Marketing an unique product in international market

EXECUTIVE SUMMARY

Double Shoes are the shoes which are making with sole, foam, rubber, zipper, color, synthetic etc. for getting two facilities; one is for casual use and another for sandal, from one pair of shoe.  To build up the strategic planning, we first analyze the market condition as a result we will identify that who is our customer after all. Than the competitor and their strength and our strength or weakness and how we recover them than we go to the main part of the strategic planning development process. We divide the total process into some major activity of the strategic planning task and these are positioning strategy, pricing strategy, branding strategy, corporate identity build up strategy, retention and business development strategy etc.

INTRODUCTION

Planning is the ongoing management process of choosing the objectives to be achieved during a certain period, setting up a plan of action, and maintaining continuous surveillance of results so as to make regular evaluations and, if necessary, to modify the objectives and plan of action. Also described were the requisites for successful planning, the time frame for initiating planning activities, and various philosophies of planning (i.e., satisfying, optimizing, and advertising). Strategy, the course of action selected from possible alternatives as the optimum way to attain objectives, should be consistent with current policies and viewed in light of anticipated competitive actions.

Double shoes are the most flexible sandal & comfortable casual shoes at a time on the market and closest to the common people recommendations. These shoes are comfortable & durable because of its making with quality based raw materials, the individuals will able to be worn for long length of time. This is affordable to our male young generation. We fixed the price of our product at a minimum range so that individual can afford to buy this. Our two-in-one feature is fashionable and we hope that this can take position easily in our male young generation. There are different array of colors, styles and appearance. So, there is bound to be something that will feel good and look good at the same time. Double shoes mill directors analyze the situation using the 4C framework. 4C stands for customer, competitors, company and context.

When we think about any strategic planning we have to decide about the three aspects in this case of strategic planning these are market on which planning in executed, on which way we compete and when we execute.

  • Market (where to compete)—Double shoe’s market is the major metropolitan cities because the consumption pattern is more aggressive in the metro area than the rural.
  • Means (how to compete) — this market is already an established market and we compete though our high quality product with superior value.
  • Timing (when to compete) — generally strategic planning is prepared for long time purpose and cover also short range objective.

SITUATION ANALYSIS

Market Profile
Highly luxurious conscious people are the main target of the market. The market characteristics are specially categorized by below category:

  • Luxurious Conscious Customers
  • Young people
  • Students
  • People who want to stay tiredness free

Market segment
1. Geographical:

  • Urban (Metro cities) areas of USA, Need satisfaction for feeling cool
  • Rural (Small towns & villages) Need Satisfaction
  1. Demographic:
  • Income (high, medium)
  • Age (20 to 35- especially those who are stylish and updated)
  • Education (Double shoe is preferred by educated people)
  • Occupation ( job holders, business persons, and students)

In order to determining overall marketing strategy, the company is ready to begin planning the details of the marketing mix, one of the major concepts in modern marketing. The marketing mix strategic planning is the set of tactical marketing tools that the firm blends to produce the response it wants in the target market. The marketing mix consists of everything the firm can do to influence the demand for its product. The many possibilities can be collected into four groups of variables—the four Ps.

Product: The Double Shoe is marketed in two special categories that are regular and premium. Regular are the general customers and others is for the heart dieses patient as a result this two category is for two different type of customer. The major concentration is provided on the  regular because customer of this market is high .It is considered that this two product can differentiate the Double Brand from the competitor because in the Rice bran oil market it is possible to choice  two different type in a single brand at same price . The distinctive feature is added in the Double sole is the element that protect heart from block and double regular is adding nutritious element

Price:  The Price determined by the Double is must be competitive in nature because it is a modified existed product and price in the Bangladesh sole and zipper market is important element. But price is reasonable and after few year of the operation of the market organization increase the price of the product because it motivate the organization to invent and use new technology and support organization to provide customer premium products

Place: The main target of the marketers is to make the product available to target consumers. Because we considered that urban market is the main attraction of our potential market so first few years we specially focus on the metropolitan market. In the distribution channel, we maintain the two different line one is own product suppler and other is the regional distributor. They both have the target and both of them serve the companies propose and how coordinate with them is determined by the top level management.

 Promotion: under the promotional activity we followed the several promotional tools. They are

  1. Advertising
  2. Personal selling
  3. Public relations

Advertising is showed in the Television, Newspaper and online media. The brand ambassador is the famous cardiologists of Bangladesh. We also have a personal selling line and publications are maintained on providing cardiac tips and discussion on the talk shows and newspaper.

MARKETING OPPORTUNITY AND ISSUES

The SWOT for the Double is describe below

Strengths

  • Health consciousness is the most considering factor nowadays in choosing an shoe brand
  • Most of the customer are try to using various type of the shoes , someone try boot shoes , Convers shoes , Sandal etc. but double is the most healthy and cost saving for the Bangladeshi customers.
  • Availability of raw material is the fact for this.

Weakness

  • Need more internal and external supporter.
  • Lack of financial support is considered as the critical weakness because interest rate is too high in Bangladesh and personal financial support is also limited
  • Facing strong competition in the market because BATA is the market leader and it is very tuff to convince customer to buy rice bran oil because high price

Opportunities

  • Changing consumer preferences.
  • Double shoe is designed to addressing the need and demand of target market as result profitability of the market is very high
  • Increasing rate of purchasing power is the one another consideration
  • Potential of relatively low operating costs and enjoy economies of scale
  • Government attention to increase the market of double is the another positive sign
  • New technology invented to improve the facility

Threads

  • Entrants the new competitor.
  • Continuous price reanalysis due to strong competition.
  • Unfavorable government rules and regulation regarding business.

INTERNATIONAL MARKETING PROCEDURE

Planning for International Market

Some planning steps like corporate planning, strategic planning and tactical planning are taken by us to enter the international market.

  1. Company Objective and Resources: Defining objectives clarifies the orientation of the domestic and international divisions, permitting consistent policies. The lack of well-defined objectives has found “double shoes” rushing into promising foreign markets only to find activities that conflict with or detract from the double’ primary objectives. Foreign market opportunities do not always parallel corporate objectives; it may be necessary to change the objectives, alter the scale of international plans, or abandon them. One market may offer immediate profit but have a poor long-run outlook, while another may offer the reverse. Only when corporate objectives are clear can such differences be reconciled effectively.
  2. International Commitment: The planning approach taken by an international firm affects the degree of internationalization to which management is philosophically committed. Such commitment affects the specific international strategies and decisions of the firm. After double shoes objectives have been identified, management needs to determine whether it is prepared to make the level of commitment required for successful international operations—commitment in terms of dollars to be invested, personnel for managing the international organization, and determination to stay in the market long enough to realize a return on these investments. A company uncertain of its prospects is likely to enter a market timidly, using inefficient marketing methods, channels, or organizational forms, thus setting the stage for the failure of a venture that might have succeeded with full commitment and support by the parent company. Any long-term marketing plan should be fully supported by senior management and have realistic time goals set for sales growth. Occasionally, casual market entry is successful, but more often than not, market success requires long-term commitment.

Stages of International Market Development

Marketing is the process of building understanding and communication between the supplier and the customer. Sales takes this process one step further, and can be characterized as the process of fulfilling the needs of customers with a satisfactory product or service, consummated by the exchange of money. One hasn’t truly entered a market until a customer has paid money for the product or service being offered. Commercial transactions are the ultimate goal of international trade and, indeed, trade of any kind. The pattern of international market development often follows a series of stages. That is why we follow this stage to enter the market as footwear product.

  1. Domestic-market establishment: The domestic market is often an appropriate place to test products and fine-tune performance before tackling the complexities of international trade. It can also give a good indication of performance. However, in some instances, this stage of the export process doesn’t serve any purpose at all. For Double Shoe Company, that has developed a product specifically for a foreign market. Because international-market development requires resources of time and money on the part of the exporter, it’s important to ensure that a strong foundation has been built in the domestic market upon which to base future export-market-expansion activities, so that international activities do not compromise double shoe’s core business.
  2. Export research and planning: When double shoes begin trading abroad, we often target a country similar to their own in language, financial structures, legal and economic systems or culture. For example, Canadians entering the international marketplace usually address the U.S. market first. Before venturing into an unfamiliar market, we should prepare ourselves properly. By analyzing how successful the proposed product or service may be in a potential market, the exporter can narrow the target markets down to three or four. “A well-researched marketing plan can give the potential exporter the confidence to commit to exporting”. Such concentrated effort is preferable to the common and costly mistake of ‘chasing orders around the world’. Another advantage to undertaking appropriate international-market-research and planning activities is that by creating a written document, potential problems and weaknesses can be identified more easily. This enables exporters to foresee potential challenges prior to making the investment of time and money that will be required for successful export-market development.
  3. Initial export sales: When implementing an export plan, double shoe’s advisable to begin modestly by testing the market. A graduated strategy enables the novice exporter to acquire practical experience in a market without incurring unnecessary or unmanageable risk. “Developing markets in phases enables the exporter to monitor their progress and make any necessary changes as they progress along the path to export success”. During this stage, our exporting team should use initial shipments to become familiar with the mechanics of exporting (documentation, distribution channels, transportation and collections), to get to know the customer target group, to determine what product modifications may be necessary and to learn about regulations that might affect the business. This is also the stage at which to revise the initial plan.
  4. Expansion of international sales: If initial sales have been good, planning for larger orders and expanded activity should follow. This stage is usually accompanied by intensified market research, more aggressive participation in international trade shows and other marketing activities and greater emphasis on strengthening networks and contacts in the target market. “Double shoe may enter negotiations with potential local partners to strengthen its position in the market in win-win business relationships”. By the time our exporting team have reached this stage, they ‘ll have already learned a great deal about the export market through prior experience, which will assist them in making appropriate adjustments to their strategy as they proceed with strengthening their position in the market.
    5. Investment abroad: If sales are brisk of double shoes, profits encouraging and opportunities promising, double shoe may choose to expand its presence in the target market. It can, for example, open a local office, tighten relations with local partners, buy an existing local company, form a joint venture or invest in R&D or production facilities. The target market may serve as a stepping stone to adjacent markets and become a focal point for a larger trade strategy. This final stage carries additional ramifications and responsibilities, beyond those of a company that is based elsewhere simply operating remotely in a foreign market. New issues come into play because the scope of a double’s presence broadens when it takes on a permanent physical presence in the market. For instance, the investing company must take into account the impact on and interaction with the community and all other stakeholders—employees, local government, the environment, legal and tax compliance, transparency, public image and sustainability. All of these impacts must be managed seriously and carefully as a corporate citizen, with strong corporate social responsibility as a policy that should be demonstrated at every opportunity.

Brand in International Market

A successful brand is the most valuable resource a company has. The brand name encompasses the years of advertising, goodwill, quality evaluations, product experience, and other beneficial attributes the market associates with double shoe product. Brand image is at the very core of business identity and strategy. Western researchers have personified brands, imbuing them with personalities and images. In a sense, the consumer–brand interaction becomes much like an interpersonal interaction, wherein cultural differences hold heavy sway. This comparison also implies that even global brands must be positioned locally, as a US consumer will see and interact with the Double shoe brand differently than a French consumer, Thus, customers everywhere respond to images, myths, and metaphors that help them define their personal and national identities within a global context of world culture and product benefits. We offered this shoe as a private brand because we want to dominate the whole world as this criterion.

SEGMENTING, TARGEGETING AND POSITIONING

Segmenting

Double segmented the market in two categories and they are

Geographical:

  • Urban (Metro cities) areas of USA, Need satisfaction for feeling cool
  • Rural (Small towns & villages) Need Satisfaction

Demographic:

  • Income (high, medium)
  • Age (20 to 35- especially those who are stylish and updated)
  • Education (Double shoe is preferred by educated people)
  • Occupation ( job holders, business persons, and students)

Targeting        

Once a firm has identified the market segments it wishes to target, it needs to develop effective targeting strategies for these segments. Double’s Targeting strategy when product specialization strategy when a firm possesses a particularly attractive product, and hence tailors it to a variety of feasible market segments. Double‘s attention is in Urban Upper middle class why the reason is described below.

  • Urban: Upper & Middle Class: Twenty percent of the country’s population lived in urban areas or large cities and consume a large amount of edible oil per year while the vast remainder lived in rural areas, villages, and small towns. We focused mainly on urban population because of its high quality product and benefits are very difficult to explain to the rural. Healthy oil category was undifferentiated in the minds of rural people.

Rural market was very unattractive because of following reasons:

  • Per capita consumption is quite low
  • Poor rural infrastructure & consumption habits were very different from the urban people and were two major obstacles to enter rural markets.
  • Affordability is a great factor for the reluctant of rural people buying rice bran oil which is a high premium brand.
  • Age group- Keeping in mind about the health conscious people which are present in all age group,
  • Income group- high income group is more entertained by rich bran oil due to quality & health caring and price premium.
  • Educated people- we created awareness in educated people towards the health implications of cooking oil and launched ads to educate people which they named as Cholesterol Management.

Positioning:

Positioning is the place that a product occupies in the minds of consumers relative to competing offers. In today’s fast life people hardly have time to sit down at ease and have a hearty breakfast, lunch or dinner. Thus depriving them of proper nutrition and leading to various diseases. Heart disease is one of the most dreaded diseases due to improper diet habit. Fortunately people in Bangladesh especially the urban class consumers have started realizing this fact and have become very careful in what they intake including the cooking oil.  Our project is claimed to be Heart Friendly shoe and prevent heart disease. Our shoe project satisfying relaxed Needs. Food fried in rice-bran oil absorbs less oil and thus reduces the consumption of oil in your diet. Positioning strategies are-

  • Competitive advantage
  • Points of parity
  • Points of difference
  1. Points-of-difference (PODs) – Attributes or benefits consumers strongly associate with a brand, positively evaluate and believe they could not find to the same extent with a competing brand. In the POD double offer two different product type with added feature and more personalization feature.
  2. Points-of-parity (POPs) – Associations that are not necessarily unique to the brand but may be shared by other brands i.e. where you can at least match the competitors claimed best. While POPs may usually not be the reason to choose a brand, their absence can certainly be a reason to drop a brand. While it is important to establish a POD, it is equally important to nullify the competition by matching them on the POP. As a late entrant into the market, many brands look at making the competitor’s POD into a POP for the category and thereby create a leadership position by introducing a new POD.

We divide the total strategic planning into different subgroups that are stated in the below figure

Business development Strategy
STRATEGIC

PLANNING

 DEVELOPMENT

Branding Strategy
Pricing strategy
Corporate identity builds up strategy
Distribution channels
Retention strategy
Positioning Strategy

STRATEGIC PLANNING AND DEVELOPMENT DIVISION

 

Positioning strategy

In the strategic positioning process we first try to develop the competitive positioning as competitive positioning is about to differentiate the companies offering and providing the superior value to the targeted customers. Double can provide the best offering, the cheapest offering, or the most comprehensive offering, but we can’t provide all three. Competitive positioning is about defining how “double” will differentiate their offering and create value for their market. It’s about carving out a spot in the competitive landscape, putting stake in the ground, and winning mindshare in the marketplace—being known for a certain “something.”
Double’s positioning strategy is influenced by:

Market profile
Customer segments or personas
Competitive analysis
Method for delivering value

  1. How to deliver value: At the highest level, there are three core types of value that a company can deliver: operational efficiency (the lowest price), product leadership (the best product), or customer intimacy (the best solution & service). Among them we provide product leadership because our vision is to provide the customer superior product than customer
    2. Evaluate our competition: We have direct and indirect competitors in the shoe market and imported lather market is the direct competitor and other oil brand such as Bata, mustered oil is the direct competitor of Double oil.
  2. Stake a position: Competitor is weaker at the position of providing healthcare oil and market of sunflower oil is very effective in the case of Bangladesh. We select the mindshare organization want to own, and create strategy to achieve it. Review the components of companies market and evaluate what company wants to be known for in the future. Condense all research and analysis we find that these segment of the market have soft corner for the Double shoe and it has good future opportunity.

 

Branding Strategy

Branding is crucial for products and services sold in huge consumer markets. Successful branding creates “brand equity”—the amount of money that customers are willing to pay just because it’s brand. Brand equity is an intangible asset that can be tracked on balance sheet, and can make company more valuable over the long term

Steps in forming branding strategy

  1. Regularly Audit brand: Company need to know the consumer mind set of the existing brand because it helps to design the brand positioning. Though the brand audit an organization know how to execute a message for the customer.
  2. Formulate brand architecture: Evaluate the features and benefits of sunflower oils. A feature is an attribute—a color, a configuration; a benefit is what that feature does for the customer. Such as Kim famous model of Bangladesh is the brand ambassador of “double” what would be the color of the front advertisement.
  3. Define brand experience: Brand as a person with a distinct personality. Describe Brand, and then convey these traits in
    everything that company do and create. Determine brand promise—the one thing that company deliver each time to interact with market.
  4. Define your brand visual and operational requirements: To create the strong brand with the customer we need to update them time to time and make them aware about the product and we choose the direct contract with the customer for building relationship.

Pricing strategy

Price is one of the classic “4 Ps” of marketing (product, price, place, promotion). Since price is one of the 4Ps, it’s a key element of every B2C marketing strategy.
Pricing is a complex subject—there are many factors to consider, both short- and long-term.  Our pricing strategy should follow the following rule:

  • Reflect the value that company provide versus competitors
  • Consider what the market will truly pay for market offering
  • Enable company to reach its revenue and market share goals

Distribution channels

Evaluate how end-users need to buy our company will answer these questions to evaluate.
› How and where they prefer to buy
› Whether they need personalized education and training
› Whether they need additional products or services to be used along with yours
› Whether your product needs to be customized or installed
› Whether your product needs to be serviced

  1. Match end-user needs to a distribution strategy: In the market of “double shoe” customers are prefer to buy though the outlet or local store as a result direct distribution is difficult in this sector .
  2. Identify natural partners: We build the good understanding and communication to the wholesaler and retailer as a result It require to give them good discount and other facility to improve the shelves stock.
  3. Building channel: we setting up a distribution channel with one or more partners, treat it as a sales process:
  • Approach the potential channel partner and “sell” the value of the partnership.
  • Establish goals, service requirements and reporting requirements.
  • Deliver inventory (if necessary) and sales/support materials.
  • Train the partner.
  • Run promotions and programs to support the partner and help them increase sales.
  1. Minimize pricing conflicts: Because of we use multiple channels that’s why we need to concern about the price conflict we carefully map the channels and figure out the expected level of profit at each channel We compare the price that the end-user will pay—if a customer can buy from one channel at a lower price than from another, your partners will rightfully have concerns.
  2. Drive revenue through the channel: we provide our channel with marketing funds or materials to promote your products; run campaigns to generate leads and forward them to your partners.

 Corporate identity builds up strategy

Double follow that each element in company identity should use the same fonts, colors, and layout. Consistency and professionalism in identity make an impression.

  1. Double Evaluate current identity usage: we check all the identity of business carefully such as business logo, appointment and other objects are also checked carefully that’s why we are focusing on innovative, expensive new products.
    2. Double create professional, consistent templates for every touch point with market: Every check point of the process we need to develop professionalism so that every touch point create the exclusive impression towards the customers

Retention strategy

Positioning and brand strategy should drive retention plan. For example, our method for delivering value is customer intimacy; our customers are expecting great customer service.

  1. Double build own team: we need to build a team of customer suppliers and all other stake holder to retain them profitably and continuously communicate them about their problems so those dropout rates are limited as possible.
  2. Double pay commission for renewals and growing the business: Current customers are our most valuable asset—if our sales reps don’t earn commission on renewals, they’ll have more incentive to spend their time chasing new business instead. So we are emphasis on the commission and renewals of the sales reps and others.
  3. Double prefer to existing customers: Put as much effort into our current customer campaigns as us put into the rest of your marketing programs. Know our audience, grab their attention, focus on the offer, measure your results. We use campaigns to:
  • Nurture your customer relationships
  • Encourage customers to buy again
  • Expand your relationships by cross-selling, up-selling and asking for referrals
  • Identify customers who are at risk of defecting continually deliver on our brand promise

Measure purchase intent and loyalty, not “satisfaction “Customer feedback can help us improve our products and enhance relationship with customers. However, it’s not effective to measure “customer satisfaction” because it’s so vague.

Business development Strategy

In this section, “business development” refers to high-level partnerships that generate revenue, create better products and/or increase efficiency. Business development strategy is effective
› Access new markets
› Increase sales to existing markets
› Improve your access to technology
› Boost your productivity
› Gain capital (human or financial)
In a true partnership, Double collaborate to achieve a common goal. It’s more than a short-term promotion, such as a special offer or marketing to each other’s customers. Instead, it’s an agreement to do business together while sharing responsibilities, resources, risks and rewards.

Here is the way by which Double develop business development strategy

  1. Double Identify potential partnerships
    Brainstorm to identify partnerships that can help us to meet your goals. For example, there may be related companies with customer relationships in a different market; double have vendors or suppliers who can help Double to improve their products or firms that can help us round out our services.
  2. Pitch a partnership: Double develop a strong pitch to capture the attention of our potential partners; focus on the high-level benefits for each party. As Double move through the sales process, cover all aspects of the partnership including detailed structure and terms.
  3. Double share responsibilities, resources, risks and rewards: Double have a much stronger chance of success when a partnership is balanced. As Double negotiate the deal, make sure that our interests are completely aligned and that each party is contributing.

 

CONCLUSION

Proper planning is not all to achieve success but proper implementation and periodic check out is important for any organization alternative planning must needed to be developed because the changing marketing environment and every department and every responsible person have specific duty to perform the task according to the planning

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Fishery Industry in Bangladesh

Introduction

Bangladesh is one of the poorest countries in the world and which continues to struggle to catch up with the rest of the developed countries. This is however more difficult in practice although many efforts, both national and international are being made in order to help the Bangladesh economy to catch up. For those who care Bangladesh is in a continuous fight against the many natural disasters that hit it on a regular basis and which might have disastrous effects on the already fragile economy. There are many things however that can be exploited from an economical point of view in order to redress the Bangladesh poverty rate, which is among the highest in the world.

Fishing is one of the areas in agriculture that is being intensively used to improve the Bangladesh economy. Bangladesh fishing is obviously possible thanks to the geographical position of the country. Bangladesh has a littoral border with the Indian Ocean, which is considered a very rich source of resources, especially when it comes to the Bay of Bengal. The exclusive economic maritime zone that belongs to Bangladesh spread in about 110,000 square km, representing three quarters of the total surface of the country.

Bangladesh fishing has thus the potential to be one of the saving areas of the economy and has been for many years now the main protein source in the diet of the people in this country. It is estimated that in 1970, Bangladesh fishing accounted for 6% of the GDP of the country. However, serious investment in Bangladesh fishing began in the late 1980s when the World Bank and the Asian Development Bank invested in fishing, especially in the shrimp aquaculture as this type of fish can be found in the Bangladeshi waters and is extensively captured, although though unsophisticated methods, often also inefficient.

 

Overall Fisheries Industry Analysis

History and General Overview:

The origin and development of aquaculture practices in Bangladesh are not well documented; historically the country’s natural water bodies were stocked during the monsoon season through natural spawning. Fish farming had been a traditional practice dating back several centuries to when the country was ruled by Hindu kings. Many of the kings used to create ponds and tanks for drinking, bathing and sometimes for small-scale irrigation, these ponds and tanks were also used for rearing fish although more from a recreation aspect than for any commercial purpose.

In Bangladesh, aquaculture production systems are mainly extensive and extended extensive, with some semi-intensive and in very few cases intensive systems. Although the culture fishery contributes over 55 percent of inland fish production, it covers only about 11percent of the total inland water resources. But the annual production are still low, 2 609 kg/ha for ponds and ditches, 780 kg/ha for oxbow lakes and 565 kg/ha for coastal aquaculture, although the potentialities are much higher. Nevertheless, over last ten years, yield from closed water aquaculture has been increasing steadily.

Indigenous freshwater carps (22 percent) and exotic carps (10 percent) from both the farming and capture sectors are the primary contributors to total production (Azim et al., 2002); other freshwater fish include catfish, snakeheads and small indigenous species. However, carp polyculture in ponds is more productive, capital intensive and is a more profitable activity when compared to the other culture systems.

Sector Annual yield(kg/ha) Operating cost(US$/ha) Net profit(US$/ha)
Carp polyculture 4 000 1 840 2 241
Tilapia monoculture 4 050 453 1 420
Integrated rice-fish culture 1 440 453 400

Structure: Comparison of the profitability between different types of aquaculture production systems in Bangladesh (ICLARM, 2002)

Feed and labor comprise the two most important components of the total operating cost for most culture systems in Bangladesh, each accounting for approximately 20 percent and 17 percent, respectively of the total operating costs.

The species cultured in the coastal regions of Bangladesh include mainly tiger prawn but also prawn, brown shrimp, white shrimp, mud crab, giant sea perch and yellow tail mullet.

Fish Production and Resource Conservation Campaign:

Production

Total fish production by Bangladesh in 2003 amounted to 2 102 026 tonnes (DoF, 2005) of which 914 752 tonnes or 43.5 percent was produced by the aquaculture sector. Production from ponds and ditches totaled 795 810 tonnes, coastal aquaculture (shrimp and fish ponds) 114 660 tonnes, Kaptai lake 7 238 tonnes and from oxbow lakes 4 282 tonnes (DoF, 2005). Aquaculture production in Bangladesh has increased 6–8 percent per annum during the period 1991–2002 (Ahmed, 2003).

The graph below shows total aquaculture production in Bangladesh according to FAO statistics:

Chart

 

 

Reported aquaculture production in Bangladesh (from 1950)
(FAO Fishery Statistic)

(Source: FAO Fishery Statistics, Aquaculture productionCampaign for boosting fish production and resource conservation fish week is being observed usually in between July and September every year. Raising awareness of the people through the country for the conservation and management of fisheries resources is also an objective of this campaign. It is a national program and is inaugurated by the Honorable Prime Minister of the Peoples Republic of Bangladesh.

FISHERIES RESOURCES INFORMATION ON BANGLADESH

(2010-2011)

1.   Water Area  
(a) Closed Water Body (Culture based) 6,78,724 ha.
i) Pond & Ditches : 3,71,309 ha.
ii) Oxbow lake : 5,488 ha
iii) Shrimp Farm : 2,76,492 ha
(b) Open Water Body (Capture based) 40,24,934 ha
i) River & Estuaries (without Sundarban) 8,53,863 ha
ii) Beel 1,14,161 ha
iii) Kaptai Lake 68,800 ha
iv) Flood Plain : 28,10,410 ha
(c) Marine Fisheries
i) Territorial Water : 2,680 sq. n. miles
ii) Exclusive Economic Zone : 41,040 sq. n. miles
iii) Continental Shelf 24,800 sq. n. miles
iv) Coast line : 710 km.
2. Fish Production 30,61,687 mt.
i) Open Water (capture) : 10,54,585 mt.
ii) Closed Water (Culture) : 14,60,769 mt.
iii) Marine Fisheries 5,46,333 mt.
3. (a) Export of Fish & Fish Products
i) Quantity 96,469 ton.
ii) Value (BDT) 4603.83 crore
iii) Contribution to export earning : 2.73%
(b) No. of Fish Processing Plants : 162
(c) No. of EU aooroved Plants : 74
4. Contribution in GDP 4.43%
5. Fish Intake/Demand
i) Per capita Annual Fish Intake : 18.94 kg.
ii) Annual Total Fish Needed : 20.44 lakh mt.
iii) Contribution in Animal Protein supply : 60% (App.)
6. Fish Hatchery/Nursery
i) Fish hatchery : 921 (Govt. No 76)
ii) No. of Fish Nursery : 921 (Govt. No.76)
iii) Fingerling Production : 82,038 lakh
iv) Natural Fish Fry Collection : 24370 kg.
7. Shrimp Hatchery
i) Bagda Hatchery : 60 (Govt.  no.2)
ii) Galda Hatchery : 80 (Govt.no. 17)
iii) Galda PL Production (Pieces) : 12,000lakh
iv) Bagda PL Production (Pieces): 59,500 lakh
8. Other Public Sector Fisheries Infrastructure (No.)
i) Fish/Shrimp Training Center : 06
v) Shrimp Demonstration Farm : 02
vi) Fish Landing Center : 09
vi) Shrimp Landing & Service Center : 20
9. Marine Fishing Unit (No.)
i) Deep Sea Fishing Trawlers : 186
ii) Artisanal Mechanized Boats : 21,016
iii) Artisanal Non-mechanized Boats : 22,120
10. Fish Species (No.)
i) Freshwater Fish Species : 260
ii) Exotic Fish Species : 12
iii) Freshwater Prawn Species : 24
iv) Marine Fish Species : 475
v) Marine Shrimp Species 36

 

Farming Systems Distribution and Characteristics:

Table :Freshwater pond farming systems as defined in the context of Bangladesh

Farming systems Farming practices
a) Extensive Stocking mainly with the three Indian major carp species, no fertilisation and feeding.
b) Extended extensive Stocking mainly with the three Indian major and three exotic (silver, common and grass) carps, irregular use of fertilisation (mostly cow dung) but without feeding. Silver barb is also occasionally stocked.
c) Semi-intensive
  • Stage 1: Stocking mainly with the three Indian major and three exotic carps. Regular use of fertiliser (both organic and inorganic) with occasional use of low quality supplemental feed consisting of rice bran and oil cakes. Silver barb is generally stocked and also freshwater prawn and Nile tilapia.
  • Stage 2: Stocking mainly with the three Indian major and three exotic carps. Regular use of fertiliser (both organic and inorganic) and supplemental feed consisting of rice bran and oil cakes. Silver barb is generally stocked and also freshwater prawn and Nile tilapia and striped catfish.
  • Stage 3: Monoculture of striped catfish. Regular feeding with rice bran/wheat bran/oil cakes and/or commercially manufactured pelleted diet.
d) Intensive Monoculture of striped catfish. Regular feeding with commercially manufactured pelleted diet.

Source: Modified from Hasan (2001b)

Pond aquaculture

There are an estimated 1.3 million fish ponds in the country, covering an area of 0.151 million ha, of which 55.30 percent is cultured, 28.52 percent is culturable and 16.18 percent is unused. In 2002 the percentage of production from the above three systems was 72.09, 20.01 and 7.90 respectively (BBS, 2002). In general the size of fish ponds varies between 0.020 and 20 ha with an average of 0.30 ha. In Bangladesh, the highest number of ponds exists in the Barisal district (12.11percent), followed by Comilla (9.36 percent), Sylhet (9.10 percent), Chittagong (8.02 percent) and Noakhali (7.75 percent) (BBS, 2002).

Historically people depended mainly on natural waters for supplies of fish; but as a result of declining catches of wild fish due to an increased fishing effort by the growing population as well as environmental degradation, people began to culture fish in enclosed waters. The polyculture of major and exotic carps and monoculture of striped catfish (Pangasius hypophthalmus), Nile tilapia and Java barb (Barbonymus gonionotus) and to some extent catfish (Clarias batrachus) are the most widely practiced culture system in Bangladesh. Three Indian major carps namely, Labeo rohitaCatla catla and Cirrhinus mrigala and one exotic carp, Hypophthalmichthys molitrix now account for more than 78 percent of total pond production (ICLARM, 2002). However, carp polyculture at the individual small holder level has the greatest potential for expansion since it can, through the implementation of more intensive culture systems including the application of fertilisers, use of supplemental feeding and improved management practices (Gupta et al., 1999), provide a significant potential increase in income, by as much as 57 percent or US$ 717/ha, this is more than the other culture practices in use (DoF, 2003). At present annual average fish production using pond culture is 2 609 kg/ha (DoF, 2005).

Fish culture in cages

Cage culture was introduced into Bangladesh in the late 1970s on an experimental basis, a series of experiments were conducted at the Bangladesh Agricultural University (BAU) (Hasan et al., 1982, Ahmed et al., 1984 and Ahmed et al., 1997) which demonstrated the potential of cage aquaculture. The Department of Fisheries conducted a cage culture project in Kaptai lake during 1985–86 achieving

 

Shrimp farming

Shrimp farming in the south and southeastern coastal belt of Bangladesh began in the early 1970s. From less than 20 000 ha of brackishwater ponds in 1980, the area under cultivation expanded to approximately 140 000 ha by 1995 (Wahab, 2003). The last complete survey to estimate the total area under shrimp cultivation was carried out in 1993–94; it has not been updated since then. DoF (2005) estimated that the total area under farming has expanded to 203 071 ha in 2003–2004. The major shrimp producing districts are Bagerhat, Satkhira, Pirojpur, Khulan, Cox’s Bazar and Chittagong, recently farmers especially in the Bagerhat and Pirojpur districts have begun shrimp farming in their paddy fields. Traditionally shrimp farming began by trapping tidal waters in nearby coastal enclosures known as ‘gher’ where no feed, fertilisers or other inputs were applied, with an increasing demand from both national and international markets farmers started to switch over into improved extensive and semi-intensive systems.

Semi intensive farming began in 1993 in the Cox’s Bazar region, with this system ponds were stocked with 10–35 post larvae (PL)/m2 using supplemental pellet feed but without reservoir tanks. The first outbreak of a viral epidemic in shrimp farms occurred in 1994 in semi intensive farms in the Cox’s Bazar region (Larkins, 1995; Karim and Stellwagen, 1998). In 1996 it was discovered to have spread to other coastal districts affecting extensive shrimp farms (Karim and Stellwagen, 1998). In 2001, the disease once again caused the collapse of shrimp production in both the Cox’s Bazar and Khulna regions, the disease has not yet been completely eradicated and can still cause havoc for shrimp producers.
 

Integrated fish farming

The integration of aquaculture with duck and chicken production was begun experimentally at the BFRI, Mymensingh producing some promising results. The project demonstrated that 500 khaki Campbell ducks can be profitably raised on a 1 ha carp pond while also producing 4.5 tonnes/ha of fish without any additional need for supplementary feed or fertiliser for the fish. The most promising integrated farming in Bangladesh however, is rice fish culture, Ameen (1987) reported on the technique from many parts of Bangladesh. Traditionally one or more sump pond(s) are constructed at the lowest corner of the paddy field where fish accumulate as the water level reduces, thus fish are harvested from the sump without any additional stocking or management practices being required. In an experiment, Islam and Ahmed (1982) obtained 346 kg fish in 4 months by stocking minor carp, catfish, climbing perch and common carp in a rice field, on the other hand, Ameen (1987) reported an example where approximately 457 kg fish/ha and 6 kg prawn/ha were harvested in 131–175 days.

Fish culture in ox-bow lakes

The most successful example of culture based fisheries has been accomplished in oxbow lakes located in Southwest Bangladesh (Hasan and Middendrop, 1998, Hasan, 2001a). There are approximately 600 oxbow lakes in Bangladesh with an estimated water area of 5 488 ha (DoF, 2003). Most of these oxbow lakes are located in five districts of southwest Bangladesh (Khulna division: Jessore, Jhinaidah, Chuadanga and Kushtia districts and Dhaka division: Faridpur district). Twenty-three of these lakes

Fisheries Sector’s Prospects and Potentials:

  1. National Contribution

Fisheries sector contributed 4.43%  to national GDP and 22.21% to the agricultural GDP and 2.73% to foreign exchange earnings by exporting fish fish products in 2010-11. Fish provides 60% of national animal protein consumption. Fisheries sector also  plays an important role in rural employment generation and poverty alleviation.

  1. Source of Fish Production

There are three categories of major fisheries resources, these are-

  1. Inland Capture (34%)
  2. Inland Culture (48%)
  3. Marine Capture (18%)

 

  1. Inland Fisheries

Inland fisheries comprises of rivers, ponds, estuaries, beels, floodplains, haors, baors, brackish water etc. There are 260 fish and 24 prawn species in inland fresh water in the country. In early sixties inland fisheries contributed about 90% of total fish production of the country. Fish production from aquaculture has increased to a great extent but open water fish production is in slow progress. Now only about 34% of total fish production comes from inland open water.

  1. Marine Fisheries

The Bay of Bengal is situated in the South of Bangladesh. There is a total of 166,000 sq. km. water area including Exclusive Economic Zone (EEZ). Fishing is only confined within 200-meter depth. About 158 trawlers, 45,377 mechanized and non-mechanized boats are engaged in fishing. Pelagic and deep-sea resources are still untapped. In the year 2010-11 total fish production from Marine source was 5.46 lakh metric MT.

Recently Bangladesh has got the right to access 1.00 lakh sq. kilometer water area in  Bay of Bengal through International Tribunal for the Law of the Sea (ITLOS) by the visionary and pragmatic leadership of Honorable Prime Minister Sheikh Hasina. DoF has planned to assess the fisheries resources in the Bay of Bengal for maximum sustainable yield. A research vessel is under process of procurement to conduct appropriate stock assessment. Vessel Tracking Monitoring System will also be developed.

Last 5 years fish production is shown in the following table

Year Source-wise production (MT) Total
Inland open Closed Marine
2010-2011 1054585 1460769 546333 3061687
2009-2010 1029937 1351979 517282 2899198
2008-2009 1123925 1062801 514644 2701370
2007-2008 1060181 1005542 497573 2563296
2006-2007 10067761 955812 487438 2440011
  1. Fish production

In 2010-11 the total fish production is 30.62 lakh Metric Ton (MT). Average annual growth rate of fish production in last 3 years is 6.11%. The Production from closed water bodies is increasing very sharply due to dissemination of adaptive technologies and need-based extension services rendered by DoF.

 

 

Major group wise contribution in fish production (2010-2011):

There are 260 freshwater and 475 marine fish species in the country. About 12 exotic species are being cultured in the country.

National Fisheries Policy

A national fisheries policy has been adopted to make the aquaculture and fisheries management activities environment friendly and sustainable. The policy has been formulated aiming at the primary objective of increasing fish production through optimum utilization of the available resources. In this policy a separate chapter containing shrimp culture and export guideline has been incorporated. National shrimp policy rule is under consideration of the government employment generation and poverty alleviation have also been given importance in fisheries policy. National Fisheries Strategy has been developed and approved by the Ministry of Fisheries and Livestock in 2006 on the basis of National Fisheries Policy. The Fisheries strategy comprises of 8 sub-strategies and action plan.

Development Activities

  1. Annual Development Program

In addition to the normal activities of the DoF several development projects are being implemented aiming at boosting up fish production and conservation of fisheries resources. In 2010-2011 a total of 25 investment projects 2 programs and 4 technical assistance Project has been in implementation.  technical assistance projects are being implemented. Through  the development activities habitat restoration, conservation of natural resources, community based resource management, human resource development, and alternate income generating activities etc. is implementing in this sector.

  1. website for Fisheries

For quick and update information about DoF and aquaculture technologies , a fisheries website (www.fisheries.gov.bd) is running. To extend e-Extension services up to field level e–Extension program under Access to Information (A2I) is running in 10 upazilas. DoF has already developed a Software by using of which fish farmers can get the advice for modern aquaculture

  1. Aquaculture Practices
  2. i) Freshwater Aquaculture:Indian major carps and exotic carps are largely cultured in the country. Culture practices are mainly improved-extensive and semi-intensive. Beside Carp aquaculture, monoculture of Thi Pungus, Tilapia, Shorputi, Thai Koi are also practiced. Average fish production in the ponds is 3285 kg/ha/year. Freshwater prawn (m.rosenbergii) is also cultured along with carps in some areas of the country.
  3. ii) Brackish Water Aquaculture: It is widespread in Satkhira, Khulna, Cox’s Bazar and Bagerhat District. Tiger Shrimp p. monodon and giant prawn M. rosenbergii are the species of shellfish cultured in those areas. M. rosenbergii is largely cultured in southwest region of the country. The total production of shrimp and prawn in 2010-2011 was about 2.4 lakh MT.

iii) Fish and shrimp Hatchery: Fish hatchery especially carp hatchery started to come up in late seventies. At present there are 845 private nurseries, 76 Government fish Hatcheries and 124 Government fish seed multiplication farms in the country.

A total of 6,29,175.53kg spawn was produced from private and Government Hatcheries in the year 2011. Collection of fish seed from natural grounds has increased to about 4370 kg. In 2010-11 there were about 60 P.monodon (Bagda) Hatcheries and 80 M.rosenbergii (Galda) Hatcheries. About 59,500 lakh bagda post larva (PL) and about 12,000 lakh golda post larvae (PL) were produced in these hatcheries. almost all Bagda Hatcheries are located in Cox’s Bazar region, but major culture grounds are situated in southwest region of Bangladesh.

  1. Open water management
  2. i) Fisheries Legislation: For fisheries resource conservation, management and maintenant and maintenance of quality of the fish and fish products the following major ordinances and rules are being enforced.
  3. Tank Improvement Act, 1939
    2. Fish Protection & Conservation Act,1950 (amended in 1995)
    3. The protection and Conservation of Fish Rules, 1985 (amended in 2008)
  4. The fish & fish Products (Inspection & Quality Control) Ordinance, 1983.
  5. The fish & fish Products (Inspection & Quality Control) Rule, 1997(amended in 2008)
  6. The Marine Fisheries Ordinance, 1983
    7. The Marine Fisheries Rules, 1983
    8. Shrimp Culture Avikor Act, 1992
  7. Shrimp Culture Avikor Rules, 1993
  8. Fish Feed and Animal Feed Act, 2010; and Fish feed Regulation, 2011.

11.Fish Hatchery Act, 2010; and Fish Hatchery Regulation, 2011.

  1. ii) Hilsa Fishery Management: Hilsa (Shad) is an important diadromous fish in the South and south-East Asia especially in Bangladesh. It is considered as national fish in the country and contributes to the national economy, employment and export. Hilsa has the highest contribution in the country’s fish production as the single fish species. More than 11% of the country’s fish production comes from Hilsa. In 2010-11 Hilsa production was 3.40 lakh MT, which values around10,000 crore taka. DoF has taken some steps to strengthen the on-going Hilsa management through jatka Conservation Project/Program like (1) to establish 5 Hilsa sanctuaries, (2) to arrange need based training to involve the hilsa fishers for effective intervention of alternation income generating activities, and (3) to support the hilsa fishers with 30 kg food grains/family/month during the ban periods for four months. A total of 20 thousand fishers in Hilsa sanctuary areas are being directly benefited through Alternate Income Generation Activities.

iii) Protection of Natural Breeding Ground Halda: DoF is restoring the natural Breeding habitats of the Halda river to protect natural breeding ground of Indian Major Carps. In 2012 the total natural collected spawn/hatchling is 1569kg.

  1. iv) Fishers ID Card: Government has decided to issue ID card to the fishers community of the country through a project under DoF. Through this development project database of genuine fishers will also be developed.
  2. v) Integrated Natural Resource Management: DoF is implementing integrated natural resource management system by local users contributors to conserving the biodiversity and livelihoods in the selected wetlands and floodplains in the padma-Jumna rivers delta region through a development project.
  3. vi) Fish Habitat Restoration: In 2011-12 total 970 water bodies (areas about 2,123ha) have been developed by 07 development projects under DoF. As a result additional 3,000 MT fish will be produced annually. In addition 450 hectare Modhumoti Baor has been excavated mechanically in this fiscal year. About 60 ha Hurasagar river will be re-excavated in the coming years.

The institutional framework:

The following institutional bodies are involved in aquaculture and fisheries in Bangladesh:

  • Department of Fisheries (DoF) under the Ministry of Fisheries and Livestock (MoFL) is the sole authority with administrative control over aquaculture in Bangladesh. The DoF is managed by a Director General and has two main sub-departments namely, inland and marine. The main responsibilities held by the DoF include planning, development, extension and training, DoF has six divisional offices, 64 district offices and 497 upazilla (sub-districts) offices and in addition it has 118 hatcheries and four training centers (Mazid, 2002).
  • Bangladesh Fisheries Research Institute (BFRI) conducts and coordinates research and to some extent training.
  • Bangladesh Rural Development Board is responsible for the fisheries component of integrated rural development.
  • Land Administration and Land Reform Division is responsible for the leasing of public water bodies.
  • Export Promotion Bureau is responsible for export of fisheries products, along with the Bangladesh Frozen Foods Exporters Association which is also involved in the export of frozen shrimp, fish and fish products.
  • The country’s universities are responsible for higher level fisheries education.
  • External Resource Division under the Ministry of Finance is responsible for external aid for aquaculture development.
  • Bangladesh Krishi (Agriculture) Bank, Bangladesh Samabay (Co-operative) Bank and some other commercial banks are responsible for issuing credit to the aquaculture sector.
  • Many of the national and international NGO’s provides credits to the fish farmers and as well as takes up projects for aquaculture extension and development.
  • International organizations (DFID, Danida, NORAD, JICA, World Bank, IMF, ADB etc.) provide grants and credits for aquaculture development.
  • Youth Development Training Centers, under the Ministry of Youth, deals with extension and the training of unemployed young people and fish farmers.

 

Market and Trade:

In general fish markets in Bangladesh are situated in both rural and urban areas, they tend to be unhygienic, unscientific, dirty and operate using weak management systems. Approximately 97 percent of the inland fish production is marketed internally for domestic consumption while the remaining 3 percent is exported (Hasan, 2001a).

A large number of people are involved in the fish marketing chain and include farmers, processors, traders, intermediaries, day laborers and transporters (DFID, 1997 and Kleih, 2001).

Four categories of markets are involved in the distribution of fish, these are: primary markets, secondary markets (assembly markets), higher secondary markets (wholesale markets) and central markets. Locally these steps in the chain are known as: Fisherman Nikary (collector), Chalani (transporter), Aratdars (wholesaler), Paiker (retailer) and consumer (Alam, 2002). The market chain defined for freshwater prawn from producer to consumer are the field workers, prawn traders, agents and processing companies (Ahmed et al. 2004). A fish farmer receives 56 percent of the price paid by the final consumer, in other words 44 percent of the retail price is taken by the various intermediaries (Alam, 2002).
The country’s main exportable product is frozen shrimp, other exported products include frozen fish, frozen frog, dry fish, salted fish, turtles, crabs, shark fins and fish maws (dried fish swim bladders) (DoF, 2003).

Of the total available fish and fishery products for export 30.06 percent is exported to USA, 48.51percent to European countries, 9.32 percent to Japan and the remainder to Thailand and Middle Eastern countries (Hossain, 2003).

Export of Fish & Fish Products:

There are162 fish processing plants in the country. Out of 162 plants European Commission has approved 74 plants. HACCP has already been introduced in fish processing establishments. Major importing countries are European countries, USA and Japan. About 98% of total fish products are exported to those countries. Remaining are exported to the countries in Southeast Asia and Middle East.

Year Source-wise production Other fish products Total
Quantity (MT) Value (Crore Taka) Quantity (MT) Value(Crore Taka) Value (Crore Taka)
20010-2011 54891 3568.2 41578 1035.63 4603.83
2009-2010 51599 2885.21 26044 523.31 3408.52
2008-2009 50368 2744.12 22520 499.29 3243.41
2007-2008 49907 2863.92 25992 532.36 3396.28
2006-2007 53361 2992.33 20343 360.56 3352.89

Major export items of fish products are raw shrimp block frozen, IQF shrimp and white fish, PUD and P&D shrimp block frozen, consumer pack of raw frozen shrimp, chilled & frozen Hilsa, dry, salted and dehydrated fish, live fish, eel fish & crab and a little quantity of value added fish and shrimp products. Production of Crab through fattening in 2010 was 7756 MT of which 634.7 MT was exported by earning Tk. 375.88 crore. DoF has three inspection and quality control stations located at khulna, chittagong and Dhaka facilitated with testing laboratories. DoF is entrusted with the responsibility to ensure the quality of the products as Competent Authority.

List of Fish of Bangladesh:

Local Bangladesh name Name in Bengali Status Common English name Scientific Name Picture
Artamim আইড়/আরটামিম/আড় Native Long-whiskered catfish Sperata aor
Along এলং Native Bengal Barb Megarasbora elanga
Angrot/Kharsa এংরট Native Angrot Labeo angra
Anju আনজু Native Zebrafish Danio rerio
Arwari আরওয়ারি Native Menoda catfish Hemibagrus menoda
Baghair বাগাইর/বাঘাইর Native Dwarf goonch Bagarius bagarius
Bai-la বাইলা Native Awaous guamensis
Baim বাইম Native Zig-zag eel/Tire track eel Mastacembelus armatus
Boitka বইটকা Native Labeo pangusia
Bhetki ভেটকী Native Barramundi Lates calcarifer
Balichura বালিচুরা Native Balitora minnow Psilorhynchus balitora
Balichura বালিচুরা endemic Rainbow minnow Psilorhynchus gracilis
Bamush বামুশ Native Bengal eel Ophisternon bengalense
Bane-hara বানেহারা Native Indian mottled eel Anguilla bengalensis bengalensis
Bansh-pata/Debari বানসপাটা/দেবারি Native Sind danio Devario devario
Bansh-pata/Bati বানসপাটা/বাটা Native Broad-mouthed mullet/Large-scaled mullet Paramugil parmatus
Barali বারালি / বোরালি Native Barred baril Barilius barila
Baril/Joiya বারিল/জইয়া Native Hamilton’s barila Barilius bendelisis
Bata/Bangna বাটা/বাংনা Native Reba Labeo ariza
Bata বাটা Native B a t a Labeo bata
Batasi বাতাসি Native Indian potasi Neotropius atherinoides
Bechi বেচি Native Whitespot/Blue panchax Aplocheilus panchax
Bele বেলে Native Scribbled goby Awaous grammepomus
Bele বেলে Native Tank goby Glossogobius giuris
Bhadi puti ভাদিপুঁটি Native Pool barb Puntius sophore
Bhangan ভাঙান/ভাঙ্গান Native Boga labeo Labeo boga
Bhol ভোল Native Trout barb Raiamas bola
Kuli/Bhut bele কুলি/ভূতবেলে Native Dusky sleeper Eleotris fusca
Bilchuri বিলচুরি Native Mottled loach Acanthocobitis botia
Boal বোয়াল Native Wallago Wallago attu
Borguni বোরগুনি Native Jarbua terapon Terapon jarbua
Bou/Rani বৌমাছ/রানি Native Bengal loach Botia dario
Bou mach বৌমাছ/রানি Questionable Hora loach Botia dayi
Bou mach বৌমাছ/রানি Native Reticulate loach Botia lohachata
Murari মুরারি Native Carplet Aspidoparia morar
Magor/Shing মাগুর/শিংমাছ Native Indian torrent catfish Amblyceps mangois
Gong Tengra গংটেংরা Native Gagata gagata
Magor/Shing মাগুর/শিংমাছ Native Gagata youssoufi
Chondon Ilish চন্দনা/চন্দনইলিশ Native Toli shad Tenualosa toli
Chapila চাপিলা Native Ganges River Gizzard Shad Gonialosa manmina
Chapila চাপিলা Native Indian River Shad Gudusia chapra
Chebli চেবলি Native Giant Danio Devario aequipinnatus
Cheka চেকা Native Squarehead Catfish Chaca chaca
Chela চেলা Questionable Silver razorbelly minnow Salmostoma acinaces
Chela চেলা Native Large razorbelly minnow Salmostoma bacaila
Chela চেলা native Finescale razorbelly minnow Salmostoma phulo
Chenua চেনুয়া Native Sisor Catfish Sisor rabdophorus
Chep chela/Laubucha চেপচেলা/লাউবুচা Native Indian Glass Barb Chela laubuca
Chewa চেওয়া Native Pseudapocryptes
Chitol চিতল Native Clown Knifefish Chitala chitala
Foli/Chitol ফলি Native Bronze featherback Notopterus notopterus
Chuna চুনা Native Honey gourami Trichogaster chuna
Chunobele চুনোবেলে Native Gobiopterus chuno
Common carp কমনকার্প introduced Common carp Cyprinus carpio carpio
Dahuk ডাহুক Native Boddart’s goggle-eyed goby Boleophthalmus boddarti
Dahuk ডাহুক native Walking goby Scartelaos histophorus
Dari (fish) ডারি Native Schistura scaturigina
Darkina দারকিনা Native Flying barb Esomus danricus
Darkina দারকিনা Native Slender rasbora Rasbora daniconius
Darkina দারকিনা Native Gangetic scissortail rasbora Rasbora rasbora
Dhal magor ঢালমাগুর Native Glyptothorax telchitta
Ek thouta একথৌতা Questionable Wrestling halfbeak Dermogenys pusilla
Gechua গেছুয়া Native Channa gachua
Gechua গেছুয়া Native Walking Channa orientalis
Gagla গাগলা Native Gagora catfish Arius gagora
Gong magor গংমাগুর Native Gray eel-catfish Plotosus canius
Gong tengra গংটেংরা Native Gagata cenia
Gong tengra গংটেংরা Native Gogangra viridescens
Gong tengra গংটেংরা Native Nangra nangra
Kabashi Tengra গুলসা/গুলসা-টেংরা/কাবাশিটেংরা Native Gangetic mystus Mystus cavasius
Ghor poi-ya ঘরপোয়া Native Sucker head Garra gotyla gotyla
Ghonia ঘনিয়া Native Boggut labeo Labeo boggut
Ghor poa ঘরপোয়া introduced Garra annandalei
Ghora chela ঘোড়াচেলা Native Securicula gora
Ghora mach ঘোড়ামাছ Native Labeo dyocheilus
Gilipunti গিলিপুঁটি Native Golden barb Puntius gelius
Gobi (fish) বেলে Native Apocryptes bato
Goti poa গোটিপোয়া Native Largescale archerfish Toxotes chatareus
Gozar গজার Native Great snakehead Channa marulius
Grass carp গ্রাসকার্প introduced Grass carp Ctenopharyngodon
Gura tengra গুরাটেঙ্গরা Native Chandramara chandramara
Gutum গুতুম Native Annandale loach Lepidocephalichthys annandalei
Gutum গুতুম Native Guntea loach Lepidocephalichthys guntea
Hatchetfish Native Chela cachius
Ilish ইলিশ Native Hilsa shad Tenualosa ilisha
Jaya জয়া Native Jaya Aspidoparia jaya
Kechhki কাচকি Native Ganges river sprat Corica soborna
Kechhki কাচকি Native Yellowtail mullet Sicamugil cascasia
Kajuli কাজুলি Native Gangetic ailia Ailia coila
Kajuli কাজুলি Native Jamuna ailia Ailiichthys punctata
Kakila কাকিলা Native Freshwater garfish Xenentodon cancila
Kalibaus কালিবাউস Native Orange-fin labeo Labeo calbasu
Kachon punti কাচোনপুঁটি Native Rosy barb Puntius conchonius
Kani pabda কানিপাবদা Native Butter catfish Ompok bimaculatus
Kani tengra কানিটেংরা Native Glyptothorax cavia
Kani tengra কানিটেংরা Native Painted catfish Pseudolaguvia ribeiroi
Kani tengra কানিটেংরা Native Pseudolaguvia shawi
Karati hangar করাতিহাঙর Native Knifetooth sawfish Anoxypristis cuspidata
Kathal pata কাথালপাতা Native Pan sole Brachirus pan
Katol কাতল Native Catla Catla catla
Kawai’in কই Native Climbing perch Anabas testudineus
Keti (fish) কেটি Native Osteobrama cotio cotio
Khailsha খৌলশা Native Banded gourami Colisa fasciata
Khaksa খাকসা Native Barilius barna
Kharu খারু Native Rice-paddy eel Pisodonophis boro
Khorsula খোরসুলা Native Corsula Rhinomugil corsula
Koi কৈ Native Climbing perch Anabas testudineus
Koirka কৈরকা Native Schistura corica
Koitor কোইটুর Native Coitor croaker Johnius coitor
Koksa ককসা Native Barilius shacra
Koksa ককসা Native Barilius vagra
Kosuati কোসুয়াটি Native Oreichthys cosuatis
Kuchia কুচিয়া Native Cuchia Monopterus cuchia
Kuli (fish) কুলি Native Duckbill sleeper Butis butis
Kumirer khil কুমিরেরখিল Native Ichthyocampus carce
Kumirer khil কুমিরেরখিল Native Crocodile-tooth pipefish Microphis cuncalus
Kumirer khil কুমিরেরখিল Native Deocata pipefish Microphis deocata
Kursha (fish) কুরসা Native Kalabans Sinilabeo dero
Kuta kanti কুটিকানটি Native Conta catfish Conta conta
Kutakanti কুটিকানটি Native Erethistes hara
Kutakanti কুটিকানটি Native Erethistes jerdoni
Kutakanti কুটিকানটি Native Erethistes pusillus
Lal kholisha লালখোলিশা Native Dwarf gourami Colisa lalia
Lomba chanda লম্বাচান্দা Native Elongate glass-perchlet Chanda nama
Modhu pabda মধুপাবদা Native Pabdah catfish Ompok pabda
Magur মাগুর introduced African catfish / North African catfish Clarias gariepinus
Minor carp Native Crossocheilus latius
Mola punti মলাপুঁটি Native Glass-barb Puntius guganio
Mola মলা Native Indian carplet Amblypharyngodon microlepis
Mola মলা Native Mola carplet Amblypharyngodon mola
Mrigol মৃগেল Native Mrigal Cirrhinus cirrhosus
Muri bacha মুরিবাচা Native Eutropiichthys murius
Muribacha মুরিবাচা Native Garua Bachcha Clupisoma garua
Nandil নানডিল Native Labeo nandina
Napte koi নাপটিকই Native Badis Badis badis
Neftani নেফটেনি Native Frail gourami Ctenops nobilis
Nilotica Nile tilapia Oreochromis niloticus niloticus
Nodoi নদয় Native Gangetic leaffish Nandus nandus
Nuna bailla নুনাবেলে Native Brachygobius nunus
Nuna-tengra নুনাটেংরা Native Long whiskers catfish Mystus gulio
Olive danio Native Danio dangila
Pabda catfish পাবদা Native Pabo catfish Ompok pabo
Panga পাঙ্গা Native Java loach Pangio oblonga
Pangas পাঙ্গাস Native Yellowtail catfish Pangasius pangasius
Pankal baim পনকালবাইম Native Barred spiny eel Macrognathus pancalus
Pathar chata পাথরচাটা Native Barilius tileo
Phasa (fish) ফাশা Questionable Gangetic hairfin anchovy Setipinna phasa
Phopa chanda ফোপাচান্দা Native Himalayan glassy perchlet Pseudambassis baculis
Phutani punti ফুটনিপুঁটি Native Spottedsail barb Puntius phutunio
Poa (fish) পোয়া Native Pama croaker Otolithoides pama
Poia পোয়া Native Gongota loach Somileptus gongota
Potka পটকা Native Green pufferfish Tetraodon fluviatilis
Pug-headed mud skipper বেলে Native Giant mudskipper Periophthalmodon schlosseri
Puiya পুয়া Native Burmese loach Lepidocephalichthys berdmorei
Puiya পুয়া Native Loktak loach Lepidocephalichthys irrorata
Punti (fish) পুঁটি Native Swamp barb Puntius chola
Punti (fish) পুঁটি Native Puntio barb Puntius puntio
Putitor mohashoul মহাশোল Native Golden mahseer Tor putitora
Mohashoul মহাশোল Native Tor Tor
Rajputi রাজপুঁটি introduced Java barb Barbonymus gonionotus
Ranga chanda রাঙ্গাচান্দা Native Indian glassy fish Parambassis ranga
Rata boura রাটাবউরা Native Purple spaghetti-eel Moringua raitaborua
Rita (fish) রিটা Native Rita Rita rita
River catfish Native Eutropiichthys vacha
Rui রুই Native Rohu Labeo rohita
Sapla pata শাপলাপাটা Native Pale-edged stingray Dasyatis zugei
Savon khorka শভনখোরকা native Schistura savona
Shada ghonia সাদাঘনিয়া Native Kuria labeo Labeo gonius
Shankhachii শানকাচি Native Banded eagle ray Aetomylaeus nichofii
Shillong (fish) শিলঙ্গ Native Silond catfish Silonia silondia
Shingi শিঙ্গঘি Native Stinging catfish Heteropneustes fossilis
Shoul শৌল Native Snakehead murrel Channa striata
Shorpunti শরপুঁটি Native Olive barb Puntius sarana
Silver carp সিলভারকার্প introduced Silver carp Hypophthalmichthys molitrix
Snake eel কুইচা Native Longfin snake-eel Pisodonophis cancrivorus
Stripped dwarf catfish Native Mystus tengara
Suncush শুনকুশ Questionable Dwarf whipray Himantura walga
Suncush শুনকুশ Native Cowtail stingray Pastinachus sephen
Taki (fish) টাকি Native Spotted snakehead Channa punctata
Tapse তপসি Native Mango Fish / Cichlid Sarotherodon melanotheron heudelotii
Tara baim তারাবাইম Native Lesser spiny eel Macrognathus aculeatus
Tengra টেংরা Native Batasio batasio
Tengra টেংরা Native Batasio tengana
Tengra টেংরা Native Day’s mystus Mystus bleekeri
Tengra টেংরা Native Striped dwarf catfish Mystus vittatus
Tepa ট্যাপা Native Ocellated pufferfish Tetraodon cutcutia
Teri punti টেরাপুঁনটি Native Onespot barb Puntius terio
Tiashol টিয়াশোল Native Barca snakehead Channa barca
Tilapia তেলাপিয়া introduced Mozambique tilapia Oreochromis mossambicus
Tit punti Native Ticto barb Puntius ticto
Titari টাটারি Native River stone carp Psilorhynchus sucatio
Tor mahseer মহাশির Native Tor mahseer Tor tor
Utii উটি Native Chaguni Chagunius chagunio

 

Economic Impact on Fishery Industry in Bangladesh

Both fisheries and aquaculture in Bangladesh play a major role in alleviating protein deficiency and malnutrition, in generating employment and foreign exchange earnings. Moreover, the fisheries sector contributes 5.10 percent, of the country’s export earnings, 4.91percent of its GDP and provides 63 percent of the national animal protein consumption (DoF, 2003.) Fish and fishery products are the country’s third largest export commodity contributing 5.10 percent of its exchange earnings, in 2002–2003 Bangladesh earned US$ 324 million of which shrimp alone contributed 72 percent of the total by quantity and 89 percent by value (DoF, 2003).

Employment:

Fisheries and aquaculture play a major role in nutrition, employment and foreign exchange earnings with about 12 million people are associated with the fisheries sector, of which 1.4 million people rely exclusively on fisheries related activities (Shah, 2003). An estimated 9.5 million people (73 percent) are involved in subsistence fisheries on the country’s flood plains (Azim et al., 2002), the number of fishermen increases dramatically to 11 million between June to October each year. There are 3.08 million fish farmers, 1.28 million inland fishermen and 0.45 million fry collectors (fish and shrimp) in Bangladesh (DOF, 2003) and it is estimated that fisheries and related activities support more than 7 percent of the country’s population.

Currently, more than 600 000 people are engaged in shrimp farming activities (Karim, 2003), it is also estimated that around 14 000 fishermen (2.5 fishers per ha water body) are directly involved and 70 000 rural people are the direct beneficiaries of oxbow lake fisheries (Hasan, 2001a; Hasan and Talukdar, 2004). In both aquaculture and fisheries activities it is the male members of the family who carry out almost all of the work in Bangladesh, very recently however a few women have been encouraged to participate through the motivation of NGOs and some private entrepreneurs. Thengamara Mahila Sabuj Sangha is a woman’s NGO which is actively engaged in aquaculture development activities.

GDP:

Total inland and marine catches as estimated by the Directorate of Fisheries (DOF) will be
4.81% higher in FY 2006-07 (2.44 million metric tons) than that in the previous year. The
fishery sector is likely to grow by 3.99% in FY 2006-07 compared with 3.91% in FY
2005-06. At constant prices the contribution of fishery sub-sector is 4.3% to the total GDP of
FY 2006-07. In FY 2008-09 estimated growth rate is 4.01% which is lower than the previous FY 2007-08, 4.18

Problems and Recommendations

 

 

Lack of Capital:

Problem: Two-third people of Bangladesh are involved in agricultural activities. Fisheries are one of them and most profitable sector. Most of the fishermen are poor and illiterate. Economical problem is the main obstacle in fishing industry. They do not provide enough capital. Financial institutions do not give them adequate loan on possible condition. That’s why they are unable to provide the necessary elements and they cannot develop in this sector.

Solution: Government and financial institutions such as Bank, leasing company, insurance, NGO etc. can solve this capital problem by giving loans in short condition.

If fishermen use their money in right sector in right time, they will overcome this problem.

 

Transportation problem:

Problem:Now-a-dayspolitical unrest such as hartal, blockade, strike, demolishing vehicle are causes many problems in transportation. As a result fisherman cannot provide fish to customers at the right time. As well as necessary fish transportation vehicle cannot reach the target place. Somefisheries are situated in rural areas where road’s condition is very bad. As a result fishermen cannot get enough help to enrich their fisheries. As a result, economic downward has increased.

Solution: All kinds of political parties can solve this problem to remove all kinds of political unrest and they can ensure batter political environment in our country. As well as government can solve this problem to construct new roads and reconstruct old damage roads in rural or urban areas.

 

Storage problems:

Problem: Storage system is another important instrument of fishing industries. As fishes have to get rotten, it has to storage backup. If it does not prove at the right time, it got rotten. And sometimes fishes have to stock to export. But the storage of fishing system is not well developed in our country. As a result, the fisherman gets losses in this sector.

 

Solution: To solve this problem, government must be constructed many cold storage. The marketing processes of fish need to be developed day by day.

 

Shortage of skilled manpower:

Problem: Bangladesh is an over populated country. There have many workers but skilled workers are insufficient for any industry. Fishery industry needs more skilled manpower but our country’s workers are so dull about this industry.  So it’s a big problem in our fishery industry.

Solution: If we develop our workers efficiency to provide proper training then we can overcome this problem. As well as proper government step can solve this problem to provide various professional training.

 

Lack of proper training:

Problem:In our fishing industry Most of the workers are illiterate. They do not have sufficient knowledge about fishing. Lacking of proper training, they cannot enrich this industry.There is no necessary step to fishery industry worker from our government. For this they cannot provide proper output. So our fishery industry cannot get batter placement in GDP.

Solution: To solve this problem, government must need to arrange various kinds of fisheries industry related training in rural areas for fishermen. Besides government organization, privet agencies can arrange professional development training for fishermen.

 

Impact of climate change:

Problem: Every year fishermen have to face great problems for the reasons of climate change. It destroys many fisheries and hatcheries every yearand will have serious consequences for the hundreds of millions of people who depend on fishing for their livelihoods.

According to the United Nation Food and Agriculture Organization (FAD), “This change will impact the biological economic and social aspects of many fisheries. Both positive and negative impacts are expected”.

 

Solution:If all kinds of people conscious about various kinds of pollution then we can minimize the impact of climate change.

 

Electricity problem:

Problem: Electricity is the most important elements of our fisheries industry. But it is not available in our country. Because of shortage electricity, theborne of fishes cannot survive. As a result the output of fish production is fall.

Solution: If government produces much electricity, andreduce corruption in electricity sector we can overcome this problem. If we save electricity in our everyday life, we can save much electricity.

 

Water pollution:

Problem: Water pollution is a problem with the fishing industries because when factories and such dump or spill chemicals into lakes, rivers, streams etc….they can kill fish and underwater plant life, Which can be pretty serious because the rivers and such can lead to the oceans seas, Which will end up killing even more stuff. If this pollution continues at current rate, fishing industries in many nations will be severely damaged.

Solution: To reduce water pollution, industrial waste damping must be stopped. If government implements some rules against water pollution then we can protect our fishery industry.

 

Various diseases:

Problem: Diseases are the foremost problem of fishery industries. Every year many fishes have to die for the reasons of various fish diseases. Some important diseases of fishes are:-Columnaris, Gill Disease, Ick, Dropsy, Fin-rot, Fungal, Infections, Hole in the Head, Pop-Eye, Cloudy Eye, Swim Bladder Disease, Fish Lice, Nematode Worms, Water Quality, Induced Diseases. Because of these diseases, fishery industries get hampered.

Solutions: To solve this problem, we take necessary treatment against various kinds’ of diseases. The fishermen have to know the cause of diseases and then treatment it. Understand that while salt is frequently used as a treatment/preventative for sick fish, it is no guarantee. It can even be dangerous to some fish (for example, cory catfish).There is nothing more important than maintaining a proper environment (temperature, water quality, aeration).

Conclusion

 

Bangladesh is a densely populated country of 147 570 kmwith a population of 130 million people. It is fortunate in having an extensive water resource in the form of ponds, natural depressions (haors and beels), lakes, canals, rivers and estuaries covering an area of 4.56 million ha (DoF, 2005).

Bangladesh is one of the world’s leading inland fisheries producer with a production of 1 646 819 tonnes during 2003–4, with marine catch total of 455 601 tonnes and a total production from aquaculture of 914 752 tonnes during 2003–4. Bangladesh’s total fish production for the year totaled above 2.1 million tonnes (DoF, 2005). FAO (2005) ranked Bangladesh as sixth largest aquaculture producing country with its estimated production of 856 956 tonnes in 2003 (FAO, 2005). Aquaculture accounted for about 43.5 percent of the total fish production during 2003–4, with inland open water fisheries contributed 34.8 percent (DoF, 2005).

The present per capita annual fish consumption in Bangladesh stands at about 14 kg/year against a recommended minimum requirement of 18 kg/year; hence there is still need to improve fish consumption in the country.

Fisheries in Bangladesh are diverse, there are about 795 native species of fish and shrimp in the fresh and marine waters of Bangladesh and 12 exotic species that have been introduced. In addition, there are 10 species of pearl bearing bivalves, 12 species of edible tortoise and turtle, 15 species of crab and 3 species of lobster.

The Ministry of Fisheries and Livestock (MoFL), Department of Fisheries (DoF), Bangladesh Fisheries Development Corporation (BFDC) and the Bangladesh Fisheries Research Institute (BFRI) are the main organisations responsible for aquaculture and its development. Universities, organisations within other ministries and local and international NGOs are also involved in this area.

FUNDAMENTALS OF MANAGEMENT

FUNDAMENTALS OF MANAGEMENT

Table of Content

Topics
Why We Study Business
How We are doing in Business
People from the core of Business
The foundation of Business
Economic Systems
A Historical review of American Business
Business Challenges 1990s

  Introduction

This is a first year undergraduate module, as part of year degree in business computing. It leads into a second year course on organizational behavior.

Let’s star by observing that,” the foundation of doesn’t mean an introduction to “. It means going back to first principles, aiming to understand something more deeply. Many University courses require the student to discover the foundations of a subject familiar from school or for real-life.

Weather you have taken previous courses in business studies in the media; you will already have some knowledge and awareness of business. Studying the foundation of business at university level should take your knowledge and awareness forward.

Why we study business

The study of business will help you shape answer, sharpen your skills, and understand the business and economic links between Bangladesh and other nations, in Europe, North America, the third world (e.g.Japan, South Korea).

While studying business, you will learn about history, the free enterprise system, how changes in the environment affect business, and what skills are needed to have a good chance to be successful. You will also learn about business careers and what will be needed to succeed in a business career. There is no magic formula. However, the road to business success will be easier for those whounderstand how business works and do the business works properly.

Why We Study Business
Increasing dependence on others
International opportunities
Standard of Living
Coping with Change
Preventing Misconceptions

 

Increasing Dependence on Others

Over the years, people have become more and more dependent on others. By learning business knowledge we understand mutual dependence, using the business system effectively, and being a part of business.

Business is the exchange of goods, services, or money for mutual benefit or profit.

Today, the business conducted inand among Bangladesh, the United States, Canada, Great Britain,Germany, Japan, and other countries is more complicated than bartering shoes for corn. Years ago, our ancestors discovered that producing everything one needs occasionally requires doing some undesirable work. They also discovered that individuals have various traits, needs, and skills. If a person specialized in a particular job, such as making shoes or growing corn, the surpluses produced could be traded for other desirable goods.This early exchange of goods without using money was called barter.

Few people today produce everything they need or use; a complex division of labor has encouraged us to not be self-sufficient. Huge level of people in different nations is depending with others in business perspectives.

For example, you buy food at the local supermarket. You drive a car manufactured in Dearborn, Michigan. You use fuel pumped from oil wells in west Texas. You go to schools built by carpenters, bricklayers, ironworkers, and cement workers. You wear designed in Milan, Italy. You pitch baseballs manufactured in Haiti.

 

International opportunity

For individuals educated in business, exciting opportunities will exist around the world as we move toward the 21st century. The new era of business performance in an international marketplace will require business leaders who know how to start, operate, and sustain businesses. Business negotiations, joint ventures between companies in different countries, travel across borders, investment across geographical boundaries, and working for foreign-owned enterprises are becoming commonplace. To functions in such a world, each of us must understand the principles of business.

By using international business opportunity, all people take all kinds of facilities like different products and services of different countries. By transportation and information facilities we take all countries products and services easily.

 

Standard of Living

Another reason to study business is to protect our way of life. Many countries like United States, Europe, and third world countries take great pride in being free and independent. Because of the independence, hard work, and values embodies in business institutions, these countries enjoy a comfortable standard of living.

Example

  • 96 percent of all American homes have at least one telephone
  • 96 percent of all American homes have at least one television.
  • 50 percent of all Americans own at least one automobile.
  • The United States provides half of the world’s wheat.
  • Agricultural output has increases 75 percent since 1940.

From this result, we understand that business incrase ourability to get better opportunity among all sector of life. Standard of livingdescribes the amount of goods and services that an average family or individual views as necessary. The standard of living of each generation of Americans has been better than the previous generation. We believe that a minimal amount of government interference and a free market business system have been the major reasons for perpetuating our way of living.

 

Coping with Change

Business is dynamic –always changing. Coping with both predictable and unpredictable events can be easier, more efficient, and less traumatic if we understand business. Price increase or decrease, products are added, needs changes, services are created to meet needs, laws are passed, and unexpected events occur –

For example, the October 19, 1987 (major), and October 13, 1989(minor), stock market crashes; finding traces of benzene in bottles of Perrier water; and the war in the Persian Gulf. These all have been a part of the dynamic business system.

Using business concept, when any unexpected occur is taken place, business can overcome this. From this view, we can tall business is smart and everywhere.

 

Preventing Misconceptions

Understanding business also prevents our accepting misconceptions, misinformation, and inaccurate data as truths. Many people still believe that Japan has the number one economy, that the average U. S. business earns 15 percent profit. That starting salaries for recent college graduates are usually $50,000 annually, and that most people work for large businesses. Each of these assumptions is inaccurate. The United States is number one in terms of the market value of all final goods and services produced over a one-year period, which is called the gross national product (GDP). Also look at agricultural production and automobile registrations.

HOW WE ARE DOING IN BUSINESS

A Child learns his language from his Mother and Environment. Like a child to learn language, every man has learned business knowledge from the environment. The GNP tells us how we are doing in business. It is calculated by adding expenditures on all goods and services for a one-year period.

For example, if we spend about $11,000 on each of 8 million American cars, that $88 billion would go into GNP.

Today in the United States, more than 14.5 million organizations, called business enterprises, contribute to the GNP by exchanging goods, services, or money to earn a profit. These business enterprises (such as visible changes hair salons, Olive Garden restaurants, and Fiesta supermarkets) intend to earn a fair or reasonable profit by selling goods and services through business transactions. When an organization such as Apple Computer exchange a personal computer for money that is a business transaction. Apple hopes to earn a profit from its involvement in the transaction.

In the sense that business involves the exchange of goods, services, or money for mutual benefit, we are involved in business.

For example, Coca cola, who bought an energetic drink though a business transaction with Pepsi, hope to benefit by becoming more organized and productive.

For most of us, our food, clothing, automobile, telephone, airplane trip to Hawaii, golf clubs, and Spanish audio tapes were purchased, used, and enjoyed because we did business with an enterprise. We are all affected in some way by the activities of business enterprise.

Across the world authoritarian governments and centralized or planned economics are on the run as free enterprise business gains strength. As world business prospers, many countries government must manage more and more money, and more money can mean more debt

People from the Core of Business

The human element is the core of business. Business needs people as owners, managers, employees, and customers. People need business for the production of goods and services and the creation of jobs. Weather business is transected in Mexico, Canada, or Nigeria does not matter. Businesses may be operated differently and the objectives of businesses may differ, but the universal element in all business activities is people. Without the help of people, business is impossible. Business is impossible without people. So we can say that people is the core of business.

People include business as an owner, managers, employees, and consumers. Now these elements are shown by explanation

Owners

People, who own a business, as well as those who invest money in one, do so because they expect to earn a profit. Owners are generally man, organization, and group etc. most of the giant corporation, such as General Motors, Eastman Kodak, Dow Chemical, Du Pont, and Exxon, are owned by large number of people. Those companies have large number of shareholders and employees. When making decisions, the professional manager in business organizations need to consider the owners and what they expect from the business.

Managers

The person responsible for operating the business may be the owner (an owner-manager, also called an entrepreneur) or a professional manager employed by the owner. Both types of managers seek to achieve profit, growth, survival and social responsibility.

The owner manager sets his or her own objectives, whereas a professional manager attempts to achieve objectives sets by others. The professional manager is accountable to the owners of the business, who judge the manager’s by who well their objectives accomplished over a period of time.

Many of these business owners are entrepreneurs, people who take the risks necessary to organize and manage a business and receive the financial profits and nonmonetary rewards. The entrepreneur of the 1990s is expected to be innovative, practical, and strong willed. This view was actually years ago by noted Austrian economist Joseph Schumpeter. He stated:

“The function of entrepreneurs is to reform or revolutionize the pattern of production by exploiting an invention or, more generally, an untried technological possibility for producing a new commodity or producing an old one in a new way, opening a new source of supply of materials or a new outlet of products, by recognizing a new industry.”

The owner-managers who fit Schumpeter’s description are too numerous to list. The list would include names like Ted Turner (CNN), Ken Olsen (Digital Equipment Corporation), Fred Smith  (Federal Express), Bob Reis (Final Technology Inc.), Frank Perdue (Perdue Chickens), John McCormack (Visible Changes), Bill McGovern (MCI Communications), Liz Clainborne  (Liz Claiborne), Barbara  Lamont (WCCL –TV), and Akihito Morita (Sonny) .Each of these entrepreneurs  practices what Schumpeter  described. They personify the term entrepreneur.

EMPLOYEES

Employees supply the skills and abilities needed to provide a product or service and to earn a profit. Most employees expect to receive an equitable wage or salary and to be given gradual increase in the amount they are paid for the use of their skills and abilities. To compete with other business, a business enterprise needs a omitted and effective team of employees.

CONSUMERS

A consumer is a person or business who purchases a good and service for personal and organizational use. Consumers in economic systems such as those of Japan, Germany, Canada, and the United States want more and better products and services. They want better automobiles, better homes, more luxurious, and better leisure equipment. They want to pay a fair price for the goods and services they purchase. They also want the goods and services they purchase to be reliable.

A business enterprise attempts to satisfy consumer needs and desire while earning a profit. To do so business must determine what those consumer needs and desires are. Because consumers continually want more and better things, new business are formed, and other business make adjustments to accommodate the demand. When a need or desire for products or services exists, a business can earn a profit by supplying it promptly and efficiently. The uncertainty and risk involve in assessing consumer needs and wants provide a challenge to the business decision maker attempting to earn a profit

BUSINESS OBJECTIVES

Business must achieve their objectives to remain in operation. List of business objectives generally include such factors as profit, survival, growth, and social responsibility.

 

Business Objectives
Survival
Growth
Social Responsibility
Profit
Business Profit

 

SURVIVAL

Survival is an obvious objective. Other objectives can be accomplished only if the business enterprise survives.

GROWTH

Growth is an objective because business does not stand still. Market share increase, personal and individual development, and increased productivity are important growth objectives.The growth of Compaq Computer and Wal-Mart to multibillion dollar enterprises is often used as an example of business success accomplished through growth.

SOCIAL RESPONSIBILITY

In recent years, meeting social responsibilities has been recognized as an important objective. Business, like each person in society must accept their responsibilities in areas such as pollution control, eliminating discriminatory practices, and energy conservation.

PROFIT

Although survival, growth, and social responsibilities are important objectives, the profit objective plays the major role in business. Profit, however, means different things to different people because of their values, attitudes and perceptions.

 

 

BUSINESS PROFIT

Typically, a business person calculates profit by subtracting all the cost, including taxes, from the revenue received for selling a product or service in the market. The difference is referred to as business profit. For example, the franchise owner of a Wendy’s fast –food restaurant subtracts all expenses (for supplies, staff wages, property, advertising, and so on) from all income to determine the business profit.

Successful business organizations earn a profit because their goods and services effectively meet customer needs and demands. Basically, profits reward a business enterprise for effectively conducting a number of activities.

RISK-TAKING     the business may earn a profit when it takes risks by entering a new market or by competing head-on with another business. For example, Toyota invested millions of dollars in promoting and selling small cars in the United States. Today, this Japanese corporation is the largest small-car seller in the U.S. market.

Business organizations that evaluate consumer needs and demands and then move efficiently into a market can earn substantial profits. Xerox in the photo reproduction industry,  Compaq Computers in personal computers, and Domino’s in the pizza business are examples of companies whose accurate assessments.

Another way, Business objectives can be defined as……

ECONOMICS: THE FOUNDATION OF BUSINESS

Understanding economics is essential to Understanding business? No single definition of economics satisfies everyone, But let’s look at one concise description: Economics is the study of how a society chooses to use scarce resources to produce goods and services and to distribute them to people for consumption, This definition raises certain issues that are key to understanding economics; (1) Resources. (2) Goods and services. And (3) allocation of both resources and products. Let’s discuss each of them

Resources

A nation’s resources consist of three board areas; natural, capital, and labor. Natural resources

Are provided by nature in limited amounts; Natural resources must be processed to become a product or to be used to produce other goods or services, For example trees must be processed into lumber before they can be used to build homes, shopping malls, and schools.

Capital resources are goods produced for the purpose of making other types of goods services, Some capital resources, called current assets have a short life and are used up in the production process, These resources fuel, raw materials, paper, Labor resources represent the human talent of a nation, To have value in the labor force, individuals must be trained to perform either skilled or semiskilled work, For example, the job of physicist requires extensive training

Goods and services

A nation’s resources are used to produce goods and services that will meet people’s needs and wants, Needs are goods and services people must have simply to exit, wants, on the other hand, are they would like to have but do not absolutely need for survival, Such item as food, clothing, shelter, medical care are needs; video recorders, fashionable clothes and luxury vacations are wants,

Allocation

Resources allocation all resources face old economic problem of limited resources and unlimited wants. We know, for example that the supply of oil and natural gas in the United States is limited natural resources. Even the amount of capital resources, such as corporate stocks and bonds that can be raised during a specific period, is time

Because we live in a world in which the quantity of all resources is limited, we must make choices about how these scares resources are to be used, we have to answer three fundamental economic questions:

 

  • what goods and services will be produced, and in what quantities?
  • how will goods and services be produced, and by whom?
  • who will use the goods and services?

 

Once these questions are answered, we have a basis for choosing how our resources will used, how they will be allocated to best satisfy consumers wants and needs, in a free enterprise economy. Allocation of resources also involves other issues. Should the need for business property and success be a consideration? What priority should be given to government’s need for resources? In our economy, allocating resources-especially scare resources-involves all these questions, allocation can be complicated, indeed

Production distribution   the issue of allocation is not limited to scare resources, It also involves the distribution of good and services to the consumers, In this context, allocation involves an exchange, in an ideal pattern distribution in a free economy. The business earns a profit and the customer is satisfied with the goods or services;

 

ECONOMIC SYSTEMS

An economic system is an accepted way of organizing production, establishing the rights and freedom of ownership using productive resources, and governing business transaction in a society, there are three basic types of system

 

  • the government can produce almost all the goods and services (a planned economy)
  • private enterprise can produce almost everything (pure capitalism)
  • there can be some government production and some private production (a mixed economy)

 

No economy is entirely privately owned. But few are almost entirely government owned. The United States is a mixed economy with about 90 percent of production provided by the private sector.

Private versus state ownership percentages for 18 countries are illustrated, compare India, Austria, Canada, and the United States on degrees of ownership. And you will find some noticeable differences.

 

Planned Economy

Modern socialism has much of its roots in the ideas of Karl Marx (1818-1883) published in 1867 in das capital. Marx believed that workers were being exploited by the owners and forced to work for wages that barely allowed them to survive. Capitalist, who owned the means of production, were viewed as a separate, distinct class. According to Marx, capitalists made profits by paying workers less than the value of their production.

 

Socialism

The Union of Soviet Socialist Republics was born with the Bolshevik revolution of 1971. Marx’s ideas helped shape the economic system adopted by the new nation. The communist leadership set up a centrally planned system that, until 1985 operated without the profit motive. It was a classic example of planned economy.

Prior to major changes in 1989 and 1990, Countries such as East Germany, Romania, Bulgaria, andSoviet Union had planned economics, the government owned productive resources. Financial enterprise, Retail stores, and banks, in a planned economy, the government is the owner because it speaks for the people, personal property, such as autos, clothing, and furniture, is owned by private citizens, however, almost all housing and the means of production are owned by government.

In the soviet planned economy. Politically appointed committees planned production, set prices, and managed the economy. Each factory received detailed instructions on how many goods to produce.

Perestroikain 1985 Mikhail Gorbachev, general secretary of the communist party began a new program called perestroika. Perestroika means economic restructuring. Gorbachev is promoting reduced government control, less direction and fewer rules. On January 1.1988 about 60 percent of soviet enterprises were put on a self-financing basis. The manager of the businesses were asked to decide how much and what to produce. Workers’ wages were tied to profits. Under perestroika those firms not making a profit risk being shut down. This is new pressure on enterprise in the Soviet Union,

Perestroika has required the use of better management skills, teamwork, goal setting, and other practices typically unused in the Soviet Union, with perestroika, the prices of many products have increased and have resulted in a high inflation in the Soviet Union,

The move to decontrol prices has increased Soviet citizens for fear future price increase. Their fear resulted in a stampede to buy everything in sight while government still controlled prices. Today there are shortage of many goods, such as meat, soap, and work clothing. The Soviet government believes that the postponement of prices decontrol will reduce the fears of citizens about inflation and stop the panic buying,

Soviet citizens lack the opportunity to consume many of the goods and service that Americans. Canadians and Japanese in all walks of life take for granted. However, Soviet citizens enjoy some advantage not obtainable in the United States. Medical care is available for everyone at no cost, and rents in government housing are subsidized: public transportation is relatively inexpensive, and most higher education is tuition free.

Perestroika also has given Soviets the opportunity to engage in joint ventures with partners in different countries. A Joint Venture is the formal co-operation of two or more businesses to share business decision making, investment risks, and profits. The business action tells how McDonald’s learned to do business in the Soviet Union through a Joint venture.

 

The Soviet Union’s economic system does not permit the freedoms found in the United States, Canada, Japan, and in the Western European nations. Even the current version of Perestroika, general planners set production goals on the basis of political goals rather than consumer needs and wants. The entire world is watching as the world’s most powerful planned economy makes changes to improve its economic performance. Most people around the world want Gorbachev’s Perestroika to succeed.

 

MIXED ECONOMY

Most modern industrialized nations have mixed economies. In a mixed economy, both the government and private business enterprises produce and distribute goods and services. The government usually plays a role in supplying defense, roads, education, pensions and some medical care. In the mixed economy, markets are generally free and competitive.

Capitalism and the mixed economy   The American brand of economic system called Capitalism has created a mixed economy. Capitalism is characterized by private ownership of capital and by competition among businesses seeking a profit. Consumers play much more of a role under capitalism than they do in planned economy.

The have a freedom of choice in purchasing goods and services, in selecting an occupation or a school, and in deciding how to us money that is earned. They are free to consume what they want and need. Their choices greatly influence decisions about production and use of resources.

 

A mixed capitalist economy also allows the freedom to start a business. Freedom of enterprise means that businesses and individuals with the capital may enter essentially and legal business venture they wish. This important feature of capitalism permits individuals to seek out profit making business opportunities. Under capitalism, any business or individual can earn a profit by producing useful good and service. However, businesses and individuals do not have an automatic right to profit. Profit is a reward to business for using scarce economic resource efficiently. Consumer must consider a good or service reasonable in Price, quality and value differ a profit can be made.

 

Competition is yet another important part of capitalism. In general, competition refers to the rivalry among business for consumer dollars. Because of competition for consumers dollars business have to be aware of what consumers want to buy. If they ignore consumer wishes they are likely to lose sales, which directly affect the level of profit. A business consistently loses money and makes no profit will fail. Consequently competition among business generally provides with lower prices, more services and improved products. The 1980s fare wars in the airline industry illustrate how fierce combination among businesses can grow.

The American economic system is mixed capitalism .It becomes mixed when government established operating guideline and laws for business to follow. For example, one important federal law requires a variety of safety rules to be followed construction jobs. An economic system also becomes mixed when government competes directly with business. This often happens in such areas as medical research, electric power, generation, and communication. The US postal service is an example of a government business that competes with private businesses. Such as federal express and United Parcel Service.

 

The U.S. Economic System the United States has developed the world’s largest economic system. This model, a simplification of our mixed economic system, includes only the broadest parts of the economy; it does not include the government.

 

Resource markets are places where economic resources – natural, labor, technological and capital – are bought and sold. The New York Stock Exchange, where money is invested in companies, is a capital resource market. The employment ad in local newspaper is a resource market where labor is bought and sold. Product markets are the thousands of markets in America where business outputs – goods and services- are sold to consumers. Consumers pay for goods and services with money. This type of consumer expenditure is called retail sales. The money businesses receive from retail sales is business revenue.

 

In return for money, people provide labor through work; invest in business (capital), and sell natural resources to businesses. The money received in payment for these economics resources is used to purchase goods and services. Of course business view money paid to suppliers of goods and services as an expense.

 

What economic system is best?

The most appropriate form of economic system for a nation depends on several things, including cultural factors and the availability of economic resources. For example, capitalism is unlikely to be appropriate for a nation that creates hurdles for individuals who want to organize their own business. The right of business owners to use economic resources for whatever purpose they want is his backbone of capitalism. Capitalism normally works best with people who are willing and able to make their own economic decisions. In fact, capitalism encourages people to take the initiative to become better educated and to make their own decisions.

 

 

A HISTORICAL REVIEW of BUSINESS

 

As we mentioned previously economic involves learning about a society use of limited productive resorts to satisfy the unlimited desires of its citizens. American economic success arises from the freedom to owner property freedom of choice freedom to earn reasonable profit sufficient natural resources. Hardworking and educated people and outstanding business builder ship. Thought out Americans history, business leader’s help displayed their talents in organizing business.

 

  • Managing human resources
  • Financing business
  • Marketing goods & services
  • Using information resources

 

However American has no guarantee of being world leaders in business transactions know how & success. Today there business leader ship is being challenged by creative, hardworking, astute competitors thought out the world, especially in Japan, Germany, Italy, and South Korea & Hong Kong.

Historically the influents of money societies & cultures have formed the business values that helped make the United States the worldwide economic power. Let’s review the stages through which American business has reached its present position in the world.

 

MERCANTILISM

Mercantilism is a system of state power with public authority controlling & directing the nation’s economic life.

To understand the forces behind the founding the American colonies. We must understand the economic thought out of that time this economic phlolosophy lead the governments of European nations especially England, France, Spain & Portugal to do everything possible to increase the power wealth of the country. According to the basic tenets of mercantilism a nation should:

 

  • Be as self-sufficient possible
  • Sell more goods to foreigners than are purchased from foreigners in order to increase the mother countries wealth
  • Accumulate gold & silver bullion because this serves as a measure of the countries wealth & power.
  • Established colonies which serve as sources of raw materials of precious metals as a market for goods.

 

 

ADAM SMITH: THE WEALTH OF NATIONS

Adam Smith a professor at the university Endivurgh in Scotland in the late 1700s.was a prominent critic of mercantilism. Smith wanted to make individuals & there needs the focal point of the economy. He felt that individual pursuit of their owns vest interests would lead a nation to attain its goals. His book the wealth of nations (published in1776) presented many of his views. Smith believed:

 

  • People do their best when they reap the rewards of hard work &intelligence &suffer the penalties of laziness.(He favored the use of profits as a   means of encouraging individual incentive & intuitive)

 

  • People should be free to conduct business or seek work that provides them with the greatest reward for their efforts.

 

  • What serves the individual also services society the pursuit of individual self-interest leads to the best allocation of the nation’s resources& thus to the maximum satisfaction of people’s needs.

 

 

Smith assumed the enemy of human freedom at that time to be the state the internationalist mercantilist government: that imposed tariffs. Grated to nobodies leaved access &above all sought to improve what was best left its self.

 

LAISSEZ-FAIRE

A policy that encourages govt. to leave business & the economy alone.

French word laissez-fair means to lead people do as they choice. Only one rare occasion, in order to prevent monopolies, should a laissez-fair govt. interfere with the operation of the economy. Instead the economy is guide by the invisible hand of compaction. This was the key to Smith’s philosophy.

 

PROFITE MOTIVE

Profit motive is expected or actual returns that motivate business leaders to do what must be done.

 

The invisible hand works efficiently in the United States. It has even found its way to eastern European economics. For example- as we prepare this book about one third of the Soviet Union’s food is produced on the one percent of land owned by private owners. The other 99%is in the from collective farms. With centrally controllers farmers the self-interests, motivated Soviet farmers work the land owned by the Soviet government.

Through many of Adam smith’s suggestions have been practiced in the United States, the concept of laissez-faire has generally been rejected. Ignoring Smith’s advice that the economy operates best when left alone, govt. officials have actively sought to improve its operation. Today govt. involvement covers numerous areas, include.

 

 

 

 

 

 

 

THE U.S.INDUSTRIAL REVOLUTION

 

Industrial revelation: Industrial revelation is the development of modern technology &production processes which began in England about 1769.

 

All thought what we call the industrial revelation began in England about 1769 it made its appearance in American in 1790.the industrial Revolution characterized by extensive mechanization of production systems, cause the population to concentrate in citizen &challenged the nature of work for many people.

 

In 1790 a young apprentice mechanic ,Samuel Salter , was able to construct in the machinery necessary for the textile mills his mil in Rhode island was America’s first true factory. After lei Whitney invented the cotton gin in1793.the techniques of production were improved that sheer size of most enterprises dramatically increased.

 

Whitney made another significant contribution to the industrialization of America interchangeable parts. In 1798 hewn contract to build 10000 muskets for the American govt. he immediately set out to build a plant and design the new musket. Industrial life in the United States changed drastically after the civil war ended in 1865.Improvements in rail &steamship transportation closed the gap between producer & consumer. Products could be sold to a large market scattered over wide geographic areas rather than only in small. Local markets .also the factory system expanded & began to influence all aspects of life.

 

To services the expanding markets .a new type of business was necessary the general store or the small mill could not service a geographically dispersed market .only a larger .more efficient business operation could deal with the demands of larger markets .producers needed

Better distribution systems .transportation ware houses .production capabilities and

Managerial skills.

 

 

 

The Pre-depression

 

The period from the end of the 19th century to great depression in 1929 was one of growth in the oil, steel, and financial industries .other industries such as tobacco, meat, and copper, also grew. for example in the early 19th century meat processing had been quite primitive, done either at home or by local butchers ,but around the turn of the century , a major industry based on hogs & cattle develop through the business spirit. Ricks taking & knowledge of leaders like Philip are more, Gustavo’s swift, & mike Cudahy. The property of the 1920s resulted from a number of factories one important cause was the profits made in stock market speculation .people were putting money into the stock market.

 

 

 

 

Consolidated cigar $115 $2.5

 

Erie railroad 93.5 2

 

General foods 82 20
General motors 91 8

 

New York central 256 9
Radio corporation of America 115 2.5

 

U.S. steel 261 21

 

 

24, 1929, the bottom fell out. He extant of financial collapse is indicated is table 1.3 note for instance how Radio Corporation of America lost 98% of its stock market value in the three years.

 

THE GREAT DEPRESSION

 

Depression:A depression is a period of drastic decline in the national economy characterized

By decreasing business transactions .Falling prices.And high unemployment.

 

The depression of 1929-40 will be ingrained in the minds of anamerics for generation to come.(Even today ,many presidential decisions are affected by memories of and by reading and learning about the great depressions.) the tragic poverty and unemployment of that time have had no equal .between October 1929 and the early 1940s,unemployment hit 25% of the work force .or about 13 million people (this compares to about 34 million ,using 1990 figures).

 

Although the 1929 stock market crash was a major factor leading to the great depression, other factors contributed, some of the culprits included:

 

  • The actions of the federal reserve system
  • Installment buying
  • Over production of consumer goods and a decline in investment

 

The crash of the stock market came early in the depression and its effects were less significant than the waves of bank failures that followed. The first wave came in October 1930, the second march 1931 and the third in the last quarter of 1932. In each case, banks failed because servers panicked. Bank did not keep on the hand 100% of the cash deposited. They could not pay back all their depositors at once and thus went bankrupt .millions of Americans lost their life savings in the bank failures.

 

World war ӀӀ and the postwar period

The nation’s economic troubles finally began to ease at the start of World War II. Unfortunately economic problem were replaced by wartime fears.

War production meant Uncle Sam War the principle customer of goods. Industries modified their facilities to produce tanks, weapons, tool, military, clothing, airplanes, ships, and other wartime equipment. The government’s total wartime expenditure (1941 – 45) was about $347 billion. As a result, such consumer goods as shoes, tires, clothing, gasoline, and meat became scarce and war rationed.

The end of World War II brought renewed fears of depression. But these fears war unfounded. The economy continued to expend because of:

  • A pent-up demand for consumer goods, resulting from wartime limits on consumption.
  • Built-up purchasing power resulting from individual savings during the war. Much of the wartime saving was forced on people by the government. At one point, the government deducted 10% of a person’s wage and put it into series E government bonds.
  • Plant and equipment expansion created by the war,.
  • An efficient and ready-to-work labor force.
  • The population explosion during the 10 years following the war.
  • The emergence of new or modernized industries and process: natural gas, plastics, electronics, data processing, aluminum, and aeronautics.

 

Inflation: The rise in the average level of price for all goods and services in a particular time period.

The organization of petroleum exporting countries (OPEC). Our economic growth had stalled. Americans were faced with stagflation.

Stagflation: A stalled economy faced ton with rising prices for good and services.

Supply-Sid Economics:Reducing Government role in business by decreasing taxes and government regulation.

 

 

 

Business Challenges for The 1990s

The business and economic world of the 1990s faces many challenges. A few of the most significant challenges that will influence our study of business are discussed in this section.

 

 

 

An aging Population:

The aging of America also benefits those growing up and beginning their business eareers in the 1990s. With fewer young workers available to provide goods and services, wages and are expected to rise. The downside is the cost of caring for aging America.

The changing family:America has about 90 millionhouseholds. There is no really no average.Rising divorce rates, working mothers, fewer children and a changing world have altered the way many families live.

Parents are waiting longer to have children. In 1970 only 90 percent of all women have their children often the age of 25. In 1990 over 38 percent of the omen having children was over 25. The parents who wait longer have more money to spend on children.

Jobs

Overall, employment will be about 135 million in 2000 according to labor development projection. The service economy will create more jobs (20 million) than only other part of the economy. Services are intangible products for example insurance, airline treble, tax preparation advice. That are not physically possessed and that involve a performance or an effort. Example of service industries includes banking, transportation, retail trade and entertainment.

 

 

 

 

 

 

 

Minorities in America

America has always been a century of minorities, a nation of immigrants and refugees as the percentage of minorities and immigrant’sincreases; they will play a more significant role in the American economy and workplace.

 

The global boom

In the past centuries, heads of state were all-important because the relationship countries were primarily political. Today a country’s business leaders are often as prominent as its political figure.

Nation is now linked by telecommunications and trade. Fiber optic calls are faster and much clearer than calls using copper wire. Americans made over 5 billion minutes of overseas calls in 1990.

The Environment

The economically booming world of the 1990s will not be without environmental challenges. Business leaders must help solve the ozone layer depletion, acid rain, the greenhouse effect, and distraction of rain forests. As the public becomes more concerned about the environment. Business leader take note. If a company’s environmental reputation affects people’s buying decision.

Conclusion

At last we can say that business involve the exchange of goods, services or money for mutual benefits. We need to study business because we have become so inter dependent on others, both individually and as a nation.

Increasing globalization of business will bring many opportunities. We strive to maintain and improve our standard of living. We will be able to separate fact fiction in business issues.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The process of developing entrepreneurial competencies.

Entrepreneurial competency results in superior performance. Competency has a direct bearing on human behavior and performance. Therefore, entrepreneurial competencies are needed to be developed ad cultivated in a very systematic manner. The various methods or process suggested developing and sharpening. The entrepreneurial competencies are discussed below:

  1. Gaining knowledge and understanding
  2. Recognizing competency
  3. Self-assessment
  4. Application in real life situation
  5. Comparison of competencies
  6. Feedback
  7. Gaining Knowledge and understanding: The first step towards acquiring a new behavior is to gain knowledge and understanding what particular competence means. Competencies cannot be cultivated without having an proper knowledge and relevance. Therefore, it is essential to understand the various competencies required for the efficient performance of a given task.
  8. Recognizing Competency: The next step is developing entrepreneurial competencies refers to competency recognition. Acquisition of a new behavior begins with understanding and recognition of what a particular behavior means. Recognizing the competency helps an entrepreneur to know as to what are the competencies required to perform a given task in a particular manner when someone exhibits the same.
  9. Self-assessment: Once a particular competency is understood and recognized. The next step is to find out where one stands with respect to a given competency. In other words, does one possess the given competence and if so how frequently one exhibits. The same one’s day-to-day activities for achieving his desired goal. This step needs self introspections as regards the level of a particular competence.
  10. Application in real life situation: Any new behavior that one acquires would become a part of one’s personality only when one applies the same on a continuous basis in various activities. Regular practice of an activity brings perfection in the field. Therefore there is a need to make an effort towards exhibition all the competencies deliberately and consciously all the time even in the simplest activities that one performs.
  11. Comparison of competencies: The next step is to compare the individual competencies developed through regular practice with the competencies required for the desired performance. If any deficiency is observed between the two then an earnest attempt is to be made to find out the reason there of so that necessary corrective measures can be taken for the same.
  12. Feedback: Having understood a competence and practiced the same in a given situation one needs to introspect to find out how one’s new behavior or act of exhibiting a competence has been rewarding. This is called “Feedback”. This means to find out the strengths and weaknesses of one’s new competency. It helps in knowing the reward of new competency. If greater is the benefit, then more will be one’s determination to continue exhibiting the competence in a number of situations. It is through continuous application that one can ensure that the desired competency becomes part of his habit or personality.

Discuss the qualities of a successful entrepreneur.

Entrepreneur is an agent who purched the means of production for combination into marketable products. A successful entrepreneur has some qualities which are as follows;

  1. Moderate risk taking: An entrepreneur always takes calculated and moderate risk. He never takes unlimited and uncalculated risks in establishing and doing business.
  2. Hard work: Entrepreneur is a hard worker. He always busy with various types of work for innovation of new venture.
  3. Accountability: A successful entrepreneur is account able to the higher authority as well as his associates always accountable to him.
  4. Education in real sense: Educational background is another important quality of entrepreneur. He tries to implement his organizational objectives through his education.
  5. Analytical mind: A successful entrepreneur is analytical minded. He will compare his performance with his planning.
  6. Dynamic leadership: A successful entrepreneur has to work dynamically to operate an organization.
  7. Patience of mind: Entrepreneur has to patience of mind. He will never be disappointed for his fail. He will try heart and soul to raise the goal.
  8. Accommodative: Accommodation is another quality of an entrepreneur. He will have the power of acceptance to others.
  9. Courageous and tactful: The success of entrepreneur depends on his brave and skill. Courage and skill make the activities of entrepreneur easier.
  10. Maker of right decision: Right decision helps to achieve the goal. Entrepreneur will be the right decision maker.
  11. Foresight: A successful entrepreneur has the ability to predict what is likely to happen and to use this to prepare for the future.
  12. Right perception of thinks: A successful entrepreneur thinks in a right way. It is very important for establishment of business.
  13. Enjoys simple life: Entrepreneur leads a simple life like as general people of the society.
  14. Initiative and investigative: The activities of entrepreneur always concerned with initiation and investigation.
  15. Strong desire to success: Successful entrepreneur has strong desire to success. For success he has to the present condition of the financial market and also products market.
  16. Innovation: Entrepreneur’s activities are closely related with the innovation of a new product or business.
  17. Self-confidence: Self-confidence is an important quality of entrepreneur. Self-confidence depends on some factors, such as education, previous experience etc.
  18. Goal setting: After analysis and investigation entrepreneur will set the optimistic goal.
  19. Keen observation: Successful entrepreneur will observe all the parts of organization and overall activities of it.
  20. Sociable: The activities of successful entrepreneur will be helpful to the society and its people.
  21. Loves to works: Entrepreneur has one kind of addiction to work. He wants to spend his time fulltime job.
  22. Loves to ideas newly: Entrepreneur always try to innovate new ideas for changing the social custom and values.
  23. Team builder: A successful entrepreneur builds a skilled and expert manpower in the organization by providing training.
  24. Clear understanding: Successful entrepreneur has the ability to understand everything very rapidly and reality.
  25. Ability to conceptualize: Successful entrepreneur is able to conceptualize the reality.
  26. Make rapid customers: Customers are the heart of a business organization. Entrepreneur tries to increase the number of customer rapidly.
  27. Optimist: Entrepreneur will be optimist. That quality will help him to accomplish th=his duties.
  28. Strategist: Successful entrepreneur apply strategies policies for achievement of organizational goal.
  29. Pleasure of success: Entrepreneur always try to achieve the goal and want to get pleasure for his success.

These are the most important qualities of entrepreneur which makes efficient and help to perform his function more successfully.

Entrepreneurs are made not born- comment.

Entrepreneurs are not born. They don’t need natural inherent body and muscles. It is true that family environment, religious, cultural conditioning and commercial orientation of a region may create a favorable atmosphere for entrepreneurial growth. But these generic factors are necessary conditions rather than sufficient one. Entrepreneurs are made and they own some special qualities. Many people from non entrepreneur’s families start their own business and become entrepreneur’s everyday.

For example, Dhirubhai Ambani, the most enterprising businessman whose father is a school teacher started his business on his own.

There are many examples of entrepreneurs who started their business, instead of inheriting from their families.

Thus we could not say that entrepreneurs are born, however the entrepreneur acquired many qualities that made them success. The main quality of entrepreneurship is innovation which is not obtained by born.

For example, Apple makes its success by innovation.

After the sense of innovation is not grown by born it comes from opportunities. When there is problem, there are opportunities.

For example, several years ago, there is no software in the computer, and Bill Gates made his entrepreneurship from creating the first software window.

The problem finding quality is the quality that everyone was born with and the opportunity is just coming from those problems. The most important quality of entrepreneurship is experience. About 60 percent of the entrepreneurial are transitional and the number one ranking factor of success is the experience. They show higher levels of risk tolerance and ability to cope with ambiguity. They are also highly self-confident in their ability and have a strong belief in their own motivations and abilities. But entrepreneurs are not born with all these characteristics. To be successful as an entrepreneur we need to be in the right environment where we either formally learn how to do it or absorb it from our families and surroundings. We also need a strong motivation who helps entrepreneurs to build helps entrepreneurs to build enterprise.

So we can say that, entrepreneurs are made not born.

What do you understand by the term entrepreneurial competency? Can they be acquired?

A competence is an underlying characteristic of a person which leads to his/her effective or superior performance in a job. A job competence is a good combination of one’s underlying characteristics such as one’s knowledge skill, motive etc. which one uses to perform a job well.

Definition of entrepreneurial competency: Entrepreneurial competencies are defined as underlying Characteristics such as generic and specific knowledge, motives, traits, self-images, social roles and skills possessed by a person which result in new ventures creation, survival and growth. According to S.S. Khanka, the underlying characteristics possessed by an entrepreneur which result in superior performance are called the entrepreneurial competencies or traits.”

Simply if can be say that entrepreneurial competencies are the skills necessary for an entrepreneur to venture into an enterprise, organize and manage an enterprise ably and competency and realize the goal for which the enterprise is established.

Competency can be acquired: Yes, competency can be acquired. Competency means the characteristic of a person which leads to his or her effective performance in a job. Research on entrepreneurial suggests that main entrepreneurial competency are knowledge and skill. The skills and knowledge relevant to successfully managing and operating a business are mainly experiential in nature. In acquiring the knowledge individuals show a preference towards different learning things. Entrepreneurs learn how to start business ad develop new products on the basis of their knowledge and skill. So, we can say that competency can be acquired.