ nance-related behavioural pattern (e.g., spending tendency). In this way we could identify the speciï ¬ c needs and provide different services to each subgroup. Theoretical background and literature review Individuals show considerable deviation from the expectation of rational behaviour implied by ï ¬ nancial models (Barberis, 2003). Being conscious of the empirical limitations of the homo economicus model for exploring the behaviour of private individuals, behavioural ï ¬ nance broadens the view by combining knowledge from psychology and economics ( Camerer and Loewenstein, 2004). Our study belongs to this area. However, instead of focusing on particular anomalies and biases that individuals succumb to, such as overconï ¬ dence and procrastination (Biais et al., 2005; O’Donoghue and Rabin, 1998), we broaden the scope under review by studying general patterns when dealing with ï ¬ nancial issues. Market segmentation In the ï ¬ nancial services industry, market segmentation is a common method to understand better and serve the diverse customer base with its wide-ranging needs and various behaviours (Speed and Smith, 1992). Competitive pressures from deregulation of the ï ¬ nancial services market increase the requirement for market orientation and a more intimate knowledge of the market and its segments (Gunnarsson and Wahlund, 1997). Previous research has shown that there are various beneï ¬ ts from taking a segmented approach to the marketplace: a better serving of customer requirements; a tailoring of offerings; and higher customer satisfaction (Harrison and Ansell, 2002). It can increase customer retention and create loyalty and long-term relationships that positively affect performance (Martenson, 2008). Market segmentation aims to recognise patterns of ï ¬ nancial behaviour, identiï ¬ ed by studied segment predictors to group individuals into segments according to their product needs (Harrison, 2000). Yet, marketing in the ï ¬ nancial services industry today is still predominantly based on socio-demographic features like gender and age which are easy to identify and easy to apply in the composition of groups (Machauer and Morgner, 2001). A prediction of needs from socio-demographic characteristics cannot be assumed; therefore these widely used a priori segmentations are under review (Speed and Smith, 1992). In contrast, post hoc methods entail the grouping of respondents according to their responses to particular variables, focusing on customer motivations (i.e. needs/behaviour) that are more likely to result in a service based on individual n eed (Durkin, 2005). In research, behavioural segmentation is increasingly found (Elliott and Glynn, 1998; Soper, 2002), although researchers continue to concentrate on the ï ¬ nancial behaviour of speciï ¬ c groups and selective variables  ¨ (Warneryd, 2001). This study focuses on the general population, giving a more holistic view of personal ï ¬ nancial management activities and taking attitudes and behaviour into account. Individual investors The literature on individual economic behaviour often focuses narrowly on speciï ¬ c  ¨ areas such as risk attitudes (Warneryd, 1999; Wood and Zaichkowsky, 2004) or saving (Normann and Langer, 2002; Thaler and Benartzi, 2004). Other ï ¬ elds of research target investment in securities (Barber and Odean, 2001; Brennan, 1995; Keller and Siegrist, 2006) or focus on speciï ¬ c segments such as occupational groups (e.g., dentists and  ¨ managers (Jorg, 2005)). Speciï ¬ c ï ¬ nancial issues or situations, however, are not indicative of an individual’s behavioural and attitudinal disposition toward ï ¬ nance. Rather an interest in ï ¬ nances or having certain habits related to managing one’s ï ¬ nancial means may indeed be a moderating factor to learn about behaviours and needs (Loix et al., 2005). The attitudes and behaviours toward ï ¬ nances regarded in this study focus on individual ï ¬ nancial management behaviour. It is a topic with important implications that has not been sufï ¬ ciently examined in ï ¬ nancial and economic behavioural studies (Loix et al., 2005). The subject is not covered by the extensive research on individual’s attitudes and habits towards money, as such studies focus on the meaning of money (Lim and Teo, 1997) or basic values concerning money in general as an abstract concept (Raich, 2008), and not on an individuals’ ways of dealing with his or her personal ï ¬ nance. Previous studies of private investors have used mainly behaviour-based criteria or attitudes and do not combine both aspects (Keller and Siegrist, 2006) that are the focus of this study. This study is not product-linked but wider ranging in that it examines the self-stated ï ¬ nancial attitudes and behaviour of individual investors. Attitudes and behaviours A frequently discussed question in research is to what extent attitudes predict behaviour. A direct relationship between attitudes and behaviour has often been found to be weak, but difï ¬ culties in ï ¬ nding a strong relationship might derive from  ¨ differences in deï ¬ nition and measurement (Warneryd, 1999). The more speciï ¬ c the attitude is the better are the chances of ï ¬ nding a substantial correlation with behaviour if behaviour is also deï ¬ ned as a speciï ¬ c act (Ajzen and Fishbein, 1980). Therefore, deï ¬ ned questions or attitudes can have predictive power and a higher correlation of attitude to-wards behaviour has been conï ¬ rmed in studies (in a comprehensive  ´ meta-analysis: Glasman and AlbarracÄ ±n, 2006; Tesser and Shaffer, 1990). A further question is the beneï ¬ t of knowledge concerning behaviour. Whilst behaviour changes over time, there is a popular assertion that â€Å"past behaviour is the best predictor of future behaviour† (Ajzen, 1991, p. 202). It is a reï ¬â€šection of these ideas that leads to attitudes and behaviour being explored in this paper. Financial needs segmentation Several typologies concerning the ï ¬ nancial affairs of private investors can be found in the previous literature, but with more speciï ¬ c approaches: se gmentations are based on ï ¬ nancial maturity and knowledge (Harrison, 1994), provision for retirement (Gough and Sozou, 2005) or savings strategies (Gunnarsson and Wahlund, 1997). Loix et al. (2005) come closest to the focus of this study with the question of orientation towards ï ¬ nances but their goal is to develop a measurement scale for individual’s ï ¬ nancial management. In this study, we examine the self-stated ï ¬ nancial attitudes and behaviour through a broader basis and do not restrict ourselves only to questions concerning risk or saving. We apply the methodology of cluster analysis to identify groups of private investors in order to obtain insight into the enforcing or modifying of speciï ¬ c behaviour. Cluster analysis has become a common tool in marketing and is a well-adopted method for market segmentation as well as the applied factor analysis apparent in this paper (Punj and Stewart, 1983). The aim of the present study is to obtain a better understanding of people’s needs in ï ¬ nancial matters to provide adequate services and products. This study, based on ï ¬ nancial service consumers, identiï ¬ es distinct motivational clusters that were independent of the more established socio-demographic segmentation variables used in targeting and communicating by ï ¬ nancial institutions. This study demonstrates that, by segmenting respondents on the basis of a broader range of ï ¬ nancial attitudes and behaviour, a yield of clearly interpretable proï ¬ les can be realised and is helpful to identify those people in most need of professional ï ¬ nancial advice. This research suggests that customer’s ï ¬ nancial proï ¬ les may be useful in predicting their response to new products as well as persuading them to use existing services for the speciï ¬ c beneï ¬ ts they value. Participants and questionnaire The data come from a questionnaire that wa s completed by 1,282 respondents from various regions of the German-speaking part of Switzerland. The respondents were recruited from two sources: 53 per cent of the participants (n  ¼ 680) were clients seeking consulting advice from a Swiss ï ¬ nancial planning company, together with participants in courses in ï ¬ nancial training within the same ï ¬ rm (convenient sample). The second source was employed to avoid a client bias in the study. A total of 602 study subjects (47 per cent of the total study) were identiï ¬ ed through a combination of â€Å"quota[1] and snowball[2] sampling procedures† (Vogt, 2005) so that its composition in terms of sex, age, and other demographic characteristics came close to reï ¬â€šecting the respective proportions in Switzerland. Although not every member of the population is equally likely to be selected, the sample is composed of a wide variety of backgrounds. The diversity came from such groups as participants in a study relating to ï ¬ nancial literacy, and from different sources such as a nursing home, a group of university students, a group of teachers, company employees from four Swiss companies unrelated to the ï ¬ nancial services sector, a group of self-employed people, participants in a course for the unemployed, and a group made up of parents. The questionnaire was designed in German. Participants were ï ¬ rst asked to give their self-assessment by answering 17 questions on their ï ¬ nancial behavioural practice or attitude towards ï ¬ nancial affairs. The response format is a ï ¬ ve-point-Likert-type scale with â€Å"absolutely† and â€Å"not at all† at the two ends of the question spectrum. Subsequently, the questionnaire contains questions concerning socio-demographic variables such as age, gender, career stage, and education[3]. The age of participants ranges from 18 to 84 years old, with 58.9 per cent between 36 and 65 years old (n  ¼ 755). The natural demographic balance of men and women is reï ¬â€šected in the sample with 49.3 per cent men (n  ¼ 632) and 50.7 per cent women (n  ¼ 650). The proportion of people with a university degree or equivalent is 46.6 per cent (n  ¼ 598), whereas 33.8 per cent participants (n  ¼ 433) obtained an apprenticeship (up to ï ¬ ve years). There are 14.5 per cent participants (n  ¼ 186) who have a high school diploma as the highest educational level, whereas 5.1 per cent participants (n  ¼ 65) have only attended secondary school. There are 10.5 per cent (n  ¼ 135) participants who were studying at a university or at another institute of higher education at the time of our survey. Methodology and results Factor analysis As the ï ¬ rst step we conducted an exploratory factor analysis, a principal component analysis, in order to determine the underlying dimensions of the ï ¬ nancial attitudes and behavioural tendencies. The chosen solution with ï ¬ ve principal components was constructed using the varimax rotation technique and can explain 53.3 per cent of the total variance. Different opinions concerning what constitut es a high loading are found in the literature, e.g. 0.3 (Gardner, 2001). Here, the rotated factor loading of 0.5 was chosen as a threshold.

Free Essays on The New Deal

â€Å"The New Deal Was Not† The New Deal, as passed by Franklin Roosevelt, marked a change in the American government from being based on, as Richard Hofstadter puts it, â€Å"the philosophy of Hobbes and the religion of Calvin† (5); in fact, the New Deal shows America’s first understanding of economics. By extending national regulation over new areas of the economy, the New Deal successfully engaged in a broad series of experiments designed to relieve the distress and unemployment caused by the Great Depression; however, no matter how great this â€Å"New† Deal sounds, it was not new at all. In reality, the true New Deal was the second New Deal, which was simply rewritten according to mandates of the Supreme Court after it rejected thirteen out of the fifteen proposed points. This Second New Deal was the true â€Å"New† Deal because it, not its earlier counterpart, that sought to regulate the economy in new ways. Moreover, this Deal turned out to be the successful one. Roosevelt’s success was rooted in his amiable personality; he had a way about him that assured Americans that, by following him, life would turn out good. When he was first elected President, Roosevelt assured the American people, in his inaugural address, that he would take drastic action against the economic emergency he had on his hands. During his presidency, Roosevelt was able to maintain the confidence of Americans through his â€Å"fireside chats,† during which he explained the plans he had to Americans over the radio. In these â€Å"chats,† and in all of his briefings to America, Roosevelt had an air of urgency around him. He once said, â€Å"This nation asks for action, and action now†¦. We must act, and act quickly†(New Deal 1). Roosevelt instituted signs of relief from the very beginning of his ascendance. Because of such great panic about bank failures, Roosevelt declared a â€Å"bank holiday,† which closed all American ban ks for four days unti... Free Essays on The New Deal Free Essays on The New Deal â€Å"The New Deal Was Not† The New Deal, as passed by Franklin Roosevelt, marked a change in the American government from being based on, as Richard Hofstadter puts it, â€Å"the philosophy of Hobbes and the religion of Calvin† (5); in fact, the New Deal shows America’s first understanding of economics. By extending national regulation over new areas of the economy, the New Deal successfully engaged in a broad series of experiments designed to relieve the distress and unemployment caused by the Great Depression; however, no matter how great this â€Å"New† Deal sounds, it was not new at all. In reality, the true New Deal was the second New Deal, which was simply rewritten according to mandates of the Supreme Court after it rejected thirteen out of the fifteen proposed points. This Second New Deal was the true â€Å"New† Deal because it, not its earlier counterpart, that sought to regulate the economy in new ways. Moreover, this Deal turned out to be the successful one. Roosevelt’s success was rooted in his amiable personality; he had a way about him that assured Americans that, by following him, life would turn out good. When he was first elected President, Roosevelt assured the American people, in his inaugural address, that he would take drastic action against the economic emergency he had on his hands. During his presidency, Roosevelt was able to maintain the confidence of Americans through his â€Å"fireside chats,† during which he explained the plans he had to Americans over the radio. In these â€Å"chats,† and in all of his briefings to America, Roosevelt had an air of urgency around him. He once said, â€Å"This nation asks for action, and action now†¦. We must act, and act quickly†(New Deal 1). Roosevelt instituted signs of relief from the very beginning of his ascendance. Because of such great panic about bank failures, Roosevelt declared a â€Å"bank holiday,† which closed all American ban ks for four days unti...

How to Write an Analytical Essay on Cost #038; Management Accounting Reporting System

How to Write an Analytical Essay on Cost #038; Management Accounting Reporting System The analytical essay is often thought of as a summary of a piece of work or a topic but in reality it is an analysis, as the name would suggest. You want to prove something big about the work by studying smaller writing techniques used. Introduction The introduction is where you make sure the reader is interested in your work. You need to have three components, as listed above in order to have an effective hook. This is comprised of a single sentence that tells your reader something interesting or something shocking. Many students prefer to introduce a startling statistic or open by asking the reader a rhetorical question. If you can include some controversy and relate that controversial idea to the remainder of your content, then the reader will be hooked. The thesis is where you need to tell your reader the key point, or purpose to your work. Body The body is where you have the most room to change organization. You may, for example, have three key claims you want to present in support of your thesis. You can introduce these claims chronologically, in order of appearance in the work you are analyzing. You can introduce them ranging from strongest to weakest so that the reader goes from being hooked to reading your strongest points. It also adds up to the fact that your body content ends on a high note. No matter what the order of appearance for your content is, you need to allocate one body paragraph for each claim you are making. Within the paragraph you must start with a topic sentence: a sentence that introduces the topic of that paragraph and transitions away from the paragraph above. Then you make your claim and introduce your supporting evidence. It is important here not to just state your evidence, but to state clearly how your evidence ties the claim back to your thesis. This is a common error; many students know clearly how their evidence ties to their thesis but they forget that the reader might not make the same conclusions or follow the same mental path. In order to ensure that each reader follows the same line of thinking as yourself, you must include this direct link in writing. At the end of each body paragraph, you need to provide a transitional sentence that leads the reader away from that thought and onto the next. Conclusion With the body paragraphs complete and the appropriate evidence presented, it is time to wrap up your writing for the reader. Here you want to restate for the reader what your thesis has been and how you have supported that thesis. You want to avoid simply copying and pasting the wording from the rest of your body content, but rather, rephrase it in such a way that you remind the reader not only what claims you made but what evidence you had for those claims. Avoid introducing new material and changing the tone or theme of the work. These are the main parts that demand the most of your attention and concentration. However, those are not all we can offer you: there are also useful facts on management accounting and 20 readymade topics on the same issue that will be extremely handy while writing an analytical essay. If you need professional analytical  essay writing help contact our essay service now!

Ratio Analysis of Macy's and Nordstroms Essay Example | Topics and Well Written Essays - 1500 words

Ratio Analysis of Macy's and Nordstroms - Essay Example The company has entered into credit card and debit card business as well which is operated by one of its subsidiaries. Nordstrom sells both branded and private labeled cloths which make it a favorite for not only elite class of the society but it is equally popular amongst middle class or aspiring middle class citizens. Nordstrom generates sales from following segments. Firstly, retail full line stores generate substantial earnings which are evident from its financial ratios. Secondly, a direct segment is another organ of Nordstrom Inc. This segment primarily focuses on internet based selling. Nordstrom’s website reports high traffic on it, which is a sign of high customer satisfaction. Company has always delivered its promise of quality, fashion and customer service. Thirdly, credit segment earns revenue through charges levied on their company’s own or co-branded credit cards. Macy’s Inc. is another giant of the retail industry. It is based in Cincinnati, Ohio s ince 1820 and has been crowned as one top retail stores in the United States. Company operates through its two organs namely retail stores and its website. Macy has a huge portfolio for its customers, ranging from apparels, shoes and other accessories for men, women and children. They have also entered into home furnishings and various other consumer goods. In short, Macy’s Inc. has everything which one could dream for his/her living. Macy has been focusing on forward integration lately so that it can offer premium service to its customers and consequently, increase its saving by inventory management and price optimization. Keeping a holistic view of the retail industry, it is evident by the reports published by National Retail Federation(NRF) that the retail industry will grow by 4% in the current year due to better-than expected holiday season. However, commodity prices will increase due to augmenting levels of inflation which can create setbacks for the retail industry. Re tail industry survives on volume of sales. Whoever, can provide high quality with low price wins the bid therefore, Nordstrom and Macy have been working to reduce cost through better inventory management controls and reduces their cost of goods sold to sales ratio. Nordstrom Inc. has performed well in the last couple of years. It has continued to grow and prosper which can be seen by its improving profitability ratios. The return on Equity has improved to 34.12% in 2010 as compared to 31% in 2009. Nordstrom has established a strong line up of globally recognized brands which have added substantially to its earnings. The company’s earning has made a heap of 39% in 2010 from $441M in 2009 to $613M in 2010. Analyzing its Gross profit margin notifies an increment of $587M which is about 19.9%. Gross profit margins have grown to 36.39% in 2010 from 34.1% in 2009 as the company has been able to reduce the percentage of sales devoted to cost of goods sold from 68.83% to 66.27%. whic h is a reason of reducing its cost of goods sold to sales ratio. Company has integrated better mechanisms of inventory management to increase their year-end earnings. Moreover, sales have climbed up by 16.68% from $4560M in 2009 to $5321M in 2010 which is a reason for higher profitability ratios. Subsequently, net profit margins have increased from 9.67% to 11.52% in 2010. Nordstrom has performed well in terms of liquidity. This is evident from its current ratio as it has increased to 2.56 in 2010 from 2 in 2009. Looking closely at it, these figures are better than the industry averages hence the company is in a relatively safe position to pay off its current obligations. Nordstrom has performed really well in terms of managing their assets. Inventory turnover period has

Internal and External Factors Paper on Bridgestone Essay

Internal and External Factors Paper on Bridgestone - Essay Example The essay will use the Bridgestone Corporation as the case study and according to Qontro Business Profiles (2008); Bridgestone is a Japanese multinational corporation that was established in 1931 and its main specialty is the manufacture of motor vehicle tires. However, the company also deals in other diversified products that include a wide range of industrial products such as conveyor belts, water houses, and polyurethane foam. Other products include Bridgestone branded bicycles, Bridgestone aircraft tire, and an array of golf products. The company has a wide global presence that is supported by more than 140 production facilities that are spread wide across 24 countries. In reference to the studies by Daft (2011), he described planning as the as the core function of management and even the foundation of the other three functions of management. In the planning process, Bridgestone’s management diagnose the status or health of the company in line with the planned future goals and objectives of the company, and then devise appropriate action plans that will enable the attainment of these goals and objectives. However, Hersey et al. (2000) stated the planning factor is influenced by both external and internal factors and at times, these factors may be uncontrollable thereby potentially affecting Bridgestone in a positive and/ or negative manner. Daft, R. (2011) stated that the act of realigning a company with these external and internal factors is referred to as strategic planning. During strategic planning, the external factor of globalization always makes Bridgestone’s managers consider the impact of competition from their rivals that include Firestone. Secondly, the issue of globalization ensures that managers of the company make strategic plans that will position the company to strategically compete in the international market and keep in

The impact on globalization in hospitality industry Essay

The impact on globalization in hospitality industry - Essay Example What is the impact of global marketing with regard to positioning and branding? The complexity of globalization is presented here as the positive and negative effects, implication to local government’s tourism policies and marketing strategies of the hospitality industry. Globalization has encouraged all kinds of people from all over the world to visit places of interest, to make business, study or to take a leisure vacation. As such, it is not rare to find different races of people gather in a place. What is the implication of this? This eliminates discrimination, brings cultural interaction and makes them understand each other. A friendly environment is created regardless of the color of skin. This gives an opportunity to managers of the hospitality industry to prepare a marketing plan that would suit to the individual culture and preferences of guests for a more profitable tourism. It makes managers understand different cultures. (scribd.com) Purposes of travel of people have increased the market base for the whole industry, as now, people travel not only for holidays, but for other reasons too. In India, statistics show an annual 13% growth rate in tourism. In 2006, tourists’ number is 4 million as compared to 2.06 million in 2002. (India tourism, statistics and figure 2004) Tourists’ arrival in China is 21 million in 2009. From this figure, a large number of tourists come from Asia, followed by travelers from Europe, and then visitors from America. Asian visitors go to China for sightseeing and leisure as the first priority, meeting business second reason, to work as third and, visiting relatives as last purpose. . (China National Tourist Office) As visitors come in to a tourist destination, they spend money that causes a multiplier effect in the economy. It has contributed to the GDP of countries; China, for instance has a total of approximately 5,201 hotels, a growth of nearly 20% since 1996. This represents a total of

Project Report on Education Society Essay Example for Free

Project Report on Education Society Essay Activities of the Promoting Body including a listing of major educational promotional activities undertaken till now. 2. 4. Mission of the Promoting Body 2. 5. Vision of the Promoting Body CHAPTER III : OBJECTIVES AND SCOPE OF THE PROPOSED PROGRAMME 3. 1 Objectives 3. 2 General and Commerce Education Scenario in the State 3. 3 Status at Entry Level 3. 4. Status of Commerce Level manpower 3. 5 Industrial Scenario of the State 3. 6 Scope of the College vis-a-vis the Industrial Scenario and Educational Facilities already available in the State and in this Institute. CHAPTER IV :ACADEMIC PROGRAMMES 4. 1 Basic Academic Philosophy of the Institution 4. 2 Types of Programmes 4. 3. Identified Programmes 4. 4. Phase-wise Introduction of Programmes amp; Intake 4. 5 Target Date for Start of Academic Programmes 4. 6 Central Computing facility 4. 7 Central Library 4. 8 Affiliating Body 4. 11 Scholarships CHAPTER V: SALIENT FEATURES OF ACADEMIC DIVISIONS 5. 1 Classification of Academic Divisions i. e. Departments,Centres, Schools, Central Academic Facilities. 5. 2. (i) Commerce (120 seats) 5. 2. (i) 1 Academic Objectives 5. 2. (i) 2. : Areas of Focus . 2. (i) 3. : Academic Programme 5. 2. 4 : Faculty Requirement amp; Phase-wise Recruitment 5. 2. 5 : Requirement of Laboratories, Space and Equipment (cost) 5. 2. 6 : Requirement of other Space like Class Rooms,Faculty Rooms, Departmental Office. CHAPTER VI : LINKAGES IN TECHNICAL EDUCATION 6. 1. : Introduction 6. 2. : Linkages with Industry 6. 3. : Linkages with the Community 6. 4. : Linkages with Institutions of excellence such as the IIMs a nd ICAI. 6. 5. : Linkages Abroad CHAPTER VII : GOVERNANCE 7. 1. : Philosophy of Governance 7. 2. : State amp; Central Governance CHAPTER VIII : ACADEMIC amp; ADMINISTRATIVE MANAGEMENT 8. 1. : Organizational Structure amp; Chart for day-to-day Operations amp; Management 8. 2. : Role and Responsibilities of Key Senior Positions 8. 3. : Methods/Style of Administration/Management CHAPTER I : BRIEF DETAILS OF COLLABORATING PARTNERS. A. Gurukul Education Society In the following pages brief details of collaborating parteners 1) and 2) - are given B. INTRODUCTION To meet the increasing demand of qualified manpower in the field of emerging areas of commerce and Industry. And to provide the Primary education facilities to common man in village, Gurukul Education society, pune is formed with the approval of All India council for Education, Govt of india. It is affiliated to Pune University and Pune Board. In todays World of 21 century, our country is on the road map of Globalization, hence more and more industries are attracting towards India and specially towards Rural Area. As they are considering there rural area as beneficial investment. Hence Gurukul Education society is planning to open a Primary School and Commerce college in Pune District at Yavat. C. Backround of the Counsultants. Solution Provider pvt. Ltd. are appointed as consultants to regularize amp; assist for project completion. The Solution Provider are serving various clients for last 25 years. They have very good goodwill in market amp; commitment complier. CHAPTER II : THE PROMOTING BODY 2. 1 Introduction to its Genesis including its Registration Status Gurukul Education Society, registered in 1998 in pune has established Gurukul Institute of commerce in Pune. Whose members include well-known Industrialists, Businessmen, Professionals and Educationists. The people associated with the Society are engaged in rendering social services in Pune and Mumbai. The members of the society are committed to provide the investment needed for the education with global competitiveness. No compromise is made in ensuring the high quality of education in the Institute. 2. 2. Details of its Promoters including their Background The promoters consist of Industrialists, Businessmen, Professionals Educationists. The list is given on the following pages. In there are a large number of members in the following categories: (i) Founder Members : 44 ii) Members : 39 (iii) Aajiwan Sahyogi : 156 (iv) Donors : 21 2. 3 Activities of the Promoting Body including a listing of major educational promotional activities undertake till now. The promoters of the society have been involved in various activities related to basic and professional education, health care and have established a number of educational institutions consisting of Engineering College, Polytechnic, IT I and are also managing Five Public Schools at various locations in Maharashtra. 2. 4 Mission of the Promoting Body The missions are mentioned below: 1. To arrange, establish, run and manage Nursery, Primary Higher Secondary and Higher Education in Commerce Institutions. Colleges for all types of higher education; preparation for various competitive examinations and civil services and to provide education to the General Public, poor and needy children, SC, ST Community and other sections of the society and to provide education as per the Policy of the Govt. of India. 2. To arrange, establish run, manage, control, lookafter, and super-vise Commerce Educational Institutions, Colleges, Lecture halls, part time Coaching Education Centre n Charitable basis and other establishments or Institution for advancement of education and knowledge in arts, science, social science, knowledge of public hygine, literature and humanities, etc. 3. To establish environment preservation and pollution control centres to restrain the spread of pollution and to conduct such programmes which aim at preservation of environment, improvement and control of pollu tion. 2. 5 Vision of the Promoting Body †¢ To provide for excellence in Commerce Education and Research. To provide computers as: an aid to study, an object of study, a professional tool, an intellectual tool, an instrument of social change. †¢ To develop strong communication skills in the students †¢ To create awareness for social, historical, ethical, cultural and human values. †¢ To create a culture for self and life long learning. †¢ To create an intellectual spirit and capability for critical judgement. †¢ To establish a symbiotic relationship with industries. †¢ To develop entrepreneurship programmes and promote student entrepreneurs. †¢ To develop continuing education programmes. To create an awareness for development with equity and environmental values. †¢ To undertake resource generation and provide consultancy services. CHAPTER III : OBJECTIVES AND SCOPE OF THE PROPOSED PROGRAMME 3. 1 Objectives 3. 1-i GURUKUL SCHOOL. * To prom ote preliminary education * To open Marathi medium amp; English medium school * To promote extra circular activities such as, sports, social activities, art etc. * Enhancement of quality of education to students 3. 1-ii GURUKUL COMMERCE COLLEGE. * Access to modern course material of international level. Enhancement of quality of education to students. * Enhancement in avenues for jobs to the student. * Enhancement in value addition to the existing programme. * Initiation of post graduation education. 3. 2 General and Commerce Education Scenario in the State Pune can be rightly called an Educational city. There is One Central Universities, and a number of Deemed Universities. 3. 3 Status at Entry Level Gurukul School Child completed 3 years of age can start Pre preliminary house followed by Preliminary amp; secondary school life. Gurukul Commerce College 0+2 students in Commerce stream opt for Commerce Courses. The number of seats available in Pune per thousand students compared to o ther states is very low. This imbalance needs to be corrected. CHAPTER IV: ACADEMIC PROGRAMMES 4. 1 Classification of Academic Division The following major divisions/departments exist in the school amp; college. * Pre preliminary * Preliminary (Std. 1st to 4th ) * Secondary ( Std. 5th to 10th ) * Higher Secondary ( Std. 11th amp; 12th ) * Graduation in Commerce ( B. com) * Post Graduation in Commerce (M. com) 4. 2 Entrepreneurship: Entrepreneurship is the greatest service to the society. The fruit of Commerce is harvested by the entrepreneur and served to the society in different baskets and packages. The prosperity of the society is directly linked to the successful entrepreneurs. 4. 3 Liberalization and Globalization: If a society is compelled to single out one determinant of competitiveness, in the era of globalisation based economy, one has no option but to choose commerce education since in the end people are the ultimate assets in global competition. This Institute imparts education for global competitiveness. . 4 Computerization of Learning Process : As already mentioned, Computer is the central medium for the learning process viz, (i) Visualization of concepts and processes through graphics and multimedia in multidimensional continuum, (ii) Analytical details under changing parameters and environment, (iii) Tutorial software for deeper understanding of the subject, (iv) Self paced learning, which normal ly can not be created without computers. The Institute provides seamless opportunities for innovative learning. CHAPTER V: SALIENT FEATURES OF ACADEMIC DIVISIONS 5. 1. :Academic Objectives Through this course of School amp; college students are well versed in Commerce amp; being made aware of the endless opportunities opened by the application of academic knowledge amp; information technology for a total integration of system spanning and global scenario. There is a great demand for such manpower as the industries are moving for a higher level of globalisation. 5. 2. : Areas of Focus Globalisation amp; finance transferency. 5. 3:Faculty Requirement amp; Phase-wise Recruitment For the collaborative programme with the University all faculty members will must have Ph. D. degrees. For the collaborative programme with the University the following key faculty members have already been identified to be appointed. (i) Professor Yogesh Mathur Accounts (ii) Professor V. P. Srivastava Financial Management (iii) Professor M. M. Bhutani Corporate Law (iv) Professor Suresh Chandra Computer (v) Dr. C. R. Roy Humanities (vi) Dr. Krishan Kumar Costing Others will be appointed in consultation with key faculty members through proper advertisements. 5. 4: Requirement of Laboratories, Space and Equipment For school we require to have laboratories amp; no need to have laboratories for commerce college. Space requirement for such laboratory will be substantial. All equipments required are of high quality amp; will be ordered from reputed suppliers. CHAPTER VI : LINKAGES IN TECHNICAL EDUCATION 6. 1. : Introduction School amp; commerce college education is based on societal needs of today and tomorrow. Society is seamlessly becoming dependent of Information Technology, All aspects of human endeavour is taking new shapes and directions for a higher level of productivity, efficiency for over all development. 6. 2. : Linkages with Industry The Institute promotes the activities in co-operation with the Industries. Students and Faculty members are sent to visit Industries. With M/s. Laxmi Iyer, a more compact relationship has been undertaken as specified by them. 6. 3. : Linkages with the Community : The requirements of the Community have been well studied and crystallized. Accordingly, educational programs have been designed. Pune is becoming metropolitan city. Hence, the needs of the community here are different from the rural community. The education at the Institution provides deep knowledge amp; computer skills. 6. 4. : Linkages with other Institutions in the region : There is initiative to linkage with all the Commerce Institutes in India like ICAI, ICSI. This will help students to per sue professional education while taking formal education with Institute. 6. 5. : Linkages Abroad Efforts are made to have linkage with abroad universities/Institutes, as the infrastructures and faculty are no less than any foreign institutes. Therefore, this collaboration will bridge this gap and help students to be globalise in every aspect be it education or job. CHAPTER VII: FINANCIAL ASPECT 7. 1: Organisational structure and chart for day to day operation and management. President/secretary (chairman) HEAD OFADMINISTRATIVEEXAMINATIONLIBRARIAN DEPARTMENTOFFICERBRANCH/INCHARGE FACULTYSUPERINTENDENT ATTENDANCESTAFFDEPARTMENT OF STAFF HOUSE KEEPING DATA ENTRYATTENDANT TELEPHONE OPERATOR OPERATOR STORE INCHARGE CLERKS ELECTRICIAN CANTEEN 7. 2: SCHOLARSHIPS. Institutes believes, it has responsibility towards society in which functioning and also provides help to students of weaker section of society especially SC/ST/NT. * State government provides scholarship to weaker students whose income is below average. Arrange for education loan to needy students from banks. * Issue free books to meritorious students. * Also help meritorious but poor, physically challenge and orphan students. * Grants provides by university grant commission. 7. 3: PHASEWISE FINANCIAL REQUIRMENT. Financial requirement for building, furniture, library, labs and workshops, teaching and non-teaching staff is on the following lines. The cost analysis is based on the current rates. 7. 4: S alary: teaching and non-teaching staff is as follows. particulars| Amount(in rupees p. m)| Principal| 75,000| Professor| 50,000| Assistant professor | 35,000| Lecturers | 25,000| Lab assistant| 15,000| Maintenance staff| 13,000| Office assistant| 13,000| Librarian| 10,000| TOTAL| 2,30,000| 7. 5: Land, Building amp; Infrastructure Facility Land| 130,00,000| Building| 100,00,000| Lab amp; workshop| 40,00,000| Computer Lab| 25,00,000| Furniture| 20,00,000| Library| 15,00,000| TOTAL| 330,00,000| 7. 6: Strategies for Financial Mobilization * Some promoters are businessmen and have their own commercial institutes amp; construction Institute. * Any shortage, the financial mobilization will be through unsecured loan from non-financial institutes. * Interest free loan from promoters. After completion of eligibility and all documents, Central Government and State Government will provide grants for continuing such project. * Donations will be accepted from public. CHAPTER VIII: GOVERNANCE AND ACADEMIC amp; ADMINISTRATIVE MANAGEMENT: 8. 1: Philosophy of Governance It is said the best governance is that which does not govern. But the underlying Meaning of this is not chaos by but order. This concept of governance bestows Autonomy in decision making with responsibility and Co-ordination. There is a Total freedom for innovative measures and a total Co-ordination from top to Bottom. The decisions are taken at the top but with inputs from the lower rungs So, the governance ensures total participation across the various hierarchies. Head of the Department. Is helped by the faculty members. The Dean is helped by the HODs and faculty members both Director is helped by the Dean, HOD and Faculty members. The Chairman/General Secretary are helped by the Directors And Dean. 8. 2: Methods/Style of Administration/Management The administration is participative. Every faculty member has certain responsibility Delegated to him. 20 students are attached to one faculty member who is designated Group Counselors for that set of students. Group Counselors meet their respective Groups once in a month to know the problems being faced by students Group Counselor Provide the briefs of the meetings to the Director, Director (E) and Dean on matters Related to education, administration and emotional support that the students need. Thus, the problem identification is done at the grass-root level and administrative remedial steps are taken of the appropriate lands. Similarly, grievances of Faculty and Staff are also resolved in a transparent manner. 8. 3: RULES AND REGULATION OF GOVERMEND IN INDIA REGARDING OPENING OF SCHOOLS AND COLLEGES. FIRST STEP: Schools and college cannot be set up by private entities. They have to be run by a society formed under the Societies Act of 1860, or a trust under Public Trust Act as existent in different states, or by forming a Company under Section 25 of the Companies Act 1956. In other words, a school and college have to be set up strictly as a non-profit business. At least that is the theory. Setting up a school and college is not just about constructing physical infrastructure in the form of building classrooms and setting up libraries and laboratories. It does involve obtaining permissions and licenses from concerned authorities at various stages. It starts with the setting up of a trust or a society, with a Governing board of five or six members, with a president, chairperson, and a secretary duly identified, as specified under the law. This article will focus primarily on identifying the various steps involved in Opening a school, providing facility for the study for students. SECOND STEP: Once the governing entity, whether a company, trust, or society, comes into existence, it will have to Look for land. There are two possibilities—one, if the society or trust has a land of its own, or, second, When the governing entity decides to buy a land for the proposed school. Buying land from the Government requires permission in the form of a no-objection certificate from the Department of Education of the concerned state. The no-objection certificate, called Essentiality Certificate (EC), Certifies the requirement of a school and college in a particular area. The logic behind the practice is to make Sure No two schools and college compete with each other and one becomes redundant. The EC comes with a Rider that construction must commence within three years, failing which the society will have to reapply for the same. One can apply to the concerned municipal corporation for land for the school and college with the EC. Land is supposed to be allotted to the governing entity at subsidized rates is usually allotted through auction. LAW APPLICABLE Originally, education was a state subject under the Constitution. In 1976, by a constitutional Amendment, education came in the concurrent list, the joint responsibility of the central and state governments. â€Å"It is almost impossible for a new entrant to get land. Land is normally granted to established players with a chain of schools and colleges. Even if a member on the board of a governing entity has land that the entity wants to use for setting up a school and colleges, a no-objection from the Department of Education stating the requirement of a school and colleges in that area is required. The major education boards of the country, namely, the Central Board of Secondary Education (CBSE), the Council for the Indian School Certificate examinations (CISCE), UGC and state government boards, have clearly laid down norms for land requirements for schools and colleges. This, in most cases, is 2 acres, except for hilly regions and metropolitan cities, where the requirement is less. Construction can take place only on a part of the land, and a playground has to be created in the rest. While conceiving the idea of a school and college, one has to assess the potentials of a location, kind of competition possible, and the target group—the lower middle class, upper middle class or the rich class—the school and colleges will cater to. From the time of forming a governing entity to a school and colleges actually starting up, one normally requires about a year, though taking more than two years is also not unheard of. Normally the infrastructure required to start up can be constructed within a period of six to seven months. Once the construction is over, school and college authorities need to apply for recognition. Up to Class 5 recognition from municipality is all that is required. For Classes 6 to 8 recognition comes from the Department of Education. Recognition for anything above this also comes from the Education Department, but after a minimum gap of two years. School authorities are free to seek affiliation to CBSE or CISCE or ugc. In that case, the school will have to follow the guidelines of the board it is seeking affiliation to. The school will need to follow the syllabus, books prescribed by the affiliating board, and pay specified salaries to the teachers. If it is not a government school, affiliation for schools normally comes in stages. Initially, for Classes 1 to 6 a temporary affiliation is given and guidelines are laid down for schools by the concerned education board. Once things are in place according to the guidelines, an inspection is conducted. If things are to the satisfaction of the board authorities, permanent affiliation is bestowed on the school. ays inspections are not so rigorous after permanent affiliation is granted, but a school has to be run according to the rules of the board. LICENSES AND DOCUMENTS Setting up a school involves a lot of legal processes from the very beginning. While forming a society, trust, or company, one has to have a Memorandum of Association, a document needed almost at every stage later. Like for any other business, a detailed project report for the school is al so needed. In addition, details of land and building, auditor’s statement, bank statements of the governing entity and their members and auditor’s statements are needed at some point or the other. Once the school and college building is ready for initial use, a certificate of recognition has to come from the state government, issued by the municipality for the junior classes, and by the Department of Education for middle school. If high school is to be added subsequently, certificate of up gradation is required which is again issued by the Education Department. Affiliation from either the CBSE or CISCE or UGC is also done through a set process. Things do not stop here, as schools and college need Certificates for hygiene, water, and completion of the building from the municipality.