HTC Marketing

IntroductionThe mobile phone handling is on the rise day after day and it is transforming the field of technology and people’s lives across the world. In today’s modern life; people spend considerable amount of time using mobile phone for various purposes. Thus making it the most wanted gadget that people use most frequently. HTC is one of the biggest brands in mobile phone & telecommunications industry globally.HTC has shipped around 32. 6 million unit of mobile phone accounting 4.6 % of the global market; placing the HTC brand as number 4 mobile phone globally in 2012. The Taiwan based company HTC caters mostly for the middle end segments. HTC has its presence in every segment of the market. It offers the cheapest of smart phones with the most basic features as well as high-end phones with all the latest features and was the first to introduce android. (http://htcsource. com/) The purpose of this assignment is to produce an outline with justification of HTC’s p roduct market decision to the international business under the following topics.What is international marketing? Firms entering international markets Researching international markets & emerging markets International marketing environment International marketing strategies of HTC Product & pricing strategies of HTC The marketing plan of HTC The marketing mix of HTC International marketing culture of HTC International marketing communication strategies This will help how HTC’s way fits in to the theories of International Business Marketing.History of HTCHTC Corporation (HTC) is a Taiwanese operation with the most part of being influential, creative and leading players in global telecommunications with an escalating influence in the industry’s future. HTC is the synonym of â€Å"High Tech Computers† it starts its operation in 1997 and has made a name for itself in the global market and has been identified as one of the fastest brand & technology growing in the fie ld of mobile communication. HTC’s portfolio includes smart-phones and tablets powered by the Android software and HTC Sense operating systems (HTC Annual Report, 2010).It has started marketing its mobile phones under its own brand name (HTC) since 2006. Founded by Cher Wang, HT Cho and Peter Chou, which also reflects their initials in the brand name, the company has been the runner up in several successful operator branded devices, with established close partnerships with key players in the operator dominated mobile markets in Europe and Asia. HTC’s products are the most flourished in the world at the moment and thus since it has launched its own brands which have registered the fastest growth rate in the History of HTC.Its products are highly innovative & predictive of the future market trends, needs and demand with product range includes the full array of multimedia, wireless and web resources. HTC is related to the primary objective of most businesses entity which i s profit maximisation. Surprisingly for many specialists of the mobile phone technologies; HTC has been classified by the Business Week magazine in 2007 as the second best performing Technology Company in Asia while it was the third largest globally in year 2006.HTC has been ahead of one of its competitor Apple by breaking the technology trends in touch screen mobile telephones from 2002 onwards. (http://www. roc-taiwan-hn. com/) International Marketing A company becomes a ‘multinational corporation-MNC’ when it conducts any business function beyond its domestic borders’ (Cullen & Parboteeah, 2010). Internationally HTC has captured markets of Asia & Europe. Their principles are to promote trust, openness, teamwork, and professionalism, and pride as part of their principles across the globe.From a global market share of 2% in 2010, HTC is aiming to hold 10 -15 % of the global smart-phone market share. The CEO of HTC Mr Chou has announced that there are four Americ an telecom carriers have been promoting the device in the U. S. market. This marks the first time that HTC has collaborated with four U. S. telecom operators to simultaneously promote sales of a single HTC handset. Adding to this part of the company's new marketing strategy to enter international markets Source:Gartnerr Research HTC Entering International Market HTC is probably inexperienced with dealing with political issues associated with different countries. Therefore, it is most likely a good idea that HTC decided not to merge with a company that was involved in different world markets such as Apple, Samsung or Nokia. They have instead chosen to take a slower route to internationalization, e. g. the US market which was a difficult market to get through as it is a closed market.Therefore HTC can’t sell its mobile phones directly to customers, so it has to be sold to network providers and then the operators sell it to their customers on behalf of HTC as agreed partnership (http://www. behance. net/). Researching international markets & emerging markets According to thomaswhite. com, whatever the reasons are; the East Asian nations of South Korea and Taiwan have transformed themselves from being the manufacturing backyards of the USA and Japan into high-tech giants in just over a generation.Their expertise in the field of electronics is impressive and all-encircling. The market for mobile phones includes of two significant markets segmentations; 1st the fundamental, ultra-inexpensive mobile phones which offers very little or just the basic function of the traditional communications boundaries. These inexpensive devices come with the basic voice telecommunication and text messaging services.2nd the technologically advanced types of phones are widely referred as smart-phones, they are assembled in and from a variety of technologies, scoping from the internet to video-calling. Both segments of the market are ultra-competitive, although the smart-phones s egment offers slightly better margins. Therefore the emergence of the Taiwanese mobile phone manufacturer, HTC which was involved in the design and manufacturing of cell phones for other organisations such as Microsoft and Google, has therefore transformed itself into a mobile phone brand (HTC) in recent years.International marketing environment The major component of external environment that affect businesses in various ways are the forces of globalisation (Paul, 2006) and the way the organisation has go forward from its start to its actual position, shows that HTC own this force at first and foremost. HTC started operations as an individual Brand on the global scale since 2006, thus because of the globalisation, HTC reached its customers on the global marketplace.According to Shelly and Rosenblatt (2009) nowadays organisations cannot operate at all without the use of the internet in a way or another. The internet as an external factor had considerable achievements on the developm ent of HTC at two levels. 1st: HTC was competent to differentiate and improve its smart-phones on the basis of internet, by including one of its key features which is the internet browsing possibility. Other companies on the marketplace manufacturing mobile phones do not have many advanced elements that can be found on HTC smart-phones.Therefore without the external factor of the internet, HTC would have never developed to its current level of brand image and profitability on the international market 2nd: HTC has greatly benefited from internet in the same way that most other business benefited as well. In particular, internet was an external factor that assisted HTC to be ahead of its current level through endow with platform to reach to the global market area, to promote its products globally and to get your hands on strategic partners as well as to correspond with its stakeholders at the global level.International Marketing Strategies The international marketing strategies of HTC have its uniqueness compared to some of its competitors. The marketing management of HTC has helped the organisation to penetrate numerous new markets and carried out efficient changes with rigid formulas within the existing markets. HTC has been identified in the leadership position through the process of adopting innovative approach in production & design and introducing to the market the first tri-band UMTS 3G device on the Microsoft Windows Mobile platform (2006), the first Microsoft Windows Smartphone (2006), the first Tri-band UMTS PDA, and the first spontaneous touch screen to allow finger tip navigation (2007) (Products and Innovation, 2010).By analysing HTC’s strategy, product differentiation and cost leadership are regarded as to be the lane to the market scope; whereas segmentation strategy is a narrow market scope (Porter, 1998) Product expansion is rarely used by HTC when the company introduces new creations to its existing active markets. Recent growth was real ized by the company by introducing the HTC One and previously with HTC Titan as well as the HTC Desires series for the medium-low range  market (htc. com).Product & Pricing Strategies As per Condor (2010) HTC’s marketing strategy is going through massive changes since the company is introducing more low-cost devices. The mid-pricing strategy adopted by HTC has been ultra-successful, since the company believes that its products are specifically customised to gratify customer’s desires. HTC’s customers are willing to pay even a higher price as they believe that HTC’s products has features that worth the premium prices.HTC smart-phones prices vary from a country to another according to the economical status of the country (htc. com). Marketing plan of HTC HTC’s marketing plan was in reverse gear in 2012 compared to 2011, where the mobile phone manufacturer did better according to the company’s annual report 2012. The CEO of the Organisation M r Chou ultimately believes it was HTC's poor marketing that led to disappointment in year 2012. He revealed that HTC can be expected to redouble its promotional efforts in 2013 (http://www. theverge. com/).The chief marketing officer (CMO) John Wang has decided to go for a more passive and aggressive direction with its marketing plan as from 2013 to boost up profit maximisation through innovation and customer satisfaction. Marketing mix of HTC Marketing mix is well thought-out to be the fundamental element of marketing communication. Buhler et al (2009) revealed that marketing mix was at the outset referred to as 4P’s of marketing with the combination of product, price, place & promotion. The 4P’s can be study individually as part of a broad HTC marketing strategy analysis.HTC products are widely known for their range of smart-phones which are innovative in their design and functions. Product HTC’s own brand was developed from the personal digital assistant (PDA ) market to smart-phone products manufacturer (Asemi et al, 2011). It depends on the products specifications and the number and types of functions the product can perform. It also values the segmented market of the product such as low-cost, mid range or high end market. HTC’s products focus on the mid range & high end segment.Prices of HTC products are not unlike dramatically compared to the products of its competitors, such as Apple, Nokia and others, and the price of each individual category of mobile phone. Place in the case of a mobile phone manufacturer is to have the widest possible market share globally. HTC has got a massive presence in Europe & Asia, with emerging markets over USA and Africa. On the Australian continent the Taiwanese manufacturer of cellular phone has also been powerful due to the increasing number of Android software user on the continent.The place element of the HTC’s marketing mix are available from many locations within all forty countries the company has operations in, as well as through the company web-site. Promotional techniques used by HTC to advertise their products are mainly posters promotions via mobile phone shops windows and promotions in popular media such as magazines, newspapers and TV channels to penetrate the larger market. In essence HTC marketing strategy that has allowed the company to enter new markets was based on innovation and ensuring the high level of friendly user interface in its products.International marketing culture of HTC One of the most important factors to consider when penetrating an international market is the local cultural differences which can be a source of massive challenge. HTC usually take into account the cultural factors when engaging in international expansion. Each individual or group of people have different perceptions of life, different life values, beliefs and different ways of doing things. Without any doubts these differences would reflect on how they perceive HTC brand in general, and each specific products in particular as well.These issue are addressed the management of the organisation in the most efficient approach, since international expansion has been identified as the foundation of strategic plans of any company (Gray, 2013. htcsource. com) So far, all the challenge associated with various local cultural differences where HTC has entered has not yet affected HTC negatively. Particularly when the possible issues associated with cultural differences narrate to combine marketing communications efforts of any foreign corporation engaged in business in a country. E. g. the marketing communication efforts in most European countries and USA would at times involve women to feature in their publicity with allusions to their sex appeal.While such type of publicity are perfectly suitable in the western world, the same publicity would be judged to be offensive in some Asian, and Arab countries, due to cultural, religious or else differences. Any global organisation aiming for further international expansion that prefer ignoring such issues in their marketing communications and other aspects of their businesses, would be at risk to attract negative reputation for their brand image, which will damage the value of the brand on the long-term basis.International marketing communication strategies HTC do not take on a â€Å"me-too† strategy and persists not to follow or directly competing with its clients in the market. The mobile phone organisation has put into practice as its marketing communication strategies the transformation of the company from Taiwanese to International by sustaining the silicon-valley culture to promote innovation. This has been implemented by the formation of a global marketing resource team. Their primary target market is the first time smart-phone user.The marketing communication strategy has been driven by the branding strategy and product awareness.HTC’s SWOT Analysis Swot-Internal Ana lysis:Weakness: Leading PDA & Smart-Phone Manufacturer High Manufacturing Cost Strong Research & Development Set-up Low Brand Awareness Strong Relationship with Business Partners Lack of Products in Low Price Category Branded & Perceived as â€Å"Value for Money† Products Do not have own operating system Swot-External Analysis:Opportunity: Threats: Increasing demand for touch screen phones with 3G Technologies Patent Wars Fast Growing & Emerging MarketsLess Customer Loyalty Development of App’s to add value to customers Rapid Technological Change HTC mini tablet could be the next Market sensation Expected competitors tie-up, e. g Google acquiring.Motorola SWOT Critical AnalysisThe brand position of HTC is appropriately perfect; smart-phone is the proper choice of most customers. Without doubt the smart-phone market is a prospective market for HTC to keep investing. However, in significant markets such as China and USA, where most people still use cheap phones the deman ds for mid-range or mass price cell phones are still huge.HTC do have a pricing advantage over Apple and Samsung, but the low brand awareness do not appeal to the young generation or even first time smart-phone users. Therefore having some low price product branded HTC might be a threat to the mid range & high end market, if we take as example the story of Toyota & Lexus, which has disappointed many luxury car customers when they have found that Lexus was a product of Toyota. However as tablets are very fashionable at the moment, HTC could accelerate its research & development in to the manufacturing of an HTC tablet.RecommendationRecommendation 1: As a major player in the telecommunications industry, it is highly recommended that HTC consider opening its own application storefront as this will help creating their own operating platforms which will give them more control over their operations.Recommendation 2: According to the HTC annual report (2012), 5% of its revenue is reinveste d into research & development, they should therefore participate into launching new products range such as tablets and messaging systems; since they already have a strong structure in implementing new product lines.Recommendation 3: The slogan of HTC is â€Å"Quietly Brilliant† and it is recommended that HTC develop an aggressive and noisy marketing campaign to build up their brand awareness and position themselves among Samsung & Apple. Conclusion As a mobile phone manufacturer, HTC has mainly diverse components and do assemble them in an eye-catching way to sell to its customers. Being able to bring to the market the very first touch screen smart-phone three weeks before Iphone, clearly shows the capacity of HTC’s engineers and this is the main reason for their success in the industry.HTC’s management team and engineering team can pride themselves for manufacturing one of the best brand mobile phones on the market nowadays. HTC also have various sources of dif ferentiation such as innovation, style & quality. As outlined above, the competitive advantages of HTC are their Research & Development, customization abilities, and partnerships with software, operators such as Microsoft & Google. This is a more powerful resource for HTC to open its own storefront and build up customer loyalty.

History of Civil Engineering Essay

Civil engineering involves the design, construction, and maintenance of works such as roads, bridges, and buildings. It’s a science that includes a variety of disciplines including soils, structures, geology, and other fields. Thus the history of civil engineering is closely associated with the history of advancement in these sciences. In ancient history, most of the construction was carried out by artisans, and technical expertise was limited. Tasks were accomplished by the utilization of manual labor only, without the use of sophisticated machinery, since it did not exist. Therefore, civil engineering works could only be realized with the utilization of a large number of skilled workers over an extended period of time. * Prehistoric and Ancient Civil Engineering Structures It might be appropriate to assume that the science of civil engineering truly commenced between 4000 and 2000 BC in Egypt when transportation gained such importance that it led to the development of the wheel. According to the historians, the Pyramids were constructed in Egypt during 2800-2400 BC and may be considered as the first large structure construction ever. The Great Wall of China that was constructed around 200 BC is considered another achievement of ancient civil engineering. The Romans developed extensive structures in their empire, including aqueducts, bridges, and dams. A scientific approach to the physical sciences concerning civil engineering was implemented by Archimedes in the third century BC, by utilizing the Archimedes Principle concerning buoyancy and the Archimedes screw for raising water. ASCE Online Library www.ascelibrary.org Free search 800,000 pages All areas of civil engineering Software Engineer Degree EducationDegreeSource.com/Free_Info 100%Online Master Degree – Software Engineering for Busy Programmers! Seismic Design Group www.SeismicDesignGroup.com Seismic Bracing & Engineering Commercial Non-Structural Trades Ads by Google * The Roles of Civil And Military Engineer in Ancient Times As stated above, civil engineering is considered to be the first main discipline of engineering, and the engineers were in fact military engineers with expertise in military and civil works. During the era of battles or operations, the engineers were engaged to assist the soldiers fighting in the battlefield by making catapults, towers, and other instruments used for fighting the enemy. However, during peace time, they were concerned mainly with the civil activities such as building fortifications for defense, making bridges, canals, etc. * Civil Engineering in the 18th – 20th Century Until the recent era, there was no major difference between the terms civil engineering and architecture, and they were often used interchangeably. It was in the 18th century that the term civil engineering was firstly used independently from the term military engineering. The first private college in the United States that included Civil Engineering as a separate discipline was Norwich University established in the year 1819. Civil engineering societies were formed in United States and European countries during the 19th century, and similar institutions were established in other countries of the world during the 20th century. The American Society of Civil Engineers is the first national engineering society in the United States. In was founded in 1852 with members related to the civil engineering profession located globally. The number of universities in the world that include civil engineering as a discipline have increased tremendously during the 19th and the 20th centuries, indica ting the importance of this technology. * Modern Concepts In Civil Engineering Numerous technologies have assisted in the advancement of civil engineering in the modern world, including high-tech machinery, selection of materials, test equipment, and other sciences. However, the most prominent contributor in this field is considered to be computer-aided design (CAD) and computer-aided manufacture (CAM). Civil engineers use this technology to achieve an efficient system of construction, including manufacture, fabrication, and erection. Three-dimensional design software is an essential tool for the civil engineer that facilitates him in the efficient designing of bridges, tall buildings, and other huge complicated structures. * http://www.thecivilengg.com/History.php CIVIL ENGINEERING (CE) Overall Focus: â€Å"Public works†/infrastructure and buildings/structures. Note: Given the number of potential applications, Civil Engineering is a very broad discipline. Primary Areas of Specialization: 1. Construction Management (combining engineering and management skills to complete construction projects designed by other engineers and architects).   2. Environmental Engineering (see separate entry) 3. Geotechnical Engineering (analysis of soils and rock in support of engineering projects/applications – building foundations, earthen structures, underground facilities, dams, tunnels, roads, etc) 4. Structural Engineering (design of all types of stationary structures – buildings, bridges, dams, etc.) 5. Surveying (measure/map the earth’s surface in support of engineering design and construction projects and for legal purposes – locating property lines, etc.) 6. Transportation Engineering (design of all types of transportation facilities/systems – streets/highways, airports, railroads, other mass transit, harbors/ports, etc.). 7. Water Resources Engineering (control and use of water, focusing on flood control, irrigation, raw water supply, and hydroelectric power applications) http://groups.yahoo.com/group/AR001_ARCHCRUZ/files/3.%20LETTERING/

Factor Affecting People Investing in Mutual Fund

Factors affecting people investing in Mutual Fund in Malaysia: An application of the Theory of Planned Behavior Kuah Kean Lam Research report in partial fulfillment of the requirements for the degree of MBA 2008 ACKNOWLEDGEMENTS I would like to thank my supervisor, Dr. Nabsiah Abd. Wahid and my co-supervisor, Dr. Datin Joriah for their invaluable guidance in helping me with this research. Special thanks also go to Associate Professor T. Ramayah for his kind assistance and consultants in my statistical analysis. My sincere thanks to all the lecturers in the MBA programs.I also want to thank my family for their patience, support and encouragement during the period of my study. I am also grateful to my friends for their help and encouragement. Lastly, I wish to accord my appreciation to all the respondents who had so kind to respond my questionnaire in time. i TABLE OF CONTENTS Page ACKNOWLEDGEMENT i TABLE OF CONTENTS ii LIST OF TABLES vii LIST OF FIGURES viii LIST OF APPENDICES ix ABST RAK xi ABSTRACT xii Chapter 1 INTRODUCTION 1 1. 1 Introduction 1 1. 2 Background 1 1. 2. 1 Benefits of Unit Trust Scheme 2 1. 2. 2 Disadvantages of Unit Trust Scheme 1. 2. 3 Types of Unit Trust Funds 4 1. 2. 4 Growth of Mutual Fund in Malaysia 6 1. 3 Problem Statement 8 1. 4 Research Objectives 10 1. 5 Research Question 10 1. 6 Definition of Key Terms 11 ii 1. 6. 1 Mutual Fund / Unit Trust Fund 1. 6. 2 11 Federation of Malaysia Unit Trust Managers (FMUTM) 12 1. 6. 3 Net Asset Value (NAV) 12 1. 6. 4 Islamic Mutual Fund 12 1. 6. 5 Attitude 13 1. 6. 6 Subjective Norms 13 1. 6. 7 Perceived Behavioral Control 14 1. 6. 8 Behavioral Intention 14 1. 7 14 1. 8 Chapter 2 Significance of Study Organization of Remaining Chapter 15 LITERATURE REVIEW 16 2. Introduction 16 2. 2 Literature Review 16 2. 2. 1 Emerging Market Research 17 2. 2. 2 International Research 20 2. 3 Model Explanation (TRA, TAM, TPB, and DTPB) 22 2. 3. 1 Theory of Reasoned Action (TRA) 23 2. 3. 2 Technology Acceptance Model ( TAM) 25 2. 3. 3 Theory of Planned Behavior (TPB) 26 2. 3. 4 Decomposed Theory of Planned Behavior (DTPB) 28 2. 3. 5 Inclusion of other variables in the TPB iii 31 2. 4 33 2. 5 Theoretical Framework 33 2. 6 Chapter 3 Gaps in Literature Hypothesis Development 35 METHODOLOGY 41 3. 1 Introduction 41 3. 2 Research Design 41 3. 2. 1 Type of Study 1 3. 2. 2 Data Collection Method 42 3. 2. 3 Population and Sample 42 3. 2. 4 Data Collection 43 3. 3 Data Analysis 43 3. 3. 1 Descriptive Analysis 45 3. 3. 2 Factor Analysis 45 3. 3. 3 Reliability Test 45 3. 3. 4 Correlation Analysis 46 3. 3. 5 Multiple Regression Analysis 46 3. 4 48 3. 5 Chapter 4 Summary Expected Outcome 48 RESULTS 50 4. 1 Introduction 50 4. 2 Profile of Respondents 50 4. 3 Goodness of Measures 52 iv 4. 3. 1 Factor Analysis 52 4. 3. 1. 1 Factor Analysis for Relative Advantage, Compatibility and Ease of Invest 53 4. 3. 1. 2 Factor Analysis for Efficacy andFacilitating Condition 54 4. 3. 1. 3 Factor Analysis for Past Behavior, At titude, SN and PBC 4. 3. 2 4. 4 Reliability Test 57 Descriptive Analysis 4. 4. 1 55 58 Analysis of Independent Variable Explanatory Role 58 4. 5 Correlation Analysis 60 4. 6 Hypotheses Testing 62 4. 6. 1 Multiple Regression Analysis (Stage 1a) 62 4. 6. 2 Multiple Regression Analysis (Stage 1b) 64 4. 6. 3 Multiple Regression Analysis (Stage 1c) 66 4. 6. 4 Multiple Regression Analysis (Stage 2) 68 4. 6. 5 Multiple Regression Analysis (Stage 3) 70 4. 7 Chapter 5 Summary of Results 73 DISCUSSION AND CONCLUSION 76 . 1 Introduction 76 5. 2 Recapitulation of the Study Findings 76 5. 3 Discussion of Major Findings 77 v 5. 3. 1 Attitude towards the Behavioral 78 5. 3. 2 Past Behavior 79 5. 3. 3 Subjective Norms 80 5. 3. 4 Perceived Behavioral Control 80 5. 3. 5 Behavioral Intention 81 5. 3. 6 Actual Investment 82 5. 3. 7 Relative Advantage, Compatibility and Ease of Invest 5. 3. 8 Efficacy and Facilitating Condition 83 5. 3. 9 5. 4 82 Normative Influence 84 Implications 84 5. 4. 1 Theoretica l Implication 84 5. 4. 2 Practical Implication 85 5. 4. 2. 1 Marketing Strategy for Mutual Fund 85 5. 5Answering the Research Questions 87 5. 6 Limitations 89 5. 7 Future Research 90 5. 8 Conclusion 90 REFERENCES 91 APPENDICES 97 vi LIST OF TABLES Page Table 4. 1 Respondents Demographic Profile Table 4. 2 Rotated Component Matrix for relative advantage, Compatibility and ease of invest Table 4. 3 54 Rotated Component Matrix for efficacy and facilitating Condition Table 4. 4 51 55 Rotated Component Matrix for Attitude, SN, PBC and Past Behavior 56 Table 4. 5 Reliability Coefficients of Variables 57 Table 4. 6 Descriptive Statistics 59 Table 4. 7 Pearson’s Correlation Analysis of Variable 1 Table 4. 8 Result of Multiple Regression of H8, H9 and H10 63 Table 4. 9 Result of Multiple Regression of H13 65 Table 4. 10 Result of Multiple Regression of H11 and H12 67 Table 4. 11 Result of Multiple Regression of H1, H2, H3 and H5 69 Table 4. 12 Result of Multiple Regression of H4, H6 a nd H7 72 Table 4. 13 Summary of Hypotheses Testing Results 73 vii LIST OF FIGURES Page Figure 1. 1 Total NAV vs Bursa Malaysia Market Capitalization as at 31st Dec 2006 6 Figure 2. 1 Theory of Reasoned Action 24 Figure 2. 2 Technology Acceptance Model 25 Figure 2. 3 Theory of Planned Behavior 26Figure 2. 4 TPB with belief de-composition 29 Figure 2. 5 Theoretical Framework 35 Figure 4. 1 Stage 1a Multiple Regression 62 Figure 4. 2 Stage 1b Multiple Regression 64 Figure 4. 3 Stage 1c Multiple Regression 66 Figure 4. 4 Stage 2 Multiple Regression 68 Figure 4. 5 Stage 3 Multiple Regression 71 Figure 4. 6 Model Summaries with Significant Relationship and Beta Value 75 viii LIST OF APPENDICES Page Appendix A Questionnaire 97 Appendix B Coding of Variables 103 Appendix C Respondent Frequency Results 104 Appendix D Factor Analysis – Relative Advantage, Compatibility and Ease of Invest 08 Appendix D1 Factor Analysis – Relative Advantage, Compatibility and Ease of Invest. (Afte r removal of RA_2) Appendix E 111 Factor Analysis – Efficacy and Facilitating Condition 114 Appendix E1 Factor Analysis – Efficacy and Facilitating Condition (After removal of FC_2) 117 Appendix E2 Factor Analysis – Efficacy and Facilitating Condition (After removal of FC_2 and EF_2) Appendix F 120 Factor Analysis – Past Behavior, Attitude, Subjective Norm And PBC 123 Appendix F1 Factor Analysis – Past Behavior, Attitude, Subjective Norm And PBC (After removal of Att_3) 128 Appendix GReliability Analysis – Behavioral Intention 133 Appendix H Reliability Analysis – Actual Investment 134 Appendix I Reliability Analysis – Attitude 135 Appendix J Reliability Analysis – Subjective Norm 136 Appendix K Reliability Analysis – PBC 137 Appendix L Reliability Analysis – Relative Advantage 138 ix Appendix M Reliability Analysis – Ease of Invest 139 Appendix N Reliability Analysis – Normative Influence 140 Appendix O Reliability Analysis – Efficacy 141 Appendix P Reliability Analysis – Facilitating Condition 142 Appendix Q Descriptive Analysis Results 143 Appendix R Correlation Analysis Results 44 Appendix S Stage 1a Multiple Regression Analysis 145 Appendix T Stage 1b Multiple Regression Analysis 148 Appendix U Stage 1c Multiple Regression Analysis 151 Appendix V Stage 2 Multiple Regression Analysis 154 Appendix W Stage 3 Multiple Regression Analysis 157 x ABSTRAK (MALAY) Faktor-faktor yang mempengaruhi pelaburan dalam dana bersama di Malaysia: Applikasi dengan Teori Perlakuan Terancang. Dana Bersama (Mutual Fund) di Malaysia mengalami perkembangan pesat dalam beberapa tahun yang lepas. Perkembangan pesat ini menandakan kesesuaian pelaburan secara berkumpul di Malaysia.Hari ini, dana bersama telah menjadi satu bahagian penting dalam bidang ekonomi Malaysia. Perkembangan sihat dalam bidang tersebut telah memberi manfaat kepada ekonomi negara dan para pelabur. Tujuan kaj ian ini adalah untuk menentukan faktorfaktor yang mempengaruhi orang ramai untuk melabur dalam dana bersama di Malaysia dengan menggunakan Teori Perlakuan Terancang (TPB) yang diubahsuai. Sebanyak 400 soal selidik telah diedarkan kepada orang dewasa di negeri Pulau Pinang dan 211 soal selidik yang boleh diguna telah dikutip balik. Berdasarkan analisis, didapati model yang diguna dapat menerangkan 47. % varian dalam Keinginan (Intention). Sikap (Attitude), Perlakuan Lepas (Past Behavior) and Norma Subjektif (Subjective Norms) mempunyai hubungan positif yang ketara dengan keinginan untuk melabur dalam dana bersama. Analisis seterusnya mendapati kedua-dua kelakuan lepas dan keinginan mempunyai hubungan kesan positif yang ketara dengan pelaburan sebenar. Sungguhpun model ini dapat menerangkan varian agak tinggi dalam keinginan, tetapi didapati Tanggapan Kawalan Perlakuan (Perceived Behavioral Control) tidak mempunyai hubungan kesan positif yang ketara dengan keinginan dan pelaburan sebe nar.Keputusan ini mencadangkan model teoretikal lain tanpa pembolehubah (variable) ini mungkin akan lebih sesuai untuk mengkaji sikap pelaburan dana bersama. xi ABSTRACT Mutual Funds in Malaysia have experienced phenomenal growth in the past few years. This growth reflects the suitability of collective investments in Malaysia. Mutual fund forms an important part of the Malaysian economy today. The healthy growth of the industry seems to benefit the country’s economy and the investors.The aim of this study is to determine the factors affecting people investing in Mutual Fund in Malaysia using the modified decomposed Theory of Planned Behavior. Structured questionnaire was used in this study. Four hundred questionnaires were distributed to the adults in Penang state and two hundred eleven useable questionnaires have been collected back. Based on the analysis, it was found that the model has explained 47. 4% of the variance in Behavioral Intention. Attitude towards behavior, Pas t Behavior and Subjective Norm have positive significant influence on investors’ Intention to invest in mutual fund.Further analysis on the Actual Investment, it was found that the both Past Behavior and Intention have positive significant influence on investors’ actual investment behavior. Even though the model has explained considerable high percentage of variances in Behavioral Intention, however, the findings that Perceived Behavioral Control is not a significant contributor to both Behavioral Intention and Actual Investment suggests that other theoretical model without this variable might be more suitable to study mutual fund investment behavior. ii Chapter 1 INTRODUCTION 1. 1 Introduction This chapter introduces the research outline of the study. The chapter begins with an overview of the Mutual Fund industry in Malaysia, followed by brief discussion of the benefits and disadvantages of the Unit Trust Scheme, their growth and different types of Mutual Funds. Besi des that, this chapter also includes the problem statement, research objectives and research questions. The key terms and significance of the study will also be highlighted. 1. 2 BackgroundA Unit Trust Scheme (UTS) or Mutual Fund (MF) is a form of collective investment that allow investors with similar investment objectives to pool their savings, which are then invested in a portfolio of securities or other assets managed by investment professionals. Investors in Unit Trust Scheme or Mutual Fund do not purchase the securities in the portfolio directly. Securities or stocks are purchased by the Unit Trust Management Company (UTMC) following the authorized investments guidelines by a group of professional fund managers.Ownership of the portfolio is divided into units of entitlement and each investor is known as a ‘unit holder’. In this case, unit holders in Unit Trust Scheme (UTS) are not shareholders in the company but are rather beneficiaries under a trust set up by the company. Under the Unit Trust Scheme constitution or ‘deed’, there must be a trustee looking after the interest of the investors. The trustee is the legal owner of all the assets of UTS on behalf of the unit holders, and must act for the benefit of the unit holders. Unit holders in UTS have a eneficial interest in all the assets of those UTS, but are not entitle to direct UTMC on how to invest the portfolio of investments (Dealing in Unit Trust, FMUTM 2005). The return on investment for unit holders in UTS is usually a combination of a regular income payment (a ‘distribution’) and capital appreciation derived from the pool of investments held within those UTS. Each unit represents an entitlement to an equal amount of income and capital appreciation or depreciation that is normally reflected in the unit price of those UTS (Dealing in Unit Trust, FMUTM 2005). 1. 2. Benefits of Unit Trust Scheme For investor who is unable or unwilling to research and analyze investment markets by their own effort, Unit Trust Scheme is an ideal way of investing. To maintain a portfolio of directly held investments, an individual needs to keep up-to-date with market information and sentiment. This means keeping track of a wide range of information from many sources. For many individual investors, this is difficult, time consuming and expensive. Investing in UTS transfers most of the stress of investing to those best equipped to handle it – professional fund managers.Other significant benefits of investing in UTS are listed as below: (i) Diversification A larger pool of funds from many small investors allows the fund manager to purchase a wide range of investments. (ii) Liquidity of funds Most investors require that their investment be liquid. The investor can redeem their unit trust fund and receive their money in the specified time frame. In the case of Malaysia, the guideline is within 10 days. 2 (iii) Professional Management Investment decisions are made by professional fund managers.The investment process adopted is structured and follows basic investment principles outlined in the prospectus and deed. (iv) Investment Exposure For small investor (with RM1000), it is sometimes difficult to invest in particular asset class or certain securities, for example real estate or corporate bonds. UTS make this possible with pool investments from many small investors. (v) Investment Cost When making direct investments, the smaller investors will pay higher transaction cost if compare to large institutional investors due to prenegotiated fees on large purchase. 1. 2. Disadvantages of Unit Trust Scheme Some of the disadvantages of Unit Trust Scheme are list as follows: (i) Risk Any investment involves risk. Investment in UTS also has its risk of losing all of the money invested. (ii) Loss of Control Investors in UTS lose their right to direct how their savings are invested. If the fund manager invests the portfolio in accordance with the prospectus and deed, there is little that the unit holders can do if they disagree with the investment decisions made by the fund manager. 3 (iii) Fees and Charges The services provided by the UTMC are not without cost.Hence there are fees and charges payable by investors in UTS. (iv) Opportunity cost As with any decision, an investor who invests in UTS may have produced better returns by investing directly in the markets. This excess represents the ‘opportunity cost’ of investing in UTS. 1. 2. 3 Types of Unit Trust Funds Mutual funds are referred to as open-end funds for two main reasons: (i) they are required to redeem (or buy back) outstanding shares at any time upon a shareholder’s request, at a price based on the current value of the fund’s net assets; and (ii) irtually all mutual funds continuously offer new fund shares to the public. A closed-end fund is an investment company that issues a fixed number of shares that trade on a stock exchange or in the over-the-counter market. Assets of a closed-end fund are professionally managed in accordance with the fund’s investment objectives and policies, and may be invested in stocks, bonds, or a combination of both. Like other publicly traded securities, the market price of closed-end fund shares fluctuates and is determined by supply and demand in the marketplace. 4Based on Lipper’s fund investment objectives, Unit Trust Funds in Malaysia have been grouped into the following seven types (FMUTM Annual Report, 2006): (a) Exchange Traded Funds-Bond General funds. (b) Guaranteed/ Protected funds : Comprises Capital Guaranteed funds and Capital Protected funds. (c) Money Market funds : Include all Money Market funds. (d) Mixed Asset funds : Include Mixed Asset Asia, Mixed Asset Emerging Markets Asia, Mixed Asset Global, Mixed Asset Growth funds and Mixed Asset Income funds. (e) Islamic funds : Bond Islamic/Syariah funds, Equity Islamic/Syariah funds and Mixed Asset Islam ic/Syariah Balanced funds. f) Bond funds : Include all General Bond funds. (g) Equity funds : Include Equity ASEAN fund, Equity Asia Pacific Ex-Japan funds, Equity, Equity Europe, Global funds, Equity Growth funds, Equity Income funds, Equity Index Tracking funds, Equity Info & Technology funds, Equity Sector Real Estate Asia funds, Equity Sector Real Estate Global funds and Equity Small Companies funds. 1. 2. 4 Growth of Mutual Fund in Malaysia In Malaysia and throughout the world, Mutual Trust funds have experienced phenomenal growth in the past few years.This growth reflects the suitability of collective investments in Malaysia, as a means for the smaller investor to accumulate capital over the longer term. 5 Figure 1. 1 shows the growth trend of mutual fund and total NAV versus Bursa Malaysia Market capitalization. Figure 1. 1. Total NAV vs Bursa Malaysia Market Capitalization as at 31st Dec 2006 Source: Securities Commission (2007) Although the mutual fund industry in Malaysia started as far back as 1959 with the establishment of the Malayan Unit Trust Ltd, the development of the industry did not take-off until 1980s with the launching of the Amanah Saham Nasional (ASN). The major growth of the industry can only be seen in the 1990s when Malaysia, together with other Asian Tigers, saw a high and consistent growth in their economies. For Malaysia, the growth in the mid-1990s was very much due to the boost given by the government in the area of tax relief and allowing withdrawal on Employee Provident Fund (EPF) to invest in the mutual fund. With these incentives the mutual fund industry increased in size from RM15. 7 billion in 1992 to RM60 billion in 1996. The Asian crisis of 1997 had brought a sudden halt to this and we have seen even negative growth. However, the signs of recovery after that are becoming evident.Growth of the unit trust industry in Malaysia continued at a rapid pace in 2006. Total Net Asset Value (NAV) of the industry gained 23. 6 per ce nt, the net asset value of the managed funds increased to RM121. 8 billion. This amounts made-up of only 14. 35 per cent of the total market capitalization of the Bursa Malaysia, which stood at RM848. 7 billion. (FMUTM Annual Report, 2006) Different from the developed countries, an important characteristic of the Malaysian mutual fund industry is the dominant role of the government. As of 2006, more than 58% of these funds are affiliated with the government, i. . either owned by state governments or quasi-government agencies. Nevertheless, the number of private sector funds is increasing, in particular bank-owned funds. The NAV of the private unit trust funds (excluding federal and some state funds) in year 2006 stood at RM50. 7 billion, an increase of RM 6. 6 billion over previous year. (FMUTM Annual Report, 2006) The double digit growth was observed. The type of funds included Equity Funds, Bond Funds, Islamic Funds, Mixed Asset Funds, Money Market Funds, Guaranteed Funds and Exch ange Traded Funds. All these funds are the â€Å"open-end† Mutual Funds. 7Unit Trust industries are well established in developed financial markets like United States and European Union. The extent to which research, both at the theoretical and technical level, has been conducted in developed markets indicates the stage of maturity of mutual funds in these markets. In emerging markets, however, mutual funds are a recent phenomenon. Nevertheless, growth has been robust. Emerging Asian economies like China, Indonesia, the Philippines, India and Malaysia are expected to grow by double digits annually and projected to reach US$ 12 trillion by the year 2030 (PR Newswire, 2000).The phenomenon growth in the mutual fund industry in these emerging markets has resulted in an increase in the number of investment companies offering a wide range of different mutual funds (Ramasamy & Yueng, 2003). Faced with a wide range of mutual funds, how does one made choices and what are the factors a ffecting the intention of an investor investing in Mutual Funds? 1. 3 Problem Statement Growth, both in terms of size and number of funds categories, in the mutual fund industry among emerging markets has been impressive.Most researches, be it domestic or international, were on the mutual funds performance compared to the market (Don, Galagedera & Silvapulle, 2002), comparison of funds performance in different regions (Otten 2002), Islamic Funds performance (Abdullah, Hassan & Mohamad, 2007), aggregate funds performance (Taib & Isa, 2007), qualification, experience and investment style of fund manager, asset size and transaction cost (Ramasamy & Yeung, 2003), price linkage with index in emerging market (Low & Ghazali, 2007) and performance of funds during different economic cycles (Low, 2007).All the researches are conducted on the nature and 8 characteristics of the mutual funds it selves and not for one of the most important components of the mutual funds, the â€Å"investorsâ₠¬  or â€Å"mutual fund purchasers†. Thus, in this research, we will study the individual investors’ intention and factors affecting investment decision in the emerging market like Malaysia. This paper intends to fill this gap. Mutual fund forms an important part of the Malaysian economy today. As of 31st December 2006, the total registered mutual trust agent was 31060 people (FMUTM annual report, 2006).Many peoples’ livelihoods are depending on this industry, directly or indirectly. Besides the mutual trust agents, the mutual trust management companies, and regulatory bodies in Mutual Fund industry, investors play the utmost important role in the growth of the industry as they are the one who provides the required capital in the industries. Investors have numerous choices to invest their savings; there are many benefits and disadvantages to invest in the mutual trust funds. Investors have to weight the benefits and disadvantages, and to consider their investme nt objectives before deciding to invest in the Mutual Funds.In many developed countries, Mutual Funds investment has become the preferred vehicle for savings and retirement. The healthy growth of the industry seems to benefits the country’s economy and the investors. For the continuous growth of the industries in Malaysia, it is utmost important to study the behaviors of the investors, their intention, and the other factors motivating investors investing in Mutual Fund. Many theories have been developed and evolved through time for the research of behaviors and intentions in many domains. Among the few popular theories re Theory of Reasoned Action (TRA), Theory of Planned Behavior (TPB) and Technology Acceptance 9 Model (TAM). The theoretical models and their comparison will be discussed in detail in section 2. 3. 1. 4 Research Objectives We have seen that NAV of Mutual Funds invested in Malaysia on 2006 was at RM 121. 8 billion. This has formed an important part of the Malay sian economy. This study is to investigate factors influencing Malaysian consumers’ intentional behavior to invest in Mutual Funds using modified Decomposed Theory of Planned Behavior (DTPB).In line with this, four specific objectives have been developed. The four main objectives of this study are therefore to: (1) determine significant contributing factors to Attitude, Subjective Norm and Perceived Behavioral Control, (2) determine the most significant factors among Attitude, Subjective Norm and Perceived Behavioral Control that lead to Behavioral Intention to invest in Mutual Fund, (3) identify the relationship of Intention and Actual Investment (Behavior). (4) In line with the 3 objective above, an additional objective will be drawing the implications for the marketing of Mutual Fund products. . 5 Research Question This research attempts to answer the following research question: (1) What are the factors that significantly affect Attitude, Subjective Norm and Perceived Beh avioral Control? 10 (2) Attitude, Subjective Norm, Perceived Behavioral Control and Past Behavior – which of these factors significantly contribute to Intention to invest in Mutual Funds? (3) Will Intention turn into actual Investment in Mutual Funds? (4) What are the conclusions and implications of the study for the marketing of Mutual Fund products? 1. 6 Definition of Key TermsIn order to share common understanding of the concepts and for better understanding of further discussion, the following key terms’ definition were referred specifically. 1. 6. 1 Mutual Fund / Unit Trust Fund Mutual Fund is a form of collective investment that allow investors with similar investment objectives to pool their savings, which are then invested in a portfolio of securities or other assets managed by investment professionals. Investors in Unit Trust Scheme or Mutual Fund do not purchase the securities in the portfolio directly.Ownership of the portfolio is divided into units of entit lement and each investor is known as a ‘unit holder’ (Dealing in Unit Trust, FMUTM, 2005) 11 1. 6. 2 Federation of Malaysian Unit Trust Managers (FMUTM) Federation of Malaysian Unit Trust Managers – an organization with the vision to develop unit trust as the preferred vehicle for saving and retirement. The objectives of the organization are (Dealing in Unit Trust, FMUTM, 2005): ? To improve the regulatory, fiscal and legal environment of unit trust; ?To formulate sound and ethical business practices, to promote the interest of the unit trust industry and provide investor protection; ? To provide information, assistance and other services to its Member; and; ? To promote public awareness of the benefit and risk of investing in unit trust. 1. 6. 3 Net Asset Value (NAV) The net value of the assets invested in the portfolio of the mutual fund. It’s a way to assess the net worth of the mutual fund. The value is computed every day after the closing of the share market. The NAV will be used to determine the price of buying and redemption of units trust. Dealing in Unit Trust, FMUTM, 2005) 1. 6. 4 Islamic Mutual Fund Islamic investing can be defined as investment in financial services and other investment products, which adhere to the principles established by the Shari’ah. These principles require that (Dealing in Unit Trust, FMUTM, 2005): (a) Investment must be made in ethical sectors. In other words, profits cannot be generated from prohibited activities such as alcohol production, gambling, 12 pornography etc. In addition, investing in interest (riba)-based financial institutions are not allowed. b) All wealth creation should result from a partnership between an investor and the user of capital in which rewards and risks are shared. Returns in invested capital should be earned rather than be pre-determined. 1. 6. 5 Attitude The extent to which one views a behavior as favorable or unfavorable, if a person perceives that there are positive outcomes resulting from an activity, then his or her attitude towards performing that behavior is likely to be positive (Ajzen, 1991). Attitude can be measure either through direct or belief-based measure.Belief-based measure of attitude is the weighted average of the strengths and outcomes evaluation of person’s behavioral beliefs (Ajzen, 2002b). 1. 6. 6 Subjective Norms An individual’s perception of social normative pressures, or relevant others’ beliefs, that he or she should or should not perform such behavior. It can be measured either through direct or belief-based measure. Belief –based measure of subjective norms is the weighted average of the normative expectations of others such as from family, friends or doctors and motivation to comply with their expectations (Ajzen, 1991 & 2002b). 3 1. 6. 7 Perceived Behavioral Control An individual's perceived ease or difficulty of performing the particular behavior (Ajzen, 1985). It is assumed that perceived behavioral control is determined by the total set of accessible control beliefs. It can be measured either through direct or belief-based measure. Belief –based measure of subjective norms is the weighted average of the strength of control beliefs and facilitation power of these beliefs (Ajzen, 1991, 2002b). 1. 6. 8 Behavioral Intention An indication of an individual's readiness to perform a given behavior.It is assumed to be immediate antecedent of behavior (Ajzen, 2002b). It is based on attitude toward the behavior, subjective norm, and perceived behavioral control, with each predictor weighted for its importance in relation to the behavior and population of interest (Ajzen, 1991). 1. 7 Significance of the study Mutual fund has become one of the important investment vehicles for the world’s economy. The launching of the Amanah Saham Nasional (ASN) in 1980 in Malaysia is part of the government efforts to increase the stakes holding of native Malays’ in Malaysian economy.The Unit Trust industry is an important component of the Malaysian economy. The industry serves to mobilize the saving of the average, small investors by funneling these savings into areas where capital is required. Investors want good returns on their savings, Mutual Fund provides an ideal way for them to gain exposure to investment that in the long run can produce returns superior to those from traditional savings accounts and fixed deposits. Study on the factors influencing the intention to invest and investment decisions will help the 4 industry formulate marketing strategies to further stimulate growth of this industry and eventually help in the healthy growth of the country’s economy. 1. 8 Organization of Remaining Chapter This research is presented in five chapters including this introduction chapter. The next chapter (Chapter Two) is the review of literature that outlined previous studies, from the review of literature; gaps are identified and new research framework is formulated for study in Malaysia context.Chapter Three will illustrate the research design, methodology used for data collections, and data analysis techniques to be used to analyzed and test the variables. Chapter Four will present the analyses done for the study and also the findings of the study. Chapter Five will discuss the interpretation and recapitulation of the study, implications of the findings, limitations of the study and suggestion for future research. It then concludes the whole research. 15 Chapter 2 LITERATURE REVIEW 2. 1 IntroductionFor better understanding of the present study, a comprehensive search of previous literature has been undertaken. As such, this chapter was organized in the manner to give an overview of literature, identify gaps, formulated theoretical framework and the hypotheses development. 2. 2 Literature Overview Mutual funds offer investors the advantages of portfolio diversification and professional management at low cost. These advantages are particularly important in the case of equity funds where both diversification and professional management have the potential to add value.For bond and money market mutual funds, the main advantage is transactional efficiency through professional management. There are many literature about the mutual funds in the developed countries. Literature are limited in the emerging market but are gaining popularity recently due to the tremendous growth in this industry. We will examine some literature in the emerging market, especially Malaysia as well as the international market. 16 2. 2. 1 Emerging Market research Investors made investment in the mutual funds with various investment objectives.Selecting mutual funds that will offer high returns with acceptable risk is a complex task. Literature shows that there are multiple factors that determine the performance of a mutual fund. Study by Ramasamy and Yeung (2003) on mutual fund purchaser in emerging country, Malaysia, s hows that among the factors dominating the selection of mutual funds are consistent past performance, size of funds and cost of transactions. Qualification and investment style of fund manager seems to be relatively less important. This means that in emerging market, the final performance of the funds is what matters.A study by Taib and Isa (2007) on Unit Trust Funds performance of Malaysian market from period 1991-2001 showed that unit trusts have not performed well over the share market index on the period of study. In most of the instances, unit trust trail behind the performance of the market portfolio except during the crisis period when the unit trust market adjusted returns yields positive results. Of the various types of unit trust under investigation, they found the bond funds showed very superior performance over and above the market and equity unit trusts.The high interest rate kept throughout majority of the period particularly during the crisis period in year 1997 has t remendously benefited the bond funds. The study also found no meaningful inter-temporal correlation between current performance and past performance. Low (2007) had studied on the Malaysia’s unit trust performance during the up and down market conditions has shown that the Malaysia mutual fund performance from 1996 to 2000 reported that the manager’s poor timing ability contributes significantly to the fund’s 7 negative overall performance. Such results suggest no economic benefit accrues to the average fund manager involving in market timing activities. The other study by Low and Ghazali (2007) examines the price linkages between unit trust funds and the stock market index during the period of 1996-2000. He finds in the short run, the prices of unit trust funds are related to the stock market index, but finds the nonexistence of long run relationship between the unit trust funds and the stock market index.This could possibly due to fund managers that are oblige d to adhere to their investment policies with the aim of maintaining a long term allocation strategy. One recent study by Lau (2007) on the investment style of fund managers of emerging market, Malaysia, indicates that most of the funds do not outperform the passive style benchmarks. Fund managers invest in large-cap stocks with cash enhances the performance of funds. Besides having a relatively high degree of style, funds that hold large-cap stocks together with a relatively high portion of liquid asset class tend to have higher alpha, translating into higher information ratio.It could be implied that liquid asset class enables fund managers to invest in stocks that improve their values in economic cycles. It is obvious that most of the funds concentrated on large-cap stocks, followed by medium-capital and government bonds. The Islamic Mutual Fund is gaining popularity in the emerging market like Malaysia and China. In the study by Abdullah, Hassan and Mohamad (2007) on the perform ance of Islamic mutual fund over three different economic periods namely pre, during and post economic crisis in year 1997 compared to the conventional mutual funds has shown that 18Islamic funds performed better than the conventional funds during bearish economic trends while, conventional funds showed better performance than Islamic funds during bullish economic conditions. In addition to that finding, both conventional and Islamic funds were unable to achieve at least 50 per cent market diversification levels, though conventional funds are found to have a marginally better diversification level than the Islamic funds. The results also suggest that fund managers are unable to correctly identify good bargain stocks and to forecast the price movements of the general market.In the past decades, there were wide variety of studies in consumer behaviors indicated a considerably consistent successful findings using the application of TPB model (Ajzen & Madden, 1986). The model was wide u sed in the emerging market to study the consumer behaviors. Study by Mohamed (2004) on consuming herbal supplement in Malaysia has indicated the suitability of the model. In his study, Attitude was found to be the strongest predictor of behavioral intention. Study by Chai (2006) on consumer behavioral intention to choose functional foods in Malaysia was also based on TPB model.The results showed that intention was strongly predicted by subjective norms followed by perceived susceptibility to illness, health value, attitude towards behavior and finally perceived behavioral control. Interesting finding in this study was perceived importance of taste did not have significant impact on intention. The other study by Muniandy (2006) using the integrated Decomposed Theory of Planned Behavior on internet stock trading showed that attitude, subjective norm, perceived behavioral control, descriptive norm and perceived usefulness have a direct significant 9 positive relationship towards behavi oral intention. In his study, the model was also compared to other intention based model like TAM, TPB and DTPB and found that IDTPB has better explanatory power. 2. 2. 2 International Research. In the research on the global growth of mutual funds by Fernando, Klapper, Sulla and Vittas (2003) indicate that the growth of mutual funds was likely to be determined by a number of factors. First and foremost is the level of income and wealth of the residents of a country.Conceptually, investing in mutual funds, like purchasing life insurance and saving for retirement, should be seen as a luxury good with a positive income elasticity of demand. In practice, however, the relationship between per capita income (used as an indicator of economic development and wealth) and holdings of mutual fund assets (expressed as a percentage of national income) is not always positive. In the same research on the global growth of mutual funds also indicated that the availability or not of substitutes as we ll as complements also greatly affects the growth of mutual fund assets.For example, houses are distant substitutes of mutual fund shares in household wealth but most other instruments are either close substitutes or close complements, in some cases both at the same time. Bank deposits, both the traditional form of checking accounts and savings deposits and the more modern money market deposit accounts, are close substitutes of money market mutual funds. The interest rate spread between bank deposits and money market funds would be expected to play an important part in determining the demand for money market mutual funds (Fernando et al. , 2003). 20The study by Otten (2002) to analyze the development and performance of the European mutual fund industry and compared it with the industry in the United States, found that Europe was lagging the American mutual fund industry when it comes to total asset size, average fund size, and market importance. Furthermore, it appears that a few la rge domestic fund groups dominate the mutual fund markets in the individual European countries. The study also showed that the performance of US equity funds was relatively poor compared to the European funds, and the outperformance of small cap mutual funds.In one of the extensive research by Fortin (2005) on international mutual fund management, he examined the international mutual fund returns for each category and overall returns for the 25-year period (1976-2000). The result of the study showed that there is no relationship between total return and expense ratio, but there is a significant positive relationship between total return and turnover, and a significant positive relationship between total return and fund size.Study by Huhmann and Bhattacharyya (2005) on Mutual Fund advertisement in Canada and United States has found that Mutual fund advertisements are not providing the information necessary for optimal investment decisions. In another word, mutual fund advertisements do not contain all the requisite information on the risk-return trade-off, principal-agent conflict, and transaction costs that consumers need to optimize their investment decisions. Mutual funds used techniques known to increase the likelihood that their advertisements are noticed, but they also use techniques known to decrease the readership of their advertisements.Also, they rarely included convenience information. 21 Philpot and Peterson (2006) study on the Real Estate Mutual Fund (REMF) found that team-managed funds have lower risk-adjusted returns than solo-managed funds. Managers with longer tenure on job tend to pursue higher market risk levels, and there was no relation between manager characteristics and management fees. Researchers have begun to recognize the importance of understanding consumers’ or investors’ intention and behavior and consequently, there has een an increase in the number of studies in this area. Many theories have been developed and evolv ed through time and situational change. Each has its strengths and weaknesses. Among the few popular theories are Theory of Reasoned Action (TRA), Theory of Planned Behavior (TPB), DecomposedTPB and Technology Acceptance Model (TAM). There are many more theories in the literature, however this research will concentrate only on the theories as listed above as they are related and well within the scope of study. . 3 Models Explanation (TRA, TAM, TPB and DTPB) The objective of the study is to determine the factors affecting the purchasing behavior of the investors in the Mutual Trust funds. Four alternative models – the Theory of Reasoned Action (TRA), Technology Acceptance Model (TAM), Theory of Planned Behavior (TPB) and the Decomposed Theory of Planned Behavior (DTPB), primarily adapted from Taylor and Todd (1995) – are here examined and compared. 22 2. 3. 1 Theory of Reasoned Action (TRA)The Theory of Reasoned Action was developed by Fishbein and Ajzen in 1975. TRA su ggests that a person's behavioral intention depends on the person's attitude about the behavior and subjective norms. If a person intends to do a behavior then it is likely that the person will do it. Furthermore a person's intentions are themselves guided by two things: the person's attitude towards the behavior and the subjective norm. Behavioral intention measures a person's relative strength of intention to perform a behavior.Attitude consists of beliefs about the consequences of performing the behavior multiplied by his or her valuation of these consequences. Subjective norm is seen as a combination of perceived expectations from relevant individuals or groups along with intentions to comply with these expectations. In other words, â€Å"the person's perception that most people who are important to him or her think he should or should not perform the behavior in question† (Azjen & Fishbein, 1980). The TRA is popular in applied to explain use or adoption behavior.Research by Buttle and Bok (1996) on hotel marketing strategy reveals the two predictor constructs contained in the theory, attitude-towards-the act and subjective norm, jointly explain about 65 per cent of the variance in the criterion variable intention to stay in the hotel on the next business trip. Other example of research is consumption of alcohol free beer (Thomson & Thomson, 1996). In his research, it was found that the main determinant of behavior was Attitude followed by the subjective norm. Control factors failed to improve the basic model. The basic framework of TRA is shown in Figure 2. . 23 Figure 2. 1. Theory of Reasoned Action One shortcoming of the theory of reasoned action is the consideration of behaviors over which people do not have complete control. Therein lies the notion of perceived behavioral control, or â€Å"the perceived ease or difficulty of performing the behavior† (Ajzen, 1991). As Hagger et al. (2001) note, this concept â€Å"reflects the person†™s assessment of the capacities (e. g. , skills and abilities) and the limiting or facilitating factors (e. g. , barriers and access to facilities) regarding behavioral engagement†.Theory would predict that perceived behavioral control influences both intentions (Ajzen, 1991) and actual behavior (Ajzen & Madden, 1986). Another limitation of the theory is that the theory stems from the assumption that behavior is under volitional control. 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Seminar - Essay Example The project is an ideal catalyst for both my artistic and professional growth. The project will provide me with an opportunity to interact with customers and will therefore require me to act ethically and professionally. From such reactions, I will improve my professional expertise in the practice. Additionally, the cloud installations are artistic. Every real-life installation I make will improve my artistry. The practice is pivotal in my practice since it will provide me with an opportunity to start my career and position it strategically for growth. The success of the business amounts to my success. Creative capital offers artists a number of both monetary and non-monetary services and resources that can help in a number of ways. The professional development workshops for example can help enhance my development in the practice. Through the workshops, I will acquire appropriate professional skills that will enhance the development of the business. Additionally, Creative Capital offers both funding and counsel to great projects and business ideas. Both would help me overcome a number of operational challenges thereby ensuring that the business idea enjoys immense success for

Organizational Structure Essay Example | Topics and Well Written Essays - 2750 words

Organizational Structure - Essay Example It can also be termed as the arrangement of lines of rights, authority and duties and communication of an organization. The organizational structure depends on the organizations objectives strategy, and is divided into two namely the centralized structure and the decentralized structure. The centralized structure is the top layer management, which has most decision-making power and control over all departments. The decentralized structure, on the other hand, allows the decision-making powers to be divided among different departments where some of the divisions or departments have some degrees of independence. The structure of an organization is important in as it provides checks and balances within the organization that differs with the sociological idea of power that states that top level managers in an organization have absolute control powers of the organization and can make any decisions for the organization without consultation. Thus, the organizational structure is essential in provide control and checks and balances on how the organization is managed as procedures follow a certain protocol in the organization. The topic is important to me professionally because it will enable me to understand how the decision-making process in the organization should be conducted and help me in improving in my career. Organization structure is important to managers because depending on the structure of the organization the managers manage to control and make decisions pertaining the welfare of the employees, as well as, achievement of goals and objectives. For example, when employees raise concerns in the organization their grievances are taken to the top-level management to establish the issue with the employees. By so doing, the organization manages to have control over the employees and gain their confidence. Additionally, managers find ways to motivate their employees ensuring that all of them are satisfied with their job description therefore it provides a

Rhetorical Analysis of Mirror, Mirror On the Web by Lakshmi Chaudhry Essay

Rhetorical Analysis of Mirror, Mirror On the Web by Lakshmi Chaudhry - Essay Example The writer is successful in using the tools of effective communication to advise internet users concerning the intention of using the internet and its effective utilization to avoid deception from selfish users. Rhetoric in Lakshmi Chaudhry’s Mirror, Mirror On the Web is evidenced by the way he attempts to inform, persuade and motivate his readers. Chaundry’s rhetorical devices are critical in his essay as they provide heuristics that enable him to discover, understand and develop excellent arguments concerning the use of the web. The three persuasive audience appeals prevalent in the essay include logos, pathos, and ethos. Logos constitute persuading the audience by use of reasoning that backs up the claims. Pathos provides means of persuading the audience by appealing to their emotions as a way of enhancing the receptivity of the argument. Ethos is critical in writing since they trace the immoral actions and appraise the moral acts to promote ethics in society (Longaker and Walker 23). Lakshmi Chaudhry’s article portrays clear evidence of the three persuasive evidence appeals. The writer argues that with the corollary of individualism has become narcissism, an inflated evaluation of self-worth devoid of any real sense of "self" or "worth." (Chaudhry 2) The current generation is characterized by widespread selfhood in favour of success. People lose the morality of being concerned about others and adopt character traits of callousness where personal happiness becomes the sole goal of hard work. This is actually what drives the generation ‘Me’ to fame since they want to be the centre of attention. People have embraced the internet as a panacea for various political ill motives (Chaudhry 3).

Human Anatomy and Physiology Essay Example | Topics and Well Written Essays - 2000 words

Human Anatomy and Physiology - Essay Example The hip joint is a good example of a ball and socket joint. A ball and socket joint is so-called because of its general physical makeup, which consists of a bony pocket and a ball-like appendage on the connecting bone that fits within this pocket. This type of joint provides a wide range of motion in several directions as well as the ability to carry a great deal of strength. In addition to the hip joint, the shoulder joint is another example of a ball and socket joint. The bones of this joint consist of the ilium, the femur and the ischium. The ilium contains â€Å"four spines serving as sites for muscle and ligamentous attachments† while â€Å"two large processes - an upper, lateral ‘greater trochanter’ and a lower, medial ‘lesser trochanter.’ †¦ provide attachments for muscles of the legs and buttocks† (â€Å"Human Anatomy Online†, 2004). The important ligaments involved in this joint include the pubofemoral ligament, the iliofemoral ligament, the ligaments of the sacrum and the ischiofemoral ligament. The major muscles involved in this joint include the iliopsoas muscles, the gluteous muscles, the piriformis and gemellus muscles, the sartorius muscle, the pectineus muscle, the quadriceps femoris muscles, the gracilis muscle, the adductor muscles and the hamstring muscles. The iliopsoas is actually two muscles that blend (â€Å"Human Anatomy Online†, 2004). The psoas major originates at the â€Å"sides of T12 to L5 vertebrae and intervertebral discs between them† and its insertion at the lesser trochanter of the femur. The iliacus originates at the iliac crest, iliac fossa, ala of sacrum, and the anterior sacroiliac ligaments while insertions are at the tendon of psoas major and the body of the femur, inferior to the lesser trochanter (â€Å"Muscles of the Hip and Thigh†, 1998). These muscles are the strongest flexor muscles of the thigh and work to maintain erect posture at the joints as well as to raise the trunk from a flat (lying

Morality in Islam Essay Example for Free

Morality in Islam Essay Morals are the standards set by society for an ethical human behavior. It can also be called the ability to distinguish between right and wrong. Morality is the adherence to the moral values present in the society, especially the following of good moral conduct. Islam is a comprehensive way of life, and morality is one of the cornerstones Islam. Morality is one of the fundamental sources of a nation’s strength, just as immorality is one of the main causes of a nation’s decline. Islam has established some universal fundamental rights for humanity as a whole, which are to be observed in all circumstances. To uphold these rights, Islam has provided not only legal safeguards, but also a very effective moral system. Thus, whatever leads to the welfare of the individual or the society and does not oppose any maxims of the religion is morally good in Islam, and whatever is harmful is morally bad. Given its importance in a healthy society, Islam supports morality and matters that lead to it, and stands in the way of corruption and matters that lead to it. The guiding principle for the behavior of a Muslim is â€Å"Virtuous Deeds†. This term covers all deeds, not only acts of worship. The Guardian and Judge of all deeds is God Himself. Morals in the general society might have evolved considerably over the centuries but their main purpose remains the same; i. e. to practice good behavior and abstain from ill doings and injustice. The pursuit of justice, tolerance and fairness has been appreciated and upheld by man for centuries, and detest for evil doings and cruelty has been ever present. Morality has a very important role in the religion of Islam and in the life of a Muslim. Islam tells us that the conscience of a person has it in him to do good deeds and refrain from evil. The Holy Quran calls good, maruf-a well known things and evil, munkar-an unknown thing. It means that it is desirable to do good deeds and undesirable to indulge in evil practices. The Quran says: â€Å"By the Soul! And the proportion and order given to it, and its enlightenment as to its wrong and its right- truly he succeeds that purifies it, and he fails that corrupts it. † (91:7-10) The moral values in Islam deal with the relationship of a man with his God, man with his fellow beings and the man’s relationship with his soul. The moral codes given to Muslims to follow are Divine guidance from Allah himself. These codes and values stand the test of time and are universal in their nature. One can realize how much importance and is given to morals in Islam. The Holy Prophet (pbuh) said that the good manners and morals were the real test of a man’s excellence. He (pbuh) said: â€Å"The best of you are those who have the most excellent morals. † The moral values of Islam are instrumental towards creating a healthy and a sustainable society. The moral values in Islam emphasize on piety, patience, forgiveness, justice, kindness brotherhood, equality, truthfulness, lawful earning and acquisition of knowledge. The Holy Quran signifying the value of justice says; â€Å"†¦for Allah loves those who are fair and just. † (49:9) The morals in Islam also incorporate the conduct of an individual towards his parents, spouse, relatives and neighbors. Islam instructs the follower to give his fellow beings their due rights and complete his obligations towards them. The guidance for human beings to live their life in Islam comes through Divine commands. The promise of paradise, and the warning from the inexplicably hot fire of the hell, motivates the believer to follow the right path. The Divine guidance sets the standard for the most excellent possible moral behavior. Importance of morality in Islam is beautifully captured in the saying of the Holy Prophet (pbuh): â€Å"The thing which will make the majority of the people enter Paradise is fear of Allah and good manners. † he most fundamental characteristics of a Muslim are piety and humility. A Muslim must be humble with God and with other people: â€Å"And turn not your face away from people (with pride), nor walk in insolence through the earth. Verily, God likes not each arrogant boaster. And be moderate (or show no insolence) in your walking, and lower your voice. Verily, the harshest of all voices is the voice (braying) of the ass. † (Quran 31:18-19) Muslims must be in controls of their passions and desires. A Muslim should not be vain or attached to the ephemeral pleasures of this world. While most people allow the material world to fill their hearts, Muslims should keep God in their hearts and the material world in their hand. Instead of being attached to the car and the job and the diploma and the bank account, all these things become tools to make us better people. â€Å"The Day whereon neither wealth nor sons will avail, but only he (will prosper) that brings to God a sound heart. † (Quran: 26:88-89) Principles of Morality in Islam. God sums up righteousness in verse 177 of Surat Al Baqarah: â€Å"It is not righteousness that you turn your faces towards East or West; but it is righteousness (the quality of ) the one who believes in God and the Last Day and the Angels, and the Book, and the Messengers; who spends of his wealth, in spite of love for it, to the kinsfolk, to the orphans, to the needy, to the wayfarer, to those who ask and for the freeing of slaves; and who is steadfast in prayers, and gives Zakah (Alms); and those who fulfill their covenants which they made; and who are patient and perseverant in poverty and ailment and throughout all periods of fighting. Such are the people of truth, the pious. † This verse teaches us that righteousness and piety is based before all else on a true and sincere faith. The key to virtue and good conduct is a strong relation with God, who sees all, at all times and everywhere. He knows the secrets of the hearts and the intentions behind all actions. Therefore, a Muslim must be moral in all circumstances; God is aware of each one when no one else is. If we deceive everyone, we cannot deceive Him. We can flee from anyone, but not from Him. The love and continuous awareness of God and the Day of Judgment enables man to be moral in conduct and sincere in intentions, with devotion and dedication: â€Å"Indeed, the most honorable among you in the sight of God is the most pious. † (Quran 49:13) Then come deeds of charity to others, especially giving things we love. This, like acts of worship, prayers and Zakah (mandatory alms), is an integral part of worship. A righteous person must be reliable and trustworthy. Finally, their faith must be firm and should not wane when faced with adversity. Morality must be strong to vanquish corruption: â€Å"And God loves those who are firm and steadfast. † Patience is often hardest and most beautiful when it’s against one’s own desires or anger: â€Å"And march forth toward forgiveness from your Lord, and for Paradise as wide as are the heavens and the earth, prepared for the pious. Those who spend (in the way of God) in prosperity and in adversity, who repress anger, and who pardon people; verily, God loves the doers of the good deeds. † (Quran 3:133) These three acts are among the hardest things for most people, but they are also the key to forgiveness and to paradise. Are they not the best, those who are able to exercise charity when they are in need themselves, control when they are angry and forgiveness when they are wronged? This is the standard by which actions are judged as good or bad. By making pleasing God the objective of every Muslim, Islam has set the highest possible standard of morality. Morality in Islam addresses every aspect of a Muslim’s life, from greetings to international relations. It is universal in its scope and in its applicability. Morality reigns in selfish desires, vanity and bad habits. Muslims must not only be virtuous, but they must also enjoin virtue. They must not only refrain from evil and vice, but they must also forbid them. In other words, they must not only be morally healthy, but they must also contribute to the moral health of society as a whole. â€Å"You are the best of the nations raised up for (the benefit of) men; you enjoin what is right and forbid the wrong and believe in God; and if the followers of the Book had believed it would have been better for them; of them (some) are believers and most of them are transgressors. † (Quran: 3:110) The Prophet, may the mercy and blessings of God be upon him, summarized the conduct of a Muslim when he said:â€Å"My Sustainer has given me nine commands: to remain conscious of God, whether in private or in public; to speak justly, whether angry or pleased; to show moderation both when poor and when rich, to reunite friendship with those who have broken off with me; to give to him who refuses me; that my silence should be occupied with thought; that my looking should be an admonition; and that I should command what is right. † The love and continuous awareness of God and the Day of Judgment enables man to be moral in conduct and sincere in intentions, with devotion and dedication. The Glorious Qur’an also says:Say: the things that my Lord hath indeed forbidden are: shameful deeds, whether open or secret; sins and trespasses against truth or reason; assigning of partners to Allah, for which He hath given no authority; and saying things about Allah of which ye have no knowledge. [Al-Qur’an 7:33]It is interesting that the Qur’an refers to â€Å"sins and trespasses against truth or reason†. It is an indication of God’s blessing to every human being, of an innate moral sense. Such a moral sense, when uncorrupted by family or society, is what leads people to commendable acts of virtue. Islam aims to enhance and amplify the moral sense in every human being and adorn the individual’s character with the noblest of virtues. The Islamic moral principles therefore, appeal naturally to the human intellect, while elevating the pursuit of morality to the level of worship. This is because Islam holds every action that is done with the goal of attaining of God’s pleasure to be worship. | Morality and the individual The guiding principle for the behavior of a Muslim is what the Qur’an refers to as Al `Amal Assalih or virtuous deeds. This term covers all deeds, not just the outward acts of worship. Some of the most primary character traits expected of a Muslim are piety, humility and a profound sense of accountability to God. A Muslim is expected to be humble before God and with other people. Islam also enjoins upon every Muslim to exercise control of their passions and desires. Islam warns against vanity and excessive attachment to the ephemeral pleasures of this world. While it is easy to allow the material world to fill our hearts, Islam calls upon human beings to keep God in their hearts and to use the material world in moderation and in accordance with God’s guidance. The Glorious Qur’an says: â€Å"The Day whereon neither wealth nor sons will avail, but only he (will prosper) that brings to Allah a sound heart† [Al-Quran: 26:88-89] Charity is one of the most commendable acts in Islam. In fact, Zakah, the annual charity that is obligatory on every Muslim who has accrued wealth above a certain level, is one of the pillars of Islam. Gratitude in prosperity, patience in adversity, and the courage to uphold the truth, even when inconvenient to oneself, are just some of the qualities that every Muslim is encouraged to cultivate. Morality and Society For an individual as well as a society, morality is one of the fundamental sources of strength, just as immorality is one of the main causes of decline. While respecting the rights of the individual within a broad Islamic framework, Islam is also concerned with the moral health of the society. Thus, everything that leads to the welfare of the individual and the society is morally good in Islam, and whatever is harmful is morally bad. Given its importance to a healthy and just society, Islam supports morality and matters that lead to the enhancement of morality, and stands in the way of corruption and matters that lead to the spreading of corruption. The injunctions and prohibitions in Islam are to be seen in this light Conclusion Morality in Islam addresses every aspect of a Muslim’s life, from greetings to international relations. It is universal in its scope and in its applicability. A Muslim is expected to not only be virtuous, but to also enjoin virtue. He/She must not only refrain from evil and vice, but must also actively engage in asking people to eschew them. In other words, they must not only be morally healthy, but must also contribute to the moral health of society as a whole. The Prophet Mohammed (peace be upon him) summarized the conduct of a Muslim when he said: â€Å"My Sustainer has given me nine commands: to remain conscious of God, whether in private or in public; to speak justly, whether angry or pleased; to show moderation both when poor and when rich, to reunite friendship with those who have broken off with me; to give to him who refuses me; that my silence should be occupied with thought; that my looking should be an admonition; and that I should command what is right. †

The Key to Success Essay Example for Free

The Key to Success Essay Everyone wants to be a success in life. Whether it’s as simple as wining a soccer game or as big as ending up in the Genius World Book, many have goals that most people want to succeed in. In order to succeed, however, there are many traits that could be beneficial to have. Some basic factors that can lead to success are having a positive attitude and being responsible. The main key to success would be to have a positive mind set. Success will take a lot of time and effort and life just reminds humanity to keep on training. Every failure is a closer step to success. Giving up on something won’t help with gaining success or reaching the ultimate goal. For example, if a player wants to score a goal during one of the games and misses the first couple of times, thinking that it won’t be possible won’t get anyone anywhere. Everyone should always believe that anything can happen. It is very important to fuel the mind with positive energy. With positive energy fuel, anyone is capable of accomplishing things that others would have thought to be impossible. Success will come eventually, along with the right actions. Being responsible is another important aspect to being successful. If something is hard, speak up and ask for help because sitting around won’t help. Education and doing well in school will help teens get a better chance at being successful. For instance, doing homework on time is a responsibility that will lead to success at school. A failure to do so will result in a poor grade, which will then affect the overall grade at the end. Managing time efficiently is also crucial in order to gain success. If a certain task is given to do at work and there are other things to complete at the same time, one must try to work around and find time to finish all. This will also increase someone’s chance at success. If an employee is unable to finish the task, there are consequences from the boss. 100 percent responsibility and effort is needed in order to be on the road to success. Having a positive attitude plus the right actions will definitely help in the long run to becoming a success. It’s the little things like these that get people on the right track. Success doesn’t come without difficulty. There is a lot more to it and it will take some time, but thinking positively that anything is possible and being responsible will help get the task done.