Study On Raising Awareness About Microfinance Finance Essay - Free Essay Example

Sample details Pages: 7 Words: 1979 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? The organization involved in microfinance should raise awareness in the community about microfinance and its utility through community meetings, print and electronic media.awareness should also be raised among govt. agencies and other stakeholders to create recognition of microfinance services by lobbying and advocacy. 6.1.2 Capacity Building The organization should train the front line staffs, who are involved in services delivery, who further train the local leadership at the community level to ensure participatory development process. Training should also be given to the borrowers to help them run their enterprise efficiently and profitably. Don’t waste time! Our writers will create an original "Study On Raising Awareness About Microfinance Finance Essay" essay for you Create order Leadership and Motivation Dependency on leadership should be minimized at operational level with proper monitoring in place. The leadership should keep the staff motivated through incentives based performance appraisal. 6.1.4 Market Linkages Access to the market for the microfinance clients should be ensured. This could be both for purchase of raw material and sale of finished goods of small enterprise being financed through microfinance. 6.1.5 Non interest based / Islamic mode of financing Developing new products based on Islamic mode can ensure acceptance of the microfinance programs in communities where the problem of self-exclusion exist. This should be initiated both by govt. and the organization involved. 6.1.6 Diversified Needs of Community The products should be developed according to the needs of the community. One product can not serve different communities because of the diversified needs and economic and demographic conditions. 6.1.7 Savings The organization should mobilize the community to create the habit of savings for future needs. Savings can make a community group independent in lending. 6.1.8 Clarity in vision The microfinance programs should have a clear vision regarding its target groups especially where there are integrated programs. The donors should also fund such organizations that are clear in its vision and services delivery model. 6.1.9 Research and Development The organization should initiate the RD to keep service delivery model and products and need based. The donors should also have RD initiatives to specify funding for products and not for general programs. This will help more focused programs rather than a haphazard program 6.1.10 Human Resource Development Being in the service industry, the microfinance organization should build their human capital for effective service delivery. There should be proper recruitment procedures and career development plans for employees for motivation, efficiency and retention. 6.1.11 Management Information System A proper management information system should be design or all microfinance organizations to ensure uniform and proper data maintenance and reporting. It will also ensure proper monitoring and data cleaning at all stages. 6.1.12 Lack of awareness among government agencies The policy makers at government level are unaware of the importance of microfinance in economic development. They should be oriented through literature, seminars, workshops and exposure visits. 6.1.13 The donors / funding agencies should fund the organization for its capacity building and should push them to work in areas where it needed. It should also push them to conduct need assessment surveys before starting activities in a locality. The survey will also help in developing need-based products and it will be easy for donors to fund for specific products, which will further help in monitoring and impact studies. 6.1.14 The Bank of Khyber with the support of the provincial governments should expand the microfinance scheme up to a desirable limit and streamline the affairs of the current credit operation. The existing loaning system should be revised and improved. The potential cluster/sub sectors for micro finance should be investigated for future operations. 6.1.15 The Bank of Khyber should undertake the cost benefits analysis operation of the micro finance operation in area and should ensure/pursue due compensation for the efforts involved. The area is more viable than commercial operation and can be lucrative at some stages for the bank if properly attended and managed. 6.1.16 The micro finance department of the Bank of Khyber should be re-organized, equipped and strengthened so as to undertake the expand activities in a good manner. 6.1.17 The Bank of Khyber should directly attract international donors for the microfinance programs in different sectors and sub sectors proposals should be launched to the various donor organization through the world. 6.1.18 The Bank should be associated and registered with renown/reputable micro finance organization of the world and their expertise availed. The capacity of the bank is developed to offer advisory services alongside micro finance operations. 6.1.19 The micro finance programs should be properly popularized so that the potential respondents and concerned public/private organization should come forward and promote the micro finance scheme in the target areas. 6.120 The Bank of Khyber required arranging some programs for the women to Become aware from the benefits of this micro finance and deal in the future. 6.2 FINDINGS 6.2.1 Issues related to Governments agencies, Central Bank and Donor were identified as 1: The contribution that microfinance can make towards poverty alleviation and economic development has been recognized yet. 2: Governments agencies and donors/funding agencies do not have a clear vision of the potential of the sector and hence no long-term growth strategy has been developed. 3: Donors prefer to fund big institutions, because of financial viability and organization strength. But most of these big institutions are working in selected areas of the country and the problem of up scaling of out reach is still there. 4: State resource i.e. Zakat and Bait-ul-mal are not being utilized for microfinance. These resources, if canalized properly for microfinance, can add more value than giving it in charity. 6.2.2 Issues related to Microfinance organization were identified as 1: Organization is not mission focussed, especially where there are integrated programs 2: The operational cost is high while organization has a limit to give subsidy. 3: The investment in human resources is very nominal. Organizations find it hard to retain staff because of thee absence of staff career planning and development. 4: Very organization has institutionalized their system and procedures, rest are driven by single leaders who, in most cases have no succession plan. 5: There is no research and development to identify the changing needs of the clients to develop products according to their needs. 6: Most organization have concentrated in urban areas as the cost of delivery is relatively low as compared to rural areas, but there are no need assessment surveys. 6.2.3 Issues related to the target clients were identified as: 1: Lack of awareness of micro finances institutions among then people. 2: Miss-utilization of borrowed money -Responsibility 3: Poor entrepreneurial skills to manage the enterprise. People know what enterprise to start or what activity to carry out but they lack resource management skills. 4: Self-exclusion is another constraint in scaling up of microfinance services , as some people do not accept interest based loans due to religious factor. 6.3 CONCLUSION Microfinance in its broadest terms can be defined as provision of a range of financial services such as deposits, loans, payment services, money transfers and insurance to poor and low income households, and their micro enterprises. Primarily, the microfinance customers are large in number, scattered in far-flung areas with very minute transaction sizes. Only government or state bank alone cannot reach out to millions of potential Microfinance beneficiaries; a whole well knitted network with almost doorstep reach is required, which is only possible when the commercial banks will be involved in microfinance Micro Finance has proved to be one of the most effective tools for facilitating socio-economic development through increased access to financial services.The main objective of the micro finance is to improve the access of target households and entrepreneurs to credit facility in income generation activities and micro enterprise. The improved access to credit would enable the e xpansion of existing and establishment of new business activities and enterprise resulting in higher level of income and employment. While a commercial bank is a financial institution that offers a broad range of deposit accounts, including checking, savings, and time deposits, and extends loans to individuals and businesses. The Bank of Khyber (BOK) has actively sought highly experienced staff from the development sector as resources for its microfinance unit. In this way it has combined local development knowledge with the strength of a commercial bank. The micro finance scheme offered by The Bank of Khyber timergara improve the life of the people of the dir area which is backward area and it was a very good opportunity for the citizen of the district dir who take the advantage of the facility. The Bank of Khyber was in a strong position as compared to the other commercial banks to other banks in the district dir to offer micro finance facility as they have establish their m arket during the period and have experience. The main credit scheme has enormous impact on the socio-economic interest condition of the target group and the scheme has uplifted the socio-economic interest of the target economy. There is a potential of expanding the micro finance scheme many times of the existing quantum, which needs to be prudently, captured. The loans establish and improve many trading and servicing organization in the vast majority.The microfinance initiative has received an overwhelming response from the respondents. There is need to extreme line the existing and expand the scheme up to a desirable extent in an effective and sustainable manner. The borrowers taken the microfinance loans from the bank of Khyber branch were more but we select 25 borrowers from the whole population, in this 25 respondents about all were male, there were no female because of some problems and limitations, the age of these respondents were different from 18 years top above than 60 years, their education were also different some have primary, middle, high and some were F.Sc by qualification there economic resources were also vary such as business, agriculture land ,transport and livestocts etc, the nature of their business were also of retailing, wholesaling and offering services, these people has been taken the loan for different purposes i.e. starting of new business or expanding and for stability of the existing business.We also find monthly income profile before and after borrowing the increase in the profitability of the respondents which was increased due to microfinance loans of The Bank of Khyber and the loan disbursed by the BoK to the people were of different range from 50000 to about 200000 were given to the people of the area at the mark up rate of about 14% which was affordable for some people and some it is for them , the loans were given to the people on some terms and conditions this was also difficult for about most and also it was not a pr oblem for some people, but this microfinance improve the life of people from about every side. Access to financial services significantly impacts the lives of the poor, the challenge is to mobilize this knowledge and apply it on a much vaster scale Microfinance is a viable tool for poverty alleviation and economic development. The environment of Pakistan is suitable for microfinance both in social and commercial sector terms but ample attention has not been given yet to this sector, which has leaded to insufficient resource allocation to this powerful tool of poverty alleviation. In NWFP with most of its population living in rural areas, the poverty level is the highest i.e. 31% urban and 44% rural, which indicates more need of microfinance programs. Unfortunately the pace of progress is very slow in terms of outreach, which has contributed to unemployment and underemployment. Unemployment and underemployment leads to economic chaos and the gap between the rich and poor is widening. This gap leads to frustration and ultimately damages the social fabric of the society. Sustainable development needs balanced and participatory economic and social activities, which can be ensured through effective community mobilization, capacity building, creating conductive environment for economic activities, developing linkages with the service providers and financial assistance for the meeting the capital requirement for business activities because stakes of the majority will be involved and according to Mark twain when you find that you are on the sides of the majority, it is time to reform

Creation and Evolution, which do you believe Essay

When thinking about the origin of life, there are two main points one can come to, Intelligent Design or Natural Process (Ken Ham, 2008). â€Å"According to the former view, supernatural intervention was essential for the creation of life; according to the latter, living organisms could form spontaneously—for example, from the mud of the Nile† (Encyclopedia of Philosophy, 2006). Creation can be defined as the original bringing into existence of the universe by God (â€Å"Creation†, n.d.). Intelligent design can be defined as â€Å"certain features† (Ken Ham, 2008). Intelligent Design can also be explained by finding features of the earth and explaining them by an intelligent cause (Intelligent Design, n.d.). Creationism usually starts with religious†¦show more content†¦Origin of Life Many Christians believe in the fact that there is an intelligent designer who created the earth and the species that inhabit it (Patterson, R, n.d.). There are no t rue accounts or eyewitnesses of the creation of origin of life (Patterson, R, n.d.). The Bible is one of the ways people account for the creation of species, resulting from an intelligent designer (Patterson, R, n.d.). For a Christian how life came to be is nothing to worry about, the bible clearly states that God called all animals, plants, and human to be in his likeness. An example of natural selection that evolutionists would use if is someone had a half eye, what is the use of a half eye? (Leone, B. 2002). How could natural selection use an eye that is nowhere near to perfect, basically a flaw (Leone, B. 2002). This would suggest of a perfect system, something that could not fault and would have no faults in it (Leone, B. 2002). If there was such a complex and perfectly designed system against evolution if would provide a huge problem (Leone, B. 2002). God gave breath to him and gave him life (Origin of Life). Some could say that Adam, since he was created from the dust of grou nd would say that he came from a non living organism as evolution would want someone to think. â€Å"For in six days the LORD made the heavens and the earth, the sea, and all that is in them, but he rested on the seventh day. Therefore the LORD blessed the Sabbath day and made it holy† (NIVShow MoreRelatedThe Scopes Trial And Creationism1053 Words   |  5 PagesCreationism and Evolution have always been a topic in America since the Scopes Trial. The Scopes Trial took place in 1928 when the Supreme Court was deciding whether schools should teach Evolution or Creationism. The foundation of evolution is based upon the belief that the origin of all ordered complex systems, including living creatures, can be explained by natural laws without the intervention of God. In that trial the Supreme Court came to a conclusion that Evolution was banned and that creationismRead MoreEvolution Vs. 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Although throughout history there are many instances of conflict between people, science, and the Catholic Church, there has recently been a widespread acceptance for science and many even say it does not interfere with the Judeo-Christian view of god as the creator. This essay will discuss the different typesRead MoreCreation or Evolution - Let the Children Chose Essay1349 Words   |  6 Pageschoose to do just about anything and anywhere. There is however a place where most of the American children have no choice at all, what to believe when it comes to science. It is a mystery among men, the question that has every person in the world wonder, â€Å"Where did it all come from?† Over the last forty to fifty years , the United States Government has decided to separate church and state, so why is evolution taught? Evolution is a religion, it is not science. The scientific method which is used toRead MoreCreation and Evolution Essay979 Words   |  4 PagesCreation and Evolution Two of the main aspects about our reason on this highly sophisticated universe. No one knows which theory is the right one. It has been a mystery for many years to all mankind. Who knows how long until the mystery is solved. Your view could differ from many others around you. This is my view†¦ CREATION Creation focuses on one point: God. The Bible and the Qur’an are the best source for this topic. Christian creation ------------------

Effects of Consumer Behavior on a Product

Question: Discuss about the Effects of Consumer Behavior on a Product. Answer: Introduction Retailers often think that the buying pattern of customers is very random. They think that the buying pattern of the customer is straightforward, they purchase the product or they do not. The customers approach the product market with a straight mindset, which is to try out the product and then buy it (Solomon, 2014). The satisfaction derived by the customer depends on trying out various products for the same purpose and then buying one. However, in practice the process of purchasing is just one step and the real process consists of six stages which help the buyers and sellers to benefit equally. Whenever a problem arises for a customer be it for goods or services they need to identify the product that will solve their problem. The reason should be clear to them as to what is the requirement and from where to procure it. However, if the need varies from the problem then the customer needs to set his priorities again. When the customer gets hold of his problem, his quest for the product begins. When they get hold of the issue, soon afterwards they start looking for the solution at their specific budget. The point of view of the customer is always straightforward (Pinto et al., 2015). The customer will then try to look for some alternatives as to try out different options that may fix his problem. In the present market conditions, where the customer is left with many options to choose from, he will go for the best alternative product that is available at the best possible price. The decision to buy the product comes after thorough research that the customer does while trying to figure out the best product. After exploring the market, the customer has a set mindset on what product to buy and at what price and to proceed with the purchase or not. As soon as the product is final and the decision is made on purchasing the product, the customer purchases it from the dealer. This is one of the important stages of marketing. Soon after the purchase is made, the relation of the dealer and the customer does not end. In order to hold on the customer, the dealer has to keep a check on that customer timely. If the customer is not satisfied with the product, then the dealer needs to work on an exchange program or replace the product to gain the trust of the customer (Bruner II Pomazal, 2013). Social Factors Affecting Consumer Behavior The social factors are the ones that are present in the society where the consumers live. Since a society comprises of individuals who have different tastes and preferences, the consumers are open to a varied number of choices. One of the major influences on the consumer is that the preferences and behavior pattern of a family. Since the individual grows and develops the tastes within the family, his consuming pattern also depends on this factor. There are two types of families, the first is where the consumer is born and develops which is known as Oriental type of family, the second is where the individual himself creates a family that consists of spouse, and children know as the Procreation family (Goh, Heng Lin, 2013). Another type of social factor is the reference group where the individual becomes a member of a particular group. The buying pattern of a consumer gets strongly influenced over each other in a group. Here the initiator initiates what product to buy, the influencer gives his necessary inputs to influence others in buying the product, and the decision maker takes the final decision as to what product to buy and finally the buyer who purchases the product who takes all the consideration in to account (Hugstad, Taylo Bruce, 2013). The third type of social factor is the status of that individual. The individual will purchase only those products that will define their status in the society. The dealer needs to understand the position the customer holds in the society and be prepared with that type of products which will suit him (Javadi et al., 2012). Cultural Factors Affecting Consumer Behavior These factors are the one that an individual acquires during the course of his life time through their family or other institutions. The preference pattern and perceptions develop over a period as and when the individual grows. Culture is defined as the custom or tradition an individual follows. As and when the individual grows up and acquires the knowledge of buying and to take decisions, which is good for the person (Leonidou, Leonidou Kyasova, 2013). Cultural practices vary from place to place and are different on a global scale. Culture can further be divided into subculture where the basis of culture narrows down to specific beliefs. It depends on the region, religion and the country from where the individual belongs. The various sub cultures has to be taken into account by the marketer before selling his products (Schiffman et al., 2013). The social class also influences the pattern of buying of an individual. The society is divided into upper, middle and lower class. The individual belonging to any of that section shares the same interest that the other person also has. The upper class people will buy lavish goods and can afford to pay whereas the middle class family will have necessary items more and less of luxury products. The lower class will only have the necessary products as they can only afford that. These are some of the factors, which influences an individual in the decision of buying products culturally (Solomon, Russell-Benett Previte, 2012). To understand the marketing mix properly, an example of one of the largest dairy farms in Australia has been taken, Fonterra and the product being TIP TOP Berry Ripple ice cream. They supply to more than 140 countries and has farmlands globally. They employ around 16,000 people to manage their large farms and produce one of the best qualities of milk products. They apply various marketing strategies so that their products are available without any difficulty to their customers through local dairy shops and also through the supermarkets. Pricing It is one of the most important factors in the marketing mix as the organization earns revenue based on its pricing of the product. The pricing policies constantly change depending on the shares in the market and the factor of fluctuation being present (Goi, 2015). Fonterras TIP TOP berry ice cream was priced at $4.99, which helped them, capture the market on the first hand ("Fonterra - Our Brands", 2016). Once the market is captured they will increase the price as that will give them the competitive edge over others. Consumers will pay more for that product as they got a taste of it and think that the product is superior to the ones available in the market. Product The ice cream provided by TIP TOP proves out to be beneficial for people of all ages. It has all the valuables that milk contains in a tub of ice cream that everyone likes, unlike milk, which may not be liked by certain people of the society. The product has no artificial ingredients, there is no adulteration, and the percentage of fat is very less ("Fonterra - Our Brands", 2016). The sugar content of the product is also very less thus making the product very healthy and enjoyable. Place The manufacturing of the ice cream takes place in the factory where it is stored in big tubs and cones of all different types. After the completion of the product, it gets packed and transported to various wholesalers and retail outlets in and around Australia through trucks. The store then via word of mouth policy ensures that the consumers are aware of the availability of the product. Promotion It is the strategy that the company undertakes to communicate the presence of the product to the target market. Promotion involves the process of awareness created by the company to its customers as new goods are always available in the market on a daily basis. Promotion helps in identifying the product and the company that is there in the market to its target customers. It also shapes up the demand supply chain of the product and highlight the product when any customers enters a shop (Tapp Spotswood, 2013). The promotional activities taken up by TIP TOP are through ads and free sampling of the product. The advertising medium used by TIP TOP is mainly restricted to billboards in bus stands and through television. Since the mark audience is mainly children, so the use of newspapers will be an added cost to the company as children do not read papers ("Fonterra - Our Brands", 2016). So in between, any cartoon program an ad of some seconds can leave a lasting impression of the product in the mind of the child. The logo used by the company also states that on a hot summer families are spending time with each other also have an impact on many families. The promotional method that the company uses is that for every goods worth $10.00 or more, the customer will receive an additional one point as benefit. This type of promotions helps the brand to be recognized amongst the people. Frees samples are also provided in the sampling points that are available in the stores or on a beach on a hot day also helps in brand recognition. Public Relations Sponsoring social events is an useful way of creating brand awareness and brand image of the product. TIP TOP contributes 1% of the sales for every trumpet that is sold in the country and 2% of the sales is contributed to social events and charities on the sale of 2-litre tubs of ice cream ("Fonterra - Our Brands", 2016). Communication and Coordination The status that a company achieves in the market is because of a good workforce that prevails inside the company (Khan, 2014). Fonterras process includes the human resource management (HRM), research and development (RD), and the secretarial teams that make this brand worthy to its customers. The HRM team focuses on the hiring and directing of the employees to get a better output. the team recruits the best possible employees that are available and guides them through various training processes which help them in understanding the product and manufacturing it. The team looks after the organizational structure, benefits and employee motivation so that the employees have a healthy environment to work in. The team hires best in class web designers so that the products of Fonterra are available online for the customers to get access ("Fonterra - Our Brands", 2016). The RD team is of great importance as they keep a track on the competition and the manufacturing processes. The team keeps a regular check on the ads that are being published so that rival companies do not manufacture the same product. They also provide feedbacks and thoughts about how to improve the products depending on the change in the preferences of the consumers. This team looks after all the needs of the consumers and the marketing factor ("Fonterra - Our Brands", 2016). Communication is also an important part to influence behavioral patterns in a company. The channels of communication can be messages, calls or emails. For the communication to be effective, an appropriate medium needs to be taken so that the message reaches without any delay (Cross, Belich Rudelius, 2015). Fonterra uses messages, emails, videos and power point presentation as a means of effective communication. Market Segmentation used by Fonterra Fonterra has one of the best market segmentation strategies. They have segmented their market specifically according to age. Since all age groups like ice cream the company tries to attract people according to their ages such as young children likes some good, new and refreshing flavors while the adult generation may try to try out some new flavors (Wedel Kamakura, 2012). The older generation will always go for their old time classics what they used to enjoy in their young ages. TIP TOP ice cream also conducts small interviews with their customers when they come to buy product as to what new products or flavors can be done to be the crowd favorite. They take qualitative feedbacks from their customers, which help them to make the product better while staying in the same price range (Baker Saren, 2016). Since customer loyalty plays a big part in the company they give bonus points to the customers who buy products worth $10.00 or more. This is a tactic that they use in order to retain their customer base and also earn more customers. Target Market of Fonterra While selecting the target audience of a product by the company, they have to choose whether the company will be focused on one group or it will be available for all types of groups living in a society (Hennart, 2012). Due to a vast customer base of Fonterra, the expert team manages the target audience very wisely. The monetary profits that the company will gain by selling TIP TOP are well executed by the marketing plans that the company sets and even exceeds the pre-planned profits because of the accessibility that the brand created in the market (Aghaie Alimardani, 2015). Almost all customers have access to the brand wherever they reside in the country. Targeting young ages often includes the entire family coming in and the customer base just gets larger with each passing day (Brantingham, 2013). Conclusion Ice cream industry is one of the oldest yet the most creative industry in the present world. The change in the preference of consumers, the impulsive decision to purchase, availability of the product if it is seasonal and high competition of prices are the prime factors that the demand of the consumers keep on changing. Identification of the brand is very much required for the product to capture the market (Mullen Johnson, 2013). Children need to be aware of the brand and the flavors of the ice cream because they are the ones who will influence their friends and their families. Advertising the brand is also required in order to make a base in the market and that people will want to taste their quality. Advertising helps in creating awareness of the product and the preference of the consumer can be judged (Juster, 2015). The goodwill of the brand depends on how well the market is coping up with the presence of the brand. In the present situation, internet plays a huge role in develop ing the brand. Fonterra uses the internet very wisely and the products are very well within the reach of the customers. They do not want their customer base to leave them and shift to another brand due to the non-availability of the product on the internet (Reny, 2015). Reference List Aghdaie, M. H., Alimardani, M. (2015). Target market selection based on market segment evaluation: a multiple attribute decision making approach.International Journal of Operational Research,24(3), 262-278. Baker, M. J., Saren, M. (Eds.). (2016).Marketing theory: a student text. Sage. Brantingham, P. J. (2013). The theory of target search. Bruner II, G. C., Pomazal, R. J. (2013). Problem recognition: The crucial first stage of the consumer decision process.Journal of Consumer Marketing. Cross, J. C., Belich, T. J., Rudelius, W. (2015). 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A characterization of rationalizable consumer behavior.Econometrica,83(1), 175-192. Schiffman, L., O'Cass, A., Paladino, A., Carlson, J. (2013).Consumer behaviour. Pearson Higher Education AU. Solomon, M. R. (2014).Consumer behavior: Buying, having, and being. Engelwood Cliffs, NJ: prentice Hall. Solomon, M., Russell-Bennett, R., Previte, J. (2012).Consumer behaviour. Pearson Higher Education AU. Tapp, A., Spotswood, F. (2013). From the 4Ps to COM-SM: Reconfiguring the social marketing mix.Journal of Social Marketing,3(3), 206-222. Wedel, M., Kamakura, W. A. (2012).Market segmentation: Conceptual and methodological foundations(Vol. 8). Springer Science Business Media. Fonterra - Our Brands. (2016). Fonterra.com. Retrieved December 24, 2016, from https://www.fonterra.com/au/en/Our+Products/Our+Brands