Risk Assessment Essay Example | Topics and Well Written Essays - 500 words

Risk Assessment - Essay Example Large organizations tend to spend great number of resources on implementing security measures to keep their informational assets safe but the writer states that there is not much awareness about this aspect in the non-profit organizations that have very limited resources and IT budgets. The author of the chosen paper, Fox (2008) understands the constraint of limited budgets in non-profit organizations therefore devised the methodology that would not cause them any setbacks in their financial system. The following aspects are considered for the development of the respective methodology; inexpensive or free software components that are compatible with Microsoft, no new infrastructure risk is brought about in the system, tools must be simple enough to be operable by volunteers after only few training sessions. The methodology that has been proposed by the author involves a series of steps that should be followed to ensure that the non-profit organization understands the risks that might be present in their IT infrastructure. Fox (2008) proposed the following steps: The series of steps for the risk assessment process is detailed and covers some of the basic considerations that should be involved in the conventional mode of risk assessment for example; the views of the top management regarding the important data that should be safeguarded and the authorities who should have access to the data. However, the implementation of the methodology requires the assessor to be equipped with the knowledge of UML which might pose to be a challenge for the volunteers in the non-profit organization. It requires considerable training to possess the skill of framing real life instances into UML framework. Another aspect of the paper that could have been explained in a better manner involves COBIT and NIST 800-30 security standards. The methodology is claimed to be based on these security standards but the

The Children of Hammerstein Essay Example | Topics and Well Written Essays - 1000 words

The Children of Hammerstein - Essay Example The three daughters were often grouped together and called the ‘von Hammerstein Sisters’ but the truth was that even though they had their fair share of similarities, they had their own personalities and lived different lives. The main thing they had in common was their stand against Nazism. Till the 1920s in Berlin – the years when they finally came of age – they socialized greatly be it the gymnasium, university, the social and/or political movements and so on. Once the political upheaval rose to great heights, all of them helped the victims in their own ways, not worried about the risk they were taking of their lives by opposing the Weimar Republic and later the Third Reich. Maria Luise was the oldest daughter of the five children. She opposed Hitler by joining the German Communist Party in the late 1920s. In fact, whenever her father departed from the house, she would take the opportunity to go through this safe in hopes of finding documents with import ant information on them. She even told the Soviet Union about Hitler’s political and military plans which he informed to his generals in his secret speech. This made her a traitor to her country but her father was not against it. It was during this time period also that she had a relationship with Werner Scholem but later he was shot dead. Maira Luise decided to remain in her homeland for the duration of the war. It was at some point in the 1950s that she changed her residence to the German Democratic Republic. The second daughter was Maria Theresa and she was quite an activist. She was less ideologically at risk than her sisters but she did empathize with left wing views, especially the educated middle class Jewry. She alerted the Jews if they were in danger of being deported or arrested by extracting the necessary information from her father. She would move the Jews and some Germans to Prague and helped many of the marked to hide. She also brought materials such as newspape rs to the Nazi community over there. Maria Theresa is lauded for saving innumerable Jews from extermination. She got married to a Jewish man in 1934. They travelled to Palestine but had to return and were cross examined a lot of times by the Gestapo. So, they went to exile in 1935 to Japan. Over there also, she was not safe but she managed to survive and had four children. After the war was over, they shifted to the United States of America. Helga von Hammerstein, like her eldest sister Maria Luise, was part of the German Communist Party. She helped out her sister in carrying out her parts. She had a relationship with one man called Leo Roth who lived a very dangerous live and was shot in a prison in 1936. Helga, along with her mother and youngest brother, was held in captivity by the Nazis for the duration of the last weeks of the War. They were first imprisoned at Buchenwald, then at Dachau, and then at South Tyrol. They were interrogated and asked the hiding place of her brotherà ¢â‚¬â„¢s but they did not break. She remained in Germany during the length of the war. After the end of the war, they were given freedom by the Allied Forces in 1945 when they liberated the camps. Franz von Hammerstein was the first son. He was excused from the duty of working for the army due to medical reasons. He was the brother who was imprisoned and questioned by the Gestapo along with Helga and his mother. Later, he was also freed with them by the Allies. After the war

Marketing and Branding Strategies Research Proposal

Marketing and Branding Strategies - Research Proposal Example Moreover, Nike controls around half of the sports foot wear and apparels market and the combined strength of Adidas and Reebok will make them able to attain almost the same market share as that of the Nike. Thus the merger will strengthen the competitive power of Adidas and Reebok. The combined company won't want to cut its own bottom line by launching a price war. Others, however, think consumers may see more products and aggressive marketing from smaller players in the industry as they work to protect their shares. (Petrecca, and Howard). The mergers are often welcomed by the consumers because of their anticipation of good quality products for cheaper prices. The inability to reduce prices may reflect as a weakness of merger among the public. Any time two competitors join forces, there is a tendency to stop competing - a concept that looks good on paper but can be deadly in-market (Howard). It is quite possible that the lack of competition and trust between the companies may force them to reduce their expenditure on advertisement like activities which will negatively impact the marketing activities of both the companies. Moreover, the reduced marketing campaign by these companies will open the doors widely for the competitors like Nike. The companies say they have already identified about $150 m... Hence these companies will get an opportunity to spent more moneys in other markets where previously these companies spent less for advertisements. Threats Often when former rivals join forces there is a tendency to try to change product lines so they don't go head-to-head. "The real danger may be in trying to reposition one brand or another to not compete. ... Both brands could be diluted in the process." (Petrecca, and Howard) The decreased competition between these companies will force them to reduce their activities which may result in spoiling of their popular products in the market. Benefit of the merging Uniting two of the world's top sports companies and creating a much stronger challenge to Nike, particularly on the global giant's home turf: the prime North American market that accounts for about half of the category's sales worldwide. (Petrecca and Howard) It is not possible for either Adidas or Reebok to challenge the supremacy of Nike in North American markets. But the merger made them capable of raising stiff challenges to Nike in these markets as well. Possible marketing strategies Retailers are in an advantageous position because of the opportunity to deal with products two famous brands. Adidas which dominates the soccer shoes market have contracts with David Beckham like soccer personalities whereas Reebok has contracts with global basketball stars like Yao Ming (Petrecca, and Howard). Thus they can utilize these sports personalities in a complementary manner conduct their marketing strategies effectively. In short, the merger between Reebok and Adidas made them capable to compete effectively with their main competitor Nike. Works Cited 1. Howard, Theresa. USA TODAY. 2005. "Adidas, Reebok lace up for

Professional standards outline Essay Example for Free

Professional standards outline Essay Professional standards outline the auditors consideration of material misstatements due to errors and fraud. a) What responsibility does an auditor have to detect material misstatements due to errors and fraud? The purpose of assurance engagement is enhancing the reliability of the subject matters. So it is auditors responsibility to provide a reasonable level to assure the financial report is true and fair. Financial report is a data assembling which reflect the position of the business. Therefore these users, including investors, managements, shareholders and the other parties can make decision base on the information provided by the financial report. Then the information which impacts on the process of decision making for the uses of the financial report is defined as materiality (Kimmel, Carlon, Loftus, Mladenovic, Kieso, Weygandt, 2006). The fairness and trueness of the material is important to the users of financial reports. The major task of auditor is to identify the misstatement in the financial report. By definition, misstatement is a difference between the amounts, classification, presentation or disclosure of a reported financial report item and the amount, classification, presentation or disclosure that is required for the item to be in accordance with the applicable financial reporting framework. There are two kinds of misstatements and they rise from error or fraud respectively (Auditing, Assurance and Ethics Handbook, 2010). But by the limitation of auditing, financial report audit only provides reasonable assurance instead of total responsibility to the fairness and trueness of the reports. The auditors can assure about whether the financial report is prepared in all material respects in accordance with a financial reporting framework. The reason of the limitation is determined by the nature of financial reporting, the nature of audit procedures and the need for the audit to be conducted within a reasonable period of time and at a reasonable cost (Moroney, Campell, Hamilton, 2011). b) What two main categories of fraud affect financial reporting? By definition, fraud is an intentional act through the use of deception to obtain an unjust or illegal advantage. These two main categories of fraud are financial reporting fraud and misappropriation of assets fraud. Generally say misappropriation of assets fraud involves some form of theft. Therefore misappropriation of assets fraud will decrease the assets and increase the expenses then it will reduce the owner’s equity of the company (Auditing, Assurance and Ethics Handbook, 2010). Financial reporting fraud is intentionally misstating items or omitting important facts from the financial report (Moroney, Campell, Hamilton, 2011). In Cendant case, the fraud is the accounting department manipulating the revenues to meet the expectation of Wall Street analyst. Than the company can have more opportunities to merge other companies. The affect of the financial reporting fraud will increase sales therefore increase the profit of the company. The financial reporting with fraud will indicate the future earning ability to the share market therefore rising the share price in the exchange market. c) What types of factors should auditors consider when assessing the likelihood of material misstatements due to fraud? First the auditors should consider the company economical environment to identify whether there are incentives and pressures to commit a fraud (Moroney, Campell, Hamilton, 2011). CUC is in the travel service industry which is highly competitive. And CUCs revenue has dramatic doubled in the mid-1990s. To merge the other company, the companys profit has to keep increasing to meet the analysts’ expectation. So the managements of CUC have pressures to create more profit by fraud financial figures. Second the auditors should look into the financial report whether there are opportunities to perpetrate a fraud. (Moroney, Campell, Hamilton, 2011) In this case, CUC made various year-end adjustments to the general ledger. Those significant adjustments created great opportunities to make a fraud. Finally, attitudes and rationalisation to justify a fraud need to be assessed by the auditors. (Moroney, Campell, Hamilton, 2011)CUC has been required to amend its financial statements by the Securities and Exchange Commission several times for using aggressive accounting practices in later 1980s and early 1990s. And from CUCs high speed expand, the companies top management showed high enthusiasm to maximise the share price. So the top level managements have created a flexible environment for the financial fraud. d) Which factors existed during the 1995 through 1997 audits of CUC that created an environment conducive for fraud? Seeking the incentives and pressures to commit a fraud, material stated in the early and mid-1990s CUC acquired several companies to expand market share. Those acquisitions included Entertainment Publications in 1992, Net Market in 1994, Welcome Wagon International, Home Shopping Travel Club, Privacy Guard in 1995, Sierra On-Line, Davidson Associates in 1996. CUC also came into the new contracts with big companies such as Intel, Time Warner and American Airlines. CUC had doubled revenues from 738m in 1993 to 1.4b in 1996 and at same time CUCs net income rose from 25m to 163m (CUC International Inc. Company Profile, Information, Business Description, History, Background Information on CUC International Inc.). CUC was in highly increasingly competitive industry. To maintain high growth rate hut pressures on the managements. However, for year-end reporting purposes, CUC made various year-end adjustments to incorporate the misstatements into the general ledger. Those adjustments are the opportunities to perpetrate a fraud. Question 2: Entitys 5 interrelated components of internal control a) What responsibility does an auditor have related to each of these five components? Internal control is the process designed, implemented and maintained by those charged with governance, management and other personnel to provide reasonable assurance about the achievement of the entitys objectives with regard to reliability of financial reporting, effectiveness and efficiency of operations and compliance with applicable laws and regulations. Internal control framework is one of the independent reference for auditors to gather. The auditors need to test the five components of the internal control to identify the level of risk to error or fraud. The auditors need to test the effectiveness, consistent, inspection of documents for evidence of authorisation, inspection of documents for evidence that details included have been checked by appropriate client personnel, personnel performing,how they perform their tasks and re-performing control procedures. 1) The control environment The control environment is the attitudes, awareness and action of management and those charged with governance concerning the entitys internal control and its importance in the entity. And the control environment sets the foundation for effective internal control, providing discipline and structure and includes several elements such as, communication and enforcement of integrity and ethical values, commitment to competence, participation by those charged with governance, managements philosophy and operating style, organisational structure, assignment of authority and responsibility, human resource policies and practices. The auditor should consider each of these areas and their interrelationships. Especially, the auditor need to identify the significant deficiencies. 2) The entitys risk assessment process The entitys process for identifying and responding to business risks, in the financial reporting area, is how management find risks in the preparation of a financial report that is true and fair. There are three kinds of risks, inherent, control and detection risks. Inherent risk is the susceptibility of an assertion to a misstatement that could be material, either individually or when aggregated with other misstatements, assuming there are no related controls. Control risk is the risk that a clients system of internal controls will not prevent or detect a material misstatement. Detection risk is the risk that the auditors testing procedures will not be effective in detecting a material misstatement. And auditors need to assess the combined inherent, control and detection risks to evaluate the risk of the material misstatements. 3) The information system, including the related business processes, relevant to financial reporting, and communication. The role of information systems is to capture and exchange the information needed to conduct, manage and control an entitys operations. Auditors will test the information system related to the financial reporting objectives as same as initiating and recording transactions, balance and events. 4) Control activities Policies and procedures that help ensure that management directives are carried out. An audit need to categorise activities such as performance reviews, information processing, physical controls, segregation of incompatible duties. Those activities are easier to be test by the auditors compare those entity-level control activities. 5) Monitoring of controls After establishing and maintaining internal controls, an important responsibility of management is to monitor the controls to assess whether they are operating as intended and modified for changes in conditions on a timely basis. An audit needs to collect evidence about the design and effectiveness of internal controls. Those considerations include periodic evaluation, person in charge, communication channel, management implements, correcting significant deficiencies, implements reports and recommendations from regulators, function of internal audit and evaluations or observations made by the external auditors (Moroney, Campell, Hamilton, 2011).

Order, Disorder and Imagination in John Buck’s Sculptures :: Art Essays

Order, Disorder and Imagination in John Buck’s Sculptures There is always a first impression, a first glance seeping through the corner of your eye. When passing by one can’t help but to notice the overwhelming presence of John Buck’s freestanding sculptures which stand in front of the Gallery. I find myself overwhelmed by both the size and the boldness by which these sculptures speak. Their organized structural nature combines a variety of ideas from branches, birdhouses to molecular structures and globes, and in the middle of it all stands the ringing human form. Initially, the forms and elements I saw in these sculptures impressed me but their composition did not challenge or stimulate my curiosity. So I kept up with the flow of traffic and continued on walking by. I couldn’t quite figure out why I had an aversion to these sculptures. It wasn’t until I started to break down the elements of these sculptures and take a closer look within the walls of the gallery that my first impression faded and a new aur a of his work came into being. A have found an appreciation for both his ways of making and the perceptions he presents. I am a big fan of wood carving, so I am thoroughly impressed by John Buck’s carvings of both his sculptures and woodblock prints. I appreciate the details of his work for instance the visibility of the chip carving and the control he has over the bends of the wood. I am curious to know the techniques he uses to get these details and his methods to making them. I read that John Buck uses a special kind of wood called jelutong. The artist said about working with wood, â€Å" There is an automatic and direct relationship between the nature of the wood and how I am able to work with it†¦In the carving of wood there is a physical activity that is more about nature in the making –not just the concept of the image, but the actual making, is connected to nature.† His connection to nature and the environment go beyond his use of wood as a medium, but are explicit in the stories he tells. In the lecture ‘Pillar to Pole’, Bruce Gunter commented on three forces which he found impacted Buck’s art work, these being: Midwest roots, environmental degradation and relationships to humanity.

How useful is social class Essay

How useful is social class as a variable for segmenting consumer markets? Explore. In the early days of segmentation, according to Schiffman, it was not unusual to apply only one segmentation criterion, e.g. demographic segmentation. Today marketers have realized that it is to simplified to apply only one criterion for segmenting complex markets. Therefore, it is common to combine several criteria to create rich and comprehensive segmentation profiles in order to find the most beneficial target markets for one’s product. Shortly, it can be argued that geographic and demographic variables help to locate a certain target market, whereas psycho-graphic and socio-cultural variables help describe who its members are, how they think and how they feel. Demographic is segmenting customers based on age, income, gender, etc. Geographic is based on the region or country they live in. psycho-graphic is based on their personality and socio-cultural segmentation is segmenting the market based on their subculture, religion, social class, family lifestyle/life-cycle (single, married etc). Currently, we will focus on the importance of segmenting the consumer markets based on their social class. Almost every society has some form of a social class structure. According to Kotler, Social classes are society’s relatively permanent and ordered divisions whose members share similar values, interest, and behaviors. Society is mainly divided into three major classes, Upper, Middle and Lower. But social scientists have identified that society can be classified into seven social classes. They are the Upper Uppers, Lower Uppers, Upper Middles, Middle Class, Working Class, Upper Lower, and Lower Lowers (See Appendix I). Companies need to consider social class as a variable for segmenting the consumer markets because it is useful for them in determining their target market. It helps them in setting the different marketing mix for different  target market based on their social class. For example, a car company like Toyota produces many different types of car with different brands; prices and which are targeted to different people. The expensive cars like Land Cruiser and Celica is targeted to the upper class. While their other brands like Soluna and Toyota Kijang is mainly focused on the middle and working class. Marketers are also interested in social class because people within a given social class tend to show similar buying behavior. It helps the marketers in setting the price and the quality to use for their product. For instance the Upper Uppers way of decision-making of purchasing a product and the product they purchase would be different from those of the Upper Lower. They would prefer to purchase a more expensive product with good quality. They would not go for cheap products thinking that because if it is inexpensive, it is sure an inferior product. For example, in choosing a car. The upper class would prefer to buy something more elite and exclusive like Mercedes and Lexus since it has a class, and is more of a good quality product. They would not go for something like Timor. Therefore, it is vital that marketers consider the social class when segmenting consumers because it influences on consumer purchasing decision-making. Here, marketers know that their upper class consumers see the quality comparing to price. So they have to develop a product with merit features, since the society is affordable to pay for the product. Besides aiming on target market and setting the price, it also helps the marketers in deciding their advertising activities. The way a company advertises for an expensive and exclusive products will be different from the way they advertise a low quality product. I’m sure a marketer would not waste a lot of money in their advertising campaign for an inferior product that is targeted to the middle and lower class. Example, for soap products like Lux and Giv. Lux Company focuses on middle to upper class as their target market. To make it look like a pricier product, they use famous  actresses as their model. At times, the model in the advertising do effect on the consumer decision-making. While Giv Company focuses more on lower class consumers. They are less bother to hire expensive models for their advertising. They would go for a more simple advertising campaign. Overall, I would like to state that if marketers use social classes in targeting their consumer markets, they will be able to easily identify their target, understand their consumer behavior, minimize risk for new products and services and hence can organize successful marketing strategies in which they can sell their products in a better way and can gain more profit. They will also be able to know about the needs of their customers and hence can serve them better in the future.

Structure and Culture of Small Medium Enterprises

‘The category of micro, small and medium-sized enterprises (SMEs) is made up of enterprises which employ fewer than 250 persons and which have an annual turnover not exceeding 50 million euro, and/or an annual balance sheet total not exceeding 43 million euro.’ (Definition, 2011) Above explained is the new definition reconstructed by European Commission based on the developments to business environment. This was published in the year 2005 in their website further talking about the importance of SME’s to the European community in the report they issued. Looking further into how and why SMEs plays a major role in the business environment the report explains that, the 25 million SMEs provides 75 million jobs covering 99% enterprises in 25 European union countries. Nonetheless, SMEs has to face difficulties in capital and other important factors such as investment loans especially during the early stage which makes it less stable and short period existence for these types of businesses. (Introduction, 2011) However, some determined minds working through this field tend to survive the obstacles faced in the early stage and carry on with the other phases. Usually SMEs have less than 250 employees. This small community also has to have an intranet among them to be updated and connected to each another. One of the most common tools is paper based communication. Paper based communication requires plenty of paper, more procedure, and more time, which is less reliable and difficult to manage. It also has its advantage of having long time proof of records. But that is not the basic factor highly prioritized in today’s business world. As alternatives keeps the place tidy and stores the record internally in any hard disk or any software. Most importantly, company records are much safer where there is more IT involved. Though, communication is a basic factor in every business organization, not every company has established the latest technology of communication. Different industries or companies have communication process based on their level. Like, huge companies use modern and efficient and/or costly ways of communication whereas; small and medium enterprises (SMEs) use alternative modes which are cheaper and more procedure involved means of communication. This report is based on SME’s highlighting their ways of communication with their stake holders and most importantly, upon how they can improve the method of communication with lower cost. Instead of complicated communication systems these SMEs also could rely on more efficient ways which is more IT related. Among every possible upgrade the key factor for SMEs would be to analyze and go with the minimal cost plan. Executive Summary The introduction of the report explains about what exactly are SMEs. This highlights upon the business culture and structure also the methods they could apply in order to upgrade the existing techniques for an easier method of communication. Alongside, coming up with low cost upgrades as SMEs would not have huge amount in their turnover, moreover it would not be valuable for them for spend abundantly on communication within the organization. Hence, I have shared some opinions which they could rely on and at the same time which would fix into their budget. The report further gives explanations on how the SMEs could grow in its scale by following some method to aware the customers of its existence. And what other IT related yet cheaper ways in which they could keep records like, stock, daily sales and attendance. As far as record keeping is concern in a business organization, SMEs also needs to maintain daily stock report and sales report in a daily basis in order to avoid stock imbalance. If stock is not handled well as a daily/weekly, at the end of the year, missing stocks would be numerous and mysterious. This is going to be a hard task for the company to investigate specially for SMEs. The options elaborated in the report helps to identify some different techniques which help to standardize the majority of work done within the organization. The methods are been separately explained on how each can be utilized and the outcome result of it. Most of it talks about the efficient and effectiveness brought by using the methods. Like how to computerized the stock report and the result in quick search of a transaction or any stock details. Also methods on how the SMEs can reach their customers by spending the least amount on advertising. Structure and Culture of an SME SMEs are usually sole traders who have no more than 250 employees and less turnover of Rs50 million and below. (Fernando, R. 2003) The organizational behavior within the SMEs is less formal than of a larger organization. There are no specific standard followed by the employees. Where attendance maybe the only effective factor for any employee. These types of businesses are usually referred as bureaucratic organization, where the manager/owner has high authority in decision making in every aspect without any recommendation and knowledge by the staffs. For instance, owner decides how a shift would work; if/whether the interior has to be changed and to recruit more staffs and so on. Also he plays the leadership role in deciding how to contact with the customer. Like, if the purchase bills has to be made or not and if so how; printed receipts or manual. Taking a look at why smaller and medium enterprises have a less formal routine is due to cost cutting, result in manual work with cheaper materials to work and also they do not keep a record of day to day business other than the cash-flow. Cash flow records are also maintained in a log book where the cashier list down the items sold, each one separately till the end of the day. And what if a customer needs the receipt? They get a manual receipt with company stamped and purchase details hand written by the cashier, costing more time work and procedure. Meanwhile, the owner keeps a record of bulk purchase in his logbook noting it down after every purchase. This kind of record keeping is difficult to maintain if they want to find something quickly. Moreover, human errors and easy going behavior of a staff may lead to mysterious results of stock imbalance. The external communication; customer communication is preferably poor in SMEs as they do very less advertisements and direct approach to the customers are almost nil regarding its existence. Most of its customers may not know if they have a new stock or introduce a new brand and so on. To be in contact more with the customers is the only way a business can run successfully. But as I have mentioned earlier that SMEs would not prefer any expensive methods of communicating within its organization, below are some upgrades they could bring on in order to connect with the customers and have more efficient way of communicating within the organization. Additionally, some advanced system to keep record. Improved procedure within the business Method 1 Though it has been a tradition to SMEs to keep paper records, they could switch to more IT based information storage. The owner could purchase sales software which is user friendly and easy to train cashiers and/or related department like stores. The registration of the software can be made annually with an annual payment method based on the license to use it. Thus, stock can be maintained in this specific platform at the same time encoding items can result for easy access. Sales software would not be of high cost as it has to be paid annually and compared to the ease it makes in maintaining the majority of the work. Thus, the SME’s would save much time on stock maintaining in efficient way which is more effective; most importantly, with low cost. Method 2 If sales software is considered as high cost per annum simple spreadsheet documentation can be maintained by help of a Microsoft excel expert. Microsoft excel provides a solution to store and calculate the raw data by customized formulas also with the help of the in-built formulas available in the software itself helps to solve minor calculations. It has the potential to create a spreadsheet of raw data into flowcharts, tables and reports to bring a better understanding. The cells are editable which enables to reenter if any changes have to be made. A sales chart can be made in terms of a day, week, month or a year based on their preference. If a company preferred to list down the sales and the stock details in a daily basis, they could include different days tagged in different tabs. While creating different excel documents for different months. Hence, any record can be searched easily with shortcut keys. Meanwhile the SME can keep a good record also record keeping method would be more efficient. SMEs connecting with customers The reason behind low interaction between SMEs and its’ customer is also is to avoid expenses while running business. Bad assumption of SMEs is that communicating to the customers through advertisements are overheads to the company, in fact the attraction gained by the customers would only cause them to have more trade and eventually more profit. To obtain these, SMEs can integrate with modern and IT related communication system which would cost them a lower rate. Method 1 Not only internet can be used as a tool to market but also mobile advertising can be the best and more direct way of approaching to the customer personally. The company can register corporateSMS service from a local telecommunication centre. It helps to forward the same text message with many recipients at the same time. This service can be used to notify the customers for new stock arrivals and so on. News spreads easily, thus a single text message can reach the news to a family and close friends. Overall another 5-10 people would be aware of the news. This makes the direct communication more useful and effective. Method 2 Online marketing is the leading method in modern community. It has become so common that the SMEs also could hire an UI designer to build a platform for their business on the web. This could provide their information regarding the business and products available. Updating the website helps the customers to be familiar with the present availability. There are many web hosting companies which sometimes charge less than $10 per annum. This is quite very few amounts to spend in order to collect more customer and profit to the business. Method 3 Why spend a cent when you can advertise for free? The organization can created a web page about themselves on social networking sites, most common; the Facebook. Owning a page does not require any payment. Numerous amounts of people can search and go through the page as Facebook is in fact, the top rated social networking site where over billions of active users login almost daily. Hence, the chance of more people viewing the page is high and meanwhile, they get to know about the location, service and products available in the organization. The page can be more attractive if company could share pictures of products to make it more helpful the buyers. The details like, history of the organization, mission/vision/objectives and how the customers can contact can also be also included as more details in the information tab provided. Hence this method of online marketing can help to reach more customers without costing any. Method 4 Apart from advertising to the customer, a proof of purchase is required when a customer makes a transaction. In most SMEs a receipt is not provided unless the customer request for it. Hand written slip with a seal of company is how they usually provide it. In my opinion along with sales software they would be able to link to a POS (point of Sales) centre thus a computer generated receipt can be printed through a receipt printer. This method would help both the customer and company to minimize the time of sales. Recommendation Based on the methods mentioned above, my recommendation on how the SMEs could manage their stock is by using a sales software as this is a computer programmed method the chance of mistakes are less compared to using an excel sheet to write down the records manually. Plus, the purchase bill or receipt can be automatically printed after every sales entry if required which leads to a more reliable and quick sale. Thereby, providing the customer a proof and the system detects a sale been done and automatically adjust the balance amount. In the excel sheet this could also be done using the formulas yet it is not reliable if not well maintained. And in most situations daily maintenance cannot be done since the manual work is larger than the automatic level. In case of the sales software technique the normal selling routine goes parallel with the automatic generating of the stock report. It makes the handling procedure much easier and effective. Talking about the marketing point, since Facebook requires none to create a page in the website, this can be easily done to promote its business. This method is the highest effective way because the website is a well-known platform for almost every region. Hence, people around the world will get to know the company and by chance the SMEs could also grow larger in their business according to the income and time. The second best choice I recommend is to register with corporateSMS and to directly approach for customers. This could be done by introducing a visitors’ book and recording the basic information of the customer like; name, contact and preferred item. While the company receives new stock they could text specific group of people with common interest of item, thus the same message can be delivered in bulk. This kind of advertising is more direct and effective. Conclusion Effective communication is the base of the business. If the communication process is reliable then the company can run smoothly. Running a smooth business requires sufficient ways to overcome any conflicts. Any loop holes has to be fixed; starting with the procedure within the company and how to interact with its stakeholders. If a good policy can be retained then the SMEs would also be a well-established part of the society. Rather, having to discontinue soon after starting the business. The success story comes with strong determination; the willingness of a person is all it counts. The report has been highlighted with few methods to improve the existing nature of the SMEs to produce a better procedure to them for their future. Ways in which they could rely on making more profit by spending a small amount of money. Let me conclude by saying that, in my opinion these methods to upgrade the existing techniques followed by SMEs would help them save more time and minimize errors and mistakes from sales maintaining. SMEs can develop their existing communication process within the organization for an efficient and effective system, where they could easily communicate with its customers also within the business community. The opinions mentioned are of low cost also more efficient and convenient to run a small and medium enterprise for a better communication to the organization.