Professional Documents
Culture Documents
A TERM REPORT
ON
Submitted to
Madam Quratullain Bosan
Submitted by
Ramiz Ur Rehman MBC-08-31
Usman Arshad MBC-08-32
M. Zuhair Altaf MBC-08-36
Usman Aslam MBC-08-46
Aun Ali Khosa MBC-08-54
One is the first the Almighty ALLAH whose blessings are above each
and every thing which make us able to present our tiny effort. All
Quratullain Bosan who helped and guided us in the completion of this term
report.
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Contents
Central Background Information
Company Background
Organizational Hierarchy
Corporate Mission, Vision and Core Values
Objectives and Goals
Corporate Strategies
Pest Analysis
Swot Analysis
Analysis of Competition
Recommendations and Suggestions
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Central Background Information
Banking is one of the most sensitive businesses all over the world. Banks play an important role
in the economy and are considered as the backbone of an economy in every country and Pakistan
is no exemption. Banks are custodian to the assets of the general masses. The banking sector
plays a significant role in a contemporary world of money and economy. It influences and
facilitates many different but integrated economic activities like resources mobilization, poverty
elimination, production and distribution of public finance.
Pakistan has a well-developed banking system, which consists of a wide variety of institutions
ranging from a central bank to commercial banks and to specialized agencies to cater for special
requirements of specific sectors. The country started without any worthwhile banking network in
1947 but witnessed phenomenal growth in decades to come. By 1970, it had acquired a
flourishing banking sector. Nationalization of banks in the seventies was a major upset to
domestic banking industry of the country, which changed the whole complexion of the banking
industry. With irrational decision at the top, all the commercial banks were made subservient to
the political leadership and the bureaucracy. The commercial banks thus lost their assets
management equilibrium, initiative and growth momentum. They ceased to be a business
concern and became big bureaucracies. The era of nineties was the climax of privatization,
deregulation and restructuring in the domestic banking industry and financial institutions. The
Muslim Commercial Bank was the first bank to privatize. Followed by Allied Bank limited,
United Bank Limited and Habib Bank Limited have all been privatized.
Today, the banking sector is providing financial solutions to the masses and is growing and
becoming a solid partner in the development of the Pakistani economy, this growth potential has
seen different acquisitions in the banking sector, with the Standard Chartered and Union Bank
being the most prominent.
Company Background
Bank Alfalah has gone through different phases over the years. Its name and been changed in the
following sequence.
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Bank Alfalah—1997
Bank of Credit & Commerce International (BCCI) was a Pakistan based bank, established by Mr.
Agha Hassan Abdi from UBL, in association with U.A.E and Europe. BCCI has its branches in
74 different countries of the world. It had its 3 branches in Pakistan, Karachi, Lahore and
Rawalpindi. The Lahore branch was opened on 15th December1978. This branch was opened at
that time when some other international banks like Citi Bank, Bank of America, and American
Express etc. were already working. But within a few years this branch crossed mostly all the
other banks in case of deposits, advances, imports and exports dealings, guarantees, traveler‘s
cheque sales etc. In 1991, the BCCI was banned, when it was accused by European countries that
the bank was involved in some illegal operations with Gulf countries. The major reason behind
European accusation was that BCCI was of Islamic mode. Therefore, the bank was closed due to
international pressure.
In July 1991, the branches of BCCI in Pakistan at that time were taken over by The Ministry of
Finance and SBP. All three branches were given under Habib Bank Limited after valuation of its
assets for 15 million dollars, which were named as Habib Credit and Exchange Bank (HCEB)
and these were working as subsidiary of Habib Bank Limited.
Following the privatization in 1997, Habib credit and Exchange Bank assumed the new identity
of Bank Alfalah on June 21st, 1997 as a public limited company under the Companies Ordinance
1984. Its banking operations commenced from November 1st, 1997. The bank is engaged in
commercial banking and related services as defined in the Banking companies ordinance, 1962.
The bank is currently operating through 282 branches. This includes 48 Islamic banking
branches and 7 foreign branches in Bangladesh, two in Afghanistan and one offshore banking
unit in Bahrain with the registered office at B.A.Building, I.I.Chundrigar, Karachi. The bank is
listed on the Karachi and Lahore Stock Exchange with a ticker name of “BAFL”.
Credit Rating
PACRA, a premier rating agency of the country, has rated the bank
For long term „ AA‟ (double A)
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increased competition in the banking sector has encouraged the Banks to come up with services
that could satisfy the needs of a large consumer base. The result has been increased profitability
of all banks.
Strengthened with the banking of the Abu Dhabi Group and driven by the strategic goals set
out by its board of management, the Bank has invested in revolutionary technology to
have an extensive range of products and services. This facilitates its commitment to culture of
innovation and seeks out synergies with clients and service providers to ensure uninterrupted
services to its customers. It perceives the requirements of its customers and matches them with
quality products and service solutions. During the past twelve years, it has emerged as one of the
foremost financial institution in the region endeavoring to meet the needs of tomorrow today.
The bank also entered into other dimensions of financial services –brokerage, asset management,
and insurance – through its subsidiaries, which are in their development phase and would require
sometime before emerging as material contributors to BAL‘s revenue stream.
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Organizational Hierarchy:
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Chief Executive Officer
Group Heads
Regional Managers
Area Managers
Hub Managers
Branch Managers
It’s a general hierarchy of bank which is showing about the main authorities of Bank Alfalah
Limited who are controlling its management in Pakistan. Bank’s management is divided into
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different groups, regions and areas. Co-chairman is providing supervision to group heads that
are responsible for controlling the affairs of different groups. After group heads in the hierarchy,
there are regional, hub and area managers who are managing and guiding the working of
different branches of bank.
Board of Directors
The board of directors has the authority in guiding Bank affairs and in making general policies.
Some directors are the personnel of the Bank Alfalah Limited follows.
VISION
“To be the premier organizations operating locally and internationally that provided the
complete range of financial services to all segments under one roof”
Bank Alfalah is one of the leading financial institutes; Bank Alfalah operates in Pakistan,
Bangladesh, Afghanistan and Bahrain, and Bank Alfalah day by day increasing its products for
all the segments in Pakistan i.e. for Businessmen, Industrialists, Agriculturists and for the
Government bodies in the country. Bank Alfalah is trying to reach each segment in Pakistan, and
trying to provide its products at lowest charges and with easiest way, under one roof.
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Mission statement of Bank Alfalah is:-
MISSION
“To develop and deliver the most innovative products, manage customers experience, deliver
quality service that contributes to brand strength, establishes a competitive advantage and
enhances profitability, thus providing value to the stakeholders of the bank”
In the above Mission the Management of Bank Alfalah emphasis on the following areas:
To provide the new and more innovative products than the other banks to the customers.
To take and manage the ideas of the valuable customer for the Bank
This is a one of the main component of Bank Alfalah Mission Statement that to deliver
high quality and quick services to the customers, who are keep great value for Bank
Alfalah.
Bank Alfalah tries to promote those activities which give the fruitful result to the
customers and the stakeholder of the bank.
Core Values
Customer Relationship:
“Before we discover we must explore”
Knowing customer and their needs is the key for the success of a bank , Alfalah client
relationship managers are well equipped and well trained to provide most efficient and
personalized service to each and every customer. Alfalah products are as diverse as the market
segment. Alfalah has structured and syndicated financing arrangements, working capital,
replacement facilities, financing of international trade, consumer credit small business loans
unparalleled investment products for the individual saver.
This shows that Bank Alfalah does not only care its corporate customers but they also treat the
individual customer very well.
Dedicated Professionals:
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“Unusual efforts on the part of the employees who are apparently ordinary workers is one of the
key indicates of the superior enterprise”
Staff is the most valuable asset of any organization. The human resource philosophy at Alfalah
bank focus on multi-talent hiring, professional grooming, requisite training and meritocracy
based reward system. Staff welfare has been a priority.
Employee productivity enhancement is organized through in-house and external training
programs. Bank continues to offer opportunity for people to develop their knowledge, skills and
personalities, thus ensuring greater self-fulfillment and progression in the organization.
In short bank Alfalah team comprise of dedicated professionals equipped with a diverse array of
skills and vast experience. The management concentrates its energies on making informed
economic decisions, translating it into greater returns for their investors and customer. The
prudent attitude has created a synergistic organizational structure leading to improvements in
profitability and a sustainable competitive advantage for the bank.
Technological innovation:
“Modern science is not an option, it is an obligation”
Technology is rapidly changing the way it thinks acts and does business. It has played pivotal
role in enhancing customer expectation, particularly with respect to speed and quality of service.
Alfalah bank enjoys a strategic competitive advantage overall domestic players by virtue of its
leadership in technological innovation. Phone banking service and Internet banking facility
allows customer to enjoy routine banking services from anywhere in the world. 365 days a year,
24 hours a day.
Ethical values:
“Professionalism without integrity is like a book without pages”
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Because the right may not always be obvious, employees are guided in our every action by set of
well-defined values, governing our decision.
Alfalah bank understands that its commitment to satisfy customer needs must be fulfilled within
in a professional and ethical framework.
STRATEGIES
Bank Alfalah has formulated certain sets of strategies to enable it to achieve its goals and
objectives. These strategies are mentioned below:
1. In order to achieve it’s goals of creating a sound base and presence of efficient modern
banking system, Bank Alfalah has started operation of Automated Teller Machines in all
the major cities like Karachi, Lahore, Multan and other cities of Pakistan.
2. Bank Alfalah is committed to building long-lasting relationships through an assertion to
service excellence and providing innovative products to meet the changing needs of our valued
customers. Although still in its infancy, compared to the exalted banking standards, Bank
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Alfalah, backed by a strong Abu Dhabi Group and inspired by the vision of its Board and
Management, has built up a strong customer base. The Bank provides a full range of banking
services to corporate clients, while applying leading technologies. Today the Bank is well-
positioned to provide appropriate banking services to customers.
3. The main focus is building relationships and being known by the way they do business.
Management recognizes that a banking relationship requires compatibility, communication, and
cooperation and that each customer deserves nothing less than full attention and available
resources to meet their financial objectives.
4. Core value and corporate culture is based on the belief that superior personalized service is the
most important product. Bank is in the process of getting to know customers by name and
understand their business and personal financial needs. This one-on-one, personalized service
quality has served as Bank Alfalah's unique signature since inception and continues to separate it
from other financial institutions.
5. The Bank Alfalah team comprises of some of the most highly skilled and professional
financial experts in banking industry. Managers, lenders and trust advisors offer the unique
perspective of knowing and understanding in the local economy. The Management focuses
its attention on making informed and feasible economic decisions, bringing better returns and
more profitability for investors and customers.
6. Keeping in view the unrest among the Islamic Community on the Interest Bearing Banking the
Alfalah is in the process of target marketing and gives its full attention to this segment of a large
population over the world.
7. To acquire the reputation and status of bank which operates on international standard,
Alfalah Bank was to get the credit rating of Pakistan Credit Rating Agency, which gave it
the AA- and A1+ in the long term and short term respectively.
1. General Banking
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The General Banking Include deposit Accounts, lockers, remittances.
Deposit Accounts
Bank Alfalah provides safe deposit locker facility to its customers for safe keeping of their
valuables like documents, securities and jewellery etc.
Remittance
Through its international correspondent banking relationships alfalah provides direct and indirect
foreign currency remittance facility around the world.
2. Financial Services
Karobar Finance
Alfalah Karobar Finance is short term facility. This facility also has one year validity with
markup charged on the amount used. This facility again provides individuals to maintain their
working capital management and is again given to individuals for a security. Karobar finance is
type of current financing with difference i.e., in karobar finance, the individual has to clear all his
balance in his account, once in a year.
Milkiat Finance
Alfalah Milkiat Finance is a long term facility and there are four main types of facilities
provided:
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3 Purchase of a commercial/industrial property
4 Renovation of owned commercial property
Quick Finance
Alfalah Quick Finance is another short term and a type of current financing facility that is only
provided to individuals for the fulfillment of personal or family needs. The financing is given
against the deposits and government securities up to the 90% of the cash value of security.
Financing is made from 50,000
3. Consumer Financing
Alfalah Car Finance
BAL’s recently introduced car leasing facility for individuals and corporate sector has set new
dimensions for the product. Now it is provided with the option of either to get the vehicle leased
or financed.
With this facility, customers can built, buy, Renovate their homes.
Bank Alfalah Limited presents the Alfalah HilalCard, a Debit Card which gives unlimited access
to current / savings account with a simple swipe at millions of retail shops and ATMs worldwide.
Money Market
Foreign Exchange Market
Government Securities
Other Bonds
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Riba is the major undesirable elements of an economic transaction, the others being Gharar
(uncertainty) and Qimar (speculation). While elimination of these objectionable aspects in a
transaction is indeed a critical aim of Islamic banking system of Alfalah. Alfalah Islamic
Banking started in 2002.
PEST Analysis
A broad view of market is important when management is interested in introducing better
services for customers. Rapid technological change, global competition and the diversity of
buyers preferences in many markets require the constant attention of the market vouchers to
identify promises business opportunities, see the shifting requirements of the buyers, evaluate
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changes in competitors positioning and guide the choice of which buyers to target and classify
them according to respective segments.
Identification of external and macro factors that influence buyers and thus change the size and
composition of market overtime involves initially building customer profiles. These influences
include:
Political environment
Economic Indicators
Socio cultural environment
Technological factors
Political Environment
The events in the last couple of years; ever since the sacking of Chief Justice Iftikhar Choudhary,
Pakistan has faced crisis after crisis, including the lawyers’ movement, violence in Karachi, the
Lal Masjid debacle, militancy in FATA and NWFP and its impact on other parts of the country,
the return of Benazir Bhutto and her subsequent assassination, and current ongoing military
operation in Swat– all the above events indubitably made a huge impact on the economy.
Stability and law and order situation under the political regime is very important for the economy
as a whole. The present state of the government in Pakistan is directly affecting the policies of
banks. Continuous political changes have disrupted the policies and objectives as each regime
brings with it its own agenda. Organizations need time to adjust to one regime and then work
with it towards economic enhancement. Due the wrong policies of the government, the
talibanization also develop in Pakistan and become the international issue in Pakistan and badly
affected the Pakistan repute in the world and promote the uncertain conditions for the business in
the Pakistan. Due to this the investors are not interested in the Pakistan.
Economic Indicators
The economy of any country directly influences any financial organization. Economic indicators
include Gross Domestic Product (GDP), inflation, balance of payment, debt of the government.
Pakistan’s economy has witnessed the most challenging period after posting six consecutive
years of healthy economic growth. However, the strong fundamentals were compromised to
prevailing global crises that’s shacked the confidence of global investors and FDI flowing in the
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country. The steep rise in oil prices to U$ 147 a barrel, soaring inflation hitting a 24% mark,
huge fiscal deficits and balance of payments issues coupled with plummeting forex reserves
added to the economy’s move to an unstable growth trajectory.
Also the load shading is another factor that affects the Pakistan economy badly. This not the end
of the story after this Pakistan’ economy face lot of problems like bomb attacks in Pakistan no
electricity and the unstable government, due to this the investor are not invest in the Pakistan and
the existing business men are loosing their business unit due to the loss.
Due to this poor economy, businesses are reaping low profits and stock market is in great danger.
Pakistan’s foreign debts are rising day by day so such a situation is a big challenge for banking
institution to survive. The financial crisis in Pakistan has made the management of BAFL tensed
to work in such an environment.
A low saving culture has offset the huge population advantage this is enjoyed by Pakistan. Also
culture is dedicated by the religion, and in Pakistan a significant segment of the population is
reluctant to accept interest for their deposits due to the negative religious implications of such an
act. About 70% of Pakistan’s population is based on rural areas and literacy rate of the country is
very much low, thus making it harder for banks to mobilize their deposits within these regions.
However, in today world, the customers are becoming more intelligent and through media they
keep themselves up to date. Thus, the lifestyle and expectations of the customers from the
service provider is increasing day by day.
Technological Factors
Banks in the developed world have been turning to heavy IT investments, which differentiate
their products, provide response times, enhance accessibility and improve customer satisfaction.
Though investing in state-of-the-art host banking solution, ATM and POS (point of sale)
networks, visa, MasterCard, and, smart cards, telebanking, internet banking and now mobile
banking are common IT investment in the developed world, it is now that these products and
services are gaining faster acceptance in Pakistan.
In BAFL technology has great effect on the working environment. BAFL is always willing to
introduce new computer systems for keeping its staff up to date. With the successful
implementation of new centralized database system, the bank also achieved remarkable progress
in business process re-engineering, turnaround time compliance by centralizing outward
remittances, account opening and credit administration.
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SWOT Analysis
SWOT is stands for strengths, weaknesses, opportunities and threats. SWOT analysis is a careful
evaluation of an organization’s internal strengths and weaknesses as well as its environmental
opportunities and threats. In SWOT analysis the best strategies accomplish an organization’s
mission by exploiting an organization’s opportunities and strengths while neutralizing its threats
and avoiding its weakness. During my internship I also observe these factors of bank and made a
conclusion which is as follows:
Strengths:
Main strengths of bank are describe follows due to which bank is becoming successful day by
day and now is on the fifth largest and successful bank in Pakistan in the bank’s ranking after
NBP, MCB, UBL and HBL.
Being the private organization its main aim is not to earn profit but also to satisfy its
customers and slogan of BAL is also the representative of this purpose as Bank Alfalah
“The Caring Bank”.
Bank has AA (Double A) and A1+ (A one plus) Credit Rating for long term and short
term loans respectively.
Main source of profit for any financial institution is public saving which only comes from
public confidence and BAL is getting this confidence which is one of the main strengths
of bank
Bank Alfalah is also getting fame in the market due to its name “ALFALAH” which is
leaving the Islamic and favorable impact on the minds of public.
BAL is providing the facility of Money Gram to its entire people who are its customer or
not and through this service it has got the leadership in Money Gram because any other
bank is not offering this service.
With in very short period it has got a superb accomplishment which shows the
competency of top management.
Personnel of Alfalah are well trained and highly skilled.
Bank Alfalah has a wide network of branches at the ideal locations, catering the financial
needs of its clients.
The management of the bank is very much concerned with the development and
improvement of the working environment. The bank has state of the art and purpose built
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branches where all the modern technologies are provided to get the efficiency of the
workforce and the customer satisfaction.
Weaknesses:
Beside all these strengths I also noted some weaknesses in the operations of bank Alfalah which
are described below:
BAL is that it is not offering the loan facility to newly established businesses because it’s
the BAL policy that it will loan only to that people who are running their businesses from
3 years.
BAL’s lending procedure is quite complicated that some people hesitate to come as they
are requiring a huge file of documents.
Bank Alfalah is not offering any credit facility for students.
BAL is not offering the online facility to account holders having photo account.
Bank Alfalah is charging online charges for transfer of money but some other banks not
charge online transfer charges.
Majority of the workforce consists of young professional, they lack in their experience.
And sometimes lack of experience becomes a hurdle while serving to the customers. It is
the point where they feel difficulty while competing with the other banks.
It was observed that at present the motivation level of the employees is not very much.
The increased workload has resulted in the reduced efficiency of the employees. Because
now the time required for completing the tasks for a single customer has been increased.
As a result the environment of the branch has become very messy.
Opportunities:
It is mandatory to try to make progress with consistency as well as to adopt changes with needs
of time, in order to cope up with both conditions.
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Bank Alfalah is spreading its network outside the boundaries of Pakistan and it has more
opportunities to extend this network as State Bank of Pakistan has prescribed new
policies in the prudential regulations.
In addition to excellent routine banking, it has earned a good name by offering special
products like car, home and credit cards facility. So the penetration of these products
could enhance market shares.
There is a very good growth trend in the Islamic banking in the country and in the world
as well. BAL has the advantage of having Islamic Banking network and the growth in
this particular field can be very fruitful for the bank, bank has an opportunity to introduce
new products and services in Islamic banking.
Threats:
Threats are the negative trends in external environmental factors. As on one side environment
provides opportunities to one organization, on the other hand it also has to face some threats.
Bank Alfalah also has to face this situation.
Other foreign financial institutions like City Bank, HSBC etc also having strong banking
policies and there’s a chance that people might move toward these financial institutions
to secure their investments, transactions and related services.
For last seven year there is political stability in Pakistan but now again a new layer of
political instability arises which effects almost all industries including Banks.
Due to economic instability like currency depreciation and inflation, the bank is
constantly facing a threat e.g. in case of inflation the people have low disposal income
which means lower deposits in banks.
Other investment opportunities like investment in property and gold are giving people
more return as compare to banks; it can decrease the deposits of bank.
Analysis of Competition
Market Structure Bank Alfalah Limited
The Bank Alfalah Limited Comes under the Monopolistic Competition Because;
There are large number of Financial Institutions in the Market.
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Habib Bank Limited
United Bank Limited
Allied Bank Limited
Muslim Commercial Bank Limited
National Bank of Pakistan
Bank of Khyber
National Saving Centre
Al-Faysal Bank Limited
Saudi Pak Bank Limited
Standard Charted Bank Limited
First Women Bank Limited
Bank Al-Habib Limited
PICIC commercial Bank Limited
KASB Bank Limited
NIB Bank Limited
Citi Bank Limited
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The products are relatively homogenous
Types of Accounts
Credit Cards
Debit Cards
Car Finance
Advances
Consumer Durables
Foreign Exchange dealings
1. Threat of New Entrants.The average person can't come along and start up a bank, but there
are services, such as internet bill payment, on which entrepreneurs can capitalize. Banks
are fearful of being squeezed out of the payments business, because it is a good source of
fee-based revenue. Another trend that poses a threat is companies offering other financial
services. What would it take for an insurance company to start offering mortgage and
loan services? Not much. Also, when analyzing a regional bank, remember that
the possibility of a mega bank entering into the market poses a real threat.
2. Power of Suppliers.
The suppliers of capital might not pose a big threat, but the threat of
suppliers luring away human capital does. If a talented individual is working in a smaller
regional bank, there is the chance that person will be enticed away by bigger banks,
investment firms, etc.
3. Power of Buyers. The individual doesn't pose much of a threat to the banking industry, but
one major factor affecting the power of buyers is relatively high switching costs. If a
person has a mortgage, car loan, credit card, checking account and mutual funds with one
particular bank, it can be extremely tough for that person to switch to another bank. In an
attempt to lure in customers, banks try to lower the price of switching, but many people
would still rather stick with their current bank. On the other hand, large corporate clients
have banks wrapped around their little fingers. Financial institutions - by offering better
exchange rates, more services, and exposure to foreign capital markets - work extremely
hard to get high-margin corporate clients.
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unconventional companies. Sony, General Motors and Microsoft all offer preferred
financing to customers who buy big ticket items. If car companies are offering 0%
financing, why would anyone want to get a car loan from the bank and pay 5-10%
interest?
After doing internship of six weeks in Bank Alfalah Limited, I would like to give some
recommendations to count over some problems.
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Bank should prefer to promote worker on the basis of their talent and avoid going for
personal like and dislikes. It can be harmful for the organization in the long run.
In Bank Alfalah, there is misdistribution of work; some people are over burdened with
the work. So I suggest that there should be fair distribution of work in all the
departments.
Bank Alfalah is only dealing in Money Gram; it should also starting providing the service
of other money transfer lines like Western Union.
BAL should provide loan to students at low mark up rate and easy terms & conditions.
Bank Alfalah Limited needs to use more marketing channels such as radio to make the
public aware of its products and services. In the presence of intense competition Bank
Alfalah Limited has to realize the importance of marketing.
Bank Alfalah has equipped its branches with all major IT tools being used in the industry
like ATM’s, fax machines, photocopiers, printers, latest computers and a good
connectivity architecture, however it has been observed that when its time to work, there
are many failures seen in the different devices used by Bank Alfalah, especially its
connectivity architecture and remains offline with the main server, that creates problems
for the customers
There are no incentive schemes for employees of Bank Alfalah like scholarship schemes
for employees that want to pursue higher education. Bank Alfalah although gives a
number of incentives to its employees, like personal loans at nominal markup but they are
only provided to employees that are in higher ranks. Education fees are also returned by
Bank Alfalah to its employees, after the have finished their studies.
Bank Alfalah Ltd should continuous to expand its business, by increasing its deposit
portfolio through aggressive market penetration strategies.
The top management should immediately start thinking in terms of rotating the
employees in various departments, as this transforms work force into human capital, if a
particular individual keeps on employing his\her efforts in one sphere of banking it would
not only create a sense of monotony, but also not help improving the skills of Bank
Alfalah Limited employees.
Bank Alfalah Limited should evolve a very serious management policy to attract
multinational corporations as its clients. This action, if actualized, would not only prove
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to be highly profit generating, but it would also contribute a lot towards BAFL‘s image
building.
Bank Alfalah limited has the web site, which has not been updated. The web site is very
less informative and it won’t leave a good impression on the visitor. So I suggest that it
should be updated to meet the requirements of the visitors.
Participative management concept should be adopted, where ideas from the employees
should also be taken, not only for developing products but also on service, efficiency,
employee morale etc. in order to improve them.
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