How Will Bitcoin Impact Banks and Finance Structures?

How Will Bitcoin Impact Banks and Finance Structures? What is finance, and how does cryptocurrency fit in to our current understanding of it: At the start of the unit, one of the first concepts we were asked to consider was a point that is highly contended – a philosophical question which has never borne more significance than it does today, with the recent emergence and explosive growth of cryptocurrencies. We were asked to consider what finance was, and how it fit into society. Now it would be prudent to ask what finance is, and how cryptocurrencies fit in to our current understanding of it. Let me start to answer this with a brief description of ‘fiat’ currencies, or legal tenders, with no material value or value redeemable for commodities. Historically, the value of a nation’s currency was pegged against a commodity with well-established value, such as gold or silver. This was the case for the majority of currencies up until 1971, when Richard Nixon decoupled the US dollar from gold. Supply and demand determines the value of fiat currency. Governments can control how much is in circulation and control the value of money as well as inflation. One of the biggest downfalls of cryptocurrency according to its critics, is the inability of more tokens to enter circulation when demand is high. The total amount of Bitcoin, is limited by a digital production process analogous to precious metal mining, which can stop its value from being eroded by systematic over-production and debasement as has been the case with numerous fiat currencies historically.18 This inability to react to demand causes sharp volatility in the value of cryptocurrency, making them unreliable stores of value. This has been most evident with the steep spikes in Bitcoin value since the beginning of the year. Conversely, as fiat currencies are not linked to physical reserves, they risk becoming worthless due to  hyperinflation. If people lose faith in a nations paper currency, the money will no longer hold value. Fiat money serves as a good currency if it can handle the roles that an economy needs of its monetary unit: storing value, providing a numerical account and facilitating exchange. Because fiat money is not a scarce or fixed resource like gold, central banks have much greater control over its supply, which gives them the power to manage economic variables such as credit supply, liquidity, interest rates and money velocity. Cryptocurrencies on the other hand do not serve as a currency for one particular nation, and are not controlled by any government body either. Instead they employ what is known as blockchain technology, which is a form of digital ledger that is maintained by all the users of the network. An on-going record of all transactions is kept and added to, each time a new transaction occurs. Despite this however there is an inherently high level of anonymity, given that bitcoin, tezos etc. addresses are not linked directly to any person or entity. This also gives way to several problems for governments which are unable to control inflation or the amount of cryptocurrency in circulation, declaration of earnings and tax, prohibition of trading illegal goods and money laundering. There are several safe-guards in place to ensure against ‘double-spending’ and other fraudulent activities however which are built in to the blockchain technology. Further, as a result of this peer-to-peer network in which cryptocurrencies operate, there is no single point of failure, making it very difficult for the system to collapse.17 What potential effects will the use of cryptocurrency and decentralising of currency have, particularly on banks? The total value of all cryptocurrency in circulation is now  ~$200 billion USD3. Even though this is almost double the value it was in July, it is still trumped by the value of paper USD issued by the U.S. Federal Reserve, which alone amounts to about $1.4 trillion. We are therefore nowhere near the point yet where cryptocurrencies pose a credible threat of supplanting central-bank-issued money. Nonetheless it is worth thinking through some of the implications if something like Bitcoin (which has about a 45% market share of all cryptocurrencies) were to wholly or even partially supplant central bank fiat currency. The agreed protocols that govern Bitcoin, Tezos and other cryptocurrencies, are effectively their monetary policy. In exchange for mining blocks of bitcoins and consuming computing power to verify the legitimacy of transactions, Bitcoin â€Å"miners† get paid in Bitcoin. These rewards increase the supply of Bitcoin, though the increase in Bitcoin money supply is inhibited by the increasing difficulty of verifying transactions. Increasing computational power is required to verify each transaction and mine new blocks to create new Bitcoins, meaning that the total supply of coins is gradually approaching the limit of ~ 21 million coins (currently there are ~16.5 million in circulation). Fiat money has its own protocols that stabilise inflation using interest rates and bond-buying, and the money supply that results from this is generally ignored. With cryptocurrencies however, money supply does not respond to shifts in money demand and with a relatively fixed supply, large fluctuations in value and prices result (in the preceding 11 months the price of bitcoin has soared almost 8 fold5). This some argue, is specifically the reason Bitcoin and other cryptocurrencies will not take over2 and makes Bitcoin impractical as a money. Cryptocurrencies however have proven to be a useful alternative to traditional reserve currencies in places with poor monetary policy and weak banks. In Kenya for example, 1 in 3 people own a bitcoin wallet1, while in India, where recently there has been a significant shortage in cash supply, greater numbers of people have converted to the use of bitcoin.4 If a particular country were to adopt Bitcoin to replace its currency, the effects of doing so would likely be felt by others in a knock-on effect. A larger credit cycle in one country would mean larger booms and busts for its trading partners. Foreigners outside the country that adopted the cryptocurrency, may also opt to deposit directly within that country and desert their own country’s banks in doing so – this could affect the flow of capital into and out of a their home country, further amplifying the credit cycle. The latest difficulties with Bitcoin make the prospect of a crypto currency takeover seem fanciful at the moment, but if solutions to these problems were found or a new currency were devised with better protocols, central banks would have to resolve these dilemmas one way or another. Financial history – what can we learn from historical bubbles and is it reasonable to foresee the current growth as sustainable?: An  economic  or  asset bubble,  is trade in an  asset  at a price or price range that strongly exceeds the assets  intrinsic value.  It could also be described as a situation in which asset prices appear to be based on implausible or inconsistent views about the future19. The general consensus among industry professionals, is that the current cryptocurrency market is in an unsustainable phase of bubble growth6,7. There were 30 ICOs each launching new cryptocurrencies in July, then more than 50 in August. Part of this mania is based on speculation. But its also clear that there has been departure from a fundamental assumption of what a cryptocurrency originally was – a scarce digital commodity where the value derived from its scarcity. To be frank, if more than one hundred new sources of this digital commodity have been launched since June, then the concept of scarcity, and therefore the supposed inherent value, begins to erode. In fact, many of these newer cryptocurrencies will need to fail in order to maintain the value and viability of the most widely used currencies, bitcoin and ether. These look to remain viable over the intermediate and perhaps long-term, though not necessarily at the current prices. History has shown us that the majority of cryptocurrencies fail dismally at some point soon after their conception16. Only a select handful have shown consistent growth over the last few years. Bitcoin itself has crashed significantly several times. Even so, though the core blockchain technology left behind others, will provide value as a hidden infrastructure underlying future applications. Though bitcoin has seen astronomical growth over the last year one of the major problems in its use is the extreme volatility in its value. On April 8th 2013 for example, Bitcoin was valued at $215 USD, eight days later this figure dropped to $63 USD then seven months after this its price soared to $1,200 USD. This volatility was in hindsight partly a consequence of strong speculative demand from buyers for a new and unknown technology.   There are however, more fundamental problems that cause the value of Bitcoin to fluctuate. The algorithm that controls supply prevents the amount of Bitcoin from expanding to meet increases in demand. This inelasticity in supply leads to price variations and also encourages speculation and excessive volatility, all of which render it unreliable as a store of value.7 The cryptocurrency market is new and being filled with new currencies almost daily. As competition develops however and with little history, few can value them correctly, forecast which currencies will succeed, and whether they are all part of a larger bubble that will eventually burst. History has shown however that new financial instruments are the authors of financial bubbles – be they options for tulip bulbs in the 1630s, fiat money in the Mississippi bubble of the 1700s, stock in the South Sea bubble, leverage in 1929 or collateralised debt instruments in the credit crunch of 2007, the problem was the world was behind the knowledge curve of the instrument and the power of greed drove the market wild and finally into collapse.8 It would therefore not be unusual to see a similar crash with cryptocurrencies in the near future. Cryptocurrency regulation How is it possible to regulate an online currency based globally?: In short, it isn’t. The whole premise of cryptocurrencies is that they are decentralized and ungoverned by any one government, but rather managed by a peer-to-peer network of users worldwide. The focus has thus shifted to the soundness and legality of investing in them through means such as ICOs and derivatives markets. In the largely unregulated world off cryptocurrencies, one issue remains at the forefront of the attention of regulators such as the SEC (in the U.S.) and ASIC (in Australia), and that is in the nature of ICOs, whether they are seeking genuine donations for the development of software, or whether they are in fact shares in a company or other investment, which contributors hope to redeem at a future date for financial benefit – an illegal and unregulated speculative investment. Initial coin offerings have raised $3.6 billion USD so far this year15 with several currency developers generating vast amount of capital in a matter of hours with little more than a website and a promise of a revolutionary new product. This unchecked source of crowd-funding has been banned by several governments, as other countries’ regulatory bodies such as the SEC and ASIC, have developed their own policies regarding these offerings. On September 4th, China banned investment in ICOs citing breaches of securities laws and â€Å"disruption to economic and financial order†13, and moved to shut down cryptocurrency exchanges also.13 In July, the U.S. Securities and Exchange Commission required companies to register ICOs in the same fashion as IPOs14. Following this ruling on September 29th, the SEC charged two companies with fraud and selling unregistered securities after running successful ICOs that collected more than $300,000 USD14. Substantial efforts have been made to legitimise cryptocurrency offerings by law firms such as Cooley in New York and others with vested interests in making ICOs work. Cooley attests that it has developed a â€Å"simple agreement for future tokens† (SAFT) framework that will allow token sales to be compliant with US securities laws. This is important given that several major ICOs had excluded US individuals from participating given the then-standing issues with the SEC. If by applying the SAFT framework the SEC is satisfied, then US investors would have access to more ICOs providing a major source of capital to them. The basic premise of the Simple Agreement of Future Tokens (SAFT) is that the cryptotoken fail the Howey test, a measure of whether a financial instrument is in fact a security. In order for tokens to fail the test and not be considered securities, they must be delivered to investors only after a functioning product or service is in place. â€Å"The network and the token must be genuinely useful such that they are actually used on a functional network,† according to Cooley’s framework. To date ICOs have delivered tokens to investors before the launch of the underlying currency, meaning that the only real function tokens could have use for would be in trading in secondary markets, blatantly classifying them as securities.   In the case of Tezos, investors bought into the project hoping that the Tezos platform would be built successfully, and that by owning the tokens, also yet to be created, they would become stakeholders able to shape the final platform. One particular case highlights the blatant regulatory arbitrage which is plain for all to see, and which the founders of Tezos attempted to disguise by consistently referring to their ICO contributions as â€Å"non-refundable donations†, in order to make ambiguous the nature of the security they were offering. Tim Draper, one of the main venture capital backers, when asked by Reuters how much he had donated replied â€Å"You mean how much I bought? A lot.† In Australia, ASIC released a decisive factsheet on ICOs and their position, stipulating that ICOs must be conducted in a manner that â€Å"promotes investor trust and confidence, and complies with the relevant laws†11. ASIC has also warned that the Corporations Act may apply to an ICO depending on the rights that attach to the coin from the ICO itself, rights to underlying coins or rights on tokens used in the ICO. Likewise, ASIC has also made it clear that if an ICO is conducted to fund a company, then the rights attached to the coins issued by the ICO may fall within the definition of a share. Where it appears that an issuer of an ICO is actually making an offer of a share, the issuer will need to prepare a prospectus as for any other IPO11, which will allows investors the safeguard to withdraw their investment before the shares are issued should there be misleading or deceptive information in the prospectus.    Lastly it is worth noting that some ICOs have been described by their initiators as a form of crowd funding. In Australia, ASIC has made a clear distinction between crowd funding using an ICO and crowd-sourced funding (CSF) that has been regulated by the Corporations Act since 29th September 201711. Under the new laws, CSF will be a financial service where start-ups and small businesses raise funds, generally from a large number of investors that invest small amounts of capital. There will be specific rules for conducting CSF with fewer regulatory requirements than ICOs, while maintaining investor protection measures. This is particularly of importance in the case of Tezos, where the developers sought â€Å"donations† to fund the development of their network, a deliberate misrepresentation which would now be both illegal and arguably unethical in Australia. REFERENCES: https://www.huffingtonpost.com/ameer-rosic-/7-incredible-benefits-of-_1_b_13160110.htmlhttps://ftalphaville.ft.com/2017/06/07/2189849/guest-post-the-consequences-of-allowing-a-cryptocurrency-takeover-or-trying-to-head-one-off/https://coinmarketcap.com/all/views/all/https://news.bitcoin.com/bitcoin-demand-rise-cash-run-dry-india/https://au.investing.com/currencies/btc-aud-historical-datahttps://www.coindesk.com/comes-cryptocurrency-bubble/http://www.cityam.com/1408388669/why-bitcoin-won-t-be-money-future-cryptocurrencies-might-behttps://www.forbes.com/sites/investor/2017/05/31/cryptocurrency-is-a-bubble/#4501c7dc33b1https://www.bloomberg.com/news/articles/2017-09-27/cryptocurrency-derivatives-you-bet-this-trader-has-295-returnhttps://ftalphaville.ft.com/2017/10/19/2195028/trouble-in-ico-paradise/http://asic.gov.au/regulatory-resources/digital-transformation/initial-coin-offerings/https://qz.com/1091812/the-secs-ico-crackdown-may-be-avoided-by-the-saft-legal-framework/https://techcrunc h.com/2017/09/04/chinas-central-bank-has-banned-icos/https://coinidol.com/icos-to-be-regulated-as-ipos-in-the-us/https://www.coinschedule.com/stats.phphttps://bitcoinexchangeguide.com/deadcoins/https://bitcoin.org/en/how-it-workshttps://3decuj2tc6bl1oljdt3zfwbb-wpengine.netdna-ssl.com/wp-content/uploads/Currency-Debasement.pdfhttps://en.wikipedia.org/wiki/Economic_bubble

Maximum Megaherzt Case Study

Magali Ekome Ndong MGT 4330 Dr. Margaret Shipley Tuesday November 6th 2012 Case#4 Maximum Megahertz Project Maximum Megahertz Olaf Gundersen, CEO of Wireless Telecom Company, is facing a difficult situation. He accepted a project proposed by 6 of his cleverest R&D specialist, The Maximum Megahertz project. This project is now behind. In order to get out of this â€Å"quandary† and avoid such issues in the future, Olaf Gundersen and his team should ask themselves these questions. How can they learn from their mistake? How to identify a risky project and put an end to it?This particular case is related to chapter 14 of our textbook. This chapter deals with project closure or what to do when your project is done. Although here our project is not done, these chapters discuss the main reason why it is so. It is said on page 505 of the textbook, â€Å"the closure phase is as important as any other phase of the project. Observation tells us that organizations that manage closure and review well prosper. Those who don’t tend to have projects that drag on forever and repeat the same mistake over and over†.It is said in our case that this project is not the first one Olaf and his company as difficulty with. Matter of fact, there were three other projects that could not be completed in the last 5 years. The CEO kept on investing resources into these projects knowing that they were dead end. We can therefore, affirm that Olaf did not learn from his mistakes. He needs to include in his future plan of action a review stage after each project completion. Here, we seem to have a â€Å"perpetual† project which is a never ending project.For instance, completing this project will take 6 additional months when it is already 4 months late. Also, this project initially demanded $600,000 and now requires $800,000 more. The team faces numerous issues such as power reduction, speed increase and use of a new technology battery. In regard to all the informatio n given, I will suggest that Olaf puts an end to this project. He could certainly pour more resources into the project, but doing so will not be a wise decision, in regard to his past failures.Also, Olaf is already discouraged and unmotivated about this project â€Å"his gut feeling tell him the project will never materialize, and he should get out†. In other to avoid having the same issues down the road, Olaf and his team need a plan of action. In this plan he first needs to review past projects and identify recurring issues. For that, he should hire and independent facilitators that will review previous or current projects that will draw lessons learned and advise on future procedures.Second, he needs to evaluate his team members and look for any issues such as effectiveness of group decision, problem solving processes, group cohesion and quality of information exchanged as suggested in our textbook page 512. Also, before accepting any new project, Olaf should make sure he understands all the parts and that his Telecom Company is fit to fulfill the project. An article by Ted Klastorin and Gary Mitchell, suggest that planning is a critical step in project completion.We can read from this extract from the article, Optimal project planning under the threat of a disruptive event, â€Å"A critical part of most project plans is a baseline schedule (or pre-schedule; Herroelen, 2007; Van de Vonder et al. , 2007) that is frequently used for timing resource allocation decisions in supplier contracts as well as communicating with project stakeholders and setting benchmarks for project monitoring and control. The importance of defining stable baseline schedules has been recognized by the Project Management Institute (Project Management Institute, 2008)†.Furthermore, this article adds that â€Å"Given the importance of baseline schedules in the planning process, researchers and practitioners have focused on methodologies for finding schedules that are robu st to random durations†. In this article, the authors propose a model or formula to use in case of disruption as follow â€Å"In this article, we introduce a problem faced by managers who are planning complex projects; that is, how should project managers react when faced with the threat of a possible DE that would stop all work on the project for a given period while overhead and indirect costs continue to accrue?While this problem is related to previous work on project risk, our model analyzes policies that minimize expected total costs under very general conditions†. Although we will not go in dept. into the model, but we are here assure that they ways to effectively deal with disruptions. In conclusion, Olaf should step out of this project and refrain from engaging in any new ones before he consults a review committee that will help highlight the errors he has made in the past. Also, we suggest that looks closer at his planning strategy and eview his team. Works Cit ed Case Megahertz Project page 530 Project Management: the managerial process Erik W. Larson, Clifford F. Gray, 5 ed. Chapter 14 Project Closure pages 504-531 Project Management: the managerial process Erik W. Larson, Clifford F. Gray, 5 ed. Optimal Project Planning under the Threat of a Disruptive Event, Ted Klastorin, Gary Mitchell IIE Transactions Vol. 45, Iss. 1, 2013 ABInform http://wj2gn4jw9z. search. serialssolutions. com. ezproxy. uhd. edu/? ctx_ver=Z39. 8-2004&ctx_enc=info:ofi/enc:UTF-8&rfr_id=info:sid/ProQ%3Aabiglobal&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft. genre=article&rft. jtitle=IIE+Transactions&rft. atitle=Optimal+project+planning+under+the+threat+of+a+disruptive+event&rft. au=Klastorin%2C+Ted%3BMitchell%2C+Gary&rft. aulast=Klastorin&rft. aufirst=Ted&rft. date=2013-01-01&rft. volume=45&rft. issue=1&rft. spage=68&rft. isbn=&rft. btitle=&rft. title=IIE+Transactions&r

How to Identify a Target Market Essay

In this part of my P2 course work, I have been asked to identify the target market by preparing an information pack about the target market, for my potential investors and also make a good question for my business survey. Market Research Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection whether it is secondary research (often referred to as desk research) or primary research which is collected direct from a respondent. Purpose of Market Research The purpose of any market research project is to achieve an increased understanding of the subject matter. With markets throughout the world becoming increasingly more competitive, market research is now on the agenda of many organisations, whether they are large or small. Market research is also one of the most important pieces to your marketing plan that will determine how you will speak with these customers, where to find them, how to best convert them into your customer and retain them as a customer. There are two types of market research 1. Primary research / Field 2. Secondary research / Desk Primary Research When marketers conduct research to collect original data for their own needs it is called primary research. This process has the marketer or someone working for the marketer designing and then carrying out a research plan. Primary research is also collected in a research â€Å"instrument† designed to record information for later analysis. Marketing researchers use many types of instruments from basic methods that record participant responses to highly advanced electronic measurement where research participants are connected to sophisticated equipment. Primary research also refers to information that is directly collected from the source. Another simple method of primary research would be to directly talk to your customers and get their feedback. Primary research can be both qualitative and quantitative. Method of primary research Questionnaire – Questionnaires are one the main tools in the use of field research. A questionnaire contains a series of questions which gather primary marketing research data for the business. A face-to-face questionnaire might include different questions to an emailed questionnaire. An interviewer will be filling in a face-to-face qu estionnaire and the person may be able to ask for the question to be rephrased if they do not understand it the first time. Online surveys- Increasingly popular and relatively low cost, online surveys are widely used by small businesses as a way of capturing the views of existing and potential customers. Face-to-face surveys – Personal interviews conducted face-to-face is a costly, but good way to get detailed insights from an individual. Secondary Research Secondary research is a data that already exists and has been collected by someone else for another purpose. Secondary research involves the investigation of secondary sources of data. Sources of secondary data can come from within the firm itself – this is known as internal secondary data. External secondary data, on the other hand, is data that has been published by other organisations. Methods of secondary research Secondary Sources include journal articles, books, encyclopaedias, dictionaries, reviews, newspaper articles, specific essays, etc. Most research papers are based on secondary sources as they build on the research or studies others have done. It’s usually published in pamphlets, newsletters, trade publications, magazines, and newspapers. Secondary sources include the following: * Public sources. These are usually free, often offer a lot of good information, and include government departments, business departments of public libraries, and so on. * Commercial sources. These are valuable, but usually involve cost factors such as subscription and association fees. Commercial sources include research and trade associations, such as Dun & Bradstreet and Robert Morris & Associates, banks and other financial institutions, and publicly traded corporations. * Educational institutions. These are frequently overlooked as valuable information sources even though more research is conducted in  colleges, universities, and technical institutes than virtually any sector of the business community. My name is Mba Nduka Amogu. I am a Business studies student at Whitefield. I would like to take a few minutes of your time by completing my questionnaire for my business studies course work about my business survey. 1. Are you male or female? Male Female 2. Which age range are you? Under 20 21-30 31-40 40-above 3. Do you live within this area? Yes No 4. Would you like to visit our fruit shops if provided? Yes No 5. If our new shops were available today, how likely would you be to visit instead of visiting other fruits shops currently available from other companies? Very Likely Moderately Likely Slightly Likely Not at all likely 6. If you are not likely to visit our shop why not? Do not like our services Satisfied with other competing fruits shops currently available Cannot pay for our services and products Not willing to pay or shop with us 7. How important is it convenient to you, when choosing our products? Extremely important Very important Moderately important Slightly important Not at all important 8. Overall are you satisfied with your experience, shopping with us? Extremely satisfied Moderately satisfied Slightly satisfied Neither satisfied nor dissatisfied Slightly dissatisfied Moderately dissatisfied Extremely dissatisfied 9. If our new products were available today, how likely would you be to recommend it to other? Extremely Likely Very Likely Moderately Likely Slightly Likely Not at all likely 10. If our new service were available today, how likely would you be to use it instead of competing service currently available from other companies? Extremely Likely Very Likely Moderately Likely Slightly Likely Not at all likely 11. If you are not likely to use our new service, why not? Do not need a service like this Do not want a service like this Satisfied with competing service currently available Cannot pay for a service like this Not willing to pay for a service like this 12. How important is it convenient for you, when choosing a service this type of service? Extremely important Very important Moderately important Slightly important Not at all important 13. Overall are you satisfied with your experience using our new service? Moderately satisfied Slightly satisfied Neither satisfied nor dissatisfied Slightly dissatisfied Moderately dissatisfied Extremely dissatisfied 14. If our new service were available today, how likely would you be to recommend it to others? Extremely likely Very likely Moderately likely Slightly likely Not at all likely 15. How often will you visit my shop if available, having different variety of fresh fruits and vegetables for sell? Daily Weekly Monthly Quarterly In My questionnaire I interviewed a total of 20 people. Below displays the results of each question individually. 1. Are you male or female? * Male8 * Female12 2. Which age range are you? * Under 2010 * 21-305 * 31-403 * 40-above2 3. Do you live within this area? * Yes16 * No4 4. Would you like to visit my fruit shops if provided? * Yes12 * No8 5. If my new shop were available today, how likely would you be to visit instead of visiting other fruits shops currently available from other companies? * Very Likely6 * Moderately Likely5 * Slightly Likely4 * Not at all likely5 6. If you are not likely to visit my shop why not? * Do not like my services7 * Satisfied with other fruits shops currently available3 * Cannot pay for my services and products5 * Not willing to pay or shop with us6 7. How important is it convenient to you, when choosing my products? * Extremely important7 * Very important4 * Moderately important5 * Slightly important3 * Not at all important1 8. Overall are you satisfied with your experience, shopping with me? * Extremely satisfied9 * Moderately satisfied4 * Slightly satisfied3 * Neither satisfied nor dissatisfied0 * Slightly dissatisfied3 * Moderately dissatisfied1 * Extremely dissatisfied0 9. If my new products were available today, how likely would you be to recommend it to other? * Extremely Likely4 * Very Likely6 * Moderately Likely3 * Slightly Likely4 * Not at all likely4 10. If my new service were available today, how likely would you be to use it instead of competing service currently available from other companies? * Extremely Likely5 * Very Likely3 * Moderately Likely2 * Slightly Likely 7 * Not at all likely3 11. If you are not likely to use my new service, why not? * Do not need a service like this10 * Do not want a service like this 1 * Satisfied with competing service currently available 0 * Cannot pay for a service like this 2 * Not willing to pay for a service like this7 12. How important is it convenient for you, when choosing a service this type of service? * Extremely important13 * Very important3 * Moderately important2 * Slightly important1 * Not at all important1 13. Overall are you satisfied with your experience using my new service? * Moderately satisfied15 * Slightly satisfied0 * Neither satisfied nor dissatisfied1 * Slightly dissatisfied2 * Moderately dissatisfied1 * Extremely dissatisfied1 14. If my new service were available today, how likely would you be to recommend it to others? * Extremely likely10 * Very likely3 * Moderately likely2 * Slightly likely2 * Not at all likely3 15. How often will you visit my shop if available, having different variety of fresh fruits and vegetables for sell? * Daily15 * Weekly1 * Monthly2 * Quarterly3 1. The Gender of the people interviewed for my business surveys This pie chart shows the gender of people I interviewed for my business survey, which shows that 40 percent of them are male and 60 percent of them are female. 2. The age range for the people I interviewed for my business survey. This pie chart shows the age range for the people I interviewed for my business survey, which shows that 50 percent of the people I interviewed are under 20, 10 percent of them are 40 above, 15 percent of them are between 31 – 40 and 25 percent of them are between 21-30. 3. This is people that live and doesn’t live in that area but were interviewed by me for my business survey. This pie chart shows the people that live and doesn’t live in that area but they were still interviewed by me because of my business survey, which shows that 20 percent of the people I interviewed don’t live in this area and 60 percent of them live in this area. 4. Would you like to visit my fruits shops if provided? This pie chart show the amount of people who are willing to make a visit to my shops when they are provided and also people who are not willing to make a visit to my shop, which shows that 40 percent of the people I interviewed are not willing to visit my shop and 60 percent of them are willing to visit my shop. 5. If my new shop were available today, how likely would you be to visit instead of visiting other fruits shops currently available from other companies? This pie chart shows the range of people who are willing to make themselves regular customers to my shop and also visit my shop regularly, which shows that 30 percent of the people I interviewed are very likely to visit my shop, 25 percent of them are moderately likely, 20 percent of them are slightly likely and 25 percent of them are not likely at all to visit my shop. 6. If you are not likely to visit my shop why not? This pie chart shows the reasons about people who are not likely to visit my shop and why they are not likely to visit my shop, which shows that 33 percent of the people I interviewed do not like our service, 14 percent of them are just satisfied with other fruits shops currently available, 24 percent of them cannot pay for our service and products and 29 percent are not willing to pay or shop with us. 7. How important is it convenient to you, when choosing my products This pie chart show how important it is convenient for people when choosing my product, which shows that 35 percent of the people I interviewed said that my product are extremely important to them, 20 percent said it is very important to them, 25 percent said it is moderately important to them, 15 percent said it is slightly important to them and 5 percent said it is not important to them at all. 8. Overall are you satisfied with your  experience, shopping with me? This pie chart shows the overall rate of people who satisfied or dissatisfied with shopping with me, which shows that 45 percent of the people I interviewed are Extremely satisfied with shopping us, 20 percent of them are moderately satisfied, 20 percent are of them are moderately satisfied, 15 percent of them are slightly satisfied 0 percent of them are neither satisfied nor dissatisfied, 15percent of them are slightly dissatisfied, 5 percent of them are moderately dissatisfied and 0 percent are extremely dissatisfied. 9. If my new product were available today, how likely would you be to recommend it to others? This pie chart shows the people who are likely to recommend my product to others if it was available, which shows that 19 percent of the people I interviewed are extremely likely to recommend my products to others, 29 percent of them are very likely, 14 percent of them are moderately likely, 19 percent of them are slightly likely and 19 percent of them are not likely at all to recommend my product to others. 10. If my new service were available today, how likely would you be to use it instead of competing service currently available from other companies? This pie chart shows the people who are happy and likely to use my services, which shows that 25 percent of the people I interviewed are extremely likely to use my services instead of competing services from other companies, 15 percent of them are very likely to use my service, 10 percent of them are moderately likely to use my service, 35 percent of them are slightly likely to use my service and 15 percent of them are not likely at all to service my service provided. 11. If you are not likely to use my new service, why not? This pie chart shows people, who are not likely to use my service and why  they are not likely to use it. It shows that 50 percent of the people I interviewed do not need a service like this, 5 percent of them don’t want a service like this, 0 percent of them are satisfied with competing service currently available, 10 percent of them cannot pay for a service like this and 35 percent of them are not willing to pay for a service like this. 12. How important is it convenient for you, when choosing a service this type of service? This pie chart shows how important it is convenient for people when choosing this type of service, which shows that 65 percent of the people I interviewed, said that my service is extremely important to them, 15 percent of them said it very important, 10 percent of the said it is moderately important, 5 percent of them said it is slightly important, and 5 percent of them said that my service is not important to them at all. 13. Overall are you satisfied with your experience using my new service? This pie chart shows the overall rate of people who are satisfied or dissatisfied with my service, which shows that 75 percent of the people I interviewed are moderately satisfied with my service, 0 percent of them are slightly satisfied, 5 percent of them are slightly satisfied nor dissatisfied, 10 percent of them are slightly dissatisfied, 5 percent of them are moderately dissatisfied, and 5 percent of them are extremely dissatisfied with my service. 14. If my new service were available today, how likely would you be to recommend it to others? This pie chart shows the people who are likely to recommend my new service to others if it was available, which shows that 50 percent of the people I interviewed are extremely likely to recommend my new service to others, 15 percent of them are very likely, 10 percent of them are moderately likely, 10 percent of them are slightly likely, and15 percent of them are not likely at all to recommend my new service to others if available. 15. How often will you visit my shop if available, having different variety of fresh fruits and vegetables for sell? This pie chart shows the total amount of people who are willing to visit my shop daily, weekly, monthly, or quarterly, which shows that 71 percent of the people I interviewed are happy to visit my shop daily, 5 percent of them are happy to visit my shop weekly, 10 percent of them are happy to visit my shop monthly and 14 percent of them are happy to visit my shop quarterly. My Target Market My Market target is for the children, Tourist and adults to be aware of the current advice of five portions of eating different fruits and vegetables a day. Because fewer of us know that five portion should come from a variety of sources every day, so that they gain the maximum benefit from fruit, eat it fresh and if the skins are edible, eat them too and also help people balance their vegetable intake between the orange/red and green varieties. Conclusion In this part of my P2 Coursework, I have identified my target market by doing a market research for my business and preparing a questionnaire for my business survey to get people reactions towards my business.

Critical Opinion On Critical Thinking - 1401 Words

In our daily lives, we face various challenges that require solutions. Most of the time we are able to solve these problems with minimum effort, at other times, however, the problems may be more complex and solutions to them may not be readily available. This will present us with various challenges and may require us to employ critical thinking. Critical thinking is an important skill burden of responsibility of ensuring the problems of a contemporary society are understood and well interpreted and a solution presented. As long as he or she resides in a contemporary society, he or she, must, therefore, ensure that he or she meets this responsibility. People who engage in critical thinking tend to provide good evidence and reasoning for the opinions they hold. Critical thinking also enables people to provide reasons for their actions. This research paper presents a critical analysis of the importance or the role that critical thinkers play in dealing with societal issues related to fa mily relations and dynamics. Theses issues include, but are not limited to, teen violence, physical abuse, depression, and suicide. The paper tries to define critical thinking and family and then it goes ahead to illustrate how critical thinking can help to solve these problems that surround family relations and dynamics. According to David hunter, although many definitions for critical thinking exist, Robert Ennis’ definition of critical thinking as a reasonable, reflective thinkingShow MoreRelatedCritical Opinion On Critical Thinking1456 Words   |  6 PagesCritical thinking is something I use on a daily basis as a nurse. To think critically, you recognize an issue, collect data, gather information to support it, analyze that data, evaluate it, and decide what to do about it. According to Creasia Friberg (2011), â€Å"nursing education is shifting from a purely problem-solving approach to one in which critical reflection mediates the relationship between knowledge and action† (p. 215). As a nurse, you learn all of the â€Å"skills† throughout the years,Read MoreCritical Opinion On Critical Thinking1585 Words   |  7 Pages Critical thinking involves evaluating and analyzing data in order to form a reasonable judgment about a particular topic or idea. It is not simply believing a subject matter because someone in authority or expertise said it, but challenging those arguments in order to form a well thought out conclusion. A critical thinker will normally not accept an answer without reasoning; they require evidence to validate or prove their conclusion. The ability to reason logically is a fundamental and disciplinedRead MoreMy Opinion On Critical Thinking993 Words   |  4 PagesCritical Thinking In life, critical thinking will help us do everything as solving problems or giving the right decisions to achieve the success. Do you ever think that you will become a billionaire in the future? It sounds fabulous, but it is an indisputable fact. Without critical thinking of people, it is not possible to have a society like we have today. Daily life can have more novelty thanks to creativity in each human’s thinking. It is difficult to find success today. We can only study provenRead MoreMy Opinion On Critical Thinking882 Words   |  4 Pagesthink of critical thinking still reminds the same, I believe that critical thinking is for someone to think outside the box. By thinking outside the box, it makes you be more open to new ideas and you’re not afraid of taking a risk. Also by making you seek to more information and the information you get helps you have a better understanding of the material. Critical thinking is very important to our society because every perso n uses critical thinking in every aspect of their life by thinking, writingRead MoreMy Opinion On Critical Thinking942 Words   |  4 PagesCritical thinking is something that we use in our everyday life, although most of us may not realize that we are even doing it. The definition for critical thinking is the â€Å"intellectually disciplined process of actively and skillfully conceptualizing, applying, analyzing, synthesizing, and/or evaluating information gathered from, or generated by, observation, experience, reflection, reasoning, or communication, as a guide to belief and action† (Defining). In other words, it is when you take all theRead MoreMy Opinion On My Critical Thinking Skills Essay1441 Words   |  6 Pagesof rereading and checking my material before turning it in. I gained much knowledge on the different sorts of vocations in psychology, and sub careers. This course has set me up for the other courses that I will need to finish my degree. My critical thinking skills have been enhanced which has improved my thought process. The course was pretty much how I expected it to be. I knew what was expected of me and had excellent input on my strong points and weak areas. This orientation class is a wonderfulRead MoreMy Interpretation Of Critical Thinking1482 Words   |  6 PagesMy interpretation of Critical Thinking has been challenged by the author of this passage by the dean of college arts and sciences of Santa Carla University author and narrator Peter A Facione. I have come to the conclusion that my initial thoughts of what critical thinking was way off. The author has the reader asking himself questions, and forming scenarios where we actually had to use critical thinking. I think this method of understanding is a great way to teach new readers. Right off the batRead MoreCritical Thinking Essay1163 Words   |  5 PagesINTRODUCTION Critical thinking has been defined in great depth over thousands of years yet comparison of many of these definitions show the emphasis alters between what characteristic is deemed most important for each individual. However the definition alters, the same three important principles are always included: scepticism, open-mindedness and objectivity. It is important for each individual to conclude his or her own definition of critical thinking to enable a specific authenticity thatRead MoreThe Unexamined Life Is Not Worth Living Essay1577 Words   |  7 Pagesworth living.† This quote, by a famous philosopher Socrates, amplifies the idea of critical thinking and its true importance. This quote explains that if we as individuals do not evaluate ourselves, then we stop living as human beings.This quote can present what is truly at stake when dealing with critical thinking. Critical thinking allows human beings to question the status quo naturally with no effect. Critical thinking is an important practice and technique one should inquire throughout their lifetimeRead MoreCritical Analysis On Critical Thinking1311 Words   |  6 Pages Critical Self Reflection Essay Critical thinking has been defined as the ability to be a disciplined thinker by using clear, rational, open-minded, and informed by evidence. Critical thinking is a skill that takes years of practice to master. In this essay I will reflect on my personal stage of critical thinking and what strengths and weaknesses I currently have. This personal reflection will include what challenges I will face to advance my critical thinking skills and what requirements a critical