Environmental and Competitive Analysis of Easyjet Essay

This report has been written in order to provide an environmental and competitive analysis of the low-cost airline industry sector from the position of Easyjet. It will give a brief history into Easyjet and the low-cost airline industry. It will analyse the internal strengths and weaknesses as well as the external threats and opportunities. Competitors will be analysed through the use of porters 5 forces model. Recommendations will be made for EasyJet’s marketing strategies for the next three years. Corporate History Easyjet was founded in 1995 by Stelios Haji-Ioannou who based the firm around the low-cost, no-frills model of the US flight operator ‘Southwest’. The concept of Easyjet is based on the fact that short flights within Europe are price elastic, meaning the lower the prices the more people will travel within Europe. The deregulation of the European airline industry in 1992 authorised any European airline to operate, fly and land anywhere within Europe. This allowed airlines to expand routes and operate within Europe with much higher precision. Easyjet was initially started from its ‘hanger’ headquarters at Luton airport with two Boeing 737-300’s offering flights from London Luton to Glasgow and Edinburgh at a price of  £29 each way. To date easyJet has now expanded into offering 125 routes from 39 major European airports using their fleet of 122 aeroplanes. EasyJet has also expanded into having large basis at not only Luton airport but also Liverpool, Geneva, and AmsterdamBack in 1999 easyJet gained free mass exposure to an audience of around 9 million viewers through ITV’s ‘fly on the wall’ documentary series ‘Airline’. The launch of easyjet.com in 1997 has become an integral part of the business model and has seen a huge change in the culture of booking travel tickets. Currently easyJet.com provides around 90% of bookings today and in 2001 hit ten million sales making it the second busiest travel website in the UK. Ryanair and easyJet are in fierce competition with each other as they are the two largest low-cost airlines operating within the UK. Since easyJet’s takeover of the low-cost airline â€Å"Go† in 2002 it has become Europe’s largest airline in this sector but still faces fierce competition. EasyJet Mission StatementA mission statement should be the ultimate goal of a firm and should filter down into every department of an organisation. To provide our customers with safe, good value, point-to-point air services. To effect and to offer a consistent and reliable product and fares appealing to leisure and business markets on a range of European routes. To achieve this we will develop our people and establish lasting relationships with our suppliers. (http://easyjet.com/EN/About/index.html)EasyJet’s environmental code based on three pointsTo be environmentally efficient in the airTo be environmentally efficient on the groundTo lead in shaping a greener future for aviation, for example:- carbon offsetting- shaping future aircraft design- for example, the ecoJeteasyJet high efficiency = lower emissions = low faresSWOT AnalysisA SWOT analysis analyses the internal Strengths and Weaknesses of easyJet along with the external Threats and Opportunities. Strengths†¢Well known, respected and memorable brand name†¢Strong and well known leadership figure in Stelios: â€Å"No Bullshit† approach†¢Motivated workforce independently trained at the easyJet academy†¢Very effective advertising strategies developed to reinforce the easyJet brand along with mass exposure through ITV’s ‘Airport’†¢Good knowledge of the market and effective responses to competitors attempting to steal potential customers†¢Fly to a large number of main holiday destinations†¢Lower carbon emissions due to using newer fleet of aircraft†¢Cost reduction with the removal of travel agents†¢High passenger volume†¢Low operating costs†¢Diversification into other markets, car rental, internet cafes and hotels†¢Flat managerial hierarchy, thus reducing costs†¢Innovator with regards to online booking and ticket-less travelWeaknesses†¢Fly only within Europe and no current intentions to expand outside of the continent†¢Rely on computer bookings to such extent that business would be unable to operate with computer failure or virus attack. †¢No customer retention/relationship policy. †¢No points scheme to reward frequent flyers†¢Access to European airports allowed by the deregulation of the industry, which may vary in the future†¢Outsources many of its services to third parties which may be damaging to its reputation†¢Success of Easyjet makes it difficult and expensive to train staff quickly enough. Opportunities†¢Lower costs further†¢Increase fares†¢Introduction of more countries into the European Union has increased potential customers and flight destinations†¢Expand into new routes, outside of Europe, and long haul†¢Decrease turn around times†¢Improve aircraft utilisation†¢Vertical integration to eliminate outsourced functions of easyJet’s procedure†¢Gain first mover advantage with regards to using alternative ‘greener’ fuel cells†¢Introduction of points scheme to reward and retain frequent flyersThreats†¢Rising fuel prices †¢Introduction of a carbon emission tax or other environmental regulations†¢New emerging competition†¢Competitors undercutting prices or offering similar prices for a more efficient/better service†¢Aircraft maintenance problems†¢Terrorism reducing air travel numbers†¢Emerging alternative modes of transport†¢Reputation lost in event of well publicised incident†¢DelaysPEST AnalysisA PEST analysis analyses the Political, Economic, Socio-Cultural and Technological factor influencing the low-cost airline industry. Political Factors†¢Threat of terrorism upon airlines†¢Governments applying taxes upon carbon emissions†¢Introduction of more countries into the European unionEconomic Factors†¢Increasing fuel costs and other environmental restrictions†¢European Union regulations†¢Prospect of higher security and insurance costs due to the increased risk of terrorism. †¢Continuing growth of air travel through continuing globalisation†¢Introduction of the Euro single currency is likely to integrate Europe even moreSocio-Cultural Factors†¢Travel and holidays are becoming more and more typical for a large percent of the UK  population†¢Continuing growth of multi-national enterprises has caused business travel to become more common†¢Gaining customers from France and Germany may cause problems as these nations are still very reluctant in using credit cards over the phone and on the internetTechnological Factors†¢Advancements in e-commerce resulting in increased online competition†¢Improvements in engine technology will allow easyJet’s planes to run more efficiently and reduce emissions†¢Increases in fuel technology offering easyJet alternative fuel sources Porter’s 5 forces model Porter’s 5 forces model looks at: the threat of substitutes, the threat of new entrants, the power of suppliers, the power of buyers and the rivalry among existing firms to analyse the competitiveness within a certain industry. The threat of substitutes†¢Fairly low threat from other modes of transport as the cost and time advantage clearly separates the low cost airlines from the luxury and comfort offered from substitutes such as high speed train services. For example London to Glasgow takes 6 hours on a train and costs around  £80 whereas Easyjet offers the service in 1 hour only costing  £29. †¢Regarding travel into mainland Europe the distance is far too great for train, car and ferry travel to be a realistic worthwhile substitute. For example if a customer was to drive to the south of France for a short weekend break the travel would take too long for it to be realistic and practical trip . The threat of new entrants†¢Limited capacity at suitable airports means any new airline would find it hard to find suitable take off and landing slots. †¢Huge start up capital required for the purchase of aircraft†¢New entrants would be working as a ‘loss leader’ for a number of years due to the large initial expenses†¢The low cost airline industry within the UK is fairly mature but as easyJet were one of the initial firms into this industry they hold a strong position. However within the rest of Europe there are many holiday operators who are attempting to enter the low cost airline industry themselves. The power of suppliers †¢The price of fuel is directly related to the cost of oil which is ever increasing. Easyjet rely on being able to obtain fuel but have no control over the price. †¢Aircraft manufactures are extremely concentrated within the industry with Boeing and Airbus the two main manufactures. The dependence of spare parts from a certain manufactures could pose a risk. †¢The more Easyjet expands the more power it will hold over its suppliers through gaining ‘economies of scale’. The power of buyers†¢Buyer power within the airline industry, especially the low cost sector is especially strong as customers often shop around and try to find the best price. This factor has been extended through the introduction of many online flight search engines such as travelsupermarket.com and lastminute.com. †¢The Civil aviation authority (CAA) provides protection against(1) the consequences of travel organisers failure for people who buy package holidays, charter flights and discounted scheduled air tickets and(2) licences airlines and ensures compliance with requirements of European and UK legislation relating to financial resources, liability and insurance of airlines. †¢Customers experience no negative feature of switching supplier so are happy to do so. Rivalry among existing firms†¢Ryan Air, BMI baby, MyTravelite, Jet2 and Buzz are all competitors with the UK low cost airline industry but Ryan Air is the only one of these to have succeeded and shown a continuously yearly profit. †¢British Airways and other traditional flight operators flying from the UK are competitors but on a much lower scare as they are targeting different market segments†¢There are over one hundred European based low cost airlines,  many of them are very small but still act as competition for easyJet. Different Types of competitorsSimilar specific – same product, technology and target marketSimilar general – Same product area but serving different segmentsDifferent specific – Same need satisfied by very different meansDifferent general – Competing for discretionary spend(Brassington, pg 866)In relation to Easyjet the similar specific competitors are the other ‘no-frills’ low cost airlines, operating within Europe. The largest firm that fits this specification is Ryan Air thus they are easyJet’s prime competitor. Other ‘no-frills’ low cost airlines operating within the UK include Jet2, bmibaby and Flybe. The similar general competitors are other airlines that operate within Europe but which are targeting a different type of clientele. Within the UK the largest operators are British Airways and Virgin but both of these operators tend to concentrate on the more upper class expensive business flights. They are also not in direct competition with Easyjet as they offer flights all over the world and are not restricted to just within Europe. The different specific competitors are firms which offer travel into Europe by means other than air travel. This would be the channel tunnel operator Euro tunnel and the English channel ferry operators such as P&O, Brittany or Stena Line. These are not in direct competition as the main differentiation is that on both the channel tunnel and the ferry crossing people can take their cars onboard. It is also a much longer process so unless visiting the west coast of France weekend breaks would seem rather pointless as the duration of the ferry would be too long. Different general competitors could be firms offering holidays and trips within the UK where no air travel is needed at all. Different general competitors could also be firms supplying other luxury items that may be bought instead of a holiday, such as a new car. Competitor analysisAs the range of competition throughout these groups (above), is at varying intensities the similar specific and similar general groups will be broken down into four segments for ease of analysis. Competition will be analysed through a competitor analysis. Who are our competitors?Segment 1Ryanair: Easyjet’s direct competitorsSegment 2Other UK based low-cost airlines: Jet2, flybe, bmibaby,Segment 3Standard UK based airlines: British Airways, Virgin Atlantic, KLM and BMISegment 4European based low-cost airlines: There are over 100 European low cost airlines such as: Condor, g’wings, SkyEurope and Blu Express. AssumptionsIt is inevitable that the continuous growth in the low cost airline industry will begin to slow down as the industry is becomes saturated. It is believed that the current mass of operators will be whittled down to a handful of major airlines. A large number of the smaller low cost airlines that will unavoidably struggle to compete will be involved in take-overs allowing the bigger players in the industry to continue to grow. What are our competitor’s strengths and weaknesses?RyanAir Strengths†¢Well known and respected brand name†¢Low costs due to low airport charges†¢High internet booking ratio†¢High aircraft utilisation†¢Use single type of aircraft†¢Fast turn around times†¢High seat densityRyanAir Weaknesses†¢Recent reports of poor customer service†¢Negative press†¢Airports are often long distance from travellers end destinationUK based low cost airline Strengths†¢All have their own website for bookings and ticket-less travel†¢Some have strong financial backing†¢Fast turnaround time†¢Low operating costsUK based low cost airline Weaknesses†¢Relatively small in comparison to easyJet and RyanAir†¢Large advertising costs†¢Small network of routes†¢Competing in competitive industry resulting in many mergers and take-overs†¢Restricted to the use of certain airportsStandard UK based airlines Strengths†¢Res pected and well known brand names †¢Worldwide service†¢Strong financial backing†¢Respected standard of serviceStandard UK based airlines Weaknesses†¢Low aircraft utilisation (compared to easyJet)†¢High costs†¢High pricesEuropean low-cost airline Strengths†¢Use of  single currency (Euro) can reduce costs†¢Closer to emerging markets (Eastern Europe)†¢Low costs†¢Well know brand names, in their respected home countriesEuropean low-cost airline Weaknesses†¢Relatively small compared to easyJet and RyanAir†¢Virtually unknown in the UK†¢Competing in fierce industry†¢Restricted use of certain airportsWhat are our competitor’s objectives?RyanAir – â€Å"RyanAir’s objective is to firmly establish itself as Europe’s leading low-fares scheduled passenger airline through continued improvements and expanded offerings of its low-fares service. RyanAir aims to offer low fares that generate increased passenger traffic while maintaining a continuous focus on cost-containment and operating efficiencies.† (Ryanair.com)UK based low cost airlines – Initially the UK based low cost airlines objectives are to survive in the industry by increasing their market share. The inevitable saturation of the market will cause many of the smaller low cost airlines to be merged or taken over by the larger players. In order to avoid this smaller low cost airlines need to differentiate themselves from the crowd or gain a unique selling point through lower costs, excellent customer services or exploiting new routes. Standard UK based airlines – Aim to continue their dominance of flights in and out of the UK by emphasising the quality of the service they provide. They also plan to reduce prices in order to shorten the gap between themselves and the low cost airlines. European bases low cost airlines – European low cost airlines need to survive in the market by increasing their market share. This could be established by increasing their network routes or branching into un-targeted countries within Europe. It is also plausible that mergers will occur within this sector to reduce the risk of failure. RecommendationsEasyJet can not avoid the increasing oil and petrol prices which is bound to effect the industry sooner rather than later. It may be recommended that easyJet start looking into using alternative renewable fuel sources. If easyJet can get hold of the technology to run their fleet of planes on a ‘greener’ fuel they may gain first mover advantage and capture large amounts of the competitions customers. Over the next three years it would be recommended that easyJet focus on ‘joining the dots’ of their European network rather than attempting long haul flights as this would be difficult and would carry a large initial risk. If easyJet could ‘join the dots’ in their European network it would fight off the competition from the emerging low cost airlines attempting to grow within the industry. Conclusion In conclusion easyJet have built a strong brand which has positioned them in an excellent spot within the low cost sector of the airline industry. With this sector of the industry predicted to grow, competition is likely to intensify even more but as easyJet has already built a strong brand and customer base it is unlikely they will be forced out of the market. EasyJet need to continue its advertising strategies, reinforcing its image and brand name to continue as one of the industries leading airlines. As the UK market is saturated and offers small or no growth opportunity, it would be logical for easyJet to focus on the expansion of their route networks within Eastern Europe. EasyJet should accomplish this through providing the routes themselves or merging with a competitor that already does. Reference List Bird’s eye view. SWOT analysis of low cost carrier industry (April 2007)http://www.air-scoop.com/downloads/SWOT_Low-Cost-Carriers_Air-Scoop.pdf [7-12-2007]Blythe, J (2006) Principles and Practice of Marketing, Thompson Learning, Bedford Row, LondonBrassington, F. Petit, S. (2003) Principles of Marketing, page Pearson Education, Harlow, EssexChannel 4 news. How green is easyJet? (May 2007) http://www.channel4.com/news/articles/society/environment/factcheck+how+green+is+easyjet/509642 [20-11-2007]Crawford,C. Easyjet SWOT Analysis (2004) http://www.marketingprofs.com/ea/qst_question.asp?qstID=3412 [25-11-2007]Hoffmann, J. Ryan Air – Environmental Analysis, Discussion of core competencies and Strategy Proposal (2004)http://www.grin.com/en/preview/39017.html [25-11-2007]Manzoor, M. Easyjet (2005) http://www.marketingprofs.com/ea/qst_question.asp?qstID=9339

Computer Information Systems Brief Essay

The currently technology standing of Kudler Fine Foods is lacking greatly. The current limited abilities cause a set-back to the potential that the Kudler Company is capable of reaching. Minimal shoppers are reachable, report preparation is time-consuming, and inventory control is not at its best. After identifying some of the downfalls of the current information system maintained by the company, suggestions will be offered that will help increase productivity as well as customer satisfaction. Current System Kudler Fine Foods appears currently to be a partially manual company. Many tasks that are performed as a manual transaction or entry could be handled through system automation with the right computer hardware and software. Various possible set backs exist because of the lack of an automated system. Manual record keeping can be costly due to the time it takes to manually document and reproduce company data. The need to constantly reproduce data records for different reporting purposes takes time and manpower. Another down-fall of the current manual system in place is the risk of human error. Common errors include calculation mistakes and the transposing of figures. Upgrade Options A few options exist for converting from a manual to a computer based. The lower end of computer automation would be the use of a general purpose software application package. One example would be Microsoft Office which is similar to the current package in place. This package includes word processing, spreadsheet, database management presentation graphics, and personal information management. The high end would be application specific programming. These programs are designed for the specific purposes such as business accounting, transaction processing, customer relationship management and resource planning (O’Brien and Marakas, 2008). Still even more specific would be custom software, prepared for the specific needs and desires of Kudler Foods. Benefits of System Conversion Currently all major business transactions outside of customer sales and training classes are handled by one individual. The fact that this one individual is responsible currently for three locations, with more to come soon, is an even greater reason to look toward full system automation. Using the right software program will allow the activities of all three current locations as well as any future locations to filter into one main database. Information gathered into the one database can then be used for analysis, comparison, and reporting purposes without the need to physically travel to the various locations. There are also financial and accounting benefits of moving forward with system automation. Accounting packages available offer automated reporting of receivables, payable, expenses, and revenue. There is even a useful tool of check printing, recording, and reconciliation. Through computer interfacing with the financial institutions that Kudler maintains its financial accounts reconciling information can be transmitted electronically via secure internet connections. The use of account and product codes would be an asset to the inventory capabilities of an automated system. Sales and other transactions of each individual store location would have a unique identifier code. Merchandise that is supplied by each location would have product codes. Each determined area of the locations would have and identifying department code, for example meat, produce, bakery, etc. Data collection using the various options of coding allow the system to collectively report any pertinent information, or individually report according to location, department, item, and so forth as defined by Kudler Fine Foods. An added benefit of computer hardware and software is mass communication capabilities both internally and externally. The use of groupware allows communicating to one or several individuals without the use of paper, pens, postage or other office supplies. Memorandums, spreadsheets, and other documentation can be distributed through email, thus cutting office supply costs and information delivery time. One example of groupware is Microsoft Outlook. Through the use of the internet information is electronically transmitted to various specified locations and users. Using the internet for some business transactions would allow for product orders and advertising. Internet marketing and advertising allows Kudler to reach a far greater population than local advertising such as school ads. In addition to above mentioned incentives, internet usage for business would open the door for e-commerce. E-commerce gives potential customers outside of the normal driving radius access to products of Kudler Fine Foods. Customers would have the ability to shop via the web, select items of choice, and pay for the merchandise prior to Kudler shipping the product to a customer specified location. Possible Threats of Conversion The use of the internet is a great tool. Some benefits were previously mentioned, but there are also some threats. Threats such as viruses, spyware, sniffing, malware and several more exist whenever the internet is used. Each of the threats mentioned is an attack on the security of the company. There are various defenses that can be used to safeguard against these threats. In conjunction with limiting employee access to the internet, other defenses include firewalls, intrusion detection systems, value-added networks and proxy servers (Bagranoff, 2008). These defense mechanisms help to fight off unwanted attacks and unauthorized access to company data. Security Defenses Security threats can be internal as well as external. This being noted, there are also database management system software. This technology can be used for development, access, and maintenance of the database of Kudler (O’Brien and Marakas, 2008). More specifically this type of software can specify what personnel have access to specific locations within the computer system. It can determine if the access granted is read only or if the specified end-user has update capabilities. Conclusion In conclusion there are various options available to Kudler Fine Foods for the advancement of its business and accounting procedures. Evolving to a more technological computer programming system opens the door to more proficient record keeping, more cost effective communications and financial reporting, and business expansion. Potential security threats exist, as with all types of systems, whether it’s manual, semi-automated or completely high tech automation. There are tools available that make securing data just as strong a force as the posed threats. Kudler’s decision to move forward with total automation would increase time management, information accuracy, consumer population, and customer service.

Thelma & Louise and Do The Right Thing Movie Review

Thelma & Louise and Do The Right Thing - Movie Review Example Women never had to worry about the absence of home and Thelma & Louise makes this concrete in the concept that their journey is not about finding a home at the end, but escaping the suffocation of patriarchal domination. This domination that begins at home commences from the opening frames of the film. Thelma is quite literally under the thumb of a domineering husband. Louise's situation is revealed to be that of submission to the prevailing order that places men in control and women as servants; she works as a waitress. The film quickly locates home not as a place to which most women would long to return, like Dorothy in The Wizard of Oz, but as burden to escape. There is nothing specifically peculiar to the early 1990s in this regard; the film could be made today or could it have been made in the 1930s as a Warner Brothers gangster film. As the sign in the original Scarface promises Tony Camonte: The World is Yours. Thelma & Louise, then, fits more closely into the gangster movie genre than the buddy picture as they too come to believe and pursue that ultimately empty promise. In the buddy movie, the men have it all from the beginning. Even if they have nothing, it is still a man's world so they still have the upper hand. The gangster genre presents a man's world as well, but the dominant theme in that genre that is missing from many buddy movies is the establishment of authority. Thelma & Louise do not embark upon a journey to locate home; the climax proves there is no home in America that is not a return to the status quo. Their overwhelming desire is to, just for a brief period, assign domination to the matriarchy. The drive over the cliff is a validation of their acknowledgement that such domination can only be fleeting in America and it is also an acknowledgement of their refusal to return home to the burden of submission to that male domination. Thelma & Louise is such a disturbing portrait of the realities of American society because the two characters are drawn with such complexity. It might be easier to accept their tragic fate if there mere ster eotypes of women commonly referred to as doormats; if they were women who'd been victims of domestic abuse. The fact that Thelma and Louise are intelligent, engaging, beautiful women only serves to underline the fact that patriarchal dominance is systemic in America. Do the Right Thing is the most incendiary, honest, and unflinching portrait of race relations in American film history. Most importantly, the film avoids the trap of suggesting that racial tensions exist entirely within a vacuum constructed on the concept of prejudice as some kind of genetic predisposition. It may be all too easy for viewers of Do the Right Thing to overlook the fact that from what can be gathered, this multiracial community in New York City for the most part seems to have gotten along quite well for decades. The violence escalates not as a result of mindless racial hatred; the encroaching racism is ignited by the disparity in economic power between the haves and have-nots. The opening credits set the stage for a showdown with the subversive lyrics to the rap song "Fight the Power." The power will wind up being Sal, the businessman, and the police who are charged with the protecting the interest of business rather than the people's

People Need to Be Supportive of Arts, Movies, And Television Shows For Research Paper

People Need to Be Supportive of Arts, Movies, And Television Shows For the Innovations of Tomorrow - Research Paper Example They are responsible for making guidelines for the social structure of the society since it does not only represent the ideas of people in a society but it also directs their behavior and choices on a routine basis. This indicates that people need to be supportive in regard of art, movies and television shows since their innovative and prosperous future is dependent upon these factors of social structure (Hugh Honour). Background Human society is not just a mere combination of individuals sharing common ideas, rather it presents a complete social structure based on beliefs, customs, traditions, moral values, rituals, history, science and myths. All these components of social structure basically contribute to the development of art which is then defined as the key describing factor of any society, region or civilization. Since ancient times art has been given great importance as it has been a fundamental source of bringing change and innovations in a society which then leads to an opt imum prosperity. Therefore even today art, movies and television shows are closely associated with the innovations for future (Hugh Honour). The movies and television shows are actually the extended and much innovated version of customary art and traditions. With the advent of latest technology art has also advanced and increased its horizon which has led to the development of stage performances and then finally to movies and television shows. These drastic and significant changes in the society indicate that art is a prime source of innovation for future. However, there are individuals who actually give the credit of innovations to the scientific advancement rather than art. This is mainly because they consider... This report makes a conclusion that Rrearch and analysis of the whole topic suggest that it is the prime need of people living in the current era to support and encourage art, movies and television shows in order to get innovations for future and frequent social, technological and economic development. Life without these important components of modern social structure would be free from challenges and innovations subsequently leading to delayed progress and ultimately resulting in poor living standards. The prime focus of this position paper is to convince people regarding the need of art, movies and television shows in order to gain innovation for future. People who believe that they do not require extending any support to the art, movies and television shows think that the major contributors of innovations are scientific knowledge and technology whereas art represents itself just as a platform of entertainment. Therefore they do not feel that there is any need to supporting this idea. While on the other hand, individuals who actively participate in supporting art, movies and television shows believe that they act as the most essential components of social structure which actually drives the human motives and directs their behavior. In addition to this art and media as a whole play a substantial part in the success or failure of business strategies which are directly linked with the economic growth and development. For instance, in the past centuries when movies and television show s were not present, then people were completely unaware of their surroundings due to which there were no rapid advancements.

The status of trustees Case Study Example | Topics and Well Written Essays - 1500 words

The status of trustees - Case Study Example The status of trustees In case there is a breach of trust on the part of the fiduciary, the beneficiary can move the court and claim damages. Another interesting concept that introduces itself when a case is filed is that of 'equity'. A lawsuit might entail just monetary claims as a part of the verdict. However, equity as a set of legal principles restrains or orders the execution of a certain action. Calling it a course of natural justice would not be an exaggeration. Many case histories citing breach of trust in fiduciary-beneficiary relationship abound the legal corridors. What is important to understand in this context is the way legal implications were enforced. There are examples that hold a fiduciary's position as such that he is liable to be punished, whatever may be intentions. There are some other cases where the fiduciary was exempted. The basis of each case of course was the peculiar circumstances as well as the moral and legal guidelines that influenced it. 'Boardman was solicitor to a trust, which owned 8,000 of 30,000 shares in a private textile company, with whose performance Boardman was dissatisfied. The trust had no wish to buy the remaining shares, and in any case was unable to buy them, although it could have applied to court for power to do so. Since a company’s Facebook page will reflect its business and what it stands for, the management must pay higher attention to creating and maintaining its brand page. To illustrate, the firm may set a cover photo that depicts the essence of its brand and quality of products/services offered. Boardman decided to purchase them himself, undoubtedly benefiting from information he had received as in his fiduciary capacity (in knowing what price to offer), and did not obtain the consent of all beneficiaries. The shares later increased in value (partly perhaps because of Boardman's management in selling off some of the assets of the newly acquired company), so Boardman made a large profit for himself. Additionally, however, because the trust still had a large share in the same company, his activities also resulted in a large profit for the trust. There was no claim of bad faith, nor any obvious conflict of interest, since the trust did not have the power to purchase the shares itself, and in any case, the trust had positively benefited from Boardman's intervention. In negotiating for the majority shareholding Boardman had, in good faith, obtained information in his capacity as solicitor to the trust, which he would not otherwise have obtained. Phipps,a beneficiary under the trust, sued for an account of profits.' 1 As per the specifications of the legal framework, if a fiduciary performs an action, which is injurious to the interests of the beneficiary and profits a rival in the process, the fiduciary ought to reimburse the losses. However, in this particular case, Boardman had bought the shares in a personal capacity and in no way incurred any kind of loss to the beneficiaries. An increase in the value of shares implied profit for the trust. A pro-fiduciary perspective would view this action as a case of constructive trust 2 . However the court stretched it too far taking into consideration the viewpoint of the beneficiary, who put a question mark on Boardman's role s the beneficiary. The

An empirical analysis of islamic online banking in Malaysia(with Essay

An empirical analysis of islamic online banking in Malaysia(with empirical evidences) - Essay Example In addition, Malaysian Islamic banking assets are valued at U.S $ 65.5 billion and a growth rate of 18-20% per annum (Mckinsey, 2008). This suggests Malaysia has elaborate mechanisms that facilitate Muslim-specific financial needs. Consequently, as a result of its development, Islamic banking in Malaysia offers a myriad of sharia compliant online products to its customers. Islamic banking in Malaysia had its activities launched in 1983 after the establishment of the Bank Islam Malaysia Berhadad (BIMB) (Khir et al. 2008). Since its establishment, the banking system has developed to include a wide range of products, with Malaysian Islamic financial system considered as the most progressive system in offering different products in the Islamic economic world (Haron & Ahmed, 2011). Retail banking is one of the major products in Malaysian Islamic banking system. Retail banking targets a wide range of customer segment that include the awqaf employees, religious conservatives, miftis and any employee of the ministry of Muslim affairs (Garbois et al., 2012).Online products offered under this product include sms banking, credit card-i online application, all which account holders can operate online. Moreover, other services such as e-sadaqah, e-zakat. Payment of bills, reloading accounts, inter and intra bank transfers, which retail account holders can effect o nline through internet banking (Bank Islam Malaysia, 2009). Garbois et al. (2012) noted the Islamic banking sector in Malaysia has extended corporate banking products that target leading investors in the country. Through online banking services, corporate account holders in Malaysia may view the status of their accounts, loan balances, the status of any payments, view and download statements, effect intra and interbank transfers, pay bills, facilitate foreign funds transfers and make automatic payment to pay rolls through Autopay. Khir et al. (2008) further noted that a major product

Public Policy Implementation Theory Essay Example | Topics and Well Written Essays - 1000 words

Public Policy Implementation Theory - Essay Example Hill and Hupe stated that oftentimes, the informational bases are basically incomplete, and these cannot be totally identified and revealed ex ante. The main sources of this plurality are to be found in the combination of the agents' practices and of the beneficiaries' individual situations which goes against the top-down rules that major institutions strike to impose. In effect, the assessment aspect to be done by local actors cannot be specified prior to the action on the basis of predefined categories. Hence, it is inherently important to take into consideration the black box of implementation, where indigenous informational bases emerge, either as routine actions in order to support the outer informational bases of judgement in justice, or so as to change the sense of action (Hill and Hupe 2002). The studies of policy implementation are done by those who have an interest either in political science, or in public administration and public policy. This assertion stems from the fact that a core understanding of implementation as an inherent portion of the public policy process must gather and connect theories from these fields of knowledge. The Hill and Hupe reference material basically summarizes the implementation research and link it to som... There is an enormous and diverse research literature on public policy implementation research. However, the major problem is the process of extracting knowledge from the available information that is already documented. Given the phenomenal growth in the implementation research literature, the need for knowledge extraction is acute. The procedures and techniques have been developed for the past 25 years. The time to initiate efforts toward synthesizing the policy implementation literature is now.Another area of concern in public policy is the translation of a new policy into local behavior. This is also a major concern for the implementation literature, which tackles change from an administrative perspective. The concept of an implementation deficit implies that the introduction of a new policy also signals the start of a complicated process of effecting genuine change in behaviour (Hargrove, 1985). The key questions posed there are: why is successful implementation difficult to achi eve How are unique changes in behavioural patterns attained after the introduction of a new policyIn related studies, the national government has been seen as the policy formulator and local governments the implementers (Li, 2005). Hence, change failed to take place either because there is a dearth of good ideas from the national government (due to incapable policymakers, evolving power struggles among politicians and party members), or because the ideas are not implemented to the lower levels of the state hierarchy. Policy implementation had failed because local agents pursue their personal goals and self-interests and monitoring from the national leaders had failed. The Hill and Hupe argument