A probate property fair market price

Chapter 4To get at a probate belongings ‘s just market monetary value What are comparables? In what manner can Multiple Listing Service ( MLS ) aid you? Vitality of existent estate agents Descrying the right agent Exercises Important TerminologyTO ARRIVE AT A PROBATE PROPERTY ‘S FAIR MARKET PRICEAs discussed earlier, equity of a belongings is its fiscal worth in the free market. We besides realized how important it is to happen out the equity of a probate belongings. To accomplish that, we require the just market value of the belongings and the debts owed on it. Honestly, you need non take excessively much hurting to happen that out and instead delegate this occupation to person more knowing and the best people for the occupation are the existent estate agents. Your occupation fundamentally is to happen out the right adult male for you capable plenty for the occupation and person you can trust on. Second, allow your agent know that your demand is to acquire the belongings sold every bit early as possible and inquire him to do offers consequently. This is critical since most agents would project the belongings ‘s just market steeper than it really is. Realistically, they ca n't be blamed for this merely because the clients are anticipating a price reduction on a monetary value put frontward to them. Another good ground for this demeanour of theirs is that the individual in ownership of the belongings of course likes his belongings to be valued at a monetary value a batch steeper than it really is and likes to hear good things about his belongings. The proprietor evidently would wish his belongings to be quoted at an overdone monetary value. Just in instance, the agent fails to make that, it is improbable that he would be employed. Therefore, it is important for the agent to understand your demand and quotation mark consequently. Stick to a peculiar agent so that you are the same page as the agent. Make him recognize that all you want is a moderate free market value of your belongings, which more frequently than non would be the existent worth of the belongings. As the clip goes by and as he gets to cognize you better, he would get at the monetary values which suit you best. That scenario is ideal since that restricts your occupation to merely reach your agent, tell him the whereabouts of the belongingss you are interested in and go forth the remainder to him since cognizing you good, it would be a cakewalk for him to acquire you the just market values.WHAT ARE COMPARABLESEstimating a belongings ‘s market worth is no walk in the park and involves a batch of analysis and research. In order to work out the just market value of a belongings the agents weigh the belongings against another belongings at par with it or against the belongingss they have traded late. The belongings whose just market value is to be calculated is termed as capable belongings. The two belongingss similar plenty to be stacked up against each other are referred to as comparables. By analyzing the comparables, agents are able to gauge the monetary values of a peculiar sort of belongings within a peculiar part or vicinity. Therefore, the capable belongings is weighed against some of the comparables which were sold recently in a peculiar vicinity. It is clear that the just market value of the capable belongings would be at that place and thereabouts merely. The best attack to place the just market value is the usage of comparables. For the belongingss to be comparables, they must portion certain properties ( those listed in class 1 ) .Class 1The architecture of the belongingss being compared should be indistinguishableThe comparables should be likewise when it comes to the figure of suites. Besides, the comparables should be identical on the footing of figure of sleeping rooms and bathrooms.Most significantly, the houses should belong to a peculiar country or a part merely since the monetary values may change significantly with location.The dimensions of the comparables should be indistinguishableCategory 2 lists certain features that can impact a house ‘s value well depending on whether it possesses those features or non. Sometimes it is non possible to happen comparables with exactly the same features as our capable belongings. If the comparables have some additions or any extra fortes as compared to our capable belongings, so just market value of the capable belongings is needed to be decreased consequently and thoughtfully. Similarly, if the topic belongings has something the comparables do n't, so that must add to its value suitably. For case, if the capable belongings possesses an extra cellar or parking batch or anything for that affair which the comparables do n't so you must add up to its value suitably and it goes without stating that this works the other manner unit of ammunition every bit good when your capable belongings is short of something present in the comparables. Again, you must hold your agent sitting by your side and loaning you a much needed assisting manus. So, ne'er add onto or deduct from the just market value of belongings without the consent of your agent. Category 2 lists the specifications that may rise your belongings ‘s value ( or the other manner unit of ammunition )Class 2An fond regard like a shop room or possibly a public-service corporation roomOne or more than one parking tonssFireplace or something like thatCentral air conditioningAn extra lower floor ( cellar )The additions listed above can truly hike or keep back the value of your probate house appreciably. Another set of additions mentioned below that may non hold excessively much deduction on the value of belongings but alternatively do it more attention-getting constitute our 3rd class. If your house has those characteristics, it will surely hold an upper manus over comparable belongingss in that peculiar vicinity that may non be holding those characteristics.Class 3A galleryAn unroofed deckA well maintain lawn or a gardenGreenery like tidy shrubs, cosmetic trees, etc.A little extra parking countryTip: We merely saw how some properties can increase a belongings ‘s cost appreciably but at the same clip certain supernumeraries may go an extra luggage and diminish its marketability. For case, a swimming pool, which may be viewed as an sweetening by a subdivision of people, but it ‘s besides something which may do your house harder to sell. This is since most of the belongings purchasers are bound to be freshly married people with really immature childs. Kids we know are unpredictable and it would surely non be advisable for the parents to travel for such place. These immature people form a major part of the homebuyer ‘s community. Besides, most of these people would be looking for some kind of an adjustment every bit early as possible and by and large maintaining the pool in good form wo n't be excessively easy on their pockets. You merely can non afford to lose so many possible purchasers. At the same clip, another subdivision of people to whom fundss or childs or anything is non a affair of concern would ne'er mind holding a swimming pool at their disposal. Summarizing it up, such additions should non do excessively much of a difference to you while measuring a house. Those were the three classs which must be taken into consideration while ciphering its just market monetary value. As mentioned above, classs 1 and 2 are peculiarly indispensable since they affect the value of the house appreciably. Anyhow, class 3 which does n't hold much deduction over the house ‘s value can non be neglected. Once you have been in touch with an agent for a period of clip, you will be good equipped to find the just market value by yourself rapidly and accurately. The belongingss which are similar to the capable belongings and have been sold in the recent yesteryear must be taken into history. Properties sold within the last six months are 1s which must be taken into history. Properties beyond that period can non be considered recent plenty to be used as comparable belongingss. It is the responsibility of the existent estate agent to analyze all the available comparables and find the just market value accurately. The state of affairs where no comparables are available is non excessively uncommon or a one-off thing. It does go on on a regular basis and in that instance the agent may hold to travel back by a twelvemonth or even more to happen the comparables sold in the vicinity. He should believe twice earlier seting up any monetary value since belongings values may change drastically with such an interval of clip.How to find the just market value without utilizing comparablesIn some vicinities, where houses are every bit old as 30 old ages or even more it becomes difficult to come up with comparables. This is because most of the houses during that period were customized as per the likings of the proprietors. The contractors ( or designers ) used to build houses with different forms within a vicinity during that period. Furthermore, since these houses are rather old, most of those would be altered well. Changes may be attaching another room to the house, widening it, adding another floor etc, and these things over a period of clip make sure that the house is far from its original signifier. Since the deceased, go forthing behind the probate belongings would largely be an elderly individual ; opportunities that the belongings is located in older vicinities are good and in that instance it would be truly difficult to happen the comparables. Without any comparables, you will hold a tough clip measuring the house ‘s just market value. Try to calculate out the houses which have the closest of resemblance to the topic house by comparing the properties in class 1 and so of class you can do suited add-ons or minuss on the value depending on the additions mentioned antecedently. Once once more it is your existent estate agent who comes to deliver. Rely on him to cipher the just market value accurately. It is ne'er a bad thought to listen to another agent ‘s point of position if you are still diffident of the value. The idea of holding other agents to discourse with your agent may besides be fruitful. These are the rudimentss when you are looking to cipher the just market value and it wo n't take you long to get the hang the art. Merely maintain it simple, utilize the comparables and maintain in touch with your agents. You would come across different sorts of probate places. A probate house may be a individual household place, a townhouse or a condominium.How to find just market value of townhouses?Townhouses or row houses are by and large those houses that are joined utilizing a common sidewall. When it comes to finding the just market value, townhouses are comparatively simpler than individual household places. Let ‘s take a expression at the grounds for it:Townhouses in a vicinity are by and large built on the same forms. Even if they do differ, there merely are a few forms that exist in a subdivisionMore frequently than non the proprietors are non permitted to build any additions on their houses by the subdivisions.The few things that proprietors may be permitted to make in order to hike their house ‘s market value areConstruction of an extra sleeping room in the lower floor ( cellar )Build an extra bathroomOther features that you may desire to cognize about the house may be the inclusion of assorted types of Windowss, floors, deck, etc. Although they are n't likely to hold an consequence on the just market value, but they can surely be things to do a note of. The basicss remain the same though, i.e. the size of the belongings, figure of sleeping rooms and bathrooms, form on which it is built, dimensions, etc. Of class properties like excess bathroom, a car port, or a hearth do hold a positive affect on the market value. It is good known that the corner houses are of somewhat more value than the 1s sandwiches between two houses. The grounds are good known excessively. Normally, the corner houses have a somewhat larger country. They are three side unfastened and two-side unfastened like the interior 1s. They portion sidewalls with merely a individual neighboring house. Townhouses form serious belongingss to take at since they ca n't be altered much and besides, happening their carnival market value is rather easy because there are so many comparables to look at.How to happen just market value of condominiumsCondominium refers to one of the units in a multi unit composite. Here once more, finding the just market value is non excessively large a trade. Merely name up your agent, he would measure the house based on legion comparables by and large available for condos. Second, since alterations are rarely allowed in condos, proprietors have their custodies tied in instance attempt to heighten the market value of their house. Condos with characteristics like modular kitchen, wooden cabinets or some type of particular flooring may be somewhat in front than others, but non by much.Analyze the competitionAssign your existent estate agent the undertaking of finding what the proprietors of comparable belongingss are demanding for selling their houses. This will give you a clear indicant on what monetary value you need to set up your belongings for sale. Be cautious and ne'er think of this information to measure the just market monetary value since proprietors are bound to cite excessively much more than what the belongings is really deserving. Fair market value can merely be calculated on the footing of belongingss already sold and non on the 1s that are on sale at present. Your mark is to acquire your belongings sold every bit shortly as possible. Buying a probate house is easy on the pocket and hence you can inquire for monetary values moderately lower than the monetary values of the comparables. This would vouch a speedy sale and a significant yet speedy fiscal addition.When to utilize valuatorsAppraisers are those persons who have expertise in ciphering the just market value of belongingss. You should avail of their services merely if you and your agent are unable to find the just market value of a house. This can go on when you merely are n't able to happen any comparables. So, when person does offer you a large price reduction on his house and you find yourself incapacitated, turn to valuators. The valuators are knowing plenty to measure the just market value of the house from comparables belonging to non merely the same, but besides from other nearby vicinities in that peculiar country. From comparing the capable belongings to the comparables to doing suited add-ons and minuss on the just market value depending on the additions contained by the comparable, an valuator would make it all for you. Still, you are advised to do usage of them merely in instance both you and your agent are unable to happen the just market value by yourself since valuators would and intelligibly so bear down you a fee for their services.No replacement to difficult work!In instance you are a newbie in trading belongingss and material, it is recommended that you do the difficult paces and pattern measuring the just market value by yourself. Find some probate places, inquire your agent for suited comparables and visit those comparables along with your agent. You do the comparing by yourself, analyze whether or non the comparables resemble the topic belongings closely adequate and seek to find the just market value consequently. Do non bury to see some of the nearby occupants. Gather as much information as you can about the belongingss in that peculiar vicinity. These following door neighbours will be more than willing to portion their sentiment peculiarly when you tell them that you are their prospective neighbour.WHAT IS MULTIPLE LISTING SERVICE ( MLS ) AND IN WHAT WAY CAN IT ASSIST YOU?MLS is the abbreviation for multiple listing services and it is a service which can be accessed via computing machines merely. It is the multiple listing service merely through which agents are able to calculate out the comparables for a given capable belongings. All existent estate bureaus subscribe to the MLS and supply its entree to all the agents working with the bureau. It may be that the agent is a endorser, and does n't necessitate any bureaus to avail of the MLS. A belongings that is available for purchasing at present is termed as a listing. Therefore naming service is service which has 1000s of listings and has the information of all the belongingss that are presently on sale. Therefore, the existent estate agents make usage of the MLS to happen out the comparables for a capable belongings. Whenever you appoint an agent and assign him the undertaking of selling your house, he enters the listing in the MLS and makes it existing in the market. Since this list is carefully looked upon by all the agents, it gives your belongings a good adequate exposure in the market. MLS is regarded as a must hold tool for all agents. MLS provides the agent with plentifulness of information. It has the list of all the belongingss sold within last 12 months in a peculiar country and besides comprehensive information sing them. The agent ‘s occupation is to shop through the consequences generated as he enters a few variables and make a elaborate survey based on these consequences. These variables may be the purchaser ‘s budget, size or form of the house, the coveted location, and the MLS will bring forth the list of all the belongingss fulfilling these parametric quantities. The simpleness and the user friendliness of the MLS are astonishing. For case, you call up your agent and inquire him to measure the just market value of a certain probate house. You tell him about the figure of sleeping rooms, bathrooms, and the location etc of the house. Now, all your agent demands to make is to come in all these factors in the hunt field of the MLS. Leave the remainder to the MLS. The MLS will so bring forth a list of all the houses purchased with the same specifications. So many comparables are available that the occupation of finding the just market value becomes a batch easier. MLS makes certain that finding the just market value of any belongings is merely a affair of proceedingss once you and your agent are accustomed to it.VITALITY OF REAL ESTATE AGENTSThe recognition for the gross revenues of most of the bank foreclosures in Canada goes to the existent estate agents. These are competent salesmen who are employed when belongings proprietors intend to sell their belongingss. Real estate agents are skilled people who are likely to give you an advantage and hike the opportunities of a speedy and a paid sale by springs and bounds. Real estate agents want a small of the gross revenues made through them. They would by and large inquire for a 3 to 6 % portion of the entire sale value. The agent ‘s portion is non fixed and it varies with different agents and different trades, though by and large, they stick to 6 % of the entire monetary value the house is sold for. This is because 8 out of 10 times your agent wo n't be straight in contact with the purchaser but through another agent. In that instance, the committee will be divided between the two agents. The original agent will acquire merely 3 % and non the full 6 % . If the purchaser is in contact with any agent other than yours, even so your agent deserves his piece. This is because it is your agent who has promoted your belongings and set in a batch of his valuable clip and energy into it. It is his contacts that have helped you find a purchaser In fact, your agent besides supervises the full procedure of sale of your belongings along with the other agent. You will recognize that 6 % for a skilled agent is non at all a bad trade. It is your agent that will pass on all the advertisement and selling of your belongings. Frosting on the bar is the fact that an agent will non demand anything until your house has been purchased by the purchaser and all the paperwork has been taken attention of. They will acquire their portion automatically within the procedure of the trade. You do non pay their portion straight and they earn it automatically as the belongings is sold. You can besides choose for going an agent yourself. It is ne'er a bad thought since it wo n't affect excessively much of an investing, though on a personal degree, I have ne'er aspired to be an agent myself. Trading in probate houses works good for me. That surely does n't intend that you ca n't do good money being an agent. You can ever make that. The pick is all yours. Once you have managed to buy a inexpensive probate belongings, the agent ensures your smooth seafaring through the procedure of sale of the belongings. Second, the agents are ever up-to-date with all the latest and relevant information. He is the 1 who will ever be holding the MLS at his disposal and will besides find the just market value for your capable belongings. Time to hold a closer expression at the necessity of holding an agent: First of wholly, your occupation is to near an agent and assign him the undertaking of pull offing the sale of your belongings from happening a purchaser to the shutting of the trade. Then that agent will execute all the actions necessary to guarantee a quick and a profitable sale. Different maps performed by an agent are:Agents are ever in touch with many other agents. So, he will do all of them cognizant of your belongings and that it is up for sale.He will popularise your house in relevant magazines and besides guarantee proper advertizements through newspapers.He will be registering the belongings in MLS, guaranting its being in the market.His occupation besides includes distributing or passing out the flyers sing your belongings to those shacking in the same country on rent. Since you are willing to sell your belongings at an low-cost monetary value, the flyers should be good plenty to convert them to purchase the house you are offering.He will descry the weak links which may decrease your belongings ‘s value like possibly dust loaded Windowss or something like thatSimilarly, he will besides allow you cognize how you can heighten your belongings ‘s market worth.He will set up your belongings as an unfastened house and besides publicize it in ne wspapers. It means any interested purchaser may come and inspect the house which is held â€Å"open† and does n't even necessitate to reach the agent for that. This is by and large done on Sundays so that most of the possible can come and hold a expression in.Apart from all these, there are legion other services your agent will ease you with. He will besides impart a assisting manus to the purchaser as to how to set up the fundss or arrange loans for him that he requires to purchase your house. He will take attention of all the certification portion as good.A skilled existent estate agent will: –Be cognizant of yours and the adjoining vicinities and how things work at that place.Help you realize where to pass and where non toAid you to measure the just market valueDo non overlook your agent ‘s advice. Make take notice of it that would by and large maintain you out of troubled Waterss.What are Listing Agreements?Delegating the agent the occupation of selling your belongings requires you to subscribe a contract. This contract is called listing understanding. This listing understanding allows the agent to sell your belongings. All the footings and conditions sing the sale of the belongings are mentioned in the understanding. They are by and large non more than three-to-six months long and besides stipulate the agent ‘s portion in the merchandising monetary value of the belongings. An agent ‘s liking for a longer listing understanding is apprehensible since it non merely boosts his opportunities of happening you a purchaser but besides of another agent in touch with him of making so. It is advisable for you to non hold a listing understanding of over three months. In instance the agent is unable to sell your belongings within that tine frame, so either you are citing excessively high or your belongings is non in the best of forms. So make sure that you evaluate the just market value accurately and non anticipate excessively much from your belongings. Besides guarantee that your belongings is in the best of its wellness and put it up for sale at monetary values moderately lower as compared to other similar belongingss. You should be really selective about the location every bit good as the vicinity you invest in to do certain selling the belongings does n't go another hurdle in your manner. Listing understanding provides the agent with the comfort of selling your belongings over a defined period ( of three months ) . Listing understanding must advert that your house will be registered in the MLS, merely in instance you come across an agent who unluckily is n't excessively interested in profiting you. They may non desire to name your belongings in the MLS so as to avoid sharing of the committee with another agent. This is n't likely to go on though at that place a few egoistic agents around so be careful. To avoid any such jobs, do allow your agent cognize your demands and besides inquire him about the scheme he is traveling to use. Have healthy, blunt and frequent treatments with your agent and border the listing understanding consequently. You can ever maintain path of the proceedings to foster safeguard your iterests.Descrying THE RIGHT AGENTFor person comparatively new to the belongings concern, a competent agent is a necessity. First of all, seek to remember if you yourself are in contact with any agent. There is nil like holding a household member or a close buddy or anyone as dependable to help you. Then think of person who has sold his belongings recently and inquire him to acquire you his agent. Open your Yellow Pages directory and happen the contact information of nearby real property offices under â€Å"real estate† . Enlist some of the agents of your country. Shortlist the agents and get down taking telephonic interviews of the short listed 1s. Do non merely interview and engage an agent straight off ; do do certain that you talk to a few of them so as to guarantee your compatibility with the agent. From the existent estate bureau itself, acquire contacted about the agents who have been working with belongings investors. These agents are more likely to understand your demand of reaping good income from the belongingss you purchase. State the agent that he is the 1 who needs to happen out the profitable belongingss so that you can put in them and do good money. Let him cognize that you want him to state you about all the pros and cons of purchasing a house in bordering vicinities and maintain you informed about the high potency every bit good as those that are n't likely to do you great net incomes. Work with merely those agents to whom you are one of the top precedences. Convey to him that are looking to put in a figure of belongingss and non merely in a individual 1 and will work with him on a figure of trades. Tell him that you would necessitate the information you ask for immediately without any holds and that you may necessitate to reach him rather a few times in a twenty-four hours. This is besides indispensable since agents are a busy batch and some of them may non go to to you decently.Tip: –After questioning a few agents you will recognize that all of them are more than happy to work for you. While acquiring you an agent is no large trade, descrying a competent agent does necessitate some making. So do take the hurting of questioning a few agents ( three at the least ) before you hire one. Take your clip and make non seek to hotfoot to following measure as an unqualified agent may impact your income badly. An agent ‘s competency or the deficiency of it will be apparent to you reasonably rapidly.What to inquire an agent while questioning him?Do you hold any experience in working with investors?If the reply is no, see another agent who has worked with investors before. Do state him that you are here to reap a significant income. Convey to him that you want to put in merely those belongingss that wo n't take excessively long to sell and that you need your pecuniary benefits every bit early as possible. Tell him that it is his occupation to allow you cognize approximately profitable every bit good as uneconomical vicinities. As you have managed inexpensive belongings yourself, state the agent that you mind offering a sensible price reduction for it either. This should ease your agent in marketing your house. It should be bread and butter for the agent to sell the most low-cost belongings ( than other comparables ) in a peculiar vicinity.How experienced an agent are you?The longer the individual has been working as an agent, the more experient he is. More experience surely means more chance of being acquiring you a good trade. While questioning the agents, figure out whether you need a really experient agent or person comparatively new. Now you must be believing â€Å"why should I be even believing about person new in the business† ? The ground is simple. Simply because person less experient looking to do a grade is bound to demo more enthusiasm and dedication towards the occupation.Can I reach you in the uneven hours like early in the forenoon or possibly at midnight as per the demand arises and would be able to supply me the feedback accurately and rapidly plenty?I am willing to put in a figure of belongingss in a twelvemonth, and would wish to find the just market values of a batch of houses. Can you save that much sum of clip for me?Do do sure you clearly ask the agents all of the above and any other things that you think are necessary to discourse.Exercise___________ ( executors/agents ) are the 1s who determine the just market value of a belongings for you.The belongings whose just market value is to be calculated is termed as ________ belongings.____________ are those persons who have expertise in ciphering the just market value of belongingss.____________ greatly assists the agents to happen comparables f or a capable belongings._____________ is a service which has 1000s of listings and has the information of all the belongingss that are presently on sale.The _______________ allows the agent to sell your belongings.IMPORTANT TERMINOLGYFAIR MARKET VALUEReal ESTATE AGENTAppraiserTOWNHOUSECondominiumCOMPARABLESListList AGREEMENTMULTIPLE LISTING SERVICE ( MLS )

Automobile Industry in Bangldesh Essay

1. 1 Introduction Now day’s education is not just confined to books and classrooms. Internship is such a program that helps to test the knowledge and understanding of the courses and to use them in a practical field. Internship training gives this opportunity to be engaged in an organization where it is possible to have an experience of the real business world and to see different practical aspects of education. Marketing Department of Chittagong University is committed to produce marketing professionals for the market who will not only benefit the society as a whole but also make path of a better future for the next generation. Internship program is a step towards fulfill this commitment by giving the students an opportunity to get ready for the real world before they enter into it. 1. 2 Research Issue This research is a requirement of the internship program for my MBA program. My supervisor Professor A. J. M. Nuruddin Chowdhury assigned me the topic. I have tried my level best to make it as an excellent one. I used all the latest data and information. I have been serving this company as an intern under Sales & Marketing Department for two months. I got privilege to put latest data. My job responsibility is to create relationship with our present and potential customers, sales products and provide service time to time by giving latest product’s information. So, I am getting the opportunity to be very close to the customer. I have the idea why customer choose, the reason of leave and the reason of using pragoti Industries Product. My supervisor Mr. Khayrul Haue officer of Sales & Marketing Department guides me time to time to make this report fruitful. 1. 3 Research Objectives The main objective of this report is to have an assessment about overall activities of sales & marketing department. How they manage all the selling process, what services it is providing to the customer and how agents are getting benefit from it and finally what is the gain for pragoti from this project, in short how it is meeting up the requirements of the three stakeholders of the company. The objectives of the study are as follow: †¢ To get the practical experience by doing job with expert of sales & marketing manager. †¢ To understand the drive structure of PIL. †¢ To understand the channels of PIL. †¢ To observe the production process & know the inputs procurement system, warehousing system and the selling and distribution system of the company. †¢ To know the marketing and pricing policies of their products †¢ To know about the products & the quality of products produced by the company. †¢ To know the accounting system and the transparency in the preparation of the financial statements. †¢ To know the application of the Corporate Governance in PIL †¢ To produce a report that will give a guideline to the future researchers or customers of the Pragoti Industries Ltd on the different aspects that are covered in this report. †¢ Finally, to suggest the management with some recommendations so that the management can identify some of the faulty areas in the organization and initiate necessary steps to bring changes in those areas. 1. 4 Research Methodology The current study is conducted primarily in participatory research analysis method and secondary on practical and theoretical analysis. The research supervisor proposed research topic. Primary and secondary data was collected from every possible source. The primary sources are as follows: †¢ Observation of the production and management sector of the company. †¢ Face-to-face conversation with the respective offices and stuffs of the industry. †¢ Related field study as provided by the officer concerned. The secondary sources of data and the information are: †¢ Web site address †¢ Book basis articles †¢ Internal magazine published by PIL †¢ Different brochures of PIL †¢ Information provided by my supervisor 1. 5 SCOPE OF THE STUDY This internship report covers all the aspects of retail environment from all the three perspective, UBL, retailers and agent. This report also gives an overview about the company like about the mission and goals of the company, the marketing mix & the strategies, competitive strategies etc. This report has been prepared through extensive discussion with the customer, sales development manager, and agent and with the other stakeholder. While preparing this report, I had a great opportunity to have an in depth knowledge of sales activities of the â€Å"Pragoti Industries Ltd. † It also helped me to acquire a first-hand perception of a leading state run automobile industry in Bangladesh. 1. 6 Limitation of the Study I have tried my best to collect the maximum information from the authority, management, production department and marketing department. But I have faced the following problems: †¢ To make a report it is very trouble full to collect the information from various personal for the job constrain. †¢ Planning & production department’s has no appropriate maintenance of planning procedure and articles. †¢ Time is not sufficient for various activities to prepare a report. †¢ Non-availability of published data. †¢ Information was not provided due to business secrecy. †¢ Lack of adequate knowledge about research by new employee †¢ Non-availability of secondary data. Chapter- 2 Literature Review 2. 1 Introduction. Bangladesh is totally underdeveloped in the sector of automobile industry. As It has no automobile industry, the sector is totally depended on import, except a few automobile-assembling units. Due to increase amount of demand, requirement and increased every year it has to import a huge amount of automobiles from the other countries. But in recent times, Bangladesh automobile industry is turning around, as a result local and foreign investor are interest about this sector for investment. So the sector has a great potentiality and prospect in the development. Pragoti is the only state own automobile company in Bangladesh and it made & repair only government related automation production. Bangladesh machine tools Factory (BMTF) was establish in February 11, 1979 and it is the commercial automobile assembly plant, maintain by Bangladesh Army, especially for defense industry. Walton & Aftab is the largest Bangladeshi private automobile company in Bangladesh. Walton Company establish a large plant for motorcycle production, on the other hand Aftab automobile is famous for bus accessories assembling. [pic]. Mitsubishi Pajero will be assembling in Bangladesh Mitsubishi Pajero, Hino Bus, Tata bus/Truck, Proton automobile manufacturer company already buildup their production assemble plant in Bangladesh and here is the important news, near Dhaka, location name is Dolaikhal, is the largest automobile market in Bangladesh for expire & new automobile parts. 2. 2 Bangladesh most popular Automobile company List †¢ Aftab Automobiles †¢ Pragoti †¢ TagAZ Bangladesh (Proposed) †¢ Mitsubishi Pajero †¢ Walton †¢ Bangladesh Machine Tools Factory 2. 3 Auto parts market of Bangladesh. Bangladesh automobile industry is not a big industry and maximum automobile parts are imported from other countries . Besides, there is no quality local manufacturer of parts and components. So, parts and components are mainly imported from countries like Japan, UK, Taiwan, China, Korea, Malaysia, USA, India, Indonesia, Pakistan, etc. The market of parts and components of this country is very small but expanding rapidly. Commercial importers import a bulk amount of parts and components that are distributed through wholesalers and retailers. Final users get the parts from the retailers and the retailers buy parts from the importers. However, there are also importers who have their own retail outlets. An assembler may also be an importer who requires a large quantity of parts and components for its assembling unit. A limited number of commercial importers import parts and components from different sources. In most cases, the assembler imports parts and components from the country where the brand is originated. Some assemblers even purchase parts and components directly from the big importers. There is another group within the distribution channel of parts and components i. e. auto servicing centers like garage, mechanical workshop, body building units, etc. The servicing centers purchase parts from the whole seller as well as from the retailer. End users get parts and components from retailers dealing in different type and brand of automobile. Although no local manufacturer of quality parts does exist, but active negotiations are going on to set up joint venture parts and component manufacturing units with China, Korea and Taiwan. Present structure of parts and components market is graphically shown below: [pic] In Bangladesh, neither we have an automobile industry nor a quality auto parts industry. So, the people of Bangladesh have no clear idea about the automobile industry or auto parts and components and their usage. The market of auto parts and components is influenced by couple of elements. People while purchase auto parts and components, they are influenced by several factors and these auto servicing centers, workshop and garage, motor pool managers, Institutional Importers (i. e.embassy), retailers, agents of branded automobile, 2. 4 Domestic parts and components industry Presently, there is no well-organized and quality manufacturer of parts and components in Bangladesh. Some low quality indigenous manufacturing of parts and components are there but they are carried out against specific order to meet emergency requirement. There is no mass production to meet the requirements. Given below is some idea of what the local manufacturers try to produce: Filters, radiators, radiator hoses, air filter housing; Brake pads, brake drum, brake disc; Electrical parts such as battery, horn, wiring, wiper and washer assembly, head lights and other lights; Trim and upholstery such as carpet, floor mat, rear parcel shelf, seat assembly, safety belt and melt damping sheet; General parts such as paint and thinner, under seal, tires and tube, and mirrors. Chapter- 3 Growth & Development of Automobile Industry in Bangladesh 3. 1 Bangladesh Automobile Prospect Bangladesh has a great prospect and potentiality in the development of automobile industry there has been an increasing trend in the use of all sorts of automobiles/vehicles in Bangladesh. However, the increased demand of individual types of automobile varies from case to case. As a result of increasing demand of individual the annual demand for automobile is increasing with a great speed an statistic show the demand has increased into 30 percent than the last year with the Improvement of roads and highways and increased number of bridge and culverts are also responsible for motivating people to buy vehicles for their day to day activities. Again the Improvement of life style in the urban areas is also responsible for the development automobile industry . With the passage of time the living standard of general people of BD has increased and they also turn into low class to middle class, middle class to upper class and in recent times the amount of upper middle class has increased which means additional demand for automobile There are also some another key reason for whom Bangladesh has a great potentiality in this industry. They are mentioned below: †¢ Government annual development plan has given priority on development of automobile industry †¢ Special attraction for Japan made vehicles †¢ Withdrawn of Rickshaw gradually. †¢ Getting popularity of Small car/sports vehicle †¢ Rent-a-car getting popularity †¢ Reduction of tax on the new motor vehicles †¢ Govt. initiative to float 10,000 commercial vehicles †¢ Expanded and increased volume of export and import 3. 2 Comparative scenario of different types of automobiles in Bangladesh A comparative scenario of different vehicles and their usage trend may be explained as below: (a) Motorcycle The use of motorcycle in Bangladesh is increasing day by day by a new group of users. Motorcycle is extensively used in Bangladesh in both rural and urban areas. The use of motorcycle has gradually increased in Bangladesh due to easy to drive; easy access to remote location; cheapest transport; Longevity of the vehicle; easy to handle and park at any place. The general users are the students, individual businessmen, officials of marketing companies and pharmaceutical industries. Over the last one and a half decades, the field level officials of different non- government organizations have been using a large number of motorcycles. In Bangladesh, both locally assembled motorcycle and imported motorcycle are available for intending users as detailed below: (i) Locally assembled motorcycle: Mainly, there are about 20 locally assembled brands. For example: ATLAS, EMMA, NITOL and SINGER. List of the local motorcycle assembling houses is given in the annex. (ii) Imported motorcycle: There are at least 7-8 different regular brands of motorcycle and these are: Honda CD 80, Yamaha, Suzuki from Japan, Xinfu, Jangshen, Jailing, Hero, TVS Victor, Yamaha, Suzuki, Bajaj, Vespa, etc. (b) Auto rickshaw / Three wheelers There has been a phenomenal increase in the number of auto rickshaw and tampoo in Bangladesh. Now, it is an important vehicle in Bangladesh. Low and middle class family members mainly use these vehicles. But, the government of Bangladesh has already banned these two vehicles to avoid environmental pollution. It is estimated that presently there are 160,000 auto rickshaws including unauthorized units in Dhaka City alone. There has been a phenomenal. – However, effective 1st September,2002, the two stroke auto rickshaw will be totally banned, which is expected to dramatically reduce the requirement of parts for these type of vehicles, but increase demand for the new CNG auto rickshaw and three stroke auto rickshaws will be there with increased demand for parts and components. (c) Motorcars Increased demand, economic development and changed life style have resulted in a great increase in the number of motor cars and the demand for motor cars is still increasing day by day. Both brand new and reconditioned cars are imported into the country. Statistics show that majority of the people usually prefer reconditioned motorcars more than brand new cars due to lower price. In Bangladesh, more than 65% of the total motorcars are coming from Japan. Many Bangladeshis living in Japan involve themselves in reconditioned car business. Recently, the government has put an age restriction on the import of reconditioned motor cars. Reconditioned cars more than 3 years old can not be imported. The government has also reduced the duties and taxes on the import of new cars to discourage reconditioned car import. Impact is that people now can buy new cars at a reasonable price having longer durability. The government has introduced new system of taxicab in 1998. As a result, the number of motorcars has been increasing. But, the requirement of spare parts and components will be lesser. Again, after the 1st September 2002, the ban of auto rickshaw will lead to a significant increase in motorcars mainly in the form of taxi cabs. Use of motorcars has increased tremendously, which is evident from the statistics for the last five years shown in the chart below: (d) Light & heavy commercial vehicles (bus, minibus, truck, pick-up, etc) Like the motorcar, there has been an increasing trend in the number of light and heavy commercial vehicles that include mini bus, bus, human howlers, passenger carriers, trucks, pick-ups, covered vans, large covered vans, etc. Over the last one decade, the use of these types of vehicles has increased at a high rate. This is due to increased demand for the these types of vehicles/automobiles effectively backed by institutional financial support to procure them. This growth rate will continue to increase in the near future. The average growth rate is 5. 63% and 4,644 in the number of vehicles annually. (e) Farm and agricultural equipment/vehicles Also, there is an increasing trend in the number of farm and agricultural equipment/vehicles due to increased application of modern tools and techniques in farming and agricultural production. Now-a-day, agricultural vehicles like power tiller, tractor and trailers are being used in the rural areas more frequently than the past. During the last one decade, various agricultural development projects funded by the different donor agencies have been implemented in the rural areas and under those programs, the farmers were given financial facilities through NGOs and banks to procure modern agricultural equipment including farm vehicles. One of the key elements that made this possible is the availability of lease financing facilities in the country and the large amount of agricultural credit funds. It has been observed that there is a reasonable growth in the number of agricultural equipment every year. This growth rate will continue to increase in the near future provided there is no drastic change in the government policy relating to agricultural sector like reduction in the subsidy and assistance and low cost fund for the farmers. The average annual growth rate is 2. 5% and 125 in number of vehicles every year. 3. 3 Estimated demand of automobile /vehicles in Bangladesh. Taking into consideration the future prospects and also keeping the resent growth pace influenced by various elements discussed earlier, it is expected that there would an additional increase in the use of vehicles. In view of the possible new avenues and prospects and looking into the weighted average growth rate of 6%, table below shows estimated demand for the next five years. Table: Projected demand of automobile /vehicles in Bangladesh |Vehicle/Year | |Taxi | |Bus/ Minibus | |Tractor |3,646 | |Headquarters |11, Agrabad C/A, Finley House (3rd floor) P. O. box no. 73 | | |Chittagong4100, Bangladesh | |Location of the factory |Barabkund, Dhaka-Chittagong Highway, Sitakund, Chittagong. | |Year of establishment |1966 under private ownership | |Nationalized Time |: After liberation of Bangladesh on 11th May, 1972 | |Types of operation |Assembling the Transport Vehicles | |Operated By |Bangladesh Steel and Engineering Corporation under the Ministry of industry | |Company Type |: Autonomous | |Initial Authorized Capital |20 Cores, Divided into 20,00,000 shares @tk100/- | |Paid-up Capital. |25 Lakhs, Divided into 25,000 no. of Ordinary Shares. | |Products |Car Assembling, Automotive Parts | |Main sources of CMD Kits from |: Vauxhall Motors of England; American Motors Corporation (AMC) of USA; Isuzu Motors | | |Corporation, Mitsubishi Motors Corporation, Nissan & Toyota Motors of Japan; KIA | | |Motors, Daewoo Motors of Korea; Aelous, Dong Feng of China; HML TATA, Swaraj Mazda, | | |Mahindra & Mahindra, Maruti, Eicher and Ashok Leyland of India | |Recent Initiative |A CNG Conversation Unit is established in Tejgoan Workshop at Dhaka. | |Nature of Business |Govt. approved automobiles marketing company, Sole Distributor of Isuzu, Suzuki | | |vehicles from Japan and Bajaj, Swaraj Mazda & Maruti vehicles from India. Parts & | | |Accessories, Sawafuji & Suzuki Generator from Japan, Scott & English industrial | | |Generator from Singapore & G. S. Automotive battery from Indonesia | | Initial production capacity |(Approximately) 200 | |Present production capacity | (Approximately) 900 | |Logo |[pic] | |Website |http://www. bsec. gov. bd/html/ent_progoti.php |. 4. 2 Aim of Pragoti Industries Limited The sky is not the limit for them but their expectations are within limit. Their imagination soars beyond conventional barriers. They share their destiny with their beloved motherland. They want to serve her the better in the greater quest for national economic emancipation.. 4. 3 Mission of PIL We shall be at the forefront of automobile industry development by: †¢ Anticipating automobiles required by all our customers everywhere and innovatively supplying them beyond expectation. †¢ Setting industry benchmarks of world class standard in delivering customer value through our comprehensive product range, customer service and all our activities †¢ Building an exciting team-based working environment that will attract, develop and retain employees of exceptional ability who help celebrate the success of our business, of our customers and of national development †¢ Maintaining the highest ethical standards and a community responsibility worthy of a leading corporate citizen †¢ Continuously improving productivity and profitability. 4. 4 Vision of PIL. To be in thee forefront of national development by providing all the customers inspirational strength, dependable support and the most comprehensive range of vehicle solutions, through our team of professionals who work passionately to be outstanding in everything we do. 4. 5 Organizational structure of the Pragoti Industries Ltd. (Agrabad Branch) Branches of Pragoti Industries Limited Chittagong Office 11, Agrabad C/A, Finley House (3rd floor), post box no. 73, Chittagong. Production Factory Barabkund, Dhaka-Chittagong Highway, Sitakund, Chittagong. Dhaka Office 151-152, Tejgaon C/A, Dhaka-1208. Pragoti Industries Limited (Local Management) |Name |Position | |Engr. Md. Nazmul Huda |Managing Director | |Md. Mustafizur Rahman |General Manager ( Marketing & Admin) | |Engr. Md. Ali Chowdhury |Addl. Chief Engineer (purchase) | |Engineer Nizamul Haque |Addl. Chief Engineer (In charge Plant) | |Dr. Zubaid-Ur-Rahman |Addl. Chief Medical Officer | |Md. Ashraful Haider Khandaker |DGM (Com) | |Md. Golam Nabi |Deputy Chief Accounts Officer | |Md. Faridul Islam |DGM (com) Dhaka Office | Board of Directors (PIL Company Board) |Sl. |Name |Designation | |1 |Md. Ataur Rahman |Chairman | | |Chairman, BSEC. | | | |Telephone: 88-02-8114616, 8112808. | | |2 |Mr. Md. Forhad Uddin |Director | | |Addl. Secretary, Ministry of Industries. | | | |Telephone: 88-02-9563561, 7194156 (Res. ) | | |3 |Mr. P R Borua |Director | | |Rtd. DIG. | | | |Phone: 88-02-8912414 | | |4 |Mr. Sheikh Md. Mobarak Hossain. |Director | | |Director (Planning & Development), BSEC | | | |Telephone: 88-02-8130473, 9338429 | | |5 |Mr. A T M Pearul Islam |Director | | |Telephone: 88-02-8122898, 9348371 Cell: 01711895957 | | |6 |Mr. Capt. (Retired) K. A. K. Modabber Hossain |Director | | |Secretary , BSEC | | | |Telephone: 88-02-8121451Res: 8757332 | | |7 |Mr. Dider Mohammad Abdur Rab |Director | | |Genarel Manager, Office of the General Manager, | | | |Sonali Bank Ltd,Chittagong. | | |8 |Engr. A. k. M. Solayman Haque |Managing Director | | |Managing Director, Pragoti Industries Ltd. | | | |Telephone: 88-031-723110, 725712 | | |9 |Mr. Md. Helal Uddin |Director | | |General Manager, Janata Bank Ltd, Divisional Office, | | | | 27 Agrabad C/A, Chittagong. | | | | | | Chapter- 5 Marketing organization of pragoti industry The â€Å"Marketing & Sales Department† of PIL is one of the most important departments of PIL. In this department, there are one DGM (Depute general manager), two assistant manager and four executives. They are smart, energetic, experienced and high educated. They are capable of handling clients and selling the products in the efficient and effective way. [pic] Role & Responsibilities of â€Å"Marketing & Sales Department†: ? Providing Quotation among prospect about inquiry. ? Receiving order from different prospect or customer. ? Selecting specific model for customer from factory on behalf of their choice. ? Direction to factory engineer for made up pre requisite model base on customer choice. ? Delivery the order pre specific date. ? Receiving product price through cash, chque, or money receipt. ? Deposit that amount into accounts department. ? Attending seminar, symposium as part of marketing activities. ? Input all of sales & money receipt in respective journal. Chapter- 6 Marketing Mix strategies of Pragoti Industries 6. 1 Product: As we have known that Pragoti industries limited does not produce auto mobiles but only assembles the auto mobiles. After assembling it mainly markets the following products: Product name and model, origin of CKD & country of origin |Sl No |Product name |Model |Origin of CKD ( ClOSE KNOCK DOWN) |Country of origin | |1 |MITSUBISHI PAJERO 4. 4 |LWB WGON |MITSUBISHI MOTOR |JAPAN | | | |V31VHNDKB |CORPORATION | | |2 |MITSUBISHI PAJERO |KH4WGNMR |MITSUBISHI MOTOR |JAPAN | | |CR-45 | |CORPORATION | | |3 |TATA TC BUS |LP01316 TC |TATA ENGINEERING & |INDIA | | | | |LOCOMOTIVE COMPANY LTD. | | |4 |TATA MINI TRUCK |LPT 709 |TATA ENGINEERING & |INDIA | | | | |LOCOMOTIVE COMPANY LTD. | | |5 |ASHOK LEYLAND MINI TRUCK |HR-55 |ASHOK LEYLAND LTD |INDIA | |6 |NISSAN NAVARA PIC UP |YD25DDTI |NISSAN MOTORS LTD. |JAPAN | |7 |MITSUBISHI MICROBUS L-300 |P13WHLNDER |MITSUBISHI MOTOR |JAPAN | | | | |CORPORATION | | Pragoti Industries ltd. Product name, model & Specification/Features: |Sl No |Product Name |Model |Specification/Features | | | | | | |1 |MITSUBISHI PAJERO 4. 4 |LWB WGON |Long wheel base, 5 door, 9 set ( approved by BRTA), Petrol engine 4. 4, 4 cylinder, | | | |V31VHNDKB |86 k. w. horse power/117 PS/5500 RPS, drive by right hand, hard top metal, 2350 CC, | | | | |wheel base 2725 m. m. , digital clock, cigarette lighter, fold belt, power steering, 1| | | | |additional wheel with cover. | | | | |Co lour – BLACK | |2 |MITSUBISHI PAJERO CR-45 |KH4WGNMR |Long wheel base, 5 door, 7 set ( approved by BRTA), Diesel engine 4 WD, 4 cylinder, | | | | |100 k. w. horse power/136 PS/3500 RPS, drive by right hand, hard top metal, 2477 CC, | | | | |wheel base 2800 m. m. , power steering, 1 additional wheel with cover. | | | | |Co lour – BLACK,SILVER | |3 |TATA TC BUS |LP01316 TC |Tata LPO-1316/55TC,52 set Deluxe bus, power steering, 4*2, Drive by right hand,6 | | | | |cylinder, horse power 160PS/K. W120/2500 RPM, Water cold, Diesel engine, Wheel Base | | | | |5545 CC,1additionl wheel. | |4 |TATA MINI TRUCK |LPT 709 |Tata LPT-709 EX, 3. 5 ton truck chassis, 4. *2, 4 cylinder, 3783 CC, Turbo Charge | | | | |inter cooled, diesel engine, Drive by right hand, Wheel Base 3400 CC, output 66. 3 | | | | |km,90 PS/2400RPS,1additionl wheel. | |5 |ASHOK LEYLAND MINI Truck |HR-55 |HR-55 in 1. 5 ton mini truck chassis, 4 cylinder, 2771 CC in line over heed volt | | | | |direct injection, water cold, diesel engine, power steering, output: 59 k. w/3600RPM,| |6 |NISSAN NAVARA PIC UP |YD25DDTI |Double Cabin 4/4, Dingell pick up,2488 (2500) CC, 4 Door, 5set with driver, power | | | | |steering, 128 horse power/4000 RPS, Wheel Base 3200, radio, Digital Clock, CD | | | | |player, power Window, Bumper | |7 |MITSUBISHI MICROBUS |P13WHLNDER | 5 door (Sliding both side), 12 set ( approved by BRTA), 4. 2 cylinder, 86 k. w. | | |L-300 | |horse power/114 PS/5750 RPS, drive by right hand, hard top metal, power steering, 1 | | | | |additional wheel with cover, bilt in ac . | | | | |Co lour – WHITE | 6. 2 Services: In case of providing services Pragoti industries limited is not exception. Like other automobiles industries it provides services which are followings every product has one year warrantee. All repairmen services are provided through 7 (seven) servicing agents of Pragoti Industries Ltd which are situated at Dhaka and Chittagong. A. Dhaka city: No. of agents -05. The servicing agents are at Motijeel, Fakirarpul, Tejgaon, Baridhara and Tongi. B. Chittagong City: No. of servicing agents – 02. The servicing agents are at Sholoshahar and Jamal Khan Lane Product. 6. 3 Pricing: Price is the element of the marketing mix that produces revenue; the other elements produce costs. Price is the easiest marketing mix elements to adjust; product features, channel, and even promotion take more time. Price also communicates to the market the company’s intended value position of its product and brand. Companies set prices by selecting a general pricing approach that includes one or more of three sets of factors. We examine these approaches: the cost base approach (cost plus pricing, break-even analysis, and target profit pricing); the buyer-based approach (value-based pricing); and the competition-based approach (going rate and sealed bid pricing) Pragoti’s pricing Method: Pragoti fo0llows the cost- based method in setting prices of all its products. They consider different prices and estimate break-even volumes, probable demand, and profits for each. Pragoti Industries ltd. Product name, price per unit & payment terms: |Sl No |Product Name |Price per unit |Payment terms | | | | | | |1 |MITSUBISHI PAJERO 4. 4 |55,00,000 |Fully cash | | | |3,05,000 | | | | |Total=58,05,000 | | |2 |MITSUBISHI PAJERO CR-45 |75,00,000/= |Fully cash | | | |76,000/= | | | |With additional fittings |Total=75,76,000 | | |3 |TATA TC BUS |24,58,000 |35% in down payment, additional 65% paid 18% interest with 36 monthly | | | | |installment. | |4 |TATA MINI TRUCK |16,50,000 |Fully cash | |5 |ASHOK LEYLAND MINI Truck |16,50,000 |Fully cash | |6 |NISSAN NAVARA PIC UP |41,72,000 |Fully cash | |7 |MITSUBISHI MICROBUS |28,50,000 |Fully cash | | |L-300 | | | 6. 4 Promotion: In recent time marketing not only calls for just developing a good product but also pricing it attractively and making it available to the targeted customer. Companies also must communicate with their customers and they try to create a good customer relation among them. To communicate well, the firm often hires advertising agencies to develop effective advertisement, give appointment to active experienced officers and executives, give on – line services to the big businessmen or organization, and create a private relationship with clients. As PIL assembles automobiles for selective customers it spends less than the others. It mainly uses two types promotion. They are: †¢ Consumer promotion tools & Advertising †¢ 6. 4. 1 Consumer promotion tools: Short term incentive to encourage the sales of service or products of the firm is called sales promotion. PIL uses the following Consumer promotion tools they are: Price Pack: At the time of festival PIL offer some special discount for Suzuki vehicles. Cash refund offer: PIL still thinking about it. Patronage reward: For corporate sales (Huge quantity) special discount offering. 6. 4. 2 Advertising: Advertisement is the fine art of convincing people that the doors to open standards are never closed. The Advertisement plan & campaign plan are similar in outline & structure. It matches the right audience to the right Message & represents it in the right medium to reach that audience. †¢ Objective of advertising plan are †¢ Create awareness among 60% of target audience. Pragoti industries use the following media for advertising its products. They are Newspaper: Advertise publish in The Daily Newspaper with multi colour, regarding after sales service facilities. Direct mail: New product’s catalogue sends by direct mail with product specification, advantage and design. Calendar: Every year Pragoti Publishes colourful and attractive calendar with picture of their products. Direct mail: New product’s catalogue sends by direct mail with product specification. Advertising problems: PIL often can not advertise in the media since it is very expensive and difficulty in the corporate level. Finance 6. 4. 3 Distribution Channel: Most of the Producers use intermediaries to bring their products to market. They try to forge a distribution channel—a set of interdependent organizations involved in the process of making a product or service available for use or consumption by the consumer or business user. The distribution functions of PIL are made by 32 dealers. Functions of the dealers: †¢ Sell the cars to the private company, people or NGO which are produced by the 1st party. Here Pragoti is the 1st party, †¢ They cannot sell other company’s cars except the Pragoti within the duration of the contract, †¢ The full payment will be collected by them from the buyers, †¢ Help the buyers in taking permission from BRTA, †¢ Will sell at least 40 cars within the deed duration, The performance will be evaluated after 6 months. Dealership will be cancelled if they fail to achieve the quota.

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Review paper on three scientific articles - Essay Example In the short term, improving vehicle technology could reduce petroleum consumption by one third; reducing vehicle size could level off the 2% petroleum consumption annual growth rate, but it would take 20 years. In the long term, alternative fuels and new propulsion systems for hydrogen and electrical-powered cars may be developed; however, alternative fuels such as ethanol may have large environmental impacts, and hydrogen cars will require further advances in technology. The fourth option for reducing greenhouse gas emissions, changing the way vehicles are used, may include designing specific urban-use vehicles with improved gas efficiency. The article "A Plan to Keep Carbon in Check" (Socolow & Pacala 50) explores ways to reduce carbon dioxide emissions using available technologies. The authors state that the danger zone, in which irreversible climate changes take place, probably lies where the atmosphere has double the amount of carbon that it had before the Industrial Revolution of the 18th century. The article considers seven different "wedges" of the stabilization triangle (created from the difference in graphs of the carbon emission rates staying the same, and the emission rate leveling off in 50 years); each wedge represents lowering the carbon emission rate by 1 billion tons a year 50 years from now. For example, a wedge can be accomplished by not building 700 coal-fired power plants or by equipping 800 coal plants to capture and store carbon dioxide; two wedges can be accomplished by cutting buildings electricity use in half. Policies of setting a cost of $100-200 per ton of carbon emissions may help to yield seven wedges, but further policies may be needed, for instance, to encourage commercialization of renewable energy technologies and to prevent construction of high-carbon emissions plants. The article "The Rise of Renewable Energy" (Kammen 84) focuses on

An elderly person Essay Example | Topics and Well Written Essays - 750 words

An elderly person - Essay Example I discovered the hardships and abusive ill-treatment people face in our community when they grow old. It is only heartbreaking how elderly people do not receive the protocol by younger generations who do not, for once, consider the fact that they shall have to go through the same age later in life. This paper entails the abuses and neglects that people face at older ages and measures that can be taken to overcome these issues. A brief visit As I entered the old home, the disturbing smell of mothballs and urination got me. Soon immune to it, I moved on to identify people that might be most appropriate to be interviewed. Most of them had humped backs as if they carried burden of a million secrets for years. As I settled on a creaking bed to begin my interviews of selected people, I couldn’t make out if the squeaking sounds in the background were that of the bed or of their rusty knees moving. Each of them comfortably shared their experiences and as their wrinkled and leathery li ps moved, I could feel tears trickling down my cheeks hearing the tragic stories behind those blue and green veins and frail-skinned once-young people. Abuse and neglect of the elderly My findings from interviewing people at the institution concluded that they all have gone through some kind of abuse during their ageing periods. They face situations frequently where they are abused and neglected. This included physical abuse where their loved ones carried out actions aimed at injuring, hurting or causing physical pain to them. Due to old age, these people are like wilted flowers that cannot stand the pressure of air waves. They are incapable of defending themselves against physical violence and end up suffering from bruises, strains, burns and fractural wounds. Even worse, many elderly people were troubled through emotional torturing and psychological abuse. Using insulting verbal statements and humiliating language are common gestures that trigger psychological maltreatments. More commonly observed instances included threatening by their caretakers to desert them at old homes or similar institutions and hence some of them eventually ended up there. Rarely, there were cases that claimed that their family members were engaged in misappropriation of money or inheritance property and coercion to sign desired wills or legal documents. Mostly neglect was deliberate on part of their caretakers who intended to punish them by keeping them underfed or deprived of medications and other necessities. However, rarely some were of the view that their family was too occupied or incapable to take proper care of them (Lachs & Pillemer, 1995). Corrective measures The question that arises is how to stop this social evil that has embedded as part of our community. I inquired from my interviewees how they suggest this obstacle can be overcome. It is important that masses be educated at national level and through organizational activists and pressure groups so that awareness is est ablished and moral values are enhanced at individual level. It is the system and perceptions of people that need revamping to be free from prejudice against old people. Campaigns must be conducted to create better awareness and regulations must be incorporated that discourage and penalize such abusive acts. Rights of old people need to be restored through changes in legal frameworks and concept of institutionalization must be suppressed strictly.

Buisness law Essay Example | Topics and Well Written Essays - 250 words

Buisness law - Essay Example The government economy is also socialism. It endeavors to promote equality among the public by providing them with standardized social benefits like education and health care. In both systems, the public does not have equal access to wealth and resources. It is easy to call a policy capitalist or socialist but harder to justify why because capitalism is the opposite of socialism. A policy like wealth cannot be multiplied by dividing it since it is hard to justify it as capitalist or socialist. Mandatory health care coverage is capitalism. Capitalisms’ core reason is more money and high profits. It pays its workers according to productivity and requires undisrupted operations, thus health assurance will be necessary. The video is emphasizing on the importance of having personal values as a leader. The values govern how people act and are foundations of how they should behave. They give people guidelines and direct behaviors. Action does not represent what is termed as values. Values in general are fences that should surround the judgment that we

Read read instructions Essay Example | Topics and Well Written Essays - 250 words - 1

Read read instructions - Essay Example I’ve chosen this particular work, because Aaron Burr had played maybe the main role in John Vanderlyn’s life. He had noticed young artist’s talent and in 1796 sent him to France and paid for his studying. When Vanderlyn had returned after five years to America, Aaron Burr let him stay at his house, where artist could continue to paint and develop his talent without worries (Sardy). Portrait belongs to this period. 1802, oil on canvas. By that time in Europe (in German especially, but in France too) the Romantic Era had already begun. To my mind, except of neoclassicism we also can see an influence of romantic style in this portrait. Dark background and it seems Burr’s light profile floats on a viewer. Also material around Burr’s neck’s like moving, though his face is steel and calm. In 1922, the architectural historian Siegfried Giedion trying to name an emotional side of neoclassical idea coined the term â€Å"romantic classicism† (neoclassicism.us). And I think that’s what we can say about John Vanderlyn’s portrait of Aaron Burr. There’s classicism, but there’s also a bit of romantic expression. I think with this portrait John Vanderlyn wanted to show an eternal part of his patron, to make a classical portrait of a powerful man. But in the same time, to make Aaron Burr’s image active and modern. Sarudy, Barbara Wells. American Artist John Vanderlyn 1775-1852 and his fateful connection with Aaron Burr. Retrieved 9 August from:

Causes of Civil War Essay Example for Free

Causes of Civil War Essay You hear the word civil in such terms as civil rights, civilian, civilization and civil liberty. All are related to the concept of a common citizen and a member of society. So, a civil war is a war between citizens representing different groups or sections of the same country. That is how the Civil War in the United States between 1850-1860 started. The distinction of ideas about slavery between the South and the North was pretty much the main cause of the war. However if we look at the details carefully, the economic forces in the South combined with the cotton plantations and the reactions to abolitionism in the South were the main factors that caused the Civil War. Economics was an important cause of the Civil War. Economic reasons affected and still affect almost everyone around the world. The economy, simply money gives people a lot of power, which causes a lot of problems between people, and makes everything more complicated. That’s pretty much why it was a big deal with the starting of the Civil War. It started around early 1800s with the harvesting of cotton in the South (Holland, â€Å"The North-South Divide†). Harvesting of cotton required the labor of many people with the invention of cotton gin. So, the way of making a lot of money out of cotton was to find enough laborers to work with. That’s how slavery became essential for the South’s economic future because it was a great source of laborers. In this way slave and cotton plantation owners were making a lot of money and expanding their plantations and of course the number of slaves they owned, which made slavery expand in the South pretty quickly. Also, people who owned slaves and the cotton plantations were mostly the men of social and political power, and of course they didn’t want to lose their power. They were getting richer and richer every day with the expanding plantations with the invention of the cotton gin. For example, Jefferson Davis and Robert E. Lee were some of the most powerful slave owners of that time. Davis had a great political career, and Lee was an important commander and general in the army. They and the other slave owners got their power from slavery and didn’t want to lose that power. While slavery kept expanding in the South, the North didn’t like that. The North was against the expansion of slavery, an opposition captured by Free Soil Ideology. Their main purpose was opposing the expansion of slavery into the western territories, because they saw it as a corrupt economic system. This made the South see the Free Soil movement as a threat of making slavery totally disappear. The South was threatened because they thought this ideology in the North would keep expanding and finally free all the slaves they owned, and ruining the Southern economy (Brinkley). While this happened in the South, the idea of abolitionism kept spreading through the North. Another cause of divisions between the North and the South was the abolitionist movement. The South saw this movement as a threat from the North, and becoming suspicious of them. John Brown was clearly the most significant radical abolitionist at that time. He fought slavery for years but his most significant action took place at Harper Ferry, Virginia. Brown seized federal arsenal, and he hoped the slaves would come to Harpers Ferry and march through the South, fighting slavery. This way he scared the South, because a slave rebellion had always been the region’s main fear, and therefore the South formed militias. Most Southerners were convinced Brown had done what a lot of Northerners wanted to do, which threatened them (John Brown Farm, North Elba, New York New York History Net†). In other wards, Brown’s raid at Harpers Ferry 1859 fed fear of slave uprising. Southerners basically thought the Republican Party supported John Brown’s Raid and what he had done (Holland, â€Å"Abolitionism†). This was a big issue for them, because the sixteenth president of the United States, Abraham Lincoln, was elected the next year and he was a member of the Republican Party. The South thought that being a member of the Republican Party meant being an abolitionist. This worried them, because abolitionists wanted to make slavery disappear, and they thought that’s exactly what the new president of the whole country, Lincoln wanted to do. So, the South saw the election of Abraham Lincoln as a threat. On the other hand, Abraham Lincoln was not an abolitionist, and he didn’t think what John Brown did was good and ethical. He didn’t want to make the South be against him. He was just supporting the Free Soil Ideology. So Lincoln just didn’t want slavery to expand. However the South didn’t see this distinction. Even before Lincoln was inaugurated, Southern states began to secede from the Union (â€Å"Abraham Lincoln†). So that was pretty much how the conflict first started, and caused the Civil War to begin. The Civil War ended in 1865 and slavery was finally abolished. Slavery had been the main reason for its start, because of the economic divisions it sparked along with abolitionism. The harvesting of cotton was a big source of money at that time, especially after the invention of the cotton gin and needed a great source of slaves as laborers. The abolitionist movement added more to this conflict with the misunderstandings about Lincoln’s political views in the South. At the end, the price for the war was pretty high. Lincoln, a visionary president, was assassinated, and it was the bloodiest and the saddest war in American history. It has a valuable part in American history and worth remembering a clear example of what’s right and what’s wrong.

Marketing Communications: Promotion Strategy for Wimbledon

Marketing Communications: Promotion Strategy for Wimbledon BACKGROUND AND INTRODUCTION The All England Lawn Tennis and Croquet Club (â€Å"Club†) located at Wimbledon, is a private club founded in 1868. Its first ground was situated off Worple Road, Wimbledon, and the first Wimbledon Lawn Tennis Championship was instituted in 1877. By the turn of the century, Wimbledon, as the event had become known had grown in popularity and reputation, acquiring international status as the premier tennis event. By 1920, a company was formed to acquire and equip the present site at Church Road. A complex agreement governs and defines the relationship between the Club, the Lawn Tennis Association (LTA), the company, and Wimbledon as a self financing event. Profits from Wimbledon, held during June and July of each year, accrue to the LTA after meeting expenses of the Wimbledon tournament. LTA in turn utilises the surplus funds to develop tennis as a sport in Great Britain. A second company to exploit trademarks and brand opportunities was established in 1993, whereby any profits would accrue for the benefit of Wimbledon to improve the quality of the event for spectators, players, officials, and stakeholders. Surplus funds from Wimbledon that have been made available to LTA were 25.8 million in 2003. Wimbledon does not disclose revenue or sponsorship figures but it is estimated that it had a net income of  £ 34 million during 2004. (Wimbledon 2005 and Schwartz, 2004) Wimbledon, as an event does not appear to have a vision statement defined by Johnson and Scholes (2005) p13 as a â€Å"desired future state† or â€Å"aspirational statement.† Wimbledon has equally not published a mission statement, or â€Å"overriding purpose in line with the values or expectations of stakeholders.† (Johnson and Scholes, 2005, p13) However, given the close association with the LTA described above, it can be argued that the event’s underlying vision and mission are aligned and it is appropriate to quote the LTA’s vision, â€Å"to make Britain a great tennis nation,† and the mission statement, â€Å"more players, better players,† to give context to Wimbledon. (LTA, 2005) Wimbledon is marketed as an international event rather than a British event although British tennis derives the economic benefit. (Cambridge Econometrics, 2003) Essentially a small business employing less than 100 full time staff, the club is a local tennis facility in South West London, with a web site, clubhouse, museum, and a shop for 50 weeks of the year. Its distinguishing feature is a seating capacity of 35,500 spectators to accommodate Wimbledon. The total area of the club including courts, premises, and car parks is 42 acres. There are 375 full members plus a number of honorary members (including past singles champions) and approximately 100 temporary members elected annually. The workforce increases to 6000 during the period of the tournament. (Wimbledon, 2005) This report focuses on Wimbledon as a discrete, ring fenced event. It proposes an marketing communications strategy to the Club and the LTA committee, after due consideration of the macro, micro and market influences. MACRO-ENVIRONMENT ANALYSIS The environmental context of Wimbledon encompasses a number of driving or restraining forces that have the capacity to influence the effectiveness of the communication strategy. PESTEL A common framework is that of PESTEL comprising political, economic, socio-cultural, technological, environmental, and legal influences. (Johnson and Scholes, 2005.) Fill (2002) suggests that seasonality is an additional factor in an event environment. The framework provides broad data from which the key drivers of change can be identified. Mega events on the scale of Wimbledon, which target an international market, and the success of which influences urban logistics such as transport and security, requires significant political support. (Bull, 2004) The United Kingdom government has established a set process for government involvement and investment that requires a clear assessment of benefits. This should also be seen in the context of post September 11th security concerns that may affect Wimbledon. (Strategy Unit, 2002) The positive economic benefits in terms of tourism expenditure and promotion of London as a destination highlight the interdependence of the PESTEL influences and the host city. Socio-cultural influences such as changing population demographics in Wimbledon’s target audience needs to be considered in terms of media access and viewing patterns. (Fill, 2002) Emerging technologies were used during 2004 as innovative mediums for the first time to expand the audience reach. These included a combinat ion of online media, video on demand, interactive television, and live coverage to Personal Digital Assistants (PDA) and mobile phones. The impact on promotion strategy in the lead up to and during the championship requires careful analysis to maximise audience reach. (Schwartz, 2004) The environmental impact of Wimbledon is substantial, albeit over a short period, in terms of noise, traffic, waste management and other influences. The Merton borough in which the event is located is revenue dependant on Wimbledon’s success as part of its urban regeneration programme and hence supports the event upon which it in turn derives a benefit. An emerging influence is that of corporate social responsibility and re-investment back into the community. This has a positive impact on legal influences such as council regulations and bylaws. (Gratton et al, 1999) Seasonality affects Wimbledon in terms of weather and the time of year in which the event is held. (Fill, 2002 and Wimbledon, 2005) Porter’s Five Forces Inherent to the theory of marketing communication strategy is the notion of competitiveness and gaining advantage over competitors. Porter’s development of generic strategies and a five forces model of analysis of competition within an industry are useful in understanding Wimbledon as a unique event. (Johnson and Scholes, 2005) Wimbledon’s prestige and history allows it to follow a differentiated premium pricing strategy in which the objective is to â€Å"maintain the quality and character of the tournament and not to maximise income.† (Wimbledon, 2005) Although Wimbledon is a profitable venture in the event industry, the barrier to entry to a rival wishing to compete is high and the prestige of Wimbledon not substitutable in terms of world attention and focus. Buyer power is limited by the spectator facilities and hence access in high demand, whilst are suppliers fragmented without a single dominant player. Competitive rivalry between Wimbledon and other events is not material and hence unlikely to threaten Wimbledon. Arguably Wimbledon’s position may be threatened in the future if the dynamics of the macro environment change. However a marketing communication strategy that builds on the successes of the past that continues to capitalise on innovative, leading edge communication strategies will ensure an image re-invention for future audiences. Product Life Cycle Wimbledon has changed its strategy from the garden party approach of the early 20th century through the skilful use of technology for its target audience in the 21st century, demonstrating that whilst in a mature phase of the life cycle model as a brand, it can maintain market share through re-invention of its product delivery. (Czinkota, Ronkainen, and Tarrant, 1995) MICRO-ENVIRONMENT ANALYSIS Strategic Resources The analysis of the macro-environment has indicated Wimbledon’s positive base for competitive advantages. The sustainability of competitive advantage in terms of capability is based on strategic resourcing that reflects the distinctive resources which allow the Club and its partners to generate a superior product at a premium price. This is based on Wimbledon’s tangible resources such as facilities and grounds as well as intangible resources such as information, reputation, and knowledge. Wimbledon’s competencies are represented by the activities and processes whereby it deploys its resources year on year, building, and learning from successes of the past and ensuring that they cannot be imitated, thus sustaining its competitive advantage. The path dependency of Wimbledon’s resources has evolved through its culture and history that is influenced by causal ambiguity implying that worldwide perception of Wimbledon would be difficult to replicate. (Johnson an d Scholes, 2005) Marketing Mix The marketing mix is a key element of an integrated marketing communications plan. The concept has evolved from McCarthy’s 4P’s (product, price, place, and promotion) into different models that depend on their context. Recent developments have been the addition of personnel, physical assets, and procedures to the marketing mix forming the 7P’s in Booms and Bitner’s extended marketing mix model. This has especially reached acceptance in the discipline of services marketing and arguably Wimbledon’s combination of tangible and intangible resources, falls within that category. (Goldsmith, R. E. 1999) Goldsmith, 1999, p178 proposes an eighth P, â€Å"personalisation† in terms of individual needs and wants of the consumer. Wimbledon’s product offering is based on a combination of tangible cues represented by its physical offering, and intangible attributes such as prestige and status of the event. Premium brands such as Rolex have for example endorsed Wimbledon in their capacity as the â€Å"official timekeeper of the tournament† for over 25 years at a cost of approximately  £7 million. (Schwartz, 2004) Direct pricing is represented by the gate price for access, and indirect pricing through the sale of television rights to channels such as the BBC and NBC TV, to attract worldwide viewer audiences. The personnel or people component is represented by pride with which employees and volunteers provide quality services to the public and players. (Schwartz, 2004) The top players themselves compete for the privilege of playing and hence are frontline line actors both directly and indirectly in the service space. Personalisation can be demonstrated by the clever use of technology. For example the BBC has provided interactive television coverage allowing five simultaneous live matches on one screen that allowed viewers to personalise their choice of matches thus capturing 4 mi llion viewers in 2004. (Schwartz, 2004) Competitors The Davis Cup is an international team competition introduced in 1900 by American player Dwight Davis. Originally called the International Lawn Tennis Challenge Trophy, while initially only two teams participated (the USA and Great Britain), the competition has grown into an event in which over 100 nations now participate. It is a roving event and has been hosted at the Wimbledon grounds from time to time. The event itself has the same target market as Wimbledon but complements rather than competes with the championship event. Wimbledon therefore arguably has no competitors in terms of its positioning. (Wimbledon, 2005) SWOT Analysis A SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) illustrated below in Table 1, is often used as a convenient summary of key issues from the business environment that may potentially impact on an organisation’s marketing communication strategy. (Johnson and Scholes, 2005.) The purpose is to identify the strategic options available to Wimbledon. A detailed analysis is beyond the scope of this report but Table 1 below illustrates focal elements that will be discussed in the creative proposal. Table 1: SWOT Matrix MARKET ANALYSIS This section of the report considers key figures and statistics relevant to Wimbledon as a basis for a creative proposal. Attendance Figures from the early 20th century are not available but in 1932 219,000 spectators attended the event. The 400,000 barrier was broken in 1986 and a record attendance of 490,081 in 2001 when play was extended into a fourteenth day. (Wimbledon, 2005) Table 2: Daily Attendance 2000-2004 * Bad Weather (more than 2 hours lost) ** Entire Day Rained Off (Source: Wimbledon, 2005) The table above clearly illustrates the effect of bad weather with significant decreases in spectator numbers due to cancelled matches. The wet weather refund policy to spectators attempt to compensate spectators who are an important element of Wimbledon theatre. Weather negatively influences viewers when coverage is not available which in turn may affect sponsors through loss of on-sold advertising revenues. However, plans for the remodelling of Centre Court at Wimbledon were unveiled in January 2004 and included a transparent, retractable roof over the centre court as well as an increase in spectator capacity. Revenue Wimbledon derives revenue from entrance tickets, â€Å"official suppliers,† or sponsors, media distribution and broadcasting rights. Ticket sales are not the primary source of revenue with a maximum income estimated at  £20 million using average ticket prices. The 15 official suppliers contribute an estimated gross income of  £120 million. Wimbledon does not publish revenue or sponsorship figures and the aforementioned figures are estimates. NBC TV for example pays an estimated  £7 million for broadcasting rights. (Schwartz, 2004 and Wimbledon, 2005) Official Suppliers provide goods and services, which are both essential for the staging of Wimbledon, and which meet the Club’s objective of improving the quality of the service provided to the players, spectators and the media. For example, Rolex appears on court scoreboards as the official timekeeper and Hertz provides transport for the players. (Schwartz, 2004 and Wimbledon, 2005) Demand for Wimbledon tickets has for decades exceeded supply. Tickets are also sold through the LTA and to their affiliated tennis clubs, schools, membership scheme and to foreign tennis associations. Wimbledon remains one of the very few major UK sporting events for which one can still buy premium tickets on the day. Each day (excluding the last four days, approximately 500 are specifically reserved for sale at the turnstiles. Ground tickets may also be purchased on the day of play on every day. Costs of pre-booked tickets range from  £24 to  £59 or  £4 or  £16 sold on the day. Every five years centre court Wimbledon debentures are sold. The issue of 2,300 debentures for the 2006-2010 Championships inclusive has already been oversubscribed. Each debenture, priced at  £23,150 (nominal value  £2,000, a premium of  £18,000 and VAT of  £3,150), entitles the holder to a reserved seat in Centre Court on each day of the tournament during the five year period. (Schwartz, 200 4, and Wimbledon, 2005) The lack of detailed financial information does not allow a realistic or accurate comparison with Wimbledon’s competitors in the international arena. Target Market Wimbledon has an 82.4% adult television reach in Britain during the tournament. UK Sport suggests that tennis tournaments and Wimbledon in particular to the younger ABC1 income group with a gender bias towards a women audience for British success in sport. Accurate figures for the world audience are not readily available. (Taylor Nelson and Sofres, 2002) Hassan, Kraft, and Kortam, (2003) suggest that the scale and reach of an event such as Wimbledon requires rethinking in terms of a converging commonality of a global consumer’s interest in the event. They recommend an avoidance of over complex marketing plans that rise above domestic or micro buyer attitudes, motivation, and behavioural demographics commonly used for segmentation in local markets. CREATIVE PROPOSAL The proposal to Wimbledon’s committee is to leverage the existing brand equity associated with the tournament in order to improve perceptions of tennis in the broader international environment as basis for entrenching Wimbledon’s position as the premier international tennis event. The concept is a natural extension of the LTA’s British vision to that of the international arena and represents an affirmation of Wimbledon’s commitment to the principles of corporate social responsibility. It is suggested that the current â€Å"tennis ace† campaign of identifying talented, but economically disadvantaged players be extended to the third world whereby winners would be invited to celebrity matches during the tournament hence leveraging off the existing promotional mix of the event. (LTA, 2005, and Wimbledon, 2005) Brand equity is a measure of a number of differing components including beliefs, images, and core associations that consumers have about a particular brand such as Wimbledon. A brand with strong equity has the capacity to strengthen barriers to entry and ensure sustainable competitive advantage, and in so doing, maintain premium pricing. (Johnson and Scholes, 2005) An integrated marketing communication strategy has an important role to play to ensure consistency of message across domestic and international marketing initiatives. (Fill, 2002) The marketing communication objectives will be to raise levels of awareness amongst stakeholders with respect to Wimbledon’s commitment to developing tennis as a sport internationally and more particularly in potential future markets in the developing world. In order to achieve this objective, Wimbledon will have to maintain its position as an important contributor to the LTA and hence it’s commitment to Britain, but at the same time extend the awareness of its developmental commitment to tennis globally. Suitably credible spokespersons representing tournament winners will be important balance the possible conflicting interests of LTA domestically and Wimbledon internationally. CAMPAIGN A campaign is a unique combination of advertising, promotional events, public relations and other marketing communication activities that all express the same consistent message. When implemented effectively, they present a cumulative strategic message to the target markets under a collective symbolic umbrella whilst enhancing the emotional connection to a brand. (Robinson and Hauri, 1991) The proposed campaign methodology for Wimbledon is a gentile form of ambush marketing in that the official suppliers and television broadcasters will provide the communication channel for the initiative. A programme definition, scope, and schedule of activity will be constructed for the â€Å"tennis ace† project to coincide with the promotional strategies that lead up to the tournament. (Arens, 1999) The indirect endorsement by mega brands such as American Express, Hertz, and Rolex will add to the strength of the message. It is Wimbledon’s stated objective that free-to-air television, and radio access across the world should be made available for all or part of the tournament and by default, to the developing world and emerging markets. (Wimbledon, 2005) This will ensure accessibility to talented players participating in the scheme and arouse local country interest in the programme. Campaign scheduling would automatically align with the promotional activities of official suppliers and broadcasters. The profile and push strategy defining the campaign is estimated at  £1.2 million, including concept, creative and limited internal marketing with a  £500,000 budget for control and evaluation. Important to note is that an estimated 1.8 billion people in 164 countries watched 5,700 hours of Wimbledon coverage in 2004 through existing channel arrangements. (Schwartz, 2004) Control and evaluation would be affected partly through external agencies such as the sponsors and broadcasters, but Wimbledon would be responsible for overall message delivery and control. Focus groups, tracking studies of awareness and perception and recall tests will be used to monitor the impact of the campaign. In particular the marketing communication objectives will be assessed regularly as the main form of evaluation. (Fill, 2002) CONCLUSION This reported has reviewed the external and internal environments of a highly successful event with the objective of leveraging off existing competitive advantages to entrench an already strong position as a means of expansion into potential new markets. It takes cognisance of the emerging importance of corporate social responsibility in terms of itself and its official suppliers and establishes a cost efficient programme to meet international requirements whilst contributing to its own future success. REFERENCES Aarens, W. F. (1999) Contemporary Advertising, International Edition. Irwin, McGraw Hill. Bull, A. O. (2004) â€Å"Mega Or Multi-Mini? Comparing The Value To A Destination Of Different Policies Towards Events.† Unpublished paper presented at Third DeHaan Tourist Management Conference, 14 December 2004. Cambridge Econometrics. (2003) â€Å"The Value of the Sports Economy in the Regions: the Case of London.† Sports England. Czinkota, M. , Ronkainen, I. A. and Tarrant, J. J. (1995) The Global Marketing Imperative. Lincolnwood, Illinois, NTC Business Books. Fill, C. (2002) Marketing Communications: Contexts, Strategies and Applications. London, Financial Times, Prentice Hall. Getz, D. (1997) Event Management and Event Tourism. New York, Cognizant Communications. Goldsmith, R. E. (1999) â€Å"The Personalised Marketplace: Beyond the 4P’s.† Marketing Intelligence and Planning. Volume 17, 4. Gratton, C., Shibli, S. and Coleman, R. (1999) The Economic Benefits of Hosting Major Sporting Events. Insights. Hassan, S. S., Craft, S. and Kortam, W. (2003) â€Å"Understanding the New Bases for Global Market Segmentation.† Journal of Consumer Marketing. Volume 20, 5. Johnson, G., and Scholes, K. (2005) Exploring Corporate Strategy Seventh Edition. Harlow, Pearson Education Ltd. LTA. (2005) Lawn Tennis Association. www.lta.org.uk Accessed 21 April 2005. Robinson, W. A. and Hauri, C. (1991) Promotional Marketing. 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