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INTRODUCTION

This project aims to construct an active international equity portfolio based on trade date Feb 8 00. We perform the key stages in the investment management process including investment analysis, formulating risk-return expectations, ¡®blending in¡¯ investment heuristics, portfolio optimisation and performance evaluation (both in and out of sample).

PRELIMINERY CONSIDERATIONS

Choice of Indices




We select the FTSE All-World index (FTAW) and 48 constituent country indices for three reasons

First, the FTAW index is a well-known and widely used benchmark index, so it can be readily accepted as a valid data origin.

Second, The FTAW covers a broad range of stock markets [both in terms of geographical area and the risk-return spectrum], including developed markets, advanced emerging markets and emerging markets. Further there are standardized indices for each of the 48 constituent countries.

Third, and related, we can obtain (from DATASTREAM) dollar denominated total return indices for all countries allowing us to conduct the analysis as US investors. As discussed by Solnik (5) , there are in fact two possibilities with respect to managing currency exposure. The first, which is the approach we take implicitly take here, is to take on currency exposure so that total portfolio risk includes currency and stock risk. The second is to hedge it using derivative securities such as forward contracts. In this case, the returns available to international investors are equivalent to local currency returns. The latter may appear more sensible; however, Solnik () finds that currency risk is actually a relatively small component of the total risk of an international equity investment, and further observes currency risk reduction effects in a portfolio diversified across many currencies [which is the case here]. It must also be highlighted that hedging involves transaction costs and requires periodic rebalancing. Hence, we decide not to hedge.

Choice of risk free rate

The risk free rate assumption, for all investment decisions, is 1 year US dollar LIBOR, at Feb 8 00. At this date, the annualized risk free rate (rf) is .4%, so the monthly risk free rate is



Choice of 15 Countries

At the first step, we excluded all the Latin America markets to avoid the political and economic risk. Brazil, Venezuela, Peru, Colombia, Chile, Mexico and Argentina were excluded, from a commonsense viewpoint, because of the continuously widening negative influence from Argentine financial crisis over that area.

We decide to select the set of 15 countries with lowest average correlation to maximize international diversification benefits. To achieve this, we construct a correlation matrix from the FTAW 48 constituent countries¡¯ total return indices, with monthly frequency, for the 5-year period from 8 Feb 17 to Feb 8 00. However, based on this 5-year criteria, we find sufficient data in DATASTREAM for only countries Russia, Czech Republic, Egypt, Poland, Hungary, South Africa and Morocco have to be deleted from the list.

From the average correlation shown in Table 1, we chose the 15 countries China, India, Indonesia, Israel, Malaysia, Pakistan, Philippines, Taiwan, Thailand, Turkey, Austria, Belgium, Denmark, Finland, Ireland.

INVESTMENT STRATEGY

Tools for portfolio analysis

The two optimization techniques used in the project involve the Markowitz (MM) and Single Index (SIM) models.

Markowitz E(Rp)=¡ÆXiE(R) sp = ¡Æ¡ÆXiXjsi,j Single Index E(Rp)= ¦Áp+¦ÂpE(Ri) sp=¦Âpsm +se,p

MM is a standard approach to portfolio optimisation, but requires the full variance-covariance matrix to compute portfolio risk. The SIM bypasses the operational difficulties associated with this by assuming a simplified covariance structure between securities; the optimal portfolio is then computed by a ranking procedure conditional on the required inputs. The SIM is based on the standard OLS assumptions (1) E(ei)=0, () COV (ei,Rm) = 0 & () COV (ei,ej) = 0. The SIM & MM portfolio variances can be compared from the formula

MMsp=SIMsp + ¡Æ¡ÆXiXj COV (ei, ej).

From assumption () above, SIMsp will over- or under-estimate the true variance [MMsp].

A key and pertinent difference between the models is information requirements. For the MM, total information requirements are (N+N)/ (N expected returns, N variances, (N-N)/ unique covariance) making a somewhat impractical total of 15 for all 15 countries. However, the SIM, due to the simplifying assumption about the covariance structure, requires only N+ (N alpha, N beta, N r, Rm, sm) making a more manageable total of 47. For this reason, we decide to use the SIM, at the first stage, to select the 5 constituent countries for the portfolio followed by MM to blend in the required ¡®heuristics¡¯.

Single Index for preliminary country selection

Our natural starting point for the portfolio analysis is the optimal portfolio selection procedure from EGBG (00) Ch. based on the input data from the single index model. The procedure enables optimal portfolio weights to be established, and we consider the solution case with no short sales. It is based on a particular ranking criteria, and EGBG (00) note that it can be proved that the particular criteria lead to an optimal portfolio (conditional on the single index model representing the covariance structure between assets). The ranking is purely driven by the well-known Treynor ratio capturing the ratio of excess return over the risk free to beta.

Country

Israel 0.00688 0.5108 0.0040 0.007406 0.004714 0.01446

Italy 0.00454 0.8648 0.005 0.00756 0.0011 0.00841

Turkey 0.0076 .1070 0.01846 0.0164 0.008 0.007746

Pakistan 0.001 0.014 0.0061 0.001618 0.04741 0.00567

Denmark 0.00051 0.7005 0.005508 0.00505 0.001515 0.00500

Belgium 0.00148 0.5470 0.004185 0.0018 0.00004 0.008

Ireland -0.0005 0.86456 0.0074 0.001740 0.00040 0.0001

Thailand -0.011776 .1718 -0.00105 -0.00055 0.08665 -0.001406

Austria -0.007 0.677 0.00014 -0.001854 0.00411 -0.00

Taiwan -0.008457 1.075465 -0.00150 -0.00515 0.00816 -0.00471

Malaysia -0.0110 1.15881 -0.00671 -0.00874 0.018884 -0.0071

India -0.00505 0.55871 -0.006 -0.00465 0.00686 -0.007618

Indonesia -0.0114 1.6647 -0.01004 -0.0107 0.001 -0.00771

Philippine 0.00688 0.5108 -0.015548 -0.017551 0.0114 -0.0174

China 0.00454 0.8648 0.015475 0.0147 0.017 -0.44518

Table . Data required to determine optimal portfolio with rf=0.0000

Table illustrates the first part of the procedure. The Treynor ratio was computed for each of the 15 countries, and they were then ranked from highest (most desirable) to lowest (least desirable). We now require a cut-off point, and to determine the C, we compute Ci for each necessary country, where

(1)



The Ci is gradually built up in table ; it assumes that we keep adding one more country to the optimal portfolio until we get C. We seek a unique C such that all countries ranked higher satisfy Ci ¡Ý C, while countries ranked lower satisfy Ci ¡Ü C. We find C = 0.004656. Having obtained the set of 5 countries, it remains to determine the optimal portfolio weights. Each Zi value from () below is proportional to the optimal weight Xi, which is obtained by scaling each Zi using () below. Based on the five countries; we obtain -

() Z1=1.065188, Z1=1.0174, Z=0.150, Z4=0.008664, Z5=0.1604

() X1=0.4087, X=0.41, X=0.0876, X4=0.00504, X5=0.06486

Country

Israel 0.804457 55.654 0.804457 55.654 0.00166

Italy .070 54.4568 .0147 10.0844 0.00888

Turkey 1.14811 148.11 4.0467 458.15804 0.00458

Pakistan 0.01711 .67464 4.068 461.8868 0.00451

Denmark 1.6117 4.05847 5.60511 786.046766 0.004656

Belgium 0.5667 14.800467 6.8718 5.847 0.00458

Ireland 0.774 66.561 7.045 10.05 0.004041

Thailand -0.1581 164.746587 6.751 1466.50110 0.0056

Austria -0.486510 166.07705 6.0644 16.0715 0.00048

Taiwan -0.564568 117.801 5.74187 1750.857454 0.0065

Malaysia -0.507760 71.1117 5.411 181.78771 0.0018

India -0.4767 45.64847 4.886476 1867.61617 0.0011

Indonesia -0.7118 .55077 4.1758 15.86864 0.001741

Philippine -.06576 168.0657 .10748 18.17566 0.0008

China -0.0115 0.047516 .0866 18.78 0.00081

Table . Calculations for determining cut-off rate with ¦�m=0.00

Given the procedure; these are clearly the optimal weights. However, we are also required to formulate and apply ¡®heuristic¡¯ rules in the portfolio choice problem. There are numerous possibilities such as upper or lower limits, portfolio tilting or even risk controls. A key issue is, of course, how to incorporate such portfolio constraints into an analytical solution.

A second approach is therefore to consider the quadratic program from EGBG(0) (pp0) based on the Kuhn-Tucker conditions plus an upper limit weight constraint

(K1)

(K)

(K) and

(K4) (N=15)

An attempt was made to compute the solution via ¡®Excel Solver¡¯. A total of 15 ¡®target cells¡¯ are required. These represent (K1) rearranged such that each is set equal to zero. Then, in the solver format, Z and M need be varied to obtain solution values that meet (K) to (K4). Unfortunately, Excel Solver function allows only one target cell, so the solution was not obtainable.

Markowitz to build in ¡®heuristics¡¯

Therefore, we opt for the Markowitz approach via ¡®Excel Solver¡¯, which will enable us to determine portfolio weights based on the following ¡®heuristic¡¯ rules (1) No countries weight should be more than 5%, Xi ¡Ü 0.5, () No countries weight should be less than 5%, Xi ¡Ý 0.05. The rationale for the constraints is to limit single country exposure, balance the portfolio and control risk. They allow us to modify the portfolio so that it is not solely a product of historical analysis.



The portfolio strategy is based on the maximization the objective Sharpe ratio

,

where Rp is the expected return of the portfolio, and Rf is the risk free rate, sp is the total portfolio risk conditional on varying the 5 country weights under the constraints

(1) Fully invested åXi = 1;

() No short selling Xi ¡Ý 0 for all i;

() No countries weight should be more than 5%, Xi ¡Ü 0.5;

(4) No countries weight should be less than 5%, Xi ¡Ý 0.05.



We uses the Excel Solver function to solve the problem, the procedure is as follows

Firstly, we report the summary statistics (Table 4) that the Markowitz Model requires. They includes N expected returns, N variance terms & (N-N)/ unique covariance terms [N=5].

Country Israel Italy Turkey Pakistan Denmark

Expected Returns 0.0040 0.005 0.01846 0.0061 0.005508

Variance 0.0055 0.00501 0.041150 0.056 0.00666



Covariance Matrix

Country Israel Italy Turkey Pakistan Denmark

Israel 0.0055

Italy 0.0014 0.00501

Turkey 0.00788 0.00554 0.041150

Pakistan 0.0018 0.00047 0.0066 0.056

Denmark 0.00074 0.0016 0.005 -0.00074 0.00666

Table 4. Summary Statistics for Markowitz Approach

Secondly, we input those data into the Excel spread sheet (Table 5) and define B, B10, B11, B1, and B1 as the adjustable cells. Then we added the following constrains into solver function (1) B+ B10+B11+B1+ B1 =1, ()$B$ $B$1 ¡Ü 0.5, and () $B$ $B$1 ¡Ý 0.05. After that, we set B0 as the target cell to be maximized by varying the 5 adjustable cells representing the constraints. B0 is equal to the (B17-B1)/B18. B17and B18 will vary based on the weights of the 5 countries in our portfolio. We set 0% as default weights for each country, as solver requires initial guesses.

7 A B C

8 Country (Xi) Weight

Israel (X1) 0.

10 Italy (X) 0.

11 Turkey (X) 0.

1 Pakistan (X4) 0.

1 Denmark (X5) 0.

14 X1+X+X+X4+X5 1.00

15

16 Monthly Annually

17 Expected Return (Rp) 0.0065 0.117018

18 Total Risk (sp) 0.07408 0.5665

1 Interest Rate (Rf) 0.0000 0.0400

0 Objective Sharpe Ratio 0.0801 0.6158

Table 5. Excel Solver function Inputs

The solver output (Table 6) shows that the maximum achievable Sharpe ratio (by varying the weights of the 5 countries under those constraints) is 0.14514 (monthly). Thus, the weights of those 5 countries in our portfolio are Israel (X1) = 0.5, Italy (X) = 0.5, Turkey (X) = 0.085, Pakistan (X4) = 0.05, and Denmark (X5) = 0.167005.

Target Cell (Max)

Cell Name Original Value Final Value

$B$0 Objective Sharpe Ratio 0.07714 0.14514

Adjustable Cells

Cell Name Original Value Final Value Reduced Gradient

$B$ Israel (X1) 0. 0.5 0.010401

$B$10 Italy (X) 0. 0.5 0.0075

$B$11 Turkey (X) 0. 0.085 0

$B$1 Pakistan (X4) 0. 0.05 -0.0786

$B$1 Denmark (X5) 0. 0.167005 0

Constraints

Cell Name Cell Value Formula Status Slack

$B$14 X1+X+X+X4+X5 1.00 $B$14=1 Binding 0

$B$ Israel (X1) 0.5 $B$=0.05 Not Binding 0

$B$10 Italy (X) 0.5 $B$10=0.05 Not Binding 0

$B$11 Turkey (X) 0.085 $B$11=0.05 Not Binding 0.67005

$B$1 Pakistan (X4) 0.05 $B$1=0.05 Binding 0.

$B$1 Denmark (X5) 0.167005 $B$1=0.05 Not Binding 0.185

$B$ Israel (X1) 0.5 $B$=0.5 Binding 0.

$B$10 Italy (X) 0.5 $B$10=0.5 Binding 0.

$B$11 Turkey (X) 0.085 $B$11=0.5 Not Binding 0.05

$B$1 Pakistan (X4) 0.05 $B$1=0.5 Not Binding 0

$B$1 Denmark (X5) 0.167005 $B$1=0.5 Not Binding 0.117005

Table 6. Microsoft Excel .0 Solver Answer and Sensitivity Report

From the optimal weight we obtained from Markowitz Approach we can calculate out the following basic summary of our portfolio (Table 7).

Monthly Annually

Expected Return (Rp) 0.001 0.116148

Total Risk (sp) 0.05774 0.0005

Interest Rate (Rf) 0.0000 0.0400

Porfolio Beta 0.7701 0.7701

Objective Sharpe ratio 0.14514 0.458768

Treynor ratio portfolio 0.008 0.11485

Table 7. Summary for the optimal portfolio with rf = .4% p.a.

Computation of Efficiency Frontier

We begin to trace out the portfolio efficient frontier by the suggested approach in EGBG (P10-11) by varying the risk free rate. We select 5% as the interest rate for obtain the optimal portfolio, and solve it through solver function, and then we obtain the optimal portfolio with respect to 5% risk less rate. The weights of the 5 countries are Israel (X1) = 0.5, Italy (X) = 0.5, Turkey (X) = 0.1805, Pakistan (X4) = 0.05, and Denmark (X5) = 0.06065. Its annualised expected return is 0.14464, the annualised total risk is 0.4585, and the variance is 0.060465.



From the basic statistics for those portfolios shown in Table 8, we can conclude that the variance of a new portfolio consisting of &frac1; of portfolio (rf =.4%) and &frac1; of portfolio (rf = 5%) is

s = (&frac1;)(0.0005) + (&frac1;)(0.4585 ) + (&frac1;)(&frac1;) s1 = (0.14)

Therefore, s1 = 0.04771.

Country (Xi) P1 (rf = .4%) P (rf =5%) &frac1;P1+ &frac1;P

Israel (X1) 0.5 0.5 0.5

Italy (X) 0.5 0.5 0.5

Turkey (X) 0.085 0.1805 0.16015

Pakistan (X4) 0.05 0.05 0.05

Denmark (X5) 0.167005 0.06065 0.1185

W1+W+W+W4+W5 1.00 1.00 1.00



Summary Annually Annually Annually

Expected Return 0.116148 0.14464 0.157

Total Risk 0.0005 0.4585 0.14

Table 8. basic statistics for portfolio (P1, P, and &frac1;P1+ &frac1;P)



After we calculated out the expected returns, variance and covariance, then we could trace out the efficient frontier from varying the weights of P1 and P.

The efficient frontier is showed in the Figure 1. In our case, the risk free rate, rf, is .4%, the optimal portfolio is the tangent point (0.0005, 0.116148), and the minimum variance portfolio is the starting point (0.16461, 0.088857).



Figure 1. Efficient Frontier with the minimum risk portfolio and optimal portfolio.

PERFORMANCE ANALYSIS

As highlighted by EBGB(0) performance evaluation is an integral aspect of any investment decision making process. In this section, the ex-post performance of the Single index and Markowitz portfolios are analyzed over the sample estimation and subsequent one-year period. We aim to discover whether the selected portfolios have achieved sufficient return conditional on various performance measures. The required input data, based on annualized mean return and standard deviation, is summarized in table . For the in-sample period, the risk free assumption rf=0.054777, which represent the annualized mean monthly rate. For the out of sample period, the risk free assumption is rf=0.00568, which represents the annualized mean weekly rate.

We observe that, in the in-sample period, the ¡®Single Index 5¡¯ (SI5) and ¡®Markowitz 5¡¯ (M5) portfolios exhibited higher return and standard deviation than the FTSE All World (FTAW), while both portfolio betas were less than 1. For the out of sample period, the general observation is that all risky equity portfolios under-performed the risk free. From these preliminary observations, we can move to more definitive conclusions by utilizing a range of analytical techniques.



In Sample -

MARKOWITZ 5 0.116148 0.0005 0.7701

SINGLE INDEX 5 0.1555 0.158 0.81

FTSE ALL-WORLD 0.06085 0.165876 1



Out of Sample -

MARKOWITZ 5 -0.04885 0.171641 0.6084

SINGLE INDEX 5 -0.066 0.18188 0.6401

FTSE ALL-WORLD -0.16580 0.168 1

Table . Performance measurement input data

The Sharpe Ratio

As noted by EBGB(0), in the return & standard deviation space, all combinations of a risky portfolio and risk free asset lie along the straight line connecting the risky portfolio and risk free asset. The Sharpe ratio is the slope of this line and represents the ratio of excess return (over risk free) divided by return standard deviation (total risk). More formally -



Under this measure, the greater the Sharpe ratio, the better the portfolio performance. Further, since the ratio is based on total risk, it can be used to rank actively managed equity portfolios. In this respect, we note that our five asset portfolios represent active selections from the set of 4 countries that comprise the FTAW. The respective Sharpe ratios are reported in table 10.

In Sample ranking Out of sample ranking

Rank Portfolio Sharpe ratio Rank Portfolio Sharpe ratio

1 SINGLE INDEX 5 0.860 1 MARKOWITZ 5 -0.41046

MARKOWITZ 5 0.06540 SINGLE INDEX 5 -0.481175

FTSE ALL-WORLD 0.066 FTSE ALL-WORLD -1.08105

Table 10. Sharpe ratio portfolio performance ranking

From the table, we observe that, over both periods, both the SI5 and M5 portfolios outperformed the FTAW, but neither SI5 nor M5 dominated. For the in-sample period, the respective factors of market outperformance, for the SI5 and M5 portfolios, were around 8.7 and 8.7 times the FTAW Sharpe ratio. For the out of sample period, the negative Sharpe ratios indicate underperformance with respect to the risk free. The respective factors of market outperformance, for the M5 and SI5 portfolios, were around 0.4 and 0.4 times the negative FTAW Sharpe ratio.

Differential return when risk is measured by beta

Again, this is appropriate for actively managed equity portfolios. As discussed by EGBG(0), the essential intuition is to compare the return on an active portfolio to a passive strategy of combining the risk free and FTAW to obtain a portfolio of identical beta. The differential return, known as the Jensen alpha measure, represents the (beta) risk adjusted abnormal return. More formally -



The respective ratios are reported in table 11, and we note that the performance ranking is identical to the Sharpe ratio.

In Sample ranking Out of sample ranking

Rank Portfolio Alpha Rank Portfolio Alpha

1 SINGLE INDEX 5 0.065758 1 MARKOWITZ 5 0.076646

MARKOWITZ 5 0.05651 SINGLE INDEX 5 0.06458

Table 11 Performance ranking by the Jensen differential performance index

Decomposition of performance

The alpha measure, or return to selectivity, can be further decomposed into the return to diversifiable risk and net selectivity via the technique of Fama decomposition.

Markowitz approach Single Index Approach

Performance analysis (annual basis) in sample Performance analysis (annual basis) in sample

Fama Decomposition Fama Decomposition

Return Beta Return Beta

Selected Portfolio (P1) 0.116148 0.7701 Selected Portfolio (P1) 0.1555 0.81

Benchmark (P) 0.0565 0.7701 Benchmark (P) 0.05767 0.81

Portfolio alpha (P1-P) 0.05651 Portfolio alpha (P1-P) 0.065758

Benchmark (P) 0.0610 1.0658 Benchmark (P) 0.0666 1.78

Divers. Risk (P-P) 0.00474 Divers. Risk (P-P) 0.0085

Selectivity (P1-P) 0.0540 Selectivity (P1-P) 0.06864



Markowitz approach Single Index Approach

Performance analysis (annual basis) Out of sample Performance analysis (annual basis) out of sample

Fama Decomposition Fama Decomposition

Return Beta Return Beta

Selected Portfolio (P1) -0.04885 0.608 Selected Portfolio (P1) -0.066 0.6401

Benchmark (P) -0.1651 0.6084 Benchmark (P) -0.1181 0.6401

Portfolio alpha (P1-P) 0.076646 Portfolio alpha (P1-P) 0.06458

Benchmark (P) -0.1867 0.8740 Benchmark (P) -0.10 0.687

Divers. Risk (P-P) -0.06061 Divers. Risk (P-P) -0.06781

Selectivity (P1-P) 0.1607 Selectivity (P1-P) 0.1176

Table 1 Performance analysis by Fama decomposition

As discussed by EBGB(0), this is achieved by comparing the active portfolio return to the return on a passive portfolio with the same total risk, i.e. the total risk of the passive portfolio (which is all systematic) is set equal to the total risk of the active portfolio. This allows a second benchmark to be computed, which represents the ¡®required¡¯ alpha from an active fund conditional on its total risk. Any more than this represents a pure selection gain or ¡®net selectivity¡¯.

For the in sample SI5 portfolio, we compute the beta and return of the required naïve passive portfolio with the same total risk.



The Fama decomposition for all four portfolios are reported in table 1 and are illustrated for SI5 and M5 in fig 1. For the SI5 in sample portfolio, we observe that only around 4% of the alpha was required to achieve the benchmark return for diversifiable risk. Similarly for the M5 in sample portfolio, around 6% of the alpha represented a net selection gain.





Figure . Performance Analysis by Fama Decomposition

For the out of sample period, the positive alpha measures for the SI5 and M5 portfolios must be put into the overall context of a negative market risk premium of nearly ¨C4%. Figure illustrates the Fama decomposition for the out of sample M5. The passive benchmark P illustrates that RP is the ¡®benchmark¡¯ return required from an active portfolio to ¡®compete¡¯ with a naïve portfolio of equivalent total risk to P1, leading to negative return to diversifiable risk. In this scenario, even fund managers with negative alpha can legitimately claim selection skills if they exceed RP. We note that positive alpha required positive net selectivity in excess of the magnitude of return to diversifiable risk; this was comfortably achieved by M5. However, the overall M5 return was around 7% below the risk free. We observe similar decomposition effects for the SI5 out of sample portfolio, where the return was nearly % below the risk free.

Performance summary

Both SI5 and M5 portfolios were market outperformers with the SI5 featuring as the dominant in sample portfolio. In this respect, we note that the SI5 represented an unconstrained solution, while the M5 portfolio was optimized subject to several constraints resulting in a performance trade off. However, these ¡®heuristics¡¯ proved beneficial for the out of sample, M5 has % more return than SI5. Illustrating that limiting country exposure and balancing out a portfolio can act as prudent modifications in supplementing a purely historically driven analysis. Finally, in the out of sample period, we must acknowledge that both portfolios underperformed the risk free.

CONCLUSION

We need not look very far for the source of the out of sample. At the current time, there appears to be a world-wide lack of confidence in global equities driven by a range of factors including the general fall out from the dot-com bubble, a number of high profile accounting scandals, the plague of political instability in respect of Iraq sending shockwaves across global stock markets. We note that US and UK stock markets have fallen heavily for the last years or so, and maybe, therefore, we should have considered a bond or even equity put option portfolio given the stock market environment. Indeed, we were only able to find one rising stock market ¨C Pakistan (by 1%) - for the last year, but the portfolio weight amounted to only 5%. If only we had a crystal ball!





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General Electric Reg Jones and Jack Welch

Introduction

Wall Street Journal proclaimed Reg Jones as a management legend. Jones was well known for the creation of sectors that managed the strategic business units exclusively designed to support strategic planning activities, key characteristic on GEs management process. Jones entered to the CEO position with a challenging, decentralized organization (10 departments) changed at the time from 10 departments to 4 SBU, nevertheless, the new structure was still shaky. He successfully managed through the change and as a result, Jones was very pleased with the accomplishments and continued pushing the strategic planning approach. By 180’s, Jones vision was to positioned the company to a sustained earnings growth faster that the growth of the US economy at the time. This is when he started preparing the road for his successor, at the time one of his Sector Business head, Jack Welch. As described by the Wall Street Journal, GE “replaced a legend with a live wire”. Full of ideas, energy and extremely aggressive he took over the CEO position with the idea of making GE #1 Or # in any arena where they were competing, as well structure and diversified company. Every business needed to be evaluated under the following criteria Fix, sell or close. On the other hand Welch believed in a lean and agile organization, eliminating all those positions that were not adding direct value to the processes in placed. Jack Welch was also very radical in chipping away bureaucracy eliminating the sector organization previously established by Jones, serious reductions of personnel took place.

Contributions




REG JONES CONTRIBUTIONS JACK WELCH CONTRIBUTIONS

He made the SBU structure and planning processes inherited to work At first he created two additional sectors Technical Systems, Services and Materials

He hired strategic planners during the transition period Introduce a new planning approach oriented to key issues.

Exited from businesses that were not providing the expected returns. A total of 7 product lines. Introduce the plan being better than the best, targeting computer-aided design and manufacturing, medical systems and financial / information services.

The planning system implemented helped identify flat businesses Automated most of its core businesses

Jones was able to assign resources to those businesses that were growing or expected to grow based on GE Business Mix Exited those business were GE was not #1 or #

First time management performance measurements (planned vs delivered) Included restricted stocks and special bonuses for meeting their goals

Created incentive compensation based on performance Added additional benefits for the employees’ individual contributions.

Strategic Planning became ingrained to 80% of GE employees, it helped justify resources and gain confidence at the top level. Strategies were approved on a yearly basis, streamline the processes and ensure that staff acted as a consultant rather than a police force.

Created the Sector concept, six major categories Sectors were finally reduced to four, with some business reporting directly to CEO

Introduction of corporate planning challenges Created the Three-Circle concept, which required one of the following fix, sell or close

Sectors facilitated the Board review process Focused on establishing a lean and agile structure, serious destaffing took place.

Jones corporate planning staff identified GE greatest potential areas energy, communication / info / sensing, energy applications / productivity, materials / resources, transportation/propulsion and services

The Sector creation helped him identify his successor

Reg Jones had very good relationship with the government

Sales growth at rate of 185% from 170-80 and Operating profit by 08% Sales growth at a rate of 111% from 180-0 and Operating profit by 15%

Employees were reduced by 7.7% from 170-80 Employees were reduced by 18.6% from 180-0 (6% from 181-10)

Conclusion

At the time when Reg Jones took over the CEO position and even though the changes were drastic, it still required a lot of efforts from the Head office to evaluate and fully understand 4 in depth analysis and strategic plans. At first Jones hired the necessary individuals and trained others in strategic planning, however eventually he realized that a new layer was required. Jones divided the evaluation process within six (6) sectors, paying particular attention to business development opportunities. He exerted a tremendous amount of pressure in order to make sure that everyone was on board the companys philosophy at the time, and that precisely is one of the reason why employees, years after, were surveyed and it surfaced that 80% of the employees had engrained the strategic thinking and planning approach. Having said that, it facilitated the path to Jack Welch to eliminate layers in the organization, since the mindset was already established. Nevertheless, Welchs approach was more aggressive and specific to staff and bureaucracy reduction. Welch also believed that line managers, who had the capacity to execute, are the ones who have to develop their own strategies and that they should focus on key issues rather than theoretical strategy, which I happen to fully agree. However, we have to bear in mind that the changes proposed by Welch would not have been successful if the foundation was there, foundation created by Reg Jones vision. Under Jack Welch management financial forecast were also amended, giving more flexibility to the line managers to change it when the market conditions changed or competitive situation deviated from the original one. This proposed change is somehow difficult to accept since the numbers can be easily manipulated, even though what Welch wanted to create was a more responsive management style. It also gives room to the manipulation of the final results to the convenience of the line manager.

Today

In summary, Reg Jones set the foundation to the empire the Jack Welch as GEs CEO built. Jones wisely recognized the opportunity of strategic plans, but more so the need to measure and compensate based on performance (results vs plan). Jones recognized the necessity to expand on the International arena as well as the importance of the Service industry, which as of 000 it represented 75% of GEs revenues in comparison to GE products.

In the late 188 GE employees were submitted to what is called work out sessions, which sole intentions was to get rid of unnecessary bureaucracy while providing a forum where employees and their supervisors could work out new ways in dealing with each other. Also, GE started looking into developing effective processes rather than controlling individual activities, increasing customer satisfaction, treating suppliers as partners and constantly striving for high quality levels. Welch did not try to impose a corporate global strategy, he let each business take responsibility for implementing the appropriate plans, but always monitoring their performance and making sure they comply with GE philosophy. Welchs commitment for employee development is shown through the 60-degree feedback session, which helps identify training needs, coaching opportunities, and career planning (in or out the company). But his latest contribution to the quality of the company is what he called the A players with Four Es, which established the you have to rank your employees in five categories, which are top 10% as 1, strong 15% as , highly valued 50% as , borderline 15% as 4 and least effective 10% as 5. Meaning that anyone rank 5 had to leave the company. Jack Welch called this initiative a contribution to the quality of the company, however in my opinion, this philosophy is the beginning of a major future problem, creating high levels of uncertainty among employees, which leads to dissatisfaction, which leads to lack of commitment or loyalty and ends up in high turnover levels, not without mentioning strikes and problems with unions, as we are currently witnessing.



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At the core of successful marketing is a professional approach to segmentation, targeting, and positioning.

Describe using examples how this process might be undertaken. What are the characteristics of a successful market segment? What are the keys to effective positioning?

In virtually any market, if different segments can be clearly identified, specific products with specific marketing programs can be developed to meet both the physical needs of customers and also the emotional needs that customers attach to products and services. Effective marketing programs are built on a platform provided by the marketer’s tools of market segmentation, target marketing, and product positioning; the three decision processes are closely linked, having strong interdependence, and all must be implemented if a firm is to be successful in managing a product-market relationship.

Market segmentation is the process by which a market is divided into subsets of customers with similar needs and characteristics that lead them to respond in similar ways to a particular product offering and marketing program. It is important as most markets are heterogeneous in terms of benefits anted, purchase rates, and process & promotion elasticities so the response rates to products and marketing programs will differ. The critical issue is to find an appropriate segmentation scheme that will facilitate target marketing and product positioning.




Markets can be segmented on the basis of demographic factors (who the target customers are) including age, sex, household lifecycle, income, occupation, education, and race/ethnic origin. Geographic factors (where the customers are) including region, city, population densities, and climate can also be used. Furthermore behavioural factors (what the customers do) can be used in the segmentation process where the benefits sought and the choice criteria used are evaluated. Thus the market segmentation procedure involves surveys on customer motivations, attitudes, and behaviour, followed by an analysis of the appropriate factors that should give a profile of consumers and the level of attractiveness of the market. Ideally the segmentation process should work from the bottom-up.

For the segmentation process to be successful it must be able to identify one or more relatively homogeneous groups with regard to their wants and needs where;

1. the size of each segment is large or profitable enough to serve,

. the size, purchasing power, and profiles of each segment can be measured,

. each segment will respond differently to different product offerings and marketing programs,

4. the segments represent markets that can be reached and served effectively, and

5. one or more of the segments represent markets that the company can attract and serve.

Target marketing involves an evaluation of the relative attractiveness of various segments (in terms of factors like market potential, growth rate, and competitive intensity), and the firm’s mission and capabilities to deliver what each segment wants. This enables the firm to decide on which segment(s) to serve; this is a strategic decision and should fit in with the overall business goals.

As most firms no longer aim a single product and marketing program at the mass market they must develop a market-attractiveness and competitive-position matrix to evaluate the segments as potential target markets. The targeting of markets involves a five step process

1. the selection of factors which can measure market attractiveness and competitive position,

. the weighing of each factor to reflect their relative importance,

. assessing the current position of each segment relative to each weighted factor,

4. projecting the future position of each segment based on expected environmental, customer, and competition trends, and

5. choosing which segments to target based on the data generated.

While most successful entrepreneurial ventures target narrowly defined market segments as this policy increases the odds in their favour by concentrating on the most suitable market segments and by conserving their limited resources, this is not always the best strategy, particularly for established firms having substantial resources. In general there are five patterns of target market selection

1. single segment concentration where only the most suitable product and market is chosen,

. selective specialisation where certain products are targeted in specific segments,

. product specialisation where one product is targeted at all the relevant segments,

4. market specialisation where a full range of products is targeted at a particular segment, and

5. full market coverage where the full range of products is targeted to all relevant segments.

Product positioning entails designing product offerings and market programs that collectively establish an enduring competitive advantage in the target market by creating a unique image, or position, in the customers mind. The success of any product offered to a given target market depends on how well it is positioned within that market segment, i.e. how well it performs relative to competitive offerings and to the needs of the target audience. Thus positioning is basically concerned with differentiation as it refers to both the place the product occupies in customers minds relative to their needs and competing products, and also to the process that companies use to create this position. The positioning process involves

1. the design of the offering and the image so that it occupies a distinctive place in the mind of the target market,

. the creation of a customer focussed value proposition which looks to answer the question as to why should customers buy the product, and

. aligning internal resources to achieve positioning objectives in recognition of the fact that the positioning decision is a strategic one for the whole firm.

The whole process is designed to establish competitive advantage, and the difference that a firm want to establish is usually in both physical and perceptual terms; the latter is also important as customers often evaluate products and services in terms of what they do (as opposed to what they are) in a rather subjective manner.

There are typically seven steps in the positioning process

1. identify a relevant set of competitive products serving a target market,

. identify the set of determinant attributes that define the “product space” in which position of current offerings are located,

. collect data about customers perceptions for products in the competitive set to determine the attributes and score these products on them,

4. analyse the current position of products in the competitive set using a positioning grid, i.e. a product-positioning analysis,

5. determine customers most preferred combination of attributes, i.e. a market-positioning analysis,

6. consider fit of possible positions with customer needs and segment attractiveness, and

7. write a positioning statement or value proposition to guide the development of a marketing strategy.

Most successful products are positioned based on one, or at most, two determinant attributes; the use of more than this is likely to be confusing to customers. For a positioning process to be successful other pitfalls must also be avoided including underpositioning (vague presentation of the brand by trying to be too many things to too many people), overpositioning (being too closely inked to one segment of the market, e.g. Horlicks), confused positioning (where too many claims are made for the offering), and doubtful positioning (where there are doubts that the product can deliver on the claims made). The determinant attributes are then transformed by companies into value strategies, which include performance leadership, operational excellence, and customer responsiveness. Most firms aim to be the best at one of these values, which are closely linked to the customer aspiration observed in the market-positioning analysis, and adequate at the other two; this means that continuous improvement must be maintained in the key attribute while some resources will be allocated to try and improve the adequacy demonstrated by the firm in the other attributes. Attribute (value) leaders are easily recognised by customers where firms with organisational excellence known for “a great deal” or “trouble free basic service”, firms with performance leadership known for being “always at the cutting edge” or having “a high price, but being worth it”, and firms with customer responsiveness known for “really understanding the business” or being a “close business partner”. The value strategy that a company chooses will affect all aspects of the business including how the organisation operates (top down versus autonomy), how core processes are carried out (standardised versus market sensing), and the economic driver behind the business (scale versus speed). Firms using the operational excellence strategy include Ryanair, while IT firms are typical examples of those following the performance superiority approach.

Thus the characteristics of a successful market segment is that it provides access to growth opportunities, while the keys to effective positioning is to create differentiation and optimise resources behind a successful launch.



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Nationality Swiss

Population 7.11 million (18)

Annual Growth Rate 0.%




Infant Mortality Rate 5/1,000.

Life -

Expectancy Men 74 years of age

Women 81 years of age



Religions Roman Catholic 46%, Protestant 40%, others 5%, No religion %

Languages German 64%, French 1%, Italian 8%,

Romansch 1%, Other 8%

Education Attendance 100%

Literacy 100%

Workforce .8 million. Agriculture 4%. Industry %

Services & Government 67%

Media SRG SSR id�e suisse (the Swiss Broadcasting Corporation)

The largest provider of electronic media in Switzerland. Its services encompass seven TV channels and 18 radio stations, complemented by websites and teletext.

Communications Telephones - main lines in use 4.8 million (18)

Telephones - mobile cellular 810,170 (1)

Telephone system excellent domestic and international services

Domestic extensive cable and microwave radio relay networks

International satellite earth stations - Intelsat (Atlantic Ocean and Indian Ocean)

Radio broadcast stations AM 4, FM 11 (plus many low power stations), short-wave (18)

Radios 7.1 million (17)

Television broadcast stations 108 (17)

Televisions .1 million (17)

Internet Service Providers (ISP’s) 115 (Switzerland and Liechtenstein) (1)

.0 Stability of the Swiss Political System



.1 Structure of the Swiss Legal/Regulatory System

. Reliability of Switzerland as a Trading Partner

. Constitutional Guarantees

.4 Protection of Property Rights





.0 Stability of the Swiss Political System

Although, Switzerland has a diverse society, it has a remarkable political stability, which is the result of its policy of strict neutrality. Since, Switzerland is maintaining its neutrality, the country has become a refuge for capital all over the world. Both political and neutrality play a major role in Switzerland to create economic neutrality. It has the highest per capita income of any industrial nation and the Swiss Government also allows other peoples efforts to be rewarded.

Switzerland is a democratic country, which plays an important role supporting the increasing amounts of democratic institutions and values internationally, with also contributions to humanitarian relief and economic development assistance. These policies are taken into account by the United States who have been willing to co-operate with Switzerland’s neutrality.

Switzerland maintains diplomatic relations with almost all countries and throughout the many years, it has serves as a neutral diplomatic intermediary. Switzerland has no major disputes in its bilateral relations with other countries.

The Federal Government and Cantons share political power. Similar to the United States, power that is not appointed to the Federal Government, resides with the cantons that have endured a positive amount of independence within the Federal sector over many years. The third level of Swiss Government is the commune, who decide issues of local importance i.e. construction of roads, bridges.





.1 Structure of the Swiss Legal/Regulatory System

There are two regulatory bodies, which are active in Switzerland

• ComCom (Communication Commission) � This is an extra parliamentary commission whom is designated responsibility of telecommunication licences.

• OFCOM (Office of Communication) � This is the main regulatory body in telecommunications and ICT.

Switzerland’s regulatory and legislative system consists of Swiss Penal Law, The Swiss National Law, The Law on Data Privacy, The telecommunication Law, The Federal Law on Electronic Signature, The Federal Law on E-Commerce and The Ordinance on I.T and Telecommunication Federal Administration Law.





. Reliability of Switzerland as a Trading Partner

Switzerland is the richest country in Europe and is situated in the middle of the world’s largest trading zones. It is also known for being the third largest financial centres in the world. Swiss companies are dependent on their exports but, because they are declining stronger ties with the rest of Europe, it will be harder for them to export products across their borders.

The EU is Switzerland’s largest trading partner with economic and trade barriers at a minimal proportion between them. Switzerland is a small country and it depends on importing raw materials to support its industries. They have to manufacture high quality products with also a combination of superior services.

Switzerland became the leader in development of high tech precision instruments, chemicals, metal, machinery and watch making, closely followed by pharmaceuticals, which are Switzerland’s leading exports.

Switzerland’s trade centres are mostly situated around Europe, which has 60% trade with European countries. 15% of its exports go to undeveloped countries.





. Constitutional Guarantees

Constitutional theory expresses that individuals and states are more likely to agree on equal freedoms and on general constitutional principles if they have to choose long term basic rules from behind a `veil of uncertainty (J. Buchanan). This is what makes it difficult for each country that trades together, to identify the future impact and results of the rules. It makes them consider the long term effects of equity and fairness.

Freedom of Trade and Industry in Switzerland

(1) Freedom of trade and industry is guaranteed throughout the territory of the Confederation, subject to such limitations as are contained in the Federal Constitution and the legislation enacted under its authority. (http//www.legalserviceindia.com/constitution/const_swiz.htm)

() Cantonal regulations concerning the exercise of trade and industry and the taxes on such activities remain unaffected. However, such regulations shall not depart from the principle of freedom of trade and industry except where the Federal Constitution provides otherwise. Cantonal monopolies are likewise excepted. (http//www.legalserviceindia.com/constitution/const_swiz.htm)







.4 Protection of Property Rights

Switzerland has one of the best regimes in the world for the protection of intellectual property. Inclusive is that protection is afforded substantially on equal terms to foreign and domestic rights holders. Switzerland is one of the members of the major international intellectual properly rights convention. She is also an active strong supporter of IPR text on the GATT Uruguay round negotiations.

Switzerland is a member of the European Patent Convention as well as the Patent Co-operation Treaty. In 1, a new copyright law recognises computer software as literary work, which enables monetary rewards for private copying of audio and videos.

If filed in Switzerland, a patent application must be made in one of the countrys three official languages (German, French, and Italian). The application must include detailed specifications and sometimes technical drawings are needed. The patent lasts for 0 years. Renewal fees are payable annually with an increasing of fees. However, patents can not be renewed after the 0 years. There is only an exception to renew the patent for products such as pharmaceuticals, which require an extensive testing period prior to marketing.

The Swiss Patent Law (154) states that the following items cannot be covered by patent protection Surgical, Therapy and Diagnostic Processes for application on humans and animals; inventions liable to disturb law and order.

Patents are not granted for species of plants and animals and biological processes for their breeding. In many other areas, the law in which the patent covers is identical to that in the United States. If an American firm has concerns about possible patent infringement in Switzerland, access to the courts is always available.



.0 Economic Structure and Activities

.1 Labour Market

. Economic Indicators

. Freedom to Establish Partnerships, Licensing Agreements

.4 Exchange Rates





.0 Economic Structure and Activities

The Swiss economy is one of the most advanced and prosperous. The Swiss economy has just about survived the recession, which had occurred in 11. The Swiss market was affected by a slight collapse in the real estate market, which was a damaging factor. The Swiss franc had also been affected and became weak which led forecasters to project satisfactory growth economically to about % for Switzerland in 18.

Swiss companies have a major position to play in world export markets. They specialise in high value-added products such as pharmaceuticals, chemicals, watches, speciality machinery, and gourmet foods such as chocolates and cheeses. Swiss banks and insurance companies are also the main players on the world scene.

Switzerlands largest trading partner is the EU and their economic trade barriers between them are at a minimum. However, the Swiss Governments long-term intention is to join the EU, and the government was rejected in a referendum on the subject of membership in the European Economic Area in late 1.

The debate over EU membership is still existent till this day and those who opposed opinions, stated that the country has not suffered economically by not being a member. This was clearly obvious as the Swiss economy, remains the envy of much of the world. Switzerland has attempted to disperse of any possible adverse effects of non-membership by conforming many of its regulations, standards, and practices to EU directives and norms.

Recent Activities of Switzerland

• CIS-7 Conference in Lucerne - A conference on the seven poorest countries of the Commonwealth of Independent States (CIS-7) ended in Lucerne, Switzerland on January , 00 with a call to donors to find ways to increase financial assistance on grant terms to the countries of the CIS-7 (Armenia, Azerbaijan, Georgia, Kyrgyz Republic, Moldova, Tajikistan, and Uzbekistan).

• The CIS-7 Initiative was launched a year ago to address concerns about the severe economic difficulties, increases in poverty, and rapid build-up of debt in many of the CIS-7 countries since independence in the early 10s.

• The conference, which brought together government and civil society representatives from the CIS-7 as well as the international donor community, broadened and deepened the debate to include a range of economic, institutional and social issues that must be tackled if the seven countries are to achieve the targets of the Millennium Development Goals.

• The Initiatives co-sponsoring agencies will now work with CIS-7 governments, donors and civil society to elaborate follow-up actions on finance and debt relief, ownership and governance, capacity building, and regional integration. [Source ECA News February 00]

• The Third Annual Conference of the Parliamentary Network on the World Bank - Was hosted by the Swiss government in Bern, May -11, 00. The conference was sponsored by SECO (Swiss State Secretariat for Economic Affairs) and held in the Swiss Parliament. More than 100 parliamentarians from over 40 countries participated. (http//wbln0018.worldbank.org/eurvp/web.nsf/Pages/Switzerland-Activities)

• World Bank President, James Wolfensohn visited Switzerland, May -10, 00 - He participated in the Third Annual Conference of the Parliamentary Network on the World Bank, and met with representatives from the Federal Department of Economic Affairs, Federal Department of Foreign Affairs, and the Swiss Agency for Development and Co-operation. He also had a question and answer session with Swiss NGOs (Swiss Coalition of Development Organisations, Bread for All, Helvetas, Swissaid and Berne Declaration) and met with Swiss business leaders. (http//wbln0018.worldbank.org/eurvp/web.nsf/Pages/Switzerland-Activities)

• September -6, 001, Vice President for Europe Jean-François Rischard attended the Sustainability Congress in Bern and met with members of the Swiss Parliament. (http//wbln0018.worldbank.org/eurvp/web.nsf/Pages/Switzerland-Activities)

• June 8, 001, Vice President for Europe Jean-François Rischard gave a keynote speech in the plenary session of the Annual Crans Montana Forum, which took place in Crans Montana, Switzerland. Founded in 18, the Forum meets annually to provide a venue for public and private sector representatives to discuss ways for improving international co-operation and easing the globalisation process in a humanistic way. More than 1,00 participants from 10 countries and organisations attended. (http//wbln0018.worldbank.org/eurvp/web.nsf/Pages/Switzerland-Activities)





.1 Labour Market

The labour market is characterised by upward struggles and the change from an industrial to a service society is having a concise and efficient flow.

The international standards, which Switzerland has, allow a very low unemployment rate, which reflects the above-average flexibility of the Swiss labour market.

It also displays that the Swiss own a tight labour market. The demographic ageing of the population, slower population growth and the trend towards early retirement are adding more pressure on the labour market..

In June 00, Canadas Fraser Institute published its sixth annual report on Economic Freedom of the World. It showed that Switzerland had gained high marks for its liberal economy, in comparison to the growth report issued by the State Secretariat for Economic Affairs (seco).









. Economic Indicators

Switzerland has one of the most liberal and competitive economies in the world. In the financial services and direct investment departments, Switzerland can match some of the European and global leaders.

Competitiveness, expenditure on research and development, Internet users, are all included in the economic indicators, in which Switzerland occupies a leading position. In cross-border direct investment, the Swiss economy is among the top and is one of the countries which have the highest export rate as a percentage of gross domestic products.

Switzerlands highly developed economy is largely due to its strong alliance’s with the economies of other countries. The technologically advanced industrial sector is characterised by highly specialised, internationally experienced, and flexible small and medium-sized companies. Buying power is very stable which is achieved through traditionally low inflation within the country.

The economic environmental indicators prove that organic farming has a better performance within the market compared with conventional farming which leads to the organic farming system to be more positive to the environment and the country itself.



External Transactions of Commercial Goods and Services

Exports as % of GDP Imports as % of GDP Balance of Trade as % of GDP

15 17 15 17 15 17

Austria 8 4 44 -4 -

Belgium 7 7 68 76 6 5

Denmark 5 41 0 4 4 5

Finland 8 8 0 7 8

France 4 7 1 4 1

Germany 4 8 7

Greece 17 18 7 5 -15 -1

Ireland 75 7 60 7 17 n/a

Italy 8 7 5

Luxembourg 56 81 -10 0

Netherlands 5 68 47 6 5 5

Portugal 0 41 8 -11 -10

Spain 4 8 8 -4 -4

Sweden 41 44 5 8 7 8

UK 8 - -

Norway n/a 8 n/a n/a

Switzerland 40 1 0

Canada 8

USA 11 1 -

Japan 1 11

Albania n/a n/a -6 -10

Bulgaria - 4

Croatia -15 -6

Czech Republic 5 61 -7 -8

Estonia n/a n/a -0 -

Hungary 40 44 -6 -5

Latvia n/a n/a -1 -1

Lithuania -16 -1

Macedonia -1 -18

Poland 6 0 -5 -1

Romania n/a n/a -7 -8

Russia 18 14 6

Slovakia n/a n/a -1 -8

Slovenia -6 -6

Fig .0 External Transactions of Commercial Goods and Services GDP Rates.











Fig . Swiss Franc Past Present and Future





Fig . Bar chart displaying information of organic farming and free range farming.

4.0 Consumer Behaviour

The service industry employs two-thirds of Switzerland’s workforce. The organic food service is the country’s most important economic sector. This Industry is increasingly attracting more of the spotlight of ecological interest than the tertiary sector. Large retailers such as Coop Switzerland and Migros have made dramatic improvements by encouraging environmentally friendly consumer behaviour.



4.1 Size of Markets

The growth of organic farming varies greatly from the mountain regions (ten to thirty per cent of the agricultural area) to the plains (approximately five per cent). All organic farmers belong to the umbrella organisation Bio Suisse (association of Swiss organic farming movements).

Year

organic farms % of all farms total organic land % of agricultural land

180 175

181 06

18 16

18 5

184 86

185 0,0

186 68

187 44

188 485

18 67

10 80 0,87 10.000 0,4

11 40 1.00

1 1.160 17.00

1 1.405 1,0 0.800 1,4

14 1.66 6.100

15 .10 ,80 4.00 ,0

16 .786 4,76 5.400 5,4

17 4.78 5,50 71.70 6,67

18 4.71 6,17 77.84 7,

1 5.07 6,8 8.54 7,7

000 7,50 1.01 8,50

001 5.85 8,50 5.000 8,0

Fig .4 Table displaying information for the growth of total organic markets produced each year

Up to 10, the rate of conversions to organic farming had remained constant for forty years, with annual growth rates of less than ten per cent. During the boom years between 10 and 1, the number of organic farms increased from 800 to 5,000 (table ).

Three factors have influenced this growth

• The consumers’ concern about healthy food

• The agri�environmental policy of the state, which supports organic farms with annual subsidies, and the appearance of organic foods in the two dominant supermarket chains, Coop and Migros.

Branch

Total Production Organic Production

(absolute / relative)

Milk ,867,000 tons 10,500 tons (.7%)

Beef 110,00 tons ,811 tons (.5%)

Pork 1,800 tons ,4 tons (1.1%)

Poultry 40,84 tons 1 tons (1%)

Eggs 61,400,000 eggs 5,000,000 eggs (5.1%)

Wheat 584,400 tons 6,11 tons (1.1%)

Potatoes 687,000 tons 11,564 tons (1.7%)

Vegetables 85,000 (8,475 ha) 800 ha (.4%)

Apples 14,81 tons ,700 tons (1.%)

Wine 1,045,000 hl

(14,1 ha) 178 ha (1.%)

Fig..5 Share of Organic Products in the Different Branches of Production

(Source FiBL, Based on the latest figures from 17, 18 or 1)



4. Access To Media

Television

Switzerland has at least six terrestrial TV stations available everywhere offering an undemanding diet of chat shows, game shows, made-for-TV movies and lots of local news and local interest programming.

Radio

Switzerland has more than forty local radio stations catering to various communities around the country. Swiss Radio International broadcasts news and analysis in English on short wave at 6.165MHz at breakfast time and the evening and at .55MHz at lunchtime, and is also on cable.

The Press

Switzerland has more than 00 newspapers nation-wide. It also has parochial local newssheets, reporting Cantonal and municipal affairs in some detail.

CableCom CableCom are a leading telephone information Service Provider and an inbound telemarketing consultant specialising in large volume call handling applications for both the United Kingdom and World-wide.

Fox Switzerland Fox Switzerland, 0th Century Fox Film Corp..

Micom Mediaagentur Micom Mediaagentur - Mediaagentur fuer innovative kommunikation

Swiss Broadcasting Corporation Swiss Broadcasting Corporation, TV & radio

Swiss Business News A comprehensive guide to the Business News of Switzerland

Swiss Info Swiss Info provide news from Switzerland and around the world

Swisscom Swiss telecom, yellow pages, web services & much more



4. Transportation and Communication

• Direct motorway access to Geneva International Airport (50 min).

• Close proximity to France, Italy and Germany.

• State-of-the-art wireline and cellular telecom links with worldwide coverage.

• Sophisticated technologies for transmission via fibre optics, satellite, microwave, etc.

4.4 Distribution

The market for organic food is growing by twenty per cent per year. It reached 580 million Swiss francs (60 million Euro) in 1, which represented almost two per cent of the total food market. (Dr. Urs Niggli, Research Institute of Organic Agriculture, 001)

The retailer Coop, with a market share of thirty-two per cent of the Swiss food market, is already making four per cent of its food turnover with organic products. The retailer Migros, with a market share of thirty-six per cent, is making 1.8 per cent of its food turnover in organic foods.

The distribution efforts of the two dominant supermarket chains Coop and Migros, Swiss consumers are comprehensively supplied with organic food and the assortment is almost complete.



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Comparative Study of Texts and Context

Blade Runner ¡V Ridley Scott

Themes

„h Darkness ¡V Mentally and emotionally ¡V mainly night, always raining.




„h Overpopulation

„h Decay of 0th Century architecture ¡V ultra high-rise.

„h Capitalist advertising + propaganda.

„h Globalisation ¡V Asian influence (culture associated with technology in 80s)

„h Isolation ¡V Lack of human interaction, people hide behind goggles, masks, hats, umbrellas.

„h Nothing natural (fake animals)

Characters

„h Rick Deckard

„h Roy Batty

„h Rachel

„h Leon

„h Pris

„h Zhora

„h J.F Sebastien

„h Gaff

Notes

„h Based on 16 novel ¡V Do androids dream of electric sheep by Phillip Dick.

„h Ridley Scotts Directors Cut 1

„h Technological advances of 180s became more immediate in everyday life.

„h Computers brought fears ¡V loss of jobs, alienation, invasion of privacy.

„h Late 0th fears of technology dominating humanity have become a reality.

„h Four year life span of replicants

„h Initial shots of city was on set names the ¡¥hades scene¡¦, it shows giant furnaces spewing flames into the night sky.

„h Replicants are referred to by first names, humans by their last.

A Brave New World ¡V Aldous Huxley

Aldous Huxley

„h Born 184 into high class english family

„h Father helped develop the theory of evolution

„h BNW has rigid class structure like huxleys England

Setting

„h Portrayal of characters takes a backseat to the portrayal of the society they live in.

„h London 600 years into the future (6 AF)

„h Faith in Christ replaced by faith in Ford ¡V e.g. Westminster abbey, on of England¡¦s most hallowed shrines is now a cabaret.

„h Old age + death are made as pleasant as possible (artificial like replicants)

„h Savage reservations are dirty, still ravaged with disease and old age. They still cling to ancient religion, though these places are bad in the eyes of BNW members, thy still represent real aspects of humanity.

Themes

„h ¡§Community, Identity, Stability¡¨ vs. individual freedom

„h Science as a means of control.

„h Pursuit of happiness through drugs

„h Cheapening of sexual pleasure.

„h Destruction of family

„h Denial of death

Techniques/Style

„h Huxley was very serious about his ideas, he just never stopped seeing their humorous possibilities.

„h Names

„h Bernard Marx/Karl Marx ¡V Father of the ideas of communism.

„h Lenina ¡V Named after the man who led the Russian revolution.

„h Huxley expects his readers to have a knowledge of things like shakespeare, etc.

„h Third person ¡V can see all, and therefore show the chaotic nature of the world.

„h Uses ideas of future to attack the present

Quotes

„h ¡§Christianity withough tears ¡V that¡¦s what soma is¡¨ ¡V The controller

„h ¡§But I don¡¦t want comfort. I want God¡K I want sin¡¨ ¡V Bernard Marx

„h ¡§Well id rather be unhappy than live the sort of false lying happiness you have here¡¨ ¡V John the savage

Humanity

„h Emotions, morals, freedom, relationships

Natural world/Rhythms

„h Birth cycle, seasons, day/night, evolution, death, aging, ecosytems.

BNW vs. BR

„h Neither paints an optimistic picture of the relationship between humanity and nature in the future ¡§a love of nature keeps no factories busy¡¨

„h Replicants vs. everyone being artificial.

„h BNW slogans ¡V BR advertising



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How to Put Man On the Moon Effective Team Dynamics

The Project Apollo 11 Lunar Landing Program is a fine example of Team Dynamics, as it shows successful implementation of a vast, highly improbable technological task within a finite period of time, by the teamwork of dedicated people. “That’s one small step for man, one giant leap for mankind” In this simple statement, astronaut Neil Armstrong acknowledged that his feat of stepping on the lunar surface was not an individual achievement. It was a result of the determination and hard work by a team. Though he may have used the statement to express humility and modesty, Neil Armstrong was far from the truth. The lunar landing remains one of the finest examples of team dynamics in the history of mankind.

On 5 May, 161, President John F Kennedy, set a goal for his country. “…. I believe that this nation should commit itself to achieving the goal, before this decade is out, of landing a man on the moon and returning him safely to the earth.” According to author Ayn Rand, when he set forth this goal, the President asked the nation’s space agency for “an achievement of reason, of logic, of mathematics, of total dedication to the absolutism of reality.” How the President pursued and achieved this task is a classic example of Team Dynamics and Peak Learning at their best.

When NASA accepted the challenge, it was evident that no single individual possessed all the skills to achieve the daunting task. The result was the formation of teams comprising members with diverse professional backgrounds, experience, intelligence and skills. These teams had a common purpose, to achieve the task.




According to Leigh Thompson, Eileen Aranda, and Stephen Robins, “A team is a group of people who are interdependent with respect to information, resources, and skills and who seek to combine their efforts to achieve a common goal.”(). They go on to classify the teams as follows

Work Teams. These perform the day-to-day tasks of the organization. At a lower level, these teams may comprise ‘in house’ members of an office, or at a larger scale, the office itself could be a team of an organization. The group that assembled the national flag to be unfurled on the moon is an example of a work team. These teams typically comprised of up to five people.

Task Teams. These temporary teams are formed when an organization cannot develop an important project or resolve a major problem within a specified period of time. For example, NASA Committee on Symbolic Activities was created to select symbolic activities that would not jeopardize crew safety or interfere with mission objectives.

Management Teams. These teams participate in major decisions and strive for best results by joint effort. The Wiesner Committee Report to the President-Elect of the Ad Hoc Committee on Space recognized the “…urgent need to establish more effective management and coordination of the United States space effort”. It also announced the intention of using the National Aeronautics and Space Council for coordinating government space activities.

NASA is not the only organization to employ the teamwork concept. Since the latter years of the twentieth century, corporate America has been indulging in the teamwork model. Companies form teams to replace an individualistic, competitive management style with a more trusting and cooperative style. Selection and formation of a team is of utmost importance. Without the right people, nothing is possible. Some of the qualities desired in team members are

Mutual trust and cooperation.

Openness and reciprocal support.

Disagreement without conflict.

Elimination of status differences.

No ‘us’ and ‘them’ attitude.

Clear purpose, commitment, and identification with each other.

Structured and divergent, but disciplined.

Mutual care among team members, with a will to do the job well.

Composing a team is a complex task. Two factors which govern the efficacy of a team are size and selection its members.

The size of a team plays a major role in its effectiveness. Experience and research have indicated that for a team to be effective, it should comprise of 4 to 1 members. A team with less than four members may lack the right attitude and it may be unable to tackle a major problem. A team with more than 1 members could lead to organizational and interpersonal relationship challenges. The task of the team also determines its size. Smaller teams produce quicker results, and are more productive than larger teams. However, large groups have advantages if the task is complex and needs different inputs. Research has also established that groups with odd numbers are more effective than even numbers and that five to seven members is an optimum number for performing as a smaller or larger team. (Leigh Thompson et al. 41).

The second important factor determining a team’s effectiveness is the selection of its members. The common errors are selecting members of comparable expertise or members with similar demographics. The net result is lack of new ideas, skills, and members being segregated by their culture and community rather than their value to the team. Strong teams are made of members selected on their merit rather than on superficial factors.

One of the first things NASA realized was that great improvements were required to the management structure and planning to accomplish the great task of putting a man on the moon. NASA’s organization included headquarters, centers, and contractors. It was diverse and competitive. What these elements had in common was a goal; to get to the moon. The team goal or charter is critical to the success of any team because it sets the expectations and promotes accountability. Team members can save time and be set up for success if they put the intellectual effort into the charter at the start, this will help to ensure that all the goals of the team are met. Once a team has been created, the next step is to set a charter for the team. “Chartering is a process by which the team is formed, its mission or task described, its resources allocated, its goal set, its membership committed, and its plans made”. (Leigh Thompson et al. 70). The authors suggest that the team ask the following questions while making the charter

What is the purpose for creating the team?

What kind of team is needed?

Will the team be manager led or self-managed?

What skills are needed to accomplish the goal?

How will members be selected?

What resources will be necessary to achieve the objectives?

What are the boundaries?

What process will the team use to get results?

How will we secure equal commitment?

How will we plan for conflict?

What will we do to get the job done? The project plan.

What will we evaluate our success and learn from the process? (Leigh Thompson et al. 70-71).

Once the team has a solid charter in place, it is critical that they hold productive meetings and work towards achieving team goals. How to conduct team meetings is an issue that has often been discussed among teams in all organizations. According to Leigh Thompson and others, the factors to consider when conducting productive meetings, include

Duration of the meeting.

Location.

Talking points and topics for discussion.

Attendance rules.

Will we have a team leader or Team manager? (Leigh Thompson et al. 86).

These were questions that our learning team had to answer in our first meeting. We established ground rules for future meetings. These helped us to be successful and have helped us to avoid miss-communication and other potential issues that could be unproductive.

The content of each meeting is also very important. Many times the content of the next meeting can be discussed during the end of the previous meeting; this will give each team member an agenda for the next meeting. In our own learning team environment we have communicated in advance through email to set the topic of our next meeting and what role each of us will have.

Learning teams can be even more successful if they choose to follow some of the models for effective meetings. Authors Leigh Thompson and others suggest one models that team members can us is the 4P Meeting Management Model (Whetton & Cameron, 11). This model has four key steps (1) specify the purpose of the meeting, () invite the right people, () carefully plan the meeting content and format, and (4) effectively manage the meeting’s process. Effective meetings can be achieved in the team environment if they follow some basic guidelines such as prepare in advance, set the objectives, plan an agenda and do your homework.

In order to control the different areas and issues that can arise in a team project, you need a project manager. A project manager is someone who has the most important role in a team. They have to make sure the project is delivered in the proper time, budget, quality, and any other parameters set forth during the project team creation. The project manager needs to control every part of the project team and has to determine many different criteria, such as the deliverables and milestones that will enable successful completion of the team’s tasks. He/she has to prepare themselves and the team for unexpected variations in the normal flow of the project. Maintaining the individuals on the team and knowing their strengths and weaknesses is a very important part of the team management responsibility. Project managers have to keep their team on task and know how to balance their different skills to best achieve optimum results on the project. The ability to communicate effectively and to manage their team’s expectations can help the project manager let their team know the best way to proceed and when they know they have achieved their goals. The team will need to know what they can expect out of the end result and knowing when they are successful will help them best judge when the outcome is successful. The project manager needs to be able to handle conflicts and any anger that shows itself in the team, especially when things don’t go as planned. The team needs to know the project manager has the ability to calm any situation and take control of any areas that just get out of hand. Meetings are another area that the project manager role is very important. The project manager needs to be an excellent facilitator. There are various types of roles in the meeting that need to be understood by the project manager. These include the task roles, the maintenance roles, and the individual centered roles. These refer to different ways that team members interact in a meeting and can be constructive like the task role or can actually hinder a decision like the individual centered role. In the end, managing a project requires many areas of expertise to get the best results out of the team and having a dedicated program manager can help achieve the most possible.

Teams are formed primarily for decision-making and problem solving by thinking together. To think effectively, teams must reveal the following thinking qualities

Sound thinking. Sound thinking is based on evidence and its inference. A team may have information or evidence regarding an issue or a problem. However, it is equally crucial that the team has the ability to draw inference out of the knowledge. Evidence and inference are the elements for the ideas that are developed by sound thinking.

Systematic thinking. Team thinking will be most effective if it is systematic. There are various procedures proposed by researchers for systematic decision-making. Dutch economist, Jan Tinbergen proposed the ‘rational’ approach whereas, David Braybrooke and Charles Lindbloom advocate the ‘incrementalist’ approach.

The rational approach to problem solving is an orderly procedure, has sequential development, and is comprehensive. The approach requires the team to work on three steps

Set your values and have long range goals agreed upon initially.

A comprehensive search for alternative plans must be pursued.

Potential consequences of alternative courses of action should be considered.

The incrementalist approach asks the team to remain problem orientated rather than become goal oriented. It suggests that the team move away from the problem with a course of action only slightly (a small step) different from the status quo. It holds that if the team takes only a small step, the risk is limited and the team can usually return to the existing system if the new approach fails. Incrementalist approach is orderly, exploratory and conservative.

The easiest method for decision-making, during a meeting would comprise of individuals put up their ideas and thoughts to the forum for discussion. This would invariably fall victim to personal aspirations of other members, politics and other factors not related to effective decision-making. For it to be effective, decision-making must have a laid down and accepted procedure.

Among all of the technical difficulties that the Lunar team had to tackle, one of the most daunting was the method of communicating with Apollo 11 as it traveled to the moon. Communication was key, to address problems, correct errors, verify course, and literally link the “team” to the traveling astronauts. Today that still holds true, in fact, more than ever. The business environment has truly become a global entity where different segments can be a half a world away and are expected to work cohesively. Furthermore the need to be ‘efficient’, generally with fewer players in the team, has made the use of technology essential to proper functioning of the team dynamics.

The team’s dynamics is constantly evolving and changing in its internal methodologies. In the last ten years with the development of the internet many of the boundaries that prevented effective Team dynamics in a global market have been redefined and new rules established.

Nevertheless there are many Pro’s and cons for this technology and to many learning curves that needs to be completed.

PROS CONS

Real time information Still lacking spur of the moment feedback

4 / 7 communication Not always available / inconvenient

Less dominating team members rise Lack of Body english / non verbal comm

Place time model of social interaction has been reestablished by L. Thompson 18 in the Book “ The mind and heart of the negotiator” Its is as follows

Same place Different Place

Same time Face to face Telephone / Video Con

Different Time Single text editing Email Voice mail

Shift work

Same place / same time. Face to face tend to be still be the most favored of the methods. Here is where the most amount of cooperation, building of ideas, innovation, problem solving can take place with all of the interpersonal languages in place ( Kinetic, Visual, non verbal, verbal). However some of the personality traits can work against the progress of such events.

Same time / different place. Telephone and video conferencing email can be used to addresses this gap. This is an indispensable method of communicating, as we cannot always be in the same place at the same time. More so today in a global market. Productivity is greatly enhanced using these methods of communication and continues to grow in demand. This can be correlated to the explosive growth of cellular phones. This allows continuity to occur in team projects as the efforts and progress can be monitored while performing a secondary function which may be some distance from the office, of course this applied across a series of tasks multiplies the productivity of a team member or a team as a whole. Of course this does not come without some faults. There is a loss of Informal communication, Separation of feedback, Loss of informal Modeling and can leave some employees out of the loop.

Different time / same place. This is a situation where team members interact asynchronously. That is share the same facility, tools perhaps work on the same project at the same place but at different times.

In conclusion, “Teamwork” has been the new mantra for corporate America during the recent years. However, not every company has been successful in the new venture. Teamwork is a complex task involving building of a team by choosing the right people, having a common achievable goal and consensus plan to execute the task. The secret to team success lies in team members being competent, mutually accountable and working towards a commonly accepted achievable goal.



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