Industry Analysis of Furniture Market

Industry Analysis of Furniture Market Nidhi (ABM 11032), Abhishek Ranjan Besra (PGP 29368), Nikhil Madan (PGP 30323), Poem Kabra (PGP 30329), Anurag Kumar (PGP 30302), Nivaak Shah (PGP 30325), Ruchi Shah (PGP 30341) FURNITURE IMPORTS IN INDIA The furniture imports in India has maintained a significant growth in past years. The key factors leading to increase in imports in India are increasing housing and commercial construction, increase in income level and influence of global lifestyle on urban population of India which tempts them to move towards the imported furniture. Earlier the European furniture was the major contributor in furniture import in India but from past few years a major portion of furniture is imported from China alone. During July 28, 2014 to August 28, 2014, India imported wooden furniture worth USD 1,626,772 followed by Italy and United States which exported furniture wood worth USD 348,207 and USD 254,712 respectively. The import data for this one month can be shown in pie chart as below: Wooden Furniture- Major Supplier Countries by Value (in USD) during July’14- August’14 (Source:www.infodriveindia.com/furniture-wood-import-data.aspx) The furniture imports in India have increased upto 64% over the period of five years from 2001 to 2005. The increase in the furniture imports is shown in the graph below: Furniture Imports in India during 2001-2006 Source: http://www.ibef.org/download/Furniture_170708.pdf) LABOUR VS OUTPUT According to law of Diminishing Marginal Returns, the increase in one input beyond a certain limit keeping others fixed will lead to decrease in productivity. In furniture industry, the analysis of diminishing marginal returns was done by considering the labour involved in the manufacturing of table. A normal table in a dealer’s shop in Delhi, Godrej Dealers, costs Rs. 2000. The production of a table requires 2 labours. If 5 carpenters are allotted to produce one table, the productivity increases but if the labour input goes beyond 5, there is a fall in productivity of table furniture. The analysis can be shown in the graph below: (Source: Survey, Godrej Dealers) DEMAND ESTIMATION (Organized sector) To estimate the demand we have taken demand as a dependent variable and other factors like price of products, substitutes and income level as independent variable. Two hypothesis were taken; Null hypothesis: There is no relationship between independent and dependent variable and Alternative hypothesis: There is a relationship between independent and dependent variable. If one of the hypothesis is rejected other will be automatically accepted. For organized sector the demand function which is developed has Price of the wooden furniture (P), Income levels of consumers (I), Price of the metal/fibre furniture (P1) as independent variable and Expenditure of wood (Q) as dependent variable. Demand function Q= (P, I, P1). The primary data of price has been collected from Godrej dealers of the Godrej Company. Income levels were collected from CMIE reports. All the primary data are constrained to Delhi. To develop Goodness of fit, the function has been assumed to be liner and regression analysis has been done to estimate the demand. After regression analysis, following model is obtained: Q= 6773.461317- 0.3281P+ 0.02705 I + 11.7609 P1 R2= 0.699, Adjusted R2= 0.548 Coefficient of P- Price of the wooden furniture is –ve Coefficient of me-Income level of consumers is + ve Coefficient of P1- Price of substitutes (metal/fibre) is +ve The above results shows a bit more than a moderate relationship between dependent and independent variable. According to the value of R2, 69% of the demand variation is explained by the variation of the price of the products, income level and price of the substitutes. Others factors which are not taken into account into above model should be government policies regarding cutting and selling tress and woods, import of woods etc. The above coefficient of independent variable gives us the result which is related to microeconomic theory. It clearly states that the demand (Q) falls with rising prices of main product and rises with rising income levels and prices of substitutes. Fig no. †¦.: Organized sector Regression fit quantity Price of product keeping ceteris paribus Fig no. †¦.: Organized sector Regression fit quantity income keeping ceteris paribus Hypothesis testing: By using the value of obtained value of t-stat and P-values the above mentioned hypothesis will be tested. Table no. :†¦Ã¢â‚¬ ¦. Here, we have considered level of significance to be 5% i.e ÃŽ ±= 0.05 and degree of freedom to be n-k-1, where n: no. of observations = 10 and k: no. of independent variable= 3 Hence, we get t (ÃŽ ±, n-k-1) which is t (0.05, 6). From statistical table (t distribution) the calculated t- value is 1.943. Findings: Table no:†¦.. According to the data independent variables like P and I doesn’t show any significant impact on Quantity demanded (Q) apart from variable P1 which is significant. This kind of result is obtained mainly because of less number of data. FUTURE OUTLOOK RECOMMENDATIONS As the furniture industry in India is largely unorganized and fragmented, it provides immense opportunities to domestic and global players. The main reason for increase in demand for furniture is on account of increasing purchasing power of the consumers, change in the lifestyle, increasing urbanization and availability in tier II and III cities. For increasing the product availability, organized furniture manufacturers are also getting into tie-ups with E-commerce retailers. The furniture retail chains are also focusing on increasing their presence in tier II III cities. â€Å"India Furniture Market Forecast Opportunities, 2019†, estimates the country’s furniture market will grow at a CAGR of around 26% during 2014-19.Western region is likely to be the highest revenue contributor in the furniture segment, followed by southern region as there are a large number of industrial hubs and upcoming infrastructure developments in these regions. Over the next few years, the Indian furniture market is expected to witness increasing consolidation due to growing entry of international companies as a result of the government’s 100% FDI approval into the country’s furniture industry. As a result, the share of small and mid-sized furniture players largely forming the unorganized sector is expected to fall over the coming years. The present market size of online sales in India is at Rs. 200 crore at present and is expected to grow five times to Rs. 1,000 crore by 2016. Certain categories such as coffee tables, bookshelves and shelves in general could be the bestsellers in the near future. This comes with its own limitations as certain items required to be seen and touched, like sofas. It is also believed that it will emerge as the most profitable segment in the e-commerce market.

Children Should Be Paid for Doing Chores Essay

ARGUMENTATIVE ESSAY Topic: Children should be paid for doing chores It is common knowledge that household chores such as doing the dishes, cleaning rooms, throwing the garbage are not really entertaining activities to the majority of people, especially to children. That is why some parents who are totally aware of the power of the influence of money, expect that allowance relied to chores can be a productive way not only to incite children to do the chores but also to teach them the value of money and hard work. However, the negative influences that money can bring make parents doubt to this method. Although some people claim that children should be paid for doing chores, it is my contention that paying them leads to slippery slope effects. Proponents of allowance relied to chores argue that this method teaches children to manage their own money. However, this is not the only way to make them acquire this notion of management. Parents can give them a monthly pocket money separated to the chores, for instance. Suppose a little boy gets 2500Ar of pocket money a month. If he wants to buy a 5000Ar-video game, he can decide either to spend it for a cheaper one or to save it and wait the next-month-pocket money to buy it. Therefore, children can manage their money else way than getting allowance for chores. Motivation through money may not work and can even be counter-productive, despite the fact that pro-payment for chores claim that it motivates children to do the chores. For example, if a child decides that he/she doesn’t really need a dollar today, it won’t be hard for him/her to decide not to do the chores. Besides, according to psychologists’ researches, young children who are rewarded for drawing are less likely to draw on their own that are children who draw just for the fun of it. In other words, if we reward children with money for doing chores, they will be less motivated to do them. Not only can this reward method demotivate children from doing chores but,  it also teaches them love only for money. In fact, they can ask their parents for an allowance raise; otherwise, they won’t do their household tasks. Dean Mehrkens, a parent who tried the pay-per-chore-system, declared that, due to this system, his three-year-old daughter refused to do anything unless there was some kind of compensation. Furthermore, he added that it made it difficult to correct or discipline a kid for doing what we’d taught him to do: except payment for everything. Consequently, the more parents reward their children with money for doing chores, the more materialistic and demotivated they will be. The most famous argument that pay-per-chore parents advance is this is a mean to make children realize they need to work hard to be well paid; nevertheless, chores are all family members’ responsibilities and not a work at all. Actually, unless it’s their professions, parents are not paid for doing the chores. So, why should children be paid while they won’t be later? Besides, instead of asking their parents allowance for chores, children should be grateful towards them for being taken care of by them and do their duties for free. That’s exactly the message that Marie Laforà ªt wanted to pass on in the lyric of her song entitled â€Å"Gift†: â€Å"Last night, while I was cooking in the kitchen, my son came in and held out a sheet of paper to me [†¦] I read it. And, that’s what it was saying: ‘For having done my bed the whole week 3 francs. For taking out the waste-paper basket 75 cents.[†¦] For having watered the flowers of the balcony 25 cents. Altogether it’s 9 francs and 85 centimes.’ So, I picket his pencil, I returned the sheet and that’s what I wrote: ‘For nine months of patience and twelve hours of suffering, it’s free. For so many sleepless nights, watching your sleep, it’s free. For rides, toys, and school it’s free. And if we have a look at it, the total of my love is totally free.’† We also have to take into consideration that children can have extra-work activities so as to make them understand this work ethic. Besides, most financial and child-development experts agree that paying children for extra-jobs that are outside their normal set of chores is a good idea. They can, for instance, mow the lawn, feed their neighbors’ pets; and sell cakes, cookies, and lemonades. Thus, if they want their children to get this work ethic, parents should incite them to do extra-jobs. It is evident that money has nothing to do with chores which are family duties. It overshadows the good reasons for doing household tasks. Indeed, when children do chores, they receive a sense of accomplishment, pride and increased self-confidence for a job well-done. Sometimes they also want to please their parents. As a consequence, putting a monetary value on chores eclipses all of those benefits. In other words, they will begin to work for allowances instead of their parents’ praise. Besides, not only does payment can cause children’s discouragement for doing chores, but it can also make them more materialistic. Finally, as parents are not even paid for doing chores and are already in charge of their children as well, the latter should thank their parents by doing the chores without payment. Thus, instead of chores allowances, kids can get pocket money, or do extra-jobs to understand work ethic and money management. That’s why I firmly believe that children s hould not be paid for doing chores.

Voltaire’s Candide Relevant to Modern Society

Dimattia, Devin English 12 AP Period 2 Gonzalez 10-5-11 Does Voltaire’s Candide connect to Modern Society? The tone and theme of Candide, a classic work of literature, make the novel relevant to today's modern world. These two elements of the story bring the classic to life for new generations to relate to as they read it. The satiric story unites a new generation of modern readers to a historical past as they identify with both the theme and tone of the novel as a whole. The tone of Voltaire's highly satirical work is humorously hopeless, and the tone is humorous because Candide and his fellow characters grasp the idea, set forth by the philosopher Pangloss, that â€Å"everything is for the best† and there is â€Å"the best of both possible worlds. † This blind optimism is negated time after time through the misfortunes that Candide and the rest of the story's characters experience, yet the characters press on with their hopelessly positive attitudes throughout their lives. When confronted with the bleak realities of the horrors of life by a scholar, Candide only replies, â€Å"I've seen worse, but a wise man, who later had the misfortune to be hanged, taught me that such things are exactly as they should be: they're the shadows in a beautiful picture. † This tone is achieved by the horrific events that the characters of Candide endure and their disinclination to accept the idea that, maybe, they really are doomed, and not all is actually for the best. The reader is inclined to give up on hope long before any of the characters do. For example, Candide loses his beloved Pangloss and the kind Anabaptist on his journey to the utopian Eldorado, gets beaten and whipped, kills more than one person, and suffers numerous other misfortunes while still concluding that all is still for the best because he can still find Cunegonde. After Pangloss is hanged, dissected, beaten, and made to row in a galley, he still believes that everything is for the best. Candide asks him, â€Å"Tell me, dear Pangloss †¦ id you still think that everything was for the best in this world? † And Pangloss replies, â€Å"I still hold my original opinions†. He goes on to say that his reasoning is due to the fact that he is a philosopher and it would be wrong to take back what he had said. Also, at the end of the novel, Candide, Cunegonde, Pangloss, and the Old Woman all decide that they are well-off where they are and that they may as well tend the ir garden, disregarding every horrible thing that they have had to experience in their pasts. Pangloss portrayed this best when he said to Candide at the end, â€Å"All events are inter-connected in this best of all possible worlds, for if you hadn't been driven from a beautiful castle with hard kicks in the behind because of your love for Lady Cunegonde, if you hadn't been seized by the Inquisition, if you hadn't wandered over America on foot, if you hadn't thrust your sword through the baron, and if you hadn't lost all your sheep from the land of Eldorado, you wouldn't be here eating candied citrons and pistachio nuts. This final note of proof of their perpetual optimism is consistent with the tone, where Cunegonde is ugly, the Old Woman is disagreeable, and none of the characters are very happy, yet they all continue to busy themselves with something to do and continue being hopeful. â€Å"The whole group entered into this commendable plan, and each began to exercise his own talents. The theme of Candide is that life is utterly unfair and will continue to give everyone a rough time despite a person's attitude of hope or a faith in everything being for the best. This prominent theme is shown over and over again as Candide and his companions suffer innumerable misfortunes and tragedies even through the existence of their collectively strong belief that everything will turn out for the best. Each character is traumatized and miserable most of the time. Some are even thought to be dead several times. By the end of the novel, the reader is almost in awe that Candide and the others have not given up on life entirely. The reader ultimately sees that it is hopeless to think that things will turn out well for the characters. However, it is also impossible to believe that they will not continue to live, learn, and try to be happy nonetheless.

Essay on Book Review We Were Soldiers Once and Young

We Were Soldiers Once... and Young Ia Drang- the battle that changed the War in Vietnam By: Lt. Gen Harold G. Moore (Ret.) and Joseph L. Galloway The Random House Publishing Group, 1992 Steve Heiser U.S. History since 1865/4:45W Dr. Luccioni October 24, 2012 I chose this book for my first book review for a few reasons. First, to bring to light and to honor the memory of Command Sergeant Major Basil L. Plumley, who recently passed away on October 10, 2012. He is a true inspiration to be followed; a career U.S. Army Infantry Soldier, a Sergeant Major, and key leader during the Battle of Ia Drang. He fought in every major Airborne Operation of World War II, including Operation Husky, D-Day, and Operation Market Garden. He†¦show more content†¦This battle was the first real test between the NVAs numbers, equipment, and tactics compared to the U.S. Militarys abilities. This ultimately demonstrated how the war would become a war of attrition, where the amount of casualties dealt to both sides would determine the victor. LTC Moore was the commander of the First Battalion of the Seventh Cavalry, that was the first to engage the enemy in a major conflict. The book does an excellent job illustrating his steadfast courage under fi re, and sound use of tactics. Which can be easily argued as one of the key reasons why this engagement is called a battle and not a massacre of U.S. soldiers. Moore constantly anticipated the enemy commanders moves. He concentrated his limited man power, artillery, and air support; exactly where the enemy would attack. As stated before, Joseph Galloway is the co-writer of this book and was the only reporter on the scene during the battle. He literally begged his way onto a helicopter that was doing a return trip to drop off ammunition and other supplies. 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