Revenue Streams in Business Model Canvas

Revenue Streams in Business Model Canvas REVENUE STREAMSThis building block elaborates the earnings a business gets by subtracting the costs from the revenue generated from each customer segment. Where customers are generally considered the heart of the business, revenues are automatically likened to the arteries. Organizations must evaluate the worth of the value they provide to each customer segment. An accurate evaluation of this worth will result in multiple revenue streams being gained from a single customer segment.It isn’t just enough for a business to cite ‘keeping customers happy’ as their business mandate. Most businesses focus just on their customer policy, resulting in incomplete canvases where revenue streams are entirely ignored. It is important to differentiate that this building block represents the cash, not the profit, that the business has flowed in, at present.Revenue streams need to be as clearly defined as possible. Hence, it is not just enough to list the sources for your various revenue streams but equally important to specify their pricing and projected lifecycles too. The reason for listing these details is to evaluate whether it is profitable for your business even to opt for a revenue stream or not. If the cost of designing and producing a product is more than what the customer is willing to pay for it or greater than the revenues the product will rake in before its lifecycle ends, then it does not make business sense to go ahead with the product.Many businesses hesitate to conduct a full analysis of their revenue streams because they feel unable to price it right without creating a complete prototype of the solution. However, a smarter more effective way to price a product is to understand how big a role the problem plays in the customer’s life and what they are willing to pay to solve the problem.Revenue streams are differentiated by differences in pricing mechanisms; fixed list prices, bargaining, auctioning, market dependent, volume dependent or yield management .DEVELOPING YOUR REVENUE MODELThe most important aspect of understanding the revenue streams of your business is through forecasting. This is an exercise carried out throughout the life of your business because as the business climate and industry evolve, so does your forecast. Typically there are two types of forecasts being carried out by organizations; top down and bottom up. Listed below are the most important factors to consider when deciding on the revenue model your organization will follow:Choose the Closest FitSelect a revenue model that is the closest fit to your organization and its context. Your revenue model should essentially help set the direction of your development efforts. Hence, if your organization is characterized by a heavy presence of engineers, it may be prudent to invest in a technology model where research and development take the lion’s share of the organizational effort and focus. You can also choose between having linear projections or exponential ones .Magnify Your ValueThe revenue model you pick must magnify the value your organization has to offer. Your revenue model should highlight what sets your organization apart and how you are unique in providing value to your target consumer.Attract the Right InvestorsThe revenue model you select is also key to attracting the right kind of investors to your business. When you pick development areas, it helps to know which of these areas are close to your target investors’ hearts and develop pitches around these areas. This helps cement the legitimacy of your business in the investors’ eyes. Fundamental to being successful in finding a good potential investor is to ensure that the investor takes a holistic view of the business and is in it for the long haul as opposed to the typically myopic investor looking to make a quick buck.It is an undeniable reality that all investors are looking for when their investment will yield returns and it is just as important for the entrepreneur to kn ow when the business will really start making money and become self-sustaining. Despite this, entrepreneurs should set a time limit on their forecasts. Any predictions that go beyond 1 to 2 years are unrealistic and represent data that cannot be depend on.Be FlexibleFlexibility is a key characteristic of new businesses, and this extends to the revenue model. Your entire business structure may not change, but one must constantly be looking at whether the revenue model is working for the business or not, and if not, what the necessary adjustment should be done. Hence, an entrepreneur needs to spend a great deal of time forecasting and re-forecasting and looking at which permutation of the revenue model will support his business in the most lucrative way.Your business hinges on a lot of variables and it is essential to know how these variables impact the bottom-line, and what factors have the most effect on these variables. Variables are dependent on a number of things such as your pro cesses and lifecycle. Each variable must be looked at separately, and one way to do this is through a sensitivity graph, which will help show where the revenue improves or worsens when manipulating the variables.It would be silly to have your head in the sand about your variables and their possible impact on your business. They are a risk and being aware of risk is key to having a successful business. Hence, as an entrepreneur your aim should be to mitigate for the variables. Mitigating for variables lends a degree of transparency to your business. This transparency is not just important for you as a business owner but is also of great interest to your investors.TYPE OF REVENUE STREAMSRevenue streams can be divided into two categories;1. Transaction RevenueThese revenues are earned from the customer making a one-time payment for the product or a rendering of a service.2. Recurring RevenueThe recurring revenues are earned from consistent ongoing payments rendered to the company for e ither the delivery of the value proposition of after sales care for the customer.PRICING MECHANISMPricing mechanisms refer to the effect of the pricing of a product on its expected demand and supply. This is essentially a tool to match buyers to the sellers of a product. Each revenue stream in a business can have its individual pricing mechanism. The pricing mechanism selected has a significant impact on the revenues generated by the revenue stream in question. Pricing mechanisms can be divided into two types; a) fixed pricing and b) dynamic pricing.1. Fixed PricingThis kind of pricing, as the name suggests, remains uniform due to the lack of variability in the inputs that go into the product.Fixed List PricingFixed list pricing is the pricing mentioned by the manufacturer for a product, service or value proposition of an organization.Product feature dependentWhen a product has a number of value propositions important to the customer, it may be priced according to the amount of such features.Customer segment dependentThis kind of pricing takes the target customer segment and their various traits into account.Volume dependentAs the name suggests, the more quantity a customer purchases, typically the lower the price will be.2. Dynamic PricingThis type of pricing changes according to the variables that go into the product as well as the conditions prevalent in the market.BargainingThis refers to when a price is negotiated between two or more parties. The outcome of the negotiation is dependent on who holds the power at the negotiation table as well as the relative skills of the parties involved.AuctioningIn this kind of dynamic pricing, the final price is dependent on the customers and their perception of the worth of the value the product or service holds. Usually, the product or service, goes through a process called bidding where target customers share what they are willing to pay for the product or service. The customer proposing the highest price gets the pr oduct or service.Yield ManagementIn yield management, the price is completely dependent on inventory and the time of purchase. It is a kind of variable pricing where the product or service has a time limit on it, and companies use customer intelligence to create revenues. Airlines and hotels are the most common adopters of this pricing model.Real-time marketIn this kind of pricing, the onus of responsibility goes to the supply and demand for a particular product. The price keeps fluctuating depending on how much customers want the product and how much is available to sell.WAYS TO GENERATE REVENUE STREAM1. Asset saleThis kind of sale refers to the transfer of ownership rights of a physical product from the seller to the buyer. At Amazon.com ownership rights of a myriad of products such as books, music and electronics are sold to the buyers. Similarly, Honda sells the ownership rights of the cars it manufactures to the buyers after which the buyer has complete freedom to rent out, use or even total the car.2. Usage feeThis kind of fee is usually charged by service providers to customers for the use of the service. Hence, an internet provider will probably charge a customer for using their line for a certain number of minutes during the day or month. A beautician may charge her customer according to the number and nature of treatments the customer undergoes while under her care.3. Subscription feesWhen a user requires long-term or continuous access to the products of a company, they pay a subscription fee. Hence, a gym may sell a yearly membership subscription to its customer. Cable providers may charge a subscription fee to its users based on the time for which they will pay upfront.4. Lending/ renting/ leasingSome organizations provide their customers with exclusive rights to their product for a limited amount of time for a set fee. Upon the end of this period, the organization regains ownership of the product. This kind of revenue model represents a number of advantages both for the company and the customer. The company enjoys recurring revenue from the customer for the mentioned period. On the other end of the coin, the customer has exclusive access to the product for the time he/ she require it without having to make a hefty investment. Hence, zipcar.com a popular car renting service in North America allows customers to rent their cars for a specified time period. This has become a very popular service in the cities it is available because it provides customers with the advantage of a car, without having to invest in buying one.5. LicensingLicensing is generally used when we are talking about products, services or ideas that fall under the parameter of intellectual property. This opens up a revenue stream for rights holders, who would otherwise have had to invest in manufacturing as well. It is common in the Technology industry for patent holders to license the use of patents to other companies and to charge a licensing fee for it.6. B rokerage feeWhen a company acts as an intermediary to ease the communication and transaction between two or more parties, they charge a brokerage fee. An example of this is when a headhunting firm matches a candidate to an organization looking for a particular skill set. The firm usually charges a percentage of the gross salary from the organization, the candidate or both.7. AdvertisingCompanies that earn a fee through promoting another organization, product or service, charge an advertising fee for their service. Traditionally this kind of revenue was common only in the advertising industry. However, in recent times, with the boom of the internet and e-commerce, many websites are also using this as a main revenue stream.KEY REVENUE MODEL AND MARKET QUESTIONSFollowing are some key questions that can help an entrepreneur fill out the revenue stream building block more effectively:What benefits will encourage customers to pay more for?What benefits are customers currently paying for?H ow are they paying for these benefits right now?What mode of payment would be preferable to them?What percentage of the total revenue does each revenue stream represent?CASE STUDY © Entrepreneurial Insights based on the concept of Alex OsterwalderOne of the building blocks of Business Model Canvas is Revenue Streams. In this building block, we explore what revenue streams represent for the entrepreneur and how to ensure that this building block is adequately addressed. We will explore the two types of revenue streams available which are either transaction based or recurring revenues. We will look at 1) revenue streams, 2) developing your revenue model, 3) types of revenue streams, 4) pricing mechanism, 5) ways to generate revenue stream, 6) key revenue model and market questions, and 7) two case studies.REVENUE STREAMSThis building block elaborates the earnings a business gets by subtracting the costs from the revenue generated from each customer segment. Where customers are generally considered the heart of the business, revenues are automatically likened to the arteries. Organizations must evaluate the worth of the value they provide to each customer segmen t. An accurate evaluation of this worth will result in multiple revenue streams being gained from a single customer segment.It isn’t just enough for a business to cite ‘keeping customers happy’ as their business mandate. Most businesses focus just on their customer policy, resulting in incomplete canvases where revenue streams are entirely ignored. It is important to differentiate that this building block represents the cash, not the profit, that the business has flowed in, at present.Revenue streams need to be as clearly defined as possible. Hence, it is not just enough to list the sources for your various revenue streams but equally important to specify their pricing and projected lifecycles too. The reason for listing these details is to evaluate whether it is profitable for your business even to opt for a revenue stream or not. If the cost of designing and producing a product is more than what the customer is willing to pay for it or greater than the revenues the product w ill rake in before its lifecycle ends, then it does not make business sense to go ahead with the product.Many businesses hesitate to conduct a full analysis of their revenue streams because they feel unable to price it right without creating a complete prototype of the solution. However, a smarter more effective way to price a product is to understand how big a role the problem plays in the customer’s life and what they are willing to pay to solve the problem.Revenue streams are differentiated by differences in pricing mechanisms; fixed list prices, bargaining, auctioning, market dependent, volume dependent or yield management.DEVELOPING YOUR REVENUE MODELThe most important aspect of understanding the revenue streams of your business is through forecasting. This is an exercise carried out throughout the life of your business because as the business climate and industry evolve, so does your forecast. Typically there are two types of forecasts being carried out by organizations; top down and bottom up. Listed below are the most important factors to consider when deciding on the revenue model your organization will follow:Choose the Closest FitSelect a revenue model that is the closest fit to your organization and its context. Your revenue model should essentially help set the direction of your development efforts. Hence, if your organization is characterized by a heavy presence of engineers, it may be prudent to invest in a technology model where research and development take the lion’s share of the organizational effort and focus. You can also choose between having linear projections or exponential ones.Magnify Your ValueThe revenue model you pick must magnify the value your organization has to offer. Your revenue model should highlight what sets your organization apart and how you are unique in providing value to your target consumer.Attract the Right InvestorsThe revenue model you select is also key to attracting the right kind of investors to your busine ss. When you pick development areas, it helps to know which of these areas are close to your target investors’ hearts and develop pitches around these areas. This helps cement the legitimacy of your business in the investors’ eyes. Fundamental to being successful in finding a good potential investor is to ensure that the investor takes a holistic view of the business and is in it for the long haul as opposed to the typically myopic investor looking to make a quick buck.It is an undeniable reality that all investors are looking for when their investment will yield returns and it is just as important for the entrepreneur to know when the business will really start making money and become self-sustaining. Despite this, entrepreneurs should set a time limit on their forecasts. Any predictions that go beyond 1 to 2 years are unrealistic and represent data that cannot be depend on.Be FlexibleFlexibility is a key characteristic of new businesses, and this extends to the revenue model. Your entire business structure may not change, but one must constantly be looking at whether the revenue model is working for the business or not, and if not, what the necessary adjustment should be done. Hence, an entrepreneur needs to spend a great deal of time forecasting and re-forecasting and looking at which permutation of the revenue model will support his business in the most lucrative way.Your business hinges on a lot of variables and it is essential to know how these variables impact the bottom-line, and what factors have the most effect on these variables. Variables are dependent on a number of things such as your processes and lifecycle. Each variable must be looked at separately, and one way to do this is through a sensitivity graph, which will help show where the revenue improves or worsens when manipulating the variables.It would be silly to have your head in the sand about your variables and their possible impact on your business. They are a risk and being aware of r isk is key to having a successful business. Hence, as an entrepreneur your aim should be to mitigate for the variables. Mitigating for variables lends a degree of transparency to your business. This transparency is not just important for you as a business owner but is also of great interest to your investors.TYPE OF REVENUE STREAMSRevenue streams can be divided into two categories;1. Transaction RevenueThese revenues are earned from the customer making a one-time payment for the product or a rendering of a service.2. Recurring RevenueThe recurring revenues are earned from consistent ongoing payments rendered to the company for either the delivery of the value proposition of after sales care for the customer.PRICING MECHANISMPricing mechanisms refer to the effect of the pricing of a product on its expected demand and supply. This is essentially a tool to match buyers to the sellers of a product. Each revenue stream in a business can have its individual pricing mechanism. The pricing mechanism selected has a significant impact on the revenues generated by the revenue stream in question. Pricing mechanisms can be divided into two types; a) fixed pricing and b) dynamic pricing.1. Fixed PricingThis kind of pricing, as the name suggests, remains uniform due to the lack of variability in the inputs that go into the product.Fixed List PricingFixed list pricing is the pricing mentioned by the manufacturer for a product, service or value proposition of an organization.Product feature dependentWhen a product has a number of value propositions important to the customer, it may be priced according to the amount of such features.Customer segment dependentThis kind of pricing takes the target customer segment and their various traits into account.Volume dependentAs the name suggests, the more quantity a customer purchases, typically the lower the price will be.2. Dynamic PricingThis type of pricing changes according to the variables that go into the product as well as the co nditions prevalent in the market.BargainingThis refers to when a price is negotiated between two or more parties. The outcome of the negotiation is dependent on who holds the power at the negotiation table as well as the relative skills of the parties involved.AuctioningIn this kind of dynamic pricing, the final price is dependent on the customers and their perception of the worth of the value the product or service holds. Usually, the product or service, goes through a process called bidding where target customers share what they are willing to pay for the product or service. The customer proposing the highest price gets the product or service.Yield ManagementIn yield management, the price is completely dependent on inventory and the time of purchase. It is a kind of variable pricing where the product or service has a time limit on it, and companies use customer intelligence to create revenues. Airlines and hotels are the most common adopters of this pricing model.Real-time marketI n this kind of pricing, the onus of responsibility goes to the supply and demand for a particular product. The price keeps fluctuating depending on how much customers want the product and how much is available to sell.WAYS TO GENERATE REVENUE STREAM1. Asset saleThis kind of sale refers to the transfer of ownership rights of a physical product from the seller to the buyer. At Amazon.com ownership rights of a myriad of products such as books, music and electronics are sold to the buyers. Similarly, Honda sells the ownership rights of the cars it manufactures to the buyers after which the buyer has complete freedom to rent out, use or even total the car.2. Usage feeThis kind of fee is usually charged by service providers to customers for the use of the service. Hence, an internet provider will probably charge a customer for using their line for a certain number of minutes during the day or month. A beautician may charge her customer according to the number and nature of treatments the customer undergoes while under her care.3. Subscription feesWhen a user requires long-term or continuous access to the products of a company, they pay a subscription fee. Hence, a gym may sell a yearly membership subscription to its customer. Cable providers may charge a subscription fee to its users based on the time for which they will pay upfront.4. Lending/ renting/ leasingSome organizations provide their customers with exclusive rights to their product for a limited amount of time for a set fee. Upon the end of this period, the organization regains ownership of the product. This kind of revenue model represents a number of advantages both for the company and the customer. The company enjoys recurring revenue from the customer for the mentioned period. On the other end of the coin, the customer has exclusive access to the product for the time he/ she require it without having to make a hefty investment. Hence, zipcar.com a popular car renting service in North America allows cust omers to rent their cars for a specified time period. This has become a very popular service in the cities it is available because it provides customers with the advantage of a car, without having to invest in buying one.5. LicensingLicensing is generally used when we are talking about products, services or ideas that fall under the parameter of intellectual property. This opens up a revenue stream for rights holders, who would otherwise have had to invest in manufacturing as well. It is common in the Technology industry for patent holders to license the use of patents to other companies and to charge a licensing fee for it.6. Brokerage feeWhen a company acts as an intermediary to ease the communication and transaction between two or more parties, they charge a brokerage fee. An example of this is when a headhunting firm matches a candidate to an organization looking for a particular skill set. The firm usually charges a percentage of the gross salary from the organization, the cand idate or both.7. AdvertisingCompanies that earn a fee through promoting another organization, product or service, charge an advertising fee for their service. Traditionally this kind of revenue was common only in the advertising industry. However, in recent times, with the boom of the internet and e-commerce, many websites are also using this as a main revenue stream.KEY REVENUE MODEL AND MARKET QUESTIONSFollowing are some key questions that can help an entrepreneur fill out the revenue stream building block more effectively:What benefits will encourage customers to pay more for?What benefits are customers currently paying for?How are they paying for these benefits right now?What mode of payment would be preferable to them?What percentage of the total revenue does each revenue stream represent?CASE STUDYGoogleGoogle is one of the leading internet names in the world. For the purpose of this post, we will conduct an analysis of Google’s revenue streams.As we all know, Google’s ser vices are provided for free for the individual user. So Google’s revenues are derived from advertising that companies pay to have done to reach its bulk of online users. Google helps advertisers create advertisements through its auction-based program â€" Google Adwords. Advertisers then pay Google based on when customers click on the advertisements available. Google also provides advertisers with access to its network members through its Google Adsense program. Another option available to advertisers is Google’s DoubleClick technology through which audio and video advertisements are made available on Google Network member sites.Google has generated 96% of its revenues from advertising for the past several years as opposed to Apple, that has earned 70% of its revenues through the sale of its products. Google has been experimenting with other possible revenue streams by evolving its search offerings, extending into Mobile space and attempting its hand at a Google-based operating s ystem. It has even expanded into Enterprise based solutions. However, none of these avenues have resulted in major revenue streams for the company.Gore FabricsGore-Tex is a waterproof breathable fabric membrane that is trademarked by Gore, the company.Gore generates revenue through the sale of laminated fabrics. Additional revenue generators for Gore is the seam sealing materials and machinery it owns. Hence, Gore sells the fabric but there is some hardware associated with the fabric that also results in sales and profitability for the company.

Role of a Risk Manager - 825 Words

Role of a Risk Manager (Essay Sample) Content: Role of a Risk ManagerAuthorà ¢Ã¢â€š ¬s NameUniversity AffiliationRole of a Risk ManagerIntroductionRisk management is an activity, which aims at identifying and evaluating a firmà ¢Ã¢â€š ¬s risks, and consequently devising strategies of protecting the firm against the risks. Risk managers are the responsible personnelà ¢Ã¢â€š ¬s for the task. Apart from the responsibility, risk managers have other crucial roles in an organization. As such, risk managers help the organization in analyzing the potential risks to balance potential benefits against losses to avoid expensive mistakes. Risk managers, therefore, serve an important position, which is central to devising preventive measures rather than reactive measures. Therefore, all organizations must consider the essence of having a risk manager in their line of duties (Agrawal, 2009).Integrating the Risk Management ProgramRisk managers are the responsible position for devising the risk management program and subsequen tly integrating the risk management program within the organization. Risk managers have to approach the integration efforts strategically to ensure success. First, they take the role of issuing the organization with a statement, which employees should access. The same should include a proposed timetable and procedures involved in the risk management process. In addition, risk managers will initiate training because the organization is on the verge of having new practices. Considering that, the risk management-implementation process will include a plan; the risk manager will allocate specific responsibilities to different people. Such a move will aid in the implementation process.Risk managers must also devise strategies to ensure employee-compliance with the risk management program within the organization. The risk manager appoints an individual whose main role is handling complaints in relation to suspected violations. However, during the training of employees, the risk manager edu cates employees concerning compliance, including how to raise compliance concerns. In addition, the appointed individual performs compliance risk evaluations with the employees. As a measure, in line with the risk management program, there should be an incident reporting system, where the appointed individual captures, tracks and monitors compliance issues (Garvey, 2008).Challenges when Implementing a Risk Management ProgramDeveloping the ProgramWhen developing the risk management program, risk managers often face a number of challenges. In some cases, organizations often become reluctant to accept and address issues that the risk managers identifies as they assess the organization for risks. Failure of willingness from the administration predisposes the organization to significant risks, which after they occur; the risk manager becomes the blame. When developing a risk management program, there is a need to conduct a comprehensive analysis of the organization to identify the possib le risks. As such, the team chosen may fail to identify all the risks in the organization adequately, only to encounter such challenges during the implementation stages.Due to inadequate understanding of the concept of risk management, some organizationà ¢Ã¢â€š ¬s stakeholders may find it unnecessary; hence, this lack of support undermines subsequent stages of the risk management program. Inadequate funds could also hinder the development of the program because the process requires money and resources. Even within the risk management team, it is possible to face conflicts, which could hinder the development of the program. When the program is not linked to the organizational goals, development becomes a problem, and there is significant wastage of time (Brown, 2008).Communicating the ProgramA common communication challenge in the development of risk management programs is central to resistance. Training is one way of communicating the program, and some employees may fail to attend the training, which will hinder successful implementation. Apart from this, others may fail to understand the objective of the program; hence, cause time wastage when trying to explain the programà ¢Ã¢â€š ¬s objective. Proper communication of the program requires the use of sub-committees or meetings. In the meetings, however, some of the members may fail to attend, which causes a lag to the timeline provided. Currently, the quickest way of communicating is using techn...

Managerial Problems For Training The Staff In Islamic Banking Finance Essay - Free Essay Example

Sample details Pages: 13 Words: 3904 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Introduction As we know interest is strictly prohibited in Islam so basic motive of Islamic banking is to remove the interest factor in businesses and applying the Islamic laws and regulation according to the Quran the holy book and the Sharia laws (Islamic laws). Islamic finance is emerging in many parts of the world as an alternative financing concept to the conventional orthodoxy of paying interest on borrowings and deposits. An investing approach based on Sharia or Islamic law, Islamic finance is concentrated in Muslim parts of the world the Middle East, North Africa, and Southeast Asia but now adopted in Europe and America as well. Modern Islamic financing techniques were developed in Muslim parts of Asia, notably Malaysia, but the boom since the mid-1990s has come from the large oil revenues flowing into the Gulf region. Now, the ideas and concepts of Islamic finance are highly attracting conventional issuers and investors seeking to tap into new investment opportunities. Don’t waste time! Our writers will create an original "Managerial Problems For Training The Staff In Islamic Banking Finance Essay" essay for you Create order Aim To understand the managerial problem while working in Islamic banking and train the staff coming from conventional banking Research question:- How do the Islamic bank manager train staff ? Objective How the Islamic bank managers train their staff coming from conventional banking system? To conduct a review of Islamic banking concept and working. To investigate the main issues that are difficult to understand by the staff who came new or from conventional banking system to Islamic banking system Analyse the steps that are helpful for solving the key problems. Literature review Islamic banking presupposes from another banking system which is not Islamic. The one which is not Islamic has been in use for the last several centuries, in almost all the world, including the Muslim World. Several countries of the Muslim world are now trying to switch over to the Islamic banking system, and some of them have succeeded in introducing the Islamic banking order in their economy. Pakistan is one of them. Several other Muslim countries have allowed the implementation of an Islamic Bank in their territories but they have not fully switched over to an Islamic banking system because its a big and large scale process. This means the Islamic Banks are functioning in these countries side by side with other banks following the other banking system. More or less all other banks of all other countries follow broadly a single system that is the system of charging interest or Riba. During medieval times (1,000 1,500 AD), Middle Eastern tradesmen would engage in financial transactions on the basis of Shariaa, which incidentally was guided by the same principles as their European counterparts at the time. The Arabs from the Ottoman Empire had strong trade relationships with the Spanish, and established financial systems without interest which worked on a profit- and loss-sharing basis. These instruments catered for the financing of trade and other enterprises. As the Middle Eastern and Asian regions became important trading partners for European companies such as the Dutch East India Company, European banks started to establish branches in these countries, which typically were interest-based. With the increasingly important role Western countries started to play in the world economy, conventional financial institutions became more dominant. On a small scale, credit union and co-operative societies based on profit- and loss-sharing principles continued to exist, but their activities were very much focused in small geographical areas. Although it was not until the mid 1980s that Islamic finance started to grow exponentially, the first financial company in recent history based on Shariaa principles was the Mit Ghamr savings project in Egypt. Mit Ghamr was a co-operative organisation in which the depositors also had a right to take out small loans for productive purposes. In addition, the project attracted funds to invest in projects on a profit-sharing basis. 1(Financial services review August 2008) Forty year ago there was no proper channel of Islamic banking but in early 1970s especially after the first international conference of Islamic economics arranged by the king Abdul Aziz University in Makah Saudi Arabia and the establishment of the first commercial Islamic Bank, Dubai Islamic Bank (DIB) in the United Arab Emirates followed by the establishment of the international Islamic Development Bank (IDB) in Jeddah, Saudi Arabia and the many private and semi-private commercial Islamic banks that were established after that in, Sudan, Kuwait, Egypt, etc. Selected paper of the conference are being published in two volumes one in English and other in Arabic .studies in Islamic Economics, which contains some of the English papers, has been edited khurshid Ahmed ,who was also Vice-President of the conference. The companion Arabic Volume contains selected Arabic Paper and has been edited by Dr Muhammad Saqr, who also acted as secretary of the steering committee of the conference .king Abdul Aziz University its international centre for the Research in Islamic Economics[2](Dr Abdullah Omar Nasif) The major areas covered were as follows Concept of Methodology of Islamic Economics Production and Consumption in an Islamic Economy The Role of the state in an Islamic Economy Insurance within the Framework of the Shariah Interest-free banking Zakat and fiscal policy Economic development in an Islamic framework Economic co-operation among Muslim countries. That Islamic banking established itself not only as a feasible and viable alternative of financial intermediation but also as fast and productive way of undertaking financial intermediation between surplus and deficit economic units.[3] ( MUNAWAR IQBAL and PHILIP MOLYNEUX) Since then Islamic banking start growing very fast with double digit average annual rate of growth. Today Islamic baking isnt only a negligible of merely temporary phenomenon but its here to stay and there are signs that it will continue with growth and expand (Ariff, 1988). Now at the moment it is one of the speedy growing industry starts from some hundred thousand dollar in 1975 to reach hundred of billion dollars by 2010. The practice of Islamic banking is not only limited in Arab or Muslim countries but has spread all over the world including America and Europe .Not only that by observing the growth many of the conventional bank start their Islamic products in conventional banking which really shows the success and powerful future of Islamic banking. Today there more than 280 Islamic bank in almost 50 countries moreover more than 300 conventional banks which open branches windows or provide Islamic products. Despite of all these fact if the assets of all Islamic banks were pooled, they would still be less than those of any single bank in the top 50 banks in the world, and the assets of the largest Islamic bank are equal to only 1 percent of the assets of the largest bank in the world (Al-Hayat Al-Iqtisadiyah 2005)[4] Before the details of Islamic modes of financing are discussed, it seems necessary to explain some points concerning the basic principles that govern the whole economic set-up in an Islamic way of life. Belief in Divine Guidance The foremost belief around which all the Islamic concepts revolve is that the whole universe is created and controlled by One, the only One God. He has created man and appointed him as His vicegerent on the earth to fulfil certain objectives through obeying His commands. These commands are not restricted to some modes of worship or so-called religious rituals. They, on the contrary, cover a substantial area of almost every aspect of our life. These commands are neither so exhaustive that straiten the human activities within a narrow circle, leaving no role for human intellect to play, nor are they so little or ambiguous that they leave every sphere of life at the mercy of human perception and desire. Far from these two extremes, Islam has a balanced approach to govern the human life. On the one hand, it has left a very wide area of human activities to mans own rational judgment where he can take decisions on the basis of his reason, assessment of facts and expedience. On the other ha nd, Islam has subjected human activities to a set of principles which have eternal application and cannot be violated on superficial grounds of expediency based on human assessment.[5](Taqi Usmani ) Thus we find there are, broadly, two systems of banking prevalent in this world, the interest or Riba-oriented banking and Riba-free banking. Riba-oriented banking is age-old and has been in circulation for several centuries, at least from the days when the Muslims went into oblivion after they lost their power and influence. That the Muslims once ruled this world and shaped its destiny for almost one thousand years is a fact of history. It was they who invented banking; another fact of history. Most of the banking terms like cheque derived from the Arabic word sooq, zero or cypher from the Arabic world sefar.[6] There are many products in Islamic banking which are nowadays in very successfully and some of them are in evaluation mode. So although these all product are new so first main problem for manager is to understand these problems by themselves then make sure that staff has got the full sense and understanding of working and background of the product. The third step is to teach the customer about the product working with all aspect so as there is no point left to fully educate the people. The most common product use in Islamic banking are Ijarah, Murabaha, Musharaka, Mudarabah and the insurance use in Islamic banking is called Takaful. Because Islamic banking still in developing condition so there are many production with having still which still need to be solved and still in developing stages Gharar: It means any element of absolute or excessive uncertainty in any business or a contract about the subject of contract or its price, or mere speculative risk. It leads to undue loss to a party and unjustified enrichment of other, which is prohibited Ijarah: Letting on lease. Sale of a definite usufruct of any asset in exchange of definite reward. It refers to a contract of land leased at a fixed rent payable in cash and also to a mode of financing adopted by Islamic banks. It is an arrangement under which the Islamic banks lease equipments, buildings or other facilities to a client, against an agreed rental. Istisnaa: It is a contractual agreement for manufacturing goods and commodities, allowing cash payment in advance and future delivery or a future payment and future delivery. A manufacturer or builder agrees to produce or build a well described good or building at a given price on a given date in the future. Price can be paid in instalments, step by step as agreed between the parties. Istisnaa can be used for providing the facility of financing the manufacture or construction of houses, plants, projects, and building of bridges, roads and highways. Mudarabah: A form of partnership where one party provides the funds while the other provides expertise and management. The latter is referred to as the Mudarib. Any profits accrued are shared between the two parties on a pre-agreed basis, while loss is borne by the provider(s) of the capital. Murabaha: Literally it means a sale on mutually agreed profit. Technically, it is a contract of sale in which the seller declares his cost and the profit. This has been adopted by Islamic banks as a mode of financing. As a financing technique, it can involve a request by the client to the bank to purchase a certain item for him. The bank does that for a definite profit over the cost which is stipulated in advance. Musharakah: Musharakah means a relationship established under a contract by the mutual consent of the parties for sharing of profits and losses in the joint business. It is an agreement under which the Islamic bank provides funds which are mixed with the funds of the business 6 enterprise and others. All providers of capital are entitled to participate in management, but not necessarily required to do so. The profit is distributed among the partners in pre-agreed ratios, while the loss is borne by every partner strictly in proportion to respective capital contributions.[7](Muhammad Ayub) Training of Banking Professionals in the Use of Islamic Financial Products Lack of qualified manpower is one of the biggest hurdles in the advancement of Islamic banking. Pioneers in Islamic banking developed their financial instruments and painstakingly trained their staff. There is no training institute to meet manpower needs of existing and future Islamic banks. Some of the reasons for this lacuna are understandable. For example, lack of consensus on form and details of Islamic financial instruments and nonexistence of Islamic reporting and accounting procedures. Some work has been done. But a lot more is still needed, especially on the fundamentals. Nevertheless, there is enough material to offer short training courses in Islamic banking. It is pertinent to note here that bank staff shall need a different orientation in the Islamic framework. At present, financial institutions are mainly interested in safe recovery of their principal along with a return. Evaluation criteria for processing funding requests and security provisions in agreements with clients, serve this purpose. But the said goals and process have resulted in a particular psyche and business culture in the financial world. Bank functionaries at the branch level mostly act passively. They entertain requests for financing rather than going out and seeking investment avenues. As far as we can understand, the root cause for this situation is dichotomy between financing and the actual use of funds due to the financial instruments being loan-based. In Islamic banking industry, the nature of financial instruments will affect banking in two ways: (1) Islamic bankers will be forced to adopt an outreach approach in pursuit of economic applications of funds in the marketplace. (2) Follow-up of financing, such as delivery matters in trade-based financing or monitoring Musharakah financing. The need for aggressive marketing of Islamic financial products and the follow-up considerations will add a new dimension to training programs for Islamic bankers. Training After properly documenting all policies and procedures, Islamic financial institutions must educate their personnel to understand the tenets of Islamic law. However, training for employees on both general and Islamic banking principles does not have to be a costly or time-consuming process. E-learning is a cost-effective way to educate employees on general banking principles as well as Islamic banking law. E-learning eliminates or greatly reduces the cost of travel, instructor time, materials and lost work days. And e-learning provides a program that can be used for refresher training and new-hire training. Training will not only help bank employees to become familiar with general banking principles, it will also teach them about the complex regulations that apply to Islamic products and services. Through these training programs, employees will gain the knowledge and tools needed to benefit the customer-bank relationship. By providing training for employees on the policies and procedures of conventional and Islamic banking, banks will experience the following benefits: Documentation The first step an Islamic financial institution can take to become compliant with traditional and Islamic banking principles is documentation. Policies and procedures cant work effectively unless they can be quickly referenced by all bank staff. By providing clearly written, readily available policies and procedures, financial institutions can provide proof that they are remaining compliant with general banking principles and the laws of Shariah. Documentation is an especially important tool for a financial institutions Shariah board. The board of Shariah experts and scholars can use documentation to record their established guidelines for the policies and procedures with which the Islamic bank must comply. Through proper documentation, the board can more effectively advise and audit the Islamic financial institution. Documentation can also act as a resource for employees at the bank. By providing documentation, the policies and procedures will be more easily accessible to bank emplo yees, helping them to quickly find answers to their questions. Standardisation Training for all employees will guarantee that standard procedure is being taught and practiced across the bank. Unlike classroom training, e-learning sessions are identical, creating consistency in training. Additionally, standardisation will ensure that all Islamic banking customers receive a consistent standard of personalised customer service each time they enter the bank. Increased Employee Confidence By receiving proper training, associates will learn about conventional and Islamic banking principles in a self-paced, safe and nonthreatening learning environment. Through the use of motivating, challenging and interactive content and activities, employees will be more confident when applying complex Shariah regulations. They will be more knowledgeable about Islamic products and services and will be better prepared to serve their customers. Reduced Risk Training for employees on the principles of general and Islamic banking will help financial institutions reduce risk to their bank. By creating a more knowledgeable and confident group of employees, fewer mistakes and costly errors will occur. Excellent Customer Service Banks that train their employees on the principles of Islamic banking will be more prepared to deliver excellent customer service and provide the most up-to-date products and services to their banking clients. Having an educated, knowledgeable staff at an Islamic financial institution will help customers feel reassured and satisfied with their banking experience, keeping them coming back. Through excellent customer service, Islamic banks will also be able to attract new clients. Increased Employee Confidence By receiving proper training, associates will learn about conventional and Islamic banking principles in a self-paced, safe and non-threatening learning environment. Through the use of motivating, challenging and interactive content and activities, employees will be more confident when applying the complex Sharia regulations. They will be more knowledgeable about Islamic products and services and will be better prepared to serve their customers. Certification Through training, Islamic financial institutions can objectively assess the individual progress of each employee and his or her understanding of policies and procedures. Upon completion of the training program, students should be awarded with ongoing certification to attest to their mastery of the content. Financial institutions can use these certifications as a reference for compliance officers and customers to demonstrate their adherence to general banking principles and the requirements of Islamic banking.[8](Dr Linda Eagle) Financial Instruments and Their Documentation: It is difficult to think of identical documentation for all Islamic financial institutions in Lieu of a given Islamic financial instrument. This is because practical concerns may vary from institution to institution, practical needs may not always be the same, and, last but not least, door for financial innovation in emergent situations will always remain open. Nevertheless, there has to be some measure of standardization in financial instruments for speedy migration to Islamic financial system in the Muslim world. This is almost a must for regulatory purposes. Legal Framework At present Islamic banks are working in many Muslim countries without proper legal cover. Of course, Iran, Sudan and Malaysia are exceptions. In general, legislative needs for Islamic banking can be minimized by legislating the Shariah principles and the Shariah restrictions for contracts, while leaving practical details for adjudication by the courts. Nevertheless, attention will also have to be paid to the following and similar other points. Murabahah financing means purchase and resale, i.e. two trading transactions. This need not be seen as such for sales tax purposes because Islamic banks do not buy things under financing for their personal needs. Registration requirements associated agreements need to be simplified as the associated costs may impede lease financing. There is also need for special legal cover in order to facilitate and implement Musharakah (partnership) agreements by Islamic banks. Adjudication of recovery of bank receivables is presently interest-based. Its alternatives need to be developed and provided for in the law. One issue that will continue to be relevant in the foreseeable future is prospect of Islamic banks working in the prevalent interest-based framework. It is obvious that Islamic financial instruments and their documentation and accounting requirement would be different. Therefore, the room for putting Islamic financial norms into practice in the existing framework would be limited. This, in turn, implies that Muslim countries should consider providing separate legal cover for Islamic financing. (Dr Linda Eagle) Current Issues in the Practice of Islamic Banking Be more versatile and efficient. But it faces problem of general acceptability. This is mainly due to unfamiliarity with the various Islamic modes of financing. This problem is likely to be solved over time. Same when the person come into Islamic banking he feel it difficult to understand the term and working of these products. But pace of development of Islamic banking can be expedited through the following: (1) Public education campaigns, (2) Inclusion of Islamic banking concepts in school curriculum, (3) Making Islamic financing course a part of business administration programs and (4) offering fully fledged degree programs in Islamic financing. There are some already in progress. Methodology Both qualitative and quantities methodology will be used in my report. Qualitative Research I believe that qualitative research has special value for investigating complex and sensitive issues so for this sake i am going to Interviewing the manager of Islamic banks in Pakistan to find out their difficulties regarding training their staff coming from conventional banking system. I shall interview three Islamic banking manager using telephone and Skype and will record the conversation then transcribe and analysis that information and find out the problems and their solution. In interview ill ask the detail information of problem that manager face when the new staff coming from conventional banking and what sort of courses or wt sort of step they took to resolve these issues. How the train them what type of difficulties they face. One advantage of qualitative methods in exploratory research is that use of open-ended questions that will give me opportunity to respond in their own words, rather than forcing them to choose from fixed responses, as quantitative methods do. Open-ended questions have the ability to evoke responses that are: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Meaningful and culturally salient to the participant ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Unanticipated by the researcher ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Rich and explanatory in nature Another advantage of qualitative methods is that they allow that i can ask the question why and how and by this way i can collect the best information about my topic to understand the problem. I shall also able to collect data on my needs that how the managers arrange and what they arrange for the staff to understand the Islamic banking concept and the difference from the other conventional banking. Quantitative Research Statically analysis will be considered to find out the difference between the policies applied and their result to find out the best rules for the solution of these problems. I shall take some statistical data to find about some key figures and ratio of the people who inspire by the Islamic banking and how much they able to understand with how long time. Similarly well use the statistical data to find out the growth of Islamic banking in past how they are grooming recently and future of this business. Conclusion so the conclusion of my report will be the finding the problem and key issue regarding Islamic banking when people from convention banking system and conventional mind come to know about Islamic banking how they feel what sort information they require on the first step what type of difficulties they face to understand the concept and same on the other hand how the professional manager of these organization deal with them how they make them understand and make clear concept of Islamic banking.

Love Your Latte Learn the History of Coffee

Ever wonder when the first espresso was brewed? Or who invented the instant coffee powder that makes your morning so much easier? Explore the history of coffee in the timeline below.   Espresso Machines In 1822, the first espresso machine was made in France. In 1933, Dr. Ernest Illy invented the first automatic espresso machine. However, the modern-day espresso machine was created by Italian Achilles Gaggia in 1946. Gaggia invented a high pressure espresso machine by using a spring powered lever system. The first pump driven espresso machine was produced in 1960 by the Faema company. Melitta Bentz Melitta Bentz was a housewife from Dresden, Germany, who invented the first coffee filter. She was looking for a way to brew the perfect cup of coffee with none of the bitterness caused by overbrewing. Melitta Bentz decided to invent a way to make a filtered coffee, pouring boiling water over ground coffee and having the liquid be filtered, removing any grinds. Melitta Bentz experimented with different materials, until she found that her sons blotter paper used for school worked best. She cut a round piece of blotting paper and put it in a metal cup. On June 20th, 1908, the coffee filter and filter paper were patented. On December 15th, 1908, Melitta Bentz and her husband Hugo started the Melitta Bentz Company. The next year they sold 1200 coffee filters at the Leipziger fair in Germany. The Mellitta Bentz Company also patented the filter bag in 1937 and vacuumpacking in 1962. James Mason James Mason invented the coffee percolator on December 26, 1865. Instant Coffee In 1901, just-add-hot water instant coffee was invented by Japanese American chemist Satori Kato of Chicago. In 1906, English chemist George Constant Washington, invented the first mass-produced instant coffee. Washington was living in Guatemala and at the time when he observed dried coffee on his coffee carafe, after experimenting he created Red E Coffee - the brand name for his instant coffee first marketed in 1909. In 1938, Nescafe or freeze-dried coffee was invented. Other Trivia On May 11, 1926, Maxwell House Good to the last drop was trademark registered.

Andrea Yates Mother Or Monster - 2426 Words

Andrea Yates: Mother or Monster Mothers are nurturing caregivers. Caregivers who have always done and thought of what is best for their children. Nevertheless, what happens when the nurturing mother becomes the monster? What causes them to undergo such a drastic transformation? Let us look at Andrea Yates. In Houston, Texas Andrea Yates was born on July 2, 1964, and raised as a devout Roman Catholic. Montaldo (2016) reports that Andrea Yates graduated from Milby High School in 1982 with high honors. Yates was involved in extracurricular activities like being a captain of her swim team and an officer in the national honor society (p. 1). The mother turned monster then enrolled in the two-year pre-nursing program and graduated in 1986. From there Andrea Yates went to work as a registered nurse at the University of Texas M.D. Anderson Cancer (1986-1994). With a well-educated background and a well earning and respectable career, what was it that pushed Yates to do what she did? Was it her personal life or her marital life? Montaldo (2016) writes, â€Å"Andrea and her future husband, Rusty Yates met each other in their Houston apartment complex. Much of their time revolved around religious studies and prayers. They married on April 17, 1993. Andrea Yates gave birth to five children. The Yates couple’s first-born Noah was born on (2/26/1994), John (12/12/1995), Paul (9/13/1997), Luke (2/15/1999), and Mary (11/30/2000)† (p. 1). Any natural mother giving birth to theShow MoreRelatedAndrea Yates : Mother Or Monster Essay2418 Words   |  10 PagesAndrea Yates: Mother or Monster Mothers have always been thought of as nurturing care givers. Caregivers who have always done and thought of what is best for their children. But what happens when the nurturing mother becomes the monster? What causes them to undergo such a drastic change. Let’s take a look at Andrea Yates. In Houston, Texas Andrea Yates was born on July 2, 1964 and raised as a devout Roman Catholic. 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Australian Business Law Summary - 6492 Words

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Chapter01 Defining Marketing for the 21st Century Free Essays

vKT: 601 Chapter01: Defining Marketing for the 21st Century Importance of marketing The scope of marketing Services, Events, Experiences, Persons, Places, Properties, Organizations, In formations, Ideas Markets and prospects 1. Negative demand- Consumers dislike the product and may even pay a price to avoid it. 2. We will write a custom essay sample on Chapter01: Defining Marketing for the 21st Century or any similar topic only for you Order Now Nonexistent demand – Consumers may be unaware or uninterested in the product. 3. Latent demand – Consumers may share a strong need that cannot be satisfied by an existing product. 4. Declining demand – Consumers begin to buy the product less frequently or not at all. 5.Irregular demand – Consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis. 6. Full demand – Consumers are adequately buying all products put into the marketplace. 7. Overfull demand – More consumers would like to buy the product than can be satisfied. 8. Unwholesome demand – Consumers may be attracted to products that have undesirable social consequences. Markets Key customer markets ?Consumer Markets ?Business Markets ?Global Markets ?Nonprofit and Governmental Markets ?Marketplaces, Market spaces and Metamarkets (search for product) Needs, Wants and DemandsTarget markets, Positioning and Segmentation Offerings and brands Value and satisfactions Marketing channels Supply chain Competition Marketing environment The New marketing realities Major Societal forces ?Network information technology ?Globalization ?Deregulation ?Privatization ?Heightened Competition ?Industry convergence (Combining, home theater) ?Consumer resistance ?Retail transformation (Direct mail) ?Disintermediation/reintermediation The New Economy: Consumer benefits ?Substantial increase in buying power: More disposable income and inclination to spend ?A greater var iety of goods and services: Brand proliferation, can purchase from Internet also ? A greater amount of information about practically anything: Mass media and other sources availability ? A greater ease in interacting and placing and receiving orders: Places order from home, office or can shop traditionally ? An ability to compare notes on products and services: One can use Internet to compare prices and other attributes of various brands The New Economy: Companies’ benefits ?Websites provide powerful information and sales channels. Can collect fuller and richer information about markets, customers, prospects and competitors. ?Can speed up communications among employees. ?Can have 2-way communication with customers and prospects ? Can send ads, coupons, samples, information to targeted customers. ?Can customize offerings and services to individual customers. ?Internet can be used as a communication channel for purchasing, training, and recruiting. ?Can improve logistics and operations for cost savings while improving accuracy and service quality.Company orientation towards the marketplace ?The production concept ?The Product concept ?The selling concept ?The marketing concept ?The Holistic Marketing concept ?Relationship marketing ?Performance Marketing ?Financial accountability ?Social responsibility Marketing management tasks ?Developing Marketing strategies and plans ?Capturing Marketing insights ?Connecting with customers ?Building strong brands ?Shaping the market offerings ?Delivering values ?Communicating values ?Creating long term growth How to cite Chapter01: Defining Marketing for the 21st Century, Papers