Competition in Energy Drinks, Sports Drinks, and Vitamin-Enhanced Beverages

Case Study: Competition in Energy Drinks, Sports Drinks, and Vitamin-Enhanced Beverages ————————————————- [email  protected] com 1. What are the strategically relevant components of the global and U. S. beverage industry macro-environment? How do the economic characteristics of the alternative beverage segment of the industry differ from that of other beverage categories? Explain. Demographics: The total sale for beverages in 2009 in the US was about 458. 3 billion gallons and it is one of the largest markets with dollar value of 1,581. billion in 2009 and with a forecast of $1,775. 3 billion for 2014. 48. 2 percent of industry sales were from carbonated soft drinks and 29. 2 percent of bottle water industry sales. In 2009,The Alternative beverage industry included sports drinks, flavored or enhanced water and energy drinks made up 4%, 1. 6%, and 1. 2% of industry sales r espectively. The global market for alternative beverages in 2009 was $40. 2 billion, while it was $17 billion for alternative beverages in US market. It was $ 12. 7 billion and $9. billion for Asia pacific and European markets respectively. Market growth: The market growth has huge potential with the dollar value of the global market for alternative beverages grew at a 9. 8% annually between 2005 and 2009, but was expected to slow down to 5. 7% annually between 2010 and 2014. US is the country which has strongest growth internationally in term of alternative beverage sales with an annual growth rate of 16. 6% between 2005 and 2009 and a forecasted growth rate of 6. 7% between 2010 and 2014.Europe and Asia-Pacific grew at annual rates of 5. 3% and 5. 6% between 2005 and 2009 and were expected to grow at a rate of 4. 4% and 5. 1% respectively between 2010 and 2014. However poor economic conditions in the US in 2008 and 2009 led to a 12. 3% decline in sports drink sales and a 12. 5% de cline in flavored and vitamin waters sales. It was also the reason why energy drinks sales increased only 0. 2% between those years. Rivalry between competitors: Coca Cola, Pepsico and Redbull are the three big players that made the industry rivalry become global.However, there were hundreds of brands like Otsuko which were specialty yet regional brands that did not have a foot print internationally but were doing well in their own terms. Beverage producers had made various attempts at increasing the size of the market for alternative beverages by extending existing product lines and developing altogether new products. Social Forces: * Global beverage companies such as Coca Cola and PepsiCo had relied on such beverages to sustain in volume growth in mature markets where consumers were reducing their consumption of carbonated soft drinks. Expanding the market for alternatives beverages and increasing sales and market share, beverage producers also were forced to content with criticis m from some that energy drinks, energy shots, and relaxation drinks presented health risks for consumers and that some producers’ strategies promoted reckless behavior, the primary concern of most producers of energy drinks, sports drinks, and vitamin-enhanced beverages was how to best improve their competitive standing in the market place. Driving Forces for this industry: * Expanding Market share Desire to reach out to Consumer needs and meet the demand * Personalization of the Market Segments* Branding * Market Size * Maximization of Growth Potential General Economic Conditions: * Global growth is projected to grow at 3. 5 percent in 2012, then accelerate somewhat to 3. 6 percent from 2013-2014. In 2012 It is expected that emerging economies will be slow in growth by 0. 7 percentage points on average, going from 6. 3 percent growth in 2011 to 5. 6 percent in 2012, partly as a result of slower export growth and partly because several of them have been growing above trend an d the GDP Growth for the world is predicted to be at 3. . Things look a little slow but are picking up slowly and there is no recession in sight so far. This could really help the industries like Food, Beverages, Health surge ahead like they already are into the market with more percentage of market share and consumer usage based on the increasing numbers in the trend. Impact of Economic Factors: * Demand on beverages and alternative beverages should remain incremental or stable * Branded alternative beverages with national and international presence should do well * Business opportunities should be encouraged with fair and encouraging interest rates 2.What is competition like in the alternative beverage industry? Which of the five competitive forces is strongest? Which is weakest? What competitive forces seem to have the greatest effect on industry attractiveness and the potential profitability of new entrants? The Beverage industry is highly competitive and the segments that come into picture when it comes to competition are Distribution, Shelf management, Licenses, Brand name and Image, Pricing, Labeling and Packaging, Marketing and Advertising, Quality and taste, Trade and Consumer promotions and Branding. Competition with non-alcoholic beverages * Competition with Carbonated beverages * Competition with regional beverage producers and private label soft drink suppliers * Competition in maintenance of distribution network * Competition on quality and pricing* Competition on Branding, Labeling, Marketing, Packaging and Promotions. Bargaining power of Buyers: Strong * Convenience store, grocery store, and wholesale buyers had considerable leverage in negotiating pricing and slotting fees with alternative beverage producers because of their bulk purchases. New entrants with comparatively lower market shares are most affected with this like how it is mentioned in the case where the shelf space is limited to top brands like Coke, PepsiCo and Red bull for that p articular market segment. The larger brands like coke and Pepsi also already have spaces worked out with them for their other products and this makes it easier for the bigger brands to get their newer products in the shelf’s too. * Delis and restaurants have low switching costs to other brands but they have less volumes compared to stores and less space, shelfs etc. nd also will not have the same bargaining power that a store enjoys. * Demand is highly dynamic Bargaining Power of Suppliers: Weak * Suppliers for alternative beverages do exist in huge numbers and the competition is high * The producers of alternative beverages are important customers of suppliers and buy in large quantities. * Packaging is readily available Threat of Substitutes: Medium* Many substitutes like tea, bottled water, juices, nutrition water etc. have surfaced but the market is not as big as alternative beverages and this customer preference had weakened the competitive power of substitute beverages. Many substitutes that can quench the thirst of the consumers * Price point of substitutes is less compared to alternative beverages Threat of New entrants: Weak * Brand leaders already exist in the industry with competitive prices and well established distribution system * Convenience stores and Shelves across the stores are already in partnership with existing big-wigs * Customer loyalty towards branded products is high * Need for large financial resources and funds * High Brand equity for already existing and successful brands Threat of Rivalry: Strong Competition centers among major brands based on brand image, appealing taste, packaging, R&D, Marketing and Distribution capabilities * Attempts by all the brands to increase the number and types of products in their product line * Low switching costs for the consumers of the industry * Strong marketing campaigns by each brand to gain customer loyalty The Bargaining power of consumers and rivalry that exists between the competi tions in this industry contributes to the attractiveness of the industry.The numbers are promising, the industry is dynamic and increase in demand each year. The factors that affect the potential profitability of the new entrants are the Brand image, Distribution network and Product line breadth. 3) How is the market for energy drinks, sports drinks and vitamin-enhanced beverages changing? What are the underlying drivers of change and how might those forces individually or collectively make the industry more or less attractive? * Driving forces of the alternative everage industry are dependent on the creating/sustaining market demand, dynamics of the growth rate and product innovation. * Industry leaders established: Segments within the alternative beverage industry have consolidated as markets have matured and leaders have been established. Red Bull GmbH and Hansen Natural Corporation remained independent in 2010, Coca-Cola controlled such brands as Powerade sports drink, Fuze vita min-enhanced beverages, glaceau vitamin water and NOS.In addition, Coca-Cola distributed Hansen’s Monster energy drink in parts of the United States, Canada, and six European countries. * Changes in Long term Growth Rate: The recession had an impact on sales of sports drinks and flavored or enhanced water and has stalled growth in the market for energy drinks; there was also growing market maturity for most categories of alternative beverages. The annual rate of growth for the dollar value of the global market for alternative beverages was forecasted to decline from the 9. percent annual rate occurring between 2005 and 2009 to an anticipated annual rate of 5. 7 percent for 2010 through 2014. While dollar value growth rates were expected to decline only slightly in Europe and Asia-Pacific, the annual rate of growth in the U. S. was projected to decline from 16. 6 percent during 2005 – 2009 to 6. 7 percent between 2010 and 2014 * Product Innovation: The industry is conti nuing to evolve with introduction of new products that enable rise of new category of products.The recent introduction of energy shots is an example of how an innovation that has given rise to an altogether new sub-segment in the industry. * The creation of new product segments, the increasing positive trends in growth rate and increasing market share for each product are a good indication and good drivers of change that increase the attractiveness of the market for an emergent industry. 4) What does your strategic group map of the energy drink, sports drink, and vitamin-enhanced beverage industry look like?Which strategic groups do you think are in the best positions? The worst positions? The strategic group maps show the industry participants competing with axes of Geographic foot print and Brand. The Map shows that Industry giants like Coke and Pepsico are positioned strongest in the industry due to already existing contracts, supply chain, distribution network and shelf spaces i n retail spaces. * Red Bull is seeing a successful brand in Europe and the U. S. Hansen's Monster is also doing good standing up to the other market giants with distribution partnership with coke giving it the required space and opportunity to grab the market and hence can be considered at a favorable position. * Rock star has also been at a favorable position due to the same reason of distribution network partnership with PepsiCo* Companies with a single brand and regional distribution like Otsuko, Vitamin water etc. appeared to be at an unfavorable place with chances of competition gulping the market share of the small players very soon. ) What key factors determine the success of alternative beverage producers? The Key success factors for Alternative Beverage producers are * Constant Product Innovation: A company must be able to identify what a consumer is looking for and also maintain the ability to adapt with the changing market trends. They must be able to keep up and not lag behind. * Price: Price is always a factors in many cases and in this case consumers with a low brand preference will buy a product based on its competitive pricing * Brand Loyalty: Consumers are particular about what brand they purchase and they stick to it in most of the cases.This stresses for a superior brand image and quality * Distribution system: Probably one of the most important, Effective distribution channels will not only help reduce costs but also helps a company remain competitive. * Size and Scale: Successful alternative beverage producers were required to have sufficient sales volumes to keep marketing expenses at an acceptable cost per unit basis. 6) What recommendations would you make to Coca-Cola to improve its competitiveness in the global alternative beverage industry? To PepsiCo? To Red Bull GmbH? Recommendations to Pepsi Pepsico have to launch a major image building campaign for the most promising products it has. * Pepsico also needs to develop its own energy shot brand try to convince Rockstar to add an energy shot to its distribution agreement. * In addition, Pepsi should negotiate for distribution rights to European and Asia-Pacific market with Rockstar or launch its energy drink brands in attractive international markets. * PepsiCo can expand its foot print and focus on other international markets in energy drinks for more international presence and to utilize the demand of a branded and standard product.Red Bull is currently the number in the energy drinks category and they should really take advantage of that and come up with more product line extensions and more products so people can identify with that brand and try other products too. They should focus more on product innovation and product line extensions. Recommendations to Coca Cola * Coca cola should improve its product by innovating and building up good image to recapture the market share it lost in energy drinks category. * Coca cola should also try to create more rapid gr owth in vitamin-enhanced beverages and energy shots product. Coke should focus on products and Branding efforts to gain market and regain lost market share in energy drinks * It should build up its strength in term of alternative beverage sales in by pursuing acquisitions and focus on building its strength of sales in Asia and react quickly to solve the problem of lacking competitiveness in the European market for alternative beverages. * Coca cola can use a combination of new flavors and formulations, brands, line extensions, improved image building, and distribution capabilities to increase sales of alternative beverages internationally.Recommendations to Red Bull GmbH * Redbull should improve the performance of its recently introduced energy shots and continue to expand into rapidly growing country markets for energy drinks. * It is necessary for the company to maintain its lead in the U. S. and European energy drink market with additional product line extensions based upon produ ct innovation. * It should develop sports drinks or vitamin-enhanced beverages that can further exploit the appeal of the Red Bull brand 7. Using the data in Ex. 11, 12, 13 compare Pepsi, Coke, and Hansen.Who has been the most profitable? Who has better managed their expenses? Which business has shown the most growth? Which of the three would you give the strongest grade for their performance? * Using the data from Exhibit 11,12 and 13 for Coke, Pepsi and Hansen, Hansen seems to be the most profitable so far as it became the largest seller of energy drink in the US by leading most of alternative beverage categories. PepsiCo’s global market share in 2009 was 26. 5 percent, overcome by 11. 5 percent to Coca-Cola.The Coca Cola has better managed their expenses it was the third-largest seller of alternative beverage and in the top five best-selling non-alcoholic beverages worldwide in 2009. But they have lot of catching up to do. I would give the strongest grade for performance t o Hansen for its market share, range of products, product innovation and distribution strategies. Hansen also managed to have higher revenue growth and higher cash flow growth. Net Revenue| 2007| 2008| 2009| CAGR| Pepsi| 39374| 43251| 43232| 3. 17%| Coca Cola| 28857| 31944| 30990| 3. 40%| Hansen| 904465| 1033780| 1143299| 4. 50%| | | | | | | | | | Net Income| 2007| 2008| 2009| CAGR| Pepsi  5674| 5166| 5979| 1. 76%| Coca Cola| 5981| 5807| 6824| 4. 49%| Hansen| 149,406| 108032| 208716| 11. 70%| | | | | | | | | | | Operating profit| 2007| 2008| 2009| CAGR| Pepsi| 7182| 6959| 8044| 3. 85%| Coca Cola| 18451| 20570| 19902| 2. 55%| Hansen| 230986| 163591| 337309| 13. 40%| The company growth rate analysis of the three companies in terms of revenue, income and profit show that Hansen has higher percentage of growth rate well above the industry average. Hansen has greater revenues in the industry segment and higher customer demand and financial success.

Car Manufacturer

Toyota is one of the company car manufacturer. Cars like Vios, Hilux, Sienna, Prius, Avanza, Fortuner and many more are the product that has being produce by Toyota to identify and target a market segment. Based on our analysis, the segment that has being targeted by Toyota is the Geographical, Demographic, Psychographic and Behavioral segmentation. On Geographical segmentation, Toyota has target different car in different country. Like American, Toyota has conquered the market by introduced the car Prius that is green environmental because the company know the American needs oil saving cars.On Demographic segmentation, Toyota has also target the market by gender, family size, family life cycle, income and occupation. Toyota has mostly target the women for several of their models like the Toyota Prius because women influence more on purchase decision. Other than that, Toyota has also target on family market by introducing cars like Avanza that can fit a person or a big family inside. Besides that, Toyota has also target the market that is lowered and middle income by introduced cars like Vios.It has make every people can afford a car that is high quality and economic with low price. Toyota has also targeted the industrial market by produce the cars like van and trucks that can be use in different section of occupation. Vans like Toyota Hiace are usually use in delivering goods and worker. Truck like Toyota Hilux are usually use in estate because can travelling obstacle and load goods. On psychographic segmentation, Toyota has targeted the market by lifestyle, social class and personality traits.Toyota has manufacture cars that is higher status by upgraded the design and also the engine of the car. Those car has being named Toyota Racing Development (TRD). The company has manufacture these cars so that the person that has higher lifestyle, social class and personality traits can have more choices instead of the normal types of the cars. Cars like Celica and Supr a are also the types of car that has higher lifestyle, social class and personality traits.Besides that, Toyota has also manufacture cars like Prius that is friendly environment and value conscious. On behavioral segmentation, Toyota has targeted the market by the occasions, benefits sought, user status and user rates. The company has manufacture luxury cars like Estima that can be use in different occasions like wedding. Besides that, the company has also manufactures cars like Prius that is friendly environment based on the benefits sought that the customer can enjoy the free environmental and also can reduce cost of buying fuel.Cars like Toyota Super Kings is manufacture to targeted the user status market. People that is using the cars can be categorized as high status people because of the price of the car and hard to affordable. Toyota has also targeted the market by the user rates when the people are more preferred on cars. So the company has designed more cars like Vios, Camr y, Corolla Passo and many more. These are the market segmentation that we have analyzed and the also the variables that the Toyota has being targeted.

Discussion question Essay Example | Topics and Well Written Essays - 500 words - 6

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Factory Farms Research Paper Example | Topics and Well Written Essays - 1750 words

Factory Farms - Research Paper Example For instance, chickens are so overcrowded that they must have their beaks cut off, because, if they do not, they will peck one another to death. Pigs are in tiny pens that are so small that the pig cannot turn around, and they are stacked in pens, one on top of the other, so that the animals above them deposit their wastes onto the animals below them. Since pigs are, by nature, clean animals, this is no doubt abhorrent to them, yet this is how they must live, for years, until they are carted off to go slaughter. Cows are cruelly branded with a hot iron and crammed into feed lots. The fate of these animals is abhorrent to anybody with a conscience. These animals can feel pain and fear, and to put them into these conditions is beyond barbaric and cruel. Beyond this, factory farms are also bad for the environment. The animal excrement causes pollution that runs off into the water. Taking the animals off the farm and onto the feed lot deprives the farming soil of fertilizer, which means that artificial fertilizer must be used, and this means using fossil fuel. Moreover, land must be clear cut to raise food for these animals. In short, factory farms and the proliferation of animals on these farms is a very inefficient use of resources. Regular methods of farming, in which animals are free to roam the land, and graze on grass, and have a natural life, must be brought back. This would not only be good for the environment, but it would result in much less cruelty to animals. Even though factory farms produce a large quantity of food, and the food is ostensibly necessary to feed a growing planet, farmers should make innovations that make their operations less cruel to animals and more kind to the environment. A. Cruelty to Animals Animal rights activists and animal lovers everywhere are clear that animals should not be subjected to needless suffering. The evidence regarding factory farms indicates that animals suffer needlessly, so these factory farms are violating ever ything that animal lovers and animal rights activists stand for. James McWilliams, author of ?hy Free-Range Meat Isn't Much Better Than Factory Farmedstates that the basic argument against factory farms is that ?nimals held in confinement are denied access to the basic preconditions of happiness the freedoms to move, make basic choices, have sex and socialize. The fact that animals are transformed into the moral equivalent of machinery, rather than respected as living creatures, will stike any sensible observer as fundamentally wrong...thoughtful consumers do not want animals to be needlessly hurt(McWilliams). And ?eedlessly hurtis exactly what animals are on the factory farms. For instance, chickens are kept in extremely overcrowded conditions. According to Freedman & Barnouin, chickens have to have their beaks cut off of their faces because, in their overcrowded conditions, they would peck each other to death if they did not (Freedman & Barnouin, p. 84). Chickens are also given ho rmones that make them grow so rapidly that their hearts and lungs cannot keep up with the growth, and they die of heart failure. Cows are branded with a hot iron without anesthesia, and can live on the range without shelter or veterinary care. Cows may also live for months in an overcrowded feedlot, where they are fed growth hormones and rich grains. The rich grains sometimes causes the cows intestines to ulcerate and rupture. These factory farms have so many cattles that they often have downed animals which are lame when they come to the slaughterhouse. These animals are often beaten and prodded to get them to move (Factory Farming Animal Cruelty is Standard Operating Procedure for 95-99% of Animals Raised For Food). Pigs also live in deplorable conditions. Naturally clean animals, they are forced to

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Working with children and families case study - Essay Example The different aspects of intervention in the families are historical, social, psychological and legal in nature. These aspects are incorporated in the guidelines that are being followed by the social workers to resolve the case specific problems of the clients (Hepworth et. al., 2009; The historical aspect is one of the facets in the implementation of family intervention. This aspect is important to be able to determine the possible causes of the situation wherein intervention is required as well as the background information for assessing the needs of the person. Included in the historical aspect are the family members in the household and the relationship to the person in need of assistance. Another factor included in the said aspect is the experiences of the parents and the events that had happened in the family that may have triggered the problematic situation. The interactions and interrelationship between family members that may have directly or indirectly affect the perspective and disposition of the person in focus. In addition, the strengths and the weaknesses of the parents that can trigger the changes in behaviour and way of thinking of the person are also included in the fundamental historical components of the family intervention (Horwath, 2000, p.56 , 80-82). For the child Debbie, the members of her immediate family are in the household, her parents and her siblings. Historical aspect of the intervention includes the relationship between the family members and their effect on the child. Her mother Irene is agoraphobic and her brother is severely disabled. Other issues make matters worse such as the situation of the father John who is not employed. The conflicts within the household are having effects on Debbie and Hannah who are exhibiting violent behaviours and problems in learning. The social aspect of the intervention in the family is another area of importance. This can be

Assess the impact of Byzantine and Sassanian cultures on Umayyad Essay

Assess the impact of Byzantine and Sassanian cultures on Umayyad secular architecture and its decoration, with reference to spec - Essay Example Previous to the ascend of the Islam culture in the earliest ADS- 5th and 6th Centuries- the persons, according to Blair & Bloom (2009) who lived in the Arab peninsula, had a main responsibility in shaping the present day Islam art. The then inhabitants of the Arab peninsula are comprehensive of the Byzantine in the Northwest whilst the Sassanian Empire was situated in the North East (Blair & Bloom, 2009). This paper shall evaluate the surfacing of the Islam world in relation to the Sassanian and Byzantine Empires, via an examination of the then cultures, the adjustments and adoption of the same to the Islam world. The paper shall also attempt to give clear instances such as Qusayr Al-Hayr East, Khirbat Al Mafjar, and Qusayr Amra amongst others. 2.0. The Byzantine Empire This empire as seen in the thoughts compiled by Ekhtiar (2011) was born out of the Roman Empire, and had Constantinople as its midpoint. The empire comprised of the Balkans - Palestine, Syrians, Egyptians, and Asia mi nors- and had Christianity as its major faith (Blair & Bloom, 2009). Nevertheless, the empire was also open to a Jewish population and other Christian sects. In relation to art, the empire has strong Roman roots that saw the empire have a great influence from pagan classical inheritance (Blair & Bloom, 2009). ... The then emperor, Justinian reconstructed the city of Antioch at Syria by dividing it into streets, by constructing sewers, fountains, and water channels (Ekhtiar, 2011). At the same time, the emperor built baths, theaters and other buildings to a great city (Ekhtiar, 2011). However, with time the city faced frequent tests ranging from inadequate funds to develop the city, but one would argue that the broad avenues and ‘modern’ buildings replaced the classical monuments and the general lifestyle of the town life (Blair & Bloom, 2009). On the other hand, Ekhtiar (2011) indicates that the Sassanian Empire was also developing gradually to urban civilization. 3.0. The Sassanian Empire Founded in the 208-40 AD by Ardashir, the empire became Rome Byzantine’s empire major challenger (Irwin, 1997). The empire stretches to the Far East from the Indus and Oxis rivers, and had had numerous conflicts with the Byzantine at the time of Justinian rule (Irwin, 1997). In the compi lation of Irwin (1997), the empire is said to practice the Zoroaster faith, though the Manichaenism was gaining root in the territory as well which used paintings to explain its message as seen in the Islam art, by its founder Mani (Irwin, 1997). The Sassanian is said to have a huge relationship with the Byzantine architecture, an explanation of the type of drinking cups used by the Sassanian portray a huge percentage of Dionysian imagery (Irwin, 1997).The Sassanian also used the scrolling vine from the Byzantine art, and the same is replicated in the then Islamic culture. The Sassanians are also indicated to have their motifs as the peacock, the winged crown and the palm that were

Ozone hole Essay Example | Topics and Well Written Essays - 1000 words - 1

Ozone hole - Essay Example This layer does absorb 97 percent to 99 percent of the high-frequency ultraviolet light of the sun which can be possibly destructive to the life on earth. More that 90 percent of the ozone within the earth’s atmosphere is existing here â€Å"comparatively high† meaning several parts/million- considerably higher than concentrations within the lower atmosphere, however, still lesser compared to the key atmospheric components. Its location is approximately 15 to 35 km above the surface of the earth in the hemispheres lower portion (Charles, 2014). This thickness varies geographically as well as seasonally. As mentioned earlier, prevents disastrous destruction of the life on earth through absorption of the harmful incoming sun’s ultraviolet (UV) potion hence minimizing this light’s amount that reaches the surface of the earth (Paul, 2009). Such natural sunlight buffering is quite advantageous since the ultraviolet light of high energy is capable of penetrating uppermost skin layers.as a result, cells might end up damaged which is explained through sunburn as well as more threateningly, genetic material which resides within every cell (DNA or deoxyribonucleic acid) destruction. Damage of some DNA within skin cells by such ultraviolet light is associated with certain cancers development. Observation of the ozone hall has for a long time been done with great seriousness. Images of satellite offer observers the ozone’s every day images over Antarctic region (Enviromental Protection Agency, 2010). The winter population of humans of the Antarctic comprise of researchers in several hundreds. These researchers get protection from the UV light which has increased from warm winter clothing, hence the ozone layer health effect concerns are minimal. The ozone hole’s existence as well as its increased size through 1990s up till 2006, the time when this hole was ever largest recorded, has come to be a great concern for researchers who study human activity

Final Marketing Plan Presentation Essay Example for Free

Final Marketing Plan Presentation Essay The Allstate Corporation is the largest publicly held personal lines property and casualty insurer in America. Allstate provides insurance products to approximately 16 million households. Allstate was founded in 1931 and became a publicly traded company in 1993. Listed on the New York Stock Exchange under the trading symbol ALL and widely known through the â€Å"You’re In Good Hands With Allstate ®Ã¢â‚¬  slogan. (Suite 101, 2013). Being such a large provider of consumer protection takes hard work and dedication from every individual in the company to provide consumers with the highest level of customer service. While Allstate was trying unsuccessfully to diversify, rivals were revolutionizing the auto insurance business, which Allstate still counts on for most of its sales. Auto premiums generated 55% of its $31.4 billion in revenue last year.Geico and Progressive Corp. found a new formula for growth in the relatively mature business. They crafted a lower-cost model combining direct sales over the Internet and telephone with heavy television advertising. Offering lower prices and more convenience, they grew rapidly at the expense of Allstate and other insurers that sell mostly through agents.Allstates second-place share of the auto insurance market fell to 10.4% from 11.3% over the past five years, while Chevy Chase, Md.-based Geico jumped two points to 8.7% and Progressive climbed to 7.9 %( Suite 101, 2013). State Farm Insurance the largest car and home insurer in the U.S. and a mutual company owned by its policyholders consistently rated better for claims handling and service than Allstate. The claims department of Allstate has some of the most critical interaction with the consumers because it is during a time of need. Consumers contact the claims department when they have suffered a loss to establish a claim. The claims adjuster has the responsibility of obtaining claim pertinent information from the consumer to effectively evaluate the loss. At Allstate Insurance claims departments are separated according to customer needs. Large claims offices known as Market Claim Offices, MCO, are strategically located to provide adequate coverage across the nation. A Market Claim Office presides over a few states or an individual state depending on claim volume and consumer coverage. Allstate has specialized offices that handle claims for the entire nation but only if they meet certain criteria. The Hudson Express Office out of Hudson, Ohio is an office with a focus on handling claims with a reduced cycle time or the  time from claim submission to claim settlement. A starting to examine the external factors impacting customer expectations, which may or may not be off-kilter with necessary protocols and the terms of coverage insurance in general, is the medias unflattering portrayal of the industry; especially in light of post Katrina claim controversies and litigation. Aside from merely being a nuisance, the media also contribute to customer apprehension, which invariably affects the entire claim experience, starting with the initial exchange. Customer leeriness combated, comfort level enhanced easily by treating the customer and the claim with care and speed. To meet this reduced cycle time the Hudson Express Office only handles smaller claims with a total loss under $10,000. Everything within the Hudson Express Office is completely in house with no need for outside adjusters. A challenge area that arises because there are no outside adjusters is to efficiently write an estimate for structure damages and example of this comes from a customer’s review: (Five Weeks and Still Waiting, Jan 18 2013)†. I was broadsided by a driver who didnt stop at a stop sign at a 4 way intersection. My car was left un-drivable. She didnt have her insurance card with her. After a lot of investigating I found out who her insurance company was and called them myself. They told me an adjuster would be out to look at my car. No one showed up. I have called every day since. I have been told that as soon as they receive the police report and accept liability, they will put me in a rental car. It has been almost 5 weeks!† Description of the new product of service Allstate aims to compete more effectively with Geico and Progressive on their turf. After a successful four state pilot of the new Claim Satisfaction Guarantee for auto insurance across the country. Will Shorten claim cycle time ultimately results in higher customer satisfaction because the consumer can resume life as usual sooner rather than later. Allstate Insurance has implemented a new web-based customer service center to in able consumers to provide claim pertinent information via their computer through the use of the customer website. Consumers are able to enter file notes into the claim as well as submit a list of stolen or damaged items through the customer website that can be instantly attached to the claim. An opportunity area for decreased cycle time is with regard to property estimates. An in house  estimating system is utilized by inside adjusters to create a preliminary damage estimate. For smaller less complicated damage areas a web based estimating system would allow consumers to generate their own estimates. A simple web page can include multiple selections for damage areas including fences, doors, and windows. Once a damage area has been selected, multiple choice questions would allow consumers to describe the damaged area as well as the style and material the damaged area. If a consumer does not know the material or style, a default or average style and material would allow an initial estimate to be completed. Once the consumer receives an estimate or invoice from a contractor to complete the work, the claims department can review it for validity and issue any supplemental damages incurred. On simple claims, a consumer could file and settle a claim online without waiting for a call from a claims department representative significantly decreasing claim cycle time. SWOT Analysis The idea of developing a page on an insurance claim and being able to submit your complaint and receiving an instant response sounds great; Allstate needs to ensure that claims are being handled in a way in which will not create the webpage to become overloaded, it has to be user friendly and appropriate for any age group .Other considerations include the cost effectives of this type of service and how it will benefit the consumer and profitably for the brand.New automation also lists the opportunity in cost saving measures such as employee down sizing. Other key item to consider when marketing this type of service can be Advertisement on social media, newspapers,word of mouth, Blogs etc†¦ which are all great ways of promoting the new product and it also provides an opportunity to identify other forms of the same productoffered by the competitor. Target market including geographic Target market is middle market emerging affluent and mass affluent consumers with retirement and family financial protection needs. Priority status at the network repair shops and with our Service Centers. saving time and effort by having Allstate manage the entire repair process. Using the online system with real time updates to electronically monitor your vehicle at the repair shop. Progression updates are given on repairs so you can  spend time doing other things. working to minimize the repair time, which means a quicker reunion with your car. Quality factors including the quality of repairs, Guaranteeing repairs for as long as you own or lease the vehicle is one market point. If a policyholder has a burning question about a claim at 2 a.m., they are able log in to the online service site at any time to check the status of the claim. Porters five competitive forces model Allstates Consumer Segmentation Strategy When purchasing insurance or any other product or service, consumers have more choices than ever before and they know it. But decision making power is not in the customers hands alone. A company can build tremendous customer loyalty over time by making it a top priority to understand and meet its customers needs. As a result, Allstate will continue to refine its product offerings, marketing outreach and customer service based on careful research. Allstate serves four different consumer segments with distinct interaction preferences (advice and assistance versus self-directed) and brand preferences (brand-neutral versus brand-sensitive). Marketing research is an approach conducted to evaluate particular strategies.As well as the tactics used toward the web-based estimating system. The marketing research will help to connect with the consumers to analyze what is needed to research opportunities and evaluate marketing actions. This will also help to prevent uncertainties for the new service provided. The market research will allow the chance to determine how well the system is working. The competitive intelligence will help to identify what competitors are doing and how Allstate can differentiate service to gain customer loyalty. Marketing research will aid in developing a strategy that will increase the satisfaction of our new product of service. Allstate is working to provide quality service and conveniences. Therefore, the quantitative research will touch base on many incentives needed to process the claims. Other approaches will involve the act of identifying any other areas of concern. In which could relate to technical issues and a collection of data needed to estimate totals. The marketing research approach described will enhance the quality and promotion for Allstate’s new web-based system. The overall marketing plan should ensure the quality of each area of the  product and should provide the opportunity for clients to get on the site with hassle free problems and get the service that each individual needs. The mission should be to provide the best customer services and to ensure that the client gets what is needed in the end. Positioning statement Our Shared Vision provides the â€Å"why, how and what† behind everything we do at Allstate. It provides the road map for our continued success. Through this vision, we will truly put the customer at the center of everything we do (Allstate, 2013). We will become an even more valuable company to our customers, associates, investors, our communities and society a company with strong earnings potential and financial performance that sets the benchmark for our industry. We are the Good Hands: We help customers realize their hopes and dreams by providing the best products and services to protect them from lifes uncertainties and prepare them for the future. Deliver substantially more value than the competition by reinventing protection and retirement to improve customers lives. Put the customer at the center of all our actions. Utilize consumer insights, data and technology to serve customers and generate growth and attractive economic returns. Take an enterprise view of our people and processes and work as a single team to advance Allstate rather than our individual interests. Strategy and Position Description An automated online estimating system needs to be easy to understand and easy to use. The first element to the estimating tool is it needs to be easy to understand as well as aesthetically pleasing. When a customer logs on to his or her internet profile the option to choose an action needs to include selecting an existing claim on the insurance policy. Once the claim has been chosen, there will be a selection for estimating system. When the estimating system is chosen, the customer will be prompted regarding the damages he or she has sustained. For example, a customer was a victim of a recent theft loss where the front door was kicked in. The customer will select the damage option for entry door which will lead to a chain of questions regarding the  door. Options for the door will include material in which the door is made such as wood, metal, or fiberglass and whether or not the door is painted. Next, the customer will indicate the size of the door, if the customer does not know how to measure a door there will be a help icon that will advise the proper ways to measure a door. Style is another important factor in the cost of entry doors, options such as flush, panel, French, or security are the most common doors available. The next area of focus will include the damage sustained, whether the door, frame, or both are damaged will determine the proper repairs. The last area of concern for an initial estimate is whether the hardware is damaged and what type of hardware the customer currently has. When all of the information has been entered the estimating system will automatically construct an estimate for the removal and replacement of damaged property as well as the disposal of any debris. When the estimate is finished a disclaimer will be needed to inform the customer that the estimate is only a preliminary estimate and if any discrepancies arise when a contractor has seen the damage to inform the claims department for a review of the estimate. Since claims are being filed online, the movement on this is a little quicker. First of all, it reaches the company faster. The need to have the customer come in and get the information then in-putting it into the computer and have it looked at by the investigating agent, then processed, prepared for payment (if need be). Instead, you are cutting out the getting information process, and the inputting it into the computer by the agent. Instead you call or go online and put the information yourself and then let it get processed and then get paid. The affect it has on the movement is that it gets through quicker, you get faster response time from the company, and you get as accurate information as possible. The life cycle in a sense lasts shorter. Instead of taking a few weeks (possibly), it could take up to a week or less. So the life cycle in this case is a shorter one, which is good much better for the company overall. The only downside to this is that even though you get pretty accurate information, you then need to process it into insurance terminology so to speak, in which case you have an agent process the information. It’s also a good thing, because the agent is proof reading it so to speak to make sure that the information posted or given is  correct, and is process correctly, and is given to the proper division within the company. It’s sort of a backup plan and a much needed help for the customer who really has little to no knowledge on how insurance claims work. So overall, it is a faster and easier process which is set up to help the customer, and speed up the process to get claims paid quicker. Over time, while it does become easier, eventually other companies will begin to do this as well, and people will switch to whoever is cheaper. Service Packaging Packaging is not needed for our products or services. Instead we are offering our customers an easier way to file insurance claims. Normally a client would have to call in to the hot line number in order to file a claim. Once the operator answers then the client is expected to listen to numerous options and select which one applies to their personal needs at that moment. This process can be time consuming and aggravating depending on how many clients the customer service representatives the operators are assisting. The next step would be to explain the situation to the operator and wait for them to file the claim for the person. The on line website will be a fast working, easy to navigate website. There is nothing more aggravating then trying to complete information on a website that is slow and takes a long time to accept information. With technological advances, being able to file on line may be more convenient for those who do not have time to call the hot line and file claims. Clients will be able to access the website from laptops, cell phones, iPad, or any other media devices that allow access to the internet. Add value because it will be less time consuming for customers, if a follow-up is needed then the information may be easier to retrieve due to the pre-online registration. With every question there will be a detailed explanation of what information is required for that particular question. The question and additional information will be explained thoroughly to customers without them having to wait on hold in the phone for long periods of time just to speak with a live operator. This will add value to the customers in three ways. The online website will save time. Allow customers to have a more hands-on experience with the editing of claim information. Product Life Cycle Over the lifecycle of a product, a companys differentiation and positioning strategy would need to change as the market, competitors, and product change. When we say that a product has a life cycle we assert four things; Products have a limited life, Product sales pass through district stages, each posing different challenges, opportunities and problems to the seller, Profits rise and fall at different stages of the product lifecycle, and Products require different marketing, financial, manufacturing, purchasing, and human resource strategies in each life cycle stages (Product Life Cycle | Stages and Limitations of Product Life Cycle (PLC), 2014, p. 1). Product life cycle (PLC) deals with the life of the product in the market with respect to business or commercial cost and sales measures (Product Life Cycle | Stages and Limitations of Product Life Cycle (PLC), 2014, p. 1). There are five stages of each product lifecycle: product development, introduction, growth, maturity, and declin e (Product Life Cycle | Stages and Limitations of Product Life Cycle (PLC), 2014, p. 1). During the introduction stage, Allstate will be launched into the market. Sales grow slowly in this time, and informative advertising is done (Dinesh Bakshi, n.d.). Many firms do not earn profits in this stage. There wouldnt be much price skimming because our product is not a new invention and does have competitors. Due to the amount of competitors in the insurance market, competitive pricing is used. Sales rapidly grow during the growth stage, so we use persuasive advertising to gain customers. Competition is stiff at times prices may be reduced to stay a top competitor. Even though competition may be stiff, firms start to earn more profits in this stage. Our sales increase slowly and the highest figures are reached during the maturity stage of the product cycle. Since competition is at its max level, it would be in Allstates best interest to implement promotional pricing. Our profits are also at their highest level. We use competitive advertising to attract and retain our customers (Market Force, 2005-2014). Next we enter the decline stage where sales and profits decrease. During this stage, we must determine if the decline is temporary or permanent by conducting marketing research. Production may be stopped if the decline is considered to be permanent. If the decline is temporary, extension strategies are  implemented. The extension stage comes into play to come back from the decline. Original products may be reintroduced in other variations by changing the design, starting a new advertising campaign, and more (Dinesh Bakshi, n.d.). Pricing The price strategy of the web based system. The primary goal is to assure that this meets the needs of our loyal customers and anticipated customers. Moreover the pricing of our new web based system is an essential part of the marketing piece. Indeed this product of service can be very successful through proper indications of the pros and cons. Other price strategies could relate to what new services are provided by our competitor’s. However, researching the value, quality and conveniences of the product of service is essential. Pricing strategies with our new service can work to help gain satisfaction from the customers. Consequently, if the market research is not implemented correctly; this can work against the organizations overall plan. Contingency plans will also help the guide the new product in the process of service. Most of all pricing factors outline important steps of the web based system. In which will differentiate us from other insurance organizations such as Sta te farm. Furthermore one of all states insurance pricing strategies would involve a small fee. This fee will be deducted from the insurance holders policy every month or every six monthly. The web based system will be done as a package deal. Therefore customers will have the option to participate or not. The new product of service will also be explained to every customer .As well as step by step instructions to give a better understanding of how to use the system. Ultimately the use of the system operates to have claims estimates completed in a timely manner. Customers immediately have an opportunity of seeing the breakdown of damages and cost online. Overall the web based systems pricing is a concern that customer will have a choice to speed the process of with their claim .Although there are some people who may prefer to wait to speak with a claims adjuster. Most of all the new product of service will eliminate many problems with the process of claims. Customers will have an opportunity to view their own claims, and get a compete estimate without waiting for a call back from a claims adjuster. Although  this is a preliminary estimate of the claim, this is a positioning factor that gives Allstate’s customers satisfaction. Pricing figures are major factors towards marketing as well as the competitors. Promotional Strategy Allstate has several online competitors (Progressive, eSurance and Geico) that equate themselves as easy and fast. One of Progressives main thing is price match, which allows consumers to compare rates without providing too much personal information. Many people are reluctant to participate in many online services such as this because they think they will bombarded with spam and other marketing tactics. Generally, customer just a roundabout amount of what they would have to pay for car insurance based on their specific coverage needs. Allstate has identified this problem and created an innovative solution. First and foremost, Allstate designed a new way for customers to shop for quotes and have them delivered. According to Marketing Edge (2014), quotes would be delivered anonymously (no personal information required), fast and easy, helpful (accurate), contemporary, and intuitive (para. 4). Allstate needed to spread the word on this innovation, and the best way was to implement a campaign. This campaign included banner ads online and other tools designed to focus on online shoppers. Allstate needed to market themselves differently than their competition in order to stand out, excite consumers, and provoke attention. According to Marketing Edge (2014), The new anonymous quote tool was the centerpiece of the program. Once it went live on the www.allstate.com site, DRTV, paid search, and online advertising campaigns were implemented in order to drive traffic to it. The DRTV campaign used a unique URL, getallstate.com for tracking purposes. Online banner ads linked directly to the site so visitors could be tracked through initiation and completion of a quote. The Program Objective: Develop and market a category-unique online shopping/quoting tool and introduce it to consumers in a way that cost-effectively invites greater shopping/quoting in the direct channel (para. 7). This creative strategy had continued to allow online shoppers the freedom  and convenience to stay anonymous. Customers do not even have to provide their name to receive a quote (estimate). There is no application to feel out and no surveys to take. All of the other necessary information is gather by simply inputting your zip code. There are helpful tools strategically placed to assist customers, and the web site design is contemporary but not too flashy. According to Marketing Edge (2014), Based on their information, shoppers are presented with an array of estimates in a matrix that allows them to compare different features and levels of coverage that meet their unique needs. And it provides a price for each option. The tool demonstrates throughout the ease with which consumers can obtain the customized price and coverage information they want (para. 10). Professional Selling Effort In order to market the new automated system for making claims, Allstate needs to express to the customers exactly how beneficial it will be to them. The best approach would be to build the value to the customer. They would have to show the customer exactly how it would benefit them to manage their claims online rather than deal with a claims adjuster right from the get go. Several people will find it convenient to be able to fill out the accident forms right from their mobile device, like their smart phone or tablet, while others will not be so prone to using technology as they are not technologically advanced. We will show the customers not to be afraid of the new systems, and that they are a benefit, not a burden. Initial Budget The budget is a financial plan for Allstate that quantifies the resource allocation plan for the years to come. To start, Allstate would have to create a specific amount, generated from how many people are going to be monitoring the online claims, and how many hours those individuals are going to be putting in. A sum of $208,000 will needed for ten individuals needed for the new system, all set at 40 hours per week and being paid $10 per hour. Allstate will have to create a budget for the person or company putting together the mainframe for putting together the portal for online claims, and setting up the website. Allstate will have to keep in mind that it is going to be a process to put this together and a lot of storage is going to be needed for their clientele. Generally, websites and web design  are going to cost Allstate anywhere from $1,000 t $2,500. Allstate will create jobs for this new system, and they will have to advertise or promote within in order to fill those jobs, b ut this will be very minimal cost to Allstate. The company expects to have a gross profit in the first year of $250,000-$500,000 due to the amount of claims that are not going to need claims adjuster to visit sites to assess the damage personally. The targeted output rate is 1,000,000, and with the average of 86% of all applicants that start the claim online actually finish it, that leaves 860,000 people that use the online claims and pricing. Allstate does not expect any losses with the new market plan. Success Plan Measurement There are several ways to measure the success of Allstates marketing plan. For Allstate to accurately measure their success plan they must start with the end in mind (Dyke, 2014). One of the first things to do is ask why the project began and what the goals are. Companies cannot lose sight of why they started something. Once that drive is lost the campaign goes under and the company is next. Numbers do not lie, so if the marketing plan is working it will show in revenue. Dyke (2014), Measure success on your marketing program’s ability to meet the needs or desired outcomes of an objective. Remember your business planning here – start with setting your goals, list objectives that meet these goals and then identify tactics that will achieve your objectives. The best objectives are SMART (specific, measurable, achievable, realistic and tangible) (para. 13). To start tracking progress and success, Allstate must determine who their audience is. having a newsletter can be the turning point for a business. You can see which articles have the most readers and track statistics. Dyke 2014, Begin to gather intelligence around the reader’s interest in the topic, taking the newsletter from a passive strategy to an interactive strategy, and one that can be measured. At the bottom of each online article, give readers several options. They can comment or ask questions, request that a lawyer call them, request a white paper or a helpful form or  checklist you’ve developed, or they can register for topical events. Remember, your responsiveness to requests is critical in developing relationships (para. 20). Next, reducing that amount spent on proposals and pitches will help to increase rates in other areas. get to know clients rather than just what they think they want. Allstate must stay one step ahead of the competition to succeed. Many say the perception is reality, so it is imperative to know exactly what Allstates clients think about them. This can be done by implementing satisfaction surveys for the clients to ensure all their needs are met. All threats or problems acknowledged or revealed by the client must be handled swiftly. Allstate must market for the sake of revenue, not for the sake of marketing – and take the momentum of your success and apply throughout all your marketing initiatives (Media coverage: grabbing the bull horn). Ethical Issues Reference Dinesh Bakshi. (n.d.). Retrieved from http://www.dineshbakshi.com/igcse-business-studies/marketing/revision-notes/814-product-life-cycle Dyke, S.V. (2014). CBA Practice Link. Retrieved from http://www.cba.org/cba/practicelink/mt/measureefforts.aspx http://www allstate.com/claims/report- Insure Me. (1993-2014). Retrieved from http://www.insureme.com/insurance-agent/marketing-tips Market Force. (2005-2014). Retrieved from http://uk.marketforce.com/price-checking/ Marketing Edge. (2014). Retrieved from http://www.marketingedge.org/marketing-programs/collegiate-echo/challenge-history/dma-international-echo-showcase/winner-allstate Perreault, W. D., Cannon, J. P., McCarthy, E. J. (2009). Basic Marketing. A marketing Product Life Cycle | Stages and Limitations of Product Life Cycle (PLC) . (2014, Summer). Textile Learner, (1), 1. Retrieved from http://textilelearner.blogspot.com/2013/12/product-life-cycle-stages-and.html Strategy Planning Approach. (17th ed.). New York, NY: McGraw-Hill Company

From personal experience Essay Example for Free

From personal experience Essay Life is a long journey. We are all bestowed with good and not-so-good moments in our life. As we grow older, we tend to face the hardships of the world. These days, lots of cobwebs have settled around and it feels as if we have totally forgotten the simple pleasures of life. During our stay in MFV Jose Law Office, or Opis as what we call it, we experienced a lot of things some were stressful, but most of the time, it was blissful. We experienced journeying into the unknown parts of the Philippines, from Kalookan, to Fairview, to Malabon, Tondo, and other places we thought we’d never go to. We experienced doing things that was very alien to us like using a Stenographic Typewriter, reading SCRA and SCRI, talking with other lawyers (in English), interviewing clients, and many others. Also the Flexible time, for someone like me, it was really germane. I wonder where I could find another office that has a flexible time and still pays me for a whole day. I also experienced being scolded by a court sheriff for taking pictures inside the court room. It was a very embarrassing experience, albeit a good and funny one. In fact, this is one of the reason I would never forget being in the Opis. Being with great and funny supervisors really made our stay in the Opis very worthwhile; in fact I don’t mind the transportation fee, because when I’m in the Opis, it feels like I’m also at home. And the best thing for me in being in the Opis, is the food. Hunger is not an option when in the office, whenever sir Ferds, or the other lawyers drop by, there’s always a pasalubong. And the best of the best things: we can take-out the rest, whether it’s yellow cab, angels’ pizza, Greenwich, or any food. During our college days, we often face many difficulties, many problems, but unto one side of the stories, there are those people, the people who help shape us into someone better. The reason why we are able to surpass this obstacles. I would like to take this opportunity to say Thank you to our wonderful supervisors, you really deserve to be called ‘supers’.

Inward Cheque Clearing Process

Inward Cheque Clearing Process The paperless environment has evolved and booming now. Nowadays, financial institutions constantly enhance the choice of the products and services to win the customer. Furthermore, this is the era where banks strive to become excellent service provider by exceeding customers expectation. With electronic documents allow a company to save time, increasing efficiency and providing excellent customer service. Hence, imaging technologies gives the required platform that needed to achieve this competitive edge. Check clearing process in Malaysia has evolved from paper pushing to paperless. Day by day, customer deposit and issue out checks. Despite many payment methods available in Malaysia such as Internet banking, mobile banking, Interbank GIRO, Rentas (Real Time Fund Transfer System) and others, check instrument remains an important payment method used in Malaysia. According to the statistic from Bank Negara Malaysia (Malaysian Central Bank), it is evident that check payment is the most preferred payment method now and in times to come. Although there is sign of decline from year 2007 onwards which is due to an emergence of electronic banking, but cheque will remain high as the funds movement exceeded trillion. As such, BNM has implemented Cheque Truncation and Cheque Conversion (CTCS) process on 16th June 2008 where all espick participants duly implemented and in operation since then. Manual Processing Image-based cheque clearing process, replaces the physical cheque flow with electronic data and image flow throughout the clearing cycle. The process eliminates the movement of the physical cheque from various intermediary levels in the clearing process and hence, reduces the delays in the clearing process. Ideally, the movement of the physical cheque should stop at the bank/branch of first deposit (The collecting bank branch). This, in return, increases operational efficiency through expedient payment and receipt of funds, reduces the operational cost through the reduction or redeployment of redundant resources used for handling cash and cheques, and expedites the clearing process in the industry. Due to CTCS introduction, the physical cheques will be kept by the collecting bank after their images and MICR ( Magnetic Ink Character Recognition(MICR) code line data have been captured and the readability verified. To ensure the quality of images that have captured, cheques will be required to adhere to image friendly design standards and specifications. Electronic imaging places new requirement on the overall design of cheques so that they are readily legible when viewing their images, rather than the physical cheque itself. The design standard has to ensure that all essential information, including hand-written data and machine-printed date, will be captured by the imaging process. The captured images will be usable and legible, and that the file sizes of images will be small enough so that they can be stored and moved in a cost justified manner. Furthermore, check truncation has been implemented in many countries like US, Singapore, Sri Lanka and Hong Kong. Due to banking secrecy, the name of the bank that will be used in this report is Kaybank Berhad. This is an international bank with 11 branches in Malaysia which is mostly in urban and semi urban area. Hence, this bank has huge customer base including consumer and corporate business. There are 4 types of processes for cheque clearing Inward Cheque Clearing Kaybank cheques Outward Returned Cheque Clearing Kaybank cheques that need to be returned due technical error, stop payment or insufficient funds Outward Cheque Clearing Other banks cheques deposited at Kaybank Inward Returned Other banks returned check due to technical error, stop payment or insufficient funds The author will discuss about the Inward Clearing process in this report as it is an important process and high in volume. There is cut off time to complete the process within BNM clearing window (1.00pm) daily. And resources required to perform this task is high. Attached is the process of Cheque Clearing for the industry. Process Flow of Cheque Clearing Source : www.myclear.org.my To elaborate further on this process, if a customer deposited a Kaybank Cheque of RM 20,000.00 into his/her account at Citibank, the image and the data of the check will be transmitted to Myclear (Subsidiary of Bank Negara Malaysia) via a gateaway system (NWI). Base on the MICR data, the said account will be debited of RM 20,000.00 and the funds will be credited to customers account with Kaybank. In this case, the collecting bank will be Citibank and the paying bank will be Kaybank. The turnaround time for the availability of funds is 2 days. Process Map for Inward Clearing process at Kaybank Image Verify Approve Data transfer to Check verification System Download of Inward file from Myclear Upload of espick data to Kaybank system Reject the image Yes No Second level checking Yes No Reversal of customers account Upload Returned file to Myclear Performance Objectives Kaybanks key strategy is to grow their Consumer business and Corporate business. The consumer business division continuously invests in new products and service innovations to increase its presence in Malaysia and to expand its private banking segment. However, its Corporate business has a core group of customers to which Kaybank leverages global presence to provide excellent quality financial products and services. However, both businesses have continues to improve the customer experience. It has also improves operational efficiency by constant reengineering programs. The main objective of Cheque Clearing Unit is to support both businesses by delivering excellence service to the customers by managing their Current Accounts with error free and to manage operational cost effectively. By shifting to CTCS process, Kaybank has improved the performance objectives of operation in clearing process as follows; Dependability Banks are losing million of money due to fraud cheque. With CTCS process, banks reduced the losses tremendously as the liability to pay in the event of fraud check has been shifted to collecting bank. The collecting bank has to check under the Ultra Violet and the security features on the check and tag the item if it is fraud to preempt the paying bank. System is controlled by Myclear and quarterly testing been conducted to ensure no vulnerability of the system. Continuity of business plan has been established in the event there is a crisis due to network issues or others. Automation where cheques been automatically debited by the system instead of manual posting. Straight through processing been achieved where no manual invention is required. Reduced customers complaint on missing cheques when mailing out as it could be lost in transit. Now, with image base returned item, customer cant use back the same cheque for representment. Data file will be encrypted before sending files to respective branches or clearing house. High security features established and files sent or received would not be compromised. Better reconciliation and fraud prevention Speed Customers are happy as float days of cheque was reduced from 8 days to 2days. And house check payment is given an immediate credit. Under the manual environment staff needs to perform 500 physical cheques verification for 5 hours but with CTCS each staff can perform 750 checks in 4 hours. Customers complaints will be resolved within a day as under the manual environment it takes 3 days. Staff productivity increased and performing multi tasking. Cost Staff overtime has been reduced tremendously and having quality time with their family. Manual process requires 12 working hours for each staff compare to just 8 hours now. Calculation of saving are as follows: Cost saving on Overtime = 30 Staff x 4 hours = 120 hours a days x 23 days = 1760 x 22.50 per hour = RM 39,600.00 per month Hence, for month the bank has saved an approximately RM 39,600.00 in overtime due to CTCS process. Cost of purchasing the system is only one time and maintenance and licensing rental is lower compare to physical cheques management. Staff transport claims and meal allowances were reduced to none as theay are not required to work long hours anymore. No shipment of cheques to Clearing House is required now due to transmission of data. There are 30 staff been employed previously to manage inward clearing volume of 40, 000 daily but now only required 18 staff. The other 12 staffs were redeployed. Retention period of cheque is only a year under CTCS as compare to 7 years previously. Daily a total of 40,000 cheques processed daily and requires 10 boxes to place the cheques. The saving calculation is as follows; = 10 boxes x 23 working days = 230 boxes x 2.50 monthly storage per box = RM 575.00 x 12 (months) x 6 (Years) = RM 41,400.00 Hence, for month the bank has saved an approximately RM 41,400.00 due to CTCS process. Flexibility Maintain Audit Log where it monitors the user details and accessibility Prepares or generate MIS report for volume tracking and for departmental budget planning. It is also a core banking system online approach to upload or download data or batches. Interfaces with internal and external system like signature verification system, Cheque deposit Machines and clearing house. It has provided centralized cheques clearing processing and supporting branches from Penang and Johor Bahru where previously under difference clearing zone. Quality Customers are happy with the service as their cheques are now safe from fraudsters. Inward Clearing process is simple and the staff can perform multi function and deliver good quality of work as they are not required to work long hours. Each transaction under CTCS is controlled by Unique Identifier Code (UIC) which is a unique reference number printed on the back of the cheque by the collecting bank and it will make the retrieval for investigation ad presenting of unpaid items are easier. Better controls established due to simplified process and enhancement and will not lead to financial losses or customer issues. Cheque Verification System Kaybank has invested in a E-flow system for check verification. This system is supported by in house Technology team. Once Inward Clearing data downloaded from the Gateaway system, it will be downloaded to the E-flow system for verification. Each workstation will have a single Central Processing Unit (CPU) and 2 monitors. One to view the image and the other monitor is to display the signature. There are 7 types of cheques processed and each will have a different process and approach. Hence, images and MICR data downloaded to E-flow system and will get sorted and channel to the respective station. For control purpose, the main function for this system is display the image for verification purpose and reconciliation. Kaybank has also emphasized on second level verification for certain threshold to avoid any mistake done by the first level verifiers. However, there are some flaws in this system as follows; The system has limited products. As of now, the system was designed to cater 7 products and if there is an additional product in the market and Kaybank wanted to implement it, there will be an issue. It may mix up with other products. If a particular product it to be ceased, then the station will be remain there. For example, Credit Card cheque has been stopped by Kaybank due fraud vulnerability since Septemeber 2010. The station is there and it cant be removed as it would involve cost. Any changes or addition into this system involve cost and it is expensive. Tagging of checks as altered by the collecting bank is subject to readability of the person who verify the said cheque. Hence, the CTCS ruling astablised by myclear is unclear. As it is subjected to apparent alteration sight by the processor. In the event, the cheque has been washed and altered and the alteration on the check is not apparent, then the collecting bank is not liable for the losses. In turn, it will be shifted to the paying bank to pay the losses. This rule in unclear and it is not good for the industry. Inward Clearing Volumes from January 2010 till October 2010 Source : Internal MIS for Inward Clearing Transactions Emerging Technologies On the other hand, cheque fraud costs Malaysia millions of losses a year and presents severe challenges to the industry. Hence, a better system needs to be deployed for the effectiveness of the current process. Payee Match Positive Pay Application technology has already started in U.S as it was developed by Parascript, LLC, Niwot, Colorado, U.S. The main objective of this system is to combat cheque fraud. The system is designed to read a cheques payee line information and cross validate the data provided to the bank by the customer via Cheque Issue File. This system assures accuracy and significant reduction of check fraud. Furthermore, with if this system should be implemented, funds can be made available in T + 1 (One day Clearing). If the adoption of this technology is feasible, then they will be no impact to the process as it works the same and the only difference is the system. Referring to the projected volume, for product like Paylink, Manager Check, Payment Order and to some extent corporate customers the verification can be automated. Since companies update Kaybank with their list of the cheques issued out the beneficiary, this system can perform auto match and approved the transaction without manual intervention. The system could be expensive but in long them, there will be no fraud cheque . Genichi Taguchi (Nigel Slack, Operation Management), has highlighted to test the robustness of a design to ensure it withstands any change. However, in this case the changes only affect the system as all verifiers need to verify some number of cheques daily. The terminal is stationed at their respective workstation. Hence, there is no impact on the job design, layout and flow or operations. Although, the volume will decrease to some extent as with current capacity, staff may need to verify cheque lesser. On the other hand, with the implementation of new system, staff has to be trained and they could be error prone as this will be totally a new system. Recommendation With regards to the system enhancement, Myclear as a regulator should take the lead and supervise clearing process. Internally, Kaybank may able to deploy a good system but Positive Pay system is very new and extremely expensive where a single bank will hesitate to buy the system. However, with the involvement of Myclear and all member banks, all should share the cost to bring the system to Malaysia to develop together. With this, the cost will be cheaper and can be affordable and all the intermediaries will have a common platform to work with. Conclusion Although, the current system deployed by Kaybank is reliable, there will be no assurance when the fraudster will strike the banking industry with their sophisticated technologies. Hence, BNM, Myclear, ABN (Association of Banks) and member banks must pursue other alternative to prevent fraud attempt by the fraudsters sooner. The Police too have to amend laws to draft severe punishment to nab the fraudster.

Everyday Use by Alice Walker Essay -- Alice Walker Everyday Use Essays

Everyday Use by Alice Walker In the short story Everyday Use, by Alice Walker, is narration by an African American woman in the South who is faced with the ultimate decision to whom she should give away the two quilts. Dee, her oldest daughter who is visiting from college, perceives the quilts as popular fashion and believes they should undoubtedly be given to her. Maggie, her youngest daughter, who still lives at home and understands the family heritage, has been promised the quilts. The two daughters each have opposing views on the value and worth of the different items in their lives. Walker uses this conflict to make the point that the significance of heritage is more important than style; so Mama she decides based upon the appearance, personalities and the idea about the family artifacts. Maggie is not as attractive as Dee. She is thin and an awkward girl. Her mother says â€Å"good looks pass her by.† Furthermore, she carries herself like someone who has low self-esteem, which her mother describes as â€Å"chin on chest, eyes on ground.† Maggie has characteristics like her mother, she is an example that heritage in both knowledge and form passes from one generation to another. Mama is a full-bodied woman who does the needed upkeep if their home and wears overalls daily because she does not care about her appearance compared to her eldest daughter. Dee, on the other hand, is an attractive woman in college. Mama describes Dee as having, â€Å"nice hair and a full figure.† Dee t...

mauryan empire :: essays research papers fc

The Mauryan Emperor, Ashoka, is famous for his Rock and Pillar edicts. But how much can we really know about Ashoka and his empire from these edicts, particularly as almost no other evidence exists for Ashoka’s reign? It is a fair assessment that up until the early part of the twentieth century, when the definitive link between Ashoka and that of the â€Å"Devanampiya Piyadassi (Beloved of the Gods Piyadassi)† character inscribed on the edicts was established, very little was either known about Ashoka or cared for by historians. However, it must be said that the Mauryan Empire itself was an era of significant historical value not without a good deal of historical and archaeological evidence to substantiate its importance. In addressing the issue of what the edicts in particular reveal to us about Ashoka and the period of his reign one needs to acknowledge undoubtedly what is being stated, but perhaps moreover one needs to pay attention to the inherent meanings, the intended meanings and the contextual meanings of the inscriptions themselves. The ultimate thematic concern of the edicts in general is that of the principle of Dhamma. A definition of Dhamma itself is given in the 2nd Pillar Edict as: â€Å"having few faults and many good deeds, mercy, charity, truthfulness and purity†. In this context one may deduce that the notion of Dhamma is a type of ethos for social morality or ethical behaviour. Furthermore, the term is said to be a fundamental philosophy of Buddhist doctrine, the practice of which leads to one’s advancement in both a spiritual and material sense. That Ashoka was a proclaimed Buddhist is evident from the edicts, â€Å"I have been a Buddhist layman for more than two and a half years, but for a year I did not make much progress. Now for more than a year I have drawn closer to the Order and become more ardent.† There are fewer examples of a more personal self-proclamation to be found and yet one cannot help but consider the motive behind it. Surely Ashoka, had taken seriously to Buddhism, he at least says so. However, he says so, publicly. This implies that he either was a firm believer who had a need to use his position as a platform to preach a doctrine which he had come to accept as the ultimate truth and as such, to share with and enlighten his people or he was a very sensible and intuitive leader who had a tremendous amount of foresight in adopting the principles of a profound philosophy that he saw could be used to strategically unify and mould his empire both socially and politically.

The Illusion of Tradition in Jacksons The Lottery Essay -- Shirley Ja

The Illusion of Tradition There is a Lottery going on today and we all hold a ticket. In â€Å"The Lottery† Shirley Jackson is asking people to stop for a moment and take a look at the traditions around them. Shirley Jackson uses symbolism to show that traditions today are sometimes as misguided as the tradition of the lottery in that small town in Somewhere, USA.   Ã‚  Ã‚  Ã‚  Ã‚  Evil can be evoked in the most kind-hearted person if tradition deems it ok. Though the years there have been many wars in which many men have fought, and killed. If not put in a war torn environment the men in those wars would never have killed anyone. School children continually bully each other, sometimes to the point of serious injury. Otherwise kind, loving children, gain strength through numbers and, as a group encourage each other, making it ok to torment another. Usually a much weaker and shy child is on the receiving end of this torment. The children in â€Å"The Lottery† symbolize how humans have a duel nature that allows usually friendly people to become violent when put in the right situation with the right conditions. â€Å"On a beautiful day in June the young children choose there stones. Bobby Martin had already stuffed his pockets full of stones, and the other boys soon followed his example, selecting the smoothest and roundest stones; Bobb y and Harry Jones and Dickie Delacroix-- the villagers pronounced this name "Dellacroy"--eventually made a great pile of stones in one corner of the square and guarded it against the raids of the other boys.†(255) People in this small town are the same as in any small town, but when empowered with numbers and a tradition that deem it ok, evil shows it’s ugly face.   Ã‚  Ã‚  Ã‚  Ã‚  Today tradition is a strong part of out lives. We do not have any traditions that are as extreme as the lottery, however â€Å"The Lottery† symbolizes that relevance can be lost over time. Take the Bible for example, it has been written and rewritten several times over thousands of years, translated from one language to another and then to another. Even over the relatively short period of time in â€Å"The Lottery† many thing had been lost from there tradition. â€Å"At one time, some people remembered, there had been a recital of some sort, performed by the official of the lottery, a perfunctory, tuneless chant that had been rattled off duly each year; some people believed that the official of the ... ...obody work any more, live that way for a while. Used to be a saying about 'Lottery in June, corn be heavy soon.'† (258) â€Å"There's always been a lottery," he added petulantly.† (258) Tradition is so strongly rooted that it is tied to the fertility of the land and how well a year’s crop will be. Each and every day we face life with the chance that we may not make it through the day. The black box in â€Å"The Lottery† symbolizes the fact that we are mortal beings and just as easy as not we may die any given day. â€Å"Mr. Graves had selected the five slips and put them in the box, and he dropped all the papers but those onto the ground, where the breeze caught them and lifted them off.† (259) Automobile accidents, cancer, heart attacks, any number of things could happen to anyone any time as easy as the slips of paper fell into the box. The slips falling into the box and the wind blowing the others away symbolizes how random life really is with respect to death. Live your life full and pray the wind blows for you. Works Cited Jackson, Shirley. ?The Lottery.? Literature: An Introduction to Fiction, Poetry, and Drama. Ed. X.J. Kennedy and Diana Gioia. 6thed. New York: HarperCollins, 1995.

Health Leadership Theory

Leadership Midterm Chapter 1 Introduction 1. Leadership- a process whereby an individual influences a group of individuals to achieve a common goal. 2. Trait vs Process Leadership- innate characteristics that individuals are born with vs properties possessed that one is able to develop. 3. Assigned vs Emergent Leadership- based on occupying a position within an organization vs an individual perceived by others as most influential member of a group regardless of individuals title. 4. Power- capacity or potential to influence (beliefs, attitudes, & actions) 5. Bases of Power: . Referent power- follower’s identification and liking for the leader b. Expert- based on followers’ perceptions of the leader’s competence. c. Legitimate- having status or formal job authority. d. Reward- having the capacity to provide rewards to others. e. Coercive- having the capacity to punish others. Real, Expert, Leaders, Reward Compliance (1st two are personal power while the ladder thr ee are positional power) Chapter 2 Trait Approach * One of the first systematic attempts to study leadership. Early theories focused on innate qualities/characteristics. Major Leadership traits***: 1. Intelligence- verbal, perceptual, and reasoning capabilities 2. Self-confidence- certainty about one’s competencies and skills 3. Determination- desire to get the job done 4. Integrity- quality of honesty and trustworthiness. 5. Sociability- Leader’s inclination to seek out pleasant social relationships. Israel’s, security, defense, is, strong * Big Five Personality factors: 1. Neuroticism- tendency to be depressed, anxious, insecure,†¦ (don’t want) 2. Extraversion**- tendency to be sociable and assertive with positive energy. . Openness- informed, creative, insightful, and curious. 4. Agreeableness 5. Conscientiousness- thorough, organized controlled, dependable, and decisive. * Emotional Intelligence- ability to perceive and apply emotions to lifeâ₠¬â„¢s tasks. The premise is that people who are more sensitive to emotions & their impacts will be more effective leaders. Chapter 3 Skills Approach * Leadership skills- ability to use one’s knowledge and competencies to accomplish a set of goals and objectives. * Katz developed the Three-Skill Approach: 1.Technical- having knowledge about and being proficient in a specific type of work or activity. 2. Human skill- having knowledge about and being able to work with people. 3. Conceptual skill- the ability to do the mental work of shaping meaning of organizational policy or issues. Top management has high human and conceptual, but low technical. Middle management has high everything Supervisory management has high technical, high human, and low conceptual. * Chapter 4 Style Approach Style Approach emphasizes the behavior of the leader: 1. Task behaviors 2. Relationship behaviorsStudies: 1. Ohio state studies developed a leadership behavior description questionnaire (LBDQ) and it resulted in leaders with initiating structure and consideration. 2. University of Michigan-results in leaders with two type of behavior: employee oriented and production oriented. Blake & Mouton’s Managerial Leadership Grid focuses on concern for production and people. *Be able to draw this* Note that the first 4 chapters focused on the leader and his abilities. The next few chapters focus on the interaction with subordinates. Chapter 5 Situational ApproachLeaders must match their style to the competence and commitment of subordinates. Leaders need to diagnose the situation and then adapt their style. **** Chapter 6 Contingency Theory Leader Match Theory Fiedler developed the Contingency model High LPCs are effective in moderately favorable conditions while low LPCs are effective in extreme conditionis. Chapter 7 Path-Goal Theory Centers on how leaders motivate subordinates to accomplish designated goals. Leadership generates motivation when it: 1. Increases rewards (payof fs) 2. Increases assistance by leader- clarifies & defines goals 3.Removes obstacles 4. Makes work personally satisfying R,C&D,O,S Chapter 8 Leader-Member Exchange Theory High quality leader member exchanges between leaders and followers produced multiple positive outcomes (less employee turnover, greater commitment, promotions,.. ) Quint Studer Introduction Managers create the best possible plan to deal with the changing external environment. And they do this in a quick fashion. â€Å"We are only as strong as our weakest link. † Chapter 1 Alignment Healthcare organizations must be aligned to provide excellent medical care.The difficulty here is that most organizations don’t have a uniform or seamless organization. It takes significant amounts of time for information/procedures to flow down through the organization from C-Suite leaders to supervisory personnel and this process needs to speed up. Chapter 2 Action How quickly and effectively leaders can drive action dete rmines whether an organization lives or dies. As leaders we must be able to anticipate the outcome of changes in the external environment as they are occurring and respond appropriately. This is prohibited as the majority of leaders do need get prepared for their leadership role.Studer identifies that the training should cascade through an organization with leader taking ownership of training leaders below them. Chapter 3 Accountability Organizations require a system to be in place that holds people accountable for their actions. While top managers might say that their leaders are performing exceptionally when compared with yearly goals this doesn’t line up. The majority of time the managers results doesn’t match up with there reviews because there is a serious disconnect. Studer suggests that leaders take the lead in creating accountable organizations.Set specific goals, properly measure the data, and watch how results vary, act accordingly. Also, be able to change th e system quickly as the environment changes. Chapter 4 Leader Consistency & Best Practices All leaders in the organization need to be consistent with each other and adopt/implement best practices. Leaders often have difficult implementing best practices. Reasons for this include that leaders of one organization might not want their successful strategies being utilized in another company because they will no longer have the edge.. Current Events Hospital PartnershipsHospitals are now forming partnerships in an attempt to decrease expenses and increase quality of care. Understand what the term synergistic means. Ex. 1+ 1=3 Together something may be obtained, but individually this could never happen. Fraying Hospital Safety Nets While safety net hospitals receive less reimbursement for procedures they are still maintaining high quality of compare. This article demonstrated through studies that these less aesthetically pleasing hospitals have similar if not better readmission rates than others. Healthcare Reform Law Creates New Age of ConsumerismIf Obamacare gets implemented the 40 million uninsured individuals in the US will now have access to healthcare. This brings a new age of consumers accessing health services. Since a lot more people are coming into the system many companies are restructuring their services to make them more â€Å"digestible† said Karen ignangi CEO. Medi-cal recipients warned they could lose day healthcare benefit Medical recipients might loose ability to attend adult day healthcare center where they receive nursing care, social services, and meals. To continue receiving benefits these individuals must enroll in managed care programs.Cedars Sinai- UCLA cut from LA city health plan Because of increased cost cefars and ucla DOCTORS have been cut from anthem blue cross network. 60,000 employees are unable to attend these hospitals for future services. Because of research and public perception cost these hospitals are capable of charging higher rates. New system for patients to report medical mistakes â€Å"Currently there is no mechanism for consumers to report information about patient safety events. † Politicians and other officials state that it would be beneficial to implement a system where patients/consumers can give feedback regarding their experiences.This will increase the quality of care over time. Some officials are worried that patients may mischaracterize an outcome as an adverse event because they have a lack of medical knowledge. Patients would report these errors using a website and telephone interviews. What, when, where,.. Allergan drops bid for FDA approval to promote Lap-Band for teens The company sought permission from FDA to promote lap band for kids as young as 14. After a period of time they withdraw the permission and stopped asking for it. The company faces declining revenues and is likely trying to bring them up by getting into a new market of younger kids/adults.Allergan has yet to publish their clinical results which creates doubt in its effectiveness and may be the reason why they withdrew permission. Five people have died as a result of procedures and obesity is still a catastrophic problem in our society. We need to be pushing diet, exercise, and healthy eating habits rather than surgery.. Filipino nurses win language discrimination settlement $975,000 settlement was reached between the hospital and many philipino nurses that worked there and were prevented from speaking their native language. They claimed they were followed and harassed by security and other individuals.They were even threatened by the instillation of security cameras. All the while other individuals were aloud to speak their native languages like Spanish. Administrators don’t want them speaking other languages because it makes patients feel uncomfortable. Patients need to know what’s going on at all times since their health is at stake.. Doctor turns away obese patients Put staff at risk, office isn’t equipped to handle care of over weight patients, equipment costs are high. She is legally allowed to do this but ethically it is unsound. Where did Dr. Rubino go on vacation?St Petersberg, Russia KNOW THE TRENDS IN HEALTHCARE: 1. Cost cutting will be top of mind for CEOs: mergers/partnerships, outsourcing functions to less costly vendors,†¦ 2. IT will also be of importance; incorporating EMR, and health information exchange 3. Expect consolidation, mergers, and zcquisitions 4. Expect higher turnover in C-suite as redirection and early retirements occur. These positions are now more demanding and involve more conflict. KNOW THE CASE STUDIES WE DID IN CLASS (HINT) Study the case studies they will be reworded Introduction is included in Quint StuderWhen you permit you promote Draw the contingency model What would prevent a manger from preventing a best practice? Ego is one answer What word could you use to describe _______? Synergistic relati onships*** Exam question His own article on the amount of money that is being wasted in the medical field. The budget for medical services per year in the US is $2. 2 Trillion of which $750 billion is determined to be wasted. There is groups like administrative waste (working on projects and things that are not necessary), physicians suggesting services not contingent with evidence based medicine, fraud,†¦