Consumers Decision: Imitate Foreign Brands

Consumers Decision: Imitate Foreign Brands 1.1 Introduction Nowadays, many businesses have launched in the market. But its not easy to make appreciate for every people. Maybe, that is a reason of the customer decision. While, the student is part of purchasing power that the trader directed. Consumer behaviour is the study of how individuals make decision to spend their available resources on consumption-related item(SchiffmanKanuk, 1997). In University the product is important for the student. While, the product not cover all student because maybe the teenager choose the product follow the life style that their love. So, the product have more effected to decision purchasing with the student in teen ages. Specially, the foreign brand is trust brand that have support purchasing power by the customer. In Global setting, every product have evaluated and developed all time for customer need that is heart of competition in a commercial sale. The most people have selected the product follow several factor. So, the companies will be improving your products. Otherwise, the customers that have purchasing power can be change to other royalty brand. The better they understand the factors underlying consumer behaviour (Assael, 1998). The better able they are developing effective marketing strategies to meet consumer needs. In National setting, the several factor to make a purchase. Its reason to consider for trader to select product that sales and support. The several factor have effect to making a purchase (Scheinberg, 1992) such as marketing strategies, sex, ages, occupation, prices and also the product name have a reputation values. The last factor is important to study that why the brand name have effected to customer decision. Locally, the product names have a reputation values is the trust brand. The product that sale for student in business bachelor administration for Rajamangala University of Technology Thanyaburi will be in trends to response their customer in this age. This study concern with the behaviour in making a purchase that Brand is what consumers purchase and product is what consumers use; this shows that branding is very important. The brand name is the trust brands that have effected to make a purchase. Present, student cant said that dont love their brand name and specially, the foreign brand is part factor to making a purchase. Even though, the trust brand has copyright infringement but the student will buy for owner that products. May be, the lower prices and closer style of real band are instead in using. Follow the plaza, student would like to view every week and someone choose to owner. While, the real trust band name from foreign in the Leading department stores have student only high purchasing power that only few percentage. All of behaviour from student in business bachelor administration for Rajamangala University of Technology Thanyaburi is thing to study for know the reason why their choosing. Consumers make many buying decisions every day (Kotler Armstrong, 2001). Most large companys research consumer buying decisions in great detail to answer question about what consumers buy where they but, how and how much they buy, when they buy, and why they buy. 1.2 Statement of the Problem Foreign brands are expensive for students. Quality of product imitates. The current materialism of society makes students feel like they have to buy foreign brand products or imitations of them. The personality of the customers. 1.3 Research Objective The objective of the study is to meet the answers of the problem; Foreign brands are expensive for students. Quality of product imitates. The current materialism of society makes students feel like they have to buy foreign brand products or imitations of them. The personality of the customers. The answer to the problem is as follow: To find out how the price of foreign brand products and imitations of them influence decision making. To find out how the quality of foreign brand products and imitations of them influence decision making. To find out how the social value of foreign brand products and imitations of them influence decision making. To find out the supplement personality of foreign brand products and imitations of them influence decision making. . 1.4 Scope of research The scope of this research is the population studying at Rajamangala University of Technology Thanyaburi. This includes males and females aged 18-25 years old of 11 different faculties totalling approximately 24,053 people. (http://www.oreg.rmutt.ac.th/SKOStdCourse/2552/report%203-2.asp) The sample in this study was students from the faculty of Business Administration, University of Technology Rajamangala Thanyaburi. This faculty has seven branches including both men and women aged 19-25 years who make a purchases by themselves; a total of 6,299 people. The variables studied: Independent variables are students gender, age, department of study and the year of study. Dependent variable is the attitude toward buying foreign brand products (price, quality, brand names and value.) 1.5 Limitations of the Research We acquired this information by sending questionnaires to students at Rajamangala University of Technology Thunyaburi; this includes both men and women. One of the limitations of this study is, if a sample of students does not send the questionnaire back to the researcher, or if they send it back incomplete. Another limitation is the amount of time we have is to send the survey to the students, receive the information and calculate the received information. 1.6 Significance of the study This research is a study of factors that influence behaviour of students (of business administration at Rajamangala University of Technology Thanyaburi) when buying product imitated foreign brands. The findings of this study will help those interested in doing business foreign or interested in operating foreign brands companies by determining marketing strategies to suit the needs of target customers. 1.7 Definition of Terms Foreign brands are expensive for students. The students will receive the money from their parent. So, they dont have money to buy foreign brands product. Quality of product imitates. Continually, imitates products quality have very good quality compare to foreign brand products, so there is a choice for students who has limited their money and want to use same brand but good quality. The current materialism of society makes students feel like they have to buy foreign brand products or imitations of them. Following the student social in university, the students want to be in trend of fashion for concept from their friends. The personality of the customers. Some students, they dont have confident in themselves. So, the students will use the product from foreign brands to help them have more confident. CHAPTER II Review of related literature and studies 2.1 Definition and Features of the Independent Variable In this chapter, discusses the title of research. Because this research is relevant to consumers: students of business administration at Rajamangala University of Technology Thanyaburi. So, need to know the meaning of consumer behaviour on buying for study factors affecting the decision of the students. Consumer behaviour is the study of how individuals make decision to spend their available resources on consumption-related item. It includes the study of what they buy, why they buy it, when they buy it, where they buy it, how often they buy it, and how often they use it (Schiffman Kanuk, 1997). The aim of marketing is to meet and satisfy target customers needs and want. The field of consumer behaviour studies how consumer select, buy, use, and dispose of products, services, ideas, or experiences to satisfy needs and desires (Kotler, 2003). Marketers have come to realize that their effectiveness in meeting consumer needs directly influences their profitability. The better they understand the factors underlying consumer behaviour. The better able they are developing effective marketing strategies to meet consumer needs (Assael, 1998). Consumers make many buying decisions every day. Most large companys research consumer buying decisions in great detail to answer question about what consumers buy where they but, how and how much they buy, when they buy, and why they buy (KotlerArmstrong, 2001). Possibly the most challenging concept in marketing deals with understanding why buyers do what they do. But such knowledge is critical for marketers since having a strong understanding of buyer behaviour will on what is important to the consumer and also suggest the important influences on consumer decision-making. Using this information, marketers can create marketing programs that they believe will be of interest to consumers (Kanhasiri, 2006) In addition to this, also need to know meaning of the word imitate foreign brands. Imitate foreign brands means the product copy as products of a foreign brand. Popular products make copy are bags, watches, clothes, and shoes. The imitate foreign brands products that we know and see often in everywhere are Chanel, Louis Vuitton, Nike, Christian Dior, Gucci and etc (Kanhasiri, 2006 ). 2.2 Theories Related to the Independent Variable (s) 2.2.1 Foreign brands are expensive for students. Prices, product differentiation and quality measurement: a comparison between hedonic and matched model methods studied by Gian Maria Tomat (2005); related contributions to Pakes, Berry and Levinsohn (1993) and Nevo (2003) consider the problem of making exact welfare comparisons on the basis of the estimated parameters of consumer preferences in a discrete choice model. This approach has been used in these works to study problems such as the effect on consumer welfare of changes in environmental regulation or of the introduction of a new brand of a product. Specifying the consumers choice problem in the space of product characteristics, simplifies the analysis in comparison with analogous problems studied on the grounds of traditional demand theory, as is done for example in works by Hausman. However, the results of the prices, product differentiation and quality measurement: a comparison between hedonic and matched model methods studies show that the approach can at most generate up per and lower bounds to the true price indexes and the empirical evidence shows that these bounds are usually quite wide. 2.2.2 Quality of product imitates. From Quantity-Discount Dependent Consumer Preferences and Competitive Non-linear Pricing studied by Z. Jane Gu and Sha Yang (2009); they investigated the quantity-discount effect, a type of transaction utility consumers derived from the unit price difference between a small and a large package size of the same product in a non-linear pricing environment. Consumers may perceive quantity discounts as gains for purchasing larger package sizes with lower unit prices, or as losses for purchasing smaller package sizes with higher unit prices. In addition, consumers may differ in their tendencies to perceive quantity discounts as gains or losses. 2.2.3 The current materialism of society makes students feel like they have to buy foreign brand products or imitations of them. Post-Materialism as a Cultural Factor Influencing Entrepreneurial Activity across Nations studied by Lorraine M. Uhlaner, Roy Thurik and Jan Hutjes(2002); the underlying premise of this research study is that the material gains that are central or crucial to entrepreneurial activity are of less value to post-materialist individuals. The Research by McGrath, MacMillan and Scheinberg (1992) shows that individual entrepreneurs from a wide variety of countries are more likely to have materialistic values; such as viewing success as making lots of money, than their non-entrepreneur counterparts. However, they do not test for country differences. Blais and Toulouse (1998) made such comparisons and conclude that entrepreneurs across countries tend to have similar motivations. In another studied of individual entrepreneurs Robichaud, McGraw and Roger (2001) find a positive correlation between extrinsic motivation of the entrepreneur and sales performance whereas they find negative relationsh ips between the independent variables, intrinsic motivation and autonomy and independence on the one hand and the dependent variable, sales performance, on the other. These findings are interesting because at the micro-level they correspond to the thesis that entrepreneurs, especially successful ones, are more materialistic than their counterparts. Lacking comparable research at the macro level of analysis, we can only draw on these studies for our hypotheses. In particular, assuming that trends from the micro level can be aggregated to the societal level, we predict that the relationship between post-materialism and entrepreneurship is also negative, i.e., the less materialistic the culture, the fewer people choose to become self-employed. The central hypothesis of the present paper then reads: The more post-materialistic the culture, the lower the overall level of entrepreneurship. 2.2.4 The personality of the customers. Consumer Assessment of Social Product Features: An Empirical Investigation Using Choice Experiments by Pat Auger, Timothy M. Devinney and Jordan J. Louviere studied the growing importance of this topic can be seen in the current movement toward social accountability audits (Economist 1999), and the increasing amounts of money that corporations spend to fix systems under pressure from increasingly sophisticated interest groups. Their research is relevant to this issue because it shows that although consumers do not understand the ethical dimensions of the products they purchase, their purchases can be influenced by these dimensions if properly presented. From a managerial perspective, more work needs to be done on educating consumers to the hidden ethical nature of the products they purchase. Corporations also need to understand which customers care about ethical dimensions and what dimensions they care about. However, our results also suggest that consumers wont sacrifice product per formance for ethical considerations in spite of what activists might hope. 2.3 Critical Analysis/Discussion of the Theories Related to the Independent Variable Motivation Theory 2.3.1 Maslows Hierarchy of Needs; (Abraham Maslow,1908-1970) Abraham Maslow was a psychologist. He developed a theory called the Hierarchy of Needs. This hierarchy referred to the various needs that he believed characterised humans. He identified five main human needs. These are: Physiological needs These include the most basic needs that are vital to survival, such as the need water, air, food and sleep. Maslow believed that these needs are the most basic and instinctive needs in the hierarchy because all needs become secondary until these physiological needs are met. Security Needs These include needs for safety and security. Security needs are important for survival, but they are not as demanding as the physiological needs. Examples of security needs include a desire for steady employment, health insurance, safe neighborhoods and shelter from the environment. Social Needs These include needs for belonging, love and affection. Maslow considered these needs to be less basic than physiological and security needs. Relationships such as friendships, romantic attachments and families help fulfill this need for companionship and acceptance, as involvement in social, community or religious groups. Esteem Needs After the first three needs have been satisfied, esteem needs becomes increasingly important. These include the need for things that reflect on self-esteem, personal worth, social recognition and accomplishment. Self-actualizing Needs This is the highest level of Maslows hierarchy of needs. Self-actualizing people are self-aware, concerned with personal growth, less concerned with the opinions of others and interested fulfilling their potential. Figure 1 Maslows Hierarchy of Needs Maslow suggested that the first need dominates a persons behavior until it is satisfied, and then the second, and so on. A learner would not be interested in learning, need 5, until needs 3 or 4; belonging and being esteemed by others had been satisfied. Nor indeed, would they be interested in learning until they were warm, and replete. A light, airy, warm, comfortable safe learning environment, adequate comfort breaks and realistic timings can help to facilitate these conditions. An awareness of, and proactive approach to, group dynamics will also help to satisfy (or at least not de-satisfy) some of the affiliation and esteem needs. (Abraham Maslow, 1908-1970) (Source:http://www.envisionsoftware.com/articles/Maslows_Needs_Hierarchy.html) 2.3.2 Clayton Alderfers ERG Theory; (Clayton Alderfer, 1969) An attempt to simplify Maslows needs theory was put forward by psychologist Clayton Alderfer with his ERG theory. Both theories see needs as the motivating force behind behaviour. People are motivated to do things by different needs, of which Alderfer identified three: Existence Needs Include all material and physiological desires (e.g., food, water, air, clothing, safety, physical love and affection) Maslows first two levels. Relatedness Needs Encompass social and external esteem; relationships with significant others like family, friends, co-workers and employers. This also means to be recognized and feel secure as part of a group or family. Maslows third and fourth levels. Growth Needs Internal esteem and self actualization; these impel a person to make creative or productive effects on himself and the environment (e.g., to progress toward ones ideal self). Maslows fourth and fifth levels. This includes desires to be creative and productive, and to complete meaningful tasks. Figure 2 Clayton Alderfers ERG Theory Alderfer argued that it was possible to move in either direction. This means that, if growth needs become difficult or impossible to meet, frustration regression occurs, causing individuals to concentrate on fulfilling their relatedness and their existence needs. Unsatisfied needs, therefore, become less rather than more important. Maslow proposed the opposite. In this study the researchers used two theories are Maslows Theory (Maslows hierarchy of needs) and Clayton Alderfers ERG Theory are main formulated in this study (Clayton Alderfer, 1969). (Source: http://www.envisionsoftware.com/articles/ERG_Theory.html) 2.4 Discussion of the Dependent Variable The price of products have effected to making decision. In addition, Arthur Rafael (2002) found When the new product launches and better quality also this product will be compared to increase price. While, Aart Jaume (2000) said that When the products have high demand so the products prices that will be increase on demand also Ray (2002) found Business will find the ways to avoid the problem to improve the popular product and harder to imitate for decrease their risk as a result Amine, Taimur Joseph (2007) supported Vendors will be developing price products to get the popularity may be the consumers using pirated goods in fact Gian (2006) said that The price is appropriate adjustments so the product will be popular Increasing then Xavier Giround (2008) found The quality prices will be changed follow the quality products in the past Laszlo Miklos (2004) stated The import product price will be rise follow depend on the technology and competitive environment of the buyer. On the other hand, Joanna (2006) found The analysis of price convergence to the consumer market is examined on aggregate and disaggregates levels although Peter, Judith Anil (2002) stated The decision purchas e of consumer will depend on price by the lower price also the purchasing power that so rise. Finally, Emek (2005) supported The quantity the price of a low-cost have more effected to consumer decision. The quality of product imitates have effected to making decision when, Wong Zhou (2005) found perceived value has a greater effect on purchase intention for conspicuous foreign products While, Heflin, Shaw Wild found The liquidity of equity markets depends on quality information and Faruq (2006) found RD activities and FDI inflows are important determinants of quality then Sharma found The brand must be relevant to a latent need of the consumer but Jin Leslie (2002) found Providing people with better information causes people to change their purchase decisions and causes  ¬Ã‚ rms to modify their behaviour while Orosel Zauner (2003) found goods quality is unobservable to buyers, a continuum of quality levels is technologically feasible, and minimum quality is supplied under competitive conditions although Koppius Heck(2002) found Electronic auctions have rapidly increase d in popularity, but the consequences of switching to an electronic auction are unclear Moreover Borin Lamieri (2008) found empirical studies over clear evidence on the increasing importance of intra-industry trade in presence of vertically deferential products however Matsa (2009) found Product quality is an important element of competition in a wide range of markets, including the supermarket industry in addition Bertini, Wathieu Iyengar (2010) found parsimony and simplicity in consumption is necessarily advantageous across all categories of business The current materialism of society makes students feel like they have to buy foreign brand products or imitations of them have effected to making decision then, Mehrotra (1919) found collect various technical information about managing your tax affairs and mergers and acquisitions, tax law and the special rights or intellectual property rights and the idea of the American company. Each other based on principles of law and political economy of the country. while Closius (1995) said that the termination of the movement of certain groups of people in America with a change to the political policy of national unification and the creation of justice to occur and create social awareness to the public more than ever Moreover Kyvelidis (2001) stated that Measure currents in the Black Socialist materialism may be obtained from the GDP of each country, which evaluates the value per head was increased from the current popularity with the increasing materialism. After that Anderson (2001) has found that satisfaction in materialism is one of the psychological problems that make people in society are trying to do everything to get it occupied, such as car, house and fashion. And Boven (2005) study that most people want to live well and happily in every person and found that materialism, such as the car home fashion is important to create happiness for them very good. However, Uhlaner, Thurik, Hutjes (2002) supports that found that entrepreneurs across countries tend to find a way to trade against the competition in trade and create stability for themselves as to dominate the growing market and found that many of the cultural factors and materialism of the people affected. In addition Fuchs said that the theories of cultural objects are important factors correlated with the values of people in society. Therefore Sarkar(1996) found the role of men is to purchase goods and Research indicates that attitudes in the possession of materialism rather than value of the object with the purchase of such products used in life Which led to satisfaction and success of many people. As a result of Kroh (2008) discovered that the role of the purchases is likely to change the price level and economic security but Boven, Campbell Gilovich(2005) the study found that current flow in the materialism in society more selfish, selfish private interests over public. The personality of the customers have effected to making decision when, Devinney Louviere (1986) study that of interpersonal psychology, ethics and personality have been shown correlated with the number of complex social problems. While Rajagopol (1986) found that of the model to measure the performance of brands and attitudes, including personalities, image, reputation and trust. But Balaji a Raghavan (1970) discovered that Cultures and different image for the product of themes related to technology and brand reputation. Therefore Pandey (1968) found that Experiment designed to examine the role and relevance of the personality of the person. Found that the advertisement or communication program plays an important role in the perception of brand personality although Bartholomew Horowitz (1994) study that Changes in market and competition has reduced the cost of marketing and new product introductions, including the risk of failure of the product. Thus Sharma (1997) supports that w e also found that consumer ratings of management performance in the context of consumer retail low but Zhenzhong Ma (1970) found that Aims to create understanding about the local brand can survive. In fact Mckenzie Woodruff (1964) study that present the basic concepts for exploring the relationship between personality and patterns of conflict behavior and business negotiations. Then Koufopoulos (1999) stated that Product innovation. Personality and affect a very important opportunity to entrepreneurs to innovate. Finally, Kanhasiri (1990) found that Products and measure the relationship between the feature comparison in the future. Quantitative methods of analysis and means of collecting data, frequency analysis of research and planning data in line charts and bar graphs and suggestions for future research will take effect to competitors with better customer loyalty. 2.5 Relationship of the Independent Variable (s) to the Dependent Variable Arthur Rafael (2002) found When the new product launches and better quality also this product will be compared to increase price. Although many business office products are brand name copyright infringement very seriously and prohibit all research and product development at the time out to study consumer satisfaction, with the updates of new products out of the market demand. But still have other business products illegally copied out widely. Consumers like the products that they are cheaper and look like the real. While, Aart Jaume (2000) said that When the products have high demand so the products prices that will be increase on demand Cheap is increasing on demand. Many consumers decided to buy imitation products backpack instead of the genuine product is expensive. Also Ray (2002) found Business will find the ways to avoid the problem to improve the popular product and harder to imitate for decrease their risk The quality of product imitates have effected to making decision when, Wong Zhou (2005) found perceived value has a greater effect on purchase intention for conspicuous foreign products and Faruq (2006) found RD activities and FDI inflows are important determinants of quality The Company that manufacture high quality products to the market are disclosed information to consumers less known because those are important to the company and the liquidity of the market. The company has disclosed only basic information only. Countries are exporters of quality differences. This is the result of differences in factors such as endowment, technology, research and development (RD). While, Heflin, Shaw Wild found The liquidity of equity markets depends on quality information The current materialism of society makes students feel like they have to buy foreign brand products or imitations of them have effected to making decision then, Anderson (2001) has found that satisfaction in materialism is one of the psychological problems that make people in society are trying to do everything to get it occupied, such as car, house and fashion. And Boven (2005) study that most people want to live well and happily in every person and found that materialism, such as the car home fashion is important to create happiness for them very good. The materialism is satisfied from the hearts of individual values resulting psychological advantage over the other now, value of the crop cover materialism has resulted in increasing attitude of buying commercial end epicurean and often not satisfied with the simple life and different people require a comfortable life. Although materialism has a negative effect, but many people will want to own it like a big house, luxury cars, expen sive clothes , beautiful furniture and other. Because human needs are infinite, they seek what they want to come and have a genuine product if the price is too high, making them purchases commercial grade copy. Although it is copied, it can substitute the same name that looks realistic and cheaper it is one reason consumers purchase decision without regard to copyright infringement laws. The personality of the customers have effected to making decision when Devinney Louviere (1986) study that of interpersonal psychology, ethics and personality have been shown correlated with the number of complex social problems. While Rajagopol(1986) found that of the model to measure the performance of brands and attitudes, including personalities, image, reputation and trust. But Balaji a Raghavan (1970) discovered that Cultures and different image for the product of themes related to technology and brand reputation. Therefore Pandey (1968) found that Experiment designed to examine the role and relevance of the personality of the person. Found that the advertisement or communication program plays an important role in the perception of brand personality The cultural and social including kick similar picture with Bush. This is sometimes the product to the personality of our products or we like it because it is often too expensive brand, so many people chose to be turned to imitate instead of the actual product. 2.6 Previous Studies There are 4 standards section; Introduction background The brand name is the trust brand that have effected to making a purchase from student at RMUTT. Now, the student say love brand name. According to Schiffman Kanuk (1997) Consumer behaviour is the study of how individuals make decision to spend and choose this things. When, notice the students that show their use accessories brand name. This is normal happen now but its not fair in their suppliers that think and make it for sale. While, the real trust band name from overseas in the Leading department stores have student only high purchasing power that only few percentage. Behaviour from student in business bachelor administration for Rajamangala University of Technology Thanyaburi is thing to study for know the reason why their choosing. Methods The methods to study behavior of student at RMUTT such as notice, questionnaires, and bring the theory that related to concerning study with case study. Result Now days, Counterfeiting is so much. In a view of supplier, the so called product piracy can be only roughly outlined. The Experts and everyone, who well know that product piracy: trade mark rights in

The Characters in Troilus and Criseyde

Characters Achilles, warrior who kills Troilus and Hector in battle Antenor, a soldier held captive by the Greeks, led to the fall of Troy, traded for Criseyde's safety Calchas, a Trojan prophet who joins the Greeks Criseyde, Calchas' daughter Helen, wife to Menelaus, lover of Paris Pandarus, Criseyde's uncle, advises Troilus in the wooing of Criseyde Priam, King of Troy Cassandra, Daughter of Priam, a prophetess at the temple of Apollo Hector, Prince of Troy, fierce warrior and leader of the Trojan armies Troilus, Youngest son of Priam, and wooer of Criseyde Paris, Prince of Troy, lover of HelenDeiphobus, Prince of Troy, aids Troilus in the wooing of Criseyde Synopsis Criseyde, the daughter of the seer Calchas, lives alone in Troy after her father abandons the Trojans to help the Greeks. Eventually she catches the eye of Troilus, a man who had previously scoffed at love, and becomes the object of his overwhelming desire. With the help of Criseyde’s uncle Pandarus he wins her love but soon loses it when the Greeks and the Trojans conduct an exchange of prisoners. Calchas, who knows of Troy’s imminent destruction, persuades the Greeks to exchange Antenor for his daughter and thus saves her from the doomed city.Criseyde promises Troilus that she’ll return to him after ten days but once she’s back in the care of her father she realizes the impossibility of her promise. Resigned to her fate, Criseyde yields to the flirtations of Diomedes, and her love for Troilus fades. When Deiphobus wins the armor of Diomedes, Troilus discovers a brooch he gave Criseyde upon her departure pinned to it. Heartbroken, he tries to find Diomedes and take his revenge during battle but after slaying many is in his turn killed by Achilles. As his spirit goes to heaven he reflects on the absurdity of all life itself. work cited Wikipedia online encyclopaedia

Export Finance in India Essay

Credit and finance is the life and blood of any business whether domestic or international. It is more important in the case of export transactions due to the prevalence of novel non-price competitive techniques encountered by exporters in various nations to enlarge their share of world markets. The selling techniques are no longer confined to mere quality; price or delivery schedules of the products but are extended to payment terms offered by exporters. Liberal payment terms usually score over the competitors not only of capital equipment but also of consumer goods. The payment terms however depend upon the availability of finance to exporters in relation to its quantum, cost and the period at pre-shipment and post-shipment stage. Production and manufacturing for substantial supplies for exports take time, in case finance is not available to exporter for production. They will not be in a position to book large export order if they don’t have sufficient financial funds. Even merchandise exporters require finance for obtaining products from their suppliers. This term paper is an attempt to throw light on the various sources of export finance available to exporters, the schemes implemented by ECGC and EXIM for export promotion and the recent developments in this field. Concept of Export Finance: The exporter may require short term, medium term or long term finance depending upon the types of goods to be exported and the terms of statement offered to overseas buyer. The short-term finance is required to meet â€Å"working capital† needs. The working capital is used to meet regular and recurring needs of a business firm like purchase of raw material, payment of wages and salaries, expenses like payment of rent, advertising etc. The exporter may also require â€Å"term finance† for medium and long term financial needs such as purchase of fixed assets and long term working capital. Export finance is short-term working capital finance allowed to an exporter. Finance and credit are available not only to help export production but also to sell to overseas customers on credit. Objectives of Export Finance: †¢ To cover commercial & Non-commercial or political risks attendant on granting credit to a foreign buyer. †¢ To cover natural risks like an earthquake, floods etc. An exporter may avail financial assistance from any bank, which considers the ensuing factors: a) Availability of the funds at the required time to the exporter. b) Affordability of the cost of funds. Appraisal: Appraisal means an approval of an export credit proposal of an exporter. While appraising an export credit proposal as a commercial banker, obligation to the following institutions or regulations needs to be adhered to. Obligations to the RBI under the Exchange Control Regulations are: †¢ Appraise to be the bank’s customer. †¢ Appraise should have the Exim code number allotted by the Director General of Foreign Trade. †¢ Party’s name should not appear under the caution list of the RBI. Obligations to the Trade Control Authority under the EXIM policy are: †¢ Appraise should have IEC number allotted by the DGFT. †¢ Goods must be freely exportable i.e. not falling under the negative list. If it falls under the negative list, then a valid license should be there which allows the goods to be exported. †¢ Country with whom the Appraise wants to trade should not be under trade barrier. Obligations to ECGC are: †¢ Verification that Appraise is not under the Specific Approval list (SAL). †¢ Sanction of Packing Credit Advances. Guidelines for banks dealing in Export Finance: When a commercial bank deals in export finance it is bound by the ensuing guidelines: – a) Exchange control regulations. b) Trade control regulations. c) Reserve Bank’s directives issued through IECD. d) Export Credit Guarantee Corporation guidelines. e) Guidelines of Foreign Exchange Dealers Association of India. Export-import bank of India (EXIM Bank) The Export-import bank of India (EXIM Bank) was set up in January 1982 as a statutory corporation wholly owned by central government. It is managed by the Board of Directors with repatriation from Government, financial institutions, banks and business community. The main objective of Export-Import Bank (EXIM Bank) is to provide financial assistance to promote the export production in India. The financial assistance provided by the EXIM Bank widely includes the following: †¢ Direct financial assistance †¢ Foreign investment finance †¢ Term loaning options for export production and export development †¢ Pre-shipping credit †¢ Buyer’s credit †¢ Lines of credit †¢ Re-loaning facility †¢ Export bills rediscounting †¢ Refinance to commercial banks The Export-Import Bank also provides non-funded facility in the form of guarantees to the Indian exporters. †¢ Development of export makers †¢ Expansion of export production capacity †¢ Production for exports †¢ Financing post-shipment activities †¢ Export of manufactured goods †¢ Export of projects †¢ Export of technology and software’s Export financing programmes provided by EXIM Bank India EXIM INDIA offers a range of financing programs that match the menu of Exim Banks of the industrialized countries. The Bank provides competitive finance at various stages of the export cycle covering. EXIM INDIA operates a wide range of financing and promotional programs. The Bank finances exports of Indian machinery, manufactured goods, and consultancy and technology services on deferred payment terms. EXIM INDIA also seeks to co-finance projects with global and regional development agencies to assist Indian exporters in their efforts to participate in such overseas projects. The Bank is involved in promotion of two-way technology transfer through the outward flow of investment in Indian joint ventures overseas and foreign direct investment flow into India. EXIM INDIA is also a Partner Institution with European Union and operates European Community Investment Partners’ Program (ECIP) for facilitating promotion of joint ventures in India through technical and financial collaboration with medium sized firms of the European Union. The Export- Import Bank of India (Exim Bank) provides financial assistance to promote Indian exports through direct financial assistance, overseas investment finance, term finance for export production and export development, pre-shipping credit, buyer’s credit, lines of credit, relending facility, export bills rediscounting, refinance to commercial banks. Loans to Indian Entities: †¢ Deferred payment exports: Term finance is provided to Indian exporters of eligible goods and services, which enables them to offer deferred credit to overseas buyers. Deferred credit can also cover Indian consultancy, technology and other services. Commercial banks participate in this program directly or under risk syndication arrangements. †¢ Pre-shipment credit: finance is available from Exim Bank for companies executing export contracts involving cycle time exceeding six months. The facility also enables provision of rupee mobilization expenses for construction/turnkey project exporters. †¢ Term loans for export production: Exim Bank provides term loans/deferred payment guarantees to 100% export-oriented units, units in free trade zones and computer software exporters. In collaboration with International Finance Corporation. Washington, Exim Bank provides loans to enable small and medium enterprises to upgrade their export production capability. †¢ Overseas Investment finance: Indian companies establishing joint ventures overseas are provided finance towards their equity contribution in the joint venture. †¢ Finance for export marketing: This program, which is a component of a World Bank loan, helps exporters implement their export market development plans. Loans to Commercial Banks in India: †¢ Export Bills Rediscounting: Commercial Banks in India who are authorized to deal in foreign exchange can rediscount their short term export bills with Exim Banks, for an unexpired usage period of not more than 90 days. †¢ Refinance of Export Credit: Authorized dealers in foreign exchange can obtain from Exim Bank 100% refinance of deferred payment loans extended for export of eligible Indian goods. †¢ Guaranteeing of Obligations: Exim Bank participates with commercial banks in India in the issue of guarantees required by Indian companies for the export contracts and for execution of overseas construction and turnkey projects. Industrial Finance Corporation of India (IFCI) Government of India came forward to set up the Industrial Finance Corporation of India (IFCI) in July 1948 under a Special Act. The Industrial Development Bank of India, scheduled banks, insurance companies, investment trusts and co-operative banks are the shareholders of IFCI. The Government of India has guaranteed the repayment of capital and the payment of a minimum annual dividend. Since July I, 1993, the corporation has been converted into a company and it has been given the status of a Ltd. Company with the name Industrial Finance Corporations of India Ltd. IFCI has got itself registered with Companies Act, 1956. Before July I, 1993, general public was not permitted to hold shares of IFCI, only Government of India, RBI, Scheduled Banks, Insurance Companies and Co-operative Societies were holding the shares of IFCI. Management of IFCI: The corporation has 13 members Board of Directors, including Chairman. The Chairman is appointed by Government of India after consulting Industrial Development Bank of India. He works on a whole time basis and has tenure of 3 years. Out of the 12 directors, four are nominated by the IDBI, two by scheduled banks, two by co-operative banks and two by other financial institutions like insurance companies, investment trusts, etc. IDBI normally nominates three outside persons as directors who are experts in the fields of industry, labour and economics, the fourth nominee is the Central Manager of IDBI. The Board meets once in a month. It frames policies by keeping in view the interests of industry, commerce and general public. The Board acts as per the instructions received from the government and IDBI. The Central Government reserves the power up to the Board and appoints a new one in its place. IFCI also has Standing Advisory Committees one each for textile, sugar, jute, hotels, engineering and chemical processes and allied industries. The experts in different fields appointed on Advisory Committees. The chairman is the ex-officio member of all Advisory Committees. All applications for assistance are first discussed by Advisory Committees before they go to Central Committees. Financial Resources of IFCI: The financial resources of the corporation consist of share capital bonds and debentures and borrowings. a) Share Capital: The IFCI was set up with an authorized capital of Rs. 10crores consisting of 20,000 shares of Rs. 5,000 each. This capital was later on increased at different times and by March, 2003 it was Rs. 1068 crores. b) Bonds and Debentures: The Corporation is authorized to issue bonds and debentures to supplement its resources but these should not exceed ten times of paid-up capital and reserve fund. The bonds and debentures stood at a figure of Rs.15366.5 crores as on 31st March 2003. c) Borrowings: The Corporation is authorized to borrow from government IDBI and financial institutions. Its borrowings from IDBI and Govt. of India were Rs. 975.6 crore on March 31, 2003. Total assets of IFCI as on March 31, 2003 aggregated Rs. 22866 crore. Functions of IFCI: o Granting loans or advances to or subscribing to debentures of industrial concerns repayable within 25 years. Also it can convert part of such loans or debentures into equity share capital at its option. o Underwriting the issue of industrial securities i.e. shares, stock, bonds, or debentures to be disposed off within 7 years. o Subscribing directly to the shares and debentures of public limited companies. o Guaranteeing of deferred payments for the purchase of capital goods from abroad or within India. o Guaranteeing of loans raised by industrial concerns from scheduled balls or state co-operative banks. †¢ Acting as an agent of the Central Government or the World Bank in respect of loans sanctioned to the industrial concerns. IFCI provides financial assistance to eligible industrial concerns regardless of their size. However, now-a-days, it entertains applications from those industrial concerns whose project cost is about Rs. 2 crores because up to project cost of Rs. 2 crores various state level institutions (such as Financial Corporations, SIDCs and banks) are expected to meet the financial requirements of viable concerns. While approving a loan application, IFCI gives due consideration to the feasibility of the project, its importance to the nation, development of the backward areas, social and economic viability, etc. The most of the assistance sanctioned by IFCI has gone to industries of national priority such as fertilizers, cement, power generation, paper, industrial machinery etc. It has sanctioned nearly 49 per cent of its assistance for projects in backward districts. IFCI introduced a scheme for sick units also. The scheme was for the revival of sick units in the tiny and small scale sectors. Another scheme was framed for the self-employment of unemployed young persons. The corporation has diversified not only merchant banking but also financing of leasing and hire purchase companies, hospitals, equipment leasing etc. were the other new activities of the corporation in the last few years. Promotional Activities: The promotional role of IFCI has been to fill the gaps, either in the institutional infrastructure for the promotion and growth of industries, or in the provision of the much needed guidance in project intensification, formulation, implementation and operation, etc. to the new tiny, small-scale or medium scale entrepreneurs or in the efforts at improving the productivity of human and material resources. (a) Development of Backward Areas: –IFCI introduce a scheme of confessional finance for projects set up in backward areas. The backward-districts were divided into three categories depending upon the state of development there. All these categories were eligible for concessional finance. Nearly 50 per cent of total lending of IFCI has been to develop backward areas. (b) Promotional Schemes:- IFCI has been operating six promotional schemes with the object of helping entrepreneurs to set up new units, broadening the entrepreneurial base, encouraging the adoption of new technology, tackling ‘the problem of sickness and promoting opportunities for self development and Self employment of unemployed persons etc. These schemes are as such: 1. Subsidy for Adopting Indigenous Technology 2. Meeting Cost of Market Studies 3. Meeting Cost of Feasibility Studies 4. Promoting Small Scale and Ancillary Industries 5. Revival of Sick Units 6. Self-development and Self employment Scheme Export Credit Guarantee Corporation of India (ECGC) In order to provide export credit and insurance support to Indian exporters, the GOI set up the Export Risks Insurance Corporation (ERIC) in July, 1957. It was transformed into export credit guarantee corporation limited (ECGC) in 1964. Since 1983, it is now know as ECGC of India Ltd. ECGC is a company wholly owned by the Government of India. It functions under the administrative control of the Ministry of Commerce and is managed by a Board of Directors representing government, Banking, Insurance, Trade and Industry. The ECGC with its headquarters in Bombay and several regional offices is the only institution providing insurance cover to Indian exporters against the risk of non-realization of export payments due to occurrence of the commercial and political risks involved in exports on credit terms and by offering guarantees to commercial banks against losses that the bank may suffer in granting advances to exports, in connection wi th their export transactions. Objectives of ECGC: †¢ To protect the exporters against credit risks, i.e. non-repayment by buyers †¢ To protect the banks against losses due to non-repayment of loans by exporters Covers issued by ECGC: The covers issued by ECGC can be divided broadly into four groups: âž ¢ STANDARD POLICIES: issued to exporters to protect them against payment risks involved in exports on short-term credit. âž ¢ SPECIFIC POLICIES: Designed to protect Indian firms against payment risk involved in (i) exports on deferred terms of payment (ii) service rendered to foreign parties, and (iii) construction works and turnkey projects undertaken abroad. âž ¢ FINANCIAL GUARANTEES: Issued to banks in India to protect them from risk of loss involved in their extending financial support to exporters at pre-shipment and post-shipment stages. âž ¢ SPECIAL SCHEMES: such as Transfer Guarantee meant to protect banks which add confirmation to letters of credit opened by foreign banks, Insurance cover for Buyer’s credit, etc. STANDARD POLICIES ECGC has designed 4 types of standard policies to provide cover for shipments made on short term credit: †¢ Shipments (comprehensive risks) Policy: – to cover both political and commercial risks from the date of shipment. †¢ Shipments (political risks) Policy:- to cover only political risks from the date of shipment †¢ Contracts (comprehensive risks) Policy:- to cover both commercial and political risk from the date of contract †¢ Contracts (Political risks) Policy :- to cover only political risks from the date of contract RISKS COVERED UNDER THE STANDARD POLICIES: 1. Commercial Risks a) Insolvency of the buyer b) Buyer’s protracted default to pay for goods accepted by him c) Buyer’s failure to accept goods subject to certain conditions 2. Political risks a) Imposition of restrictions on remittances by the government in the buyer’s country or any government action which may block or delay payment to exporter. b) War, revolution or civil disturbances in the buyer’s country. Cancellation of a valid import license or new import licensing restrictions in the buyer’s country after the date of shipment or contract, as applicable. c) Cancellation of export license or imposition of new export licensing restrictions in India after the date of contract (under contract policy). d) Payment of additional handling, transport or insurance charges occasioned by interruption or diversion of voyage that cannot be recovered from the buyer. e) Any other cause of loss occurring outside India, not normally insured by commercial insurers and beyond the control of the exporter and / or buyer. RISKS NOT COVERED UNDER STANDARD POLICIES: a) Commercial disputes including quality disputes raised by the buyer, unless the exporter obtains a decree from a competent court of law in the buyer’s country in his favour, unless the exporter obtains a decree from a competent court of law in the buyers’ country in his favour b) Causes inherent in the nature of the goods. c) Buyer’s failure to obtain import or exchange authorization from authorities in his county d) Insolvency or default of any agent of the exporter or of the collecting bank. e) loss or damage to goods which can be covered by commerci8al insurers f) Exchange fluctuation g) Discrepancy in documents. SPECIFIC POLICIES The standard policy is a whole turnover policy designed to provide a continuing insurance for the regular flow of exporter’s shipment of raw materials, consumable durable for which credit period does not normally exceed 180 days. Specific policies are issued in respect of Supply Contracts (on deferred payment terms), Services Abroad and Construction Work Abroad. 1) Specific policy for Supply Contracts: Specific policy for Supply contracts is issued in case of export of Capital goods sold on deferred credit. It can be of any of the four forms: a) Specific Shipments (Comprehensive Risks) Policy to cover both commercial and political risks at the Post-shipment stage b) Specific Shipments (Political Risks) Policy to cover only political risks after shipment stage. c) Specific Contracts (Comprehensive Risks) Policy to cover political and commercial risks after contract date. d) Specific Contracts (Political Risks) Policy to cover only political risks after contract date. 2) Service policy: Indian firms provide a wide range of services like technical or professional services, hiring or leasing to foreign parties (private or government). Where Indian firms render such services they would be exposed to payment risks similar to those involved in export of goods. Such risks are covered by ECGC under this policy. The policy covers 90%of the loss suffered. 3) Construction Works Policy: It covers civil construction jobs as well as turnkey projects involving supplies and services of both with private and foreign government. This policy covers 85% of loss suffered on account of contracts with government agencies and 75% of loss suffered on account of construction contracts with private parties. FINANCIAL GUARANTEES Exporters require adequate financial support from banks to carry out their export contracts. ECGC backs the lending programmes of banks by issuing financial guarantees. The guarantees protect the banks from losses on account of their lending to exporters. Six guarantees have been evolved for this purpose:- (i). Packing Credit Guarantee (ii). Export Production Finance Guarantee (iii). Export Finance Guarantee (iv). Post Shipment Export Credit Guarantee (v). Export Performance Guarantee (vi). Export Finance (Overseas Lending) Guarantee. These guarantees give protection to banks against losses due to non-payment by exporters on account of their insolvency or default. The ECGC charges a premium for its services that may vary from 5 paise to 7.5 paise per month for Rs. 100/-. The premium charged depends upon the type of guarantee and it is subject to change, if ECGC so desires.

The Ethics Of An Physician Assisted Suicide - 2729 Words

What is bioethics? According to Michigan State University, School of Medicine, it is defined as an activity that is shared, reflective, examination of ethical issues in healthcare, health science and health policy. It is the discussion of the information that should be given to the patient and the patients right to refuse or accept that information. It involves doctors and patients but scientists and politicians and the general public. It has brought significant change but also raises new questions. In any event the topic of discussion and the purpose of this term paper is to explore biology and the ethics of this natural science. The topic of this paper is Physician Assisted Suicide; it has been widely debated amongst doctors, patients, politicians and law makers. The question that will be explored is the fact of if this is wrong or right to do. The purpose of physician assisted suicide, as well as how humans manipulated this phenomenon, and the controversy of this topic, amongst ot her prevalent information will be discussed. There will be some court cases that will be mentioned to prove when it should be used and when it should not be used. I will attempt to provide my position to this topic, although it may be hard to do so. Laws in which PAS can be done will be mentioned as well as other alternatives to it. I hope and pray this is sufficient. Physician Assisted Suicide, as defined by the American Nursing Association, â€Å" is the means to end a patient’s life is provided toShow MoreRelatedThe Ethics Of Physician Assisted Suicide Essay1655 Words   |  7 Pagespersonal perception of a â€Å"good life† even if they are not hurting anyone else? The exceedingly divided dispute around the procedure of physician-assisted suicide (PAS) asks this very question. Although PAS is reasonably fresh to the sphere of moral matters it is often the main topic in many discussions about proper healthcare and palliative care. Physician-assisted suicide was initially permitted in the state of Oregon when the state passed its Death with Dignity Act in 1994 (Kotva, 2016). The Act requiresRead MoreThe Ethics Of Physician Assisted Suicide926 Words   |  4 Pagesquestioning the ethics of physician assisted suicide since the late 18th century. According to medicinenet the definition of physician assisted suicide is â€Å"the vol untary termination of one s own life by administrating a lethal substance with the direct assistance of a physician.† This would typically come into play if/when a critically ill patient wants to end their suffering. Confirming with the State-by-State Guide to Physician-Assisted Suicide, 5 states have Paquin 2 Legalized physician assisted suicideRead MorePhysician Assisted Suicide And Ethics725 Words   |  3 Pages Legality of Physician Assisted Suicide and Ethics Luz Garcia Taunton University of Texas Rio Grande Valley â€Æ' Abstract Physician assisted suicide is defined as a doctor intentionally killing a person by the administration of drugs, at that person’s voluntary and competent request. Research has been conducted in different countries to determine under what conditions this practice is acceptable. Most health care practitioners agree that this is only suitable when the patient in question is sufferingRead MoreThe Ethics Of Physician-Assisted Suicide1381 Words   |  6 PagesPhysician-assisted suicide can be the withholding of essential care, but it can also be the administration of lethal drugs either by the patient themselves or by a medical professional to end suffering from incurable diseases (Richmond, 2014). Is it fair to make someone live in chronic pain for the rest of their life when there are options? If someone has tried all options to live and have come to terms with no more options, is it okay to help them end their life? The choices do not come easy andRead MoreThe Ethics Of Physicia n Assisted Suicide1723 Words   |  7 PagesPhysician assisted suicide, the suicide of a patient suffering from an incurable disease, effected by the taking of lethal drugs provided by a doctor for this purpose. The question of whether or not this practice should be made legal in the United States has been one of controversy since 1997. Beginning with the case of Washington v. Glucksberg, where the United States Supreme Court ruled that the matter of the constitutionality of a right to a physician’s aid in dying, was best left up to the statesRead MoreUtilitarian And Virtue Ethics Of Physician Assisted Suicide1314 Words   |  6 PagesPhysician Assisted Suicide Physician assisted suicide or PAS is a controversial topic in the world today. But the important question is, should physician assisted suicides be allowed in cases such as: the patient’s suffering is far too great and there is no chance of them getting better? This is a highly debated issue, that has activist groups on both sides fighting for what they think is the right thing to do. Physician assisted suicides can stop the excruciating pain a patient is in, especiallyRead MoreEthics And Social Responsibility Of Physician Assisted Suicide Essay2503 Words   |  11 Pages Ethics in Physician Assisted Suicide Chataqua Wilson SOC120: Introduction to Ethics and Social Responsibility Instructor: Denise Antoon Augustl 1, 2014 Ethics in Physician Assisted Suicide Physician assisted suicide refers to the voluntary termination of the life of a particular patient. It is conducted through administering a lethal substance with direct or indirect assistance from the physician. The case of physician-assisted suicide has caused many debates.Read MorePhysician Assisted Suicide : Comparative Religious Ethics1783 Words   |  8 Pages Physician Assisted Suicide RST-331-20 Comparative Religious Ethics Brian D. Berry, Ph.D. Fall 2014 Physician Assisted Suicide 2 Physician Assisted Suicide is defined as suicide committed with the aid of a physician who facilitates a patient’s death by providing the necessary means and or information to perform the life ending act. The physician provides sleeping pills and information about the lethal dose, which is fully aware the patient will commit suicide. The patientsRead MoreEssay Moral and Ethics: Euthanasia and Physician-Assisted Suicide 1776 Words   |  8 PagesEuthanasia and physician-assisted suicide are actions that hit at the core of what it means to be human - the moral and ethical actions that make us who we are, or who we ought to be. Euthanasia, a subject that is so well known in the twenty-first century, is subject to many discussions about ethical permissibility which date back to as far as ancient Greece and Rome , where euthanasia was practiced rather frequently. It was not until the Hippocratic School removed it from medical practice. EuthanasiaRead MoreThe Ethics Of Assisted Suicide1526 Words   |  7 PagesAbstract Physician assisted suicide, otherwise noted as â€Å"PAS,† has existed for many years, however has made a controversial appearance in legislation recently. Patients’ and their end of life decisions have shaped the way PAS has been portrayed today. Nurses play an important role in the everyday life of transitioning patients, which places them at the forefront of assisted suicide. Nurses must have clear and defined rules when it applies to assisted suicide, and what they can do if this