10 Tacky Terms

10 Tacky Terms 10 Tacky Terms 10 Tacky Terms By Mark Nichol The English language teems with terminology for referring to ostentation or bad taste, or both. Here are ten words that help readers imagine imagery that they perhaps would rather not think about: 1. Flashy The connotations of this adjectival form of flash are of fleeting, superficial attractiveness and showy, tasteless fashion and/or fashion accessories. 2. Garish The origin of this word meaning â€Å"vivid, bright, flashy† is unknown; it may come from a word meaning â€Å"to stare.† 3. Gaudy This term, with a disputed etymology (perhaps from the Latin word gaudium, meaning â€Å"joy,† or from a reference to trickery from the same source), means â€Å"tastelessly or extravagantly showy, outlandish.† 4. Kitschy The direct borrowing of kitsch from German, as with the acquisition of many other loanwords, met a need: Although other terms are this list are near synonyms of kitsch, it’s difficult in English to capture the essence of kitsch without using the word. The term originated in response to efforts of the German middle class in the nineteenth century to emulate their social superiors through art and architecture; in many cases, they succeeded only in inferior imitation. That sense has persisted intact for 150 years with the additional connotation of consumer items produced under the pretense that they are artistic creations but treated as commodities. (People who embrace the irony of appreciating kitsch and collect kitschy products are in effect partly legitimizing the items as art.) 5. Meretricious This word has an etymological connection to merit, but its meaning is diametrically opposite. It stems from the Latin word for prostitute and, like merit, means â€Å"to earn.† It refers to a relationship based solely on exchange of value, and because of the superficial and ostentatious nature of practitioners of the oldest profession, it has acquired the additional connotation of cheap showiness. Meretricious is also sometimes used as a synonym for pretentious. 6. Purple There’s an interesting line of connotation for this word: Because of the difficulty of obtaining purple dye from a certain shellfish in ancient times, it was reserved for royalty, and later was long limited to use by aristocratic classes. Thus, it came to be associated with those with very high social standing and, naturally, their attendant sophistication. But the resulting association of the color with ostentatiousness led to a connotation of overbearing effort, especially in writing hence, â€Å"purple prose.† 7. Sleazy Two early meanings of this word are â€Å"hairy or fuzzy† and â€Å"flimsy,† but only the latter sense has survived, while still other connotations have come to dominate. The primary meanings now are â€Å"sexually provocative† or â€Å"of low quality,† the latter referring to both character and construction. 8. Tacky This nineteenth-century slang term for a low-class person was extended to describe anything that is ill-bred, shabby, in poor taste, or cheaply constructed. It most often refers to a cheap taste in fashion or decor. 9. Tawdry As is the case with purple, this term has made a downwardly mobile trajectory. According to tradition, Audrey, queen of a kingdom in what is now England, found religion late in life when she surmised that her vanity led to a deadly condition. The Catholic Church canonized her, and at an annual fair commemorating Saint Audry, cheap lace necklaces were sold in her honor. These came to be known as â€Å"’t Audrey’s lace,† later altered to â€Å"tawdry lace.† Now, tawdry is a synonym for cheap or showy. It has, however, also acquired a sense of â€Å"base, low, mean,† as in the clichà © â€Å"a tawdry affair.† 10. Two-Bit This adjective meaning â€Å"cheap† comes from the slang term for a twenty-five-cent piece. The reference originates with the real, a Spanish coin that could be divided into eight pieces (hence â€Å"pieces of eight† in pirate lore). Each bit was worth one-eighth of the coin’s value; transferred to American currency, two bits is worth a quarter. In either currency, two bits ain’t worth much. 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 Vocabulary category, check our popular posts, or choose a related post below:50 Idioms About TalkingConnotations of 35 Words for Funny People15 Idioms for Periods of Time

Coach Carter Morality essays

Coach Carter Morality essays The movie Coach Carter is all about morals. It is loaded with true life examples of choosing right over wrong and living a good life the way God wants us to. The movie is about an inner-city high school basketball team made up with a bunch of tough guy trouble makers and the only thing they live for is playing basketball. When Coach Carter accepts the coaching job at the high school , he makes all the players sign an agreement that they will maintain good grades and study habits during the season. He threatens the players with push ups and suicide sprints if they do not follow through on their agreement. Later in the season , Coach Carter finds out that the players on the team have been slipping in their grades and he decides to suspend the games and lock up the gym. The parents of the players are all upset with Coach Carter because they believe that basketball is the only thing that is keeping their sons off the street and out of trouble. However, Carter doesnt give in and stays st rong with his decision. Although the players might not have enjoyed this decision at that time, it did teach them a long term lesson of having good morals. Obviously Coach Carter cared enough about his players to realize that academics are more important than playing a sport. Not only did he coach them in basketball but he also coached them in life. He made them understand that basketball wasnt going to get them through life, but having a good education would. Carter new all his boys had the potential to be good kids and to really get far in life, and I believe that this decision was the best thing for them. In a way, I think that the players on the team could represent the anawim and Coach Carter could be God. The players were not heading down the right direction until Carter stepped in and showed them the way that it had to be. He watched over them as God would and made sure that they would make th ...

Part of a Proposal Essay Example | Topics and Well Written Essays - 500 words

Part of a Proposal - Essay Example This is the main reason why discerning customers for cargo, corporate and general aviation consider Willow Run. Over and above, this airport offers services that are comparable to the large airports while at the same time offering conveniences of a small airport. In addition to this, Willow Run Airport manages approximately above 70,000 operations annually and about 200 million pounds of cargo are handled at the airport in every year. This thereby, makes it the 3rd largest airport in the entire Michigan State. To investigate these underlying factors that has led to the damaging of operations in the airport. These factors will help in the improvement and advance aspects of the airport. There is a need analyse its operations before and presently in order to help come up with the appropriate solution to poor performance. This includes research on the service quality, performance and security concerns in the airport. This will help determine whether there is a need to develop the airport in order to bring back high quality operation in the airport and provide customers with advanced comfort. Willow Run presently is subjected to 3 distinctive kinds of maintenance responses. They include Reactive, Preventive and Predictive. The reactive response entails acting in response to a breakdown and sorting it out subsequent to its happening. Preventive response entails restoring fractions or keeping equipment in good condition frequently to decrease the possibility of breakdown. Predictive repairs entails taking a look are equipment features to come up with forthcoming breakdowns and restore the equipment merely when necessary. Equipment that are linked to this responses entail the following: Snow equipment, Pavement repair equipment, Landscaping and Public safety equipment (heavy equipment), Pavement, Bridges, Water and Sewer lines, Fire suppression lines and other equipment open to the

U decide Essay Example | Topics and Well Written Essays - 750 words

U decide - Essay Example He insisted that if the research is basically aimed at bringing a cure to the existing diseases, this will not remedy the future health needs because the same diseases will keep recurring in the future (Bostrom and Roache 3). However, Gregory states that, â€Å"the desire to triumph over our own mortality is an ancient dream though it never stands alone† (Stock 9). This means that by focusing on creation of a stronger and healthier human species will require the effort of the researchers and the entire population to focus on applying the appropriate technology to ensure that there is attainment of gains in the life expectancy of human beings and to ensure that it slows down the rate of human aging. He notes that aging is the main cause of death of human beings in many nations and the researchers will efficiently deal with this if they focus on improving the human species in a way that they become old without aging and ensuring that they are able to live longer. Human beings will therefore remain fit and healthy indefinitely. Stock also supports his stand by explaining that if researchers focus on improving the health status of the human species, it will result to improvement of health capabilities ensuring that the physical capabilities of the human species are improved. This will involve improving the bodily capacities including dexterity, strength, coordination and conditioning. He also argues that the improvements in the human species will come along with attributes of personality improvement and though these conditions are not classified as diseases, they will be part of the positive results obtained from the process. An example of this will be that people who are compulsi ve will become more relaxed and those that have a low self-esteem will become more confident. Another positive result that Stock argued would result from the improvement of the human species would be the cognitive capacities. The resulting

The real estate sector Essay Example for Free

The real estate sector Essay ACKNOWLEDGEMENT A project is never an individual effort of a person whose name has appeared on the cover page. A successful project requires proper guidance, proper time, energy, efforts, patience and knowledge. First of all I am deeply grateful to Dr. Manjula Shastri whose help, valuable suggestions, encouragement and guidance helped me in preparation and writing of the report. I want to thank the staff of Piyush Group who spends their valuable time to give me the important data regarding my project. I would also like to express my gratitude to everyone who gave me the possibility to complete my summer internship report. This Project has given me an insight of the Real Estate Industry and the competition between different Real Estate Group. The completion of the Project has made me aware of the Research Procedures and the complexities that can arose during the process. EXECUTIVE SUMMARY In India, Real Estate business is believed to be a sale and purchase of the property on the market with the assistance of real estate brokers/agents. However with the entrant of large Real Estate Groups like PIYUSH, RPS INFINIA, DLF, ANSALS, SIKKA, OMAXE, SUPERTECH etc. the scenario has completely changed. The sector has now become well organized with the groups performing well in the sector. They are well established corporate who have  efficient marketing strategy for facing changing democratic and environmental scenario. Liberalization has given the real estate sector a very attractive approach for investment and growth. Moreover government has opened the path to FDI and Public Private Partnership (PPP) for major infrastructural and development projects in NCR. The NCR alone are the core of major real estate activity in India. Although infrastructure has been hit by rising input costs and delayed approvals, assest prices for residential real estate have recovered and grown over the past two years. The increase in residential assest prices have given to a prospective fizz, causing stagnation over the past two quarters. Various real estate players have the business strategy of capturing major market through their different commercial and residential projects in NCR (areas surrounding Delhi). Therefore cities like Faridabad, Noida and Gurgaon are the best place to live or to invest in it. TABLE OF CONTENT PARTICULARS Declaration Certificate Acknowledgement Executive Summary Objective and Scope of the Study Research Methodology Introduction Company Profile Current Scenario of Real Estate Business Growth Prospect of Real Estate Business in NCR The Major Players of Real Estate Business in NCR Competitive Analysis Conclusion Bibliography OBJECTIVE OF THE STUDY: The aim of this summer internship project is the study of Real Estate Sector  in NCR with reference to Commercial and Residential Projects and what is it’s over all impact on the changing Indian economy .This project will also put light on a changing trend and new area developing for realtors in NCR region with their price components both launching and pre launching price of the property. Objective 1: To study the current project of Piyush Group Objective 2: To study the growth prospects of Real Estate Business in NCR. Objective 3: To understand how one should go about selecting the Real Estate Projects. Objective 4: To study and do the competitive analysis of Piyush Group SCOPE OF THE STUDY This research is important to prospective real estate investor, students, entrepreneurs and developers who are having stakes in different small and mid size project in NCR. This may be of special interest to marketing students who would like to know more about the practical step- by- step side of marketing world, rather than only the theoretical aspects taught in business schools Research Methodology The methodology which was opted for the project is as follows: 1. Description of the Research This research on will consist of exploratory research as well as conclusive research. It begins with a hypothesis, and to arrive at a conclusion, which includes secondary data as well as information from case data and questionnaire. 2. Data Collection Methods The Sources of secondary data that are used are Libraries resource center Internet Sites Books, News papers, Magazines Journal Trade promotion council Organization The method of primary data collection is Questionnaires Direct Interviews 3. Field work The fieldwork in this project consisted of data collection through taking the interviews and getting the questionnaires filled up. 4. Analysis Finally interpretation will be drawn from the analysis of the information gathered Primary Data Secondary Data Analysis and Findings of Data INTRODUCTION Real Estate is often inaccurately taken as a profession. However Real Estate is a business, not a profession. Profession applies science, act or learning to the use of others, the profit to the professor or person applying it being incidental while business is engaged in making profit and the profit is to the one who is engaged in the business. But whether real estate is a business or a profession has no connection at all with the body of ethics governing it. Every business can be conducted upon a plane ethically as high as the ideals of any profession, and the men who have been conspicuously successful in the real estate business have attained success because they have applied to their business the highest ideals of commercial fair dealing. This does not mean that there is any ethical requirement for the seller or the purchaser to give away anything which belongs to him, or for either one to disclose to the other his necessity for selling or his requirements for buying; but the barg ain having been made, it is absolutely necessary that it be lived up to by both parties, according to its intent; and, if there be any doubt of the intent of the bargain as it is expressed in writing, that the spirit of the transaction be carried out rather than that the catch words of a written instrument should govern. Cases are  frequent of men who to their own detriment perform the thing which they have promised to do although not legally obligated, and the bigger and more successful the man who makes the promise the more surely will it be carried out. Important obligations are often incurred upon the mere promise of a well-known man to sell an important piece of property at a definite price, although no legal and enforceable obligation exist; and the promise is always redeemed if it is made by a man who knows the business, and it is redeemed not merely from altruistic motives, but also for purely business reasons. Divisions of the business.—the principal divisions of the real estate business are investment, operation and agency. These differ from one another according to the aims of the persons engaging in them and the methods by which those persons expect to make their gains. To conduct either of the first two divisions of the business, investment or operation, actual money capital is required. The most important capital in the agency business is the good will of its customers, and that can be marketed, increased and made very valuable for investment. Investment is the employment of capital in the acquisition of real estate or interests therein for permanent ownership or actual use of the person acquiring it. Operation is the employment of capital in the acquisition or improvement of real estate or interests therein for commercial operations. Agency is dealing in or with real estate on behalf of others. Investment in real estate is generally made for either of two purposes : (a) To derive an income, (b) To hold for resale in expectancy of an increase in value. Investment for income may be for one of two purposes, (1) The derivation of rental—that is, the direct return for the use of real property for definite periods, or (2) The obtaining of income through others upon money lent on the security of real property. COMPANY PROFILE Piyush group has ventured into a wide range of aspects of Real Estate and construction. In the Indian real estate state of affairs, Piyush Group is indulged in development of Integrated Township, Group Housing Projects, and Commercial Mall.  In the world of Piyush Group people get to enjoy the Harmony of Nature, the culture and the people together. Piyush Group is a diversified group with a major presence in real estate development, construction and financial services. This group, has over two decades of experience, a strong technical base and financial standing was accorded the ISO 9001: 2000 certification. A recognition of its focus on international standards. Time bound delivery and top level quality is synonymous with this group which has a projected turnover of US $ 450 million. From integrated housing projects to commercial projects to business parks, Piyush group has ventured into various facets of real estate and construction. In the Indian real estate scenario, Piyush Group is involved in development of Integrated Township, Group Housing Projects, Commercial mall cum Multiplexes, Educational Institutions, Corporate and IT Projects. In Piyush Group, where the vistas are endless, we stands beacon like, leading the way and in the process make an effort to change the way people dream about their homes and establishments. Piyush Group visualizes a project in every major city of the National Capital Region (NCR). Residential Projects on the anvil include Integrated Townships in Palwal and Bhiwadi and a world class Group Housing Project (Piyush Heights) is under speed development spread over 17.5 acres (approx.) located at Sec 89, Faridabad. Commercial projects including Upcoming Business Park Global i being designed by the renowned architect Hafeez Contractor located on Mathura Road, Faridabad. With plenty more in the offering Piyush Group stands for its motto To deliver quality beyond ones expectations. Core Strength The core strength of Piyush Group is its experience professionals who bring in unique mix together of business and technology skills that help the group  to know business issues and opportunities and to achieve measurable output. In a very short period Piyush Group has made a mark. This achievement that Piyush Group has achieved is actually the sources of inspiration which keeps them going. The motto of their growth is to deliver quality beyond ones expectations and consider in keeping intact the essence of life as growth. Professionalism and awareness to detail, right from planning to implementation is an in-built quality of the entire team of qualified professionals that make up the most valuable resource of Piyush Group. Efficiency and Integrity is the keystone of this organization where energy of youth rubs shoulders with wealth of experience reflecting the creativity and progressiveness of the organization. The main strength of Piyush Group is their highly qualified and seasoned professionals, experts and advisors. They have an approach to provide real estate solutions sterns from pure professionalism, through knowledge of market trends, technical knows-how, utilization of world class construction methods and equipment. Piyush Group wealth is a rich vault of experience which grows with each new project implemented. Dedicated to details the gtoup covers every inch from planning to implementation to after sales. And periodically invest in research and development to keep updating the knowledge of consumer insight, technology and construction for an unmatched leverage in forecasting and planning for the future with hallmarked quality projects that meet expectations in designs, amenities and convenience. The efforts have earned the group recognition for international standards, globally. Vision Mission VISION: Piyush Group foresees to transform dreams into reality. Its vision is to create residential and commercial establishments across all stratum of society and eventually facilitate to excel in the essence of life! The endeavor is to develop the lives and aspirations of people and enhance their quality of life and work. MISSION: To regenerate the essence of life To provide to customers needs of today and to percieve and provide for tomorrows needs. To provide value for money high returns on investment. To focus on strategic growth through existing and forthcoming projects. To stick on to internationally accepted benchmarks in real estate development and construction Principles Guidelines The Essence of Life: The core fundamental principle that governs our endeavors. And which simply defined translates into following: To formulate a cohesive effort in improving and inspiration of people. To provide to the needs of today to predict and provide for the needs of tomorrow. To give value for money high returns on investment. To support the virtues of transparency in dealings, honesty and integrity. To build long lasting relationship with business partners, clients and customer. To generate innovative real estate projects via a unique blend of business acumen, technology skills. To deliver the epitome of high quality on a timely basis. To our customers before our projects and not vice versa. Piyush Group Projects Group Housing Piyush Heights Commercial – Piyush Business Park, Piyush Global I, Piyush Mahendra Metropolitan Mall Group Housing Group Housing 1) Piyush Heights: Overview: Envisaged as an amalgam of world class infrastructure and aesthetic environs this Group Housing project spread over 17.5 Acres (approx.) located at Sec 89, Faridabad offers a combination of 1086 apartments. Facilities like a fully equipped gymnasium, clubhouse, swimming pool, etc. are luxuries that come with the offering. This residential complex promises peace of mind with it’s hi-tech security, power backup and still parking space. Salient Features Being designed by leading architect M/S R.K Associates Green Area Exotic Landscaping and open area Provision for visitors Car parking Surrounded by Prominent Educational and Health Care institutes Building Design for earthquake resistance Parking in stills and open Why to invest One of the most talked about project in Faridabad. It is situated in the Heart of Greater Faridabad; only 5 minutes drive from proposed Noida express way. Nearly 8 kms from South Delhi Best of the amenities being provided at a very competitive price Bank loan facility available Lot of corporate houses employs have also invested in our project Bank Loan facility Available from: Can Fin Homes Ltd (sponsored by canara bank), Duestsche Bank, DHFL Commercial Projects 1) Piyush Global I Overview A symbol of dynamism and growth, Globai I is a world-class IT Project at Faridabad. From an incredible architectural style to the breathtaking views outside, working here in intended for people who seek to be associated with a vibrant community of like-minded individuals. Its hi-tech offices exude sophistication and elegance, and provide a fitting ambience for those who enjoy being in the midst of all the action. Stay ahead of competition. Work better. Meet deadlines earlier. Make smooth transactions a daily routine. And to its end, Global I offers varied infrastructure which makes all this easily possible. Salient Features Centralised Air conditioning (Bluestar) 12% assured return on investment Strategically located at the Main NH-2 Total area of 3, 50, 000 sq.ft. (Approx) Designed by the renowned architect, Hafeez Contractor Proximity to the upcoming metro station . Only 20 minutes from the proposed Noida Expressway 25 minutes drive from Delhi* Hassel-free working environment Health Club Spa Cafeteria Centralised RO water supply 3 level basement parking Designed on the pattern of environment friendly green building NH-2 going to six lane soon IMT Faridabad is just 5 min drive Approx. 1km drive from Commercial sector -12 ATM 2) Piyush Mahendra Metropolitan Mall (Commercial Project) Overview A Joint venture with Sh. Mahendra Pratap Singh (Cabinet Minister – Haryana Govt.) The world of fashion brands cuisines beckons you, now bigger and better. Piyush group presents a magnificent investment opportunity in the industrial city of Faridabad, The MetropolitanMall. Designed to be the finest corporate and retail destination, The Metropolitan Mall is perfect for those who wish to invest in this booming real estate market Salient Features Centrally air-conditioned Electrical Lighting System- Remote Controlled Heat reflective glass to reduce air conditioning costs Specifications as per international standards Designed as per Vaastu Feng Shui 24X7 security systems with CCTV Two level basement parking Fire Detection protection system. An ambience of multi specialty Cuisine Food Court . Piyush Mall is surrounded by artfully landscaped natural green environment. Situated in heart of Residential area Very good location as NIT and other residential area is nearyby 3) Piyush Business Park Overview A new era in the Business World , Piyush Business Park is being designed by the world-renowned Architect Hafeez Contractor. Piyush Business Park has architectural marvel in glass and steel will be spread over an area of 2 lakhs sq. ft (approx.). and will be located on the Main Mathura Road, NH-2, Faridabad as figured in the road map displayed below. This business location promises to be the destination of corporate and business houses and will be  an amalgam of serenity and modernity. Piyush Business Park, a new ultra modern design of architecture consists of eight floors surrounded by artfully landscaped greenery with common basement two level parking for nearly three hundred vehicles. It will house MNCs like Insurance, Banking, FMCG, Consutling IT/ITES etc. The platforms and infrastructure supporting services are being carefully engineered and designed to provide the best quality of service at the highest levels of availability and in harmony with customer expectations and global standards. Quality construction material is being used which includes tiled floor finishes, stone countertops throughout the area. Piyush Business Parks will thus provide the most extensive and comprehensive portfolio of structured connectivity solutions available in the market today. Salient Features Electrical Lighting System- Remote Controlled. Heat reflective glass to reduce air conditioning costs. Specifications as per international standards. Designed as per Vaastu feng Shui . Hi-Tech commercial arena and world class futuristic amenities. 24X7 security systems with CCTV. Two level basement parking. Fire Detection protection system. An ambience of multi speciality Cuisine Food Court. Business Park Surrounded by artfully landscaped natural green environment. Dedicated space for auto car showroom Proposed Metro connectivity NH-2 going to six lane soon Current Scenario of Real Estate Business The crucial sector of our economy is the real estate sector as it has huge multiplier effect on the economy and therefore it is known as the big driver for economic growth. After agriculture, real estate sector is the second largest employment generating sector. It is growing at a rate of about 20%  per annum and this sector has been contributing about 5-6% to India’s GDP. Apart from generating a high level of direct employment the sector also stimulates the demand in over 250 ancillary industries such as cement, steel, paint, brick, building materials, consumer durables and so on. Since 2005, the Indian real estate industry has been on a roller coaster ride. There has been a boom in investment and developmental activities after the government’s policy of allowing Foreign Direct Investment (FDI) in real estate sector. The sector has witnessed the entry of many new domestic realty players and also the arrival of many foreign real estate investment companies including private equity funds, pension funds and development companies entered the sector lured by the high returns on investments. The real estate sector has also been through many highs and lows. The industry achieved new heights during 2007 and early 2008. In beginning of 2007, there was formidable growth in demand, substantial development and increased foreign investments. However, by mid 2008, industry took a ‘U’ turn due to the global economic slowdown and inflow of FDI into real estate dropped significantly which at one point of time was seen as one of the most promising markets for foreign investments experienced a downturn. Financial Support to the Sector FDIs attracted by the housing and real estate sector in the Financial Years 2007-08, 2008-09 and 2009-10 are 8.9%, 10.3% and 11% respectively, of the total FDI in India. However the financial year 2010-11 there was sheer 6% FDI in the sector. In the year 2010 the Indian real estate sector regained its charm after the darkness and recessionary pressures experienced in the year of global downturn. With the aim of focussing on ‘affordable housing’ the sector has crunched the financial downturn it has experienced. The sector still has the huge potential to attract FDI in its various segments. The focus on ‘affordable housing’ helped the sector tide over the financial crunch it had witnessed. There is no doubt that the sector holds huge potential to attract FDI in its various segments. The real estate sector requires joint support from both industrial sector and the Government to make further progress. On the one hand, the industry should work towards increased transparency, clear land titles, improved delivery and project execution while on the other hand the Government must provide fiscal  incentives to developers to build low cost and affordable housing for the masses and also review the existing FDI guidelines for investment and development in Indian real estate so that there can be an increase in the flow of foreign capital into the sector. Challenges faced by the Real Estate Industry The challenges that are faced by Indian real estate industry are as follows: Lack of clear land titles, Absence of title insurance, Absence of industry status, Lack of adequate sources of finance, Shortage of labour, Rising manpower and material costs, Approvals and procedural difficulties. Traditionally Real Estate sector was unorganized nowadays it is slowly evolving into a more organised one as the sector has started embracing professional standards and transparency with open arms. The Indian Real Estate sector has both majorly established domestic players and international players. Some of the examples of the major established domestic players in the sector are DLF, Unitech, Hiranandani Constructions, Tata Housing, Godrej Properties, Omaxe, Parsvanath, Raheja Developers, Ansal Properties and Infrastructure and Mahindra Lifespace Developers Ltd to name a few. International players like Hines, Tishman Speyer, Emaar Properties, Ascendas, Capitaland, Portman Holdings and Homex have made a name for themselves in India. The Road Ahead Since real estate reaching a point of saturation in developed countries and the demand and prices falling, global real estate players are looking at emerging economies such as India for tapping opportunities in real estate. Therefore Indian Real Estate Sector has a huge potential of consistent FDIs. As India has strong economic fundamentals and demographic factors so Indian real estate will stay attractive and also there is a high level of global uncertainty looming over the developed and developing nations of the world. Developed economies are still struggling to regain their growth momentum  which will allow developing countries including India and China to grow at a reasonably high rate. The opportunities in Real Estate sector in coming years will also help to attract global players to India and hence will assist the industry to mature become more transparent, improve management and adopt advanced construction techniques (Link 1). Growth prospect of Real Estate Business in NCR Real Estate business in NCR which is witnessing a setback these days will regain its lost momentum with the boost in the economy. Government is taking measures to capitalize on the capabilities of the real estate and infrastructure sector by supporting the private public partnership (PPP) model not only to boost the infrastructural activities in NCR also to bring back growth and to deliver to its citizens. The strategy involves contributions from public and private sector which will revamp the city’s environs. NCR is seemed popular as an investment destination as the destinations like Connaught place is emerged as the fourth costliest commercial office market in the world. Moreover the rental values in central business district (CBD) rose by 20 percent in one year mainly due to lack of availability of quality space, no new supply prevailing high demand. Commercial activity apart from Delhi CBD is mainly concentrated in the prominent locations of NCR (mainly in Faridabad, Noida and Gurgaon) enjoys superiority as a choice of business destinations. In addition to above, the new and the upcoming corridors along Gurgaon and Noida like Yamuna Expressway, Noida Expressway, Dwarka Expressway have led to tremendous increase in the Real Estate Projects both commercial and residential from all major real estate groups in the past few months and will continue to attract more players of real estate. The other major corridors like Faridabad-Noida-Gurgaon (FNG) Expressway, Southern Peripheral Road and Kundli-Manesar-Palwal Expressway are seeing prominent real estate projects developments and their popularity will also lead to more investment in NCR. Capital value of the residential realty market has also increased due to factors like amenities, travel time to commercial districts, connectivity to various parts of the city and quality of public transport and infrastructure. There has been 14 to 29 percent appreciation in residential property market of South-East Delhi, South-Central, Gurgaon and Faridabad in  a year. Rent is also showing stability across all markets in the last quarter (Link 2). Why Faridabad has a Greater Scope for Realty development Faridabad, an industrial hub of Haryana, is now considered one of the best bets for safe living in the NCR. With improving infrastructure, Faridabad has transformed into a booming economic warehouse, and, a recent study has projected this old industrial city as the countrys city of the decade 2011-21 (Link 3). Bibliography (1) http://www.ficci.com/sector/59/Project_docs/real-eastate-profile.pdf (2)http://articles.economictimes.indiatimes.com/2013-04-05/news/38306514_1_realty-market-noida-expressway-dwarka-expressway (3)http://articles.economictimes.indiatimes.com/2012-09-01/news/33535418_1_ncr-cities-service-industries-medium-and-large-industries

Tesco Plc Management and Success

Tesco Plc Management and Success A large amount of literature is available on the management methods and policies of Tesco, the culture change it has adapted in its past, its workforce and its retailing success. This has been compared to the management theories and criteria of change management, and discussed to find out how closely do Tescos employee management mechanisms link with the actual theory. A brief overview of the history of Tesco with detailed step by step progress made by the company the strategies, values and policies, stakeholders and customers of Tesco are also precisely discussed. The future plans and a comparative analysis of Tesco with other top retailers is also presented. Tesco PLC: Based in United Kingdom ever since 1920, Tesco has to date expanded itself into several countries across the European Union as well as in Asia (EMMC, 2007). Such success of Tesco has been possible due to its focus on growth strategy, and its core competencies which are basically its brand reputation and the value-added services it provides through the brand experience. In addition, Tesco has shown a wide potential to capture foreign markets with variable environmental, cultural and political factors. It is highly sensitive to external environment, and adjusts on a need basis. It is also important to consider the factors of Tescos internal environment which add to its competencies (Clark, 2008). Tesco has gained its current position as one of the major retailers of the United Kingdom by adapting to the needs of its customers. One of the major shifts of the organization culture and strategy came in 1990 when the organization transformed itself by focusing on its human resource management. This was done by a process of strategic and cultural change (Clark, 2008). Retail industry and Tesco: Retail refers to sale in small quantities, the retail industry is an important sector of the economy; it comprises of individuals and companies which are engaged in the selling of finished products to end users. The retailer buys the products in large quantities from the manufacturers either directly or through a wholesaler, and then sells smaller quantities to the end-user. Retail is usually classified according to the type of product; divided mainly in three categories that are; food products, soft goods ,which includes clothing accessories etc and hard goods, which includes electric appliances, electronic items, sports goods, furniture et cetra (Akehurst and Alexander, 1997). Tesco PLC is a United Kingdom based global departmental store, it is the third largest retailer in the world. Tesco started as a food retailer but after the success in food business the company expanded its business activities by retailing a variety of products, targeting different markets and creating intere st in customers of different sectors. At present with over 2,500 stores worldwide and more than 450,000 peoples employed, Tesco is ruling all around the world with its business which covers retailing, distribution, logistics, telecommunication and financial services (Tesco case study, 2011). Tesco PLC History Tesco was founded in 1919 by Jack Cohen; he started off by selling surplus groceries on a stall at the East End of London. The companys name was penned from the initials of T.E. Stockwell, who was at that time a partner, and CO from Cohens name. Cohens motto was pile it high, sell it cheap, it referred to the fact that customers wanted inexpensive products at a convenient location and an optimum volume that would be profitable. After initial ten years of foundation finally the first store was opened by Cohen in 1929 at Burnt Oak, Edgware, North London. Jack Cohen introduced a new concept of food ware house when, in 1934, he built a new headquarters and a warehouse for central stock control. The success story of Tesco PLC continued and as a result by 1965, Tesco owned a chain of 212 stores in North of England and by 1965, the count was increased to 356 stores. By this time, Tesco was becoming a prominent retailer in all of Europe and this fact was highlighted when the name of Tesco wa s entered in Guinness Book of World Records as the largest store in Europe (Tesco PLC, 2011). Tesco initiatives over the years: Tesco started off as a retailer for foods but expanded its spectrum to other products; in 1975 Tesco broadened the concept by opening petrol stations at different major sites. The idea behind this launch was to provide customers everything that they need, in one location. They initially started selling branded petrol but in the late 80s their own brand fuel went on sale. To attract customers, a price cutting campaign under the banner of Checkout at Tesco was enunciated by the company in 1977. Tesco introduced yet another new concept and became the first major retailer to emphasize the nutritional value of its own-brand products by launching its Healthy Eating initiative, Healthy Eating was launched to show commitment of the company in providing customers not just healthy good quality food but also to promote a healthy life style. The year 1992, was a very happening year at Tesco, as many new products were launched this year, these launches included a whole organic range and computers for schools. Other than this, the campaign of Every Little Helps was also launched this year, this campaign basically developed the companys philosophy, Tesco refers to Every Little Helps as an expression of their values, and the values are that no one tries harder for customers than Tesco and the company treats its customers as they would like to be treated (Tesco PLC, 2011). Tesco PLC was prospering at an accelerated rate, and to ensure this, the Tesco team was making every possible effort to engage the customers and maintain the consumers loyalty with the company, for this purpose Tesco launched another initiative by the name Would I Buy It; the purpose of this campaign was to guarantee that the products offered to the customers were always of the highest quality. Tescos club-card was also launched this year. The club-card was UKs first customer loyalty program; the sole purpose was to give something back to the loyal customers. According to Lord MacLaurin, former chairman of Tesco, customer loyalty is not how customers demonstrate their loyalty to the company; it is about how the company demonstrates their loyalty to their customers. By this time Tesco was not only the largest retailers, but was also the market leader of food retailers and dominated the English market in food retailing, and thus, started expanding the business beyond the boundary acros s the world (Tesco PLC, 2011). Tescos international markets reach: Globally, Tesco PLC was first introduced in Hungary and later entered Poland, Czech Republic, Slovakia and also Ireland. The business was also launched in Asian countries Taiwan, Thailand and South Korea. Parallel to all these across border business growth, 24 hours trading was also introduced In the year 1998, Tesco launched its Finest premium brand of foods; the Finest included fresh and prepared food ranging over 100 products which change with the season. In 1999, Tesco took another initiative and published supermarket prices comparison on the internet and also launched an on-line bookstore and on-line banking. By 2000 tesco.com was launched (Tesco PLC, 2011). The success of Tesco was mainly because of its customer satisfaction strategy and in order to continue this journey the emphasis was always on customer care, and so in 2001 Tesco launched Customer Champions in many stores which implemented a new labor schedule to further improve services to the customers, the company also followed a continuous replenishment of policy to ensure at least 99% of stock availability. The very same year Tesco also achieved the landmark of becoming the leading organic retailer in the United Kingdom. In 2003, Tesco steps into the business world of Malaysia, Japan and Turkey. In the same year, Tesco started a new offering Free-From product; these products were especially designed for customers having special dietary needs. Peoples who are susceptible to any kind of allergies or food intolerance were able to entertain themselves with this new developed food range and restricted diets was not any more an obstacle to enjoy food of respective interest. All the Te scos Free from products are made gluten free, wheat free and in some cases milk free; all the ingredients that usually are the most common causes of food allergies. The free from product range included over 150 products (Tesco PLC, 2011). Tesco entered United States of America business in 2007, by opening Fresh and Easy a chain of local grocery stores whose focus was on fresh foods. Tesco introduced own-label products rather than the usual vast range of US brands of heat and eat meals. This local food chain used a straightforward everyday low price strategy and offered cheaper rates to the American customers (Tesco PLC, 2011). Tesco PLC Strategies and Policies Tesco entered the world of retailing business and gradually ranked highest among the largest and best retailers in United Kingdom, now by twentieth century the concept of retailing has became increasingly popular and therefore, the competition among the retailers has immensely increased. Customer focused strategy of Tesco: Every company is working on developing new strategies and business policies in order to attract new customers and keep old customers loyal to the company. At the present situation when business is so customer oriented, the key to remain in business is customer satisfaction and this stabilizes the companys economy (Ma and Ding, 2010). Tesco has always paid considerate attention to its customer and this is the biggest reason of their success, the core purpose of the company is to create value for customers and earn their lifetime loyalty. Tesco has achieved its goal and the business of Tesco PLC has flourished throughout its journey because the company has religiously focused on its four strategies and strictly implemented upon them. The first key strategy is to grow the core United Kingdom business by establishing Extras, Superstore, Metro and Express. The second strategy is to expand the business internationally, while the third strategy emphasizes on become equally strong in its non -food retailing business as it is in its food retailing business (Tesco CSR, 2005). Retail services offered by Tesco: The final strategy is to provide new retailing services in response to changing customer demand, the retailing services includes online shopping, Tesco Personal Finance(TPF) and telecom industry. The team of Tesco has tirelessly worked upon its strategies and that is the reason they are on top not only in food retailing but also in other retail businesses. Tesco understands and anticipates the needs and requirements of the customer and this is why it has always been successfully responding to changing lifestyles and demand of the customer and this has become the key drive of the company ever since it was established (Tesco PLC, 2011). Products offered by Tesco: In order to make its mark in the non-food retailing business Tesco has developed and introduced a wide range of products in different varieties making its business as versatile as possible. From food stuff to all soft goods such as clothes, footwear, accessories, jewelries, beauty products, household item, kitchen items etc, and also hard goods such as sports goods furniture, appliances and electronic items, are made accessible to the customer under the roof of Tesco PLC, this has provided the customer not just with ease but also with a good shopping experience to take home with. Providing with a variety of goods is not the only objective it is essential to maintain the quality to ensure brand loyalty with the customers. Constant innovations of ideas and development of products and services is required to keep competitors on their toes, that is the reason that Tesco keeps launching new campaigns, product and services ideas (Tesco CSR, 2005). The marketing department has made the understanding of customers better than anyone. The management of Tesco reports that the reason as to why it is necessary to understand customers is because championing the customer voice in the business helps in guiding and measuring the business, that is why any new product, service, campaign or business idea is launched after extensive site research which determines and obliges to meet customer needs by matching the store format to the location. Market research is done to monitor and track the healthy business, identify changing customer needs, understand current customer issues, and ensure initiatives that the company has taken are right for customers, moreover strategic insight is developed which guides business strategy through customer perceptions and concerned people views. Analysis on the insight is done to get feedback from customers and keep a check and balance of the companys performance. Further research is done on customer lifestyles and the shopping experience that is being offered by the company in order to guarantee that the business is reflecting the needs of customers. According to the management team going through these five steps enables them to fully understand the scenario and this makes them achieve a competitive advantage (Tesco PLC, 2011). Tesco and its Stakeholders Suppliers Tesco has managed to flourish a stabilized relationship with its suppliers. Tesco supports the British Farm Assurance Mark; this is because of the Tesco Farming Initiative taken by Tesco with the suppliers and farmer organizations. In 2001, during the crisis of foot and mouth, Tesco donated a large amount for the British farmers that were affected by the disease. Also through Tesco Codes of Practice, the company takes interest in the welfare of the animals; these codes specify the kind of husbandry expected by the farmers and suppliers from the company. The company also takes part in researches regarding the problems and issues of husbandry (Tesco PLC, 2011). Employees The prospect of expanding business has enabled Tesco to entertain people with proper job offers all around the world. Tesco has around 200,000 employees in United Kingdom and about 65,000 in Ireland, South-East Asia and Europe. Employees enjoy benefits such as pensions, profit share schemes, shopping discounts and other save money schemes. Tesco launched a career site which helped a great number of graduates and other workers in finding suitable jobs within the organization. A large number of employees are share holders in the company (Tesco PLC, 2011). Customers Tesco PLC has a huge range of customers that belong to entirely different sectors and cultures. The wide spectrum of the goods whether food or non-food items offered by the company makes customers from every age of life. The good quality of the products and the continuous innovations of the products, have made the brand loyalty of customers possible (Tesco PLC, 2011). Strategic and cultural change in retail sector: Strategic change refers to using strategy in order to successfully implement change, to achieve the long-term goals and objectives of the organization. Culture change is a link between organization culture and key company performance variables such as return-on-investment (ROI), sales growth, innovation, employee satisfaction and customer satisfaction. Thus, the strategic change may be viewed as a mechanism of bringing about change in the company, be it a culture change, empowerment or total quality (Balugan, 2001). In order to bring about the change at Tesco, it is crucial to see that this change is properly managed and administered throughout the organization. According to Kennen (2007), organizations can induce culture change by uncovering the core values and beliefs of the employees, by discussing and communicating the process of change, and by establishing new behavioral norms. There are two views to any type of organization change: the managers top-down view (that is how the change impacts the managers) and the employee bottom-up view (that is how the change impacts employees). The latter can be termed as individual change management, using techniques to help employees transition through the change. This is important because employees are the people that ultimately implement the change at its very basic level (Hiatt and Creasy, 2003). Also, when change is initially introduced employees tend to feel doubtful about their ability to change which results in decreased confidence and performance, inducing resistance (Balugan, 2001). Change management can thus become a significant crucial issue, which if not implemented properly can result in loss of employee trust in management. Successful organizations inspire a strong organization culture into their employees. Change management also depends on the incorporation of several factors in the change model, including timing of change, scope of change, diversity capacity of employees, and readiness of employees to change (Balogun, 2001). Bedingham (2000) has described how strategic change was implemented by Tesco in 1987. According to the article, Tesco came across the performance lapse of the organization in a research done by Verax for Coca Cola to study retail buying (Cummings, 2011). The research findings revealed that the performance of the retail store managers at Tesco was very low compared to the competitors. In response, Tesco decided to review its management practices to improve customer satisfaction. In this process, it took retail lessons of training and transforming its front-line staff that come in direct contact with the customers every day. The need for training Tesco employees had also emerged due to the diverse ethnic, racial, social and economic backgrounds of its employees. All these employees have different skills and shortcomings, and hence require training specifically customized to their different personalities. Another need for employing these training programs is due to the fact that recruit ing new employees is much more costly to any organization than retaining the same employees (The Times 100) The growth and transformation of the retail industry itself and the concept of retailing are also responsible for the growing need of bringing about a change in employees at Tesco. Factors affecting this include changing needs of the customers and the society, as well as from the changes in supply of labor. Another factor leading to this management change is the transformation of the retail structures over the years. The layouts are now professionally developed, with vast amount of support systems and skilled staff required to handle them. Previously, employees in a retail store were meant simply for assisting the customer, however today with the presence of modern technology, databases and finger-tip market knowledge, employees are expected to serve the customers with all the tools for decision making. Social changes brought about the need of extending business hours, and hiring employees more on a flex-time basis to accommodate the employees varying lifestyles. Whilst decades ago, retail employees were hired on a permanent basis, having a specialty in retail service, today employees are drawn from a pool of part-time workers, such as students, who take up jobs to earn some extra money. This has decreased the element of specialty and skill, which is in contrast with the fact that more expertise is now demanded by customers from the retail staff (Akehurst and Alexander, 1996) With respect to Tesco and its strategic change, individual change management has even a greater role, as its employees are the front-line staff, playing a major role in the image and success of the retail organization. According to Akehurst and Alexander (1996), in retail companies it is not the managerial staff, or external marketing activity that determines the image of a retail company in a consumers mind. Instead, it is the way customers are treated and the behavior of the retail store staff that determines this element. Even in outlets which are made for self-service, retail staff can affect customer satisfaction by their role in assistance, giving advices and greeting customers. One example of an employee-oriented retail company is Umpqua Bank in California, which has been able to provide excellent customer service due to its employee focus. At Umpqua, employees are empowered to fully satisfy a customer rather than perform specific tasks. This means that every employee learns every task regarding customer service, and can satisfy customer to his or her full potential. Employees are free to do whatever they can to provide customer satisfaction even without the consent of the supervisor. Hence, many branches keep dog bowls for the clients dogs, arrange yoga lessons and movie nights to retain customers (Berman, 2007). Thus, this shows that employee empowerment can lead to innovation even at the retail staffing levels. This becomes important when considering the possible implications that such culture changes can bring in a retail environment such as Tesco. Spurlock is another organization which induced organizational change by altering work standards, procedures and culture. The organization brought about a change in the way resources and time is managed, reallocating everything from staff to plant timings. One important lesson from their change management was the inclusion of staff in the process. The change process coupled with the employee training to meet the needs of the new system, eventually led to an entire work culture change. In the end, there was more teamwork and collaboration increased through the organization due to the shifting and reallocation of employees (Vonderhaar et al, 2010). However, despite the fact that the employees have such crucial significance, employee management is a considerably under-searched area in retail management (Akehurst and Alexander, 1996). In the book Value-based human resource strategy: developing your consultancy role, Grundy and Brown (2003) assert that in 1990, Tesco decided to undergo a culture change to enhance its responsiveness throughout the organization. However, this change came on quite gradually rather than abruptly. This is because when the organization hired an HR consultant, it discovered that the term culture change had an inherent risk of failing. It was too overwhelming a concept, indicating a huge change in the organizations function which made it incomprehensible for its stakeholders. Hence Tesco underwent change in the name of customer service instead, because the term described exactly what kind of change was going to be targeted. Similarly, when BP introduced its cultural change, it put an economic value that came from the change to motivate the employees to adopt it. Thus, organization culture change can be adopted in several steps, namely value change which lead to behavioral change in employe es. Recruitment: According to the report of Datamonitor (2003) Tesco Plc is recruiting almost three million employees for the product manufacturing and services. It is the biggest private employer of UK. (EFILWC, 2007) Tesco is a heavily customer oriented organization, with a focus on its external environment. Since its cultural shift in 1990s Tesco has been able to empower its staff and provide them with benefits and motivational tools that have positively impacted overall employee satisfaction. It has even extended its gradual cultural shift on to managerial and corporate level (Bedingham, 2000). Training for employees: Tesco has established six or seven levels of store employees, and provides training to whoever desires it (Garry, 2010). The training program is not simply an adaptation for the internal organization; it also provides an external qualification and a degree to employees for working at Tesco. Since the program is so significant from the aspect of employees themselves, they are more closely involved with the organization and develop a bond with the company. The training program has become a huge aspect of the organizations culture and vision itself. It has left the employees feeling more connected, confident and customer-oriented. Moreover, the personal development results in homogenous values of employees throughout the organization (Garry, 2010). Training program at Tesco involves several different types of trainings such as Introduction training, First class serve, Hygiene Training, Multi skills training et cetra. Introduction training is given the very first day, and involves introduction, discussing the organizations history, values and functioning. The First Class serve teaches how to interact with the customer and properly greet him or her. Hygiene training as the name indicates refers to training about the employee hygiene practices as required in the store. Multi skill tasking prepares employees for job rotations (Gulyas, 2007). According to Gulyas (2007) there is a significant difference between training and management development, though the terms are often used in same context. Training is the process by which people are taught skills to perform specific tasks, whereas management development refers to giving people knowledge and skills to enable them to undertake greater responsibility. Also, culture change at an organization is not merely a question of skills development of employees (Gerber and Lankshear, 2000). Organizations have a tendency to view skills of employees as end in themselves whilst skills in fact induce only surface level change, which does not translate into the deeper level of culture change (Lokshin, Gils, and Bauer, 2009). However, at Tesco, there is training of employees and management development for the managers. Therefore, employee training at Tesco is not merely a question of skill development, but also has the entire 360-degree personality development of its employees as its foc us. Employees are constantly expected to improve their behavior, to bring about personality changes that get reflected in their overall performance, and to develop themselves into empowered, inquisitive individuals who can take greater responsibility. Tesco enhances three major aspects of the employee behavior which are customer focus, ability to work with others and personal behavior. For this purpose, Tesco also arranges leadership workshops for its employees (The times 100). Tesco regularly evaluates the characteristics and performance of its employees to keep identifying skill shortages and new job demands. Based on the results, it adds on to its Personal Development program so that it is catered to meet the upcoming needs of training (The Times 100) Tesco also gives employees a steering wheel which shows them how their performance is creating a difference in the organization, by providing specific measures for employees, managers, country and the entire organization (Garry, 2010). In the current era, core Human Resource practices tend to encourage an innovation-oriented team based environment where employees are empowered. This is based on theories of motivation in management such as Hierarchy of Needs theory by Maslow (1943) and Hygiene Theory by Herzberg (1959). According to Abraham Maslow, human beings have varying levels of needs that have to be satisfied in a given order from basic physiological need of food and clothing, to higher level needs, such as drive for self-esteem and self-actualization. Hence, good working conditions, general praise and appreciation and an empowered working environment are essential features when it comes to fulfilling the needs of employee. Also, according to Herzberg (1959), there are certain factors the absence of which leads to an overall dissatisfaction of employees with their work. These are different from the factors that increase satisfaction and include company policy, supervision, working conditions etc. These are kno wn as Hygiene factors. In order to keep employees motivated, maintaining good working standards and conditions are essential. The Times 100 research has shown that, keeping in view the Maslows Hierarchy Model of Needs, Tesco seeks to fulfill all the level of needs, from basic to the highest through its various employee motivation programs. It provides basic pay and locker room facilities and health security and pension. In addition it addresses the higher needs of the individuals by empowering them in a team based environment, providing them feedbacks and appraisals, and motivating them through encouragement and respect (Bent and Freathy, 1997). According to Parish (2007) Tesco PLC managers listen to their staff, spend time with them and build direct one-to-one relationships which boost the overall employee motivation. The management found through surveys that one of the basic needs of their employees were to be listened to with respect. Therefore, at the organization, employees are treated with trust and respect and included in the decision making of the store, their voice and opinions are given due considerations and the problems they face in dealing with the customers are reflected upon and solved. In fact, the technique has been so successful that it is being replicated by a nursing hospital for the management of nursing staff. One of the benefits of training at Tesco was the greater teamwork and improved customer service. The major reason behind this improvement was the visible change in the confidence level of Tesco employees that has come from the training activities. The challenges in training employees came from the initial unwillingness of employees to enroll, because they were reluctant or shy (Garry, 2010). According to European Foundation for the Improvement of Living and Working Conditions (2007), Tesco seeks employees from different cultures, background through different sources, including government programs and campaigns. Its recruitment system allows the employers to consider people from diverse cultural and local groups, and fit them into particular jobs depending on capabilities and tendencies. It also participates in the government regeneration programs which look for employees amongst those that have been chronically unemployed. It also makes sure that its managers work shoulder-to-shoulder with its workforce, and are aware of the technical aspects of the work. Tesco provides its employees salaries based on the nature of work, and additional benefits, both monetary and personal in the form of flexible work hours. As of 2003, Tesco has a 94% employee retention rate with its socially inclusive policies. Tescos management of employees plays both roles of a company facilitator and corporate social responsibility. Through employee training and personal development, Tesco has enabled people unemployed for several years to be successfully employed (Gateway, 2003). Ma and Ding (2010) have also described the customer-orientation of Tesco.com, by asserting that customer value and customer satisfaction are amongst the core values of the organization. They have a clearly defined purpose, and they fulfill it through their excellent customer and delivery service. According to the work, 67% of the people take Tesco as their favorite supermarket. Thus, we see that in the past, Tesco employed tools and techniques of strategic change management in order to successfully bring behavioral change in its employees. The change however was more focused on the behavioral aspects such as employee professionalism rather than employee values, however Tesco ensured that both training and development were used as mechanisms for this change to make it long-term and effective.

Needs of Ifrs Education in India

Needs of IFRS Education in India Prepared By Dr. Atul Bansal, Principal ,M. Com. , LL. B. , PM&IR, M. B. A (Fin. ), Ph. D. , MIAA, MICA C. Z. Patel College of Business and Management (S. P. University ), Vallabh Vidya Nagar – 388120. Distt. Anand ( GUJARAT) Mobile : 09377023808 Fax : 02692-236700 e. mail : dr. [email  protected] com Introduction â€Å"In the age of globalization India insulates itself from development taking place worldwide and it is imperative for us to make a formal strategy for convergence with IFRS to harmonize with accounting standards accepted worldwide. The global trend towards IFRS represents a significant change and opportunity for many investors, companies and capital market. IFRS a global set of accounting standards may provide benefits such as greater transparency and comparability of financial information across countries. As companies compete globally, the movement towards IFRS is rapidly becoming one of the most important issues for companies to address today. Starting April 1, 2011, India has made it mandatory for every listed company to adopt International Financial Reporting Standards or IFRS.One year is a very short time when it comes to a major overhaul of the accounting process. Currently, India has an extremely limited pool of resources that have any form of training or experience in IFRS. To broaden the pool of trained resources, it is important to incorporate IFRS training in colleges, universities, and the professional accounting syllabus of the ICAI. Initiative by individual institutions to come up with the task of providing training and expertise in IFRS will also go a long way as it’s a big task and ICAI alone will not be able to bridge the gap.This paper throw lights on importance and need of IFRS education in India, the extent to which IFRS are recognized around the world and explore the possibilities of implementing IFRS in the Indian Keywords: IFRS, Accounting, Research, Purpose, Applicability, E ducation, IASB, ASB, Consideration, Convergence, Access, Design, Implementation International Financial Reporting Standards (IFRS) is a set of accounting standards, developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.The IASB is an independent accounting standards body, based in London. Importance of IFRS While converting to IFRS is a complex process, these standards have important and positive implications for organizations and individuals that adopt them. For companies: Reduced cost of capital and the ease of using one consistent reporting standard from subsidiaries in many different countries. For investors: Better information for decision making, leading to broader investment opportunities. For national regulatory bodies: Better information for market participants in a disclosure- based system. The Purpose of IFRSToday businesses are crossing their national boundaries, pr omoting the synchronization of accounting standards across the globe. The objective behind the IFRS is to create a common platform for better understanding of accounting, internationally. By adopting IFRS, a business can present its financial statements on the same basis as its foreign competitors, making comparisons Wider Applicability Furthermore, most jurisdictions that report under IFRS, including the EU, mandate the use of IFRS only for the listed companies. However, in INDIA, IFRS would apply to a wider group of entities than their international counterparts.This is primarily because of a large number of private enterprises getting covered under the size criteria, based on their turnover and/or their borrowing. Companies also may need to convert to IFRS if they are a subsidiary of a foreign company that must use IFRS, or if they have a foreign investor that must use IFRS. It’s Time to Learn IFRS ICAI has announced convergence to IFRS by 2011 which is not far away, since firms would need to start preparing themselves right now to adopt this change. It is time to prepare for the change, which will bring substantial and significant business transfiguration.European Union 2005, Brazil 2010, Canada 2011, India 2011, Russia Undecided, Australia 2005, Israel 2005, New Zealand 2005 Conversion to International Financial Reporting Standards (IFRS) The adoption of IFRS compliant accounting standards in India will, among other things, allow Indian companies greater access to international capital markets. However, IFRS adoption is not without its challenges. For instance, companies that have already adopted IFRS have had to enhance their systems and processes to generate the requisite amount of information that is necessary for IFRS reporting.In addition, education and training are important for the company’s finance as well as general management staff. But perhaps the biggest challenge today is that of educating finance professionals so that they can reconstruct the global economy while adding value to their organizations. Need of IFRS Education ICAI, CII, C. Z. P. C. B. M and many private bodies are conducting IFRS awareness program through Seminars and Presentations and it is making the companies aware of the compulsion to prepare for the inevitable and how it is going to help.We believe that IFRS expertise demand could be fulfilled only through dedicated IFRS trainings and diplomas that equip finance professionals/ students with all necessary skill set required. â€Å"An IFRS Degree and Diploma holds great significance in a professional’s resume today. IFRS transition is a good opportunity for finance professionals in India as it holds a big business opportunity in the country and abroad. And as the norm is going to become a mandatory feature for Finance companies to adhere from 2011, the importance of professionals with an IFRS diploma will increase manifold.It will certainly act as a great tool to select the best pr ofessionals from the world of finance, thereby giving a major boost to the industry as a whole†. Many Indian companies have still not started investing time and efforts on the implementation of this transition process considering the overall lack of clarity on several key aspects. However, as this clarity emerges and the deadline draws closer, consultants expect to see a lot more companies working on implementing the changes and increasing their internal readiness through technical up gradation, process and technological changes which in urn should translate into a greater demand for IFRS expertise. â€Å"IFRS transition in Europe, Canada, South America and Asian countries including India is creating huge requirements of people having good understanding of IFRS. A person with IFRS expertise will prove to be a valuable resource having an excellent job opportunity†, opined Abhishek Asthana, Chartered Accountant and member of ICAI. Adoption of IFRS by a number of listed co mpanies by 2011 would result in a significant demand for IFRS resources. Substantially, all of these resources would need to be generated internally by training existing staff.So, Finance professionals and students should definitely gear up and focus on getting their hands on IFRS expertise to widen opportunities and strengthen their resume. Consistent, comparable and understandable financial information is the lifeblood of commerce and investing. Presently, there are many sets of reporting standards applicable in different parts of the world. In search of a new financial order: one global standard for financial reporting makes sense. 50% of Indian accounting standards are similar to IFRS, but does that mean that fifty percent of our problem is solved?Answer is definitely a No. A big difference between Indian GAAP and IFRS is that accounting in India is not only governed by accounting standards but also by various legislations and governing bodies like Income Tax Act, Companies Act, SEBI, etc. In case of divergence between accounting standards and these legislations, accountants usually prefer a way which is most beneficial to them, says Abhishek Asthana, an IFRS expert, Chartered Accountant and member of ICAI. However, IFRS is not less than a law. All key areas and financial results may vary considerably on transition to IFRS.The key differences between Indian GAAP and IFRS: Firstly, under IFRS, a company would be able to recognize revenue with reference to stage of completion, if and only if, the agreement transfers control to the buyer, as well as the significant risks and rewards of the ownership of the work. But the guidance note and accounting standards issued under Indian GAAP considers it appropriate to recognize revenues once there is a legally enforceable agreement for sale and other conditions for recognition of revenue are met.Secondly, under IFRS, if certain non-employee obligations are settled through ESOP, IFRS will require fair value accounting for such options and cost differential between grant price and fair value will have to be recognized. Moreover, subsidiaries will need to account for the ESOP costs for options granted to its employees by the parent company. This is likely to have a major impact in the case of multinational subsidiaries operating in India, since many of their senior executives are given stock options in the parent company listed in the US/global markets, and where such accounting was not required under Indian GAAP so far.Thirdly, IFRS entails discounting of future receivables and payables to their current values using expected interest rates. The application of time value of money concept will have impact on the amounts recorded for long-term security deposits, payables falling due after one year and revenues earned in advance for long-term contracts/ arrangements. Fourthly, Companies will also have to comply with IAS 39 on financial instruments, particularly with regard to accounting for derivativ es. Under IFRS, hedge accounting is permitted for such transactions provided certain conditions are met.Fifthly, IFRS requires use of fair value. Whereas Indian GAAP follows historical cost convention except for fixed assets-which could be revalued. For tax purposes, the potential problem with fair value accounting is that it gives rise to the recognition of unrealized profits and losses. The question is whether these profits should form the starting point to calculate taxable profits where no specific tax rule currently exists to the contrary. Sixthly, Entities in India prepare their financial statements in Indian rupees while under IFRS reporting is required under functional currency, i. e. he currency of the primary economic environment in which the entity operates, which may be different from the local currency. For an Indian entity it is possible that a significant portion of revenues may be derived in foreign currencies, pricing is determined by global factors, assets are rout inely acquired from outside India and borrowings may be in foreign currencies. All these factors need to be considered to determine whether the Indian rupee or foreign currency is indeed the functional currency. Convergence to IFRS is not a mere accounting exercise but will have significant business implications.Hence, companies would augur well to start preparing early and not wait for the last moment to rush to. Suggestions for Improvement Adoption of IFRS by a number of listed companies by 2011 would result in a significant demand for IFRS resources. Substantially, all of these resources would need to be generated internally by training existing staff. So, Finance professionals and students should definitely gear up and focus on getting their hands on IFRS expertise to widen opportunities and strengthen their resume. Central and state government should adopt IFRS Education system.Improvement programs i. e. symposium, seminar is helpful for IFRS system. Graduate level accounting s yllabus should be modified as per Latest Aspects of accounting including IFRS. University Grants Commission [UGC] and All India Council for Technical Education [AICTE] adding IFRS Accounting System in the Universities and Institution course curriculum. Looking at the present scenario of the world economy and the position of India convergence with IFRS can be strongly recommended. But at the same time it can also be said that this transition to IFRS will not be a swift and painless process.Implementing IFRS would rather require change in formats of accounts, change in different accounting policies and more extensive disclosure requirements. Therefore all parties concerned with financial reporting also need to share the responsibility of international harmonization and convergence. Keeping in mind the fact that IFRS is more a principle based approach with limited implementation and application guidance and moves away from prescribing specific accounting treatment all accountants wheth er practicing or non-practicing have to participate and contribute effectively to the convergence process.There is an urgent need to address these challenges and work towards full adoption of IFRS in India. The most significant need is to build adequate IFRS skills through IFRS Education and an expansive knowledge base amongst Indian accounting professionals to manage the conversion projects for Indian entities. This can be done by leveraging the knowledge and experience gained from IFRS conversion in other countries and incorporating IFRS into the curriculum for professional accounting courses.References 1. Lantto, Anna-Maija and Sahlstrom, Petri (2009). Impact of International Financial Reporting Standard adoption on key financial ratios. Accounting and Finance, 49, 341–361. a 2. Armstrong, Chris S. , Barth, Mary E. , Jagolinzer, Alan D. and Riedl, Edward J. (2009). Market Reaction to the Adoption of IFRS in Europe. Accounting Review Forthcoming. 3. Daske, Holger, Hail, Luz i, Leuz, Christian and Verdi, Rodrigo S. (2008). Mandatory IFRS Reporting Around the World: Early Evidence on the Economic Consequences. ECGI – Finance Working Paper No. 198/2008; Chicago GSB Research Paper No. 12. 4. Callao, Susana, Ferrer, Cristina, Jarne, Jose I. and Lainez, Jose A. (2009). The impact of IFRS on the European Union: Is it related to the accounting tradition of the countries?. Journal of Applied Accounting Research, 10(1), 33 – 55. 5. Ramanna, Karthik and Sletten, Ewa (2009). Why do Countries Adopt International Financial Reporting Standards?. Harvard Business School Accounting & Management Unit Working Paper No. 09-102. 6. Barry J. Epstein and Eva K Jemarkowicz ‘IFRS’ John Wiley & Sons, Ltd IASB Due Process Handbook of International Accounting Standards Committee Foundation . 7. Ralph Tiffin’ â€Å"The Complete Guide to IFRS including interpretation†, Thorogood Publication, London. 8. http://www. researchandmarkets. com/rep orts 9. Web: www. iasb. org

International studies Essay

1. Business and Economics WEEK 4: Theories of International Trade and Investment 2. Mercantilism is a bankrupt theory that has no place in the modern world. Discuss. 3.   Mercantilism – a country should maintain a trade surplus, even if that means that imports are limited by government intervention. Bankrupt theory because: – Inconsistent with the general notion of globalization. †¢ Eventually, a country will find it difficult to export if it imposes oppressive quotas and tariffs on its imports. – Consumers in the mercantilist country suffer. †¢ Denied access to either â€Å"cheaper† or more â€Å"sophisticated† goods from other countries. 4. Is free trade fair? Discuss. 5. Trade theory suggests that specialization and free trade benefits all countries. However, a case can be made in some situations for imposing trade barriers. E.g.: – Infant industry argument – National security 6.What are the potential costs of adopting a free trade regime? Do you think governments should do anything to reduce these costs? What? 7. Job loss Government should: –provide retraining programs OR –Do nothing, it will all come out in the wash 8. THE RISE OF BANGLADESH’S TEXTILE TRADE (PG. 206) CLOSING CASE: 9. Why was the shift to a free trade regime in the textile industry good for Bangladesh? 10. Until 2005, Bangladesh’s opportunities in the developed nations were governed by a quota system. Introduction of free trade policies enabled Bangladesh to increase its exports. Competitive advantage in the production of textiles. – low cost, productive labour force. – strong network of supporting industries. Also, attracted Western importers looking to diversify their supplier base. 11. Who benefits when retailers in the United States source textiles from low wage countries such as Bangladesh? Who might lose? Do the gains outweigh the losses? 12. BANGLADESH low cost, lower price ï‚ §competitive advantage US Higher price – fewer garments purchased locally Possible job loss 13. What international trade theory, or theories, best explain the rise of Bangladesh as a textile exporting powerhouse? 14. Exporting powerhouse: – Relatively low wages. – Investments in boosting productivity levels. – Network of supporting industries.   Theory of comparative advantage ï‚ § Porter’s theory of competitive advantage 15. How secure is Bangladesh’s textile industry from foreign competition? What  factors could ultimately lead to a decline? 16. Bangladesh is attractive due to: – low cost garments – the opportunity for importers to diversify their supply base (Importers do not want to solely rely on China and see – Importers do not want to solely rely on China and see Bangladesh as an attractive alternative to hedge risks.   However, their infrastructure could prove to be problematic for its exporters. – If importers find that infrastructure problems disrupt their supplies, they could begin to look for new source countries. – Bangladesh should make the necessary investments to avoid any disruptions in the industry. 17. THE REGULATORY FRAMEWORK NEXT WEEK:

Clara Barton essays

Clara Barton essays Clarissa Harlowe Barton was her name, a smart, and intelligent women. Clara is what people called her. Sarah Barton gave birth to Clara on December 25, 1821 in a small hospital in North Oxford, Massachusetts. Her parents, Stephen and Sarah, thought she was a special baby because she was born on Christmas Day. Clara was the fifth child born in her family. When Clara was three her parents thought it would be a good idea for her to start schooling. Her teachers all adored her and thought she was a dedicated student and very promising. One day when Clara was eleven years old and listening to another one of her fathers stories in the living room, she learned a lot about military, battle strategies, and first aid tips. When her brother David fell from barn rafters Clara of course left school to go aid him. At the age of thirteen Clara was really interested in aiding the poor, and tutoring children. She only got better at nursing while on the job, since there was no such thing as a Nursing school. At the age of six-teen, and not knowing what she was doing, Dr. Lorenzo Fowler, a Phrenologist, told her parents it would be best for Clara if she would start teaching instead. So she started teaching in a small town school. Through out teaching in the school, Clara thought the children could use some better school supplies. She brought this to the town meeting and within a year, she was granted her request. Clara was so thrilled with this, but she thought there might be something else out there for her, her family, her future. In 1845, Clara started her own school for the mill workers; it was a free public school. She even had a building built for her, but she was denied to fulfill the position of Principal of that school because she was a woman. She late found out that they hired a male, she was so upset she left the school. By the time Clara turned twenty-five, she was unemployed. Her brother David then becam...

Free Essays on Colonial Life

How was colonial life? Many historians ponder this thought even today. Did the economy flourish or was it horrific? Was society even based or was it determined by birth? How was the government picked? Was there a king over the colonies, or was there somewhat of a democracy? I would like to start this paragraph with a quote from the father of electricity, Ben Franklin, which said â€Å"beware of small expenses; a small leak will sink a great ship. Colonial economy was mostly based on mercantilism. The kings loved the thought of mercantilism, because the kings thought they were going to make a huge profit off the colonies. The Triangular Trade was another way that the early colonist traded with the mother country and also other countries. After the Triangular Trade started to pickup, England passed a Navigation Act that said the colonies could only sale certain goods to England, and other goods required a tax before being sold. The result of the Navigation Act was salutary neglect. England did not enforce the laws and allowed the colonies to develop mostly on their own. Unlike today’s semi-equal society, colonial society was based on who your parents were. The highest class of people in colonial America was the Gentry, Aristocrats, and the wealthy landowners. In colonial America wealth was based on how much land you owned. The upper class was very mannerly and wanted to be respected at all times. The society of colonial America was especially hard on women. Women had no legal rights, which means they could not vote and in no way could they hold legal office. Women mostly ran the household and taught the children how to read and write so they could learn the Bible. Everyone in colonial America worked all day everyday. Work and home were together. The only times that the colonists were not working was on Sunday while they were in Church. In colonial America, politics were much, much different f... Free Essays on Colonial Life Free Essays on Colonial Life How was colonial life? Many historians ponder this thought even today. Did the economy flourish or was it horrific? Was society even based or was it determined by birth? How was the government picked? Was there a king over the colonies, or was there somewhat of a democracy? I would like to start this paragraph with a quote from the father of electricity, Ben Franklin, which said â€Å"beware of small expenses; a small leak will sink a great ship. Colonial economy was mostly based on mercantilism. The kings loved the thought of mercantilism, because the kings thought they were going to make a huge profit off the colonies. The Triangular Trade was another way that the early colonist traded with the mother country and also other countries. After the Triangular Trade started to pickup, England passed a Navigation Act that said the colonies could only sale certain goods to England, and other goods required a tax before being sold. The result of the Navigation Act was salutary neglect. England did not enforce the laws and allowed the colonies to develop mostly on their own. Unlike today’s semi-equal society, colonial society was based on who your parents were. The highest class of people in colonial America was the Gentry, Aristocrats, and the wealthy landowners. In colonial America wealth was based on how much land you owned. The upper class was very mannerly and wanted to be respected at all times. The society of colonial America was especially hard on women. Women had no legal rights, which means they could not vote and in no way could they hold legal office. Women mostly ran the household and taught the children how to read and write so they could learn the Bible. Everyone in colonial America worked all day everyday. Work and home were together. The only times that the colonists were not working was on Sunday while they were in Church. In colonial America, politics were much, much different f...

Equal Employment Oportunity Commission Research Paper

Equal Employment Oportunity Commission - Research Paper Example It also forbade employers from recruiting or relieving employees on the based on gender or ethnicity. While the issue of race has been the cornerstone for the Civil rights act, the inclusion of gender into this provision happened much later due to the efforts of Representative Howard Smith. While skeptics alleged that Smith has done so in order to weaken support for the bill, the latter argued that he had done so only to demonstrate his support for the National Women’s Party. The inclusion of gender gains significance especially in cases where it is a distinctive attribute necessary for the job. The title VII of the Civil Rights Act led to the creation of the ‘Equal Employment Opportunities Commission (EEOC)’, which is the focus of this research study. The primary purpose of the EEOC is to ensure that no employers can (Choate, 2009): "fail or refuse to hire or to discharge any individual, or otherwise to discriminate against any individual with respect to his comp ensation, terms, conditions or privileges or employment, because of such individual's race, color, religion, sex, or national origin." McDermott (2009) says that the role and significance of the EEOC has expanded over the years due to subsequent laws. Currently, the EEOC is tasked with eliminating discrimination in the hiring, firing and promotion of employees on the basis of race, gender, religion, color, age, ethnicity or physical disabilities. The EEOC also protects workers from discrimination in pay, training and the number of working hours. While the debate to assign protected-class status to each of these employee classes has been ongoing for several years, the role of affirmative action is also an important domain that influences the operation of the EEOC and is discussed in subsequent sections. About the Commission The EEOC was formed on 2nd July, 1965 out of six different statutes including the 1964 Civil Rights Act, the 1967 Age Discrimination in Employment Act, the 1990 A mericans with Disabilities Act, the 1973 Rehabilitation Act and the 2008 ADA Amendments Act (Stallworth, 2008). Thus, the EEOC has been affected by several statues over the years (Doan, 2009). Each year, the commission handles thousands of complaints related to discrimination and harassment in the private sector, For instance, over 100,000 complaints were filed in 2009 alone. The number of complaints that were eventually filed as cases is historically low (only 300 cases filed in 2009), and are regarded as public records (Keppler, 2010). The cases handled by the EEOC receive widespread coverage in the media and are often discussed extensively in regional radio and television based on the state of origin of the involved parties. Cases that are deemed to have national ramifications are revealed by the press office of EEOC at its offices in Washington. The EEOC is headed by a number of commissioners and the general counsel who are appointed by the President of the United States. Such a ppointments must also be ratified by the Senate. The EECO operates through a central office that is assisted through a network of regional Equal Employment Opportunity (EEO) offices. The latter process the information and complaints received as per the provisions of the various laws discussed in the preceding section. The regional EEOs

Perceptions about Art Education from the Curators End Assignment

Perceptions about Art Education from the Curators End - Assignment Example The author of the paper states that for the curator to deal with his on the job and the off the job functions, it is necessary that the curator is educated and up to date with various forms and kinds of art. In order to further the education and research of curators, it is the duty of the curator and the employing institution to allow for research and personal growth. Additionally, the curator should be allowed to interact with art experts and curators through the course of regularly scheduled meetings, conferences and through specialist interactions. Another important tool in the curator’s educational arsenal is various forms of catalogs. These publications and others like them are required to educate both the aspiring curator and the expert curator alike. As new developments take place in the world of art, it is important that the curator is updated effectively through a properly standardized channel of communication such as catalogs and information plaques. Another interest ing aspect to note is that the curator from a few decades ago was required to be well informed about works of art alone. However, the modern curator is required to have knowledge of people and their interests so that exhibitions may be successful. It has been suggested that the modern curator should perform small exhibitions in order to gauge the interest of the public so that larger exhibitions are more successful. Certain scholars have argued that the roles of the modern curator have assumed new dimensions due to the growth of new tools of engagement with wider audiences. The modern curator has been interpreted as being a marketer, an interpreter, a program producer, a conservator, and other such allied roles. The modern curator has to be more involved with people and presentation compared to the traditional curator given the massive changes in how communication is managed. It is relevant to note that the uptight and self ostracised curator of the past has given way to a more inte ractive and friendly curator in the present era. Currently, the role and use of art education in curatorial practice are available but its participation needs to be increased given the kinds of new roles and responsibilities that the modern curator in the museum will have to face. The current frameworks for educating curators through museums are limited in their scope and the means that are being utilized. It is common to notice conventional means such as catalogs, information plaques, physical conferences and the like organized by museums. The need of the hour is to expand the current conventional museum curator education frameworks to incorporate digital means and channels of education. The education of the modern curator is not about becoming aware of art or of developing awareness about other myriad people interaction roles. Instead, the modern curator has to be taught to assume an independent learning framework that allows the modern curator to remain afloat in the vast sea of knowledge throughout his entire career. Presently, the curator is provided with a fixed educational frame within the museum environment that consists in large part on conventional means of education as mentioned above. The greater burden of the curator’s education has to be left to the curator himself since the museum can only act as a channel for education.