mutual funds in india

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Scope of Mutual Funds in India


A Mutual Fund is an ideal investment vehicle where a number of investors come together to pool their money with common investment goal. Each Mutual Fund with different type of schemes is managed by respective Asset Management Company (AMC). An investor can invest his money in one or more schemes of Mutual Fund according to his choice and becomes the unit holder of the scheme. The invested money in a particular scheme of a Mutual Fund is then invested by fund manager in different types of suitable stock and securities, bonds and money market instruments. Each Mutual Fund is managed by qualified professional man, who use this money to create a portfolio which includes stock and shares, bonds, gilt, money-market instruments or combination of all. Thus Mutual Fund will diversify your portfolio over a variety of investment vehicles. Mutual Fund offers an investor to invest even a small amount of money.


Mutual Funds schemes are managed by respective Asset Management Companies sponsored by financial institutions, banks, private companies or international firms. The biggest Indian AMC is UTI while Alliance, Franklin Templeton etc are international AMCs.


Mutual Funds offers several benefits to an investor such as potential return, liquidity, transparency, income growth, good post tax return and reasonable safety. There are number of options available for an investor offered by a mutual fund.1


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Mutual Funds - Scope for Growth and Development in India


Mutual Fund Industry in its true spirit rooted in a free market and oriented towards competitive functioning with the dedicated goal of service to the investors can be said to have settled in India only in 1. However the industry took its roots much earlier with the setting up of the Unit Trust In India (UTI) in 164 by the Government of India. During the last 6 years, UTI has grown to be a dominant player in the industry with assets of over Rs.7,.4 Crores as of March 1, 000. The UTI is governed by a special legislation, the Unit Trust of India Act, 16. In 187 public sector banks and insurance companies were permitted to set up mutual funds and accordingly since 187, 6 public sector banks have set up mutual funds. Also the two Insurance companies LIC and GIC established mutual funds. Securities Exchange Board of India (SEBI) formulated the Mutual Fund (Regulation) 1, which for the first time established a comprehensive regulatory framework for the mutual fund industry. Since then several mutual funds have been set up by the private and joint sectors.


Growth of Mutual Fund Business in India


The Indian Mutual fund business has passed through three phases. The first phase was between 164 and 187, when the only player was the Unit Trust of India, which had a total asset of Rs. 6,700/- crores at the end of 188. The second phase is between 187 and 1 during which period 8 funds were established (6 by banks and one each by LIC and GIC). The total assets under management had grown to Rs. 61,08/- crores at the end of 14 and the number of schemes were 167. The third phase began with the entry of private and foreign sectors in the Mutual fund industry in 1. Kothari Pioneer Mutual fund was the first fund to be established by the private sector in association with a foreign fund. The share of the private players has risen rapidly since then.


Scope for Development of Mutual Fund Business in India


A Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost. India has a burgeoning population of middle class now estimated around 00 million. A typical Indian middle class family can have liquid savings ranging from Rs. to Rs.10 Lacs today. Investments in Banks are liquid and safe, but with the falling rate of interest offered by Banks on Deposits, it is no longer attractive. At best a part can be saved in bank deposits, but what is the other sources of investment for the common man? Mutual Fund is the ready answer. Viewed in this sense globally India is one of the best markets for Mutual Fund Business, so also for Insurance business. This is the reason that foreign companies compete with one another in setting up insurance and mutual fund business units in India. The sheer magnitude of the population of educated white collar employees provides unlimited scope for development of Mutual Fund Business in India.


The alternative to mutual fund is direct investment by the investor in equities and bonds or corporate deposits. All investments whether in shares, debentures or deposits involve risk share value may go down depending upon the performance of the company, the industry, state of capital markets and the economy; generally, however, longer the term, lesser the risk; companies may default in payment of interest/ principal on their debentures/bonds/deposits; the rate of interest on an investment may fall short of the rate of inflation reducing the purchasing power. While risk cannot be eliminated, skillful management can minimise risk. Mutual Funds help to reduce risk through diversification and professional management. The experience and expertise of Mutual Fund managers in selecting fundamentally sound securities and timing their purchases and sales, help them to build a diversified portfolio that minimises risk and maximises returns.


The Advantages of Investing in a Mutual Fund


The advantages of investing in a Mutual Fund are


Professional Management- The investor avails of the services of experienced and skilled professionals who are backed by a dedicated investment research team which analyses the performance and prospects of companies and selects suitable investments to achieve the objectives of the scheme.


Diversification- Mutual Funds invest in a number of companies across a broad cross-section of industries and sectors. This diversification reduces the risk because seldom do all stocks decline at the same time and in the same proportion. You achieve this diversification through a Mutual Fund with far less money than you can do on your own.


Convenient Administration - Investing in a Mutual Fund reduces paperwork and helps you avoid many problems such as bad deliveries, delayed payments and unnecessary follow up with brokers and companies. Mutual Funds save your time and make investing easy and convenient.


Return Potential Over a medium to long-term, Mutual Funds have the potential to provide a higher return as they invest in a diversified basket of selected securities.


Low Costs- Mutual Funds are a relatively less expensive way to invest compared to directly investing in the capital markets because the benefits of scale in brokerage, custodial and other fees translate into lower costs for investors.


Liquidity- In open-ended schemes, you can get your money back promptly at net asset value related prices from the Mutual Fund itself. With close-ended schemes, you can sell your units on a stock exchange at the prevailing market price or avail of the facility of direct repurchase at NAV related prices which some close-ended and interval schemes offer you periodically.


Transparency- You get regular information on the value of your investment in addition to disclosure on the specific investments made by your scheme, the proportion invested in each class of assets and the fund managers investment strategy and outlook.


Flexibility- Through features such as regular investment plans, regular withdrawal plans and dividend reinvestment plans, you can systematically invest or withdraw funds according to your needs and convenience.


Choice of Schemes- Mutual Funds offer a family of schemes to suit your varying needs over a lifetime.


Well Regulated- All Mutual Funds are registered with SEBI and they function within the provisions of strict regulations designed to protect the interests of investors. The operations of Mutual Funds are regularly monitored by SEBI.


In the following chapters we propose to discuss all relevant information about Mutual Funds in India, the regulatory and legal structure governing them that a common investor ought to know. The literature is mostly drawn from the website of SEB, but suitably tabulated to provide ready information.


Organisation Structure of the Unit Trust of India


Unit Trust of India (UTI), which has a structure different from the three tiered structure of other mutual funds in India was established by the Government of India to encourage private savings and investment. It was formed under a special Act of Parliament, viz. The Unit Trust of India Act, 16 as a corporate body. The promoter-sponsor of UTI is the Government of India through the Reserve Bank and Financial institutions. In the true sense however they were the only owners of the initial units of the UTI. The UTI Act provides that the general superintendence, direction and management of the affairs and business of the Trust shall vest in a Board of Trustees which may exercise all `powers and do all acts and things which may be exercised or done by the Trust. The Board of Trustees comprises nominees of the Central Government, RBI, IDBI, LIC SBI, participating financial institutions and an Executive Trustee to be appointed by IDBI. The UTI Act stipulates that there shall be an Executive Committee which shall consist of The Chairman of the Board, Executive Trustee and two other Trustees. Subject to such general or special directions as the Board may from time to time give, the Executive Committee shall be competent to deal with any matter within the competence of the Board of Trustees. The Executive Committee in effect, performs the asset management functions. Thus, the activities of the Executive Committee which itself comprises members of the Board of Trustees, are overseen by the Board of Trustees themselves. In matters involving public interest, the Central Government and the Reserve Bank of India have powers to give directions.


The management structure of UTI is thus distinct from the remaining mutual funds in more than one way. First, unlike other mutual funds, it is a statutory body corporate and not a Trust under the Indian Trusts Act. Second, there is no separate asset management company with a separate Board of directors of AMC to manage the schemes. The functions of the Board of directors of AMC, and Trustees are combined in the Executive Committee and Board of UTI. The Sponsors exist in the form of Government and IDBI, though they do not hold any equity in the Trustee company or AMC for none exists. SEBI at present regulates UTI through a special regulatory dispensation effective from July 1, 14 which inter alia requires UTI to file offer documents in accordance with the SEBI (Mutual Funds) Regulations and allows SEBI to inspect UTI. This arrangement in SEBIs view is only an intermediate step and according to SEBI, it would be desirable to amend or repeal the UTI Act to bring UTI and other mutual funds under a common regulatory framework. In the meanwhile UTI has set up three separate asset management Committees as directed by SEBI. Recent changes in UTI set-up are discussed in a subsequent article


Organisation Structure of Mutual Funds of Public Sector Banks


When the public sector banks were allowed to set up mutual funds, the first mutual fund was set up by the State Bank of India in 187 prior to the establishment of SEBI. State Bank of India preferred to adopt the Trust route and set up the mutual fund as a Trust under the Indian Trust Act 188. Other mutual funds followed suit and thus Trusts set up under the Indian Trusts Act came to be the adopted legal form of mutual funds in India. The author or Settlor of the Trust came to be principal Trustee and also functioned as the fund manager.


These mutual funds combined the role of Trustee, fund manager and custodian in the sponsoring bank. There was little demarcation in the role and responsibilities and the structure was open to conflict of interests.


Other mutual funds that were set up later adopted the same pattern and thus, over time, Trusts set up under the Indian Trusts Act became the accepted legal form for establishment of Mutual Funds in India. The author or Settlor of the Trust became the principal Trustee and also functioned as the fund manager.


With the establishment of SEBI under the SEBI Act, 1, mutual funds other than the UTI, were for the first time brought under the regulatory purview of SEBI. At that time, no special legislation similar to the UTI Act existed under which the mutual funds could be incorporated. Historically, SEBI found that mutual funds had been set up by public sector banks adopting the trust route because using the route of the Companies Act appeared to be more complex as it could have also led to multiple regulatory jurisdiction. Sufficient information is not available as to whether, at this stage, a rigorous examination of the advantages and disadvantages of the two alternative routes were undertaken or not. Nonetheless, the SEBI (Mutual Funds) Regulations provided for setting up of mutual funds as Trusts under the Indian Trusts Act of 188. It may not be out of place to mention that the Indian Trusts Act of 188 was enacted to govern private Trusts and envisaged a different manner of conduct and supervision of operations. Quite clearly, it did not at that time take into account the nature of activities that will be involved in the functioning of mutual funds.


SEBI, while framing the Mutual Fund Regulations, gave a lot of consideration to two major factors, one, that mutual funds garner large moneys from the pubic for investment in a dynamic market place which require specialisation on the part of persons performing these functions. Secondly, there could arise potential conflicts of interest which were to be avoided by ensuring arms length relationship between various functionaries. Such stipulation of arms length relationship ensures that the person who performs a function is answerable to another and does not assess or judge his own performance. The Regulations stipulated a three tiered structure of entitites for carrying out different functions of a mutual fund, but placed the primary responsibility on the trustees. Internationally, irrespective of the route adopted, a three tiered structure exists and there is a segregation between the responsibility of fund management and the trustee or supervisory responsibility.


Considering the inherent fiduciary nature of the functions, arms length relationships were sought to be built into the various constituents of a mutual fund, primarily through separate entities and delineating the role and responsibility of the asset management companies and the Trustees and regulations on affiliate transactions. Arms length relationships were also expected to be achieved by requiring a certain proportion of Trustees to be independent of the sponsor, requiring independent directors on the board of the AMC and requiring an independent custodian to be appointed.


What is an asset management company (AMC)?


The trustee delegates the task of floating schemes and managing the collected money to a company of professionals, usually experts who are known for smart stock picks. This is an asset management company (AMC). AMC charges a fee for the services it renders to the MF trust. Thus the AMC acts as the investment manager of the trust under the broad supervision and direction of the trustees. The AMC must have a net worth of at least Rs10 crores at all times and it can not act as a trustee of any other mutual fund.


Who is a custodian?


The custodian, an independent organisation, has the physical possession of all securities purchased by the mutual fund, and undertakes responsibility for its handling and safekeeping. For instance, the Stock Holding Corporation of India Ltd. (SCHIL) is the custodian for most fund houses in the country.


What is the difference between mutual funds and portfolio management services (PMS)?


While the concept remains the same of collecting money from investors, pooling them and investing the funds, the target investors are different. In the case of portfolio management the target investors are high networth investors, while in the case of mutual funds the target investors include the retail investors. Further, in case of PMS the investments of each investor are managed separately, while in the case of MFs the funds collected under a scheme are pooled and the returns are distributed in the same proportion, in which the investments are made by the investors/ unit holders. Moreover, the investments of the PMS are managed taking the risk profile of individuals into account. In mutual fund, the risk is pooled depending on the objective of a scheme.


How to know the performance of a mutual fund scheme?


The performance of a scheme is reflected in its net asset value (NAV) which is disclosed on daily basis in case of open-ended schemes and on weekly basis in case of close-ended schemes. The NAVs of mutual funds are required to be published in newspapers. The NAVs are also available on the web sites of mutual funds. All mutual funds are also required to put their NAVs on the web site of Association of Mutual Funds in India (AMFI) www.amfiindia.com and thus the investors can access NAVs of all mutual funds at one place The mutual funds are also required to publish their performance in the form of half-yearly results which also include their returns/yields over a period of time i.e. last six months, 1 year, years, 5 years and since inception of schemes. Investors can also look into other details like percentage of expenses of total assets as these have an affect on the yield and other useful information in the same half-yearly format.


The mutual funds are also required to send annual report or abridged annual report to the unit-holders at the end of the year.


Various studies on mutual fund schemes including yields of different schemes are being published by the financial newspapers on a weekly basis. Apart from these, many research agencies also publish research reports on performance of mutual funds including the ranking of various schemes in terms of their performance. Investors should study these reports and keep themselves informed about the performance of various schemes of different mutual funds.


Investors can compare the performance of their schemes with those of other mutual funds under the same category. They can also compare the performance of equity oriented schemes with the benchmarks like BSE Sensitive Index, S&P CNX Nifty, etc.


On the basis of performance of the mutual funds, the investors should decide when to enter or exit from a mutual fund scheme.


How to know where the mutual fund scheme has invested money mobilised from the investors?


The mutual funds are required to disclose full portfolios of all of their schemes on half-yearly basis which are published in the newspapers. Some mutual funds send the portfolios to their unit-holders.


The scheme portfolio shows investment made in each security i.e. equity, debentures, money market instruments, government securities, etc. and their quantity, market value and % to NAV. These portfolio statements also required to disclose illiquid securities in the portfolio, investment made in rated and unrated debt securities, non-performing assets (NPAs), etc.


Some of the mutual funds send newsletters to the unitholders on quarterly basis which also contain portfolios of the schemes.


Is there any difference between investing in a mutual fund and in an initial public offering (IPO) of a company?


Yes, there is a difference. IPOs of companies may open at lower or higher price than the issue price depending on market sentiment and perception of investors. However, in the case of mutual funds, the par value of the units may not rise or fall immediately after allotment. A mutual fund scheme takes some time to make investment in securities. NAV of the scheme depends on the value of securities in which the funds have been deployed.


If schemes in the same category of different mutual funds are available, should one choose a scheme with lower NAV?


Some of the investors have the tendency to prefer a scheme that is available at lower NAV compared to the one available at higher NAV. Sometimes, they prefer a new scheme which is issuing units at Rs. 10 whereas the existing schemes in the same category are available at much higher NAVs. Investors may please note that in case of mutual funds schemes, lower or higher NAVs of similar type schemes of different mutual funds have no relevance. On the other hand, investors should choose a scheme based on its merit considering performance track record of the mutual fund, service standards, professional management, etc. This is explained in an example given below.


Suppose scheme A is available at a NAV of Rs.15 and another scheme B at Rs.0. Both schemes are diversified equity oriented schemes. Investor has put Rs. ,000 in each of the two schemes. He would get 600 units (000/15) in scheme A and 100 units (000/0) in scheme B. Assuming that the markets go up by 10 per cent and both the schemes perform equally good and it is reflected in their NAVs. NAV of scheme A would go up to Rs. 16.50 and that of scheme B to Rs. . Thus, the market value of investments would be Rs. ,00 (600 16.50) in scheme A and it would be the same amount of Rs. 00 in scheme B (100). The investor would get the same return of 10% on his investment in each of the schemes. Thus, lower or higher NAV of the schemes and allotment of higher or lower number of units within the amount an investor is willing to invest, should not be the factors for making investment decision. Likewise, if a new equity oriented scheme is being offered at Rs.10 and an existing scheme is available for Rs. 0, should not be a factor for decision making by the investor. Similar is the case with income or debt-oriented schemes.


On the other hand, it is likely that the better managed scheme with higher NAV may give higher returns compared to a scheme which is available at lower NAV but is not managed efficiently. Similar is the case of fall in NAVs. Efficiently managed scheme at higher NAV may not fall as much as inefficiently managed scheme with lower NAV. Therefore, the investor should give more weightage to the professional management of a scheme instead of lower NAV of any scheme. He may get much higher number of units at lower NAV, but the scheme may not give higher returns if it is not managed efficiently.


How to choose a scheme for investment from a number of schemes available?


As already mentioned, the investors must read the offer document of the mutual fund scheme very carefully. They may also look into the past track record of performance of the scheme or other schemes of the same mutual fund. They may also compare the performance with other schemes having similar investment objectives. Though past performance of a scheme is not an indicator of its future performance and good performance in the past may or may not be sustained in the future, this is one of the important factors for making investment decision. In case of debt oriented schemes, apart from looking into past returns, the investors should also see the quality of debt instruments which is reflected in their rating. A scheme with lower rate of return but having investments in better rated instruments may be safer. Similarly, in equities schemes also, investors may look for quality of portfolio. They may also seek advice of experts. Are the companies having names like mutual benefit the same as mutual funds schemes?


Investors should not assume some companies having the name mutual benefit as mutual funds. These companies do not come under the purview of SEBI. On the other hand, mutual funds can mobilise funds from the investors by launching schemes only after getting registered with SEBI as mutual funds.


Is the higher net worth of the sponsor a guarantee for better returns?


In the offer document of any mutual fund scheme, financial performance including the net worth of the sponsor for a period of three years is required to be given. The only purpose is that the investors should know the track record of the company which has sponsored the mutual fund. However, higher net worth of the sponsor does not mean that the scheme would give better returns or the sponsor would compensate in case the NAV falls.


Where can an investor look out for information on mutual funds?


Almost all the mutual funds have their own web sites. Investors can also access the NAVs, half-yearly results and portfolios of all mutual funds at the web site of Association of mutual funds in India (AMFI) www.amfiindia.com. AMFI has also published useful literature for the investors.


Investors can log on to the web site of SEBI www.sebi.gov.in and go to Mutual Funds section for information on SEBI regulations and guidelines, data on mutual funds, draft offer documents filed by mutual funds, addresses of mutual funds, etc. Also, in the annual reports of SEBI available on the web site, a lot of information on mutual funds is given.


There are a number of other web sites which give a lot of information of various schemes of mutual funds including yields over a period of time. Many newspapers also publish useful information on mutual funds on daily and weekly basis. Investors may approach their agents and distributors to guide them in this regard.


If mutual fund scheme is wound up, what happens to money invested?


In case of winding up of a scheme, the mutual funds pay a sum based on prevailing NAV after adjustment of expenses. Unit-holders are entitled to receive a report on winding up from the mutual funds which gives all necessary details.


Your Rights as a Mutual Fund Unit-holder


As a unitholder in a Mutual Fund scheme coming under the SEBI (Mutual Funds) Regulations, you are entitled to


Receive unit certificates or statements of accounts confirming your title within 6 weeks from the date of closure of the subscription or within 6 weeks from the date your request for a unit certificate is received by the Mutual Fund;


Receive information about the investment policies,investment objectives, financial position and general affairs of the scheme;


Receive dividend within 4 days of their declaration and receive the redemption or repurchase proceeds within 10 days from the date of redemption or repurchase;


Vote in accordance with the Regulations to


either approve or disapprove any change in the fundamental investment policies of the scheme which are likely to modify the scheme or affect your interest in the Mutual Fund; (as a dissenting unitholder, you would have a right to redeem your investments);


change the asset management company;


wind up the schemes.


Inspect the documents of the Mutual Funds specified in the schemes offer document.


In addition to your rights, you can expect the following from Mutual Funds


To publish their NAV, in accordance with the regulations daily, in case of most open ended schemes and periodically, in case of close-ended schemes;


To disclose your schemes portfolio holdings, expenses, policy on asset allocation, the Report of the Trustees on the operations of your schemes and their future outlook through periodic newsletters, half- yearly and annual accounts;


To adhere to a Code of Ethics which require that investment decisions are taken in the best interests of the unitholders.


How to Invest in Mutual Funds


Step One - Identify your investment needs


Your financial goals will vary, based on your age, lifestyle, financial independence, family commitments, level of income and expenses among many other factors. Therefore, the first step is to assess your needs. Begin by asking yourself these questions


What are my investment objectives and needs?Probable Answers I need regular income or need to buy a home or finance a wedding or educate my children or a combination of all these needs.


How much risk am I willing to take? Probable Answers I can only take a minimum amount of risk or I am willing to accept the fact that my investment value may fluctuate or that there may be a short-term loss in order to achieve a long-term potential gain.


What are my cash flow requirements? Probable Answers I need a regular cash flow or I need a lump sum amount to meet a specific need after a certain period or I dont require a current cash flow but I want to build my assets for the future. By going through such an exercise, you will know what you want out of your investment and can set the foundation for a sound Mutual Fund investment strategy.


Step Two - Choose the right Mutual Fund.


Once you have a clear strategy in mind, you now have to choose which Mutual Fund and scheme you want to invest in. The offer document of the scheme tells you its objectives and provides supplementary details like the track record of other schemes managed by the same Fund Manager. Some factors to evaluate before choosing a particular Mutual Fund are the track record of performance over the last few years in relation to the appropriate yardstick and similar funds in the same category.


how well the Mutual Fund is organised to provide efficient, prompt and personalised service.


degree of transparency as reflected in frequency and quality of their communications.


Step Three - Select the ideal mix of Schemes.


Investing in just one Mutual Fund scheme may not meet all your investment needs. You may consider investing in a combination of schemes to achieve your specific goals. The charts could prove useful in selecting a combination of schemes that satisfy your needs.


Step Four - Invest regularly


For most of us, the approach that works best is to invest a fixed amount at specific intervals, say every month. By investing a fixed sum each month, you buy fewer units when the price is higher and more unitswhen the price is low, thus bringing down your average cost per unit. This is called rupee cost averaging and is a disciplined investment strategy followed by investors all over the world. With many open-ended schemes offering systematic investment plans, this regular investing habit is made easy for you.


Step Five - Keep your taxes in mind


If you are in a high tax bracket and have utilised fully the exemptions under Section 80L of the Income Tax Act, investing in growth funds that do not pay dividends might be more tax efficient and improve your post-tax return. If you are in a low tax bracket and have not utilised fully the exemption available under Section 80L, selecting funds paying regular income could be more tax efficient. Further, there are other benefits available for investment in Mutual Funds under the provisions of the prevailing tax laws. You may therefore consult your tax advisor or Chartered Accountant for specific advice.


Step Six - Start early


It is desirable to start investing early and stick to a regular investment plan. If you start now, you will make more than if you wait and invest later. The power of compounding lets you earn income on income and your money multiplies at a compounded rate of return.


Step Seven - The final step


All you need to do now is to get in touch with a Mutual Fund or your agent/broker and start investing. Reap the rewards in the years to come. Mutual Funds are suitable for every kind of investor-whether starting a career or retiring, conservative or risk taking, growth oriented or income seeking.


a look at the emerging trends in the mutual funds market in india.


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role of professional institutions

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PROFESSIONAL ISSUSES IN COMPUTING


REPORT 1


ROLE OF PROFESSIONAL INSTITUTIONS


1/ The definition of a profession � A profession is a calling requiring specialised knowledge and often long and intensive preparation including instruction in skills and methods as well as in the scientific, historical or scholarly principles underlying such skills and methods, maintaining by force of organisation or concerted opinion high standards of achievement and conduct.


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/ The law society of Scotland �


The society is made up of a Council, a series of Committees and a permanent management staff. The Council meets every month to discuss current legal issues and to ratify the decisions of the Committees of the Society. Some of the Societys Committees have a regulatory function while others monitor and develop services across a wide range of areas including Professional Practice and Ethics, Training and Continuing Education, Marketing and Public Relations. The permanent management staff are responsible for the administration and day-to-day running of the Society.


/ The british medical association �


The British Medical Association is a professional association of doctors, representing their interests and providing services to it’s members. The services include keeping members up to date with clinical and other medical issues. They also provide help with the development of Doctors careers and provide support for further research. They meet regularly and members are encouraged to contribute. Promoting the medical profession is also one of their key functions.


4/ Common characteristics �


The common characteristics are that they meet regularly, represent the interests of members, provide services and training. Both institutions also have a regulatory function.


5/ what are professional societies ? �


A professional society is a body of like minded individuals who are involved in the same field. They have regular meetings and publications and do their utmost to advance their field through education and training. They also exist to provide support and service to their members.


The development and structure of the British computer society


The BCS was formed in 157 to provide service and support to the IT community. Since 184 it has operated under a royal charter. In 18 the Society helped to found the Council of European Professional Informatics Societies (CEPIS) through which it gains access to the European Commission. The BCS is also the UK member of the International Federation for Information Processing (IFIP).


The BCS operates a points based scheme to judge whether people are eligible to apply. The points are awarded depending on academic and vocational qualifications, and training and experience. The minimum requirements for professional membership are age with 1 year’s experience and 70 points.


The development of professionals is achieved through Professional Development Portfolios and Professional Development Schemes (PDS). The PDS is now being replaced by a career development framework (CDF) and the Information Systems Quality at Work (ISQW) award.


The development and structure of the institution of analysts and programmers


The Institution has its roots in a small group of enthusiasts that met at Cambridge during the early 170’s. The present name was adopted in 181 to seek a wider membership. Since 1 the Institution has been a Company Limited by Guarantee. This is a company that does not have shareholders and cannot distribute profits.


The IAP also operates appoints based scheme to judge eligibility for membership. The points are awarded The points are based on qualifications, training and experience. The minimum requirements for professional membership are 50 points, all of which must be gained from approved course of study and exams.


The Institution encourages continuing professional development, and publishes member evaluation documents detailing the level of skill and experience achieved.





Please note that this sample paper on role of professional institutions is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on role of professional institutions, we are here to assist you. Your research papers on role of professional institutions will be written from scratch, so you do not have to worry about its originality.

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Man Show

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1. The cell theory states that 1) all living organisms are composed of one or more cells; ) the chemical reactions of a living organism, including its energy-releasing processes and its biosynthetic reactions, take place within cells; ) cells arise from other cells; and 4) cells contain the hereditary information of the organisms of which they are a part, and this information is passed from parent cell to daughter cell. Because cells are the basic units of life, this theory plays an important role in biology. Cells make up every living thing, and without this information, human medicine and technology would not be nearly as advanced as it is today. The cell theory disproved many old theories, such as that of spontaneous generation. The information that was gathered from this theory made us realize that all organisms have something in common, and this paved the way for evolution and many of today’s modern day theories.


. Plant cells differ from animal cells in that they develop one or more liquid-filled cavities, called vacuoles, within the cytosol. These are necessary for the plant to save energy and to increase the space between the cytoplasm layer and the external environment. Another difference between plant and animal cells is that plant cells have chloroplasts. Chloroplasts are the sites of photosynthesis and contain chlorophylls. Unlike in animals, these are necessary for the plant to make its own food. The third distinguishing characteristic is the cell wall. Animal cells have a plasma membrane. The cell wall limits the size of the protoplast, therefore preventing rupture of the plasma membrane when the protoplast grows. The cell wall also plays important roles in absorption, transport, and secretion of substances. They also are active in defense, and determine size and shape of the cell.


. Mitochondria and plastids are semiautonomous organelles. This means that they contain the components necessary for the synthesis of some of their own proteins. The DNA in mitochondria and plastids is seen as circular molecules in the nucleoids. Genetic information is found in the nucleus, plastid and mitochondrion. The nuclear genome accounts for most genetic information in the cell. Plastids and mitochondria are able to code for some of their own polypeptides.


4. Mitochondria and chloroplasts evolved from bacteria. It is thought that mitochondria and chloroplasts originated as bacteria and lived inside heterotrophic cells. Bacteria are prokaryotic. During the increase in free oxygen in the atmosphere, eukaryotic cells, such as chloroplasts and mitochondria, first appeared. Almost all modern eukaryotes contain mitochondria, and all autotrophic eukaryotes contain chloroplasts. Mitochondria and chloroplasts are also similar to bacteria in that they are all similar in size, they contain DNA, and are able to self-replicate.


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5. Vacuoles play many essential roles. One important role of the vacuole is to develop internal pressure and therefore maintain the rigidity of tissues. They do this by taking up a large portion of the cell, which saves energy in the form of nitrogen-rich cytoplasmic material, and creates more surface between the cytoplasm and the cell’s external environment. Another role played by vacuoles is that of storage. Primary metabolites, such as sugars and organic acids and the reserve proteins in seeds are stored in vacuoles. Pigment deposition also takes place in vacuoles, as well as the breakdown of macromolecules and the recycling of their components. Vacuoles also remove toxic secondary metabolites, such as nicotine and tannin, from the rest of the cytoplasm.


6. Chromoplasts, or pigmented plastids, lack the chlorophyll which give plants their green color. However, they synthesize and retain carotenoid pigments, which create the colors of fall leaves. It is possible that these chromoplasts develop from previously existing green chloroplasts during which chlorophyll and internal membrane structure of the chloroplast disappear and carotenoids accumulate. This often occurs during the ripening of many fruits. Anthocyanins also cause the leaves to change into a red color in autumn. They form in cold, sunny weather, during which the leaves stop producing chlorophyll. Cartenoid pigments in other leaves unveil a yellow-orange color when the chlorophyll stops producing. These pigments already exist in the chloroplasts.


7. Rough endoplasmic reticulum is found in cells that store proteins. Cisternae containing many ribosomes is also a characteristic of RER. Smooth endoplasmic reticulum is found in cells that secrete lipids, and is generally tubular in shape. Both rough and smooth endoplasmic reticulum occur within the same cell and have numerous connections. However, RER is involved in membrane and protein synthesis, whereas SER is involved with lipid synthesis.


10. Plant cells have a primary, and many times a secondary, wall. This secondary wall occurs inside the primary wall. The cell wall is made mainly of cellulose. During cell growth, repeating monomers of glucose attached end to end come together to form microfibrils. These microfibrils wind together to form strong coils. Cellulose microfibrils are synthesized by cellulose synthase complexes in the plasma membrane. They appear as rings, or rosettes. During cellulose synthesis, the complexes extrude the microfibrils onto the outer surface of the membrane. The microfibrils are then integrated into the cell wall. The cortical microtubules guide this movement. Secretory vesicles insert the rosettes into the plasma membrane. The secretory vesicles also carry the glycoproteins and matrix substances, which include hemicelluloses and pectic substances, to the wall.





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McMurphy's heroic characteristics

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In the novel One Flew Over the Cuckoos nest by Ken Kesey, Randolph Patrick McMurphy seems to be an heroic character even if he is characterized by the words, big, loud, sexual, dirty, and confident. As a protagonist, Randle McMurphy, a big, redheaded gambler, a con man, and a backroom boxer, becomes a hero after all the great events he makes and the events happened by him. He also appears to be a Christ figure partly in the fishing trip. He is the dominant force challenging the establishment and the ultimate savior of the victimized patients. ONE of the facts that prove that Randle Patrick McMurphy is a heroic character is that he also helps the patients encourage and get out of the hospital. SECOND thing that proves that Randle Patrick McMurphy has a characteristic of a hero is that he makes Nurse Ratched unpowerful by sacrificing himself at the end of the novel by ripping her clothes off and tring to kill her. So, he gets lobotomy operation and becomes a chronic. But Bromden thinks he is poor and that thinks the fact that Randle Patrick McMurphy became a chronic from a sane man would ruin his image of rebelliousness and that patients could do what they want. He makes patients laugh and makes the ward playful. LAST important factor that Randle Patrick McMurphy is a hero in this novel is that Randle Patrick McMurphy makes the patients be confident of themselves and can get the courage to walk out of the hospital, not being rabbits by Hardings expression or chickens by Randle Patrick McMurphys word. This fact is shown in the gas station in the way to the fishing trip with Doctor Spivey.


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Reviving Japanese Economy: Fundamental Restructuringin Core Industrial Management

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Japanese economy has been in a slow phase for almost a decade now. Despite changing prime ministers every one or two years, over the last ten years, and despite numerous supplementary measures to revive, the economy has not been picked up. Though some pundits are saying that the Japanese economy would not pick up until the United States economy picks up, from the slowdown following September 11th incident, it may be wishful thinking. The U.S. economy was growing ten years, from 10 till 000, and it did not do any good in Japan’s GDP growth.


Though, many kinds of “reformsEare being proposed to remedy the Japanese economy, the studies by the author reveals that the needed reforms are more fundamental in nature. Author considers the core of the Japanese economy, which is the manufacturing and exports. By looking at the hierarchy of the Japanese industry, author’s research, reported for the first time here, finds that the lower layer companies in this hierarchy lack managerial skills to compete at the present “globalizationEdominated by the U.S. Unless the government takes measures to address this, Japan would be in a difficult situation to revive its economy from the present situation in a sustainable manner.


1. Introduction


Japan has been under near recessionary conditions for almost a decade now. The government measures to revive the economy through borrowing and spending have led to huge fiscal deficits thus dragging Japan from the lowest debt OECD nation to one of the highest. News of big losses, corporate closures, and layoffs abound, the consumer spending, a large percentage of country’s GDP, keeps falling further aggravating the problems. Trying to find a solution through patchworks of “reforms,” the country has been changing prime ministers every one or two years over the last ten year period, without making much progress to the economic ills.


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Yet, while Japan drags on, it is interesting to note how two of the economies, United States and China, which have much stake over the economic situation in Japan have been doing. United States of course is the largest trading partner of Japan and China has fast become the second, with two-way trade rising over 00% from levels seen ten years ago (Ref. ). Just the GDP data from 16 to 000 shows considerable growth in both U.S. and China while Japan lagged far behind (Ref. 1). Though many Japanese politicians put much emphasis on the United States and attempt to link the recovery of Japan with strong U.S. market, graph shows that it has not been the case. It did not happen when the United States was enjoying a ten year period of growth from 10 to 000; so, there is no reason to believe that a U.S. recovery would bring growth in Japan automatically.


While U.S. achieved significant growth by pioneering a major “globalization push,” China took advantage of it by opening the market with so-called Deng Xiaoping reforms. Another reason for growth in the U.S. over the last decade has been the effective use of Information Technology (IT) in areas such as Logistic Management and Financial Management. Though Japan was closer to China than the U.S., it was the globalization minded U.S. which first started using China as a low-cost manufacturing base. Though Japan operated the largest trading houses in the world, such as Marubeni and Itochu, it was the IT savvy U.S. who used the logistic software, such as Supply Chain Management (SCM), to minimize the production, inventory, and logistical expenses in global trade.


Just as manufacturing providing growth in China, it was manufacturing which played a major role in the growth in Japan, from somewhat agrarian society a century ago to a highly developed nation today. The manufacturing sector provides 0% of the employment and 40% of corporate profits in the Japanese economy (Ref, Japan Almanac 00). Manufacturing sector also provides the underpinning for majority of small and medium size enterprises (SME) in all kinds of other sectors, such as Food and Retail, which depend heavily on the service needs of the manufacturing sector for their survival. According to studies, 77% of Japan’s total labor force is engaged in SMEs, and hence, has huge dependence on the manufacturing sector. (Ref. 5).


What had happened since around 10 till now though is a continuous decline of manufacturing in Japan. Manufacturing share in Japan has decreased to about 1.5% of the GDP at present while China has seen its share in GDP approaching 60% (Ref. 4). This clearly explains the growth in China and recessionary situation in Japan.





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A Summary of “The Death of the Profane” Patricia J. Williams; Fields of Reading pgs101-106

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A Summary of “The Death of the Profane” Patricia J. Williams; Fields of Reading pgs101-106


In the article “The Death of the Profane” Patricia J. Williams indicates that people


are perceptibly judged by their race even though racism is not stated. Williams indirectly


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points out that even the buzzers are used as a method to regulate customer’s race which


consequently states that some people’s presence is not desired in some establishments.


The author uses her personal experience to push the reader to see how racism is a present


issue.


.


Williams, a black woman, New York City attorney, narrates an incident where


she was victim of racism. Two Saturdays before Christmas, at one o’clock in the


afternoon, she went shopping and an attendant from Benetton’s store, “a white teenager


wearing running shoes and feasting bubble gum”; as she describes, stopped her from


shopping at a Benetton’s store. The guy didn’t let her in when she pushed the buzzer


expecting acceptance. Throughout her essay she offers us three renditions of the same


story trying to heal the madness that boy caused on her.





The first technique she used was to type up as much as she could about the


incident that just happened to her. After the story was typed she made a big poster of it


and stuck it in front of the store which she had been prohibited to enter. On the other


hand, later on in her essay, she says she was criticized by a law professor for her act.


The second version she put out a few months later. She made up an essay


amounting up her feelings about being excluded from Benetton’s. After her essay was


done, she received its first edition. It was all messed up; they changed her words. They


kind of transformed her fury paper into a simple declaration. Her words were different.


Then when she received its second edition she found out that whatever she wrote in


reference to the Benetton’s store was cut out of the paper. Because according to the


editors it was defamatory, therefore they were afraid of being sued. When her paper was


finally sent to press they took off all the reference to her race which made her very angry


since her essay would mean nothing without the description of her race. According to her


it took out the sense of the story and left an opening for the reader to fill with whatever


their clever minds thought of it.





The third “telling of her story” was when she retold this incident in a “law school


conference on Equality and Difference”. She made a speech about the condition of the


blacks; their difficulty to get hired and to maintain in the job. How they’ve been


humiliated. And, specially, how the blacks are victims of racism and it is usually done


with a smile, what she calls neutrality.


Williams talks about this incident anytime she is too tired to come up with a new


example to her speech. Even though her story is a good example of how racism is


present in our days, she is not fair enough to discuss or even understand the boy’s side.


She was not able to listen to the guy’s version.





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the nothing

If you order your cheap essays from our custom writing service you will receive a perfectly written assignment on the nothing. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality the nothing paper right on time.

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The Toilet


Yes...those tales youve heard are true. The toilet was first


patented in England in 1775, invented by one Thomas Crapper,


but the extraordinary automatic device called the flush toilet


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has been around for a long time. Leonardo Da Vinci in the


1400s designed one that worked, at least on paper, and Queen


Elizabeth I reputably had one in her palace in Richmond in


1556, complete with flushing and overflow pipes, a bowl valve


and a drain trap. In all versions, ancient and modern, the


working principle is the same.


Tripping a single lever (the handle) sets in motion a series


of actions. The trip handle lifts the seal, usually a rubber


flapper, allowing water to flow into the bowl. When the tank


is nearly empty, the flap falls back in place over the water


outlet. A floating ball falls with the water level, opening


the water supply inlet valve just as the outlet is being


closed. Water flows through the bowl refill tube into the


overflow pipe to replenish the trap sealing water. As the


water level in the tank nears the top of the overflow pipe,


the float closes the inlet valve, completing the cycle.


From the oldest of gadgets in the bathroom, lets turn to


one of the newest, the toothpaste pump. Sick and tired of


toothpaste squeezed all over your sink and faucets? Does


your spouse never ever roll down the tube and continually


squeezes it in the middle? Then the toothpaste pump is


for you!


When you press the button it pushes an internal, grooved


rod down the tube. Near the bottom of the rod is a piston,


supported by little metal flanges called dogs, which seat


themselves in the grooves on the rod. As the rod moves down,


the dogs slide out of the groove theyre in and click into


the one above it. When you release the button, the spring


brings the rod back up carrying the piston with it, now


seated one notch higher. This pushes one-notchs-worth of


toothpaste out of the nozzle. A measured amount of toothpaste


every time and no more goo on the sink.


Refrigerators


Over 0 percent of all North American homes with electricity


have refrigerators. It seems to be the one appliance that


North Americans can just not do without. The machines


popularity as a food preserver is a relatively recent


phenomenon, considering that the principles were known as


early as 1748. A liquid absorbs heat from its surroundings


when it evaporates into a gas; a gas releases heat when it


condenses into a liquid.


The heart of a refrigerator cooling system is the compressor,


which squeezes refrigerant gas (usually freon) and pumps it


to the condenser, where it becomes a liquid, giving up heat


in the process. The condenser fan helps cool it. The


refrigerant is then forced through a thin tube, or capillary


tube, and as it escapes this restraint and is sucked back


into a gas again, absorbing some heat from the food storage


compartment while it does so. The evaporator fan distributes


the chilled air.


In a self-defrosting refrigerator/freezer model, moisture


condenses into frost on the cold evaporator coils. The


frost melts and drains away when the coils are warmed


during the defrost cycle which is initiated by a timer, and


ended by the defrost limiter, before the frozen food melts.


A small heater prevents condensation between the compartments,


the freezer thermostat turns the compressor on and off, and


the temp control limits cold air entering the fridge, by


means of an adjustable baffle.


Smoke Detectors


Is your smoke detector good at scaring to death spiders who


carelessly tiptoe inside it? Have you ever leapt out of the


shower, clad only in you-know-what, to the piercing tones of


your alarm, triggered merely by your forgetting the close the


bathroom door? Is it supposed to do this?


There are two types of smoke detectors on the market; the


photoelectric smoke detector and ionization chamber smoke


detector. The photoelectric type uses a photoelectric bulb


that shines a beam of light through a plastic maze, called a


catacomb. The light is deflected to the other end of the


maze where it hits a photoelectric cell. Any smoke impinging


on this light triggers the alarm (as do spiders and water


droplets in the air!). The ionization chamber type contains


a small radiation source, usually a man-made element called


Americium. The element produces electrically-charged air


molecules called ions, and their presence allows a small


electric current to flow in the chamber. When smoke


particles enter the chamber they attach themselves to these


ions, reducing the flow of current and triggering the alarm.


Both types are considered equally effective and may be


battery-powered or wired to the homes electrical system.


No matter which type you choose, if you dont have one


installed, put down this article and go buy one now!


And while youre signing that credit card voucher for the


new smoke detector, pause for a moment and gaze at that


other technological marvel you are probably holding in your


hand, the ball-point pen. Ever wonder why its called a


ball-point? Because it has a ball. The first European


patents for the handy device were issued in the late 1th


century, but none of the early pens worked very well until


a Swiss inventor named Lazio Josef Biro designed the first


modern version in 1. He called it a birome.


Commercial production was delayed by World War II, and


then in 145, an American firm, Reynolds, introduced the


miraculous pen which revolutionizes writing at Gimbels in


New York City. The new pen didnt work very well and cost a


whopping $1.50 U.S., but it was an instant success. The


Henry Ford of the ball-point industry, Marcel Bich, launched


the Bic pen in 14, after developing the Biro design for two


years to produce a precision instrument which wrote evenly


and reliably and was cheap. By the early seventies, Bic pens


became the worlds largest manufacturer of ball-point pens,


and today some two and one-half million Bic ball-points alone


are sold every day in North America.


Ink feeds by gravity through five veins in a nose cone,


usually made of brass, to a tungsten carbide ball. During the


writing process, the ball rotates, picking up a continuous


ink supply through the nose cone and transferring it to the


writing paper. The ball is a perfect sphere, which must fit


precisely into the extremely smooth nose cone socket so that


it will rotate freely yet be held tightly in place so that


there is an even ink flow. Although it sounds deceptively


simple, perhaps the most amazing thing about ball-point pens


is the ink. Why doesnt it just run out the end? Why doesnt


it dry up in the plastic cartridge? Bic describes the ink as


exclusive, fast-drying, yet free flowing. The formula is,


of course, secret.


In the 1th century, writer and thinker Ralph Waldo Emerson


expressed a fear that perhaps we all feel to some extent, that


things are in the saddle and ride Mankind. But with the help


of good household reference books, friendly reference


librarians, and helpful manufacturers only too willing to help


consumers understand their products, we can at least get a


rein on the technology in our homes.





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How I do my Homework. (short 2 ParaS)

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If you were to put a hidden camera in my room while I worked on a writing assignment or an essay/report, it wouldn¡¯t be very exciting to watch, but it can tell you exactly how I work. By watching me, you¡¯d probably figure out at first that I HATE doing homework. I literally fall into the chair, in slouched manner at first, but then sits up as it soon feels uncomfortable. I¡¯d spill my papers and schoolbooks over my already messy desk, sit back, and place my feet on the desk for a moment to remember mentally what homework was due tomorrow. I¡¯d most often start with the most tedious assignments first and pull out the writing assignment. I¡¯d most likely move straight to the computer to begin brainstorming and typing. I almost never write using a pencil and often try to avoid utilizing it. Instead of going through all the steps of brainstorming, creating a draft, and writing down notes, I would simply begin to write a paper directly from the thoughts that arise from my thinking. My typing is incredibly fast, therefore many papers are finished in a handful of minutes. I would constantly stop to think about how to revise or make my writing as perfect as I can make it. Being unsatisfied with any work that would not satisfy a teacher to the fullest, I would constantly go back every few to sentences to check my work and make sure it still sounded like an ¡°A¡± paper. After I finish the last few a sentences of a paper, I would then review everything over once more, to make sure all the sentences flowed together easily and the vocabulary was colorful and assorted. I would then simply relax and pack up before leaving the room.


Please note that this sample paper on How I do my Homework. (short 2 ParaS) is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on How I do my Homework. (short 2 ParaS), we are here to assist you. Your research papers on How I do my Homework. (short 2 ParaS) will be written from scratch, so you do not have to worry about its originality.

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Industry Report on Electronic Pet.

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1.0 Introduction


¡¥Takara Aquaroid¡¦ - an electronic pet, was introduced to the market by Takara Company Limited in 000. It is special because it is ¡¥living¡¦ in water. The design of the product is delicate with lots of high-tech components. Oriental Trading Co., (HK) Ltd. is the official dealer in Hong Kong. Due to different problems arose in marketing like insufficient promotion and poor distribution channel, the sales turnover of the product is disappointing. In order to improve the situation, we have analyzed the environment again and choose a specific group of target customers. According to their buying behavior, we have designed a new marketing plan for the product.


.0 Glamour of Electronic Pet


Due to the technological development, you may have another form of pet in your homes, an electronic variety. The robotic pets appear to be very useful to people. They can act more than just as your companion or toy, entertainment.


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.0 Takara Aquaroid Overview


A Japanese company, Takara Company Limited, launched a brand new type of electronic pet ¡V aquarium livings in March, 000. At that time, electronic pets were mainly cats and dogs, no one thought of aquarium electronic pet before. The company spent years in research and developed the products called ¡¥Takara Aquaroid¡¦, which included a jellyfish and a fish.


The products are sold in package. The package includes a jellyfish and/or a fish, several spotlights, an aquarium, and some other tools to keep the water warm and clean. The jellyfish and the fish are operated by solar energy, which is supplied by the spotlights. In addition, the specially designed aquarium reflects water pressure, light condition, and water flow to the sensor installed on the jellyfish and the fish, which affects their movements in the water. With this aid, they will not crash into each other or even touch the side of the tank.


.1 Dealership of Takara Aquaroid in Hong Kong


The official dealer in Hong Kong is the company called the Oriental Trading Co., (H.K.) Ltd. It was originated in Shanghai and started Hong Kong operation in 14. After years of development and diversification, the company nowadays market and distribute a wide variety of products in four main categories namely toys, candy toys, health and beauty products, and infant products.


After becoming the dealer of Takara Aquaroid, the company set the price to about HK$7,000 depending on the package. The price was very high since it was imported directly from Japan. Customers could buy the product through a shop called JC Shop in Tsim Sha Tsui. The product became well-known to the public because lots of mass media went to the shop to video or take photographs for the product. Besides, JC Shop maintained a web page for the products they sold and customers could find the information through the Internet.


The sale of the product was not satisfied. According to our interview to JC Shop, the keeper claimed that only 0% of target sale was achieved. It was mainly due to improper marketing strategy. The company was not targeting on certain customers. They thought that when people knew the product through the mass media, they would come and buy the product. In addition, customers could only buy the product in the shop in Tsim Sha Tsui but no other places. The distribution channel was not wide enough and not convenient to the customers. Promotion and pricing strategy was another problem to deal with. The company hasn¡¦t got any promotion plan for the product. The product just occupied less than half of a page of the magazines and a picture or two were shown to tell the readers about the product. Readers could not get more detail information from the printing media. It occupied less than five minutes of a TV programme which meant audience could only have a look at the product. The price of the package was too high and a way to help customers pay should be introduced.





4.0 Market Situation Analysis


4.1 SWOT Analysis for Takara Aquaroid in Hong Kong


To help building an effective marketing plan for Takara Aquaroid, we will use SWOT analysis as a strategic planning tool to compare internal organizational strengths and weaknesses to external opportunities and threats. We have to modulate the internal strengths and weaknesses which are controllable elements of marketing decisions (product, price, promotion and distribution) within the framework of the uncontrollable elements, i.e., the external environment of the marketplace (competition, technology, culture, etc) in such a way that marketing objectives are achieved (Cateora P., Graham J., 1).





4.1.1 Strengths


a. Technological


Takara Company Limited runs toys business since 15, it is now one of the Japan¡¦s leading manufacturers of toys and novelty goods. It has superiority in design, production, marketing, research and development of toys because of its experience in this industry.


b. Financial


The company also has strong financial backup as it was listed on the first division of the Tokyo Stock Exchange in 11. It helps the funding of research and development and thus, helps them to catch up with the fast moving pace of toy industry.


c. Geographical


The company is based in Japan, a location that provides good environment with mature technological infrastructure. It brings a positive impact to the company for developing high-tech products as a whole. Although it based in Japan, it has eight subsidiaries located in Japan (six), US (one) and Hong Kong (one). It helps the company to build up knowledge of consumer needs in different culture. The proximity to market facilitates Takara Aquaroid to development its market in those locations.





4.1. Weaknesses


The product features of Takara Aquaroid are less competitive to other electronic toys. For the other electronics toys, such as, electronics dogs and cats equipped with AI (artificial intelligence) function which capable of high level of interaction between human beings and the toys. The jelly fish cannot be contacted directly because it is presented in an aquarium tower. The product form of Takara Aquaroid reduces the opportunity of interaction between customers and the toy. This was compensated by adopting the appropriate market segmentation. The selection and implementation of appropriate market segmentation and positioning helps Takara Aquaroid to differentiate from the other forms of electronics toys. This will be discussed in the later section.


4.1. Opportunities


The unique environment in Hong Kong offers plenty of opportunities in the market place. The laissez-faire mechanism in Hong Kong created a favorable environment (least government control, low tax rate and absence of trade protection) for various businesses to be developed. The well developed media coverage in Hong Kong boost the effectiveness of advertising and promotional activities, word-of-mouth effect is extremely powerful so that the company can make good use of it when deciding it¡¦s marketing mix. Besides, the prevalence of Japanese style and appreciation towards ¡§Made in Japan¡¨ products in Hong Kong foster the market for Takara Aquaroid. The living environment in Hong Kong also provides a favorable situation for marketing electronics pets. As Hong Kong is so small and most of the residents are just living in a small flat, which is not allow for caring pets, they even have no time to take care of an real animal. Takara Aquaroid can fill the gap for those pets lover who have time and space constraints to have real pets.


4.1.4 Threats


The on-going economics down turn affect the overall consumption desire of Hong Kong people. As electronics toys are a kind of leisure goods, most people will cut their spending in this area first. Therefore, a careful consideration in the pricing strategy will be crucial in this critical moment and more efforts should be put in various marketing functions to stimulate the consumption desire for Takara Aquaroid. Another threat that the company will face in Hong Kong is the lack of government control towards copyright. The counterfeit will be ruinous to the profit of the company and Inferior counterfeits may bring negative effect to the overall image of the product. Besides, one of the market characteristics of this kind of electronics creatures is the high successful rate for the market pioneer. Among those advantages for the first mover like economies of scale, experience effects, technological effects, etc, the effect of reputation is the most obvious one. We can conclude that the company should define a right time-to-market cycle to maintain itself in the competitive edge. Although the electronics toys is a kind of high-tech leisure product, the complexity of using the product is not really high and the resources needed for educating customers about the new technology is relatively low, it is easy for the customers to switch their purchase. As a result, fast reaction to the market will be crucial.


4. Competition on Electronic Pet Industry - Takara Aquaroid


In analyzing the competition on Takara Aquaroid as a whole, we have to understand the concept of Michael Porter¡¦s ¡§five forces¡¨ model (185), which is a well-known approach for corporate strategy analysis. In Porter¡¦s view, an organization¡¦s ability to compete in a given market is determined by that organization¡¦s technical and economic resources, as well as by five environmental ¡§forces¡¨ (Fig.1), each of which threatens the organization¡¦s venture into a new market. The strategic manager must analyze these forces and propose a program for influencing or defending against them. The aim is to find a lucrative and defensible niche for the organization. The five forces are


4..1 Threats of New Entrants


Firstly, we can forecast that Takara Aquaroid will face intense threat of new entrants. No one really knows when the sophistication of the electronics in cyber pets could match or exceed the mental capabilities of your organic pets in every way (Pearson, I., 000). Developers nowadays are more capable of building a simpler interface, more user-friendly cyber pets with the use of information technology. Speech recognition and synthesis and radio technology mean that most electronic equipment could be completely hidden from sight under the stairs or in the attic. Robotic pets can be anticipated as more than just entertainment value, they can offer companionship and a variety of other services to the people.


4.. Threats of Substitute Products


Takara Aquaroid will also face potential threats on substitute products or services. Real organic pet is one of the substitute products for Takara Aquaroid. Pet owners are still very fond of their pets. Companionship is the principal reason that most people give for keeping pets (Gunter, B., 1). Pets can help keep older people alive and feeling young. Moreover, other electronic pets also impose threats to Takara Aquaroid. As Tamagotchis have come and gone, we are now having more and more mobile robotic pets with much more sophisticated personalities, such as cute cyber kitten, dog, teddy bear and other electronic creatures.


4.. Bargaining Power of Suppliers


Moreover, bargaining power of suppliers will also impose competition on Takara Aquaroid providers. ¡§The first decade of the 1st century will be dominated by robots,¡¨ said Toshitada Doi, a corporate vice president at Sony and head of the company¡¦s Digital Creatures Laboratory (IDG News, 1). The future development of virtual pets is optimistic. Provided with the latest technological know-how, in particular on the artificial intelligence, many high-tech developers will flock into this profitable market to provide more interactive electronic pets.


4..4 Bargaining Power of Consumers


On the other hand, bargaining power of consumers will act competitive force on Takara Aquaroid. Because of the change to a digital economy, people become more able to accept electronic product and they are not as technophobe to machines as that in the olden days. Many people would prefer something more social visible. Their ever-changing buying behaviors increase the demand for new cyber pets. In addition, people are more prone to getting updated information of newly launched models, they are more willing to make up their purchase decisions once the products are available on the market.


4..5 Rivalry among Competitors


In addition, strong rivalry among competitors gives an important signal for Takara Aquaroid marketers. Many leading Japanese firms have core technological competence and marketing experience in manufacturing robotic pets. Many competitive products of entertainment robot are found in the market. The main competitor ¡V dog-like Aibo takes a dominant position in the global market through intensive marketing programs by Sony Corporation. Aibo¡¦s artificial intelligence is capable of learning, expression of feelings and responding audio commands. A number of virtual pets are on the market, ranging from Bandai Co. Ltd.¡¦s Tamagotchi to Furby from Tiger Electronics and Matsushita Electric Industrial Co. Ltd.¡¦s Tama (Drexler, M., 1). Thus, we can see that there is a keen competition among all the rivalries. In order to maintain the market competitiveness, Takara Aquaroid marketers should think of a more niche marketing way in differentiation their product and services offered with those dominant market players.


4..6 Relative Importance of the Environmental Forces


Among the relative importance on the five forces to the electronic pets industry in Takara Aquaroid, it can be generalized that the competing force on the new entrants and rivalry among competitors are relatively more significant. We cannot deny that we should not underestimate the immense and advanced development on information technology. Those technology providers, such as Sony, Bandai, Panasonic and Matsushita, are striving to develop a more advanced, interactive product on a wireless platform of which has a more powerful human intelligence.


Moreover, they can share larger volumes of knowledge with suppliers and strategic partners. For perhaps 0 years, the greatest impact of IT has been its ability to create linkages and establish an inter-organizational system across boundaries (Kaufman, 166). Widespread access of mobile or wireless devices will ensure increased reliance on shared knowledge networks for a more diverse business process. Thus, Takara Aquaroid can attract more new entrants and lead to fierce competition of the market in the near future.


5.0 Market Segment and Target Market


5.1 How to Segment the Market?


The idea behind segmenting markets and selecting a target is to identify group(s) of customers who share similar needs and consumer behavior characteristics and who are responsive to the firm¡¦s offering.


The bases on which segment being identified and analyzed are many and varied. In order to identify the most profitable customers and optimize the marketing resources for your company, we will divide the customers into groups, based on important characteristics that distinguish between customer groups in terms of the choices they make and the reasons they buy.


Basically, the segmentation process could follow the steps below,


1. Divide the market into groups, based on variables that meaningfully distinguish between customers¡¦ needs, choices, and buying habits.


. Description of the customer¡¦s profile within each segment is prepared.


. Evaluate the attractiveness of the various segments and select a target market.


4. Position the product within the segment selected.


5. Critical Issues to Consider in Segmenting Your Market for Takara Aquaroid


In order to present and describe the customers in the most effective way, critical issues in understanding high-tech customers should be considered, such as, types of customer behavior in making their buying decision and attitudes of customer towards innovation.


The first issue in understanding high-tech customers is the type of customer behavior in making their buying decision. Usually high involvement is involved in the buying decision for new or high¡Vtech products because of several reasons. As we know that the TAKARA AQUAROID ¡V a high-tech leisure product which provides fun for its customer and thus entails high level of hedonic importance (John H. A., 184). Besides, the price of the TAKARA AQUAROID is relatively high and involves significant level of purchase risk. With the two factors above, this would result in a high level of consumer¡¦s involvement.


Another significant factor that should also be considered is their attitudes towards innovation. Investigating the adopter¡¦s categories of the consumers is one of the best way to understand their attitudes towards innovation. According to the traditional adoption and diffusion models, the innovators, early adopters, early majority, late majority and laggards (Moore, Geoffrey, 11) as shown in the figure below (Figure ).


Each category of adopters has unique characteristics and differences exist between each group of adopters. Potential difficulties in accepting our high-tech product - TAKARA AQUAROID will be experienced if the same marketing presentation is used for all groups of adopters. All the differences among the groups are opportunities for marketing to lose momentum, to miss the transition to the next segments. This ultimately results in ineffective marketing effort and will never gain the market leadership. It is very important for us to study the factors contribute to these differences and determine solutions to overcome them. The information about categories of adopters could be gathered by studying the lifestyles, personality and the way they spend their money on the high-tech products. In fact, this information can be found out through psychographic analysis. Therefore, Psychographic analysis was adopted in our first step to divide the customers in groups.


Psychographic analysis is a process which consumer¡¦s lifestyles (including their activities, interests, and opinions), personality and demographics are investigated and the consumer segments are described in terms of how they work, live, and play (John, C.M. and Michael M., 17). Through this analysis, the variables described (such as, consumer¡¦s lifestyles, personality and demographics) were investigated which becomes the most helpful information for us to understand and to develop the customers¡¦ profiles.


The second step began after the profiles of the customers with each segment were developed. The target market (the most profitable segment of customers that would be interested and responsive to our high-tech product - TAKARA AQUAROID) was determined in this step by evaluating the attractiveness of all segments. Besides, it provides the basis for us to formulate the best marketing strategy.


5. Your Right Target Market


5..1 Evaluation of Segments


Before choosing the target segment, the company has to evaluate the market segments in their segment size, growth, level of competition and capability of company to serve the needs of the market segment.


Size of the segment is not definitely relating to the number of customers. It refers to the potential sales volume. The size of the middle to low income groups may be larger, but their money spent on the high price leisure product would relatively low as they would not have much spare money to spend on it. Moreover, small company can implement their market strategy more efficient.


Growth of the segment does not only mean to capture other companies¡¦ market share, but also to expand the whole market. As the rise of customers¡¦ education level, the group of innovators and early adopters are growing.


Level of competition within the segments will affect the cost of a company for their new product. Aquaroid is a new technology leisure product, which is living in an aquarium. It is unique and no perfect substitute, especially in the mind of the innovators. However, there are still potential substitutes like other high technology leisure product like electronics dog, etc..


Capability to serve customers wants and needs is from the company¡¦s point of view. The company has to estimate whether they have resources and ability to satisfy the wants of the customers within their target segment.


5.. Selection of Target Market


With consideration of the above criteria, the next step is to determine which and how many segments to serve. We recommend targeting the market segment of high income working people with higher education level. Also, the innovators or early adopters are our target segment. They have great purchasing power on leisure products. And it is easy for them to adopt new technology products. We are not going to choose many segments because high technology firms always make a mistake to target multiple segments for maximize their business opportunities. They finally fail due to ineffective allocation of their limited resources.


Referring the selection of a target market, it will be the beachhead that it performs as the leader to other segments. Other segments will follow the leaders by word of mouth effects between customers. As our target market is innovators, who are the expert of technology, other customers may take their advice to try these new products. We believe that youngsters and some elderly will follow the beachhead to be our customers.


5.4 Positioning


The final step is to position your product based on customer¡¦s perceptions of your important product attributes and relative to the competitors. The positioning can base on product attributes or directly against a competitor. As we mentioned above, there is no direct competitor for this new technology product, we will position our product basing on their products attributes. We recommend positioning it by its high-tech image. Although the function of this product is for leisure, it provides the perceptions that the owner of this product seems to have good sense on the new technology. Customers will proud of being an innovator. And it is very easy for those busy people to take care of it. Customers will be benefit from the recognition by peer groups.


6.0 Marketing Plan


6.1 Distribution


The two main channel objectives are (i) cost effective, and (ii) facilitate our target customers. The distribution channels must be cost effective because the import cost is already very high. So lowering the distribution cost is important. According to our analysis, our target customers have their own living style. So, the distribution channel should be wider than before. Hybrid marketing channels should be introduced for this product. It can be divided into three main channels.


6.1.1 On-line Sales


The product is introduced on the web site. However, customers cannot make purchase on the Internet. In order to highlight the product, pop-up window can be used. After the introduction of the product, customers should be able to place order through the Net. This can shorten the length of the channel which means cost can be lowered. Besides, the product can be exposed more to the public through co-operation with other famous web sites. For example, red-dots.com and gohk.com are the most popular on-line bidding sites in Hong Kong. They have over 180,000 members altogether. If customers can purchase our product through these web sites, they will feel more convenient.


6.1. Retail Sales


Since people prefer to have a look at the real product before purchasing, the selection on the retail spots is very important.


JC Shop


This shop is very famous for trendy Japanese products. From our analysis, our target customers are a kind of pioneer. Moreover, the shop is going to open a new branch in Times Square in December. The promotion of the opening is intensive, so it is a good place to put our product. Another advantage of this shop is that they can promote your product on-line as we mentioned before.


ToysRUs


It is a well-known toy chain store in Hong Kong. They have branches in different popular shopping malls like Ocean terminal and Festival Walk. According to our analysis, our customers prefer to walk around and look for new things. These shopping malls are one of their choices. In order to facilitate them, they can place their order and we will deliver the product to them.


Aquarium Store


Since the product is a kind of marine living, people that are interested in that may visit the aquarium store. For example, Tung Choi Street in Mongkok is a street filled with aquarium store. And the most popular and biggest one is called Lui Keung Aquarium. In order to facilitate the customers of this type, to put some samples of the product in some big stores on this street and let them buy our product there will be suitable.


6.1. TV Sales


There are a few TV programmes that promote new products overseas and you can buy them by phone. This kind of programmes is welcomed by our customers because they can look for new things that cannot be purchased in Hong Kong. They can try them beforehand. Moreover, the channel length is also short and the cost is not very high if we select TV sales.


6. Pricing


As mentioned earlier in our competition analysis, there is no direct competition of Takara Aquaroid , i.e. another electronic aquaroid in the market at the present moment, or expected in the near forthcoming. The manufacture¡¦s using skimming pricing strategy is appropriate. Skimming means a company keeps price and profits high, milking the least price-sensitive customers before pursuing another market. (Schewe,166) As Takara Aquaroid is targeted at the middle level group and the imported cost for the dealer is so high, the dealer advises the retail price of around HK$10,000 is fair under the cost-plus approach. This particular customer can afford it and will still purchase the product if they like the product.


6. Promotion


In the coming paragraphs, we would suggest strategies that focus on the three main objectives of Promotion informing, persuading, and reminding. Since the direct cost of the product is already very high and the spending power of our targeted customer are conserved during economic downturn, cost-effectiveness will be our main basis. We will not suggest high cost campaigns, as it will be too risky.


Advertisement in monthly magazines like ¡§Lifestyle¡¨ and ¡§Home Journal¡¨. Though the product has been in Hong Kong for one year, the most majority of our targeted consumers are not aware of it or do not have a concrete image of it. Advertising on such magazines will appeal to them more effectively as our targeted customers treasure life style. We suggest advertising for about a year and on alternately issues of each magazine.


Sponsorship as free gifts on TV shows and free rentals by TV media as background decorations on programmers. It is no doubt that TV is the most effective media for products with vivid images; however advertising on such media would be very expensive. Therefore, such strategy will be beneficial to both parties. Sponsorship will be launched for about half a year and free rental will be launched continuously.


Payment by installments. Many middle-income level are suffering during the economic downturn, they will be hesitated in making a purchase that costs thousands of dollars. As such, we recommend the company to invite financial institutions to offer payment by installments to its customers.


Provide Pamphlets about product specifications. Since our targeted customers are highly involved upon their purchase of our product, the more information we can provide, the more helpful we will be to realize the purchase. However, at the present moment, only the web site provides product specifications and no printed pamphlets are available at the retail shops.


Free delivery and good after sale service including warranty. Since the product is a luxury, the customer will appreciate complimentary delivery. Also, as Takara Aquaroid is a new product of high technology, the customers may worry what happen if the product breakdown as general technicians cannot fix it. Therefore, we recommend extending the free warranty from one month to one year and the warranty service should be renewable at a stipulated cost.


Provide training to retails shops. Upon our site visit, the sales staff does not know much about the product technology. In addition, the shop even replaced the spotlight bulb with the general high voltage bulb and consequently the fish and the jellyfish do not move at all. Such act should be prohibited as this occurrence will inspire bad impression on the prospective customers that the Takara Aquaroid can easily breakdown and even the ¡¥professional¡¦ cannot fix the problem.


7.0 What are Your Next Steps?


7.1 Why and How to Implement the Plan?


(a roadmap or implementation schedule)


8.0 Conclusion Looking into the Future


With the help of technology outburst¡K.


(we can emphasize ¡§Your Digital Home of the Near Future¡¨)








References


Cateora, P.R. and Graham, J.L. (1), International Marketing, Irwin McGraw Hill.


Ci Corporate Information, Research Report ¡V Takara Co., Ltd. (001), (httpprofiles.wisi.com/profiles/scripts/corpinfo.asp?CUSIP=C400), November.


Drexler, M. (1), ¡§Matsushita Releases Electronic Pet¡¨, IDG News Service / Tokyo Bureau, 4 March.


Drexler, M. (1), ¡§Sony Shows off Artificially Intelligent Pet Robot¡¨, IDG News Service / Tokyo Bureau, 11 May.


Gunter, B. (1), Pets and People The Psychology of Pet Ownership, Whurr Publishers Ltd., London.


Kaufman, F. (166), Data Systems that cross Company Boundaries, Harvard Business Review, January - February.


Pearson, I. (000), ¡§The Future of Pets¡¨, British Telecommunications, (http//www.groupbt.com/sphere/insights/pearson/pets.htm), 5 January.


Porter, M.E. (185), Competitive Advantage, Free Press, New York.


Kolter & Armstrong (16), Principal of Marketing, Prentice Hall International, Inc.


Jakki Mohr (001), Marketing of High-Technology Products and Innovations, Prentice Hall International, Inc.


John H. Antil, (184), Conceptualization and Operationalization of Involvement Advances in Consumer Research, Vol. 11, pp.0-0.


Moore, Geoffrey, (11), Crossing the Chasm, Marketing and Selling Technology Products to Mainstream Customers, New York HarperCollins.


John, C. Mowen and Michael Minor, (17), Personality and Psychographics, Consumer Behviour, Prentice-Hall.


Schewe, C and Hiam, A (188). The Portable MBA in Marketing, John Wiley & Sons, Inc.


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