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December 2019

SWOT Analysis of Banking
BusinessMarketingSWOT & PESTLE 

Banking SWOT | SWOT Analysis of Banking

by Shamsul December 28, 2019

Banking is a diversified domain that is considered as an integral part of any financial system. The industry is growing at a significant pace as it involves large business activities. This channel is about protecting money owned by individuals and enterprises. The banking sector also offers money with reasonable profits as earnings in an efficient manner. It is basically a network of institutions that offer multi-dimensional services to all customers. The basic services are deposits, insurance, loaning accounts, debit, and credit cards.

Now, we will see the SWOT Analysis of Banking:

 

Banking SWOT | SWOT Analysis of Banking

 Strengths  

 The Ancient History of Banking:

 The banking concept was first introduced around 200 BC. Later on, in 14th-century evolution resulted in a more developed concept. The first permanent banknote issued in the year 1695. Before the idea of banking launched, trades were doing with the help of barter and exchange system. With the availability of bank channels, access to loans is a lot easier now. Moreover, people can also take advantage of services like credit cards, savings, and bonds.

 A Bridge between Economy and Growth:

 Banking is considered as one of the pillars of economic growth. The concept of demand and supply is directly connected with growth. Financial trade, stability, and security are improved with the financial services concept. It is a channel that has contributed a lot in the strengthening of gross domestic product. Worldwide, banking institutions have provided employment opportunities to the communities. Moreover, there is a greater role played by banks in reducing poverty all over the world.

Recovery Option In Case Of Loss:

 Loss and profit is a part of any economy and business. Banks are sources of help in case of any financial loss or disaster. Banking domain offers various types of loans to individuals and enterprises at the same time. A financial service is a channel that is accessible to everyone when needed. The support given by banks can be of short and long term. Banks can help establish businesses right from scratch.

Multi-Dimensional Financial Services:

Multi-dimensional financial services offered by the banks. These services mostly concerned with individual and business banking. From a bank, loans and investments can be obtained at any time. More importantly, banks allow customers to obtain a loan at predefined terms and conditions. Individuals and business enterprises can also take insurance policies from banks.

Digitalizing Banking Services:

The whole financial model is now based on digital services. The concept of digitalized banking has made it easier for customers. Clients can use laptops, mobile phones, computers, and other gadgets to access online accounts. Similarly, users can now pay, deposit and apply using online portals. Most noteworthy, these links have revitalized the whole concept of branch banking. The authorities can operate financial services electronically with more secure and safe options.

More Diversified Role:

The domain of banking is not just restricted to services like debt credit and loans. Banks are now termed as a diversified platform that can regulate compliance as well. These financial institutions are not capable of improving asset quality. There is a huge product line with a variety of diversified services offered by investment banks. In order to change smaller business models into larger enterprises, financial services like banks can provide assistance.

 

Banking SWOT | SWOT Analysis of Banking

Weaknesses

Communication between Banking Networks

It is dependent upon financial parameters. These parameters can vary a lot. It is one of the vulnerable industries affected by the global economy. Once there is a recession in the global market, it can have an effect on the overall baking domain. Marketing fluctuation and exchange rates are two variables in economics that can change financial scenarios rapidly.

Conventional Banking Methodologies:

One of the greatest weaknesses of the banking industry is conventional methods. These methodologies make this particular industry vulnerable. Likewise, the infrastructure used by financial channels is not reliable. There can be potential threats in terms of sensitive information and their leakage. Cash flows can involve a high amount of risk.

Non-Performing Assets:

Non-performing asset is a basic problem that the banking domain had to face. As a result, banks offer the lowest return rates to the customers. The impact of NPA’s can also be seen on advances as well. These factors definitely shatter the confidence level of the customers. With the decreasing interest rates on deposits, customers often withdraw money from the banks. It can decrease overall deposit reserves.

Limited Access to Less-Privileged Areas:

When it comes to the banking network, it still has limited in urban areas. Less privilege areas suffer a lot with the unavailability of a financial system. There could be multiple reasons behind that. Banks are more focused on deposits and loans. However, more focus should be towards the facilities provided to the customers.  

Banking SWOT | SWOT Analysis of Banking

Opportunities

Business Operations in Rural Areas:

First of all, there is always a margin of expanding business. Furthermore, the banking domain can expend its wings and expand services in rural areas. The concept of organized services can be fulfilled with the introduction of banking in less developed areas. By overcoming this weakness, this sector can gain more stability.

Timely Demographical Changes

Customer demands can vary a lot with demographic changes. The banking sector should keep up the pace with these changes. These channels can keep an eye on requirements. Customers’ needs may not always be the same. In that case, banks can provide an equal opportunity for every customer. Moreover, the industry introduced new ideas with custom-service options.

Enhance IT Infrastructure:

Moreover, banks can offer secure cash flow to customers with IT infrastructure. Above all, there is always a margin of improvement in the field of IT. More convenient options can be provided with online portals and mobile applications.

Connection with Influencers:

Banks can develop connections with influencers. One of the advantages of the goodwill ambassadors is that they can make service sectors expand in fragmented markets.

 

Banking SWOT | SWOT Analysis of Banking

Threat

Economic Decline:

Economic decline is a potential threat to the banking industry. This decline can have a direct influence on the financial sector. When there is a recession, it can make smaller and bigger enterprises suffer. Economic crises can collapse the overall financial segments.  

Fluctuations in Currencies:

For economic growth currency and its stability is very important. International markets greatly influenced by currency values thus the fluctuations in currencies have a negative impact on banking channels. It is one of the major threats that can cause a great deal of loss to this sector.  

Alternative Services:

There are alternative services available in the market. Smaller financial institutions can also offer attractive services to the unattended areas The lower operational cost of these services can be a dominating factor. Examples of alternatives are insurance & mutual fund companies.

 

Read More on Swat Analysis:

 

SWOT of Amazon | Amazon SWOT Analysis

SWOT Analysis of Alibaba | SWOT Analysis

December 28, 2019 0 comment
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Creat A Brand
BusinessMarketing

How to Create a Brand That Would Last For a Very Long Time

by Shamsul December 26, 2019

How to Create a Brand That Would Last For a Very Long Time

 

No matter if you are a small entrepreneur working from your garage or a very big player in the business world; you do need to build a brand around your product to be successful in your business. Lots of people do find themselves at a loss when it comes to creating a brand.

Why Product Brands Are Important?

How many of you can associate with the logo of Nike, Burger King, Lifestyle, McDonald, KFC, etc? These respective companies have created such a brand around their product that people can recognize the items by their logo. By seeing these brands, people do tend to get an assurance of the quality, utility, appeal and other attributes. This keeps a very helps positive image in your consumers who in turn refer others to try your product which leads to an increase in footfalls, purchases and ultimately revenue of a company.

Initial Steps in Creating a Brand:

Ideally, the brand should incorporate the spark of genius that you felt when you were contemplating the nature of your business and the path it should take in the future. For instance, if you are building a food delivery service, then your product is all about the service that you provide which is convenience, quality assurance, and timely delivery. A customer should ideally have a vision of these when he purchases your brand. Thus your brand is all about the images and vision created by the consumer’s mind about the attributes of your product

Even people can be their own Brand. There is a concept called “Brand You” which tells that everyone is a brand. The way you behave deals with others; however, many thought on the mention of your name adds to your personal product.

Whether you are creating a brand around your services, product or even yourself, the first and foremost thing to take care of is communication. Making the right impression is very important and this can be done by sending the right messages to your potential customer promptly. For instance, Nike has used its logo, advertisement, and all other communication to convey to the people that it’s a product for young energetic people. Its logo which is just a black tick mark is simple, elegant, unique and easy to remember along with conveying what that particular brand stands for

 

Tips

Three Tips for Creating Brand That Would Last For a Very Long Time

1. Colour of the Product Logo:-

Colour is one of the most important aspects of the brand with more than ninety percent of people giving high importance to it. People associate specific emotion to specific colors like red invokes passion, purple royalty, white peace and so on. These associations do change across borders, culture and time. For instance, the grocery market uses green, restaurants use red, etc. You should think which col encompasses your brand’s core offering.

2. Social Media:-

Social Media is good for the promotion of a product as people are more receptive. Right Message can help the trade name to engrain in mind of customers who in turn becomes brand ambassador as they promote to their friends and followers. As such choose social media well. An image of the product should use Instagram and other social media channels including LinkedIn and so on.

Personality:-

A product should have a personality that people can relate to.  It increases brand equity and creates a nostalgic feeling in the consumer’s minds. For instance, a company like Harley Davidson should show manliness and thirst of adventure in its communication to engage and reach its target audience

 

Read More:

SWOT of American Express | American Express SWOT Analysis

Sixteen Vital Characteristics of Any Company

December 26, 2019 70 comments
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personal success
BusinessManagementPersonal GrowthTrending

How to Get Personal Success or Be Successful in Life

by Shamsul December 22, 2019

 

How to Get Personal Success or Be Successful in Life

 

The fact can hardly be denied that the secret to personal success remains a mystery to many people in the world. They try to unfold this mystery but with no luck.

It might come as a surprise to you that there are four basic principles if you wish to walk on the personal success path.

 

4 Pillars of Success:

So Personal success might follow anyone who’s willing to focus on these 4 pillars of success it is a system that is used by many successful personalities. I am also practicing these pillars of success.

 

Aim or Goal: Clearly define your Objective that what do you want to achieve?

Vision: See it clearly and wisely.

Action: Note down a plan and aggressively follow it.

Clarity: Focus on maintaining and correlation to your plan.

 

 

Aim or Goal:

When you talk about Personal Success your intention is the first thing that should be clear and defined to you. You should know what exactly you want to achieve and why. Thinking about the things that you don’t want to do isn’t taking you anywhere near the peak.

Try to be focused and clear-headed while discovering your intent and setting your goal. You should have a deeper knowledge of the roads you are about to take.

Prod your analytic thinking and scrutinize the risks factors you might face before starting your journey of achievement. Having a deeper knowledge of the desired target will make you feel confident about your efforts. Lack of knowledge about the goal will cost you time and energy and frustration will be the ultimate result.

 

Vision:

Establish your vision with care. Broad and bright vision is essential for Personal Success. It’s only through a vision that you can turn your imagination into reality. The broader the vision is, the closer the success is. Your vision controls your actions. You succeed in your head before winning the race and you lose in your head long before trying. If you think you will lose, there is no use of trying. You need to exclude any chances of defeat from your thought process if you intend to be successful. You need to be an optimist and think positive because positive thinking and a strong belief in your efforts coupled with determination will ultimately lead you to the road of Personal Success.

 

Actions to Achieve the Goal:

It’s time to develop a well-informed strategy first and get on the road of Personal Success. You need to chalk out your plan of action quite meticulously, paying heed to every single detail. It should be as clear as a detailed map for reaching a particular destination or a well drawn-out blueprint of a building.

You cannot drive to a specific location without having described directions. Similarly, engineers will need a well-planned draft to start a building. Thus, developing a systematic sense of direction with a focused mind holds paramount importance in taking accurate action to achieve the objective.

 

Clarity:

Clarity is the fourth pillar of Personal Success. You can’t start a journey without knowing where exactly you want to go. You must know to explore beforehand all the reasons why you want to do this and all the resources on how you want to do this. Could you embark upon a journey without a clear map of instructions or could you imagine using a new or complex device without its user’s guide?

Setting out on a clueless journey might end up disastrously and using a machine without it’s manual could be a waste of time and effort. It could also damage the machine. A well-designed map makes the journey smooth and easier, similarly, a well-thought-out plan guarantees Personal Success. Hence, clarity in intent, vision, and action is crucial for a successful mission.

 

Success

Get Great Personal Success:

Who in the world doesn’t wish to wear the crown of Personal Success? A decent profession that’s your passion, a sound financial ground and a life without care is everyone’s dream. Everyone wants to prove himself to the world, earn a good name by giving his best to the people around him, by influencing their lives in some positive ways and thus giving meaning to his own existence. Everyone wishes to be remembered long after he’s gone.

But I have learned over the time that success depends largely upon chasing the right choice at the right time. “Time is of the essence”. I must also admit that I have developed a deeper insight into the simplicity of the great realities and truths of life.

By following these calculations you would be able to harness your energies and steer your life to the top.

 

The Objective We All Share:

Our training, intellectual capabilities or skills, none of these alone play any decisive role to ensure our Personal Success. And if you believe, this is the fortunate part. Neither is it our family, close relations nor friends behind any of our remarkable deeds. On the contrary, it’s our strength to cope up with the worst and give our best under strain and stress. It’s our power of adaptability and flexibility that enables us to adjust to the different situations in our lives.

 

Strictly follow the 4 pillars of Success:

Here are the four definite codes to get Personal Success.

 

  • Be clear-headed and develop a sense of right direction.
  • Fix time limits and prepare well to meet those limits.
  • Chalk out an action plan and follow it steadily.
  • Throw out from the head every single thought of retreat or failure. Your head is the place where success or failure starts.

 

Words from the Veterans on How to get personal Success:

Do you think you would be able to experience everything in the world? Or would it be wise enough to even think about and try this all by yourself when you have the medium to learn about it all? That medium is our ancestors. That medium is our past.

But tragically enough, men are stubborn and foolish to prefer to learn through experience, though on the cost of their precious time and lives even rather than turning to observation.

So, in your one lifetime, you should aim to make the best use of all the knowledge left to the world by the people before you. Learn from their mistakes instead of committing them yourself and put your endeavors to promote noble causes. Use the ladder you already have instead of making one for you right from the scratch.

For example, if you wish to write a book you should definitely take a good look at the works of bestselling authors and build a series of guidelines for you to achieve Personal Success.

Personal Success

Sense of Accomplishment Begets Confidence for Achieving Goals: 

Once you achieve a goal, it sparks your spirit and strengthens your mind to repeat the achievement. This repetition marks a sequence, a sequence of encouraging moments. These small steps of victory spin your life for good reason. This positive shift leads you to more triumphs indeed and suddenly you find your life on the right track.

Thus, bagging trophies in one field is likely to make you feel more confident about another as well.

It must encourage you to achieve more. This sense of accomplishment can empower you with a strong belief in success in personal life.

Once you make a pattern by achieving your goals one after the other, you realize what true Personal Success is. The reality of the dictum, the more you dream, the more you achieve, dawns on you. If you learn to channel your energy with a steady flow and harmonious pace, the outcome will simply be a success. So following each of the four tiers of success boosts your belief in the pattern and nothing can stop you from reaching the destination of Personal Success.

 

Limitless Potential:

Doubt not that you are what you think you are. You can do and achieve anything that you wish and struggle for. You have treasures of dormant potential locked away deep inside yourself. All you have to do is to explore and activate it. Once you make up your mind to do it by pushing away imposed boundaries on yourself and put your soul in it, you will surely be rewarded with the ultimate personal success.

 

December 22, 2019 25 comments
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Change Management?
BusinessManagementMarketing

What is Change Management?

by Shamsul December 21, 2019

 

What is Change Management?

 The definition of change management is hard to come by without relating two other concepts of project management and change itself. Both of these two techniques are essential to increase the chances of a steady pace of Improvement and a substantial growth rate.  The strategic process of change management helps organizations to achieve long term goals. They can adopt a flexible and adaptable attitude towards the complicated process of change. A powerful method facilitates organizations with comprehensive techniques to proceed smoothly from the present state towards the required state.

Three Categories of Organizational Change:

Organizations can survive this age of cut-throat competition if only they efficiently respond and embrace the growing need for transition across the world. The change management appears on the scene when organizations decide to readjust and restructure their objectives, aims, and goals to shift the flow of business from less profitable corners of the globe to more profitable ones. It gears up the substantial Organizational change management and its solutions

Systematic Chang:

When an organization evolves the current system or a restructured and new system replaces the previous system by introducing new roles, assignments, duties, and responsibilities.

Operational Change

When organizations adopt a new process and discard the previous one for better functioning and effective efficiency.  For example, shifting from a manual system to a completely computerized process.

Cultural Change:

When the current company culture stops producing effective results, the organizations present a different environment and work culture by deciding to introduce particular rules to achieve the goal of exceptional and efficient performance.

Organizational Change Management And Its Solutions:

Change management cannot deliver expected output when the projects pay attention only to the technical side of it and ignore the reaction of people and how it affects them. Let’s consider an example of shifting a system from manual to an automated one. If the administration plans to adopt an automated system for more effective results, the fear of job insecurities among the employees is very probable to rise very high. This situation might create fierce resistance among the worker. The process of development is very likely to fail because of the antagonistic attitude of the working staff.

To achieve desired results successfully and cooperation of the team, a change management plan should be considerate enough. It helps to provide employees with job security and remove any of their fears about an uncertain future. The process should be sensitive to the following hurdles.

Stakeholder Engagement Challenge:

The engagement with stakeholders plays a key role in the change management plan. By adjusting the objectives and goals of the change management according to the requirements. That was set by the investors from the beginning can maximize their engagement in the plan and curb their insecurities.

Resource Challenge:

The change management plan is good for employes also along with the technical side. A change management plan can escalate the fear of losing jobs and status among the current team. Such challenges can be addressed through instructions, communication, proper guidance and PEM (people, Emotion and Motivation mechanism).

Organizational Goal Challenge:

Change cannot even start its journey unless the high-level administration is supportive. The high ranks in the organization should adopt and embrace this process of transformation to let the working plan thrive and flourish. Without support from the highest level, no change plan is possible.

Skillset Challenge:

Change management is nothing but a potential revolution. An evolution in the work culture, processes, visions, goals, missions and objectives. Thus, It can be hard to train the existing workforce about new techniques, tools, devices, and systems to manage and implement new processes. It’s observed that oftentimes that the performance level of the employees goes down. It is due to when they struggle to make a transition from the existing system to a new one.

This issue can be resolved to device a comprehensive training roadmap by leadership. It is not typical and that can address individual problems in detail.

 

 

December 21, 2019 1 comment
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Time Management
BusinessManagementMarketing

What is Time Management?

by Shamsul December 21, 2019

 

What is Time Management?

Working effectively to enhance productivity

 

Why does it feel like we live in a time squeezed zone? We never seem to have enough time to do all we want. Things are always falling behind the schedule. On the other hand, some people achieve more than others. I wonder how they manage to do better with just the capacity of 24 hour day as everyone else gets the same amount of time. It is noteworthy that they understand Time Management skills.

The Secret of Time Management:

If you learn to manage your time skillfully, you can be one of the highest achievers. Following time-bound strategies can help you perform better and in a more productive way. You would be able to survive pressures and strain.

 

Effective time management skill calls for a significant evolution in thinking pattern. Instead of counting the number of pursuits, you need to focus on results.

 

Trying to complete various assignments in one single day causes one to shatter the effectiveness of focus. In a frenzy of activities and with divided attention hence, you tend to achieve nothing at all. Good time management techniques allow you to set focus and to achieve more in a short time.

 

Explanation of Time Management:

It explains the process of assessment in advance how much time you plan to devote to a particular activity. Investing your valuable time might look absurd but believe me you are never going to regret it. Moreover, it can prove very useful to you:

 

  • A higher rate of productivity
  • A better professional standing
  • Low level of pressure
  • More chances for advancement
  • A large number of opportunities to materialize a promising career goals

 

If you do not learn to manage time skillfully, you might have to face some unpleasant results.

 

  • Unfulfilled deadlines
  • heavy workflow
  • unsatisfactory quality of work
  • A weak professional repute and a non-promising career
  • Heightened levels of stress

 

These time management strategies can turn out very fruitful for you now and later in your life as well.

 

Read More:

What is Marketing Resource Management?

December 21, 2019 0 comment
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Pervez Musharraf
Trending

A Shameful Day For the Judiciary of Pakistan

by Shamsul December 19, 2019

 

A Shameful Day For the Judiciary – Lamha Fikria

19th Dec. 2019

 

 

This was not what Quaid-e-Azam envisioned about Pakistan!

This was not how he as a lawyer fought for Pakistan!

This is not how civilized institutions of civilized countries behave!

Shameful day For Pakistan’s Judiciary

Quaid – E – Azam, ‘We Are Sorry!’

Great Leader

 

From the day when the respected lawyers’ mob of Pakistan became sons of satan and rampaged a hospital, setting vehicles on fire, smashing windowpanes and equipment, firing gunshots, hitting policemen with stones and bricks, ultimately killing 3 patients in the hospital’s ICU to today’s verdict of sentencing Musharraf to capital punishment in life and to be hanged on D-Chowk for three days if dead!

 

And what did Pervez Musharraf do to receive a verdict no one has before in the history of the country! He modified practices according to the need of the time and did what in his opinion was good for Pakistan! Pervez Musharraf is being convicted for a crime that was not even included as high treason in Pakistan’s law at the time it was committed. The case was filed in 2013, whereas the law of high treason was passed in 2014 however still it has been levied on an action that was conducted in times prior to its related law imposition on it.

Questions About Trail:

Questions on whether the trial was fair or not still remain at large, as rumors related to the Chief Justice of Peshawar High court, Justice Waqar Ahmed Seth being linked in the family with Nawaz Sharif and Shahbaz Sharif are still being investigated.

Whether Pervez Musharraf’s subject to such a senseless, lawless and unconventional decision was owed to vengeance on part of Sharif brothers, on part of former Chief Justice Iftikhar Chaudhry for firing him from his post or owing to some other power working behind the scenes, Pakistan’s law institution face the biggest criticism in its history and questions the sanity and capability of decision-makers given the power to decide on the fate of people facing trails, whether fair or not.  Let us view how Pakistan’s legal system has treated its high profile cases in the past and how does the Musharraf case fair against them.

Nawaz Sharif

 

Nawaz Sharif – Criminal Actions

  • A former Pakistani prime minister.
  • Elected thrice as constitutional ruler of Pakistan and twice as chief minister of Pakistan’s largest province.
  • Official assets soaring from 166 million in 2011 to 1.82 billion in 2013, depicting only a fraction of what he actually hid in his various accounts spread worldwide.
  • Trialed and convicted of corruption and money laundering is linked to at least eight offshore companies.
  • He ruled the country for more than 9 years and robbed it off all its opportunities and potentials while building up his personal empire.
  • He ruled the country for 9 years and couldn’t manage one international level hospital in the country where he can get himself treated and went offshore for medical assistance with the help of Court although he is convicted.

 

Judicial Sentence

Barred from holding any public office for life and sentenced to jail for 10 years as punishment for corruption and money laundering charges.

 

Zardari

 

Asif Ali Zardari – Criminal Actions

  • Former president of Pakistan convicted on several cases including kidnapping and extortion in 1990, the murder of the Murtaza Bhutto, his wife’s brother and political opponent, convicted for fraud, corruption and money laundering after the Swiss government handed over evidence of money laundering associated with Zardari.

 

  • According to official figures in 2005 Zardari’s assets were worth $1.8 billion, with more than $60 million transacted in his Swiss account in wake of offshore companies. These figures represent only a fragment of his total wealth spread worldwide.

 

Judicial Sentence

Zardari Convicted 14 years in jail in totality for different cases before gaining power as president of Pakistan, after becoming co-chairperson of Pakistan Peoples Party (PPP).

 

Ishaq Dar

Ishaq Dar Criminal Actions

  • Former Industries & Investment and Commerce minister of Pakistan and 4-time finance minister of Pakistan along with being a member of the senate from 2003 to 2018.
  • Current fugitive since December 2017
  • Self-confessed of money laundering for Nawaz Sharif worth of US $18.47 million
  • Personal Asset worth Rs 583 million, with a further investment of Rs 325 million in investment bonds. Additionally, he was also found to have further investments of £5.5 million in UAE and further investments in the USA, Pakistan, and UAE.
  • Currently present in the UK under political Asylum status

 

Judicial Sentence

Seizing of all accounts of Ishaq Dar, the government takes charge of all his properties in Pakistan and the auction of his assets in the country.

 

Pervez Musharraf Criminal Actions

  • Violating Pakistan’s constitution by unlawfully declaring emergency rule in the country during his tenure as president

 

Musharraf Ex Army Chief and President

Judicial Sentence

Trialed in absentia, Musharraf was granted capital punishment or the death penalty against the act of high treason. The special court constituted for Musharraf’s trial constituting of Peshawar High Court Chief Justice Waqar Ahmad Seth, Sindh High Court Chief Justice Nazar Akbar, and Lahore High Court Chief Justice Shahid Karim.  The decision was a 2-1 split decision, with Justice Akbar going against it.  The detailed verdict states

“As a necessary corollary to what has been observed, we find the accused guilty as per charge. The convict is, therefore, hanged by his neck till he dies on each count as per charge”.

And the verdict does not end here; the verdict follows to state addressing law enforcement agencies to try their best to bring Musharraf back in the country to be hanged. Further on in the words of the court verdict

“If found dead, his corpse be dragged to the D-Chowk, Islamabad, Pakistan and be hanged for 03 days”

Justice Karim opposed the dragging to D Chowk sentence and opposed it. The particular dragging corpse on D Chowk decision came from Justice Waqar Ahmad Seth alone.

 

Read More:

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Ways to Protect Your Privacy on Social Media Channels

December 19, 2019 6 comments
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Tokyo Olympic
MarketingTravelTrending

Tokyo Olympic 2020 | Face Recognition Tech

by Shamsul December 14, 2019

 

Tokyo Olympic 2020 | Face Recognition Tech

 

For the first time in Olympic history, face recognition system is going to be introduced in Tokyo Olympic 2020.

Intel is partnering with NEC to provide organizers of the 2020 Olympic Games in Tokyo with this secure verification system.

“Facial recognition enhances security and efficiency by enabling the identification of a person seeking to enter a facility to be verified with greater speed and accuracy than staff. The Japanese company NEC feels proud of its technology. They are ready to use it for the first time at the Tokyo Olympic 2020.

The Olympics, a Beautiful Showcase for Intel

The Japanese firm joins Intel for this challenge: “gently” check the identity of the 300,000 people authorized at this edition. Athletes, sponsors, journalists or even volunteers, all will have to comply with this new device that should save them time. However, dedicated staff will always helpful because the cordon of traditional identity checks made by humans is not ignorable.

Some defenders of civil liberties could also criticize this rather than the new un-famed device. In the United States, for example, the Californian cities of San Francisco and Oakland forbid the police to use this type of technology. Intel and NEC are rather kicking on this topic of data retention and use, sending the ball back to the organizers of the Tokyo Olympic 2020. They have not reacted so far.

Tokyo Olympic 2020

3 D Tracking Services to Athletes:

This competition is in any case, a good showcase for Intel since the company will also offer its 3D tracking services to athletes. “This is one of the finest opportunities for all of us to present the microprocessor technologies that we work working to develop for several years with lots of work on software, algorithms and the experience of improving the diffusion”, commented Rick Echevarria, president of the company.

 

 

 

 

Finally, our company will hold a four-day esport tournament in Tokyo City. It will be just before the Olympics with a US$ 500,000 endowment. If not present, this discipline will have at least a taste of the Olympic competition.

 

See you at Tokyo Olympic 2020!

 

December 14, 2019 93 comments
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Happiness
HealthPersonal GrowthTrending

Learn How to Live Happy in Your Life?

by Shamsul December 13, 2019

 

Learn How to Live Happy in Your Life?

 

On the off chance that there is one existential inquiry to which everybody has an answer. What is that!

Are you Happy? What is Happiness?

To be happy; we should realize that everybody is allowed to fabricate his own satisfaction, in view of his desires and the manner in which the person considers happy. Nonetheless, there are a few principles that will be of extraordinary assistance to your ordinarily to live happily. Whatever the structure that you can have about satisfaction, regardless of whether to secure the position you had always wanted or the perfect accomplice, to begin a family, purchase a house or the consequences will be severe.

 

Accept the One person with his past:

With regards to discovering satisfaction, the principal activity is to make harmony with oneself. To acknowledge oneself is the way to happiness. In reality, if a few people battle to know satisfaction, it is predominantly on the grounds that they put obstructions. To make an obsession with one’s shortcomings, one’s inadequacies of one’s issues is to sentence oneself to not carry on with a quiet life. Adapt to realize yourself by considering your characteristics and rich points. This progression is essential to get mindful of his actual qualities, and consequently support his self-assurance. Plainly self-assurance assumes a significant job in the strategic happy.

Additionally, the way to happiness is to acknowledge oneself as he/she is and to refresh oneself with the past. Prepare yourself to comprehend that a few things can’t be changed and that the time has come to take care of the old sentiment of hatred that is keeping you alive today. So you need to go ahead, make harmony with your past, find solutions for any incomplete circumstances like uncertain fights. Leave a venture that has been left in the storage room for a really long time. It gives you a decent start to a happy life.

 

Happiness

Discover Your Luck and Discover Meaning of Life:

Another mystery to carrying on with an upbeat life is to perceive your karma. Solidly, realizing how to exploit and acknowledge what you as of now have; it can lead you effectively to satisfaction. You are healthy; you have a life partner who adores you, kids, companions, a rooftop and a vocation, so what else someone desires? If a few people are battling to feel cheerful, it is on the grounds that they are searching for flawlessness to an extreme. Since you are leasing a house, you presently need to possess a great house in elite regions. Dreaming is certainly something; however, being practical is the most ideal approach to excel.

All the better you can do to discover happiness in the existence you are as of now driving is to just understand the life. Make a genuine evaluation of your life and make an opportunity to stride once again from your own qualities, concentrating on opportunity, love, family, and work. Ask immediately what you require to live cheerfully. It will be simpler for you to characterize what you truly need to accomplish. This enables you to characterize your destinations that will enable you to fill the hole that you right now feel.

Choose To Move Well but Take Care of Yourself:

It should likewise be realized that satisfaction is over each of the perspectives. As a matter of fact, you need to be happy; you should give your individual to be cheerful. Since everybody is ace of his happy, to be upbeat you should make a point to advance charming circumstances. Solidly, decide to work out in a good way and don’t let the trouble attack you. Your prosperity opens the ways to happiness, which is imperative to spread, develop and reap. The objective is to pursue by all methods negative feelings that basically influence your happy. For this, you should rehearse.

Make a smile each day, realizing that happiness is transferable, which will make your days increasingly pleasant.

 

Read More: How to Spot True Love

 

Figure out how to deal with your feelings, regardless of whether it’s the dread of flight, merciful pity or scaring outrage around you.

Be mindful to people around you and appreciate the great occasions you go through with associates, family or companions.

Deal with yourself, fulfill yourself by going out to supper with the other half, giving yourself a coat that has made you begin to look around or why not a day at the spa just to be comfortable.

Maintain the Positive Attitude:

On the off chance that your own prosperity is the way into your satisfaction, you should bend backward to guarantee that your day by day life and your conditions are helpful for happiness. In solid terms, it is the daily state of mind that will cause you to have a decent and happy life.

You should try to drive out all the dark thoughts that can be a hindrance to your prosperity and improvement. Following a mistake or disappointment in any field isn’t empowering, you should make an individual showing to beat the trial and proceed onward. To do this, solitary the inspirational demeanor can support you.

 

Find Lessons From Your Failures and Mistakes:

Gain from your disappointments and errors, revealing to yourself that each experience is an actual existence exercise to gain from. Never lose sight and any desire for your objective to live happily, so do what you have to succeed. Your work is synonymous with stress, so why not locate a superior method to work tranquility without the typical weight? You have quite recently encountered a nostalgic disappointment? Acknowledge your anguish and assess a lot of duty regarding the separation. By responding dispassionately, you ensure you generally observe the brilliant side, enabling you to proceed with your adventure towards happiness.

 

Happy

Believe in Your Instinct:

As you continued looking for happiness, you should likewise figure out how to heed your gut feelings. Unmistakably every time you have a choice to make, you have that little inward voice raising doubt about the authenticity of your choice. On the off chance that each time the uncertainty troubles you, as to discover another vocation or the eventual fate of your relationship, it will be hard to discover happiness. Surely, to scrutinize any choice is a human reflex. Be that as it may, it is essential to conquer it and to imagine that each choice you take prompts a basic encounter.

 

Read More: 15 Simple Ways to Practice Gratitude and Make Life Happier

Distinguish your Needs to Simplify Life:

Then again, with regards to discovering happy, you first should know about your wants. The powerlessness to realize happiness is regularly conceived of a sentiment of disappointment. As such, you should have the option to distinguish your genuine needs and desires in life to accomplish an upbeat life. In this procedure, set aside the effort to check out every one of the things that can make you know happiness.

Regardless of whether in the individual life or in the professional system, it is essential to discover your wellsprings of fulfillment. At that point make an itemized appraisal of each part of the life. The objective of this methodology is to disentangle life. You need a home, an individual who cherishes you and an occupation sufficiently paying to cover the costs, so what more? It must be comprehended that it is by dint of confounding your life to need something that doesn’t compare to your desires and needs that you can’t know satisfaction.

 

3 Important Tips for Living Happily Every Day:

  • Satisfaction is currently, so realize how to appreciate each moment of life. Relinquish all that you don’t have control and remember anything positive in life.
  • Believe in happiness and consistently move toward this path, you will see that happy will happen to itself.
  • At last, happiness is a capacity that works, continually look for development in all that you do in your life. Be a superior accomplice and a beneficial representative.

 

 

December 13, 2019 0 comment
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Pakistno Recipe
Cooking & Foods

Pakistani Dishes | Pakistani Food Recipes

by Shamsul December 11, 2019

 

Pakistani Dishes | Pakistani Food Recipes

Here is the list of Pakistani Food Recipes that are often easy, fast and economical. They are always delicious. These favorite Pakistani cuisines are found among all the recipes site shared by gourmets.

Click on the title or photo of a recipe from Pakistan to view it.

Street Food and World Cuisine

Here you can find thousands of delicious recipes these are brought from the kitchen of the world. You will get meal ideas for single or with the family to eat at the office, picnic, on the go or for a party, etc. Discover flavors, sometimes unusual, unexpected if you have to carve for the better foods from the world.

 

11 Traditional Pakistani Dishes to Try

Pakistan has the most varied and yummy recipes in the world. They are made with the different types of spices and special herbs available. Moreover, each traditional dish has a long history that attached it to a particular area and province. The varied geography, from deserts to the highest peaks in the world, creates a wide variety of recipes, each with a unique taste. Biryani is a blend of delicious yellow rice and chicken or beef. The rice takes its color from an assortment of spices and herbs, which also adds an incredible flavor. To top it all, it contains lemons, tomatoes, and potatoes perfectly cooked.

 

Chicken Tikka | Pakistani Dishes

Chicken Tikka

The Chicken Tikka is one of the most popular foods in Pakistan, both for its taste and nutritional value. Normally, it is accompanied by “naan”. A required portion of chicken brushed with traditional spices then grilled to perfection. For the ultimate experience, dip the chicken pieces in the accompanying mint sauce.

Seekh Kabab | Pakistani Food Recipes

Seekh kebabs usually contain well-seasoned beef. The roasting method used to cook them gives a succulent quality. Pair them with herbal infused rice – you will be happier.

Channa Chaat | Pakistani Food Recipes

“Channa” means chickpeas. The Channa Chat is one of the popular snacks in all parts of Pakistan. In this delicious light dish, boiled chickpeas are mixed with various vegetables, such as tomatoes and onions, and covered with a dressing that creates a sweet and sour experience.

Aloo Keema | Pakistani Dishes

You will find this dish in almost every home in Pakistan because it is an excellent blend of potatoes and mutton or chicken curry. It’s simple but delicious.

Samosas | Pakistani Food Recipes


Samosas are a stuffed snack consisting of a floured triangular crust stuffed with green peppers, an assortment of finely chopped herbs and boiled potatoes. You can also stuff them with various meats, such as lamb, chicken, and ground beef. These tasty snacks are so filling that you may not want to eat the main course.

Sajji | Pakistani Dishes

Sajji is a dish that can be attributed to the province of Baluchistan. This is one of the main specialties of traditional Pakistani cuisine and consists of a large piece of lamb or chicken stuffed with rice and garnished with a delicious green papaya paste. It is then placed on a skewer and roasted for several hours.

Haleem | Pakistani Dishes

Haleem has a blend of a variety of traditional foods used in Pakistani cuisines, such as wheat, barley, ground beef, mutton or chicken. This is a dish that takes a long time to prepare because the special lentils and spices need enough time to combine well with the ground beef and create a unique heavy curry that will delight the senses.

Halva Puri | Pakistani Dishes

Puri is a type of dough sprinkled with salt and rolled into a circular shape that is then fried in a small amount of oil. It is tremendously light and fluffy. People eat with a sweet dish called halva, a combination of sugar syrup, egg whites, and semolina. The blend of sweet and sour flavors translates into a memorable dining experience.

Nihari | Pakistani Dishes

Nihari is one of the most famous stews in the whole country. They serve to guests on important occasions and contain meat that is cooked slowly and simmered in spices overnight. The cooking process allows the dish to fully absorb the tasty bone marrow, creating one of the tastiest meat dishes in the world.

kheer | Pakistani Dishes

Kheer is the most famous traditional dessert in the country. It is a rice pudding made from rice, sugar, and milk. It combines an assortment of nuts, such as almonds, pistachios, and cashews, as well as saffron and cardamom, to give it an alluring hue that melts in your mouth with every bite.

 

For more reading:

7 Factors that Make Women Sweating at Night

December 11, 2019 0 comment
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Refah Stores
BusinessManagementMarketingScholarly

A Case Study On Refah Stores Co

by Shamsul December 5, 2019

Management Control System

A Case Study at Refah Chain Stores Co

 

 

Abstract

Management control systems (MCS) in the retail sector are more likely to assume particular characteristics as within this setting, shared administration with various types of organizations having different objectives and visions. What is at stake is the management of the network of relationships as well as the management of behaviors in the organization that is a part of this network.

The concept of MCS is not new and the exploration of the concept in the retail sector is abundant. This research aims in presenting a way for further researches. A model is based upon a case study of Refah Stores. A detailed explanation of the management control process at Refah Stores is presented. The results found that the cultural barrier is not a major issue within the organization a there are many strategies to combat such a situation. Feedback and opinions are considered to be an important aspect as it will lead to a high level of cooperation amongst employees.

 

Table of Contents

Introduction

Background of Management Control Systems

Refah Chain Stores Co.

Literature review

Management and Control

Management Control Systems

Planning

Cultural Controls

Cybernetic Controls

Administrative Controls

Methodology

Empirical Data

Empirical Material

Management Control Systems (MCSs) at Refah Stores Chain Co

Cultural Controls

Planning Controls

Cybernetic controls

Rewards and Compensations

Analysis

Conclusion

 

 

Introduction

Background of Management Control Systems

The concept of management control system emerged after the Industrial Revolution which provided organizations with the opportunity to expand and grow in their business operations like never before. Most parts of the value chain were located within both new and bigger firms rather than being spread over at different positions within smaller firms or a single person. With the occurrence of these changes, there was a need to consider financial measurement in the form of business ratios  as well as transfer pricing to be very important and this was the point from where various forms of management control systems initiated (Merchant & Van der Stede, 2007; Ax, Johansson & Kullvén, 2007).

Refah Chain Stores Co.

Refah is an Iran-based chain of supermarkets which is currently operating across the country with 160 branches.  Additionally, the company also has branches in Turkey and Iraq. The retailer is engaged in the provision of a wide range of products in the lines of Fresh Produce, Food and Beverages, Electronics and Home Appliances, Cosmetics and Hygiene, Stationaries, Textiles, and Clothing. The slogan for Refah chains is ‘Better quality, lower prices”. The chain of stores is also adequately tapping the online market and customers who order online get it delivered at their doorstep. In association with Hyperstar-owned Carrefour and Shahrvand Supermarket, Refah Chain of Stores caters to the bulk demand of the Iranian retail industry.

The main objective of the study is to asses and determines the management control system at the Refah Chain of Stores. The report will explain how some management control systems are being used at different organizational levels and how every management control system is related with each other.

 

Refah Stores

Literature Review

Management and Control

 

Management control is rendered to be the back-end of the management process and is a very critical function within an organization. Failure to implement an adequate management control system can result in huge financial losses, damage to reputation and in many cases ultimate organizational failure as well. Though, it is important; however, too much control also does not always guarantee better controls some management control systems may utilize stifle initiative, innovation, and creativity (Albertini and Muzzi, 2016).

Management

Management is related with the process of organizing the various resources and directing all activities so as to attain organizational goals.

Objective Setting

Understating objectives is a very crucial factor in the designing of a management control system. Objectives do not need to be quantified and may not be even financial. Most of the companies are aware about organizational objectives however; many times employees may not even know these objectives (Chenhall, 2003).

Formulation of Strategies

Strategies tend to define as to how firms will use their resources so that objectives can be effective. Many times employees may take actions that derive in better results than that of formulated strategy thereby, creating a difference between the actual strategy and the formal strategy. Hence, formal strategic statements are not obligatory for formulating MCSs however; it can make the process easier for the management to identify the feasible options available for management control as well as the way through which it can be effectively implemented (Merchant and Van Der Stede, 2007).

Management Control Systems

According to Hared and Abdullah (2013), management control systems are those rules, values, practices as well as other activities which are placed by the management so as to direct the behavior of employees (Malmi and Brown, 2008). According to Merchant and Van der Stede (2007), MCS can either be a single system and it can be a set of control systems as well. MCS is commonly referred to as MCS package as is that different types of MCSs have been applied at different times and for differing purposes (Malmi and Brown, 2008).

The MCS package can be categorized into five distinct groups namely planning, cultural controls, cybernetics controls, administrative controls and rewards, and compensation.

Planning

Planning refers to the way in which goals are set for the company as well as for the various functions of the company. The planning is the major carrier to promote goal similarity amongst the organization and the employees working. Planning can further be categorized into two broader aspects – long-range planning and action planning. Long-range planning has a strategic focus whereas action planning has a tactical focus and is associated with planning for actions and goals which is to incur within 12 months.

 

Cultural Controls

Cultural control is important to control employee behavior in three distinct ways. The first one is that when the company deliberately searches and hire those employees who have certain desired values. These values are linked with the organizational strategy. The second is somewhat the opposite of the first category and in this aspect, the company attempts to change the values of employees. These are also referred to as symbol-based controls which are visually illustrated (Malmi and Brown, 2008). The third category explains to the employees what is expected from them, what values they should possess as well as whether the employees tend to be in agreement with them or not (Merchant and Van der Stede, 2007).

Cybernetic Controls

This is basically the study of controlling in as well as of the system (Malmi and Brown, 2008). In the context of an organization, there is a process which involves a feedback loop and is presented by using standards measuring the performance of the systematic comparison of the performance with the standards, providing feedback about the information related to undesired variances within the system as well as altering the comportment of the system.

Administrative Controls

According to Davila, Foster, and Li (2009), administrative controls monitor employee behavior throughout the organization and holding employees accountable for their behaviour through specifying as to how tasks need to be performed. Administrative controls are further divided into the organizational structure which serves as a tool for management control, policies, and procedures which tends to organize the behavior and processes of the firm and governance structure which involves the formal line of authority and accountability.

Refah-Chain-Stores

Methodology

The aim of this report is to determine the management control process at Refah Chain Stores Co. and how it is implemented within the object organization.

In such cases, qualitative methods are considered to be very helpful to create or develop reasonable structures so to provide an alternate route for the development of theories. These approaches can be used as a part of refining existing literature and theories (Thompson, Gamble and Strickland, 2004).

According to Yin (2008), in-depth analysis helps in examining a phenomenon that includes aspects that are beyond formal instructions and rules therefore, in this report a case study analysis will be undertaken. The different components of the model will be explained and applied in the analyzed case.

The case study is of Refah Chain Stores Co. and the sources from where data is obtained are structured evaluation of events, semi-structured interviews, collection of relevant documents and content analysis.

 

 

 

Empirical Data

History and Facts of Refah Store Chain

Refah Chain Stores Co. was established 24 years ago in 1995 in Iran with the direct support of that time president Ali Akbar Hashemi Rafsanjani. The chain of supermarkets is engaged in providing a wide range of products including Fresh Produce, Food and Beverages, Electronics and Home Appliances, Cosmetics and Hygiene, Stationaries, Textile, and Clothing. The store is operating with 160 branches across Iran along with operations in Iraq, UAE, and Turkey.

The chain of stores is mainly owned by major government banks where Bank Melli owes 19.8% of shares, Bank Saderat owes 14.2% of shares, Bank Mellat owes 10.1% of shares, and Bank Tejarat owes 9.5% of shares and Bank Sepah with9.4% of shares. Remaining shares are owned by individual peoples.

Refah Stores is operating three different types of stores amongst its outlets; about 160 are branches that are located in key provinces. Amongst these, about 45 stores are situated in Karaj and Tehran which is a clear indication of the company’s concentration within these cities. The second type of outlet is those which are not completely owned by Refah Chain and are operating in affiliation with other firms and such types of stores are three in total. The third type of outlet is basically retailers of whose products are delivered by Refah and the debit card of whom is accepted. There are 723 outlets of this form spread throughout the country.

 

Refah-Chain-Stores

 

Empirical Material

The empirical material for this work was obtained through interviews. Managers at different levels of the organizational structure were interviewed and all interviews were conducted on the phone

The Vision and Mission of Refah Stores

Vision and mission are the core of any model. Vision can be referred to as an aspirational explanation as to what the company is willing to attain in the longer term. It serves as a guide for selecting current as well as the future course of action. Alongside this, a mission is a declaration of the core purpose and focus of the organization which tends to remain the same over time.

According to Ferreira and Otley (2009), vision and mission are considered as a management control process of an organization since it delivers information as to how organizational values and purposes are established as well as communicated as a way to influence the behavior of all participants in the organization.

The vision of Refah Stores is to emerge as a multi-format retailer that has the capacity to deliver the best in class margins, sales and profitably operates within strategic locations inside Iran and in other countries of operation.

The mission statement of Refah Stores is to remain committed with the promise of delivering great experience through high quality and distinct products at reasonable prices, served by dynamic and dedicated employees who are guided by the core values laid down by the founders of the Stores.

Organizational Structure

Organizational structure is a way to integrate management control which operates by functional specialization and organizational design has an impact over various controls that can be applied (Malmi & Brown, 2008). According to Albahari et al. (2011), inappropriate organizational infrastructure can result in a configuration gap which can eventually negatively impact the control system within organizations. Refah Stores is undergoing a reorganizing procedure that aims towards creating an organizational structure that provides support to coordination and faster decision. The purpose of such a structure is to help in coordinating as well as visualizing opportunities along with determining weaker areas. This structure will benefit Refah in the transferring of information and communication between the warehouse and the retail stores.

 

 

Management Control Systems (MCSs) at Refah Stores Chain Co

Cultural Controls

Employees in Refah Store Chain are selected very carefully and in accordance with the requirement of the position. Like any other supermarket, there are a whole lot of people who are working together and are from diverse backgrounds as well as specializations. As a result, there is a fusion of various cultures which can result in the arising of complications amongst the employees. Culture plays a very important role in the supermarket industry as they need to continually evolve in order to become innovative as well as deal with new processes and ideas (Albahari et al. 2011). To foster this process, relationships should be carried out smoothly and easily between people and all informal relations are strengthened at every level. Routines, bureaucracy and restricted formal relationships are discarded and managers are required to invest all their efforts to strengthen trust between people working inside the supermarkets.

The store has provided uniforms to its employees. All employees have been provided with the same uniform without any command except that of in the butchery section.

When a new employee is hired, he/she is trained for on-floor dealings for almost a week. This training involves understanding the working procedure of the store as well as educating about selling and customer relations. Additional training will be provided over the basis of function and position.

Planning Controls

Usually, two planning control systems are being used in Refah Stores which include business and budget plans. Business plans are made for 5 years whereas; budgets are developed for one year. The process of developing a business plan is simultaneous with budgeting. The business plan is developed for all superstores of the chain and is then divided into regional business plans for every store by the managers. The process is that the top management guides lower-level management and determines what areas need to be focused more. However, the store management and team have the right to apply whichever guideline is applicable and can implement actions that they consider to be more important for the development of the store. For example, if the need is to reduce the waiting time at counters, adequate measures need to be undertaken to reduce waiting time and increase customer satisfaction.

Personnel planning are another important aspect within management control (Chan & Pretorius, 2007). Planning about the budget involves planning about store staff as the cost of hiring and recruiting staff is considerable and needs to be considered in the process of budgeting. Every store has a staff planner which aims in planning staff which matches the requirements of the customers to working hours. To conduct this effectively, a cross-functional staff system is applied in which the staff members can work in different areas of the store which will be in accordance with the laid staff plan.

 

Cybernetic Controls

Cybernetic controls at Refah Stores are action-planning and long-range planning. Budgets are used at the time of investments and most of the time KPI’s are used to measure daily, weekly, the monthly and yearly performance of stores. KPI’s comprises of both financial and non-financial factors such as cost and budget are financial factors whereas, safety and quality are rendered to be non-financial factors of KPIs.

Budget is initiated from the top management within stores where forecasts of cost and sales are set at a percentage of sales. Additionally, in the process of budgeting, different scenarios are also considered which can be used later on in case the actual sales and cost incurred are higher or lower than what was forecasted.

Apart from productivity and sales measures, Refah Stores also integrates other non-financial measurements such as market, the customer as well as an employee survey. The surveys are being standardized on a yearly basis through external companies and the data obtained is compared with other stores and with the results of the previous year’s survey. In this way, the store recognizes improvements or any deterioration within these aspects.

Rewards and Compensations

Refah stores use one reward system in their stores across the country as it makes it easier and fairer to administer and evaluate. At the store level, a premium salary system is applied where equal amounts are paid to workers – on-floor and off-floor – based upon their performance. Additionally, individual monetary awards are also provided to staff members who have given an extraordinary performance and have effectively contributed towards the attainment of store goals and objectives.

Alongside the usual payroll system, Refah Stores also works through feedback and activities as a means to show appreciation. The basic idea behind this process is to motivate employees in making self-made plans as to what they are willing to achieve at Refah Sores. The store also makes efforts to use internal recruitment so as to encourage and satisfy employees and ensure that the organizational culture is intact with the store.

 

Analysis

The culture at Refah Stores is strongly influenced by the labor culture in Iran which comprises of entrepreneurship, cost-effectiveness, and equality. Additionally, the culture is also influenced by increased focus over sales and target attainment.

The management control system focuses over directing the behavior of employees in the desired manner through different controls within a management control package (Merchant & Van der Stede, 2007). In the case of Refah Stores, efforts are being invested in developing a strong corporate culture where employees are hired according to the requirements of the position and are further trained and polished so that they serve as productive assets of the company.

Administrative controls are those controls that involve organizational structure, policies and procedures and governance structure (Malmi and Brown, 2008). Every store of Refah is operating with a single organizational and governance structure and is designed to foster communication, support, and control through various means. Guidelines related to company target and communication are spread over different levels of the organizational structure like that of regular staff meetings.

As Malmi and Brown (2008) indicate, planning is divided into action planning and long term planning at Refah Stores. Long-term planning involves developing a business plan and segregating it into the requirements of individual stores whereas, budgeting is prepared from the top level and guidelines are provided to middle-level and low-level managers. The forecast is based upon a particular percentage of sales and every store needs to adapt this even though they can impact numbers by providing their own forecast.

Cybernetic controls include financial and non-financial measurements in which budgeting refers to the financial measurement and quality and security refer to nonfinancial measurements. The cost of personnel is the largest cost category of Refah Stores and is measured through the ratio of sales. Being a larger retailer in the Iranian market implies a different form of inventory management for controlling their stock level and if it is required products are offered at reduced rates so as to get them sold out. This implies that the store can maintain a low level of inventory.

Both financial and non-financial measurement systems are incorporated which forms for a hybrid management system. According to Nørreklit (2003), the method of balanced scorecards allows managers to consider the organization from four distinct perspectives including internal perspective, customer perspective, financial perspective and learning and innovation perspectives. At Refah stores internal, financial and customer perspectives are highlighted. Innovation perspective is not measured even though; a lot of work is initiated in this aspect.

 

Conclusion

Refah Stores has a strong corporate culture which is apparent in its working conditions. The corporate culture is based upon equality and cost-consciousness and the management control process is set as a framework for directing employee behavior as well as demonstrating the direction of the store operations.

The measurement system at Refah Stores is detailed which allows the store to understand how the store performs and as such take actions accordingly. The measurement systems are used to effectively control resources.

The planning process at Refah is appropriate and involves sales staff within the planning process. Staff members are motivated to present their feedback and ideas so that the store can benefit from them.

The management control process involves various management controlling which some aspects may be complementary and some may overlap. The results may overlap with the cultural control process. It appears to be very reasonable to use both the forms of controls which will increase the level of motivation within the stores.

 

 

Read More:

Are You a Good Leader – 4 Steps to Bring Teammates into Your Vision

Ways to Protect Your Privacy on Social Media Channels

 

 

References

 

  1. Albertini, S., & Muzzi, C. (2016). Institutional entrepreneurship and organizational innovation: The start-up of a divergent new venture at the periphery of a mature field. The International Journal of Entrepreneurship and Innovation, 17(2), 110–119. https://doi.org/10.1177/1465750316648578
  2. Catasu´ s, B. and Gro¨jer, J.-E. (2003), “Indicators: on visualizing, classifying and dramatizing”, Journal of Intellectual Capital, Vol. 7 No. 2, pp. 187-203.
  3. Chenhall, R. (2003). Management control systems design within its organizational context : Findings from contingency-based research and directions for the future. Accounting, Organizations and Society 28, 28, 127–168
  4. Davila, A., Foster, G., & Li, M. (2009). Reasons for management control systems adoption: Insights from product development systems choice by early-stage entrepreneurial companies. Accounting, Organizations and Society, 34(3–4), 322–347. https://doi.org/10.1016/j.aos.2008.08.002
  5. Hared, B., & Abdullah, Z. (2013). Management Control Systems : A review of literature and a theoretical framework for future researches. European Journal of Business and Management, 5(26), 1–
  6. Malmi, Teemu & Brown, David A. (2008) Management control systems as a package –Opportunities, challenges and research directions. Management Accounting Research,vol. 19, no. 4, pp. 287-300.
  7. Merchant, Kenneth A. & Van der Stede, Wim A. (2007) Management Control Systems: Performance Measurement, Evaluation and Incentives 2nd edition, Malaysia: Pearson Education Limited
  8. Nørreklit,H. (2000). The Balanced Scorecard—a critical analysis of some of its assumptions. Management Accounting Research, March
  9. Robert K. Yin , Case Study Research: Design and Methods, Fourth Edition, Applied Social Research Methods Volume 5, Sage Publications Incorporated (2008) 240 pages, Paperback, RRP AU$ 65.00, ISBN: 9781412960991
  10. Thompson, A. A., Gamble, J. E., & Strickland, A. J. 2004. Strategy: core concepts, analytical tools, readings: McGraw-Hill Companies.
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