Marketing Plan- Pepsi in Pakistan

Contents acknowledgement3 executive summary4 challenge5 new product category5 product line extension5 incremental improvement5 introduction to the company5 sigtuation analysis7 company analysis7 mission statement7 vision statement7 market share8 customer analysis8 customers:8 consumer decision process:9 competitors10 collaborators11 climate:12 economic effect analysis12 political effect analysis13 technological factors:14 social and cultural analysis14 swot analysis of pepsi15 strengths15 weaknesses15 opportunities16 threats16 market segmentation16 behavioral base16 congnitive base17 selected market strategy17 product17 branding:17 logo18 pepsi slogan18 product line19 packaging19 price20 prices of different bottles21 discounts21 placement/distribution channel22 indirect distribution22 direct distribution22 promotions22 conclusion23 suggestions23 bibliography24 references24 evidences24 visiting cards24 acknowledgement ? We owe our gratitude to Allah Almighty whose shower of blessings and kindness has been on us throughout the working on these pages. It is His help that we finally able to compile this document. Related article: co.uk/gardenia-marketing-plan/">Gardenia Target MarketWe are indebted to our respected teacher Miss Fiaza Rehman who’s indispensable and intricate comments on various aspects conjoined with motivation made us come forth holding such as project. EXECUTIVE SUMMARY ? Purpose of this project is to study the strategies which Pepsi is doing in Pakistani market for its product Pepsi cola. Pepsi International is a world renowned brand. It is a very well organized multinational company, which operates almost all over the world. In Pakistan It also has proved itself to be the No. 1 soft drink.Now days Pepsi is recognized as Pakistanis National drink Pepsi's greatest rival is Coca Cola. Coca Cola has an international recognized brand. Coke’s basic strength is its brand name. But Pepsi with its aggressive marketing planning and quick diversification in creating and promoting new ideas and product packaging, is successfully maintaining is No. 1 position in Pakistan. Pepsi is operating in Pakistan, through its 12 bottlers all over Pakistan. These bottlers are Pepsi's strength. Pepsi has given franchise to these bottlers.Bottlers, produce, distribute and help in promoting the brand. Pepsi also launched its fast food chain KFC i. e. â€Å"Kentucky Fried Chicken. † We also did analysis of the soft drink industry in Pakistan and worldwide. The soft drinks set to become world's leading beverage sector. Global consumption of soft drinks is rising by 5% a year. CHALLENGE Pepsi is doing new product development on frequent interval of times. The purpose of which is to refresh the brand. By new products and innovative ideas consumers can easily be attracted.In following ways Pepsi is doing new product development. New product category Pepsi which is mainly a company of soft drinks after establishing a brand in Pakistan Pepsi came into several new product category. Lays, kurkuray and aqua fina, fast food restaurants are the examples of new product category. Product line extension Mountain dew is the most recent addition in the product line of soft drinks which is very popular especially among the youngsters. However Pepsi launch its several variants with a minor difference on frequent interval of time.There have been many Pepsi variants produced over the years since 1903, including Diet Pepsi, Crystal Pepsi, Pepsi Twist, Pepsi Max, Pepsi Samba, Pepsi Blue, Pepsi Gold, Pepsi Holiday Spice, Pepsi Jazz, Pepsi X (available in Finland and Brazil), Pepsi Next (available in Japan and South Korea), Pepsi Raw, Pepsi Retro in Mexico, Pepsi One, Pepsi Ice Cucumber and Pepsi White in Japan. * Line Filling Pepsi claims that they are doing mass marketing but there was an unfilled gap in the consumers. The diabetic patient can’t use the regular Pepsi because f the sugar. So Pepsi had introduced diet Pepsi to fill the gap in their drinks as of then onwards even diabetic people became their consumers. Incremental Improvement Pepsi jumb o is an example of incremental improvement made by Pepsi. It was 2. 25 liter bottle introduced few years ago in Pakistan. The purpose of this packing is to offer the Pepsi to a family for one or two time meals. Price of this pack is also kept low so that is can be affordable easily by the consumers. INTRODUCTION TO THE COMPANY Pepsi International is a world renowned brand.It is a very well organized multinational company, which operates almost all over the world. They produce, one of best carbonated drinks in the world. Pepsi is a symbol of hygiene, quality and service, all over the world. Pepsi is producing Cola for more than 100 years and it has dominated the world market for a long time. Its head office is in New York. HISTORY OF PEPSI COLA It was first introduced as â€Å"Brad's Drink† in New Bern, North Carolina in 1898 by Caleb Bradham, who made it at his pharmacy where the drink was sold.It was later named Pepsi Cola, possibly due to the digestive enzyme pepsin and kol a nuts used in the recipe. Bradham sought to create a fountain drink that was delicious and would aid in digestion and boost energy. In 1903, Bradham moved the bottling of Pepsi-Cola from his drugstore to a rented warehouse. That year, Bradham sold 7,968 gallons of syrup. The next year, Pepsi was sold in six-ounce bottles, and sales increased to 19,848 gallons. In 1909, automobile race pioneer Barney Oldfield was the first celebrity to endorse Pepsi-Cola, describing it as â€Å"A bully drink†¦ efreshing, invigorating, a fine bracer before a race†. The advertising theme â€Å"Delicious and Healthful† was then used over the next two decades. In 1926, Pepsi received its first logo redesign since the original design of 1905. In the year 1929, the logo was changed again. In 1931, at the depth of the Great Depression, the Pepsi-Cola Company entered bankruptcy – in large part due to financial losses incurred by speculating on wildly fluctuating sugar prices as a r esult of World War I. Assets were sold and Roy C. Megargel bought the Pepsi trademark. Eight years later, the company went bankrupt again.Pepsi's assets were then purchased by Charles Guth, the President of Loft Inc. Loft was a candy manufacturer with retail stores that contained soda fountains. He sought to replace Coca-Cola at his stores' fountains after Coke refused to give him a discount on syrup. Guth then had Loft's chemists reformulate the Pepsi-Cola syrup formula. During the Great Depression, Pepsi gained popularity following the introduction in 1936 of a 12-ounce bottle. Initially priced at 10 cents, sales were slow, but when the price was slashed to five cents, sales increased substantially.With a radio advertising campaign featuring the jingle â€Å"Pepsi-Cola hits the spot / Twelve full ounces, that's a lot / Twice as much for a nickel, too / Pepsi-Cola is the drink for you,† arranged in such a way that the jingle never ends. Pepsi encouraged price-watching consum ers to switch, obliquely referring to the Coca-Cola standard of six ounces per bottle for the price of five cents (a nickel), instead of the 12 ounces Pepsi sold at the same price. Coming at a time of economic crisis, the campaign succeeded in boosting Pepsi's status. In 1937 500,000,000 bottles of Pepsi were consumed.From 1936 to 1938, Pepsi-Cola's profits doubled. Pepsi's success under Guth came while the Loft Candy business was faltering. Since he had initially used Loft's finances and facilities to establish the new Pepsi success, the near-bankrupt Loft Company sued Guth for possession of the Pepsi-Cola company. A long legal battle, Guth v. Loft, then ensued, with the case reaching the Delaware Supreme Court and ultimately ending in a loss for Guth. PEPSI COLA PAKISTAN The market in Pakistan is surely dominated by Pepsi. It has proven itself to be the No. 1 soft drink in Pakistan. Now days Pepsi is recognized as Pakistanis National drink.In 1971, first plant of Pepsi was constru cted in Multan, and from there after Pepsi is going higher and higher. Pepsi is the choice soft drink of every one. It is consumed by all age groups because of its distinctive taste. Compared with other Cola in the market, it is a bit sweeter and it contributes greatly to its liking by all. Consumer’s survey results explain the same outcome and Pepsi has been declared as the most wanted soft drink of Pakistan. SITUATION ANALYSIS COMPANY ANALYSIS MISSION STATEMENT â€Å"To be the world's premier consumer Products Company focused on convenient foods and beverages.We seek to produce healthy financial rewards to investors as we provide opportunities for growth and enrichment to our employees, our business partners and the communities in which we operate. And in everything we do, we strive for honesty, fairness and integrity. † VISION STATEMENT â€Å"To be the world's best beverage company†. Being the best means providing outstanding quality, service, cleanliness and value, so that their every customer is contented and happy with their products. † â€Å"To increase the value of their shareholder’s investment through sales growth, cost control and wise investment of resources. † MARKET SHAREWhen Pepsi was introduced in Pakistan, it faced fierce competition with 7up, lemon and lime drinks, which was established during 1968, in Multan. Pepsi introduced its lemon and lime, â€Å"Teem† to compete with 7up. It successfully, after some years, took over 7up, and this enhanced Pepsi's profits and market share. In Pakistan, Pepsi with 7up enjoys 70% of the market share where as the coke just has 20% markets share. Pepsi is operating in Pakistan, through its 12 bottlers all over Pakistan. These bottlers are Pepsi's strength. Pepsi has given franchise to these bottlers. Bottlers, produce, distribute and help in promoting the brand.Pepsi also launched its fast food chain KFC i. e. â€Å"Kentucky Fried Chicken. † CUSTOMER AN ALYSIS CUSTOMERS: There are three types of customers 1. Consumer 2. Business 3. Government Pepsi main focus is the consumers which are the end users. Pepsi has to make its marketing strategies keeping in view the consumer buying behavior. To forecast the behavior of the consumer is a business problem. Physical aspect of the consumer can be satisfied but it is difficult to satisfy the consumer psychologically. Consumer buying behavior is affected by certain factors like Cultural factors, Social factors, Personal factors and Psychological factors.So the producer should keep these factors in Mind while promoting their product so that they can acquire the customer and increase their market share. There are different consumers in a society whose behavior is not the same. Every consumer has a different perception of different products. Some consumers are impressed by one quality of the product which may be in the view of other consumer not that impressive. So to deal with different consum ers in a society one should know about the consumer buying behavior process which may help in making a true picture of their product in the mind of the consumers.About 75 million cases a year for Pepsi alone; the total beverage market is about 120 million cases of which 65% per cent are Pepsi products; about 20 to 22 per cent are Coca-Cola products and Zum Zum cola and Mecca Cola, Amrit Cola and Muslim Cola†¦ there are so many colas; there is RC and Double Cola which are franchised products. Altogether they have around 5 per cent of the market. Due to the Afghan and Iraq wars, they did get a little footing especially in the frontier and Islamabad area but still they are not hugely popular * ? Total annual sale of soft drink in Pakistan 120 million cases * ?Pepsi annual sales in Pakistan 75 million * ? Market share of Pepsi 65% * ? Consumption growth 1. 7 % per year CONSUMER DECISION PROCESS: Consumer decision process or consumer buying behavior is explained in some steps which are discussed below: * Need Identification The consumer is thirsty and he wants to quench his thirst. * Information Search He will search as to what will satisfy his thirst the most. * Evaluation of Alternatives He will now evaluate from the wide range of beverages available to him that which one of them is suitable to him in terms of quality, taste and is pocket friendly. Selection After evaluating the product he will select a product. * Purchase The consumer will buy the selected product. * Post-Purchase Experience: It is the experience that the consumer gets after using the product. He will use the product again if he feels that his satisfaction after use is more or equal to the price of the product. After looking at above mentioned example, we can get an understanding that a product should be so desirable that whenever a person identifies his need, he selects our product among various substitute products and he feel satisfies so that he retains the use of that product.COMPETITOR S Company who directly target your customers. The marketing concept states that to be successful, a company must provide greater customer value and satisfaction than its competitors do. Pepsi has a tough competition with Coca Cola while it faces a little competition with the local producers like RC Cola, Shandi Cola etc. The local producers hardly affect the sales of Pepsi in the market. There are different types of competitor in the market. Some of them in which our product lies are discussed below: ? Close Competitor Pepsi and Coke are close competitors.It means that both have direct competition in the market, their products are close substitutes for one another. Both the products can influence the market share of one another through effective strategies made to cope up with their competitors. * Distant competitors Pepsi cola and Nestle juice are distant competitors of one another. It means that their products satisfy the same want but they are in indirect competition with one ano ther. * Strong Vs Weak: Coca Cola and Pepsi are strong competitors. In Pakistan Pepsi is the market leader and Coca Cola is its competitor.The Pepsi makes defense strategies so that it can maintain its position in the market. While Coca Cola is a challenger and it makes attack strategies so that it can become the market leader. Pepsi and Shandi Cola are weak competitors. Pepsi is the market leader and Shandi Cola is the follower. Pepsi is not in direct competition with the Shandi Cola. It means that Shandi Cola has little effect on the sales of Pepsi. COLLABORATORS Pepsi Cola International has given franchises all over Pakistan. These companies have installed their plants in different parts of Pakistan with these specified areas and names e. g.City| Name of Franchise| Karachi| Pakistan Bottlers| Lahore| Riaz Bottlers| Faisalabad| Punjab Beverage | Multan| Shamim ; company| Pepsi Cola provides consumers place utility which is, where ever and whenever you want it, you get it! Pepsiâ⠂¬â„¢s channel of distribution is very aggressive according to the consumers, manufacturers and distributors. Pepsi has 12 different units in different areas of Pakistan, which make the Pepsi easily available all over the country. The cities in which the Pepsi units are: * Lahore * Sukkur * Karachi * Multan * Dera Ghazi Khan * Islamabad * Faisalabad * Quetta * Hyderabad * Sahiwal * HattarPepsi is an international brand so it also has other units in other countries of the world like America, Europe, Afghanistan, Middle East and Central Asia. The big advantage for Pepsi in Pakistan is that it distributes the product through bottlers. So bottlers’ effort also contributes in the promotion of Pepsi. CLIMATE: ECONOMIC EFFECT ANALYSIS * Income and Income per Capita If the income level or per capita income of the people increases, it will have a positive effect on the consumption of Pepsi. * Inflation If the country faces inflationary trend in the market, the price of the Pepsi will ultimately increase which will lower its demand. Consumption Behavior Pakistan is a consumption oriented society. Due to demonstration effect the people are more inclined towards consumption than saving. So the people of Pakistan spent heavily on food items. Hence Pepsi has a good market share in the present circumstances. * Income Distribution It means how much is in the hands of rich and poor class. In Pakistan 10% rich people posses 93% of wealth and 90% people posses 7% of wealth. If there is balanced distribution of income in the country, the consumption of the people will increase hence increasing the sales of beverages as well. * Payment ModAs the use of plastic money is increasing the consumption pattern of the people are increasing. Although it will have a low affect on the consumption of Pepsi. * Employment Opportunities As employment opportunities increase the living standard of the people increase and the people consume more. * Aggregate Demand In case of Pepsi, aggregat e demand of the product increases in the season of summer as the hot weather makes the consumers want to drink more. * Aggregate Supply In summer season to cope up with the increasing demand they have to increase the aggregate supply of their product. * Economic PoliciesSome of the economic policies which can affect the market of Pepsi are discussed below: * Fiscal Policy It is the policy of taxes. If heavy tax is levied on Pepsi then its price will rise having negative effect on its consumption. * Monetary Policy Monetary policy is made to restrict or increase the supply of money in the market. If policies are made to restrict the flow of money in the market, inflation can be controlled hence increasing the real income of the people which will ultimately affect the consumption of Pepsi. * Price Policy If price of Pepsi is increased its demand will decrease and vice versa. Income Policy If income of the people will increase their purchasing power will increase and hence increasing t he market share of Pepsi. POLITICAL EFFECT ANALYSIS * Political Stability: Whenever the government is considered to be stable, the business will flourish. If there is political stability in the country the policies and strategies made by Pepsi can be consistent to be implemented. Foreign companies are also keen to invest in those countries which are politically stable where they have no fear of decline in their market share or shut down due to sudden change of government. Mixed Economy In mixed economy government and private sector both plays their role in developing the economy of the country. Investment by foreign companies like Pepsi is more likely to flourish in mixed economy.? * Laws Formulation Government has given copy rights to Pepsi so that another company cannot sell their product by the name of Pepsi. The countries where laws are formulated, the strategies and activities of the company are different. TECHNOLOGICAL FACTORS: * Research and DevelopmentThrough research and de velopment quality of the product can be improved or better techniques or machinery can be developed which can increase the production. When technology is advance the supply of the product increase hence the company experiences growth in their business. SOCIAL AND CULTURAL ANALYSIS * Psychographic It is a combination of demographic and psychological factors. Psychological attributes mean how you perceive things. The company will focus on the behavior of consumers and make different changes in their product quantity or quality and in promoting their product so that they can attract the customers.Keeping in view that the behavior of different consumers is not alike they have to make their marketing strategies in accordance with their requirements so that they are convinced to buy the product. * Religious Religious factors can influence the market sales of Pepsi as it happened in 2003 when the U. S-led attack on Iraq, wide sections of society in Pakistan have banned American multination als Coke and Pepsi * Social Status Pepsi is a well renowned brand. People who are brand conscious will not drink beverages of lesser known brands such as Amrat cola.They will try to show their status by drinking Pepsi which is known to all as a quality drink. * Media It is a very important factor for marketing. Media these days is a very effective way of inspiring people to buy a specific product. A good promotion can boast up sales to a great extent. SWOT ANALYSIS OF PEPSI SWOT Analysis, which is based on thorough review of the business (corporation, product category competition, customers and products), identities and evaluates the internal strengths and weakness of the companies well as its external threats and opportunities.The marketing mix is driven by the results of the SWOT analysis. STRENGTHS * Demand of Pepsi is more than its competitors. * Company has a very established name and a good reputation. * Pepsi has large market share than its competitors. * As the target custom ers of Pepsi is young generation, so Pepsi has more brand loyal customers. * Most of the customers are satisfied with the price of the Pepsi. * Pepsi is an international company and it has a very strong position internationally. * The environment of factory is very good and attractive. * Pepsi spends a lot of budget on its advertising. Pepsi has a very vast distribution channel and it is easily available everywhere. * Employees are also motivated. * Pepsi offers many discount schemes for customers time to time. * Pepsi Cola is sponsoring sports, musical concerts, walks. * The location of the Pepsi plant is utilized that all major markets of Lahore are within the reach of the Pepsi plant within 30-45 minutes. WEAKNESSES * Pepsi does not offer any sort of incentive or discount to its retailers. * Pepsi target only young customers in their promotions. * Crown of the disposable bottle is not good. * Demand of disposal bottle is declining. Pepsi tin pack is not available in far off rural areas. * Pepsi is not considering many potential outlets like hotels, college canteens etc. OPPORTUNITIES * Company may start entering rural areas also. * The company may also diversify its business in some other potential business. * Increased interest of people in musical groups, cultural shows and sports has provided an opportunity for Pepsi to increase its sales through them. THREATS * The main competitor of the company is the Coca Cola. * At the international level, Pepsi has a very strong competition with Coke.Coke has started its advertisements more effectively to increase their demand and it is a very strong threat for Pepsi. * Cola drinks are not good for the health so the awareness level of the people is increasing which is a big threat to the company. MARKET SEGMENTATION It means that you divide the target market in to different groups. Market consists of buyers and buyers differ in one or more ways. They may differ in wants, resources, locations and buying practices. Th rough market segmentation companies divide large, heterogeneous markets into smaller segments that can be reached more efficiently and effectively with products nd services that match their unique needs. Segmentation is done on basis of the previously mentioned external factors and the following: BEHAVIORAL BASE It is how people perceive a specific product, in short psychological analysis of a product. Pepsi all over the world is recognized as a quality drink and therefore people drink it without any hesitation whenever they are thirsty or otherwise. So marketers of Pepsi have made it a drink for all people and for diabetic people they introduced diet Pepsi. CONGNITIVE BASE It pushes and pulls the consumer.If the outlook of Pepsi bottle is desirable and it attracts the consumer, he will buy it even if he isn’t thirsty. SELECTED MARKET STRATEGY PRODUCT The soft drinks market in Pakistan enjoys dynamic growth in both volume and value terms. Carbonated drinks have become part of the culture in Pakistan and multinational companies have maintained standards over the years to provide the nation with high-quality drinks. Rural areas of Pakistan have driven sales of carbonated drinks to new heights as more than 60 percent of the population resides in rural areas and young consumers are more attracted to advertising.Pepsi is the most popular and leader brand in the Pakistani market and is consumed by children and adults alike. Pepsi is a responsible corporate brand of Pakistan and have contributed a lot to the economy. In marketing, a product is anything that can be offered to a market that might satisfy a want or need. Until unless the product of the company is not strong in the market it cannot survive in the longer run. Pepsi has a product line comprised up of carbohydrate drinks, Lays and many other products in Pakistan.Pepsi’s product line satisfies consumer needs because Pepsi produces different types of soft drinks for different consumers. The most popular product of Pepsi is Pepsi Cola. Due to its good taste Pepsi is a well-known product. Thus Pepsi Cola satisfies the consumer’s needs efficiently by launching a desired product. BRANDING: Consumer view a brand name as an important part of the product and branding can add value to the product. A name, term, sign, symbol or design or a combination of these intended to identify the goods and services of one eller or group of seller and to differentiate them from their competitors. LOGO Logo is what establishes a brand name in the consumer mind. It is the brands identify, signature, image and more often it is a logo that makes of breaks a product logo plays a very effective role to improve the product or brand. Pepsi kept on changing its logo from time to time along with the trade marks. Evolution of Pepsi logo ? PEPSI SLOGAN 1909-1939:  Ã‚  Ã‚   | Delicious and Healthful | 1939-1950: | Twice As Much For A Nickel Too | 1950-1963: | The Light Refreshment | 1953-1961: | Be Sociable | 961-1963: | Now It's Pepsi For Those Who Think Young | 1963-1967: | Come Alive! You're In The Pepsi Generation | 1967-1969: | Taste That Beats The Others Cold | 1969-1973: | You've Got A Lot To Live, Pepsi's Got A Lot To Give | 1973-1975: | Join The Pepsi People Feelin' Free | 1975-1978: | Have A Pepsi Day | 1978-1981: | Catch That Pepsi Spirit | 1981-1982: | Pepsi's Got Your Taste For Life! | 1983-1983: | Pepsi Now! | 1984-now : | Pepsi, The Choice Of A New Generation | 2000 : The choice of a new generation. 2003 : Zinda Dilon Ki Pehchan. 006 : Generation next. PRODUCT LINE SODA| WATER| CHIPS| JUICES| Pepsi cola| Aquafina| Lays | Tropicana | Teem | | Kurkure | | Mirinda | | | | 7up| | | | Dew | | | | Pepsi twist| | | | PACKAGING â€Å"Packaging is a part of product planning in which a firm researchers, designs, and produces its packaging. † The physical container may be a cardboard, metal, plastic or wooden box; a cellophane, wax paper, or cloth wrapper; a glass, aluminum, or plastic jar or can; a paper bag; styro foam; some other material; or a combination of these products frequently have more than one physical container.But packaging depends upon the product nature as well as structure means either it is liquid, semi liquid or solid. In case of Pepsi Cola, they take the packaging designs by considering what is better for company and what is better or convenient for the transportation. For protecting the syrup, Pepsi Cola uses the glass as well as plastic bottles of different quantity. The variants that are offered by Pepsi in terms of size and quantity, 1. 175 ml Mini Bottle(not available now) 2. 250 ml Regular Bottle 3. 300 ml Tin 4. 1000 ml Regular Liter Bottle 5. 1500 ml Disposable BottlePRICE The amounts of money charged for a product or service, or sum of the values that consumers exchange for the benefits of having or using the product or services. As price gives us the profit so this P is very important for business price of produ ct should be that which gives maximum benefit to the company and which gives maximum satisfaction to the customer. Following factors Pepsi kept in mind while determining the pricing strategy. * Price should be set according to the product demand of public. * Price should be that which gives the company maximum revenue. Price should not be too low or too high than the price competitor is charging from their customers otherwise nobody will buy your product. * Price must be keeping the view of your target market. The price of Pepsi Cola, despite being market leader is the same as that of its competitor Coca cola. Sometimes, Pepsi places its customers into some psychological pricing strategies by reducing a high priced bottle and consumers think that they save a lot of money from this. PRICES OF DIFFERENT BOTTLES Regular bottle e= rupees 12 Non Returnable/disposable= rupees 17 Liter Bottle=rupees 30 . 5 Liter Bottle= rupees 60 2. 25 Liter Bottle= rupees 70 DISCOUNTS Pepsi Cola offers va rious discounts to those retailers who have the maximum sales of Pepsi products on daily, monthly and on seasonal basis. Some of the main discounts given to the retailers are as follows: Quality Discount Following are discounts offered by Pepsi. 1/10 Discount I. e. one case of Pepsi is free on buying 10 cases of Pepsi at one time. 2/20 Discount I. e. two cases of Pepsi are free on buying 20 cases of Pepsi at one time. Seasonal Discount Following are discounts offered by Pepsi.Pepsi also offers seasonal discounts schemes by reducing price in Ramadan and on Eid. Pepsi also offers trade in allowance for retailers. PLACEMENT/DISTRIBUTION CHANNEL The Pepsi uses the following two channels for the distribution of their products. INDIRECT DISTRIBUTION Indirect distribution involves agency holders e. g. Riaz Bottlers Pvt. Ltd. Lahore franchise has divided its region i. e. Lahore and Kasur districts in two categories. Local Zone These are 62 agencies distributing Pepsi Products (250ml Sd) onl y around Lahore in their respective allocated sub zones. Out Station Zone 7 dealers have been appointed by the bottlers for far distant places and in out skirts of Lahore and Kasur the dealers involved in direct distribution are only authorized to sell 250 ml (STD) bottle of Pepsi, Team and Marinda. DIRECT DISTRIBUTION The factory vehicles operate on 45 direct routes in Lahore selling non-returnable bottles Litter, Pet and Can. PROMOTIONS In Pakistan Pepsi is the most liked soft drink especially by young generation so the Pepsi cola company has devised such marketing strategy which attracted them. For this reason they started monitoring the habits of the generation.What they saw was that the students were crazy about cricket and usually liked to idealize them so in order to increase their sales the Pepsi cola company paid high amounts of money to the cricketers to act as their spokes men. Some of the most famous cricketers in the modern era have acted as spoke persons also film star s have been acting as spoke persons. The Pepsi cola company has after doing research also has introduced different size of bottles offered at lower prices so that everyone can afford them. Also Pepsi Company has introduced other soft drinks including mountain dew, seven up and marinda.Pepsi company has introduced other flavors such as Pepsi twist, Pepsi max diet Pepsi. Pepsi Cola Company has also become official sponsors of Pakistan cricket and has sponsored a number of series. Also Pepsi has donated a lot to the earth quake victims and has launched a number of prize schemes to attract new customers As a result of this marketing strategy Pepsi has become the largest seller of soft drinks in Pakistan and is slowly forming a monopoly in drinks market. Although many soft drinks like Pepsi have been introduced such as Amrit Cola, Quibla Cola offered at lower prices but none of these drinks have been able replace it.Frequency of the Pepsi ads varies from time to time. When the season is on Pepsi do heavy advertisement especially in ramzan days or eid occasions but this advertisement not remain consist. We can hardly see the ads of Pepsi now as there is winter season. CONCLUSION Pepsi is a well renowned company and it has maintained its position well by understanding the client psychology, by ensuring quality, by introducing ingenuity in products, by enlarging its product base, by keeping economic factors in view and by intense and jazzy advertisements.Whenever and where ever there is a spotlight event, Pepsi must figure in, like the one day international cricket matches between India and Pakistan many other such occasions. The key word for success in the Marketing World is to â€Å"remain in the spotlight† and that is what Pepsi is doing. SUGGESTIONS The marketing world is full of surprises. Who could imagine that Coca Cola would be overtaken by Pepsi? If Coke could be overrun by Pepsi, it would be no wonder that Pepsi might be overtaken by some other bevera ge. The need then is to combine quality with ingenuity.Along with that, the reputation of the company has to be kept robust. Today we live in a fast moving world where novelty and newness count a lot. One cannot rest on one’s laurels. Fresh efforts, newness of approach must remain the cardinal principles of a well orchestrated marketing strategy and the campaign must be relentless. A continuous bombardment in advertisement would convince the clients that Pepsi is a part of their lives. In order to live with style, Pepsi ought to be an essential ingredient of one’s life.The Pepsi is at its maturity stage and the sales of company are not growing very rapidly. Company is doing a lot of promotional activities to let the product remain in the market. It holds a large share of the market and whenever the sales state declining, the company can improve it by different promotional activities. Marketers of Pepsi can try to improve sales by improving one or more marketing mix ele ments. They can cut prices to attract new users and competitor’s customers. They can also launch a better advertising campaign or use aggressive sales promotion to improve the sales.Thus, Pepsi is at its maturity stage. BIBLIOGRAPHY The following are the reference material where the information is collected. i) Company websitewww. pepsico. com ii) Project Outline REFERENCES The person from whom the information is collected. i) NameTousif-ur-Rahman Khan ii) Designation/PositionBusiness Unit Manager iii) Cell No. 0302-8465226 iv) Email Addresstousif. [email protected] com. pk EVIDENCES VISITING CARDS The visiting cards of the persons relevant to marketing department are attached herewith.

Single and Marriage Life

Hellow my dear friends and my honarable teacher, this is farhana yeasmin mumu and thereis my group members,at first/first of all I want to/ wanna introudce them to u†¦. 1. x 2. y 3. z Now um on the point,why we are standing front of you In this room there is we can divided or separate by a margine/line wre the students and our honarable teacher/Lecturer About our Presenetation there is a big picture to get/reach in to the point If I don’t make any mistake we are all the student in this room, still we are leading the single life , which we called bheacelor or unmarried life. who is sitting front of us the madam or teacher he has got a family as his own If I try to make some compirasson or difference between our teacher and me, the daily routine or thes schedule will be focused. Because um single and she has got a family,in that point im responsible just for my self and she has to responsible about lot of things. Its very easy to understand single and married life both are just the period of our life line. After passed the chilldhood we went to the school, collage and complete the graduation, then the getting marrige this subject came in our every single life, as a moral fact. Somebody takes the responsibility emideatly or some body takes it/that lately. Today, a lot of significant number of people are being married and still being single. This has changed their lives and gives differences between one another. In this essay, I’m going to compare and contrast the differences between single people lives and married people lives in lifestyle, companionship, and responsibility. In lifestyle, single people will have much more privacy in their lives. They will not be bothered by anybody at home. Nobody will command them not to sleep late, not to watch telivision too much and so on and so on. Therefore, single people live life freely. They can spend their time with their friends anywhere at anytime they want. In contrast, married people will be bothered with their partners. They have to take care of each other and if they have children things would become a lot more complicated. They can’t live a free lifestyle. They need to get permission from their partners if they want to go out with friends, best friends or whatever you name it. In general, married people are more busy because simply the strong bond between their children and their partners are tangible. Secondly, companionship is another distinct difference between single and married people lives. A husband will depend on his wife, and a wife will depend on her husband. Livelihood will be achieved easily by married people from their partners, parents and from their children. In contrast, single people don’t depend on anybody except their friends and parents. They can’t trust anyone else to share their secrets or to rely on shoulders. However, livelihood can be achieved from their parents and their friends. Lastly, married people are more responsible and busy than single people. They have to manage their money or expenses gently and economically every day. They are also responsible for raising their children and guiding their families in the right manner. Otherwise, they can ruin their lives easily. Married people are also responsible to manage their time for their families. They have to spend their time with their children, husband or wife every day. In contrast, people who still remain single don’t have schedule to look after their children or partners and they are not obligated to guide and/or manage their livings. Therefore, they are much less responsible than married people. There they are; lifestyle, companionship, and responsibility are the 3 main differences between single and married people lives. In my opinion, being a married person is better than being a single person, because we are created by God with partner like Adam and Eve story. Independence * Once you are married, you no longer exist as an independent entity. You might keep your job and your relationship might be excellent, but from your wedding onward you must always think as a husband and wife. The decisions you make affect your future together. The things you buy have an impact on both of your finances. Everything you do must be considered from your husband or wife's point of view. When you are single, you only have to consider your own interests when making decisions, but you are also short the emotional support that makes hard decisions easier to bear. Money * Getting married can have significant monetary benefits, but it also can be quite costly. Married couples receive a tax break and benefit from the ability to pool their financial resources. Mortgage and rent payments are split. Single individuals receive no tax break and must cover their living costs on their own. On the downside for married couples, single people can spend money when and where they see fit without worrying about an angry spouse. Free Time * Being married is a lot like a second job. You have to work at it for it to be successful. Married couples need dedicated time to communicate with one another and help each other with their emotional and physical demands. Because of this, married people usually have less free time to spend hanging out with friends or checking out the latest movie. If you are single, you have more free time but also might find that your free time is not as fun without someone with which to spend it. The Future * One of the core elements of marriage is that in most cases it symbolizes the beginning of a family. Married couples spend more time discussing the future — how to save money, what sort of career choices to make and when to start thinking about children. Married people are more concerned with their future ability to raise their family than many single individuals who do not have to worry about much beyond their monthly expenses. o get married, you will also learn to have more responsibilities as well as learn to be more busy than your single life and step through many sharings between the two of you. there are many differences and similarities in married and single life about responsibilities as well as money and activities. Living a single life can be significantly different from being married. A marriage traditionally marks the beginning of a family; on the other hand, usually being single means that having a different solo life. A single person would have more independence than a married person. The differences between single and married life range from very small to very large, but there are few core contrasts that show the main differences between the two lifestyles. Differences between single and married men. married life will provide a person with emotional support that is such a great help in meeting ups and downs of life . For all the value placed on friendship , friends also have their own lives to care for , and their input in an individual ‘s will always be limited . Besides , as we grow older , we are likely to drift apart from the parental family . Our spouse and children will then serve as a prop , helping us in the difficult moments of our life and sharing our joys . Over the course of my married life , I can remember so many instances when even a brief talk with my husband in the evening relieved my worries . The freedom and carelessness of single life disappear in marriage , but when you begin to care for others , in a happy marriage you are rewarded by enjoying their care in return Single Life and Married Life There is something about marriage that changes everything it starts from when you say I do. When you’re single you have more liberty in the aspect of coming and going with friends, with no worries in the financial aspect of things. Marriage is about respecting each other becoming one versus single life is really about two separate people knowing each other. In the life of a single person everything within the home environment is under the persons own control. Therefore he or she does not have to consider others before making decisions. In addition, the single person has no need to consult anyone else regarding any decisions such as house decoration, holiday dates and locations. Thus there is no need to compromise. Furthermore, everything within their life belongs to a single person. He or she owns his or her life completely and does not need to share any aspect of it with another person. Existence is within his or her own space. Being single is for those you are not ready to take the next step in life. They are still working on themselves. It is not a bad thing. We must all find ourselves first to be able to know who that great person is that we end up sharing the rest of our lives with. When you find yourself, then it is so much easier to find that true person that belongs in your life. Marriage is a great new step one takes in life. It comes to your heart when you take a good look at your life and you realize something is missing. You have never had it to begin with but yet you miss it. Then you realize what the next step in your life is. Finding that person is so much easier when you know who you are first. In married life, Control is compromised through the need to consider a partner's feeling or opinions. Similarly, everything within the married environment has to be shared. Whilst both parties may be able to find some space of his or her own, the majority of the time this will be shared with others.

Qualities of a Friend

Everyday we meet people. Many of them become instant acquaintances and most acquaintances bloom into friendship. Often this transition period occurs gradually. Friends come into ours lives and go. Few stay a while longer and fewer still leave footprints in our hearts and the sands of time. Who is a friend and what are the qualities a friend should possess? The definition of a friend and friendship varies with each individual. For me, a good friend is someone who understands me, accepts me for what I am and at the same time inspires me to do the best. At a personal level, a true friend should not give up on me, should always forgive my mistakes and never judge me by actions as sometimes my actions may be rash and inconsiderate. We live in a very competitive world. Most of us are caught up in the rat race of paper chase, mounting work pressure and demanding family commitments take a toll on our time and energy. Consequently most of us experience mood swings due to high expectations placed upon us. It is during times like these, when we are burdened with responsibilities and life seems to be an endless uphill struggle, that we seek the comforting words of a friend; a friend who urges you to pick up the pieces and move on. A good friend is always there to lend a helping hand or to lend us a shoulder to cry on. At the same time, a friend should be trustworthy and loyal. When friends trust us with secrets, we should never betray their confidence. No one can confide in someone whom he cannot trust to keep his secrets. True friendship is demanding. It requires loyalty, trust, empathy, support and understanding. However, one should never expect such virtues in a friend unless he is willing to offer these virtues in return. In other words, one must be a friend to have a friend. It may be impossible to find all these virtues in a single friend. However, should I come across such a friend; I shall treasure our friendship for life. As I reminisce about the good times I have shared with the best of my friends, the words of William Shakespeare keeps ringing in my ears. â€Å"The friends thou has, and their adoption tired, Grapple them to thy soul with hoops of steel. † Yes, friendship that has stood the test of time should be most revered and happy is the man who is blessed with such a friend.

Education in the World of Politics Essay Example | Topics and Well Written Essays - 500 words

Education in the World of Politics - Essay Example It can be recalled that the sovereign theory refers to the submission of individuals or a group to a one common sovereign who can protect them against violent death. This submission can also be looked at as a master-slave relationship where those who do not abide form the law is subjected to punishment. In this case, education is important since this is the means or the main tool for the followers and even for the leaders to know their duties and or responsibilities in the group or in the society where they belong. Hobbes also said that since humans are grounded to passions, it is important that humans know how to correctly reason out and that has something to do with logic. Also, with the basic idea that man lives for his own selfishness, there is always a tendency to act through emotion and therefore, with proper education, logic can be attained. On the other hand, there is also another idea from Plato about education. This has something to do with the "guardians" of the "just city." According to him, the guardians, in order for them not to use their power for their own benefits to rule over the people they are protecting, they should be properly educated to know not just their limitations but also their privileges.

Suitors of Queen Elizabeth I Essay Example | Topics and Well Written Essays - 2500 words

Suitors of Queen Elizabeth I - Essay Example Eventually, it was still Elizabeth's word against them when she said that the people's interests were more important. Centuries after the Queen's death, investigations were being done to claim that indeed, there was a secret marriage with two secret sons to boot. One of the sons accordingly was Francis Bacon, a writer turned critic of the Queen. Whether this was true or not, the Francis Bacon Society is promoting the truth of this belief now. In fact, some of the sources used in this paper come from sirbacon.org, a website for Francis Bacon. Queen Elizabeth was born on September 7, 1533, to Anne Boleyn and Henry VIII, King of Great Britain.1 The King then had Catherine of Aragon for a wife who could not bear him a son that he changed the course of his country's history to marry Boleyn. Instead, she bore Elizabeth. Eventually, Anne was charged with incest and beheaded on May 19, 1536, before Elizabeth was even three years old. Meanwhile, Elizabeth grew up but is a reminder to Henry of Anne, Elizabeth was sent away from Court.2 From 1534 to 1585 or for a period of 51 long years, dukes, archdukes, princes, knights, and kings courted Elizabeth. The first suitor on record was Charles, Earl of Angouleme, 3 but the nature of such courtship has not been explained. In 1534, Elizabeth was only a year old, having been born in 1533. 4 Elizabeth became queen on November 17, 1558, at the age of 25. 5 Therefore 21 nobles may have courted her before she was ever crowned, and 13 when she became queen.6 Upon the queen's coronation, Felipe II, the King of Spain, instantly became a suitor, taking after his son, Don Carlos, coming ahead by three years in 1556.7. When she was last being wooed in 1585 she was already 52.8 The Queen died on March 24, 1603, at the age of 70 9 having had 34 principal suitors .10 The list of suitors The following list 11 includes only the principal suitors of queen Elizabeth according to period: 1534, Charles, Earl of Angouleme; 1536, Duke of Orleans et de Chtellerault; 1542-1545, Duke of Bourbon, third son of Francois I; - 1538, Archduke Ferdinand of Austria; 1542, a Prince of Portugal; 1543 James Hamilton, Son of James Hamilton, 2 Earl of Arran; 1544, Prince Felipe; 1547, Sir Thomas Seymour, Baron Seymour of Sudeley; 1551, Brother of the Duke of Guise; 1551, Alfonso D'Este; 1533-1597, Son of Hercules D'Este Duke of Ferrara; and 1551, Son of Cosimo de' Medici, Duke of Florence; - 1552, Prince Frederick of Denmark; 1553, Edward Courtenay, Earl of Devonshire; 1554 Henry Fitzalan, BaronMaltravers, Son of the Earl of Arundel; 1554, Duque de Segorbe; 1554, Archduke Ferdinand of Austria, Holy Roman Emperor; 1554, Prince Frederick of Denmark; 1555, Christopher II Zahringen, and 1536, then again in1577, Margrave of Baden; - 1555, Philibert Emanuel, Duke of Savoy; 1556 Prince Eric of Sweden; 1556, Don Carlos (son of Felipe II); 1559, Felipe II; 1559, Prince Eric of Sweden; 1559, Son of Johann Friedrich I, 1556, Duke of Saxony who also tried two years before; 1559, Sir William Pickering; 1559,James Hamilton, 2 Earl of Arran, father of the one who courted the Queen in 1543; - 1559, Henry Fitzalan, Earl of Arundel; 1559, Robert Dudley, Earl of Leicester; 1560, King Eric XVI of Sweden; 1560, Adolphus of Gottorp, Duke of Holstein and Knight of the Garter;  1560,   King Charles IX of France; 1560,   Henri De Valois, Duke of Anjou.  

To what extent can improvements in productive flow and product quality Essay - 3

To what extent can improvements in productive flow and product quality lead to an increase in sales and profit - Essay Example A company overlooking these factors of success can never achieve its desired goals and objectives in a competitive market because these processes play the role of two of the most indispensable ingredients of success. In this paper, we will discuss the importance of improved productive flow and product quality in achieving the goal of increased sales and profits. 2. Productive Flow The process of productive flow mainly refers to the continuity of the process that starts from bringing in raw material for product development and ends when the product becomes ready for distribution in the market. Companies focus on improving this process in order to avoid delays in product manufacturing. Productive flow involves a continuous and flawless movement of items through the process of product development. The process is said to be in an efficient working state if the next stage of product development starts straight away upon completion of the current stage of development. It is one of the main responsibilities of the employees working in the production department to ensure continuity of the process of product development because a minor flaw or delay in the transition of stages can affect the on-time completion of the production process, as well as the quality of the product. One of the main points regarding productive flow is that it is capital intensive, which means that it makes more use of machines and technologies as compared to workers.  Therefore, it needs continuous and effective technical assistance to ensure flawless continuity. The advantage of capital intensiveness of the production flow is that a large number of items can roll off the assembly lines simultaneously, cutting down the cost of production to a large extent. Using this approach, companies can benefit from economies of scale, which consequently results in lowering the cost per unit of production (Riley 2012). Improvement in the productive flow can have a direct impact on the levels of sales and p rofit. In a competitive environment, timely placement of products in the market is imperative for the success of a company. When a company has its products reach completion stages in the scheduled time without any flaw, it will place the products in the market at the correct time and people will be able to buy those products, which will consequently result in improving the market share of the company. However, when there are delays in the process of production flow, the company will not be able to dispense its products in the market at the right time, which will affect the company’s levels of sales and profits. Therefore, it is very important for a firm to improve its process of production flow by eliminating the occurrence of flaws and reducing the risks to the continuity of the process to ensure higher levels of productivity and profitability. 3. Product Quality Along with productive flow, improvement in product quality is also essential for a company to increase its levels of sales and profit. Quality means excellence and in terms of product development, it refers to the development of such products that should be able to satisfy the consumers. A company can satisfy its customers only if it provides them with durable and high quality products. Quality is considered a key to the success of a

Outline and discuss the Capital Asset Pricing Model (CAPM) as means of Essay - 3

Outline and discuss the Capital Asset Pricing Model (CAPM) as means of valuing securities and their risk. What are the drawbacks - Essay Example Some other financial experts like Lintner and Mossini also explained and purified CAPM and its interpretation in later years (Gassen, and Sellhorn, 2006). Capital Asset Pricing Model Being a quantitative tool for computing the yield of a security, CAPM is used for pricing the financial asset through mathematical calculations (Fields and Vincent, 2001). There are three main components of CAPM model which are stated as follows: Rf = Risk-free rate Beta = Risk of individual security with respect to market Rm – Rf = Market Risk Premium Risk-free Rate Risk free rate is considered as the rate at which the investor does not face any risk yet he obtains a specified return. This risk-free return can be obtained by investing in government securities which are considered are risk free. However, the term risk-free is referred to only the risk related to default risk. Since governments are considered as the ones which are not supposed to face default risk, therefore, their securities are c onsidered as risk-free securities (Babu, 2012). Beta Beta is the factor which indicates the risk of a particular security associated with the overall market risk (Vishwanath, 2007). ... This is the risk which is beyond the control of an investor as well as the corporations whose securities are being traded in the capital market. This risk is called as the overall market risk such that the whole market is exposed to that risk and bears its consequences (Berk and DeMarzo, 2010). On the contrary, unsystematic risk is the risk related to a specific security such as downfall in the earnings, or slow growth, heavy fine etc. This is the risk which does not affect the market and can be eliminated through diversification by adding more securities in the portfolio. Market does not reward unsystematic risk of a particular because this risk can be eliminated through diversification. But it does reward the systematic risk as this risk is faced by every security simultaneously in the whole market (Watson and Head, 2009). In a more concise manner, beta is the measure of systematic risk of the individual security with respect to market risk. In other words, it tells how much volati le an individual security is with the market volatility. Beta of the overall market is 1. So if the beta of the individual security exceeds 1, it means that the security is having more risk as compared to market risk. On the contrary, if the beta is less than 1, it means that the security is having less volatility as compared to market risk. A risk taker invests in those securities which have a beta of greater than 1 whereas a risk averse investor tends to remain at a safe side and invest in those securities which have a beta lower than 1. Market Risk Premium Market risk premium is actually the difference between the overall market return and the risk free return (Brigham and Ehrhardt, 2010). In other words, it is actually the excess return that market provides above the

Managment Accounting Essay Example | Topics and Well Written Essays - 2000 words

Managment Accounting - Essay Example It can be viewed that the business models adopted in the visual arts sector in the nation are relatively inefficient due to inadequate financial support. In this regard, almost every visual arts sector is seemed to be undercapitalized. The arts sector is facing ample challenges to retain a sustainable performance in this competitive business environment. In this context, the major challenges that face by arts sector in England include cultural aspects, free entry strategy and inability in tackling factors that are accountable for under performance. The sector has been facing the aforementioned challenges mainly due to limited investment of funds and inappropriate allocation of financial resources (Royce, 2011). In relation to the arts sector of England, it can be viewed there is a lack of income which is generated from the entry tickets due to the provisions of free entry. Free entry of visitors in relation to this sector is often regarded as a blessing for public, but this practical implication has led towards inadequate public funding. In this respect, these organisations are more inclined towards incompetency and inefficient performance in the present competitive business environment. Consequently, inadequate availability of public funding has restricted the organisations associated with arts sector in allocating funds for development, maintenance and repair. It can be affirmed that the implication of free entry will be effective in attracting a huge number of customers, but will not facilitate the organisations to obtain adequate funds for complying with future requirements and making greater development. Respectively, the organisations, with inadequate revenues will be unable to meet the requirements of the business costs. Moreover, the... This paper descusses from the above discussion, it can be affirmed that the present business scenario is incessantly changing due to gaining momentum of globalisation and prevalence of extreme business market competition. In this changing business market conditions, organisations are required to develop appropriate strategies and plans in order to maintain sustainable growth and performance. The arts sector in England is surrounded with certain threats that include operational inefficiency and ineffective allocation of financial resources within the context of competitive business environment. In this regard, this sector should adopt efficient business models with the objectives of performing in a sustainable way. In relation to the arts sector of England, it can be viewed there is a lack of income which is generated from the entry tickets due to the provisions of free entry. Free entry of visitors in relation to this sector is often regarded as a blessing for public, but this practical implication has led towards inadequate public funding. In this respect, these organisations are more inclined towards incompetency and inefficient performance in the present competitive business environment. This report makes a conclusion that management accounting is often viewed to be an important business tool which helps organisations in making better decisions and suitably maintaining financial resources at large. Specially mentioning, the statement of Royce can be identified to hold positive viewpoints about the formation of efficient business models for better management of the arts sector. On the other hand, Taylor holds opposing viewpoints about the need of forming effective business models, as this might increase the complexity of business operations and procedures by a certain degree.

Airline Passenger Security Screening Essay Example | Topics and Well Written Essays - 1000 words

Airline Passenger Security Screening - Essay Example The security of the aviation sector has been significantly strengthened over the past several years through the efforts of the Federal government working with State, local, and tribal governments, the international community, and the private sector, but One of the major steps taken was when in June 2006 President ordered the development of a comprehensive National Strategy for Aviation Security in which the Secretary of Homeland Security, in accordance with challenges identified in NSPD-47 and HSPD-16, was to coordinate the operational implementation of seven supporting plans. These plans are Aviation Transportation System Security Plan, Aviation Operational Threat Response Plan, Aviation Transportation System Recovery Plan, Air Domain Surveillance and Intelligence Integration Plan, International Aviation Threat Reduction Plan, Domestic Outreach Plan, and International Outreach Plan. Other plans such as Alien Flight Student Program were also implemented (AFSP) to ensure that foreign students seeking training at flight schools regulated by the Federal Aviation Administration (FAA) are not to be given flight training until Secretary of Homeland Security first determines that doing so will not pose a threat to aviation or national security. Although such plans might seem rude, but it's a necessary impoliteness to ensure safety. Q2: The Q2: The greatest threat faced by the United States aviation after the tragic event of September 11, 2001 at present is terrorism, and this incident can serve as the best case in point of the amount of damage and chaos that can be caused due to threats to aviation security. This can also serve as an example as to how with enhancements in security measures, terrorists have also shown ability to evolve and exploit weaknesses, and the amount of damage they can cause due to proliferation of weapons of mass destruction. All aircraft are under threat of onboard bombs, hijacking and use of standoff weapons, and these aircrafts can also be used as weapons to disrupt aviation transport system as mentioned in above example. Use of such unconventional attack methods by terrorists is not a recent phenomenon. Decade of 1970s has been a witness to it. Hijacking of Trans World Airlines Flight 847 in 1985; hijacking of Pan Am Flight 73 in 1986 in Karachi, Pakistan; the destruction of Pan Am Flight 103 over Scotland in 1988 are just a few examples of religious extremism and state-sponsored terrorism. Interest to instigate terrorism can lie with terrorist groups, who are politically and religiously motivated, and kill civilians indiscriminately to fuel propaganda campaigns. Over time their capabilities have increased due to advancement in technology. It can lie with hostile nations, who have aggressive intentions and support terrorism. Some nations which are politically and economically weak, have weak infrastructure and leadership, can be host to terrorist groups unknowingly. Some domestic criminals with detailed knowledge of aviation sector can also be a great threat if exploited by external elements. Thus it is the need of the hour that United States take preemptive measures to counter terrorism threats, because although financial loss is great and can be recovered, but lives lost have no price. Q3: In United States, airport security is not controlled centrally, but is managed at state or local

Reading respond Essay Example | Topics and Well Written Essays - 1000 words

Reading respond - Essay Example Question 2 A business organization brings together people from diverse backgrounds and with abilities that are uniquely different. Among other organizational management skills required for an efficient management organization is the need for an effective communication system. Such a system should recognize the different abilities shown by the staff. The imminent increase in diversity at places of work have had imminent influences on organizational set ups. This has been so irrespective in terms of communication and human behavioral adaptations. The aspect of communication also entails the aspect of giving what would be defined as nonverbal communication. In this sense, it is important to acknowledge that diversity at places of work have led to obvious issues which need to be addressed if the organization setup is to remain as conventional as would be suitable for everyone involved within the organization. A) Effect on communication The imminent issues that would arise from such event ualities affect communication. These are a myriad. However, the most evident would be based on the cultural differences that people inherently have. For instance, some people are from tolerant background while it is naturally anticipated that other people would harbor intolerable traits. In handling the diversities at the places of work, it is important to a strike a balance in making everyone be comfortable with one another irrespective of the cultural or even social background. Language is a tool of communication. In every communication, it forms an important aspect since it facilitates conveyance of message. Common issues that arise in workplaces with diverse personalities are language problems. This might come from persons having intolerable speech impediments or even plain miscommunications due to language issues. People need to be enlightened on the issues that exist in the workplace. Through that, prejudices and misconceptions would be overcome. Consequently, such moves would aid communication in immeasurable ways. B) Nonverbal communication entails using means or platforms which are not audible. These involve using platforms of communication which might be including signs, gestures, or even written notes. In an organization with a diverse background, there are bound to be issues in communication using the nonverbal platform. In such circumstances, communication might be hindered by such issues as levels of technological sophistication. This comes from the fact that there are those persons within the diverse workforce who might have least exposure to technology compared to others. For instance, the older generation would find it hard to communicate with the younger workmates through social media and other similar platforms. Consequently, it is important to bridge the gap between the two groups to aid effective coexistence and effective communication (Gibson 148). Other forms of communication such as gestures might be influenced by cultural backgrounds. This insinuates that people of different cultural backgrounds at a diverse place of work might have unique interpretations to different gestures. For instance, a facial gesture from one employee might insinuate a different meaning altogether to another employee. In such circumstances, such communication might be hampered. Besides, gender and religion also play an important role in gestures as forms of communication amongst the employees of diverse origin. For instance, a gesture to female employee

Singal processing and linear systems + Matlab Essay

Singal processing and linear systems + Matlab - Essay Example The square wave response of a dynamic system measures how the dynamic system responds when a square wave is applied to its input. Generally a unit step function is applied defined by the following equation: Laplace transform and Fourier transform both are use for analysis of aperiodic signals. Laplace yields the result in s-domain where as Fourier transform yields it in frequency domain. Laplace is more often used because in s-domian it is easier to analyze the performance of the system by looking at the poles and the zeros. The Laplace transform is usually used in the context of one-sided signals, i.e. signals that are zero for all values of  t  less than some value. Usually, this "start time" is set to zero, for convenience and without loss of generality, with the transform integral being taken from zero to infinity. The Fourier transform is used for analyzing systems that process signals that are infinite in extent, such as modulated sinusoids. (LTI) The signal is compared both in frequency and time domain, before and after filtering. As seen in the graphs the amplitude of the signal after filtering is 1. The amplitude thus decreases from 2 to 1, showing 3dB attenuation. In frequency domain the higher frequency coefficients are zero. They cover almost half the total bandwidth. Thus the half band filter has made half of the coefficients zero with 3dB

Working With Teams Essay Example for Free

Working With Teams Essay The scenario is inaccurate coding and lack of patient information which delays payments for the doctor. As head of the billing department a process will be implemented to solve problems on this issue. The current process is not working and because of the loss of productivity, a team was assembled to solve problems. The goal is to find where the error is, and recoup the loss revenue. The first person to question would be the front office personal who checks in a patient upon arrival. After getting the insurance card and demographic page, it is important to compare that information on file to be certain it is accurate, and up to date. A copy of the insurance card should be taken at every visit. Even if the patient were there just there a few weeks ago, it is important to establish a routine of quality. Second, the front office personal should check the insurance carrier to see if a referral is necessary. However, most insurance carriers do not require a referral for family practice it is advantageous to determine if the doctor is in network. When the patient is called back to their examining room, the medical assistant will ask for the reason for the visit. It is up to medical assistant to write down the signs and symptoms of the patient. The documentation must be detailed and recorded properly on the patients face sheet. The department manager of nurses should be scrubbing the documentation before it is submitted to the billing department. For example, if a patient has a routine check and the physician decides to order labs, the lab draw must be documented; even though it was not the reason for the visit. The communication starts with the first point of contact, which is the front office. This person must be detailed, efficient and willing to ask questions without hesitation. They do not assume or fill in the blanks. They are assertive and responsible, to answer staff questions. Without this, the team will spiral downward like a domino effect. For example, the check out personal will not be able to excuse the patient without collecting the co pay. The co pay is not determined unless the insurance is entered correctly by the front office. According to Veean (2012) â€Å"We are paying more attention to electronic devices than to one another. The person to person communication between doctor and staff; and doctor to patient is decreasing. The answer to the question, is we can save health care by utilizing a balance of words and computers†. The team will be organized by personality types. Keeping in mind the group of people has a variety of experience, skills and talents working to help each other achieve a common goal. The group has the task of problem solving why the billing codes are incorrect, and where the missing link is for payment. According to Chong (2007) â€Å"team performance can be positively correlated with the teams that are organized based on their individual characteristics†. Each person will be responsible for their role. Selecting the team by department will make sure all employees are contributing to their individual duty and this will equal success. There will be one leader, a couple of nurses to scrub the documentation for errors, two administration personal to make sure the demographics and insurance information is correct. A person from the billing department who will run a report from the last 120 days. The doctor also needs a friendly reminder, to document according to the procedure. The doctor must know that treating patients is not their sole responsibility in an office. Consequently, all team members were selected according to their talents and skill level. How well they communicate with written and verbal communication. According to Cheesebro, (2010) the ability to solve problems and think critically are good traits to have. They have a desire to accomplish the task and be held accountable for their performance. The potential for conflicts would consist of pointing fingers and judging without investigating. A person might already know who the employee is that started the problem and approach the person, unprofessionally. The process needs to be redefined and no one should be singled out as the culprit. Furthermore, a conflict may ignite if communication is not open. Hence, one person might feel an idea or strategy is not helpful to reach the goal. Although, good teamwork creates a positive environment. If there is a heated disagreement, it can lower the mood, and demotivate the rest of the team. However, according to Cheesebro, (2010) Conflict is healthy in certain situations, because it will bring a team together. Research has shown, employees who feel part of a strong team are happier and more productive. An acronym for team is: trust, empathy, attitude and mutual respect. In conclusion, the best way to avoid future billing failures is to call the insurance company. According to University of Florida, College of Medicine, (2010) Cigna, United Health Care, Medicare and Medicaid will notify the billing office the reasons for denial. It could be as simple as the birth date does not match what is on the enrollment application. A modifier was not placed after an International Classification of Disease, 9th Revision (IDC-9) code. Perhaps the Current Procedural Terminology (CPT) was entered as a 4 digit code instead of a 5 digit code. Even though a report will catch this error, if a person overlooks uploads it electronically anyway, it will be denied. The rules for assigning these codes are complex, and have a significant role in coding; so that payment can be received. For example, if a bill for CPT 31256, nasal/sinus endoscopy would not be supported by ICD-9 826.0, closed fracture of the foot. This claim would be rejected and sent back. In most offices, it is presumptuous to label the front office as the reason for failure in payment. It could be anyone’s guess the reason; hence a team approaches to solve the mystery of lack of payment is effective to problem solving. A person from the billing office would concentrate on these rejected claims, repair the error’s, and return them for payment. They will have 15 days to reprocess the claims, and recover the blunder.

Media Prima and Astro Malaysia: Staff Management

Media Prima and Astro Malaysia: Staff Management 1.0 Introduction Media Prima is the biggest listed media group in Malaysia, owning all main private television stations and having approximately 54 percent of Malaysian television viewers, with its closest rival, the pay-television satellite operator, Astro, which offers over 100 channels or stations, controlling a market share of roughly 29 per cent. RTM controls 17 per cent of the market. Media Prima wholly owns TV channel like TV3, NTV7 and TV9 and holds a 99.5 per cent interest in 8TV. TV3, Media Primas flagship television station and the number one free-to-air television station in the country, finished the 2007 season dominating the years top 20 programmes (The New Straits Times, 4 January 2008). TV3 recorded a 33 per cent share of viewers in 2007 among over a hundred channels available on satellite and FTA TV (The New Straits Times, 4 January 2008). The group also controls radio stations Fly FM and Hot FM, with a combined listenership of 3.5 million. Besides that, Media Prima has a 43 per cent stake in the equity of The New Straits Times Press, which has four newspapers in its stable. Media Prima is said to reach 22 million Malaysians daily: about 11 million television viewers, seven million newspaper readers and four million radio listeners. Malaysias population is a little over 25 million. Astro All Asia Networks Plc, the group that has the monopoly over Malaysias subscription television operation, reaches about 10 million viewers in some two million homes representing a penetration rate of approximately 38 per cent of Malaysias TV households in 2010. (Astro Annual Report, 2010) Astro began operating in 1996 and today offers over 100 channels with a wide mix of foreign and local programmes. Its sister company Airtime Management Programming runs the eight radio stations in its stable, include Hitz, Mix, Light Easy, Era, My, Xfresh, THR, and Sinar. 2.0 Training and Development Conduct a Training and Development in an organization is essential where it needs is identified during each employees annual career development review. From this process, the acquisition of new skills, competencies, attitudes and knowledge will lead the employees to changed behaviour from reactive to proactive, greater maturity and critical thinking. In Astro, employee satisfaction survey was carried out to complement existing communication channels. Opinions of 3,054 employees were collated through online survey forms. The survey sought employees views on 13 major categories covering various aspects of their jobs. (Appendix B) The total favourable for Training and Career Development where employees think about Astro is doing are 65 percent. This figure is considered moderate where it should take further action to improve. Thus, in 2009, Astro convened two full-scale Town Hall meetings to share latest developments and discussed the Companys direction, 48 training seminars on topics ranging from leadership courses to safety and health trainings as well as introduce new high definition service which is branded as Astro B.yond. Information that had transpired was recorded in DVDs, and will send to Astro offices across the country in future for training and development purposes. Realities in economic and advances in technology cause the availability of jobs in TV station have changed rapidly. Therefore, there were several training initiatives designed to increase the number of skilled people in Media Prima. In 2009, the organization invested about RM1.14 million for staff training which involved 3,615 man-days in total in the organization. A summary of the organization training breakdown for 2008 and 2009 is shown in Appendix C. The majority of the training is provided to technical staff which conducted at the organization itself. This is to ensure that the organization maintain the best quality and keep up to date with the latest technology and techniques available in media production. Although both organization utilize Training and Development, but the ways of conduct is very different. Astro adopt an audiovisual method where used of DVDs for training and development will helps the organization to reduce cost, manpower and not time consuming. On the other side, Media Prima utilize apprenticeship training where the employees enter the skilled trades given through instruction and experience in the practical and theoretical aspects of work. When employees face problems in workplace, they can solve it based on their experience gained during the training. 3.0 Performance Management System A new performance evaluation system in Astro consists of a 360Â ° feedback mechanism to get a balanced assessment of the employee own peers. The need for this balance is also reflected in a revised Performance Review Form. One significant aspect of the new performance evaluation is the Relative Ranking Rating which rewards high performing employees in a transparent manner. Employees who fall under the lowest of the three-tier scale will be coached and guided via a Low Performance Management Process (CAP) system. (Appendix D) At Astro, employees are given clear expectations of the accomplishments desired of them as well as the ways to perform and achieve these expectations. This is done through the Performance Management System (PMS) under which periodic performance evaluation exercises are conducted to review employees performance. With this system, employees are aware of their strengths and also given ample room to work on improving their performances. The reviews run in 2 cycles in the span of the financial year; a year end review in January followed by a midyear review in July. Media Prima has introduced a 360 degree feedback system which is also referred to as the multirater or multisource feedback. It provides employees with performance feedback from supervisors, co-workers, peers, customers and reporting staff. It also includes self-assessment. We implemented this system as we take human capital management and development very seriously. 360 degree assessment is a process whereby the company takes stock of its capability once every two to three years to meet business challenges. The process begins with the company putting in place a competency framework which is aligned to the business direction of the company. The competency framework is used as a guide to recruit, develop, assess and compensate the employees based on performance and capabilities. In the case of Media Prima, an external consultant was hired to conduct the data collection process as well as the feedback and the follow up process. 4.0 Compensation and Rewards The Group operates a performance based bonus scheme for all employees, including the executive directors. The criteria for the scheme is dependent on the achievement of key performance indicators (KPI) set for the Groups business activities as measured against targets, together with an assessment of each individuals performance during the period. Bonuses payable to the executive directors are reviewed by the Remuneration Committee and approved by the Board. Employees compensation is determined by their performance which is measured across various Key Performance Indicators (KPIs). Media Prima uses a point-based system which ranges from 2 to 5 in determining the weight of the bonus (5 being the highest performing). This process is used to assess all employees (100%). The percentage of employees achieving each performing level and the entitlement of each level is listed in Appendix E. Exploring the Four Stages of the Audit Process: Case Study Exploring the Four Stages of the Audit Process: Case Study Internal Audit is an independent function that provides an objective assurance and consultancy activity to improve and add value on an organizations operation. The auditors aim to help the Merami Berhad accomplish its objectives by evaluating the effectiveness of its risk management, control, and governance processes by bringing a discipline, systematic approach. The audit process is divided into four stages which are Planning (Preliminary Review), Fieldwork, Audit Report, and Follow-up Review. One of the main key objectives to carry out an audit is to minimize the time and avoid disrupting ongoing activities. As we are a public accounting firm for Merami Berhad for the past five years. Meramin Berhad is a public listed company, whose sales for the year 2009 were over RM 25 million. The audit fees we normally charge to Merami Berhad are RM 50,000. Before an audit is assigned to staff, the auditor must consider a few matters such as the size of the company to be audited. If it is a Public Listed Company, 3 or 4 staff will be required. Besides that, the budget is very important as the auditor are always advised to stay within the budget so that the audit fees is sufficient to cover all the cost incurred especially the disbursements. The auditor should also consider about the deadline. An audit assignment usually has very tight deadlines and therefore staff must ensure that the Audit Report is submitted to the Partner of Review on time so that the signing of accounts is not delayed. When the audit manager assigns a job to the senior, the first thing the senior does is to meet with his team members to discuss about the job and to delegate duties to the respective members. The audit assistant will normally be asked to retrieve the previous years file of the company from the filling room. The previous year file is always used as a guide only. Staff must always tailor-make the audit for the year according to the events that occurred during the year. Once the last years file is retrieved, a new file will be opened for the current years audit. STAGE 1: PLANNING (PREMILIRARY REVIEW) Planning is essential as this is the first time we understand Merami Berhad business and their controls in the company. During the planning stage of the audit, the auditorwill contact the client to notifythem of an upcoming audit and to schedule a time during the year that is most convenient for the audit to commence and take place. The auditor will send them a preliminary checklist. This is a list of documents (e.g. organization charts, financial statements) that will help the auditor learn about their unit before planning the audit. After reviewing the information, the auditor will plan the review, conduct a risk workshop primarily to identify key risks and raise risk awareness, draft an audit plan, and schedule an opening meeting. Engagement Letter Merami Berhad is informed of the audit through anannouncement or engagementletter from the Internal Audit Director. This letter communicates the scope and objectives of the audit, the auditors assigned to the audit, the audit methodology used in the audit and other relevant information. This letter serves as a contract which outlines the responsibilities of the auditor and client to prevent any unnecessary misunderstanding of what is expected or required of the other party. The auditor and the client must also agree on the terms of the engagement. Opening Conference Nearer the start of the audit, the auditor will arrange a meeting with Merami Berhad to discuss the scope and objectives of the audit. The opening conference should be held to gather information about the mission, critical processes, and control procedures of the unit to be used in the preliminary survey process. The opening meeting should include senior management and any administrative staff that may be involved in the audit. Merami Berhad describes the unit or system to be reviewed, the organization, available resources (personnel, facilities, equipment, funds), and other relevant information. The audit senior usually discusses with the client about the companys performance for the year in terms of increase or decrease in profitability. This may due to factors ranging from launching of new products during the year to high-position staffs leaving the company. These will all be documented in the Business Understanding Document. The internal auditor meets with the senior officer directly responsible for the unit under review and any staff members he wishes to include. It is important that the client identify issues or areas of special concern that should be addressed. The time frame of the audit will be determined, and we should discuss any potential timing issues (e.g. vacations, deadlines) that could impact the audit. The opening conference is an important step in a regular audit. It is an opportunity to establish the proper tone and to begin building good relationships. Preliminary Survey In thisphasethe auditor gathers relevant information that they have gained from the opening conference is used in conjunction with other relevant information about the unit in order to obtain a general overview of operations. He talks with key personnel and reviews reports, files, and other sources of information. This may include information on budgets and strategic plans as well as past audit reports. There are certain risks that the auditor will always review to ensure that they are being adequately controlled and managed these include financial transactions, local risk management and business continuity planning. Internal Control Review All of this information is then used to make a preliminary assessment of the risks and controls for Merami Berhad unit. The auditor will review the units internal control structure, a process which is usually time-consuming. In doing this, the auditor uses a variety of tools and techniques to gather and analyze information about the operation. The review of internal controls helps the auditor determine the areas of highest risk and design tests to be performed in the fieldwork section. In the interests of quality and consistency, the Head of Internal Audit reviews this work and agrees the scope of work to be carried out. Audit Program Preparation of theaudit programconcludes the preliminary review phase. The audit program establishes theproceduresnecessary to complete an efficient and effective audit. It includes a detailed plan of the work to be performed as well as the steps required to achieve the audit objectives. There should be sufficient detail for less experienced staff to perform the steps however it should not be overly detailed whereby it might cause auditors to execute steps routinely and override their judgment. STAGE 2: FIELDWORK Transaction Testing Revenue Cycle Sales procedure and cash receipt transaction are the 2 checking procedures under revenue cycle. Sales Procedure A sales quotation provides a pre-sales processing environment which allows prospective buyers to examine the costs involved for a completion of work. A sales quotation typically consists of information like quantity, item and its description, unit prices and etc. Many businesses cannot have an upfront price for the service they provide. Thus, sale quotation should be provided by companies to its customers to give them an estimate of the cost involved. In addition, a delivery order is written directions from a consignor or shipper of a shipment to a carrier or freight forwarder to release the shipment to the named delivery party in freight-prepaid shipment. It allows direct delivery of goods to the carrier or warehouseman. Invoices are essentially a detailed bill left by vendors and outside supplier for goods or services rendered to a company under sales procedure. The document may be called a Sales Invoice, from the point of view of the vendor, or a Purchase Invoice by the buyer. A typical invoice might list the quantity of each item, prices, billable hours, service description and a contact address for payment. While some expenses may be paid through an accounts payable department by the posted due date. Besides, cash sale can be used in several different contexts. A cash sale has to do with the purchase of goods or services and involves the immediate possession of the new owner, without any delay in time between purchase and assuming full ownership in just about every situation. In the world of finance and in retail situations, people are engage in cash sales on a delay basis, Segregation of duties is critical to effective internal control. It reduces the risk of both erroneous and inappropriate actions. The handling of cash receipts and accounting for such receipt need to segregate. This is to reduce the likelihood that errors will remain undetected by providing an accounting check over the receipt of cash. For example, those who handle cash receipts would not have the authority to prepare or sign cheques, would not have access to accounting records and would not be involved in reconciling bank accounts. If a person has access to both the cash receipts and the accounts receivable records, it is possible for cash to be diverted and the shortage of cash in the accounting records to be covered which can result in theft of the entitys cash. In the other hand, for those who perform sales activity including those who maintain contact with customers and issue sales orders, would not perform any credit approval, billing, shipping, credit memo, cash receipts and a ccounting activities. Cash Receipt Transaction Most business customers pay by cheque or electronically. Cash receipts are only given to acknowledge cash payments; which are rarely made by business customers. Cash register and lockboxes are often used as safeguards here. In order to prevent fraud and error, different employees should be responsible for receiving and recording cash collections here. The purpose of preventing fraud and error is the validity, completeness, timeliness, authorization, valuation, classification, posting and summarization. Its very important to the cash receipt transaction. The auditor can check monthly bank reconciliation to prevent any recorded cash receipts not deposited in order to ensure the validity of the cash receipt transaction. For instance, misstatement in sales that may occur includes fictitious sale being recorded in the account o f a regular customer. Expenditure Cycle There are two checking procedures under expenditure cycle, which are purchasing procedure and cash disbursement transaction. Purchasing Procedure A purchasing transaction normally begins with a purchase requisition generated by a department or support function. A purchasing order is then the purchase of goods or services from a supplier. As soon as the goods and services have been rendered, the entity records a liability to the supplier and pays later. Basically, there are three types of for purchase transactions which are the purchase of goods or services on cash or credit, payment of the liabilities arising from such purchases and return of goods or services. The second type is cash disbursement transaction to clear liabilities resulting from purchase of goods or services. The final type is a purchase return transaction which involves the return of goods previously purchased to supplier for cash or credit. Good segregation of duties must be done in order to prevent embezzlement or any fraudulent activities. Firstly, a purchaser who orders should not be the person who receives goods. This can prevent the purchaser from placing excessive orders and keeping the rest of goods. Next, a person who purchases items should not be the person who writes the cheques for it. This can avoid the person from creating orders and make payments to fictitious companies. Then, the person who writes cheques should not handle the reconciliation. This is because nobody will aware even if he writes cheques to himself or relatives. Cash Disbursement Transaction Cash disbursement can be defined as paying out of funds in a discharge of a debt or expense. Transaction Related Audit Objective (TRAO) is used here to evaluating the existence and quality of controls. The auditors transaction-related audit objectives follow and are closely related to management assertion. That is because the auditors primary responsibility is to determine whether management assertions about financial statements are justified. These transaction-related audit objectives help the auditor accumulate sufficient competent evidence required by the standard of fieldwork and decide proper evidence to accumulate for classes of transactions with a framework. In order to ensure the validity of the cash disbursement transaction, the auditor tests the validity of purchase transactions whether there is any fictitious or non-existent purchases may have been recorded in the clients records. Assets or expenses will be overstated if fraudulent transactions are recorded. As for Completeness, auditor must ensure that purchase that has been made in recorded accordingly. If fail to do so will lead to understating of assets or expenses, and the corresponding accounts payable will also be understated. As for Timing, a timing error occurs if transactions are not recorded on the dates the transaction took place. As for Authorization, the person who has authority to approve purchase should not have access to cash disbursement for the purchase. As for Valuation, appropriate methodology is used to calculate transactions and to review various reconciliations. The valuation of accruals depends on the type and the nature of the accrued expenses. As for Classifications, the major issues related to the presentation and disclosure assertions are identifying and reclassifying any material debits contained in accounts payable. For instance, segregation of purchasing and cash disbursement journal is crucial to ensure that correct amount would be allocated properly. If purchase transactions are not properly classified, assets and expenses will be misstated. As for Posting and summarization, control tools should be used to reconcile vouchers to the daily accounts payable listing or else the daily postings to the purchases journal should be reconciled to the accounts payable subsidiary records. Income Statement or Profit and Loss Account First of all, the auditor should determine and try to find out the major changes or the modification that would affect the normal relationship has been made in the production and sales area. Audit assistant are responsible to handle on detect the significant adjustment in the policies of company that would affect the item stated in the income statement. After analyze on such adjustment to ensure that no material error is found then it will continue proceed to the final stage of the audit section. For example, significant changes in employee benefits might affect salaries and employee compensation and have an effect on the income statement. Other than checking in the income statement of a company, the auditor would also look into the balance sheet on the assets and liabilities. Before the auditor start to work on it, a copy of clients balance sheet should be prepared to working papers. There are procedures of carrying out an audit on assets and liabilities. Auditors should categorize each item in the balance sheet accordingly to the audit checklist. Assets All of these are the components of assets. For Cash in Bank To ensure the information that stated in the column of the balance is complied what it really had in the bank, a confirmation request letter will be sent to all the related bank which the entity had dealing with within the financial period. In addition to get confirm to relevant bank that the balance in the bank of the company, the auditors also can get an opportunity to request the bank to provide other information such as the securities that the company held in the safekeeping. The response from the bank give the company a gold evidence to prove that cash at bank that stated in the balance sheet is complied with the real amount in bank at the balance sheet date. With the cooperation of bank, the confirmation of cash on deposit provides evidence to the existence of cash at bank and as to rights and obligations. If the balance per bank statement is different, bank reconciliation would have to be done by the audit assistants. For Account Receivable A details list of account receivables balances of the customer should be obtain before the auditor and access to the balance. The auditor will trace totals to comparative summary of accounts receivables balance and randomly select customers account from the listing to send itemized statements to get the response or confirmation of the balance. Review the confirmation replies letter from them and test accounts where there are no replies. Keep track with the potential bad debts to be written off, if exist, check the opening balances again. For Inventories When inventory is material to the financial statements, the auditor is required to attend the entitys physical inventory counting unless it is impracticable. Examine clients physical inventories count determine whether the clients counting methods are effective. The purpose of inventory attendance is to enable the auditor to obtain audit evidence regarding the existence and condition of the inventory and consider if there is any obsolescence in it. The auditor may select a sample of inventory items from the client count records and trace them to the perpetual inventory records for checking purposes. For Prepayment expenses Randomly choose the official receipts or documents that can support prepayment expenses and test on it. Then, send conformation letter to conform the amount due. For Non Current Assets The auditor should obtain a list of fixed assets expenses that register under the clients company such as depreciation charges, loss or gain on the disposal of the fixed asset, net book value, revaluation amount and etc. The revaluation done should be back by the evidence or documentation authorized by the professional. Check to invoice and agree to the description, price, date and etc. The physical existence and the condition of the assets should be check and determine whether it is located at companys premises. As for disposal of fixed assets, ensure that there is proper authorization and that profit or loss on disposal is properly recorded. Liabilities For Short Term Notes Payable A bank conformation letter should be sent out to inquire loan balance status of the company. Auditors have to calculate the principal and interest paid to check whether it comply with the figure in the balance sheet. For Long Term Debts Review the loan agreement and direct the attention to the relevant information to acquire the accurate interest charged based on the nominal interest rate calculation and auditor have to be ensuring that the interest rate stated in the income statement same with the result of calculation. For Income Tax Account The documentation of the transaction of the company is required to keep for minimum 7 year required by law. Client is required to show documentation and support for every aspects of companys tax return. For example, if the client claims itemized deductions, receipts for those deductions must be produced. In addition, to justifications for why the taxpayer felt that those deductions were legitimate. Besides that, taxpayers must open their accounting methods to inspection and demonstrate that all of their income was in fact properly documented and claimed on the tax return. This can be done through proper recording and classification for provision for taxation and deferred taxation. Advice Informal Communications As the fieldwork progresses, the auditor discusses any significantfindingswith the client. Hopefully, the client can offer insights and work with the auditor to determine the best method of resolving the finding. Usually these communications are oral. However, in more complex situations, memos and/or e-mails are written in order to ensure full understanding by the client and the auditor. A lot of information is shared via e-mail, of course, but there is more face-to-face conversation.Other than that, I would like to mention for this communication question is language. Most communications with a greater group of people (and formal meetings) are held in English; however it depends a lot on who is speaking if you will understand that person. Also if it is only me and, says, two other Indians, it is very likely that they switch to Hindi or Kannada (local language) without noticing. I then sometimes have to remind them to stay with English. Distinguishing between first and surnames is als o impossible for me, same with deciding if a name is male or female I just have to guess or find some neutral ways to address or ask for people. In particular cases, we may also provide drafts of organizations charts, proposed forms or modifications to forms, financial data or other statistics, or drafts of findings and recommendations that later may be incorporated into the formal audit report. These are all considered informal communications between the auditor and the client. Their purpose is to promote constructive communication and avoid misunderstandings. Our goal: NO SURPRISES. Audit Summary / Financial Monitoring Upon completion of the fieldwork, the auditor summarizes the audit findings, conclusions, and recommendations necessary for the audit report discussion draft. Write a summary memo to document the results of fieldwork. Conclude as to whether the information reported by the state agency in the Section 1512 reports is accurate, reliable, and timely. The audit summary gives an overview of all work done sheets according to their topics. The audit summary template gives the title, the audit number, the topic of the summary and of the work done sheets, and the creation date. In addition to the work done sheets, the audit summary also contains a summary of the observations and findings as well as an overall assessment and conclusion of the audit result. Before writing the audit summary, auditors should agree the working papers on which the summary is based with their audit lead. Working Papers Working papers are a vital tool of the audit profession. They are the support of the audit opinion. They connect the clients accounting records and financials to the auditors opinion. They are comprehensive and serve many functions. The result of audit activities must be documented truthfully, consistently, clearly, and completely, with a comprehensible description of all material details. This involves both the contents of a fieldwork activity and the procedure itself. This documentation of fieldwork activities is referred to as working papers to express its connection with the work results. The basic requirements for proper documentation apply to all types of fieldwork activities, although there are different types of documents, depending on the nature of the audit. In addition to the working papers which are mandatory, other documents can be created as optional extras; they contain information beyond the minimum information requirement. The working papers are an indication of the audit quality in general. This needs to be considered because queries by different groups of addresses or their requests for information may often require access to this documentation. Accordingly, the working papers may serve as discussion or evidence documents, for example for queries from the Board, the unit requesting the audit, Internal Audit Management, the Audit Committee, or the external auditors. The preparation of working papers is subject to certain organizational requirements. Each auditor always has the main responsibility for preparing the documents, both during and immediately after fieldwork. Even though the audit lead and Audit Manager have ultimate responsibility for quality assurance, each auditor has to prepare and maintain the working papers with the necessary attention to detail. Working papers may be compiled by hand or entered directly into a system (which is normally more expedient, because it makes it easier to access the information again). STAGE 3: AUDIT REPORT The third stage of carrying an audit is to prepare an audit report. After all the evidence for each of the item in the financial statement have been collected and proven, the senior audit and the audit assistant is going to check the closing balance amount of the balance sheet and the trial balance with the ledger account whether they are compatible with each other and to ensure that each figure is agreeing with the previous year audit account in order to prepare a working trial balance and the working paper. After this all procedure has been done, our audit assistant will prepare an audit report which expresses the opinion of the auditor, evidence of audit and recommendation for the information improvement. Discussion Draft In order to implement this process, first the auditors will discuss to prepare a draft for internal audit report to outlining the audits work, recommendation for the information that should provided and the timeframe to complete the report. The draft that prepared by the management department will show that who will responsible to implement the job, the action to be taken and the timeline to do the job. After the draft has been discussing, a meeting among the auditor will be held in order to assign the job to the person selected for preparing the report and meanwhile the draft will be sent to the particular auditor. Formal Draft The report will become the final report if the response of the management is integrated with the audit report draft. The important information that present in the report includes the title of the report, the duty of the management and the auditor in preparing the report, the scope paragraph that show the evidence of the examination and the accounting principles use to prepare the report, the opinion paragraph which expresses the opinion of the auditor and whether the financial statement is complying with the statutory requirement and the name, signature and address of the auditor who preparing the report. This is to make sure that if there is any fault present in the report, it is the responsibility of the particular auditor to in charge with the case. Final Report After that, the auditor will present the final report to the audit committee and the copies of the report will sent to the senior auditor, the management department of the audit firm and our client, Merami Berhad to review and get the approval. Client Response In our report, we could include or attached the client response in the audit finding prior to issuance of the final report. The client should highlight how report findings will be determined and include an implementation timetable in the response. However, some managers may likely to make a decision which not to implement an audit recommendation and to accept the risks that might occur with an audit finding. For example, the treasury balances are reconciled monthly instead of reconciled daily. The differences are out of the way and have been controlled since that date. The adjusting entries are made with proper documentation and review. Client Comments In our report, we always include the clients comment on our Internal Audits performance as it is part of the Internal Audits self-evaluation program. The feedback has proven to be very beneficial to us as we improve our procedures due to clients suggestion. STAGE 4: FOLLOW-UP Followed-Up Review These required certain actions taken to resolve the audit report findings may be tested to ensure the desired result were achieved. For each item included in the follow-up, review status information provided by management to determine if information addresses all parts of finding and if a corrected date or revised due date has been provided. During this stage, we will contact unit management to obtain any missing information. We also evaluate action reported as taken in response to each finding to see whether the finding has been satisfactorily corrected. If necessary, develop audit tests to prove that the finding has been corrected based on the nature of the finding and responses. The Director of Internal Audit or the auditor in charge of the follow-up review will prepare a memorandum for senior management that notifies them that audit activities are underway and describes the follow-up process. This memo should include timeframes for the project, a copy of the outstanding findings relating to areas reporting to that senior manager, a request that they distribute the findings to these areas and ask the managers to provide Internal Audit with the information requested, a statement that these comments were previously distributed as part of an audit report or close-out letter, and notification that the results will be reported to the Chancellor and Board of Trustees. Followed-Up Report In the follow-up report, it lists all of the actions taken by the client to resolve the original report findings. Unresolved findings will also appear in the follow-up report and will include a brief description of the finding, the original audit recommendation, the client response, the current condition, and the continued exposure to board of company. A discussion draft of each report with unresolved findings is circulated to the client before the report is issued. The follow-up review results will be circulated to the original report recipients officials as deemed appropriate.