Sample Business Development Plan

The modern business environment requires the entrepreneurs to effectively analyze the internal and external factors of influence that have an impact on a company and business development plans provide an opportunity to structure the analysis in a convenient way that can be later reviewed for guidance in a long-term perspective. A sample business development plan has a purpose of outlining the company’s purpose, mission, vision, target audience, and a product or service that will be created. This way, it is possible to conclude that a sample business development plan is a convenient tool for the effective decision-making process that can be utilized any entrepreneur as well as an investor. Executive Summary Considering the fact, that the American economy is experiencing a rapid growth of start-ups and new companies are appearing on the market, current competition is becoming more intense with every passing day. Our company, James Ordeal consulting group, will be able to provide all the fresh entrepreneurs with an ability to gain a deep knowledge of the current and future market conditions through the use of our analytical services. Our mission is to support the development of the American business through the analytical and consulting services for the small business. Our vision is to create the world where every aspiring entrepreneur has an opportunity to fulfill dreams in reality. Company Analysis Our Services, Mission, and Vision Today, new companies are faced with a problem of gathering the relevant information that would allow them to operate properly and James Ordeal consulting group will be able to satisfy the growing demand for these services in a small business sector of the US. Our services can be summed up in two categories — business environment analysis and consulting services. The first category of services will include marketing research and market environment analysis while the second group will be based on the supply of services that include the development of business plans along with the project and company-wide consulting. Marketing Strategy The marketing strategy of James Ordeal consulting group will be based on the target market penetration aimed at informing the potential customers about our services through the use of digital advertising on the basis of Google and social forums for the entrepreneurs. As for the pricing strategy, every situation will be viewed separately and budget of every client will be considered in order to provide the quality services for the available prices. Our Values James Ordeal values its reputation and maintaining stakeholder relations is one of our core values. By employing the professionals in economic analysis and consulting, we are ensuring that our clients will receive the top quality services. The compensation policy of James Ordeal creates opportunities for a competitive salary and full benefits package for our employees. One of our core values, transparency, has a goal of creating the honest relations with the investors and providing them with an accurate overview of our business performance. Conclusion By creating opportunities for the aspiring entrepreneurs, James Ordeal consulting group will provide our clients with the ability to effectively manage their businesses and predict the market environment both in a short- and long-term perspectives. We believe that keeping a constant dialogue with our stakeholders is one of the keys to the success and transparency is a major factor of influence. James Ordeal consulting group is not just a regular company that provides statistics, we focus on creating effective solutions for the development of small business in the America.

Life is Fractured by Class Struggle in Franz Kafka’s The...

Marxist theory is based on the idea that the homogeneity of one’s everyday life is fractured by class struggle. This discontinuity is caused by the chasm between those who possess wealth and those who do not possess wealth, which occurs, by and large, in a capitalist society. On the surface, an examination of Franz Kafka’s The Metamorphosis through this Marxist lens reveals that the novel is a denunciation of the capitalist society in which protagonist Gregor Samsa lives in because of this class struggle. However, one other primary aspect of Marxism’s methodology must be taken into consideration when critiquing Kafka’s novel: dialectics. Marx’s dialectic is a method of discussion, analysis, and argumentation that attempts to understand†¦show more content†¦Gregor is a travelling salesman and describes the lack of fulfillment from his job: â€Å"The upset of doing business is much worse than the actual business in the home office, and, besi des, I’ve got the torture of travelling, worrying about changing trains, eating miserable food at all hours, constantly seeing new faces, no relationships that last or get more intimate.† (Kafka 3-4). The â€Å"torture† that Gregor faces with his job signifies his alienation by his boss. Gregor’s boss is superior to him in economic position and exploits him for his work: â€Å"He sits on the desk and talks down from the heights to the employees ... He was a tool of the boss, without brains or backbone† (4-5). Gregor’s production is worth more than he gets paid, and the money that he does earn goes straight to his father’s debt. His boss has total control over the â€Å"travelling,† the â€Å"changing trains,† the â€Å"miserable food,† and every other aspect of his job. His only concern is the production of his workers and the profit that he accumulates as a result of that labor. When Gregor did not show up to work , rather than working harder to replace his production, Gregor’s boss came to his home to see why he had not come to work. Gregor’s alienation is a result of being a â€Å"tool† of the boss. Just as a tool or a machine can be easily replaced, Gregor is expendable and can be easily replaced by his boss. This alienation manifests with the

Islamic Banking In Saudi Arabia Free Essays

string(260) " important of the characteristics mentioned above is that Islamic financial institutions should not involve under any circumstances, an element or a transaction based on Riba \(interest\), because the Islamic Financial system centers on interest-free banking\." INTRODUCTION: INTRODUCTION TO ISLAMIC BANKING: GENERAL OVERVIEW: It has been conceptualized that Islamic Banking refers to a financial system that is in parity with the fundamental Islamic concepts and highlight the values prevalent in the religion of Islam. These values are a pre-defined in a code of conduct called the Shariah Law that governs the Islamic way of life and. Sharia Law is influenced by the teachings in the Quran (the holy scripture followed by Muslims) and the Sunnah (teachings of the last Prophet), and is consistently practiced in all Islamic economies around the world. We will write a custom essay sample on Islamic Banking In Saudi Arabia or any similar topic only for you Order Now Sharia Law, on a general level, instructs individuals to abstain from the concept of fixed payment while simultaneously refraining from conventional banking policies and instruments that have elements of interest. Islamic law instructs its followers to avoid using interest (known as Riba) along with all classifications of conventional banking practices that are considered unethical. Therefore, business practices that are contrary to the principles of Sharia Law are termed as Haraam (forbidden). In essence, the concept of Islamic Banking differs from conventional banking system as it forbids the use of interest and relies on the transactions that are based upon tangible goods and real, measurable services. (1,2) HISTORICAL VIEW OF ISLAMIC BANKING: Historically, the use of interest was present in ancient Middle Eastern societies, imposed on the poor by the rich. However, with the spread of Islam, the teachings of the Quran and the Sunnah introduced a novel financial system that freed all citizens of interest (Riba) and introduced equal rights for all. Through the use of the Sharia Law in commencing businesses and transactions, various communities in the Middle Eastern region prospered and grew into an immense trading arena. Moreover, through the popularity of the Islamic banking system because of its attractive outcomes, the application and use of it spread worldwide and can now be found implemented in many western societies. (1,3) Before 1950s, Muslims strived and succeeded in giving way to a financial system that didn’t use interest to gather capital for business transactions (5,7). The evolution of contemporary Islamic banking system can be traced back to the 20th century, when Ahmad El Najjar from Egypt, built its basic foundation by introducing a system of savings based on ‘profit-sharing’. In 1963, a number of Egyptian banks applied the profit-sharing system by investing in local trade and industry, and shared the profits with the depositors. The Egyptian community discovered sound success during the years implementing Islamic financial system, aiding to the economy’s success. Although the return of profit is relatively slower in Islamic banking, bankers found the conventional financial system more attractive as it returned higher profit returns through the use of interest. Therefore, when conventional banking surfaced in many Middle Eastern societies, it quickly rose to great p opularity for businesses and investors. However, as the conventional system solely depended on interest-bearing activities, many scholars of Sharia Law dismissed it as prohibited according to the religion of Islam. (4,6) From the period of 1950 to 1960, Muslim scholars got together in order to formulate a banking system that would be free from interest and would be based on the fundamental principles of Islam. This resulted in the formation of a model known as present day Islamic banking, which was based on two concepts. Firstly, they established profit and loss sharing contracts, known as Mudarabah; and secondly the concept of Wakalah, an investment account in an Islamic bank that would earn a flat fee for investors. (3) Keeping this model in mind, the countries of Egypt and Malaysia were the first to produce Islamic financial institutions that were non-interest based. In 1971, Nasir Social Bank was established in Egypt that was essentially declared as ‘an interest-free commercial bank’. Later in the 1970s due to the booming oil revenues from the Middle Eastern countries, small commercial banks sprang up as they competed for the surplus funds amidst the growing popularity of no-interest banking (4,8,10). United Arab Emirates introduced the first commercial bank that was a result of private enterprise, established in 1974. This was followed by the establishment of an international financial institution by the name of Islamic Development Bank in 1975 in the city of Jeddah in Saudi Arabia. (5) The 1980s saw rapid growth of the Islamic banking industry. One of the major developments in this period was the establishment of the Islamic Training Institute by IDB, which invested on research and development of conceptual and theoretical applications of the Islamic Banking principles. Countries like Bahrain and Malaysia supported the advent of such a system and promoted Islamic banking. This move was followed by the conversion of the banking systems to non-interest institutions in countries such as Iran, Pakistan and Sudan (3,10). Due to the phenomenal growth witnessed by other financial institutions, conventional banks began introducing Islamic windows in their institutions by offering Islamic products such as Mudarba and Musharaka, which are described later on in the report (7). In the 1990s the growth that was witnessed earlier steadied, as governments and lawmakers were attracted by the propositions of this banking system. Through increased development in the Islamic financial system, different innovative products and services were introduced. Islamic insurance, known as Takaful, was introduced along with the introduction of Islamic equity funds (2,3,8). In the contemporary world, the Islamic banking system has established itself across the world and got is recognized as a major banking system in both western and eastern societies around the world. (4) WHAT IS ISLAMIC BANKING? There are certain defining characteristics that separate an Islamic financial institution from a interest-based conventional system. Firstly, Islamic financial system shares the risk of investment that translates into sharing the risk of ownership concurrently (1). Secondly, Islamic banking is based on real assets and transactions that have a certain economic purpose (2,3). Thirdly, Islamic financial system grants that fairness should be guaranteed in the execution of the agreements so that there are no dubious terms and conditions for every party involved (6). The most important of the characteristics mentioned above is that Islamic financial institutions should not involve under any circumstances, an element or a transaction based on Riba (interest), because the Islamic Financial system centers on interest-free banking. You read "Islamic Banking In Saudi Arabia" in category "Essay examples" (3) GROWTH AND DEVELOPMENT: In order to understand the growth and development of the Islamic banking model, we need to evaluate the extent of reach of the current Islamic banking system. Islamic financial institutions have now engulfed several Muslim countries across the globe, and have begun establishing roots in many western societies. An eminent example is of the Islamic windows present in HSBC by the name of Amanah, as well as Standard Chartered Sadi in the UK. Figure 1: Geographic Breakdown of Islamic Assets Recent studies have established that Islamic assets have increased by 15% per annum over the past two decades (5,6). This is because Islamic economists have modeled current financial products offered by Islamic banks by adapting on to the much demanded conventional banking products to cater to and fulfill the consumer’s needs. However, they have successfully altered them to avoid the use of interest and comply with the fundamental aspects of Sharia Law. (5,9) The current global picture of the position of Islamic banking sector is very promising. Assets under the Islamic banking management would soon cross the 1 trillion dollar mark for the very first time in 2012 (3,6,9). In 2011, the assets were valued at 840 billion dollars, which was preceded by the asset value of 400 billion dollars in 2009 (4). This shows a remarkable growth of 100% in the year 2011 and a further 25% growth in 2012. (8,11) Table 1: Total Volume of Sharia Complaint Assets in USD Currently, there are 300 banks and financial institutions across 50 countries that offer Islamic financial services to its consumers (1,11). Economists’ have made predictions for the unparalleled growth and demand for the Islamic banking system, forecasting a growth rate of 15% to 20% annually for the next eight to ten years (5,8). According to these statistics, the growth in the Islamic Financial sector is set to achieve a 4 trillion dollar mark from 2020 to 2022. (3,9) ISLAMIC BANKING PRINCIPLES AND CONCEPTS: FINANCIAL INSTRUMENTS OF THE ISLAMIC BANKING: Following are the key financial instruments applied in Islamic banking. Some of them may seem duplicate to many products offered by conventional banks, however, they differ through the basic concept of interest-free banking that are governed by Sharia Law. (3, 7, 10) Mudharabah Mudharabah is an agreement usually established between a capital provider and an entrepreneur, who will invest the amount in his business. Any profits generated would be shared in a pre-determined ratio, while losses incurred are borne solely by the provider of capital. This whole process of profit sharing will continue till the point that the loan is repaid. Musharakah Musharakah is usually confused with Mudarabah as the concepts are quite overlapping. Under Musharakah, partners provide different capitals to invest in their business. The profits generated are shared according to a pre-determined ratio; however, the losses suffered are shared according to the ratio of equity participation. Murabahah Under this financial instrument, goods are sold keeping in mind a certain profit margin that is agreed by both parties involved in the transaction. Every detail regarding the possible transaction should be elucidated to the purchaser, such as the selling price, purchase price and the profit margin. Murabahah is a fixed income loan that is used for buying assets with a profit margin involved. Wadiah and Hibah Wadiah is an arrangement where the bank is deemed as the â€Å"safe keeper† of the funds deposited, until the depositor wishes to withdraw the amount. In such an arrangement, the bank, at its own discretion, might use these funds to invest in businesses. By doing so, the bank will provide the depositor a certain amount for the use of their funds. Hibah refers to the same procedure; however, the capital comes from savings accounts held by consumers in an Islamic banks. Qardhul Hassan Qardhul Hassan is a loan that is extended on the basis of goodwill to the debtor where no interest is charged. The debtor is only to pay back the initial amount of the loan, without any added interest. In this situation, the debtor, in his pure appreciation of the bank’s services, can provide back an extra deposit at his own discretion without promising for it in the beginning. Takaful Takaful is referred to as Islamic insurance, based on the underlying concept of mutual cooperation and bearing each other’s burdens. In a Takaful agreement, the policyholders pay a certain premium to each other and in return share the profits made by businesses in which their funds have been invested in. Wakalah Wakalah is a term similar to a power of attorney. It is applied within the operations of Islamic banking where one person appoints another person to be his representative, bestowing on him the power to take transactions their behalf. Sukuk Sukuk refers to a bond that is issued with no interest charged on it. Thus, they are in accordance to the injunctions of Islam where the basic concept is the interest of ownership by the investor or the bondholder. Ijarah Ijarah refers to lease, wage or rent. In application to Islamic banking principles, it is the arrangement where the benefit of using a certain product is provided for a fixed charge. The bank would make available the asset or the service for a consumer to use, which they are to pay a certain fixed amount as rent until they continue using it. ISLAMIC BANKING IN KSA: ECONOMIC HISTORY: Saudi Arabia enjoys a rich economy, due to its prosperous oil-based reserves. As the country is an absolute monarchy, government intervention is present in most of the major activities and functions of the economy. The petroleum sector alone accounts for around 45 percent of the budgetary revenues, 55 percent in contribution to the Gross Domestic Product and most importantly 90 percent to the exports of the country (8). Saudi economy was an agrarian economy that was based on agriculture before the discovery of oil in the 1930s. One of the most prominent economic acceleration came from the 1973 oil crisis, from which Saudi Arabia gained benefit in its economic growth as the GDP per capita increased by 1858%. (4, 8) ISLAMIC BANKING SECTOR AND ITS GROWTH: The Islamic banking sector in the Saudi Arabia is supervised and governed by Saudi Arabian Monetary Agency (SAMA) (4,8). SAMA is an independently established and operated governmental agency that is directly subject to the orders and instructions passed by the Council of Ministers. The Ministry of Finance and National Economy is in charge for matters pertaining to SAMA. (4,8) The growth of the Islamic banking sector can be divulged from the fact that Saudi Arabian banking sector is currently the largest, when measured in terms of assets. The Al- Rajhi Banking and Investment Corporation is considered the largest Islamic Bank in the world (2,4). Currently there are 15 banks operating in the country, out of which 3 are foreign banks that have played their respective role in the growth of the banking industry in Saudi Arabia. They arethe Deutsche Bank, JP Morgan Chase and BNP Paribas. (2,7,9) DIFFERENCE BETWEEN CONVENTIONAL BANKING AND ISLAMIC BANKING: In conventional banking, money is treated like a commodity that can be sold at a price higher than its face value. However, in Islamic banking money retains its position at store value and a medium of exchange only that cannot be sold at a higher price. Also, in conventional banking, interest is charged on the time value of capital whereas in Islamic banking profit is earned through trade of goods and services. Moreover, in conventional banking, interest is charged even when the party suffers losses. This doesn’t depict the profit and loss sharing arrangement (9, 11). In Islamic banking, in case of losses suffered, the bank will share the losses depending on the financial instrument used. Under the system of conventional banking, no agreement is made to allow for the exchange of services when dealing with the disbursement of cash finance, working capital finance or running finance. On the contrary, while disbursing cash finances under Islamic banking system, agreements regarding the exchange of goods and services must be made and followed through. While using money as a commodity, conventional banking system can lead to inflation whereas the Islamic banking contributes to the development of the economy by linking the sectors of the economy to trade activities and thus creating a link with the real assets as well. (7, 10) COMPARING TABLE: Works Cited Choudhury, M.A. Venture capital in Islam: a critical examination. Journal of Economic Studies, Vol. 28:1,2011 Lewis, Mervyn, and Latifa M. Algaoud. Islamic Banking. Cheltenham, UK: Edward Elgar Print, 2001. Ghannadian, Farhad F., and Gautam Goswami. Developing Economy Banking: The Case of Islamic Banks. International Journal of Social Economics 31.8: 740-52. Print. 2004 Binladen, Abdullah M. Western Banking Practices and Shari’a Law in Saudi Arabia a Thesis. 1992. Bintawin, Samar. Performance Analysis of Islamic Banking: Some Evidence from Saudi Arabian Banking. Journal of Economic Studies, Vol. 29:5, 2011. Muzaffar, Islam. Growth and Development of Islamic Banking. 2002. MAbid Ali Al-Jarhi and Munawar Iqbal. Islamic Banking: Answers To Some Frequently Asked Questions. Islamic Development Bank, Islamic Research And Training Institute, Occasional Paper No.4, 1422h, 2001 Saudia Arabia Banking Sector. Global Research. 2006. International Association of Islamic Banks. Report, Cairo, Egypt: IAIB. 1998 Islahi, AbdulAzim. Hennie Van Greuning and Zamir Iqbal Risk Analysis for Islamic Banks. The World Bank, Journal of King Abdulaziz University-Islamic Economics 22.1: 197-204, 2009. Chachi, Abdelkader. â€Å"Munawar Iqbal and Philip Molyneux Thirty Years Oflslomic Banking: History, Performance and Prospects.† Journal of King Abdulaziz University-Islamic Economics 19.1: 39-41, 2006. How to cite Islamic Banking In Saudi Arabia, Essay examples

Discussion on Hypothesis

Question: Discuss about the Hypothesis. Answer: 1st hypothesis: customers prefer online shopping In the first hypothesis, the researcher aims at evaluating the requirements of the online shopping from the point of view of the Myers customers. From the information being acquired from the data collection method related to the research topic, the researcher has been able to find that almost 38% of the shopper prefers the online shopping over the retail store shopping. The main reason behind the selection of the online shopping for the customers has been owing to the provision of the shopping even in case of busy schedules of the individuals where almost half of the respondents agreed on the fact. Of the total respondents, 30% of the customers find it very easy to shop online owing to the lesser frequency in visiting the stores. Moreover, 34% of the customers have been facing difficulties and have been feeling uncomfortable with the online shopping and almost 41% of the of the respondents are of the opinion to increase the standards of the online shopping system. 2nd hypothesis: customers prefer retail shopping In the first hypothesis, the researcher aims at evaluating the needs of the customers for retail shopping. From the data analysis, it can be evident that nearly 34% of the customers believe that the online shopping is not very convenient in case of Myer. Moreover, almost 48% of the individuals believe that the retail shopping has not been outdated and that it can be still be preferred by the customers in todays context. Out of the total respondents, almost 67% of the population are attracted towards the provision of the verification of the quality of products as being available in the shopping in store. From the analysis of the above discussion, it can be found that more and more customers of Myer are opting for shopping offline through the company stores as most of them have not been able to trust upon the online shopping system of the organization. The customers are also of the opinion to renovate and enhance the standards of the online shopping system of the company which could be more comfortable and convenient for the customers. Recommendations There are various factors that help in affecting the shopping behavior of the customers. From the analysis of the research process, it can be found that almost 51% of the customers of Myer have been shopping in the company stores for less than 3 years which is a good sign for the company that more and more customers are attracted towards selecting the company. Again, almost 12% of the customers of the company have been shopping with the company since more than 7 years. It has also been found that more and more customers of Myer are opting for shopping offline through the company stores as most of them have not been able to trust upon the online shopping system of the organization. Thus, the company requires to enhance its customer service standards in order to retain its customers and build brand loyalty among its customers. Again, almost 41% of the customers are of the belief that the company needs to implement appropriate strategies for improving the online shopping options. Moreov er, the customers of Myer are attracted by the availability of the options for the shopping including the online shopping. Hence, the company should also be looking forward to the improvement in its online shopping applications by integrating more secure system within its transaction process such that to gain trust from the customers for using the online services being provided by the company in this digital world. This change in the business strategies of the company would be helping it in enhancing its productivity and profitability in the future. Conclusion The objective of the study was to identify whether the customers in todays context are interested in online shopping or in retail shopping. In order to identify the answer of the research question and to meet the objective of the study properly, the study has conducted the analysis of both the data that are secondary data and primary data during literature review and survey data analysis. After conducting the literature review and primary data analysis, the study has identified that the buying behavior or the buying decision of the customers depend on several factors like, quality of the products, quality of service, availability of the online and retail shopping options, time factor, availability of products, availability of options and many more. In the analysis of the primary data that has been collected by surveying the customers of Myer, Australia, it has been identified that the customers of the company are attracted to both types of shopping options available at Myer that are online shopping and retail shopping. However, some customers are there, those are not at all comfortable with technology. In this case, the management of the company can introduce such a technique of online shopping that will be simpler and easier. The findings of the primary research of the study has also identified that most of the customers of the company believe that for them both the online and retail options of shopping are important. On the other side, the findings of the study has also identified that most of the customers of the company that is Myer believe that the company needs to improve their retail and online shopping options. This is because the customers have faced problem at the time of shopping through using both the shopping options. At the same time, the company or the management of the company needs to take care and advanced strategies for attracting the male customers. This is because as per the survey results, the number of female customers are more than the number of male customers at Myer. At the same time, the research findings have also indicated that the management of the company needs to take proper care of the customer retention within the organization. Therefore, from all the findings of the study and the review of the existing literature, it can be concluded that most of the customers of the organization that is Myer are in favor of the retail shopping. However, it cannot be said rather it will be wrong if the company does not concentrate on the online shopping. This is because there are some customers those are technology friendly and support online shopping. Therefore, in overall basis it can be said that though both of the shopping options that are online shopping and retail shopping are important in todays context. However, it is also needed to be understood that retail shopping is more preferable option for shopping than that of online shopping. Reference list Panigrahi, K., Pandey, A., Nande, V. and Attar, F., 2016. Android based M-Commerce Application Using NFC.Imperial Journal of Interdisciplinary Research,2(4). Turban, E., King, D., Lee, J.K., Liang, T.P. and Turban, D.C., 2015. Social Commerce: Foundations, Social Marketing, and Advertising. InElectronic Commerce(pp. 309-364). Springer International Publishing.