Country Comparison of Economic Development Data

Country Comparison of Economic Development Data QUESTIONS: You are required to collect comprehensive economic development data for year 2012 2013 of Malaysia and two countries of your choice and discuss which country is better in terms of†¦Ã¢â‚¬ ¦(based on economic performance da ta collected) and discuss possible ways to improve your country’s economic development and standard of living. Malaysia Malaysia have 4 types of GDP which is purchasing power parity, official exchange rate, real growth rate and per capita PPP. For purchasing power parity in 2012 estimation is $501.5 billion and in 2013 estimation is $525 billion. In 2012 and 2013 estimation for the official exchange rate is $312.4 billion. For the real growth rate in 2012 estimation is 5.6% and in 2013 estimation is 4.7%. For the per capita PPP in 2012 is $17,000 and 2013 estimation is $17,500. Besides that, Malaysia have many different economy categories such as unemployment rate, population below poverty line. For the unemployment rate in 2012 estimation is 3% and in 2013 estimation is 3.1%. For the population below poverty line in 2012 and 2013 estimation is at 4.0% . Furthermore, for the budget consists of 2 categories which are revenues and expenditures. For the revenues in 2012 and 2013 estimation is $ 65.72 billion. For the expenditures in 2012 and 2013 estimation is $ 79.4 billion. In conjunction with the budget expenditures there is taxes which applies on the expenditures as well. For the taxes and other revenues is 21% GDP and for the budget deficit is -4.4% of GDP. For the consumer prices will have inflation rate as well. In 2012 estimation is 1.7% and in 2013 estimation is 2.2%. Lastly is the exports and imports for the country in Malaysia. For the exports in 2012 estimation is $227.7 billion and in 2013 estimation is $230.7 billion. For the imports in 2012 estimation is $186.9 billion and in 2013 estimation is $192.9 billion. The next category is people and society. There is 5 categories which is population, human development index, human poverty index, poverty rates and population growth rates. For the population in Malaysia for 2012 and 2013 estimation is 30,073,353 people. For the human development index in 2012 and 2013 estimation is 0.769. For the poverty rates in 2012 and 2013 estimation is 1.7%. Finally, for the population growth rates in 2012 and 2013 estimation 1.7%. Finally, for the population growth rates in 2012 and 2013 estimation is 1.47%. Japan Japan have 4 types of GDP which is purchasing power parity, official exchange rate, real growth rate and per capita PPP. For purchasing power parity in 2012 estimation is $4.638 trillion and in 2013 estimation is $4.729 trillion. In 2012 and 2013 estimation for the official exchange rate is $5.007 trillion. For the real growth rate in 2012 and 2013 estimation is 2% For the per capita PPP in 2012 is $36,300 and 2013 estimation is $37,100. Besides that, Malaysia have many different economy categories such as unemployment rate, population below poverty line. For the unemployment rate in 2012 estimation is 4.4% and in 2013 estimation is 4.1%. For the population below poverty line in 2012 and 2013 estimation is at 16%. Furthermore, for the budget consists of 2 categories which are revenues and expenditures. For the revenues in 2012 and 2013 estimation is $1.739 trillion. For the expenditures in 2012 and 2013 estimation is $2.149 trillion. In conjunction with the budget expenditures there is taxes which applies on the expenditures as well. For the taxes and other revenues is 34.7% GDP and for the budget deficit is -8.2% of GDP. For the consumer prices will have inflation rate as well. In 2012 estimation is 0% and in 2013 estimation is 0.2%. Lastly is the exports and imports for the country in Malaysia. For the exports in 2012 estimation is $776.6 billion and in 2013 estimation is $697.0 billion. For the imports in 2012 estimation is $830.1 billion and in 2013 estimation is $766.6 billion. The next category is people and society. There is 5 categories which is population, human development index, human poverty index, poverty rates and population growth rates. For the population in Malaysia for 2012 and 2013 estimation is 127,103,388 people. For the human development index in 2012 and 2013 estimation is 0.912. For the poverty rates in 2012 and 2013 estimation is 11.1%. Finally, for the population growth rates in 2012 and 2013 estimation 15.7%. Finally, for the population growth rates in 2012 and 2013 estimation is 0.13%. United States United States have 4 types of GDP which is purchasing power parity, official exchange rate, real growth rate and per capita PPP. For purchasing power parity in 2012 estimation is $16.47 trillion and in 2013 estimation is $16.72 trillion. In 2012 and 2013 estimation for the official exchange rate is $16.72 trillion. For the real growth rate in 2012 is 2.8% and 2013 estimation is 1.6%. For the per capita PPP in 2012 is $52,400 and 2013 estimation is $52,800. Besides that, Malaysia have many different economy categories such as unemployment rate, population below poverty line. For the unemployment rate in 2012 estimation is 8.1% and in 2013 estimation is 7.3%. For the population below poverty line in 2012 and 2013 estimation is at 15.1%. Furthermore, for the budget consists of 2 categories which are revenues and expenditures. For the revenues in 2012 and 2013 estimation is $2.849 trillion. For the expenditures in 2012 and 2013 estimation is $3.517 trillion. In conjunction with the budget expenditures there is taxes which applies on the expenditures as well. For the taxes and other revenues is 17% GDP and for the budget deficit is -4% of GDP. For the consumer prices will have inflation rate as well. In 2012 estimation is 2.1% and in 2013 estimation is 1.5%. Lastly is the exports and imports for the country in Malaysia. For the exports in 2012 estimation is $1.561 trillion and in 2013 estimation is $1.575 trillion. For the imports in 2012 estimation is $2.303 trillion and in 2013 estimation is $2.273 trillion. The next category is people and society. There is 5 categories which is population, human development index, human poverty index, poverty rates and population growth rates. For the population in Malaysia for 2012 and 2013 estimation is 127,103,388 people. For the human development index in 2012 and 2013 estimation is 0.912. For the poverty rates in 2012 and 2013 estimation is 11.1%. Finally, for the population growth rates in 2012 and 2013 estimation 15.7%. Finally, for the population growth rates in 2012 and 2013 estimation is 0.13%. 5 Ways To Improve Your Country’s Economic Development And Standard Of Living 1. Wage your levies: An efficient tax collection and management system is important for a country’s economy growth. Besides exports, the majority of revenue is from taxation, without taxation, the government cannot invest in infrastructure, social programs or compensate government officials. Sales taxes, income taxes, payroll taxes and wealth taxes are made by taxpayer into the economy to improve the collective standard of living. This includes the benefit from getting better roads, schools, hospitals and a welfare system. 2. Animate within your means: By saving money and keeping your debt lower than your disposable income, you will be less vulnerable recession. For example, if your credit cards, mortgage loans, the outstanding balance of auto loans and student loans is more than your savings, investments and property combined, then the problem will come to you. It means you may have a dissatisfied conditions, as like a sudden drop in unexpectedly financial obligations. 3. Acquire valuable teaching: The education level is highly associated to the economic growth. In other words, the more skilled of the population is (composed for example of engineers, physicists, agricultural biologists, construction workers, etc), the more productive, competitive and autonomous that a country can be. For example, with the right expertise, food security can be guaranteed by increasing agricultural production; a plenty of goods can be manufactured and exported; and natural resources can safely use and local change. So by getting a professional education that is in demand, you will help your country to get productivity and a strategic advantage. 4. Devour properties and facilities created locally: By selecting to buy a five-dollar t-shirt made in your country instead of the exact same t-shirt selling for one dollar but made abroad, you just made a major positive impact: the money stayed in the local economy, domestic jobs were compensated and small businesses remain open. 5. Chosen administration bureaucrats in errand of financial development: All of the advice above cannot be effective without leaders who fight for corruption, foster a fair trade and business agreements, promote financial transparency, support for protectionist labor laws, avoid excessive public and consumer debt, engage in a prudent monetary and fiscal policy development, boost job creation, ease access to important sectors of education and healthcare, subsidize vital industries and help small businesses. 2. What is ‘Dumping’ and why do countries implement ‘Anti-dumping’ legislation? Do you think such legislations are required in today’s free trade world market? Discuss with supporting data and relevant duties What is dumping? Dumping happens when the export price of the goods in Malaysia is lower than the usual price of the similar or alike artefact in the inland market in the nation of export or basis. In other words, dumping is an global value discernment which the corporation custodies more in its inland marketplace than in the export marketplace. What is export price? Export price is actually the value that salaried or owed for the topic merchandise (supposedly vended at dumping values in Malaysia for overseas products) . In cases the export price may be built on the topic merchandise are first resold to an self-governing purchaser on basis of price. What is subject merchandise ? Subject merchandise means the lesson or kind of merchandise imported or vended imported into Malaysia that is the topic of any countervailing or anti-dumping responsibility act under Act 504. What is like product? Like product means a product which is alike or like in all compliments to the topic merchandise, and comprise other artefact which comprise bodily, technical or biochemical physiognomies, applications or uses that nearly alike to those the topic merchandise. What is normal value? Normal value is the value salaried in the normal course of interchange in the inland marketplace of the nation of export. Auctions used to verify the usual price which must be lucrative and unaffected by any association between the purchaser and vender. Nations comply ‘anti-dumping’ lawmaking because to authorizing the Examining Specialist to take corrective events against unfair interchange by overseas builders/exporters and to deliver a outline for examining accusations of damage caused by dumped or funded imports. I think such legislations are required in today’s free trade world market due to: Anti-dumping actions (Legal issues) If a corporation exports a artefact at a worth that is fewer than the worth it usually custodies in its own home-based marketplace, or vended properties at a worth which does not encounter its filled cost of manufacture, it is called as dumping the artefact. It is a sub-section of numerous forms of worth discernment and is registered as third gradation worth discernment. Many administrations take act against dumping to defend inland business and the WTO contract concentration is on how administrations can or cannot respond to dumping. It disciplines anti-dumping contract. The administration must compute the boundary of dumping (how much lower of the export worth compared to the exporter’s home-based marketplace worth), and show that the injured of dumping. References: Fatima, R. (2014). MITI. Retrieved 12 May 2014, from http://www.miti.gov.my/cms/content.jsp?id=com.tms.cms.section.Section_e2f9c09d-c0a8156f-282d282d-9947bc72 Adkins, T., Alvin, M. (2009). Dumping Definition | Investopedia. Retrieved 12 May 2014, from http://www.investopedia.com/terms/d/dumping.asp Azhar, A., Reserve, T. (2014). Govt imposes anti-dumping duty on FCB from Thailand. Free Malaysia Today. Retrieved 12 May 2014, from http://www.freemalaysiatoday.com/category/business/2013/11/29/govt-imposes-anti-dumping-duty-on-fcb-from-thailand/ Gwet, M., Gwet, M. (2013). 5 things you can do to help your country’s economy BobbyFinance. BobbyFinance. Retrieved 13 May 2014, from http://bobbyfinance.com/2013/05/24/5-things-you-can-do-to-help-your-countrys-economy/# Britt S.L. (2014). The World Factbook. Retrieved 2 June 2014, from https://www.cia.gov/library/publications/the-world-factbook/geos/my.html

Macbeth- Ambition

Macbeth’s ambition is a driving force throughout the play that eventually leads to his downfall. In act one there are many situations where ambition is suggested to be Macbeths fatal flaw. Macbeth is made Thane of Cawdor immediately after the strange witches’ prophecies. In this is scene the asides allow the viewer a glimpse of his ambition to become king. Macbeths aside â€Å"This supernatural soliciting/ Cannot be ill, cannot be good. If ill, Why hath it given me earnest of success, / Commencing in a truth? I am Thane of Cawdor. If good. Why do I yield to that suggestion/ Whose horrid image doth unfix my hair, / And make my seated hear knock at my ribs† demonstrates his ambitious nature as his immediate solution is to kill the king to ensure the prophecy comes true. This shows Macbeth is willing to give up everything if it means he has a chance at becoming king. He knows if caught he will end up killed. Macbeth knows what he will do is wrong â€Å"Why do I yie ld to that suggestion† but he gives into his own ambition, leading to his downfall.Lady Macbeth also has a hand in making sure Macbeth acts on his desire to become king essay writer pay. When she receives the letter she fears Macbeth humanity will win out over his ambition as displayed in the quote, â€Å"Yet do I fear thy nature,/ It is too full o’ th’ milk of human kindness/Thou wouldst be great,/ Art not without ambition, but without / The illness should attend it. †. The use of the word ‘milk’ is closely associated with babies and the colour white, both symbols for innocence and purity.It is important to note that Lady Macbeth thinks of Macbeth as being innocent and pure, considering his change in nature further on in the play, largely related to Lady Macbeth tying her ambitions with his to insure her cruelty and lack of purity over powers his. By doing so Macbeths ambition for power takes away his humanity, leaving power crazed tyrant. An other piece of evidence to support that ambition is Macbeths fatal flaw is that he admits and foreshadows is own downfall caused by his ambition, â€Å"I have no spur/ To prick the sides of my intent, but only/ Vaulting ambition, which o’erleaps itself/ And falls on the other†.The metaphor, â€Å"I have no spur/ To prick the sides†¦Ã¢â‚¬  creates imagery as if he is the horse and ambition is what will push im him forward, although he knows he will go too far and it will fall down onto him. Macbeth foreshadowing his downfall caused by his ambitious nature is what reinforces the idea that his fatal flaw is ambition. The examples of Macbeths having ambition associated with his eventual death are not only admitted by Macbeth himself, but also by Lady Macbeth. Macbeths own ambition is what drives him to finally commit numerous murders, signing his own death warrant at the same time making amibition Macbeths fatal flaw.

Unilever Product Life Cycle

Introduction †¢William Hesketh Lever founded lever Brothers in 1885. †¢In the beginning as soap manufacturer but later diversified in to food and personal care products. †¢Unilever's corporate centers are London and Rotterdam. Walls’ Introduction †¢Walls introduced in Pakistan in 1997-98. The product line consists from lollies to ice creams. This includes Cornetto, Callipo, Max, Kulfis, Top Ten Choc Bars, Feast, Milky Way and etc. †¢Unilever committed its own resources to acquire ‘Polka' and consolidate the ice cream market for Lever Brothers Pakistan. Low gearing and reputation as a multinational blue chip give Lever ready access to capital at good terms to fund growth †¢Magnum! huuuuuuuuuuuuu †¢Magnum was introduced in 15th of June,2001 †¢Effective weights of mass audience advertising publicly displayed in the summer landscape, would strengthen consumer attachment to the brand and develop strong associations with the summer season †¢The first premium-quality ice cream to enter the adult impulse market.. ;l †¢Product Life Cycle If one looks at a category, the product life cycle seems to be an important determinant for all sorts of decisions †¢Generally a product should be kept in the growth stage as long as possible. †¢Magnum’s Life cycle †¢Magnum is in the growth stage. Due to the amount of awareness in the market, and the sales figures crossing targets, the product can be seen in the growth stage. On the PLC, market growth is also associated with increase in sales. This leads to the market becoming more attractive. Cycle-Recycle Pattern †¢The Cycle –Recycle Pattern is adopted because of seasonality of the sale. In Eid,Happy New year, Valentines day,Christmas and other seasonal events the sales follow pleasant upward trend due to the new flavors and varieties introduced by the firm. †¢Total Quality Management †¢Its all about ever barricading eminence i. e ever improving quality. †¢The quality of the product should be increase with the passage of time to keep customers as well induce new customers. Magnum’s TQM Introduction of new Magnum’s Cup will certainly improve the quality because of inclusion of â€Å"choco-topings†. The new Cup will increase the value to the customer because of its â€Å"take away† facility. pricing? † †¢Magnum’s TQM Again †¢Since Magnum is a premium choc bar and people are paying the premium to get this premium choc bar ,the TQM does have a great vitality in th is context. †¢Magnum is thought as a superb quality choc bar that’s why people wouldn’t compromise on the quality . †¢They know â€Å"they are paying for the best† †¢Forecasting and Demand Management †¢The ice cream market is particularly influenced by the weather and Wall uses a weather index to gauge conditions for sales †¢Also during peak seasons like Eids, Happy New Year and Independence Day demand is high and rices are lowered so as to compete with the other rivals prevailing in the industry . Magnum’s sales forecast †¢In terms of Magnum, this seasonality is relatively low. This is because Magnum is an impulse buying item . †¢In examining the seasonality one must consider the target market of Magnum. Will these people refrain from having a magnum in cold weather? †¢The variation in sales will not be as high or drastic as other ice creams or categories. †¢Positive Aspects for Sales †¢Pakistan’s population growth rate is almost 2% per annum. †¢Urbanization trend on the boom i. people are inducing towards higher life standards of living in cities. †¢Growth in GDP/capita reflects in the consumption pattern of the people. †¢Improved level of law and order conditions results in more FDI’s hence an attractive market. Product and Product Mix †¢A product is anything that can be offered to a market to satisfy a need and and want of the customer. †¢Product includes different product levels which are, †¢Core benefit: The fundamental service or benefit that the customer is really buying †¢Basic product: the marketer has to turn the core benefit into basic product. Levels of Product †¢Expected product: A set of attributes and conditions buyers normally expect when they purchase the product. †¢Augmented product: Augmented product means things beyond the expectation. †¢Potential product: which encompasses all the possible augmentation and transformation Magnum’ Levels †¢The core benefit of the Magnum are satisfaction and the indulgence †¢The basic product is the premium Choc Bar †¢Expectations are related with the Magnum is that it would provide that quality others can not. †¢Potential product,introduction of Magnum in new jar. Product mix †¢Product mix is the set of products the company is offering to the customer. †¢Product mix includes, width, length, depth and consistency. †¢Magnum’s Product Mix †¢Unilever is the parent company and it operates in many businesses like tea, soaps, shampoos etc. this includes in width †¢Length includes different products of the walls like Magnum, Feast ,Cornetto etc. †¢Depth includes variants of the similar product like Magnum, Feast, Sunday all are chocolate related items. †¢Unilever product lines are consistent because most of them are consumer goods. SBU Strategies †¢Almost every business unit of Unilever including Walls holds a lion’ share in their respective markets. †¢For Magnum. hold strategy is appropriate and its holding by the firm. Corporate and division Strategic planning †¢Mission Statement †¢The Mission Statement underlines the dedication to the satisfaction of the everyday needs of the customers. †¢Quality is priority in all senses. †¢We are the part of the society in which we operate. †¢Our Vision is â€Å"Touching hearts changing life† Boston Consulting Growth Matrix †¢Star †¢Question Mark †¢Cash Cow Dog Internal Environment Analysis †¢Strengths †¢- Brand Image †¢- †¢Brand recall is high †¢- †¢Qual ity is one of the best in the market †¢Weaknesses †¢Multiple Brands therefore lack of focus †¢Unhealthy competition in the corporate culture External Environment Analysis Opportunities: – Westernization of Pakistani Society – No DIRECT competition except Quanta Relatively good growth of market †¢Threats: †¢- Threat of bigger competition in the next two years †¢- Instability of Pakistani Political system Marketing Alliances Promotional Alliances The strategic alliance by the Walls with leading fast food corners like KFC and Pizza Hut outlets was an attempt to promote their product. †¢ Marketing Channel †¢These channels are essential to move product from the manufacturer’s warehouse to the consumer’s house. †¢Firms have options to decide levels of channels I. e how many channels does it want to include in the distribution of its product. †¢Walls’ Channels †¢Walls’ uses multi level channel marketing. †¢Walls uses backward integration. †¢Walls’ sales men whirl in the streets of the city on their lorries ,I. e direct marketing. Walls’ own supplier make its product available to consumers. †¢Pull and Push Strategies †¢The painstaking music produce by the whirling lorries of WALLS let its voice count ,pulling the kids to pull their parents. †¢The usage of billboards and print media is a device to push up the target customer. †¢Promotion al Tools †¢In Pakistan, Ice-Cream industry competition may be healthy but there are very few brands to name. †¢Companies have to fight for their market share and use various strategies from price to promotional, which could make them leader in the market. †¢Firms try to compete on the basis of quality, uniqueness and brand name Magnum’s Promotion †¢The most commonly used are the major media that includes billboards and posters in the display media †¢The retailers were provided with free refrigerators by the Walls to motivate them †¢Since the logo of Walls was endorsed on these refrigerators,the brand was promoted as well. †¢Pricing †¢ Historically, for most products price has been the major factor affecting the buyer choice †¢Ice cream companies’ pricing decisions are influenced by both internal as well as external factors. †¢Pricing †¢Internal Factors †¢Survival †¢Company’s objectives †¢Marke t Profit Maximization Market Leadership †¢Product Quality †¢External Factors †¢Economic Factors †¢Governmental rules and regulations. †¢Social concerns. †¢Resellers. †¢Pricing Strategies †¢The management of the Magnum uses â€Å"Price Premium Strategy†. †¢The notion of â€Å"Self Indulgence†transferred the brand advertising doctrine to brand experience I. e â€Å"have a bite please†. †¢Price doesn’t matter to target consumer of Magnum. †¢What's wrong with the Price! †¢Its is said that â€Å"Magnum is too expensive† †¢It is thoughts as a reason of minimal sales. †¢There are relatively inexpensive choc bar exists. †¢Price is not the problem! The Magnum is targeted to the people of elite class ,higher in the socio-economic ranks. †¢The target set for Magnum’s sales have achieved up to maximum extent. †¢Lowering the price will usurp its supremacy and satisfactio n level may decline because of this move. †¢Marketing Management Philosophies †¢The philosophies speak about the different strategic behavior adopted by the firm to sell their product. †¢The philosophies are adopted in the foremost interests of consumers. †¢Magnum’s Marketing Philosophies †¢Product concept , better the quality and the product attributes the better will be the sales. Selling Concept,pushing and pulling consumers time and again , inducing them to buy Magnum, otherwise it will be left †¢un noticed. †¢Marketing Concept,better than that of competitors in satisfying customers’ needs the better will be you share in the market. Magnum’s Marketing Philosophies Customer concept,provide customer what he wants at the price you want The customers decide what we serve to them. Societal Marketing,Walls started a campaign to keep the environment clean in the northern areas to preserve them †¢Brand Decision †¢Creation ,maintenance ,protection and enhancement of a brand is an art. Brand is a symbol,name,term,design or a system or amalgamation of them. †¢It’s a marketing tool and tactic. †¢A promise by seller to deliver specific set of features and values to the buyer †¢Brand Equity †¢High brand awareness of Magnum as a member of Walls’ family. †¢Magnum possess high degree of brand preference. †¢Customer is satisfied with the brand and devoted to it . †¢Customer doesn’t want to change the brand over price issue. Brand Building Tools The campaign inaugurated by the Walls to â€Å"Save the environment† added privileged to the Walls as well its family. Wall’s â€Å"Heart Branding† captures the enthusiasm of the young and the young-at-heart, laying claim to 72% of the frozen desserts market share in Pakistan. Analyzing Competitors †¢By knowing our Competitors we may be able to predict their next moves, exploit their weaknesses and undermine their strengths †¢Who are your competitors? †¢What customer needs and preferences are you competing to meet? †¢What are the similarities and differences between their products/services and yours? Magnum’s Competitors †¢Competitors for walls in general are many; in fact they include all the ice cream providers. For Magnum we would like to define our competition strictly in terms of the target market. In this definition we would consider the product category level. Major Competitors †¢In this list we consider Igloo Quanta to be our main competitor due to similar attributes of the product and a very similar target market. †¢For the purpose of a nalysis we will group the competitors into two. First we would discuss our main competitor i. e. Igloo Quanta and then the rest in one group Who Is The Competitor †¢Igloo Quanta †¢Moven Pick Ice cream †¢Snoopy Ice cream parlor †¢Gelato Affairs Ice cream parlor †¢Igloo Dip Shop Imported Ice creams like Hagen Dazz, Dove, and Galaxy available at places like Aghas Stake Holders †¢At Unilever we are dedicated to meeting the everyday needs of people everywhere. †¢We participate in the well being of the society ,we live and work †¢Touching hearts by changing lives RESOURCES †¢Unilever committed its own resources to acquire ‘Polka' and consolidate the ice cream market for Lever Brothers Pakistan †¢Low gearing and reputation as a multinational blue chip give Lever ready access to capital at good terms to fund growth. †¢In the local ice cream market not many have the capability to invest in completely new technologies. Financial ass ets of more than RS. 7 BILLION. Human Resources †¢People are the driving force for success. †¢HR initiatives focused on encouraging empowerment and transparency in the organization. †¢E-town project brought the Chairman and top team to everyone’s desktops via live streaming video and allowed employees to address their concerns to the panel via a chat server. Resources †¢Me and U,an interactive HR portal that brings employee information to to everyone’s desktop. †¢Child Day Care center allowing employees to have their infants in close proximity under very best care Resources †¢Distinctive Capabilities advantage. †¢Walls has a weather index that helps in describing peak seasons for selling ice creams. †¢Sharp market sensing. †¢Intimate linking with the customers. †¢Strong channel bonding. Organization and it’s Culture †¢Uni Lever ,a visionary organization. †¢Highly professional Organization with the highly professional people. †¢The society is the family and look after of family is my own responsibility Market Segmentation The Magnum has segmented the market on the basis of income ,social and economic class and esteem level. Nice marketing strategy has been adopted focusing on the smaller but elite segment of the society as well as of market. Psychographics Segmentation Life style The people from the A/A+ class are considered for customer ship. Personality People having high level of esteem ,standing high on the need hierarchy pyramid. Behavioral Segmentation Occasions The Magnum focuses on the occasions when somebody wants to rejoice himself by himself. â€Å"I hate somebody nobody hates me! I love somebody no body loves me† Self Indulgence is the underlining theory. Loyalty Status Hard Core Loyals. TARGET MARKET †¢Magnum focuses on the upper niche market. The upper class segment is whom we want to buy our product. †¢These are people who wouldn’t mind spending †¢Rs 25 for an ice cream; rather they would impulsively buy the product whenever they go out for a drive or something. †¢Magnum is â€Å"Just for You† †¢The concept of sharing is not embedded Target Market †¢Target market people from the ages of 18-30, upper class, possessing a very high set of self esteem people †¢People who have style and don’t mind spending more for better quality, brand value etc Market Positioning An art of designing the product of the company and it’s image to occupy a distinctive place in the mind of the target market. Positioning is not what you do to the product. Its what you do to the mind of the panorama Market Positioning †¢Marketing positioning means how the customer rate your product in comparison with your competitors. †¢The firm should offer a substantial value to its customers to sustain the positioning of its product. Magnum’s Positioning Attribute Positioning For self immoderation User Positioning Appealing to stylish people Quality and Price Positioning High price for the higher quality Magnum’s Positioning Since a Rs 25 choc bar is quite prestigious bar,so people feel good when buying the Magnum. The higher the price the higher will be the quality & the higher will be the satisfaction level. People rank it as a premium brand with priceless quality Marketing Research System †¢Walls has its own department for Marketing Research. †¢Primary Data is provided by Sales team. †¢Secondary Data is gathered from publications and other sources.

Study Of Attitudinal Differences Of Malaysian Customers - Free Essay Example

Sample details Pages: 15 Words: 4570 Downloads: 6 Date added: 2017/06/26 Category Demography Essay Type Research paper Did you like this example? This research emphasizes attitudinal difference of Malaysian customers about Islamic banking services. The banking service providers can gain excellent benefit from Islamic banking practices upon identification of these differences. A structured questionnaire was constructed to collect the necessary data to answer the research questions as being framed on related affective factors of attitudinal differences of consumersà ¢Ã¢â€š ¬Ã¢â€ž ¢ in Malaysia. Don’t waste time! Our writers will create an original "Study Of Attitudinal Differences Of Malaysian Customers" essay for you Create order In this research we have employed independent sample à ¢Ã¢â€š ¬Ã‹Å"tà ¢Ã¢â€š ¬Ã¢â€ž ¢ test and ANOVA to test the hypotheses. Results showed that Malaysian consumers have positive attitude toward Islamic banking. Results of à ¢Ã¢â€š ¬Ã‹Å"tà ¢Ã¢â€š ¬Ã¢â€ž ¢ test showed significant attitudinal differences between males and females. In addition, the results of ANOVA showed significant attitudinal difference existed only between Malay and Chinese and between Chinese and Indian, while the overall attitudes of all three races were positive toward Islamic banking. One potential limitation of this study was the size and composition of the group which participated in the study. Therefore, a generalization about the entire population of Malaysian banking customers of banking sector is inappropriate. In addition, this research could not incorporate all levels of diverse attributes of Islamic banking that might influence customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ behavior. The results of this study can faci litate the Islamic banking service providers to introduce new, innovative service offerings based on attitudinal differences and of course, in accordance with Islamic rules and regulation. Introduction Attitude is an important aspect to understand or predict the behaviors of customers in some situation (Sethi, 2002). General attitudes are relatively good predictors of general behavioral likelihoods (Eagly and Chaiken, 1993). Furthermore, customerà ¢Ã¢â€š ¬Ã¢â€ž ¢s attitude toward a product or service is influenced by a match of the product or service user image with the customerà ¢Ã¢â€š ¬Ã¢â€ž ¢s self-concept (Ekinci and Riley, 2003; Sirgy et al., 1992; Wang and Heitmeyer, 2005). Results of the present study may help the Islamic banking service providers to find out the potential customers for expanding their services. So, it seems fundamental to understand the customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ thinking or attitudinal behavior on how they perceive about the Islamic banking. à ¢Ã¢â€š ¬Ã…“Islamic banking has become a substantial and fastest growing industry during the last four decades. It has followed the Islamic transactions rules and principles (Shariaà ¢Ã¢â€š ¬Ã¢â€ž ¢h) t o carry out their businessà ¢Ã¢â€š ¬? (Henry and Wilson, 2004; Iqbal and Mirakhor, 2007; Dusuki and Abdullah, 2007). In accordance with Shariaà ¢Ã¢â€š ¬Ã¢â€ž ¢h principles, any payment or receipt of interest is strictly prohibited. Although, the Islamic bank also offered more or less similar products and services which are similar to those offered by a conventional bank, such as, current accounts, credit cards, investments in securities, cheque collection, etc. (Naser et al., 1999). There are now over 300 Islamic banks and financial institutions worldwide and the estimated assets of between US$200 à ¢Ã¢â€š ¬Ã¢â‚¬Å" US$300 billion (Henry and Wilson, 2004; Ibrahim, 2006; Pollard and Samers, 2007). Furthermore, according to Pollard and Samers (2007) almost 25 percent of Islamic financial institutions now operate in countries that do not have Muslim majorities and interest-based banks have opened up à ¢Ã¢â€š ¬Ã…“Islamic windowsà ¢Ã¢â€š ¬? to attract the growing number of Musli ms living in Europe and North America. Nonetheless, Wilson (1995) states: à ¢Ã¢â€š ¬Ã…“Islamic banking is no longer regarded as a business entity striving only to fulfill the religious obligations of the Muslim community, but more significantly, as a business that is ineluctably in need for winning over customers at the same time as retaining the old onesà ¢Ã¢â€š ¬? (Wilson, 1995; Dusuki and Abdullah, 2007). Hinting the rapid proliferation of Islamic Banking services, Bley and Kuehn, (2005) writes, à ¢Ã¢â€š ¬Ã…“Islamic financial services sector is growing at double digit ratesà ¢Ã¢â€š ¬?. One of the emerging, fastest growing, and progressive Muslim nations, Malaysia has already gained significant global attraction of investment opportunities. Financial and capital markets have strong foothold in Malaysia which in turn, attracted investors to expand local and global banking facilities and the operation of the subsidiaries of multinational companies. In these positive turn of economic transformations, it is vital for the Islamic Banking service providers to know the psychological and/or behavioral attitudes of the potential Muslim, as well as, non-Muslim customers toward Islamic banking services that are currently available. Yet, knowledge about customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ attitudinal differences towards Islamic banking is very scant and research to date is also limited. In this study an affirmative stance was taken to focus on these key issues that were perceived to be worth taking in the course of transforming Islamic banking services conducive to the development of customer satisfaction, better business relations, real growth, and future developments. Islamic Banking: Malaysian Scenario Malaysia is well placed in the heart of South East Asia and also a member of the Association of Southeast Asian Nations (ASEAN). Excellent business opportunities exist in most of the sectors in Malaysia, not only for geographical advantage, but also for dynamic political leaderships and stability, congenial atmosphere for foreign investments, cross-cultural diversity, and many other feasible factors. The economy of Malaysia is one of the most progressive and fastest growing in South East Asian regions. Her transformation, from a mining and agriculture-driven economy in the 1970s to manufacturing in the 1990s, enabled the nation to magnetize foreign investment and increase its export capabilities substantially. The robust external environment was supported by equally strong domestic commercial activities as private consumption went up consistent with incomes and private investment that eventually enhanced productive capacity to meet ever-growing demand. As a positive consequence of the expansion in local and external demand, opportunities for employment also strengthened. Moreover, à ¢Ã¢â€š ¬Ã…“a distinctive and important feature of the Malaysian economy is its high degree of flexibility, which is important to mitigate the impact of external shocks and to sustain Malaysiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s growth performance for more than three decadesà ¢Ã¢â€š ¬? (Bank Negara, 2006). It is worth mentioning here that political stability also significantly energized and inspired the nation to adopt a sophisticated strategy, which had been defined in the Seventh Malaysia Plan to make the transformation of the nation into a fully developed country by 2020. Such noteworthy development plan and subsequently, systematic implementation procedures boosted Malaysian economy and financial markets, which, in turn, inspired them to establish an Islamic banking system that operates in parallel with the conventional banking. Bank Islam Malaysia Pte (BIMB) was the first Islam ic bank (Rosly and Abu Bakar, 2003) and it was established in 1983 (Banking Info, 2008). Although, Islamic banking in Malaysia can be traced from 1963 when Tabung Haji (The Pilgrimsà ¢Ã¢â€š ¬Ã¢â€ž ¢ Management and Fund Board) was established by the government (Haque et al., 2007a). It provides a systematic fund mobilization process for the Muslims enabling them to perform annual pilgrimage in Makkah, as well as, persuading them to take part in economic activities and investment opportunities. According to the sustained filed experience of à ¢Ã¢â€š ¬Ã…“Tabung Hajià ¢Ã¢â€š ¬?, Malaysian government introduced a synchronized, methodical, and efficient process of materializing Islamic financial system. Haque et al., (2007a) state, à ¢Ã¢â€š ¬Ã…“At first they took the initiative to familiarize the process by establishing BIMB and listed on the main board of the Kuala Lumpur Stock Exchange (KLSE) on January 17th 1992, Bank Islam has developed itself as one of the most respectable financial institutions in the countryà ¢Ã¢â€š ¬?. Gradually Islamic bank has played an important role for the overall Malaysian financial market (Dusuki and Abdullah, 2007). According to Aziz (2006) Islamic banking industry has been growing at an average rate of 18 percent per annum since 2000 in terms of assets. Aziz (2006) also added that Islamic bank constitutes 8.2 percent of the total banking system in terms of assets, with approximately 70 percent of the assets being generated by the conventional banks. At present 27 banking institutions (Nine Islamic bank and 18 conventional banking institutions) are offering Islamic banking products and services under the Islamic Banking Scheme (IBS) (Bank Negara, 2006). Mainstream and IBS banks are governed by the banking and Financial Institution Act in Malaysia (Rosly and Abu Bakar, 2003). The Malaysian Central Bank also provides certain guidelines to operate IBS banks such that they can run along Shariah principles with simila r privileges to BIMB and Bank Muamalat (Rosly and Abu Bakar, 2003). Malaysian government provide permission to commercial banks, merchant banks and finance companies to offer Islamic banking products and services under the IBS from 1993 (Banking Info, 2008). Furthermore it is necessary to ensure that the funds and activities of the Islamic banking transactions are separated from the conventional banking business. Malaysian Government also pushed Islamic finance into the bond market, which now commands more than 30 percent of market share (Rosly and Abu Bakar, 2003). Moreover, according to them al-murabahah and ijara wa iqtina (credit sale in financing) have become the common trend in Islamic banking operations in Malaysia and at present it constitute near about 90 percent of Islamic banking asset (Rosly and Abu Bakar, 2003). Literature Review Customer attitude toward a product or service is influenced by a match of the product or service user image with the customer self-concept (Ekinci and Riley, 2003; Sirgy et al., 1992; Wang and Heitmeyer, 2005). Since, generally attitude develops over time through a learning process which is affected by reference group influences, past experience, and personality (Assael, 1981), or it is a general evaluation about something, liking or disliking, and the strength of the feelings. Demographic Characteristics and Consumer Attitudes Since, consumersà ¢Ã¢â€š ¬Ã¢â€ž ¢ make product or service choice based on which combination of product attributes best meets their needs based on dimensions of value, cost, and prior satisfaction (Kotler, 1997). Furthermore, Assael (1981) added that consumerà ¢Ã¢â€š ¬Ã¢â€ž ¢s attitude or behavior should be studied through demographics, beliefs, and attitudes. It has been widely recognized that demographic factors have a great impact on consumer attitudes and behavior (Jayawardhena and Foley, 2000; Mattila, 2001; Karjaluoto et al., 2002). Moreover, both attitude and non-attitudinal variables also influence behavior (Eagly and Chaiken, 1993). Gender is a key variable for marketing analysis (Nicovich et al., 2005; Haque et al., 2007b). So, it is important for the Islamic banking service providers to recognize them, understand them, and use them to design a gender specific strategy. Since, understanding the motivation, expectations, and desires of both provide a foundation in how to provide best service to the customers (Haque et al., 2007a). It may even provide information on making improvements in the nature of business (Naylor and Greco, 2002). Gender in this study is operational zed as a binary construct and is termed à ¢Ã¢â€š ¬Ã…“genderà ¢Ã¢â€š ¬? which is opposed to à ¢Ã¢â€š ¬Ã…“sexà ¢Ã¢â€š ¬? since gender is considered as a both biological and sociological process (Haque et al., 2007b). Indeed, what remains is to propose and test relevant hypotheses examining perception about Islamic banking in terms of gender beliefs, attitudes, and behavior pattern. Additionally, attitudes based on direct experience are more stable and enduring than ones based on indirect experience (Fazio and Zanna, 1981; Rani and Velayudhan, 2008).On the other hand, race and ethnicity is also important for the question of effects. Since, the democratic anthropological sense describes a à ¢Ã¢â€š ¬Ã…“whole way of lifeà ¢Ã¢â€š ¬?, which is ordinary in every society and in every mind (Haq and Smithson, 2002). According to consumer behavior literature reference group often impacts on consumer behavior (Fishbein and Ajzen, 1975; Kotler et al., 1999). Since, banking sector is extremely personal in the sense as it is independent from other peopleà ¢Ã¢â€š ¬Ã¢â€ž ¢s example or influence (Karjaluoto et al., 2002). Furthermore, past experience of a person about an object is, the more positive attitude he or she hold about it (Fishbein and Ajzen, 1975). Services Attributes and Consumer Attitudes Some studies, such as, à ¢Ã¢â€š ¬Ã…“product related attributesà ¢Ã¢â€š ¬? and à ¢Ã¢â€š ¬Ã…“situational factorsà ¢Ã¢â€š ¬? (Emmelhainz et al., 1991); à ¢Ã¢â€š ¬Ã…“retail competitionà ¢Ã¢â€š ¬? and à ¢Ã¢â€š ¬Ã…“shopping patternsà ¢Ã¢â€š ¬? (Verbeke et al., 1998); à ¢Ã¢â€š ¬Ã…“consumer, situational and perceived store characteristicsà ¢Ã¢â€š ¬? (Zinn and Liu, 2001); à ¢Ã¢â€š ¬Ã…“product, consumer and situational characteristicsà ¢Ã¢â€š ¬? (Campo et al., 2000) explained why consumers responded in the way they did. Fitzsimons (2000) approached differently by measuring consumer responses in terms of both behavioral and evaluative (consumer satisfaction with decision process) responses (Rani and Velayudhan, 2008). Religious Beliefs and Consumer Attitudes à ¢Ã¢â€š ¬Ã…“Religion is a key element to describe a cluster of beliefs. It is more than ecology of themes for social communication rather it is a specific way of communicating. It is not just cultural arbitrariness, but it is also systematic. Religion does not just lie in its capacity for differentiation (of people), it is also lies in its ability to structure and lend meaning to the everyday, to the local world of interactionà ¢Ã¢â€š ¬? (Haq and Smithson, 2003). Prior research also showed that reference group often impacts on consumer behavior (Fishbein and Ajzen, 1975; Kotler et al., 1999; Karjaluoto et al., 2002). At the same time, Islamic banking came into existence to satisfy the financial needs of Muslims who have to observe the prohibition of interest-based transactions (Haq and Smithson, 2003). According to Warde (2000) there is sufficient flexibility to accommodate the additional changes in conventional banking that is needed to support Islamic banking. This removes a long standing argument that Islamic banking is infeasible in a regulatory sense (Warde, 2000). Moreover, all at once Western attitude are also changing, as it can be seen in the recent growth of à ¢Ã¢â€š ¬Ã‹Å"ethicalà ¢Ã¢â€š ¬Ã¢â€ž ¢ banking, where non-Islamic customers refuse to invest in companies engaged in unethical and socially harmful activities (Warde, 2000).Currently we are witnessing a wide religious reinterpretation, spurred on by changes at national and global levels (Haynes, 1999; Haq and Smithson, 2003). The political, social and cultural values embedded within the development goals of projects shape the development and use of technology (Madon, 2000). One concern of Muslims using IT is that they are passive consumers of a technology created elsewhere, which is not value-free. ITà ¢Ã¢â€š ¬Ã¢â€ž ¢s close connection and integration with Western culture is sometimes viewed as a threat to Muslim societies (Ahmad, 2001). A related issue concerns the increasingly common s ituation where the culture of the software development environment differs to that of the implementation environment (Zakaria et al., 2003). Theoretical Framework Based on the literature review; this research concentrates on conceptual framework of Attitudinal Differences of Malaysian Customers under Islamic Banking in Malaysia. This framework emphasizes those variables like Demographic differences; Services Attributes and Religious Believes these independent variables are positively related to the consumersà ¢Ã¢â€š ¬Ã¢â€ž ¢ attitudes toward Islamic banks. The detailed diagram framework is given below: Figure 1.1: Theoretical framework of this study Demographic Differences Services attributes by Attitude Toward Islamic Religious Influence Methodology A structured questionnaire was constructed to collect the necessary data to answer the research questions as being framed on related affective factors of attitudinal differences of consumersà ¢Ã¢â€š ¬Ã¢â€ž ¢ in Malaysia. à ¢Ã¢â€š ¬Ã…“This is a rigorous process of generating items to tap the variables and assessing their representativeness from the literatureà ¢Ã¢â€š ¬? (Deng and Dart, 1994). The survey questionnaire consists of two parts. First part of the questionnaire deals with demographic information of the respondents which include sex, age, education, income level, and race. Respondentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ beliefs and attitudes toward the Islamic banking were asked in the second part of the questionnaire. A stratified random sampling method was used in this study to collect the data from the respondents. The idea of such a sampling procedure was based on Sekaranà ¢Ã¢â€š ¬Ã¢â€ž ¢s (2003) interpretation as: à ¢Ã¢â€š ¬Ã…“this sampling method is the most efficient when differentiated information is needed regarding various strata within the populationà ¢Ã¢â€š ¬? (Sekaran, 2003). Data were collected from the Peninsular Malaysia. The survey was conducted primarily through face-to-face interview. A sample size of 550 was found to be adequate for this study. Even though the proportion of sample size is very small in relation to actual population, the sample size is deemed sufficient for the study. Since, Roscoe (1975) proposed a rule of thumb for determining sample size that: à ¢Ã¢â€š ¬Ã…“if the sample size is larger than 30 and less than 500, it is therefore appropriate for most researchà ¢Ã¢â€š ¬? (Roscoe, 1975), we view our sample size seems to be consistent with this argument. The survey was conducted on the basis of distinct time frames and on different days of the week and the duration of the questionnaire distribution and data collection was carried out during December 2007 to May 2008. In this study, participants (respondents) were selected among only those, who indicated they were concerned about Islamic banking. Out of the 550 respondents 500 questionnaires were received, although the process was not as smooth as we required reminding the respondents who showed delays in completing the questionnaire. Completed questionnaires were later screened for errors, incomplete or missing responses. However, those responses that had more than 25% of the questions in the survey questionnaire left unanswered or incorrectly answered were abandoned as invalid and excluded from the process of data analysis. After the final screening process, 473 responses were effectively considered complete and valid for data analysis. This represents a success rate of 86%, which can be considered to be good in view of time and cost constraints. Results and Discussion The results of this study have been clearly explained in this section. We used SPPS software to obtain the test results. Descriptive analysis and frequency analysis were conducted to measure Malaysian consumersà ¢Ã¢â€š ¬Ã¢â€ž ¢ attitudinal differences in their perceptions about the Islamic Banking services and to create and represent the respondentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ demographic profiles. The demographics profile of the respondents of this current study was consistent with the demographics of other banking studies: the sample predominantly comprises young, male and female adults who were well-educated and of high socioeconomic status. The result indicates that the respondentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ demographics are quite similar to those of other studies of banking services. According to our sample 54.76 and 45.24 percent respondents were male and female respectively (Table 1). 61.54 percent of the respondents were between 21 to 35 years of age, 26.61 percent were between 35 to 40 y ears, and 11.85 percent respondents were above 40 years old. From the descriptive result, demographic profile shows that the most dominant group was between 21 and 40 year in terms of age distribution. Table 1: Respondents Demographic Profile Descriptions Frequency Percentage Cumulative (%) Gender: Male Female 259 214 54.76 45.24 54.76 100.0 Age: 21-25 25-30 30-35 35-40 Above 40 43 101 147 126 56 09.09 21.36 31.09 26.61 11.85 09.09 30.45 61.54 88.15 100.0 Race: Malay Chinese Indian 173 153 147 36.58 32.35 31.07 36.58 68.93 100.0 Education: STPM Diploma Graduate Post Graduate 17 189 173 94 03.59 39.96 36.57 19.88 03.59 43.55 80.12 100.0 Occupation: Student Lecturer IT Professional Businessmen Govt. Employee Others 89 52 46 132 116 38 18.82 10.99 09.72 27.91 24.53 08.03 18.82 29.81 39.53 67.44 91.97 100.0 Monthly Income: Less than 1000 1000-2000 2000-3000 3000-4000 Above 4000 34 27 139 178 95 07.19 05.71 29.39 37.63 20.08 07.19 12.90 42.29 79.92 100.0 Heard about Islamic Banking Yes No 473 0 100.0 0 100.0 0 Have Account in Islamic Bank Yes No 227 246 47.99 52.01 47.99 100.0 à ¢Ã¢â€š ¬Ã‹Å"Raceà ¢Ã¢â€š ¬Ã¢â€ž ¢ had been another important demographic factor for this study. There were three major races (Malay, Chinese, and Indian) in Malaysia. According to our sample of 473 respondents, 36.58 percent respondents were Malay, 32.35 percent Chinese, and 31.07 percent represented Indian race (Table 1). A large number (37.63 percent) of the respondents informed in their responses that their monthly income stood between 3000-4000 RM; followed by 29.39 percent respondents, who showed their monthly income as between 2000-3000 RM. Where as, 20.08 percent respondentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ monthly incomes were found to be above 4000 RM. On the other hand, 7.19 percent respondentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ monthly income was less than 1000 RM and 5.71 percent respondentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ monthly income were between 1000- 2000 RM. With regard to education, highest numbers (39.96 percent) of our respondents co mpleted diploma. 36.57 percent respondents completed graduation and 19.88 percent respondents completed post graduate studies. Table 2 below represents that only 3.59 percent respondents informed that they completed STPM (Sijil Tinggi Persekolahan Malaysia in English, à ¢Ã¢â€š ¬Ã…“Malaysian Higher School Certificateà ¢Ã¢â€š ¬?). The respondents in our sample consisted of 18.82 percent students, 10.99 percent lecturers; 9.72 percent IT professionals; 27.91 percent businessmen; 24.53 percent Government employees, while 8.03 percent respondents belonged to other occupations. Most surprisingly we found out that 100 percent of our respondents viewed that they heard about Islamic banking, while out of them, 47.99 percent respondents had maintained accounts with Islamic banks when data was collected (Table 1). This picture postulates a fact that almost half of our sampled population kept customer relationships with Islamic Banks, which indicates an emerging financial sector. Table 2: Independent Sample à ¢Ã¢â€š ¬Ã‹Å"tà ¢Ã¢â€š ¬Ã¢â€ž ¢ test Descriptions Male Female Mean Std. Deviation Mean Std. Deviation t Sig Modern looking equipment Visually appealing physical facilities Follow Islamic law and principles Transactions are secured Able to fulfill personal needs Easy to access to account information Integrated value-added services using Staff treat customers friendly Religious and profitability reasons Provision of profit-sharing investment product 1.54 1.32 1.63 2.01 1.48 1.51 2.14 1.77 1.63 2.07 1.29 1.41 1.24 1.37 1.15 1.43 1.36 1.56 1.34 1.39 2.33 2.16 2.12 1.38 1.47 1.07 2.31 2.24 1.49 1.59 1.42 1.29 1.62 1.19 1.13 0.71 1.02 1.57 1.14 1.09 2.21* -4.81* 5.67* 3.28* 2.73* -5.68* 6.39* -2.67* -1.26 2.79 .003* .018* .001* .032* .023* .008* .000* .041* .003* .619 * denotes significance at P 0.05 We included ten meaningful statements to have responses for measuring consumersà ¢Ã¢â€š ¬Ã¢â€ž ¢ at titudes toward Islamic banking which were taken from Othman and Owen (2001). The independent sample t- test was conducted to measure the attitudinal difference between males and females on Islamic banking services. The results revealed (Table 2) the fact that there were clear attitudinal differences between male and female on nine among ten of the attitudinal measurement statements, such as à ¢Ã¢â€š ¬Ã…“modern looking equipmentà ¢Ã¢â€š ¬?, à ¢Ã¢â€š ¬Ã…“visually appealing physical facilitiesà ¢Ã¢â€š ¬?, à ¢Ã¢â€š ¬Ã…“follow Islamic law and principlesà ¢Ã¢â€š ¬?, à ¢Ã¢â€š ¬Ã…“secured transactionsà ¢Ã¢â€š ¬?, à ¢Ã¢â€š ¬Ã…“fulfill personal needsà ¢Ã¢â€š ¬?, à ¢Ã¢â€š ¬Ã…“easy to access to account informationà ¢Ã¢â€š ¬?, à ¢Ã¢â€š ¬Ã…“Integrated value-added services usingà ¢Ã¢â€š ¬?, à ¢Ã¢â€š ¬Ã…“friendly staffà ¢Ã¢â€š ¬?, and à ¢Ã¢â€š ¬Ã…“religious profitability reasonsà ¢Ã¢â€š ¬?. Results of this study reflect that both males and females were agreed th at they had positive attitude toward Islamic banking. But on the topic of one statement (provision of profit-sharing investment product) there was no significant mean difference between males and females. However, in general, it can be concluded from this study that males demonstrated a more favorable attitude toward Islamic banking as compared with female. Male respondents agreed that à ¢Ã¢â€š ¬Ã…“Islamic banks use modern looking equipmentà ¢Ã¢â€š ¬? to reach the consumers and also ensured creativity for offering different types of schemes. Moreover, while hinting Islamic Banking services as compared with other conventional banks, male respondents unanimously agreed that it is easy to access the account information; it is enjoyable, informative and useful for purchasing as well. Although the femalesà ¢Ã¢â€š ¬Ã¢â€ž ¢ attitudes were not thoroughly disagreeable with these nine statements, there were significantly mean difference between male and female on the statements. Ta ble 3: ANOVA Test Descriptions Malay Chinese Indian F Sig Mean Std. Deviation Mean Std. Deviation Mean Std. Deviation Modern looking equipment Visually appealing physical facilities Follow Islamic law and principles Transactions are secured Able to fulfill personal needs Easy to access to account information Integrated value-added services using Staff treat customers friendly Religious and profitability reasons Provision of profit-sharing investment product 2.03 2.61 2.98 3.57 3.12 2.82 2.68 3.43 3.36 2.89 1.37 1.16 1.19 1.41 1.58 1.64 1.37 1.53 1.61 1.57 2.12 2.82 3.43 3.87 2.67 2.39 2.46 2.74 2.65 2.33 1.07 1.49 1.64 1.52 1.59 1.17 1.32 1.46 1.28 1.16 2.07 2.43 2.63 2.61 2.38 2.22 2.19 3.15 2.23 1.96 1.29 1.32 1.48 1.26 1.34 1.20 1.41 1.26 1.09 1.08 2.91* 3.33* 2.39* 1.65 4.41* 5.66* 2.64* 3.87* 2.36* 2.03* .021 .027 .032 .092 .012 .027 .037 .018 .018 .010 *denotes significance at p 0.05 On the other hand, the same ten statements were used in this study for measuring the attitudinal difference about Islamic banking among the three races in Malaysia. All three races agreed that transactions were secured in Islamic banking. Although, this was the positive attitude towards Islamic banking by all the three races, but there were some significant differences among them for the rest of the nine statements for measuring attitude toward Islamic banking (Table 3). Dunnett T3 test also employed for this study. Results showed that the differences exist only between Malay and Chinese and between Chinese and Indian. It can be observed from the Table 5 that most of the Malay respondents agreed that Islamic banking availed modern looking equipment. According to these respondents, Islamic banks offered secured transactions, fulfilled personal needs, provided easyà ¢Ã¢â€š ¬Ã¢â‚¬Å"to-access account information, used integrated v alue-added services, their staff treated their customers as à ¢Ã¢â€š ¬Ã…“friendlyà ¢Ã¢â€š ¬?, and they had provision of profit sharing. Religious reason also played an important role behind their attitude towards Islamic banking for the Malay people. On the other hand, most of the Chinese respondents agreed that Islamic banks had been using integrated value added services. Besides that, these respondents also agreed that it was easy for them to access to their account information, staffs treated their customers as à ¢Ã¢â€š ¬Ã…“friendlyà ¢Ã¢â€š ¬?, and also they had the provision of profit sharing. This study suggests that Islamic banking possesses a sound capability to attract customers by offering integrated value added services, they seem to be very useful for obtaining account information, and also, they use modern looking equipment. Results of this study also reflect that there was little difference concerning the usefulness of Islamic banking as compared among these three races. Nonetheless, this study finds the fact that there is a great deal of racial diversity within the Malaysian culture having similarities and differences in their perceived understanding on the operations of Islamic Banking (Table 4). Table 4: Dunnett T3 Test for Measuring Differences Descriptions Mean Difference Mean Difference Mean Difference Malay Chinese Sig. Malay Indian Sig. Chinese Indian Sig. Modern looking equipment Visually appealing physical facilities Follow Islamic law and principles Transactions are secured Able to fulfill personal needs Easy to access to account information Integrated value-added services using Staff treat customers friendly Religious and profitability reasons Provision of profit-sharing investment product .39* .41 -.12 -.42* -.49* -.38* .43* -.37* .40* .37* .012 .158 .891 .019 .012 .021 .026 .027 .031 .016 .14 .08 -.06 -.28 -.05 -.14 .18 -.31 .19 .12 .614 .897 .978 .238 .916 .895 .784 .272 .766 .798 -.21 -.31 .05 .19 .41* .42* -.27 .19 -.32 -.41 .139 .158 .915 .616 .009 .011 .181 .761 .056 .061 *denotes significance at p 0.05 Such diversity demands attention by bankers and researchers in order for the creation of value- based services that can best su it with the needs of the entire population regardless of their racial diversity. Therefore, differences in cultural values among the three races are important to understand them. Chinese mostly have positive attitude towards Islamic banking. Perhaps the Chinese are very conscious of the different type of schemes and services offered by the both conventional and Islamic banks. On the other hand, the Malays are concerned about the religious and profitability reasons. Despite these differences between the Malays and Chinese, the mean values of responses indicate that all those three races accepted the schemes and services offered by the Islamic banks. Malaysian culture is the one of the unique cosmopolitans as it is composed of Malays, Chinese and Indians culture. Moreover, racial unity and interactions formed a diverse and vibrant society based on sharing mutual respects. This is perhaps an example of a unique society. This has been the main catalyst for Malaysias political stabili ty and growth. On the other hand, Indians have also made enormous contributions to the resilient and prosperous socio-political and economic structure in Malaysia. The Chinese like to enjoy the urban lifestyle and they have high ambitions, which make them dynamic force in Malaysias economy. The Indian community represents an integral and vital component of Malaysian society and thus they, along with all other Malaysians are justly proud of their accomplishments and their contributions to Malaysias success (Info Center Malaysia, 2007). Conclusion This study effectively delineates empirical evidence on the attitudinal differences of Malaysian customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ toward Islamic banking services. As the competition among the banking service providers rose rapidly, concerns on customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ attitudinal behaviors in the banking markets virtually became the focus of academic and field researches. The results of this study were encouraging in numerous perspectives. In this study, gender is a measurable variable and the findings provide straight forward application in the decision-making process of Islamic Banking services. Findings further indicate that males seem to exhibit greater positive attitude toward Islamic banking, relative to female. This is one of the first efforts to show how the Malays, Chinese and Indians differ in terms of attitudes toward Islamic bank. This study has laid down the foundation for future research to be directed toward examining these attitudes in greater details about banking service providers. Therefore, given these findings, it is desired that this research impart a fundamental step toward establishing a theoretical plus empirical basis for understanding the interaction of gender and banking sector. It is also necessary that the government and, as well as, the Islamic banking authorities will take action plans directed toward spreading the culture of Islamic banking via specialized courses and organized seminars as in the case of traditional banking. This would catalyze the power of the financial structure besides incrementing the fullest capacity of the Islamic banking system and boosting its future growth and development. Limitations One potential limitation of this study was the size and composition of the group which participated in the study. Therefore, a generalization about the entire population of Malaysian banking customers of banking sector is inappropriate. In addition, this research could not incorporate all levels of diverse attributes of Islamic banking that might influence customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ behavior. For example, the questionnaire that was used in this study did not include specific scheme of Islamic banking to know the customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ opinion on that scheme. Finally, this study only considered what the specific segments of the customers were thinking about the Islamic banking in a particular country. In this study, it was assumed that respondents appropriately understood the term à ¢Ã¢â€š ¬Ã…“Islamic bankingà ¢Ã¢â€š ¬Ã¢â€ž ¢ and could differentiate it from the à ¢Ã¢â€š ¬Ã…“conventional bankingà ¢Ã¢â€š ¬?. With such limitations, findings of this study must not be us ed as generalized thoughts, rather a scope for further investigations toward expanded research.