SUCCESS OF DIFFERENT TRACEABILITY TOOLS Essay Example | Topics and Well Written Essays - 2500 words

SUCCESS OF DIFFERENT TRACEABILITY TOOLS - Essay Example The essential improvements necessitated because of the setup associated with traceability have got damaging consequences upon these types of components of the project. Not successful setup in the traceability idea can potentially end in final project disappointment (Turban, 2013). Traceability tools assumes a problem-solving oriented model that pinpoints of the challenge applicable within a particular creation connected with involvement of traceability matrices and is hugely vital in many software package engineering routines. It has additional functionalities including person-power rigorous, time-consuming, error-prone, and lacks software assistance. Those actions that need traceability info incorporate, nevertheless are not limited by, chance research, impression research, criticality examination, test out insurance policy coverage research, confirmation consent connected with software package devices. Facts Retrieval methods are shown to improve the automatic creation connected with traceability functions through minimizing some time that it may take to come up with the traceability mapping. The utilization associated with software goods in progressively fragile market sectors has necessitated the importance for necessity traceability in trying to forestall the uncomfortable side effects which may derive from disappointment. Undertaking a consistent history in the improvements executed during the progress cycle remains essential in providing details for development in the progress practice. Deficiency of sufficient details relating to software progress practice is a basic source of software project breakdowns. Need traceability offers software designers using the power to accumulate this kind of details. The guide book task in the traceability practice in trying to understand the needs offers a fundamental problem inside the utilization associated

Why Is the Sky Blue Essay Example for Free

Why Is the Sky Blue Essay How would you describe Coyne’s point of view in this piece? Detached or involved? Insider or outsider? How does her point of view affect your perception of the federal prison for women that she writes about in this piece? My perception of Coyne’s viewpoint is the following; mothers in this particular setting truly cherish even the most simplistic gift given to them by their child (like a single flower), most importantly these mother’s cherish their loved one’s specially their children. Coyne’s believes that some of the inmates dedicate their unoccupied time to elaborate dresses, sweaters, to arrange their hair, put make-up on, in fact Coyne see’s hand made accessories on these women. These women do this and more so there love one’s see them the best possible way. While Coyne observes around the visiting room of the federal prison, she imagines these women in a whole different setting. In particularly Coyne’s see’s a different life for â€Å"Stephanie†, a life where Stephanie finishes’s her community college and spends more time with her son. But instead of this fictional reality, â€Å"Stephanie† is in prison and her son is not by her side. Coyne notices that â€Å"Ellie† â€Å"Stephanie† son, is a bitter and defiant boy; a boy that is clearly hurting and rebelling for his life situation. Coyne see’s the impotent feeling that â€Å"Stephanie† has when having knowledge of the things her young son is capable of. In my point of view, Coyne is detached of the setting around her and even detached of her feelings towards her sister. She is an outsider, in this particular point in time; this is clear to me when she mentions that her brother is sitting next to her and her younger sister. Even though her brother is sitting next to her, she is only able to see that a women got near him and they are having a conversation; while Coyne once again is distracted by all the action in the federal prison visiting room. I have never been in a federal prison analyzing and observing it’s evident action. Therefore prior to this reading I did not have a perception to this particular setting (women in the federal prison during mother’s day. And yes, Coyne seem’s (to me) logical, putting myself in these mothers position (not being a mother myself) seems’ s that I too would feel and grand positive feeling if my love one’s specially my children come to visit me. I also agree when Coyne says that mother’s do not express their true thoughts, they sugar code their feelings and avoid the conversation that probably both parties would like to address but they never have the ability to do so. They do not get to tell their love one’s that they are sorry for their mistakes, they are the most important thing in their life that these mother’s do not do another thing but to think of their love one’s. Since I did not have a feeling towards what mother’s that are detained feel, I feel that Coyne’s point of view persuaded my view point.

A Look At Leadership Psychology Essay

A Look At Leadership Psychology Essay In a changing corporate world, strong leadership is becoming necessity for their survival Bennis nanus,1985.Complexity and chaos are creating emerging concerns in solving problem in business world, which leads more attention to leadership. This in turn has increased arguments how leadership is different from management. Management focus on responsibities and reaching goals effectively and efficiently which means it is the activities that keeps organization running(Huey,1994).However leadership is a role to influence others and guiding them to go in right direction to effectiveness(Bennis Nanus,1985). Three skills required for managers to create success organization includes establishing direction, motivating and inspiring people and aligning people (Cohn,1998).This new leadership role, it puts more pressure on leaders to deal effectively in an environment in which knowledge is an economic resource. Knowledge includes explicit data and statistics as in history and tactic or inner sense. These are considered as key skills of leaders (White, Hodgson, Crainer, 1996).Self awareness is a foundation for tactic knowledge. In the White, et al(1996) self awareness involves the leaders being aware of their strengths and weakness and ability to accept them. Self analysis is a process of raising self awareness. So the key thing here is to collect sufficient and efficient information to make effective decision on ones future for a self managed development. By examining your strengths, weaknesses, skills and competences, a person can get a clear picture of what you are and what you have got. Now a days self awareness has become an important management trait in leadership training. Managerial self awareness is linked to effectivess of leaderships. Managers needs to aware of the areas that needs improvement to do their job well. Asking feedback is an important element in this process. Feedback is known to improve performances of the mangers by motivating to improve and directing to the strategies to improve performance(Ashford Tsui,1991).The credible technique or the developmental assessments used these days are multi-rater feedback or360 feedback or multisource appraisal, peer review and full circle feedback (Church Bracken,1997).This involves a range of raters like peers, co-workers, team leaders, self, supervisors, customers etc to provide feedback by filling a standard questionnaire. The underlying reason to this technique is the improved accuracy that is obtained by asking a wide range of people. This helps to improve future behaviour. However this was opposed by most traditional approach with only one rater that gives global and accurate results than having different rater groups having different way to rate a manager that leads to halo effect (Borman,1974;Zalesny Lirch,1989). Multi rater may not be 100% accurate.  People judge ones personality based on the role that they do and over the period they develop skills to suit the job. Top of that behaviours are interpreted differently by different people   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Another limitation on feedback is that sometimes the feedback will be difficult for a person to accept that might bridge a gap in relationship. But these flattering feedbacks might help you increase management skills. It helps to remain cognizant of how ones performance is perceived. If the level of trust is high then people will give you flattering feedback. It is seen that managers who seek negative feedbacks are in more favourable light than managers who are interested in obtaining negative feedbacks. Impression management associated with active feedback seeking increases the perceives managers effectiveness (Ashford Tui,1991). Multi rater system takes over the self rating system as the way manager rates himself or herself is always biased and not reliable. This is human tendency to take credit for success and blame circumstances for failures. So the managers who are likely to access their competencies accurately are more aware of the jobs that they do. They are able to visualise how others see them and change their behaviour accordingly in future which in turn enhances leadership techniques. According to Flavell et. Al(1968), the ability to assess another persons capabilities and tendencies in a given situation and the ability to use this information to communicate more effectively is a skill that is developed with age. The characteristics of social judgement are a function of developmental phase of a human being. Mead (1934) argues that to be aware of ones selfhood, the person must first detach awareness from the inside of oneself and use the exterior vantage point of another person. Taking the role of the other is necessary in this framework, as the context of the self consists of the perception of the social other. Duval and Wicklunds (1972) theory of objective self-awareness takes exception to Meads theory by postulating that self-consciousness occurs because consciousness can focus its attention on the self in the same way that attention is focused on any object.In no way is it assumed that the individual is dependent upon the point of view of the other in the sense that Mead intends. If the object-like nature of the self has been discovered, and stimuli in the environment are such that consciousness turns in the direction of the self, the person will become objectively self-aware (Duval Wicklund,p. 31, 1972). In other words, a person does not need to use the point of view of another person to be self-conscious. Instead, the mature individual has one consciousness ability to focus on different directions. Duval and Wicklund (1972) define objective self-awareness as the state in which the self is the object of consciousness. On the other hand, subjective self-awareness is the state in which the self is not the focus of consciousness. A manager must not only be thoughts, feelings and limitations on himself rather he should be aware of others point of view and include the information in self appraisal (Duval Lalwani, 1999). This can be referred to as other-awareness (Figurski, 1987). Figurski (1987) identified four different kinds of person-awareness to bring clarity to the definition of self-awareness. As seen in Figure 1, the three dimensions of person-awareness are target, perspective, and content. Perspective or tacit awareness (egocentric or allocentric) interacts with the target or focal awareness (self or other) to get content of awareness. Four categories of attention result: self-experience awareness, self-image awareness, other-image awareness, and other-experience awareness. These can occur together in any combination or simultaneously. Figure 1. Figurskis Model of Person Awareness TARGET Self Other Self Experience Awareness (Internal) Other Image Awareness (External) Self Image Awareness (External) Other Experience Awareness (Internal) The figures indicate that people are aware of others experiences almost fifty percent of the time. The self proves to be the dominant focus of attention. Although managers are focusing the majority of their attention to the self, they are not able to accurately judge their own behaviours. As stated above, self-ratings are thought to be unreliable indicators of behaviour for various reasons. However, self-ratings are important as there are some characteristics like intelligence, high achievements status and locus of control are closely related to accurate self evaluation Mabe and West(1982). The greater the individuals level of self awareness the more similarity that is expected between the self assessment and the ratings provided by peers. Numerous other studies have linked various managerial characteristics to more accurate self-evaluations. The discrepancy between self- and other-ratings is also empirically unclear. For example, an elevation in self-ratings could be due to lower ratings in others rather than over-estimation by the self. Individuals who are self-aware are more likely to respond to information from past experiences, thereby becoming more effective and displaying more leadership strengths. There will be a significant relationship between overall managerial leadership effectiveness and congruence in self-other ratings. Individuals who are more self aware are perceived by their managers as good performers. This will be manifested in high performers receiving higher congruence in self-other ratings compared to average performing managers (Hypothesis 1a). In addition, there will be a correlation between the overall leadership measure and higher congruence scores (Hypothesis 1b). In the event that a manager is not self-aware, information on how others perceive the self is not utilized. According to the Figurski (1987) model, the allocentric perspective must be utilized in order for one to be aware of how the self is considered by others. Failure to consider the similarity or differences between the self and others results in perspectives that vary. Effective communication is in turn hindered, because the understanding between people is not clear. Conversely, those who communicate effectively are using information gathered from interactions with others. It is therefore expected that managers with higher communication scores will display more congruent performance data (as reflected in self-rater agreement). (Hypothesis 2.) Previous studies have found that different rater groups draw from different experiences when filling out an individuals performance review, and therefore results can differ by data source (Harris Schaubroeck, 1988; Borman, 1974; Zalesney Kirsch, 1989). Furthermore, individuals tend to focus more on feedback they receive from their managers versus peers or others. Data source (self, manager, peer, and other) is expected to explain variance in self-awareness levels. (Hypothesis 3.) Key Areas for Self-Awareness     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Being a very complex and diverse creature Human beings need to have an understanding in many areas to become self aware. The areas that has to be focused for self- awareness includes psychological needs, personality traits, values, habits, emotions etc.     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Understanding our personalities can help us to find the solutions in which we thrive and help us to avoid situation which will give us too much stress and mental pressure. It could be in personal or professional life. For instance an introvert person can find it more stressful in sales job than an extrovert person. So either the person has to learn skills to match the job requirement or should look for other opportunities. So Awareness of personality helps to make a decision that will lead to less stress to lead a happy life.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Every person has its own personal values. Awareness of own values will not misguide us to pay more attention to less priority things in a day to day and we would be likely finish what we think is important to us rather than feeling guilty on not finishing it.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Habits are the behaviours that are repeated routinely and automatically.  Personal habit may affect our effectiveness. For instance if a person who is a manager doesnt have a habit to consult staff in decision making process may affect his ability to build staff members commitment.    Knowing the psychological needs like esteem, affection, possessive, achievement, self actualization, power, control etc will help to understand their effect on interpersonal relationships. Emotional self-awareness is one of the five facets of emotional intelligence. Its about knowing ones feelings, what caused that feeling and how it impacts one thought and action. A person with high emotional self awareness can understand the internal processes of any emotional experience so can have a better control over it How Self-Awareness Makes You More Effective     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Self-awareness promotes skill development by the bridging the gap in management skills. It leads the managers to find effectivess and help in making effective decision, stress management and motivate oneself and others   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Self awareness makes a person aware of the gap between the current and future situation and helps enhancing the skills required for the future situation. Self awareness helps to utilise your strength and manage your weaknesses. For example someone gets tempered when conflict arises. If the person is aware of his weakness then the person should to not be in a situation when the conflict arises or practise to deal with the situation. That will help the person to handle its temper and not to affect others.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Managers with emotional awareness are good decision makers. In these changing competitive environments intuitive decision makers can deal with situation with gut feeling and sixth sense. Emotionally aware persons can read their gut feeling and have better sixth sense that help them in decision making process. Jobs that dont suit a persons personality will give more stress than more compatible jobs. This is not like if your qualities are not compatible you cant go ahead with the job but you can put extra effort to develop the skills buy there are other alternative that will be less stressful.  Self awareness is very powerful in revealing what is important for a person to improve performance.   Understanding psychological needs increase motivation and get closer to the rewards that a person deserves.   Understanding what click a person, reason of behaviour, reason of excitement etc can make what triggers others as well. So knowing to motivate yourself can help in know what motivate others. In Summary   To perfect ones management skills the best way to start is getting self aware. With a sense of yourself and vision of what kind a person you are or what you want to become a plan of personal and professional development can be created, its helps to motivate a person, Help to manage stress and help in decision making and helps to lead and motivate others, which makes an effective leader. Knowing yourself is a slow process so we should try hard.

From Inclusion to Friendship Essay -- Special Education

â€Å"The 1% of US students with labels of severe disabilities including mental retardation have been historically excluded from ‘inclusive’ education† (Bentley, 2008, p. 543). Laws such as PL 94-142 and â€Å"No Child Left Behind† (as cited in Bentley), say that ‘public school students with all types of disabilities be educated in the least restrictive environment—‘to the maximum extent possible†¦with children who do not have disabilities’ the majority of these students with special education labels, such as, mental retardation and multiple disabilities are still isolated in special education classrooms (Bentley, 2008, p. 545). Wehmeyer (as cited in Bentley), points out that mere access does not promote authentic participation (Bentley, 2008, p. 546). Burkowski et al (as cited in Webster and Cater), â€Å"Friendship has been defined as a bond between two individuals that is stable across time and involves mutual affection , mutual preference and having fun together† (Webster and Carter, 2007, p. 201). It is up to parents, teachers and other paraprofessionals to seek ways to facilitate and encourage the types of positive interactions that will foster these types of friendships. If done successfully all students will benefit and there will be true inclusion. In order to help students develop these meaningful relationships there must first be a base of communication and collaboration between teachers, parents and paraeducators who all share a stake in supporting and empowering students with and without disabilities. Downing and Peckham-Hardin found that both teachers and parents cited communication and working as a team were essential for truly inclusive education. Some of the most important components of this communication and team work ... ...ons from the 1%: Children with Labels of Severe Disabilities and Their Peers as Architects of Inclusive Education. International Journal of Inclusive Education, 12(5-6), 543-561. Causton-Theoharis, J. C., & Malmgren, K. C. (2005). Increasing peer interactions for students with severe disabilities via paraprofessional training. Exceptional Children, 7(4), 431-444. Copeland, S. R., Hughes, C., Carter, E. W., Guth, C., Presley, J. A., Williams, C. R., & Fowler, S. E. (2004). Increasing Access to General Education: Perspectives of Participants in a High School Peer Support Program. Remedial and Special Education, 25(6), 342-352. Downing, J. E., & Peckham-Hardin, K. D. (2007). Inclusive Education: What Makes It a Good Education for Students with Moderate to Severe Disabilities?. Research and Practice for Persons With Severe Disabilities (RPSD), 32(1), 16-30.

Banking Practice & Guiding Laws Thereof on Ncc Bank

INTRODUCTION PART 1. 0 INTRODUCTION PART 1. 1 Origin of the Report This internship report entitled â€Å"Banking Practice & Guiding Laws thereof: NCC Bank Perspective. † has been started at the November 2011 under the instruction of our honorable intern supervisor & instructor Syed Shamsir Hossain. Asst. Vice President & Manager for the partial fulfillment of the requirement. 1. 2. Objectives of the report Main objective of the report is to analyze the â€Å"Banking Practice & Guiding Laws of NCC Bank Ltd. Moreover, the study also embodied the following specific objectives: 1)To study the existing operations/activities of General Banking Section 2)To study the existing operations/activities of foreign exchange section. 3)To study the existing operations/activities of loans and advance section. 1. 3 Methodology of the Study The methodological section of the study is designed as data collection: Methods of Data Collection The report was fully exploratory in nature. Data have be en collected from both primary and secondary sources.Primary sources of data †¢Face to face conversation with the bank officers & staffs. †¢Informal conversation with the clients Secondary sources of data †¢Different manuals of NCC Bank Limited †¢Different circulars of NCC Bank Limited †¢Annual report of NCC Bank Limited, (2008-09-10) †¢Prospectus of NCC Bank (2010) 1. 4 Limitation of the Report The present study was not out of limitations. But as an intern it was a great opportunity for me to know the banking activities of Bangladesh specially NCC Bank. Some constraints are appended bellow: The main constraint of the study is inadequate access to information, which has hampered the scope of analysis required for the study. As it is a new bank it could not start all its operation, it was unable to provide some formatted documents data for the study. ?Every organization has their own secrecy that is not revealed to others. While collecting data i. e. int erviewing the employees, they did not disclose much information for the sake of the confidentiality of the organization. ? Since the bank personals were very busy, they could provide me very little time. Another problem is that creates a lot of confusions regarding verification of data. In some cases more than one person were interviewed to clarify each concept as many of the bankers failed to provide clear-cut idea about the job they perform. AN OVERVIEW OF NATIONAL CREDIT AND COMMERCE BANK LTD. 2. 0 NATIONAL CREDIT AND COMMERCE BANK LTD. 2. 1 Introduction NCC Bank Limited is a new generation bank. It is a scheduled bank under private sector established under ambit of Bank Company Act, 1991 and incorporated as Public Limited company act, 1994 on 17th May 1993.Prior to conversion into a scheduled commercial bank; National Credit Limited (NCL) was incorporated as public limited investment company in Bangladesh on 18th November 1985. It made its journey with a modest beginning on 25th November 1985 at its registered office and first branch at 7-8 Motijheel Commercial Area, Dhaka-1000. The initial Authorized Capital of the company was 30 (Thirty) crore consisting of 30 (Thirty) lac. Ordinary share of Tk. 100/- each. A new opportunity in this field of financial activities was opened for the business.NCL made a careful journey and maintained its successive growth for few years with its qualified professional management under most unpredictable, unregulated, uncertainties and limitations. The emergence of NCC Bank Limited at the Juncture of liberalization of global economic activities, after the URUGUAY round has been an important event in the financial sector of Bangladesh. The experience of the prosperous force and the strategic operational policy is the option of the bank. The company philosophy, â€Å"A Bank with vision† has been precisely the essence of the legend of Bank’s success. . 1. 1 NCC Bank- At Present Like clothes shops, candy shops, bake shops, food shops, NCCBL is not a â€Å"debt shop† the term being used by many to call the present say banks. It is now been called a modern bank that undertakes all its operation at international standard. Having standard its operation as a commercial bank in 1993, recording from some primary difficulties, NCC bank has now emerged as a major player in the financial sector. Listed in both Dhaka and Chittagong bourses since late 1999 with an IPO that raised the paid-up capital of the bank to Tk. 9 crore. Banks are the pillars of the financial system. Specially, in Bangladesh, the health of the banking system is very vital because the capital market is little developed here. As the banks are still the major sources of credit and exercise great influence on the financial system, it is extremely important that the country’s banking systems should be in good health in the interest of investment activities, meeting the needs of all kinds of finance and related matters.Over the years, NCC bank has built itself as one of the pillars of Bangladesh’s financial sector and is playing a pivotal role in the extending the role of the private sector of the economy. The bank has a strong branch network nation wide with 32 branches. i. 2. 1. 2 Exchange: NCCBL operates foreign exchange business promptly. There 13 branch deals with foreign exchange. 2. 1. 2 Nature of the business Mission of NCC bank We shall be the forefront of national economic development by: ?Anticipating business solutions required by all our customers everywhere and innovative supplying them beyond expectation. Setting industry benchmarks of world class standard delivering customer value through our comprehensive product range, customer service and all our activities building an exciting team-based working environment that will attract, develop and retain employees of exceptional ability who help celebrate the success of our business, of our customer and of national development. ?Mainta ining the highest ethical standards and a community responsibility worthy of a leading corporate citizen. ?Continuously improving productivity and profitability, and thereby enhancing shareholder value. . 1. 3 Vision To be in the front of national development by providing all the customers inspirational strength, dependable support and the most comprehensive range of business solution through our team of professional that work passionately to be outstanding in everything we do. 2. 1. 4 Goal of the Bank To share a significant portion of the banking sector’s by utilizing available manpower and also state of the art technology for maximizing the shareholders wealth. i. Long Term Goal To maximize the wealth of the shareholders. ii. Short Term GoalTo earn satisfactory rate of return on investment by providing wide range of banking service. 2. 1. 5 Board of Directors At present there are 26 members in the Board of Director. Out of 26 members 23 of them are the sponsor of the shareh older and 3 of them are publicly nominated as the equity participants from capital market have included them. However the members are obliged to maintain annul general meeting and declare the dividend payout schedule on due time. Moreover, the committee selected by shareholders represents individual body that then looks after the periodic issue with the management and tries to solve the problem. . 1. 6 Management of NCC BANK For any financial and non-financial organization, Management is the most valuable and important resources of any kind of organization. And, a well-organize management provides the organization to reach its ultimate goal. Management means planning, organizing, staffing, directing and controlling of all financial and non-financial resources of an organization. Different aspects of management practice in NCC BANK planning, organizing, staffing, directing & controlling, human resources practices and recruitment finally. 2. 1. Features of NCCBL Bank is an intermediar y institute. Like other commercial bank NCCBL also has some special features. They are as follows: ii. Legal Entity: It is compulsory matter for a bank to achieve legal entity. The stronger legal entity leads to effective banking program. NCCBL has a strong legal entity. iii. Organizational Structure: NCCBL has a well-set organizational structure. Organizational structure is a precondition of effective banking activities. iv. Financial Solvency: Though NCCBL is a new bank, its ratio of liquidity is well and strong.So, the clients get greater confidence in the bank. v. Location of The Bank: Location is very useful for bank. The Head Office and the branches of NCCBL are located in the central point of the capital and the other district towns. vi. Relation with the Central Bank: As the NCCBL is the government-registered bank, so it maintains a friendly behavior with the Bangladesh Bank. vii. Security: the NCCBL is totally a secured bank. The clients of the bank get a heavy security on their deposit. viii. Management of the Bank: The executives and the officers of NCCBL are very experienced.Maximum executives are ex-government bank officers. NCC bank is a progressive commercial bank in privet sector in Bangladesh. It creates a new opportunities for its clients. It gives customized service and harmonious banker-client relationship. It contributes towards formation of national capital, growth of saving and investment in trade, commerce and industrial sectors. It provides different types of commercial banking and services to the customer of all strata in the society with in the stipulation laid down in the Bank Company Act 1991. Rules and regulations ramed by the Bangladesh bank from time to time. 2. 1. 8 Business Operation National Commerce and Credit Bank Limited emerged as bank in the country on 17th May 1993 out of a great turbulent situation encounter by set while National Credit Limited. However the institution survived the ordeals and come out as a full-fledge d commercial bank. The company raised its Authorized Capital to Tk. 750 million as per guidelines set out by the Bangladesh Bank. The paid up capital was fixed at Tk. 480. 48 million as against Tk. 429. 00 million. 2. 1. 9 Trade Finance and Correspondent BanksSuccessful companies today are fully aware that they need to be able to rely on the services of a bank that can handle international trade with a good hand. Ever since its conversion into a full –fledged bank in 1993, NCC bank has been an accomplished â€Å"Trade Finance† bank. With a highly professional team experienced and competent professionals we are able to provide a wide range of services to companies engaged in international trade. NCC Bank has also positioned itself as an established correspondent bank. Through a worldwide network of 260 correspondent banks NCC Bank is present in all key areas of the globe.Our ambit of correspondent includes top ranking international banks with a global reach. 2. 1. 10. B ranches of NCCBL NCCBL has 87 (Eighty Seven) branches all over in Bangladesh. 2. 1. 11. Performance of the Bank The bank may sustain its strong image in the mind of the customers and shareholders as a leading financial institution despite serious competition from both local and foreign banks operating in the country. Sill they are increasing their profit. Its opening profit was Tk. 624. 94 million in 2003, which were Tk. 2371. 68 million after tax in 2010. 2. 1. 12 Authorize CapitalThe authorize capital of the bank is Tk. 10,000. 00 million in the year 2010. 2. 1. 13. Paid-up Capital The bank raises its paid-up capital from Tk. 480. 48 million to Tk. 4501. 25 million for 2002 to 2010. With the increase of paid-up capital the capital based of the bank has become strong. Reserve Fund and Other Reserves The reserve fund of the bank increased of Tk. 5771. 09 million in the year 2010 as against Tk. 4371. 62 million of previous year. 2. 1. 14 Corporate Mission †¢To provide high quali ty financial services in export and import trade. †¢To provide excellent quality Customer service. To maintain Corporate and business ethics. †¢To become a trusted repository of customers' money and their financial advisor. †¢To make our stock superior and rewarding to the customers/share holders. †¢To display team spirit and professionalism. †¢To have a Sound Capital Base. 2. 1. 15 Corporate Culture This bank is one of the most disciplined Banks with a distinctive corporate culture. Here we believe in shared meaning, shared understanding and shared sense making. Our people can see and understand events, activities, objects and situation in a distinctive way.They mould their manners and etiquette, character individually to suit the purpose of the Bank and the needs of the customers who are of paramount importance to us. The people in the Bank see themselves as a tight knit team/family that believes in working together for growth. The corporate culture we bel ong has not been imposed; it has rather been achieved through our corporate conduct. 2. 1. 16 SWOT Analysis SWOT analysis is the detailed study of an organization’s exposure and potential in perspective of its strength, weakness, opportunity and threat.This facilitates the organization to make their existing line of performance and also foresee the future to improve their performance in comparison to their competitors. As though this tool, an organization can also study its current position, it can also be considered as an important tool for making changes in the strategic management of the organization. Strengths: —NCC BANK Limited has already established a favorable reputation in the banking industry of the country. It is one of the leading private sector commercial banks in Bangladesh. The bank has already shown a tremendous growth in the profits and deposits sector. NCC BANK has provided its banking service with a top leadership and management position. — NC C BANK Limited has already achieved a high growth rate accompanied by an impressive profit growth rate in 2001. The number of deposits and the loans and advances are also increasing rapidly. — NCC BANK has an interactive corporate culture. The working environment is very friendly, interactive and informal. And, there are no hidden barriers or boundaries while communicate between the superior and the employees. This corporate culture provides as a great motivation factor among the employees. NCC BANK has the reputation of being the provider of good quality services too its, potential customers. Weaknesses: —The main important thing is that the bank has no clear mission statement and strategic plan. The bank doesn’t have any long-term strategies of whether it wants to focus on retail banking or become a corporate bank. The path of the future should be determined now with a strong feasible strategic plan. —The bank failed to provide a strong quality-recruitm ent policy in the lower and some mid level position. As a result the services of the bank seem to be Deus in the present days. _The poor service quality has become a major problem for the bank. The quality of the service at NCC BANK is higher than the Dhaka Bank, NCC BANK or Dutch Bangla Bank etc. But the bank has to compete with the Multinational Bank located here. —Some of the job in NCC BANK has no growth or advancement path. So lack of motivation exists in persons filling those positions. This is a weakness of NCC BANK that it is having a group of unsatisfied employees. __In terms of promotional sector, NCC BANK has to more emphasize on that. They have to follow aggressive marketing campaign. _The default risks of all term loans have to be minimized in order to sustain in the financial market. Because of default risk the organization may become bankrupt. NCC BANK has to remain vigilant about this problem so that proactive strategies are taken to minimize this problem if n ot eliminate. Opportunities: —In order to reduce the business risk, NCC BANK has to expand their business portfolio. The management can consider options of starting merchant banking or diversify into leasing and insurance sector. — The activity in the secondary financial market has direct impact on the primary financial market.Banks operate in the primary financial market. Investment in the secondary market governs the national economic activity. Activity in the national economy controls the business of the bank. —Opportunity in retail banking lies in the fact that the country’s increased population is gradually learning to adopt consumer finance. The bulk of our population is middle class. Different types of retail lending products have great appeal to this class. So a wide variety of retail lending products has a very large and easily pregnable market. — A large number of private banks coming into the market in the recent time.In this competitive environment NCC BANK must expand its product line to enhance its sustainable competitive advantage. In that product line, they can introduce the ATM to compete with the local and the foreign bank. They can introduce credit card and debit card system for their potential customer. —In addition of those things, NCC BANK can introduce special corporate scheme for the corporate customer or officer who have an income level higher from the service holder. At the same time, they can introduce scheme or loan for various service holders.And the scheme should be separate according to the professions, such as engineers, lawyers, doctors. Threats: —All sustaining multinational banks and upcoming foreign and private banks pose significant threats to NCC BANK Limited. If that happens the intensity of competition will rise further and banks will have to develop strategies to compete against these local and foreign banks. —Other commercial banks are offering higher salary that may create problem for NCCBL to retain their experienced managers and executives. ? MAJOR PRODUCTS OF NCC BANK LTD. 3. 0 PRODUCTS OF NCC BANKBefore discussion about products of NCC Bank, we have to understand what bank’s products are. Bank is a service oriented industry and deals with various financial products and services for financial gains. Financial products and services products that a bank offers to its customers are mainly classified as under: a)Deposit Products to generate funds. b)Lending products for financial gains c)Money Transmission products d)International business products e)Special fee earning service3s f)social services products Products that are marketing by NCC Bank are as under 3. 1. 1.Deposit Products Deposit is the lifeblood of a bank. From the history and origin of the banking system we know that deposit collection is the main function of a bank. Accepting deposits Procedures of collecting deposit procedure are almost same in the entire bank and the b ranches as well. The deposits that are accepted by NCC BANK like other banks may be classified into: †¢Current Deposit †¢Short term deposit †¢Saving Deposit †¢Fixed deposit †¢Special Saving Scheme Deposit (SSS) 3. 1. 2. Lending Products Bank has its own principle about the credit sanctioned or loan to the ustomers, but lending product of a bank or of a branch is equal important to verify the outstanding at the end of any fiscal year. Every bank pays special attention about their lending products, because these products are handed over on a regular basis. †¢Continuous Loan a. Secured Overdraft against Financial Obligation [SOD (FO)] Advances allowed to individual/firms against financial obligation (i. e. lien of FDR/PSP/BSP/Insurance Policy etc. ) and against assignment of works order for execution of contractual works fall under this head. It is a continuous advance facility.By this agreement, the banker allows his customer to overdraft his current acco unt up to his credit limits sanctioned by the bank. The interest is charged on the amount, which he withdraws, not on the sanctioned amount. NCC BANK sanctions SOD against different security. b. Secured Overdraft against Work order/ Real Estate etc [SOD (G)] Advances allowed against assignment of work order or execution of contractual works falls under this head. This advance is generally allowed for a definite period and specific purpose i. e. it is not a continuous credit. It falls under the category â€Å"others†. c. Cash Credit (Hypothecation)Advances allowed to individual /firm for trading as well as wholesale purpose or to industries to meet up the working capital requirements against hypothecation of goods as primary security fall under this type of lending. It is a continuous credit. It is allowed under the category (i) â€Å"Commercial Lending† when the customer is other than a industry and (ii) Working Capital when the customer is an industry. d. Cash Credit (Pledge) Financial accommodations to individual / firm for trading as well as sole-sale purpose or to industries as working capital against pledge of goods as primary security fall under this head on advance.It is also a continuous credit and like the above allowed under the categories (i) â€Å"Commercial Lending† and (ii) â€Å"Working Capital†. e. Export Cash Credit (ECC) Financial accommodation allowed to a party for export of goods falls under this head and is categorized as â€Å"Export Credit,† The advances must be liquidated out of export proceeds within 180 days. †¢Demand Loan Demand Loan: (Forced LIM, BLC, PAD, IBP etc). Overdue period will be accounted from the day following the date of expiry of such loan.? Less than 6 months ? 6 months or more but less than 9 months 9 months or more but less than 12 months ?More than 12 monthsUnclassified Sub-standard Doubtful Bad/loss 1% 20% 50% 100% a. Loan General Short term, Medium term & Long term loans al lowed to individual /firm /industries for a specific purpose but for a definite period and generally repayable by installments fall under this head . this type of lending are mainly allowed to accommodate financing under the category (a) Large & Medium Scale industry and (b) Small & Cottage Industry . Very term financing for (a) Agriculture & (b) Others are also included here . b. Demand Loan Against Ship breakingThis type of loans does not exercise in this branch, but being exercised to another branch that provide advances against ship breaking. c. Payment Against Documents (PAD) Payment made the bank against lodgment of shipping documents of goods imported through L. C. falls under this head. It is an interim advance connected with import and is generally liquidated shortly against payments usually made by the party for retirement of the documents for release of imported goods from the customs authority. It falls under the category â€Å"Commercial Lending† . d. Loan agains t Imported Merchandise (LIM)Advances allowed for retirement of shipping documents and release of goods imported through L. C. taking effective control over the goods by pledge in brokerage house under bank's lock & key fall under this type of advance. This is also a temporary advance connected with import which is known as post-import finance and falls under the category â€Å"Commercial Lending. † e, Loan against Trust Receipt (LTR) Advance allowed for retirement of shipping documents and release of goods imported through L. C. without effective control over the goods delivered to the customer falls under this head.The goods are handed over to the importer under trust with the arrangement that sale proceeds should be deposited to liquidate the advances within a given period. This is also a temporary advance connected with import and known as post-import finance and falls under the category â€Å"Commercial Lending†. g. Packing Credit Advance allowed to a party against specific L. C/firm contract for processing/ packing of goods to be exported falls under this head and is categorized as â€Å"Packing Credit. † The advances must be adjusted from proceeds of the relevant exports within 180 days. i. Foreign Documentary Bills Purchased (FDBP)Payment made to a customer through purchase/ negotiation of a foreign documentary bills falls under this head. This temporary advance is adjustable from the proceeds of the shipping/export documents. Its falls under the category â€Å"Export Credit† j. Local Documentary Bills Purchased (LDBP/IDBP) Payment made against documents representing sell of goods to local export oriented industries which are deemed as exports and which are denominated in Local currency/ foreign currency falls under this head. The bill of exchange is held as the primary security. This temporary liability is adjustable from the proceeds of the bills. . Festival Business Loan. This type of loan are generally sanctioned dependin g on the occasion, more than two festival business loans are generally sanctioned in an annum. †¢Term Loan a. Project Loan NCC BANK offers different conventional credit/investment schemes and the Banking products to their customers. So far loans and advances portfolio includes Project Finance in the form of Term Loan, Real Estate Finance, Secured Overdraft against FDR, different security certificates, working capital in the form of Cash Credit Hypothecation, Import Trade Finance in the form of PAD/LIM/TR etc.NCC BANK considers the loans, which are sanctioned for more than one year as term loan. Under this facility, an enterprise is financed from the starting to its finishing, i. e. from installation to its production b. Transportation Loan Considers the loans, which are sanctioned for the purpose of delivering the goods on to its final destination, its generally used in the form of inland exporting or back to back letter of credit. c. House Building Loan Loans allowed to indivi dual/ enterprise construction of house (residential or commercial) fall under this of advance.The amount is repayable by monthly installment within a specified period, advances are known as Loan (HBL GEN). d. Small Business Loan Short term and long term loans allowed to individual/ firms / industries for a specific purpose but a definite period and generally repayable by the installments fall under this head. These types of lending are mainly allowed to accommodate financing under the categories. Small and Cottage Industries, Very often term financing for agriculture and others are also included here. e. Consumer Finance LoanNCCBL keeping in mind the economic development and helping the fixed income group in fulfilling their demand to upgrade the standard of living will continue before consumer finance scheme for: †¢Household appliances, Furniture & Fixture, Air Conditioner, Fax Machine, motor cycle/Car, Cellular phone, and Other equipment f. Lease Finance NCCBL to keep its con tribution to the growth of national GDP, accelerate the total economic development by infusing the fund in productive sector in more efficient and effective way: diversity its portfolio and satisfy the customers need would go for lease finance for: Setting up of small and cottage industries/Projects, BMRE of existing projects †¢Transports (roads/marine), Medical equipment/surgical/clinical/lab equipment/x-ray machine etc, Construction equipment and other fixed assets of other productive and service oriented ventures. g. Personal Loan To meet emergency financial requirement especially for medical treatment/surgical operation, marriage, admission of children/ educational expenses, maternity the loan facility may be extended. 3. 1. 3. Money transmission Product Carrying cash money is troublesome and risky.That’s why money can be transferred from one place to another through banking channel. This is called remittance. Remittances of funds are one of the most important aspect s of the Commercial Banks in rendering services to its customers. †¢Payment order/security deposit receipt (PO/SDR): This term will be discussed in the overall activities section under remittance department. †¢Demand Draft (DD): This term will also been discussed in the overall activities section under remittance department. †¢Telegraphic Transfer (TT): This is also a common term that in the remittance section as well. . Travelers Cheque Traveler’s Cheque (TC)Issue of TCTC is useful to traveler abroad. Customers can encash the TC in abroad from the drawee bank. TC is alternative to holding cash and it provides better security than holding cash in hand. Buying Of TCIf any unused leaf of TC is surrendered bank buys it from the customer. All payments are made in local currency. Banks generally buy only those TC. 3. 1. 4. International Business Products In banks when we talk of international business products, we refer to the general mechanism by which a bank conve rts currency of one country into that of another.Foreign Exchange Department (FED) is the international department by which a bank or an AD branch transects with other international bank or of a brach. Bangladesh Bank issues license to scheduled banks to deal with foreign exchange. These banks are known as Authorized Dealers. If the branch is authorized dealer in foreign exchange market, it can remit foreign exchange from local country to foreign countries by transacting their international business products. So NCC BANK, Principal branch is an authorized dealer. †¢Letter of Credit (L/C) †¢Back to back Letter of credit (BTB L/C) Buying and selling of foreign exchange †¢Foreign demand draft (FDD) Foreign Demand DraftBank issue Demand Draft in favor of purchaser or any other according to instruction of purchaser. The payee can collect it for the drawee bank in which the Issuing bank of Demand Draft holds its NOSTRO Account. Bank also makes payment on DD drawn on this ba nk by its foreign correspondence bank through the VOSTRO Account. †¢Foreign telegraphic transfer (FTT) Outward remittance covers sales of foreign currency through issuing foreign T. T. Drafts, Travelers Check etc. as well as sell of foreign exchange underL/C and against import bills retired. 3. 1. 5. Special fee earning products NCC Bank considers the special earning product to the different consumer, as it to play a comprehensive role in financing the bank product. Among those following are some issues relate to special fee earning product: †¢Bank guarantee †¢Foreign bank Guarantee (F. B/G) †¢Underwriting †¢Brokerage House and locker Service †¢Issuances of Sanchaya Patra, Wages Earners Development Bond, National Investment Bond, Prize Bond are some special earning fee product of NCC bank. 3. 1. 6. Social Service ProductsNCC Bank Considers several service products by looking at the social point of view, At this competitive edge, banking might have reach ed to preserve its market share and to penetrate new market share through diversification of its product range. Following are the services that are designed to provide for society: †¢Sale of Lottery Tickets for collection of fund for social establishment †¢Collection of Zakat Fund †¢Collection of Haj Deposit 3. 2 CREDIT POLICY & CREDIT OPERATION OF NCCBL Credit policy is a guideline of a financial institution to determine- †¢Who shall get credit (eligibility to get loan) How much to lend (Amount of lending) †¢Why to lend (Purpose of lending) †¢Where to finance (Portfolio Management depending upon profitability and requirement for participation on socio –economic benefits) Credit division of a bank especially acts as a key financial machine to haunt for earning revenue of a bank to achie3ve its ultimate goal for profut maximization with minimal risk maintaining balanced portfolio management. 3. 3 WHERE TO FINANCE (FINANCING ACTIVITIES OF NCC BANK) Financial activities of a bank depend upon its portfolio management of its funds through deposit.Our lending policy would be within the broad policy frame work envisaged above. Bank’s lending activities may be classified into the following broad segments. 1. Trade and Commerce 2. Industries 3. Lease Financing 4. Consumer Financing 5. Real Estate & Civil Construction 6. Agro based 7. Small Business Loans 8. Personal Loans 3. 4 Security Policies The term loans, if any extended by the bank shall gave to be secured by first charge mortgage on the fixed asset coverage leaving a margin of at leas 25% depending upon the viability of the project.Consideration in this regard will vest purely on viability criteria irrespective of bank client-relationship. The determinants in this respect are debt service coverage, debt-equity ratio, and fixed coverage to term loan with a margin of 25-30% minimum. The working capital may be additionally covered by 1st charge mortgage of the fixed asset or by sharing first mortgage ranking PARIPASU with the financial institutions providing term loan. Decision is this regard shall be at the sole discretion of the bank. GENERAL BANKING OF NCC BANK LTD. 4. 0 FUNCTIONS OF NCC BANK LIMITED 4. 1 GENERAL BANKINGGeneral banking department is the heart of all banking activities. This is the busiest and important department of a branch, because funds are mobilized, cash transactions are made; clearing, remittance and accounting activities are done here. Since bank is confined to provide the services everyday, general banking is also known as ‘retail banking’. In NCC BANK LTD Principal Branch, the following departments are under general banking section: A)Account opening section B)Deposit Section C)Cash Section B)Remittance section C)Clearing section D)Accounts section 4. 1. 1 A) ACCOUNT OPENING SECTIONAccount opening is the gateway for clients to enter into business with bank. It is the foundation of banker customer relationshi p. This is one of the most important sections of a branch, because by opening accounts bank mobilizes funds for investment. Various rules and regulations are maintained and various documents are taken while opening an account. A customer can open different types of accounts through this department. Such as: 1. Current Deposit. 2. Savings account. 3. Short notice deposit (SND) >Types of Accounts with Terms and Conditions Current Deposit Current account is purely a demand deposit account.There is no restriction on withdrawing money from the account. It is basically justified when funds are to be collected and money is to be paid at frequent interval. Some important points have been discussed in the project part. Savings Bank Account This deposit is primarily for small-scale savers. Hence, there is a restriction on withdrawals in a month. Heavy withdrawals are permitted only against prior notice. Some Important Points have been discussed in project part. SND (Short Notice Deposit) Acco unt Normally various big companies, organizations, Government Departments keep money in STD account.Frequent withdrawal is discouraged and requires prior notice. The deposit should be kept for at least seven days to get interest. The interest offered for STD is less than that of savings deposit. Interest is calculated based on daily minimum product and paid two times in a year. Interest rate is 6. 00%. Table-01 > Account Opening procedure Step 1The account should be properly introduced by Any one of the following: ? An existing Current Account holder of the Bank. ?Officials of the Bank not below the rank of an Assistant officer. ?A respectable person of the locality well known to the Manager/Sub-Manager of he Branch concerned. Step 2Receiving filled up application in bank’s prescribed form mentioning what type of account is desired to be opened Step 3? The form is filled up by the applicant himself / herself ? Two copies of passport size photographs from individual are taken, in case of firms photographs of all partners are taken ? Applicants must submit required documents ?Application must sign specimen signature sheet and give mandate ? Introducer’s signature and accounts number – verified by legal officer Step 4Authorized Officer accepts the applicationStep 5Minimum balance is deposited – only cash is accepted Step 6Account is opened and a Cheques book and pay-in-slip book is given >Documents required for opening account ? Individual / Joint Account 1. Introduction of the account. 2. Two photographs of the signatories duly attested by the introducer. 3. Identity (copy of passport). 4. Joint Declaration Form (For joint a/c only). 5. Employee’s Certificate (in case of service holder). ? Partnership account 1. Introduction of the account. 2. Two photographs of the signatories duly attested by the introducer. 3.Partnership letter duly signed by all partners (Sign should be similar as stated in Partnership Deed). 4. Partnership Deed duly certified by Notary public. 5. Registration (If any). 6. Updated Trade license. ? Proprietorship account 1. Introduction of the account. 2. Two photographs of the signatories duly attested by the introducer. 3. Valid copy of Trade License. 4. Rubber stamp. 5. TIN number certificate. 6. Identity (Copy of passport). 7. Permission letter from DC/ Magistrate (in case of newspaper) ? Limited company 1. Introduction of the account. 2.Two photographs of the signatories duly attested by the Introducer. 3. Valid copy of Trade License. 4. Board resolution of opening A/C duly certified by the Chairman/Managing Director. 5. Certificate of Incorporation. 6. Certificate of Commencement (In case of Public limited company). 7. Certified (joint stock) true copy of the Memorandum and Article of Association of the Company duly attested by Chairman or Managing Director. 8. List of directors along with designation & specimen signature. 9. Latest certified copy of Form – xii (to be cert ified by register of joint stock companies) (In case of Directorship change). 0. Rubber Stamp (Seal with designation of each person) 11. Certificate of registration (In case of Insurance Company – Obtained from department of Insurance from the Peoples Republic of BD). ? Club / societies account 1. Introduction of the account. 2. Two photographs of the Signatories duly attested by the introducer. 3. Board Resolution for Opening A/C duly certified by President/ Secretary. 4. List of Existing Managing Committee. 5. Registration (if any). 6. Rubber Stamp. 7. Permission letter from Bureau of N. G. O. (In case of N. G. O. A/C). >Closing of an accountThe closing of an account may happen, ?If the customer is desirous to close the account, ?If the NCC BANK finds that the account is inoperative for a long duration. ?If the court of NCC BANK issues garnishee order. A customer may close his/her account any time by submitting an application to the branch. The customer should be asked to d raw the final check for the amount standing to the credit of his/her account less the amount of closing an other incidental charge and surrender the unused check leaves. The account should be debited for the account closing charge etc. nd the authorized officer of the bank should destroy unused check. In case of joint account the application for closing the account should be signed by the joint account holder. The fee for closing of an account is Tk. 50. 4. 1. 2 B) LOCAL REMITTANCE Carrying cash money is troublesome and risky. That’s why money can be transferred from one place to another through banking channel. This is called remittance. Remittances of funds are one of the most important aspects of the Commercial Banks in rendering services to its customers. Types of remittance: ?Between banks and non banks customer Between banks in the same country ?Between banks in the different centers. ?Between banks and central bank in the same country ?Between central bank of different customers. The main instruments used by the NCC BANK of remittance of funds are ?Payment order (PO) ?Demand Draft (DD) ?Telegraphic Transfer (TT) So the basic three types of local remittances are discussed below: Table- 02 PointsPay OrderDemand DraftTT ExplanationPay Order gives the payee the right to claim payment from the issuing bankDemand Draft is an order of issuing bank on another branch of the same bank to pay specified sum of money to payee on demand.Issuing branch requests another branch to pay specified money to the specific payee on demand by Telegraph /Telephone Payment fromPayment from issuing branch onlyPayment from ordered branch Payment from ordered branch Generally used to Remit fund Within the clearinghouse area of issuing branch. Outside the clearinghouse area of issuing branch. Payee can also be the purchaser. Anywhere in the country Payment Process of the paying bankPayment is made through clearing 1. Confirm that the DD is not forged one. 2. Confirm with sent advice 3. Check the ‘Test Code’ 4. Make payment1.Confirm issuing branch 2. Confirm Payee A/C 3. Confirm amount 4. Make payment 5. Receive advice Charge Only commissionCommission + telex chargeCommission + Telephone Term Deposit Receipt The Local Remittance section of NCC BANK Motijheel Branch also issues TDR. They are also known as time deposit or time liabilities. These are deposits, which are made with the bank for a fixed period, specified in advance. The bank need not maintain cash reserves against these deposits and therefore, the bank offers higher of interest on such deposits. †¢Term Deposits: These rates are not negotiable.In this table we can find out the percentage that is given by the bank for specific period of time to the customer. 4. 1. 3 CLEARING SECTION The amount of Cheques, Pay Order (P. O), and Demand Draft (D. D) Collection from other banks on behalf of its customer is a basic function of a Clearing Department. †¢Clearing: Clearing is a sys tem by which a bank can collect customers fund from one bank to another through clearing house. †¢Clearing House: Clearing House is a place where the representatives of different banks get together to receive and deliver Cheques with another banks. Normally, Bangladesh Bank performs the Clearing House in Dhaka, Chittagong, Rajshahi, Khulna & Bogra. Where there is no branch of Bangladesh Bank, Sonali bank arranges this function. †¢Member of Clearing House: NCC BANK limited is a scheduled Bank. According to the Article 37(2) of Bangladesh Bank Order, 1972, the banks which are the member of the clearinghouse are called as Scheduled Banks. The scheduled banks clear the cheque drawn upon one another through the clearinghouse. †¢Types of ClearingA)Outward Clearing: When the Branches of a Bank receive cheques from its customers drawn on the other Banks within the local clearing zone for collection through Clearing House, it is Outward Clearing. B)Inward Clearing: When the Ba nks receive cheque drawn on them from other Banks in the Clearing House, it is Inward Clearing. †¢Who will deposit cheque for Clearing: Only the regular customers i. e. who have Savings, Current, STD & Loan Account in the bank can deposit cheque for collection of fund through clearing house. †¢Responsibility of the concerned officer for the Clearing Cheque and being work with department, following are the issues )Crossing of the cheque. 2)(Computer) posting of the cheque. 3)Clearing seal & proper endorsement of the cheque. 4)Separation of cheque from deposit slip. 5)Sorting of cheque 1st bank wise and then on branch wise. 6)Computer print 1st branch wise & then bank wise. 7)Preparation of 1st Clearing House computer validation sheet. 8)Examine computer validation sheet with the deposit slip to justify the computer posting 9) Copy of computer posting in the floppy disk. †¢Bills Collection: In modern banking the mechanism has become complex as far as smooth transaction and safety is concerned.Customer does pay and receive bill from their counterpart as a result of transaction. Commercial bank’s duty is to collect bills on behalf of their customer. Types of Bills for Collection i. Outward Bills for Collection (OBC). ii. Inward Bills for Collection (IBC). What is OBC? OBC means Outward Bills for Collection . OBC exists with different branches of different banks outside the local clearinghouse. Normally two types of OBC: 1)OBC with different branches of other banks 2)OBC with different branches of the same bank Procedure of OBC: 1)Entry in the OBC register. 2)Put OBC number in the cheque. ) â€Å"Crossing seal† on the left corner of the cheque & â€Å"payees account† will be credited on realization â€Å"seal† on the back of the cheque with signature of the concerned officer. 4)Dispatch the OBC cheque with forwarding. 5)Reserve the photocopy of the cheque, carbon copy of the forwarding and deposit slip of the cheque in the OBC file. Inward bills for collection (IBC) When the banks collect bills as an agent of the collecting branch, the system is known as IBC. In this case the bank will work as an agent of the collection bank. The branch receives a forwarding letter and the bill. Procedure of IBC 1.IBC against OBC: To receive the OBC cheque first we have to give entry in the IBC Register . The IBC number should put on the forwarding of the OBC with date. 2. Deposit of OBC amount: OBC cheque amount is put into the â€Å"sundry deposit-sundry Creditors account†, prepare debit & credit voucher of it. If the OBC cheque is honored, send credit advice (IBCA) with signature & advice number of the concern branch for the OBC amount. 3. If the OBC cheque is dishonored, the concerned branch is informed about it. 4. Again place in the clearing house or send the OBC cheque with Return Memo to the issuing branch according to their information. . 1. 4 D) ACCOUNTS SECTION Accounts Department is called as the n erve Centre of the bank. In banking business, transactions are done every day and these transactions are to be recorded properly and systematically as the banks deal with the depositors’ money. . Improper recording of transactions will lead to the mismatch in the debit side and in the credit side. To avoid these mishaps, the bank provides a separate department; whose function is to check the mistakes in passing vouchers or wrong entries or fraud or forgery.This department is called as Accounts Department. If any discrepancy arises regarding any transaction this department report to the concerned department. Besides these, the branch has to prepare some internal statements as well as some statutory statements, which are to be submitted to the Central Bank and the Head Office. This department prepares all these statements. Workings of this department: †¢Packing of the correct vouchers according to the debit voucher and the credit voucher †¢ Recording the transactions in the cashbook. Recording the transactions in general and subsidiary ledger †¢Preparing the daily position of the branch comprising of deposit and cash †¢Preparing the daily Statement of Affairs showing all the assets and liability of the branch as per General Ledger and Subsidiary Ledger separately †¢Making payment of all the expenses of the branch †¢Recording inters branch fund transfer and providing accounting treatment in this regard. †¢Preparing the monthly salary statements for the employees †¢Preparing the weekly position for the branch which is sent to the Head Office to maintain Cash Reserve Requirement (C.R. R) †¢Preparing the monthly position for the branch which is sent to the Head Office to maintain Statutory Liquidity Requirement (S. L. R) †¢Make charges for different types of duties †¢Preparing the budget for the branch by fixing the target regarding profit and deposit so as to take necessary steps to generate and mobilize deposit. †¢Checking of Transaction List †¢Recording of the vouchers in the Voucher Register 4. 2 E. FOREIGN EXCHANGE Foreign exchange is the means and methods by which rights to wealth in a country’s currency are converted into rights to wealth in another country’s currency.In banks when we talk of foreign exchange, we refer to the general mechanism by which a bank converts currency of one country into that of another. Foreign Exchange Department (FED) is the international department Bangladesh Bank issues license to scheduled banks to deal with foreign exchange. These banks are known as Authorized Dealers. If the branch is authorized dealer in foreign exchange market, it can remit foreign exchange from local country to foreign countries. So NCC BANK, Principal branch is an authorized dealer. There are three kinds of foreign exchange transaction:A)Import B)Export C)Remittance. 4. 2. 1 A) IMPORT To import, a person should be competent to be an importerâ€℠¢. According to Import and Export Control Act, 1950, the Office of Chief Controller of Import and Export provides the registration (IRC) to the importer. In an international business environment, buyers and sellers are generally unknown to each other. So seller of goods always seeks security for the payment of his exported goods. Bank gives export guarantee that it will pay for the goods on behalf of the buyer if the buyer does not pay. This guarantee is called Letter of Credit.Thus the contract between importer and exporter is given a legal shape by the banker by ‘Letter of Credit’. 4. 2. 1. 1>Letter of Credit †¢ Definition A letter of credit is a letter issued by a bank (know as the opening or the issuing bank) at the instance of its customer (known as the opener) addressed to a person (beneficiary) undertaking that the bills drawn by the beneficiary will be duly honored by it (opening bank) provided certain conditions mentioned in the letter gave been complied w ith. Table- 03 ImporterWho applies for L/C Issuing BankIt is the bank which opens/issues a L/C on behalf of the importer.Confirming Bank It is the bank, which adds its confirmation to the credit and it, is done at the request of issuing bank. Confirming bank may or may not be advising bank. Advising or Notifying Bank It is the bank through which the L/C is advised to the exporters. This bank is actually situated in exporter’s country. It may also assume the role of confirming and / or negotiating bank depending upon the condition of the credit. Negotiating Bank It is the bank, which negotiates the bill and pays the amount of the beneficiary. The advising bank and the negotiating bank may or may not be the same.Sometimes it can also be confirming bank. Accepting BankIt is the bank on which the bill will be drawn (as per condition of the credit). Usually it is the issuing bank. Reimbursing BankIt is the bank, which would reimburse the negotiating bank after getting payment â₠¬â€œ instructions from issuing bank. 4. 2. 1. 3 †¢ Steps for import L/C Operation – 8 steps operation Step 1 – Registration with CCI&E †¢For engaging in international trade, every trader must be first registered with the Chief Controller of Import and Export. †¢By paying specified registration fees to the CCI&E. he trader will get IRC/ERC (Import/Export Registration Certificate), to open L/C with bank, this IRC is must. Step 2 – Determination terms of credit †¢The terms of the letter of credit are depending upon the contract between the importer and exporter. The terms of the credit specify the amount of credit, name and address of the beneficiary and opener, tenor of the bill of exchange, period and mode of shipment and of destination, nature of credit, expiry date, name and number of sets of shipping documents etc. Step 3 – Proposal for Opening of L/C To have an import LC limit an importer submits an application to department to NCC BANK.The proposal contains the following particulars: †¢Full particulars of the bank account †¢Nature of business †¢Required amount of limit †¢Payment terms and conditions †¢Goods to be imported †¢Offered security †¢Repayment schedule Step 4 – Application by importer to the banker to open letter of credit †¢For opening L/C, the importer is required to fill up a prescribed application form provided by the banker along with the following documents: Table- 04 1. L/C Application form 7. Authority to debit account 2. Filled up LCA form 8. Filled up amendment request Form 3. Demand Promissory Note 9. IMP form 4. ro-forma invoice 10. Insurance cover note and money receipt. 5. Tax Identification number 11. Membership certificate 6. Import registration certificate 12. Rate fluctuation undertaking Step 5 – Opening of L/C by the bank for the opener: †¢Taking filled up application form from the importer. †¢Collects credit report of exporter from exporter’s country through his foreign correspondence there. †¢Opening bank then issues credit by air mail/TELEX/SWIFT followed by L/C advice as asked by the opener through his foreign correspondent or branch as the case may be, at the place of beneficiary.The advising bank advises the L/C to the beneficiary on his own form where it is addressed to him or merely hand over the original L/C to the beneficiary if it is so addressed. Step 6 – Shipment of goods and lodgment of documents by exporter: †¢Then exporter ships the goods to the destination of the importer country. †¢Sends the documents to the L/C opening bank through his negotiating bank. Generally the following documents are sent to the Opening Banker with L/C: Table- 05 1. Bill of Exchange 6. Packing List 2. Bill of Lading 7. Advice Details of Shipment 3. Commercial Invoice 8. Pre-shipment Inspection Certificate . Certificate of Origin 9. Vessel Particular 5. A certificate stating t hat each packet contains the description of goods over the packet. 10. Shipment Certificate Step 7 – Lodgment of Documents by the opening Bank from the negotiating bank: After receiving the documents, the opening banker scrutinizes the documents. If any discrepancy found, it informs the importer. If importer accepts the fault, then opening bankers call importer retiring the document. At this time many thing can happen. These are indicated in the following: †¢Discrepancy found but the importer accepts – no problem occurs in lodgment. Discrepancy found and importer not agreed to accept – In this case, importer protest and send back all the documents to the exporter and request his to make in the specified manner. Here banker is not bound to pay because the documents send by exporter is not in accordance with the terms of L/C. †¢Documents are OK but importer is willing to retire the documents – In this case bank is obligated to pay the price of exp orted goods. Since importer did not pay for bill of exchange, this payment by bank is one kind of credit to the importer and this credit in banking is known as PAD. Everything is O. K. but importer fails to clear goods from the port and request bank to clear – In this case banks clear the goods and takes delivery of the same by paying customs duty and sales tax etc. So, this expenditure is debited to the importer’s account and in banking it is called LIM. Step 8 – Retirement The importer receives the intimation and gives necessary instruction to the bank for retirement of the import bills or for the disposal of the shipping document to clear the imported goods from the customs authority.The importer may instruct the bank to retire the documents by debiting his account with the bank or may ask for LTR (Loan against Trust Receipt). 4. 2. 1. 4 †¢ Accounting Procedure in case of L/C Opening When the officer thinks fit the application to open a L/C, giving the f ollowing entries- creates the following charges- Table- 06 ParticularsDebit/ CreditCharges in Taka Customer’s A/CDebit L/C Margin A/CCredit Commission A/C on L/CCredit50% VATCredit15% on commission SWIFT ChargeCredit3000/= DatamaxCredit1000/= StampCredit150/= PostageCredit300/= DHL/CourierCredit1500 4. 2. 1. †¢ Amendment of L/C After opening of L/C some time’s alteration to the original terms and conditions become necessary. These amendments involve changes in a. Unit price b. Extension of validity o the L/C c. Documentary requirements etc. Such amendments can be affected only if all the concerned parties agree i. e. the beneficiary, the importer, the issuing bank and the advising bank. For any amendment the importer must request the issuing bank in writing duly supported by revised indent/ Proforma invoice. The issuing bank then advises the required amendment to the advising bank.L/C amendment commission including postage is charged to the clients A/C. 4. 2. 1. 6 >Loan against Trust Receipts (LTR) †¢ Advance against a Trust Receipt obtained from the Customers are allowed to only first class tested parties when the documents covering an import shipment or other goods pledged to the Bank as security are given without payment. However, for such advances prior permission/sanction from Head Office must be obtained. †¢ The customer holds the goods or their sale-proceeds in trust for the Bank, till such time, the loan allowed against the Trust Receipts is fully paid off. The Trust Receipt is a document that creates the Banker’s lien on the goods and practically amounts to hypothecation of the proceeds of sale in discharge of the lien. 4. 2. 1. 7>Loan Against Imported Merchandise (LIM) Advance (Loan) against the security of merchandise imported through the Bank may be allowed either on pledge or hypothecation of goods, retaining margin prescribed on their Landed Cost, depending on their categories and Credit Restriction imposed by the Bangladesh Bank. Bank shall also obtain a letter of undertaking and indemnity from the parties, before getting the goods cleared through LIM Account. 4. 2. 1. >Payment Procedure of Import Documents This is the most sensitive task of the Import Department. The officials have to be very much careful while making payment. This task constitutes the following: †¢ Date of Payment Usually payment is made within seven days after the documents have been received. If the payment is become deferred, the negotiating bank may claim interest for making delay. †¢ Preparing Sale Memo A sale memo is made at B. C rate to the customer. As the T. T & O. D rate is paid to the ID, the difference between these two rates is exchange trading. Finally, an Inter Branch Exchange Trading Credit Advice is sent to ID. Requisition for the Foreign Currency For arranging necessary fund for payment, a requisition is sent to the International Department. †¢ Transmission of Message Message is transmi tted to the correspondent bank ensuring that payment is being made. 4. 3. 2 B) EXPORT 4. 3. 2. 1>Understanding The goods and services sold by Bangladesh to foreign households, businessmen and Government are called export. The export trade of the country is regulated by the Imports and Exports (control) Act, 1950. There are a number of formalities, which an exporter has to fulfill before and after shipment of goods.The exports from Bangladesh are subject to export trade control exercised by the Ministry Of Commerce through Chief Controller of Imports and Exports (CCI & E). No exporter is allowed to export any commodity permissible for export from Bangladesh unless he is registered with CCI & E and holds valid Export Registration Certificate (ERC). The ERC is required to be renewed every year. The ERC number is to be incorporated on EXP forms and other documents connected with exports. 4. 3. 2. 2 The formalities and procedure of Export L/C 1. Obtaining exports LC: To get export LC for m exporter issued by the importer. . Submission of export documents: Exporter has to submit all necessary documents to the collecting bank after shipping of goods 3. Checking of export documents: After getting the documents banker used to check the documents as per LC terms 4. Negotiation of export documents: If the bank accepts the document and pays the value draft to the exporter and forward the document to issuing bank that is called a negotiating bank. If the bank does buy the LC then the bank normally acts as collecting bank. 5. Realization of proceeds: This is the period when the issuing bank has realized the payment. 6.Reporting to the Bangladesh bank: As per instruction by Bangladesh bank the bank has to report to respective department of Bangladesh bank by mentioning latest payment. 7. Issue to proceeds realization certificate (PRC): Bank has to issue proceed realization certificate of export LC to the supplier / exporter for getting cash assistance 4. 3. 2. 4>Back-To-Back L/C It is simply issued to the clients against an import L/C. Back-to-Back mechanism involves two separate L/C. One is master Export L/C and another is Back-to-Back L/C. On the strength of Master Export L/C bank issues bank to Back L/C.Back-to-Back L/C is commonly known as Buying L/C. On the contrary, Master Export L/C is known as Selling L/C. †¢ 4. 3. 2. 5 Features of Back to Back L/C †¢An Import L/C to procure goods /raw materials for further processing. †¢It is opened based on Export L/C. †¢It is a kind of Export Finance. †¢Export L/C is at Sight but back to Back L/C is at Usance. †¢No margin is required to open Back to back L/C †¢Application is registered with CCI&E †¢Applicant has bonded warehouse license. †¢L/C value shall not exceed the admissible percentage of net FOB value of relative Master L/C. †¢Usance period will be up to 180 days. The import L/C is opened for 75% of the value of Export L/C. †¢Here L/C issued agains t the lien of export L/C. †¢Arrangements are such that export L/C matures first then out of this export profit, import L/C is paid out. †¢ 3. 3. 2. 6 Documents Required for Opening a Back-to-back L/C In NCC BANK Principal Branch, following papers/ documents are required for opening a back-to-back L/C- 1. Master L/C 2. Valid Import Registration Certificate (IRC) and Export Registration Certificate (ERC) 3. L/C Application and LCAF duly filled in and signed 4. Proforma Invoice or Indent 5.Insurance Cover Note with money receipt 6. IMP Form duly signed In addition to the above documents, the followings are also required to export oriented garment industries while requesting for opening a back-to-back L/C – 1. Textile Permission 2. Valid Bonded Warehouse License 3. Quota Allocation Letter issued by the Export Promotion Bureau (EPB) in favor of the applicant for quota items. †¢ Payment of back to back l/c: In case back to back as 60-90-120-180 days of maturity perio d, deferred payment is made. Payment is given after realizing export proceeds from the L/C issuing bank. 4. 3. 2. >Negotiation of Export Documents Negotiation stands for payment of value to the exporter against the documents stipulated in the LC. If documents are in order, NCC BANK purchases (negotiates) the same on the basis of banker- customer relationship. This is known as Foreign Documentary Bill Purchase (FDBP). If the bank is not satisfied with the documents submitted to NCC BANK gives the exporter reasonable time to remove the discrepancies or sends the documents to L/C opening bank for collection. This is known as Foreign Documentary Bill for Collection (FDBC) entered into the Foreign bill Purchased (F.B. P) register. The documents are sent to the L/C opening †¢ Presentation of export documents for negotiation/Purchase: After shipment, exporter submits the following documents to NCC BANK for negotiation. †¢Bill of exchange †¢Bill of Lading †¢Invoice †¢Insurance Policy/Certificate †¢Certificate of Origin †¢Inspection Certificate †¢Consular Invoice †¢Packing List

The Influences of Machiavelli essays

The Influences of Machiavelli essays Machiavellis The Prince was a practical effort based on his worldly experience and observation of human nature. It was a work so simple in its idea that it was profoundly effective and has become a cornerstone of modern political philosophy.(Chew 1) In order to understand how truly qualified Machiavelli was in advising a new prince, one must understand his background. Niccolo Machiavelli, known to many as the father of modern political theory, was born on May 3, 1469 in Florence, Italy. He was educated in the typical renaissance style of the humane disciplines, encompassing Latin, history, moral philosophy and politics. Through these studies and his readings of such great writers as Aristotle, Herodotus, and Virgil, Machiavelli gained much of his historical perspective. When he was a young man, he was appointed head of the Second Chancery. The chanceries handled correspondence dealing with domestic, foreign and military affairs of Florence. He was soon after promoted to secretary of The Ten of War (the diplomatic relations committee of Florence). This position afforded him the opportunity to travel abroad to act as a diplomatic attach, sending home to Florence reports and observations of foreign nations and their rulers. His observations abroad resulted in many of the ideas that form the basis for the major statements found in his political works. (Ratliff 1) Thus, one may conclude that Machiavelli had first hand knowledge and experience in diplomacy and politics. This is how uniquely qualified Machiavelli was and why The Prince has become, to some, a political bible. Machiavellian politics has also come to describe unscrupulous political behavior. However, from Machiavellis perspective it is merely his observation of successful and effective pol itics. The Prince begins with a letter from Machiavelli to Lorenzo de Medici. Machiavelli acknowledges that the o...

Letter Writing 101

Letter Writing 101 Letter Writing 101 Letter Writing 101 By Ali Hale People have been writing letters for centuries. Before the telephone and the Internet, sending a letter (by messenger, and later by post) was the only way to communicate with someone who was geographically distant. Even with all our modern technology, letters haven’t become obsolete. Most of us will write many letters during our business life: perhaps including a covering letter to accompany our resume, a letter to be sent to clients, or a thank you letter after an interview or other opportunity. In this article, I’ll take you through the common types of letters that you’re likely to need to write at some point. I’ll offer general and specific advice which should help you if you’re at a loss for words or unsure how to structure a letter. You might want to bookmark this page so that you can refer back to it when you need it! I’ll cover business letters first, then mention some tips for personal letters too. Business Letters The standard format of a business letter varies from country to country, and standards often aren’t set in stone. If you’re not sure how your letter should be laid out, check Daily Writing Tips’ guidelines on How to Format a US Business Letter and How to Format a UK Business Letter. A quick tip if you’re still struggling about layout: look through your correspondence, find a business letter (ideally one from the company that you’re writing to), and use their format as a model. Here are four more points to take into consideration: 1. You should use a simple, standard font such as Arial or Times New Roman for business letters, and a font size of 10-12 pt (depending on the font). Even if your letter is short, don’t use a large font size to increase the space it takes up on the page – this will look unprofessional. This goes especially for writers, who are often tempted to use fancy fonts and layout. 2. You should never handwrite a business letter. However, you may send a very brief handwritten note on a printed compliments slip, in lieu of a letter. 3. For all business letters, you should keep your audience in mind. Don’t use business jargon when you’re writing to customers, for instance. Keep your letters as short as possible – if you need more than a page, consider whether the information might be better delivered in a leaflet or brochure. 4. Always check your spelling and proof-read your letters; if possible, ask someone else in your company to go through them. It’s surprising how mistakes can slip past your eyes: errors can alter your meaning and may confuse or even offend the recipient. Job Applications When writing a letter as part of a job application, remember that it will give the employer their first impression of you. Always: Ensure that you have provided all the information requested. Mention any enclosures (usually your resume and perhaps an application form). Address the letter to â€Å"Mr Smith† or â€Å"Mrs Jones†, rather than using their first name. If you are unsure of the gender of the recipient, use their first name and surname (such as â€Å"Sam Jones†). Here’s an example of the start of an application letter: Dear Mr Smith: Application for the Junior Manager Role, ref: 123A I am writing to apply for the position of Junior Manager, as advertised on your website. Please find my resume enclosed. I believe that I would be an ideal fit for this role, as I meet all of the requirements on the job specification. In particular, my spoken communication skills are outstanding (as you can see from my resume, I captained the debating team at my college). Business Thank You Letters In a business context, thank you letters are often appropriate and expected. When you have attended an interview, it is considered polite to send a thank you note – and it could harm your chances of getting the job if you don’t do this. You might also send a thank you letter when someone has given you their time and advice. In general, you should: Make it very clear that you’re writing to thank the recipient. Mention a specific detail of how they helped you. Express your gratitude for the time or effort they spent. Avoid using the letter just as an excuse to promote yourself (though if you are following up an interview, it’s appropriate to highlight your suitability for the job). An example paragraph from a thank you letter is: Thank you for giving me your time on Friday 18th, when you kindly showed me around the factory. It was fascinating to see how the widgets are manufactured, and I now feel confident that I want to pursue a career in the widget manufacturing field. I’ve attached my resume and wonder if you’d be kind enough to keep it on file, in case any future positions arise that I might be suitable for? Letters of Complaint If you have received poor service or have been dissatisfied with a product, you can write to the company involved to make a complaint. To get the result you want, such as a refund, follow these tips: Explain clearly who you are in relation to the company (eg. â€Å"I am an XYZ customer†). Let them know exactly what you’re complaining about, without using emotional or abusive language. Give specific location, time and date if appropriate. Make it clear what you would like them to do in response. You might also want to include a warning, such as â€Å"If this is not resolved, I will be forced to take my business elsewhere.† Throughout your letter of complaint, your tone should be polite but assertive. Don’t make ridiculous threats or demand an unreasonable compensation – but also don’t be afraid to tell them about the inconvenience or financial loss that you’ve suffered. You can practice writing a letter of complaint here, or use the example below as a model: I recently ordered several party platters of food from your store in Littletown, including one platter of seafood. The food was delivered two hours late, and the seafood platter was missing. I had to spend $40 to purchase extra food at short notice for my party. This was very inconvenient, as I had to drive to the store when I had planned to be with my guests. I have never used your party platter service in the past, and regret to say that I very much doubt I will be doing so again unless you can assure me that this was an isolated incident. Although I was not charged for the seafood platter, I would be grateful for compensation in view of the inconvenience – and cost – of buying replacement food at such short notice. Personal Letters A thoughtful letter from a friend can brighten anyone’s day. Most of us send emails rather than letters nowadays – which means that a letter will really stand out. Even if you’d never normally sit down to write a letter except in a business context, there are a couple of types of personal letter that you’ll want to familiarize yourself with: Letter of Condolence A letter of condolence or letter of sympathy is one which you send to someone who has been bereaved. It can be very difficult to find the right words to say, but taking the time to write a letter or note rather than just sending a â€Å"With Sympathy† card will mean a lot to the recipient. Some tips to bear in mind are: Acknowledge the loss – don’t gloss over it. Express your sympathy. Offer a brief anecdote or recollection of the deceased, mentioning the role s/he played in your life. Mention that your thoughts (and, if appropriate for you and the recipient, your prayers) are with the bereaved and their family. Note that if you’re writing to someone elderly, it’s particularly important to send a handwritten letter. A typed letter will often come across as cold or even rude. All letters of condolence will be unique, but you might like to use this example as a general guide: I was so sorry to hear that John had passed away. My sympathies are with you at this time: I know it must be very difficult for you. John was so good to me when I first came to Littletown – I remember how he welcomed me into your church and made me feel completely at home. I’ll miss him very much. My thoughts and prayers are with you, and with Johnny and Becca. Personal Thank You Letters When someone has given you a gift or done you a particular favor, it’s polite to send them a thank you note or letter. You might do this by email – but you still need to send a separate note to each person, rather than emailing a group of people. Thank you letters are required is in response to wedding gifts. You should send these through the post, and in many cases, you may want to handwrite them. As well as saying â€Å"thank you† for the gift, it’s often nice to acknowledge the particular role that a person played in your wedding – even if that’s just saying â€Å"We were so pleased that you could come and be with us on the day.† Other times when you could send a thank you letter include: For birthday and Christmas gifts. When you’ve stayed as a house guest somewhere (this is sometimes called a â€Å"bread-and-butter letter†). After someone has treated you to a meal, a theater trip, a vacation or similar. To your parents, grandparents or other relatives who have helped you out with a big purchase or a college degree. Your thank you letter doesn’t need to be long. In many cases, a few lines is plenty: Thank you for the gorgeous sweater – just the thing for the cold Canadian winter! I’ll be thinking of you every time I wrap myself up in it. We’re going to be travelling over Christmas, but hope to pop down and see everyone during the new year. Thanks again! If you’re not very confident about your letter writing skills, sending some personal thank you notes is a great way to get started. People are always delighted and touched by being thanked in this way – they’ll overlook any small slips of grammar, and you don’t need to worry too much about lay out and formatting in personal letters. Check Out Other Articles from The Writing 101 Series: The Writing Process Creative Writing 101 Story Writing 101 Letter Writing 101 Business Writing 101 Freelance Writing 101 Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Business Writing category, check our popular posts, or choose a related post below:Comparative Forms of Adjectives30 Baseball Idioms10 Writing Exercises to Tighten Your Writing

Identify Consumers Needs and To Ensure That Organizations Develop Strategies

Identify Consumers Needs and To Ensure That Organizations Develop Strategies Introduction The world is changing due to the changes brought about by technology. Business environment is increasingly getting competitive. Firms are finding it difficult to manage this competition due to a number of factors. According to Handlechner (2008), it is practically impossible to find the best strategy that would last a lifetime and will not need regular adjustment. The ability of a firm to adjust to changes within the environment will always determine its success or failure within that market.Advertising We will write a custom report sample on Identify Consumers’ Needs and To Ensure That Organizations Develop Strategies specifically for you for only $16.05 $11/page Learn More Coming up with the right strategy should always be followed by swift implementation in order to achieve the desired result. Marketing planning can be a very challenging task, especially in new markets. The planning will also depend on the size of the firm and the prod uct offered to the market. Marketing products of a hospital will be very different from electronic products. Similarly, marketing of a Volvo will be different from the way bread is marketed. When developing a marketing plan, it is always important that the concerned individuals understand the nature of the product and the target customers. As McLaughlin and Aaker (2010) state, marketing planning and strategy development should not be left to the marketing department alone. Success in this planning will benefit the entire firm. Organizational structure clearly stipulates people responsible for making various decisions at various levels. However, it should be appreciated that all members of the organization, irrespective of their position within the firm, have a role to play. They can help come up with strategies that are able to meet the demands of the market. The research will be based on Volvo which has had massive success for the past one decade (Hooley 2008, p. 92). This research focuses on analysis of various strategies that can help the firm succeed in marketing a brand new car model with a capacity to drive itself for a few minutes as it sounds warning in case the driver falls asleep. Analysis of Micro/Macro Factors SWOT Analysis SWOT analysis is one of the important tools that are very popular in analyzing a company. It helps in analyzing firms based on the existing internal and external factors. SWOT analysis would be very valuable in analyzing Volvo. It would help bring more insight to the opportunities and threats that this firm would face in the external environment. It would also help in understanding the strengths and weaknesses that the firm has. Strength of this firm selling this car lies in the security it offers to the user. The world is increasingly becoming sensitive of the safety they get from the automotive they use due to the increasing number of accidents which occur regularly.Advertising Looking for report on business economics ? Let's see if we can help you! Get your first paper with 15% OFF Learn More The concern is emanating from the fact that it has been confirmed beyond any reasonable doubt that most of the fatal accidents do occur due to lack of ability of the cars to alert users if there is any danger emanating from the driver’s actions (Gerber 2008, p. 67). The special feature that this car has will give it an edge in the market over other executive cars that are currently on demand. Despite the above strengths, this strategy has some weakness. The market today is very sensitive on the pricing of products. This car will occupy a special niche in the market. The firm may decide to charge premium prices for the product as a way of positioning the product in the market. The problem with this attempt is that some of the potential customers will be locked out of the market for this product. Charging a low price for this product may make it be seen as an inferior car to the existin g cars. The firm has a number of opportunities in the external environment. In the local market, this firm has managed to build a large base of loyal customers, especially in the Europe and Middle East (Ferrell 2011, p. 116). Most of the markets where this firm operates have stable governments. This means that the business environment is free from any political unrest that may disrupt normal business operations within the market. This has created a business environment that is very peaceful to various firms in the country. The firm also enjoys an economic growth in this world that has increased the purchasing power of the consumers. This increased purchasing power will help the firm to increase its operations to regions beyond its markets. The emerging technologies is also helped Volvo in its operational strategies (Hill Jones 2010, p. 70). The firm may consider adapting the emerging technologies in its operations, a fact that will help it increase it efficiency. This firm faces a number of threats in its operations. Threats may not be predictable in this industry, though the firm may try to reduce the possibility of occurrence. The first threat that this firm faces is price wars in the market. Other major competitors will keenly monitor the price that Volvo will charge on this unique product. They will then consider adjusting their products price to try to gain a competitive edge in the market (Harper 2010, p. 11). Such price wars are always dangerous to the prosperity of a business. The initiative may fail to make any serious sense. However, this threat can be minimized by ensuring that the product acquires a special niche in the market. Identification of and Rationale for Market Opportunity In order to understand the rationale for the market opportunity for this unique Volvo car, it is important to understand the objectives of coming up with such a product in the first case. The following are some of the objectives of this strategy.Advertising We w ill write a custom report sample on Identify Consumers’ Needs and To Ensure That Organizations Develop Strategies specifically for you for only $16.05 $11/page Learn More To come up with a unique product in the current competitive market that will enable this firm tower above the market competitors. To create a market niche that other existing competitors have not thought of occupying in an attempt to make products of competitors be seen as mere substitutes of this product. To convince the market that this firm has their interest at heart. By developing this product, the firm aims at enhancing security on our roads. Strategy The strategy that this firm uses should be carefully being selected after taking into considerations a number of factors. This firm should come up with a strategy that will not make the market develop a perception that the firm’s interest is to generate more revenue. The firm should be able to convince customers that the move is to ensure that every driver is safe while on the road. The marketing strategy should therefore, emphasize on the security that this car offers (Chaston 2009, p. 89). The marketing proposition should be based on the fact that users get to benefit from reduced road accidents, and other extra security measures that it may have. The rationale of this strategy is to convince the consumer that with this product, their lives is well taken care of, unless something extraordinary happens. Market Opportunities The current market highly appreciates unique products in the market. As Bissoondoyal (2006, p. 78) puts it, the society has become so dependent on technology that they would prefer to have most of the tasks performed by technology. Cars have become more and more comfortable. However, there is yet to be a car that can safely drive itself on the road while the occupant is in it, relaxing. All the luxury cars available in the market need a human being to be behind the wheel to do the driv ing. This new brand of Volvo car offers something close to this dream. Given the fact that the products offers a level of security that none of the currently existing cars does, it stands the best chance to get a huge market globally. Europe and the United States will make the largest market for this product. The European market comes second to the US market in the sale of cars (Gountas Mavudo 2008, p. 112). These two markets will offer this product a massive opportunity to expand, and develop a market base that can support its operations. The two markets are also attractive because of the fact that they are developed economies. The proportions of those who are willing to purchase the product are relatively high. The rich who are looking for maximum security when travelling will definitely accept the opportunity to use the car. They will be willing to pay premium prices in order to own such a car. Conclusion Volvo may not be in the same league as Mercedes Benz and BMW. However, it is important to note that what brings this difference is the decision of the two luxurious brands to add more value to their products. Volvo has the capacity to offer this added value to their products to make them unique in the market.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This firm can develop this unique product and avail it in the market in a unique way. This product will be outstanding in the market because there is yet to be a car that can parallel that capacity. With this unique product, this firm will need a unique marketing strategy that will make it acquire a unique position. The management of this firm should ensure that this product acquires its own unique niche in the market. List of References Bissoondoyal, U 2006, Total quality management: a practical approach, New Age International, London. Chaston, I 2009, New Marketing Strategies: Evolving Flexible Processes to Fit Market Circumstance, Sage Publications, London. Ferrell, C 2011, Marketing Strategy, Cengage Learning, New York. Gerber, K 2008, Marketing communication, Pearson Education, Cape Town. Gountas, J Mavudo, F 2008, Marketing Strategy: A Decision-Focused Approach, McGraw-Hill, North Ryde. Handlechner, M 2008, Marketing Strategy, GRIN Verlag GmbH, München. Harper, M. (2010). Inclusive value chains: A pathway out of poverty. New Jersey: World Scientific. Hill, C Jones, G 2010, Strategic management theory: an integrated approach, Houghton Mifflin, Boston. Hooley, G 2008, Marketing Strategy and Competitive Positioning, FT Prentice Hall, Harlow. McLaughlin, D Aaker, D 2010, Strategic market management: global perspective, Wiley, Chichester.