[정품]금융전문가 1.5

3.docx

2. 대표적인 세분시장 2개를 선정하여 각 세분시장의 마케팅믹스에 대해 정리하여 설명하시오.

출처 : 풀무원 홈페이지, http://www.pulmuone.co.kr/

3. 동영상을 통해 본인이 (마음으로) 느낀 점을 정리하여 서술하시오..

 「신화창조 – 두부 한 모의 승부」는 한 수레의 책보다 하나의 경험이 중요하다는 것을 보여주는 예이다. 두부라는 무시하기 쉬운 제품을 가지고 어떻게 풀무원은 글로벌 시장에 나아가 높은 매출, 높은 인지도, 깨끗한 이미지를 얻을 수 있었는지 재미있게 풀어 쓴 다큐멘터리이다. 학창 시시부터 한국인이라면 한국 식품의 우수성과 한국 식품을 세계화 해야 된다는 통념은 많은 사람들이 알고 있는 사실이다. 이러한 이야기는 너무나 원론적이고 실천의 방법을 알기 힘들었기에 나에게 있어서 추상적인 꿈이었다. 그러나 풀무원의 경영진과 제품 개발팀과 같은 각각의 부서가 인간과 자연 사랑을 바탕으로 최고의 제품과 서비스를 제공하겠다는 비전으로 뭉쳐 한국의 두부시장으로 시작해 미국 교포 음식시장을 공략하고 더 나아가 미국 주류 음식 시장을 공략해 성공을 한 경험을 실전적으로 말해주는 살아있는 사례라고 느꼈다.

 이 다큐멘터리를 보고 나의 목표에도 더 올바른 방향을 잡게 되었다고 생각한다. 두부라는 식문화에서 주요한 요소를 차지하지만 많은 사람들이 인식하지 못했던 욕구를 찾아서 구체적이고 전문적인 제품을 만들어 소비자에게 사랑을 받을 것 처럼 투자자문사를 세우려는 나의 목표에 있어서도 큰 통찰을 제시해줬다. 예를 들어, 매매를 잘하여 수익을 올린다는 것을 넘어서 투자자문사라는 기업은 고객을 위해 안정적이고 균형잡힌 의견을 제시하고 그것으로 고객이 미래에 재무적으로 안정성을 찾는 비전을 설정하고 지속적으로 노력해야 된다는 것을 느꼈다.

 그리고, 풀무원에 대한 이야기를 해주는 사람들 중에서 지금의 임원인 사람 중 두부의 전문화, 위생화에 힘쓰는 과정을 보면서 내가 지금 가진 젊음으로 할 수 있는 것이 무엇일까라는 생각과 패기와 열정과 용기를 얻게 되었다.

Chapter 7 Summaries

 Motivation II : Equiry, Expectancy, and Goal Setting

Chapter 7 Summaries.docx

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Intro) Many CEOs(Chief Execuective Official) are not paid according to the principles of expectancy theory.

1.     Adam’s Equiry Theory of Motivation

1)     Equity theory means holds that motivation is a function of fairness in social exchanges. It’s mean how equal to input between output. For example, negative inequity means comparison in which another person receives greater outcomes for similar inputs. But, positive inequity means comparison in which another person receives lesser outcomes for similar inputs.

2)     Dynamics of perceived inequity is famous for equity sensitivity. This means an individual’s tolerance for negative and positive equity.

3)     Expanding the concept of equity.

The concept is referred to distributive justice. This mean the perceived fairness of how resources and rewards are distributed. Second, procedural justice means the perceived fairness of the process and procedures used to make allocation decisions. Third, interactional justice means extent to which people feel fairy treated when procedures are implemented.

2.     Expectancy theory of motivation.

Intro) There is the concept that expectancy theory. This word is referred to holds that people are motivated to behave in ways that produce valued outcomes.

1)     Vroom’s Expectancy theory

 There are three type of vroom’s expectancy theory : Expectancy, Instrumentality, Valence. Expectancy means belief that effort leads to a specific level of performance. Instrumentality means a performance to outcome perception. At last, Valence means the value of a reward or outcome.

3.     Motivation through goal setting.

1)     Goals : Definiton and background

 Goals means what an individual is trying to accomplish. And MBO,management by objectives means manangement system incorporating participation in decision making, goal setting, and feedback.

2)     How does goal setting work?

 First goal act to getting attention ,regulating effort, increasing persitstence and getting the strategies.

3)     Practical application of goal setting

Step 1 : Set goals-> Step 2 : Promote goal commitment-> Step3 : Provide support and feedback

Chapter 1 Summary 

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Chatper 1 Needed:people-centered managers and workplaces

 Intro

 According to the paragraph.Organizational Behavior is necessary to run the company,KPMG, such as auditing company. The company tries to build human and social capital through mind education that all employees are all leader.

 1. Managers get results with and through others

 What means management? Management means process of working with and through others to achieve organizational objectives efficiently and ethically.

 1) The 4Ps cycle of continuous improvement

• People : skill development, motivation, teamwork
• Products : better quality goods and services, greater customer satisfaction, job creation
• Process : technological advancement, faster product development and production cycle times
• Productivity : reduced waste, reduced rework, more efficient use of material, human,financial, and informational resources

 2) Evolution of the 21st-century manager

2. The field of organizational behavior : past and present

Organizational behavior, commonly referred to as OB,is an interdisciplinary field dedicated to better understanding and managing people at work. By definition, organizational behavior is both research and application oriented.

1) The human relations movement

•  The hawthorne legacy : Interviews conducted decades later with three subjects of the Hawthorne studies and reanalysis of the original data with modern statistical techniques do not suppor initial conclusions about the positive effect of supportive supervision. The human relations movement gathered momentum through the 1950s, as academics and managers alike made stirring claims about the powerful effect that individual needs, supportive supervision, and group dynamics apparently had on job performance.
• McGregor's Theory X and Theory Y

Theory X	Theory Y
1.Most people dislike work; they avoid it when they can.	1. Work is a natural activity, like play or rest.
2.Most people must be coerced and threatened with punishment before they will work. People require close direction when they are working.	2. People are capable of self-direction and self-control if they are committed to objectives.
3.Most people actually prefer to be directed. They tend to avoid responsibility and exhibit little ambition. They are interested only in security.	3.People generally become committed to organizational objectives if they are rewarded for doing so.
	4. They typical employee can learn to accept and seek responsibility.

Chapter 6 Summeries

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Chapter 6 Motivation 1 : needs, job design, Intrinsic motivation, and satisfaction

 1. The fundamentals of employee motivation

 Motivation means psychological processes that arouse and direct goal-directed behavior.

 1) A job performance model of motivation

 Terence Mitchell, a wee-known OB researcher, proposed a broad conceptual model that explains how motivation influences job behaviors and performance. This model identifies the causes and consequences of motivation. First, between individual inputs and job context influence each other as well as the motivational processes of arousal, direction, and persistence and motivated behaviors.

 2) Need theories of Motivation

 Needs means physiological or psychological deficiencies that arouse behavior.

※Maslow's Need Hierarchy Theory

 In 1943, psychologist Abraham Maslow published his now-famous need hierarchy theory of motivation. Maslow said these five need categories are arranged in a prepotent hierarchy.In other words, he believed human needs generally emerge in a predictable stair-step fashion. Once a need is satisfied it activates the next higher need in the hierarchy. This process continues untill the the need for self-actualization is activated.

 Management uses Maslow's principles to verify that the compnay is building employee satisfaction and loyalty in a variety of ways.

※McClelland's Need Theory

• Need for achievement means desire to accomplish something difficult.
• Need for affiliation means desire to spend time in social relationships and activities.
• Need for power means desire to influence, coach, teach or encourage others to achieve.

 2.Motivating Employees through job design

 Job design means changing the content and/or process of a specific job to increase job satisfaction and performance.

 1) The mechanistic Approach

 The mechanistic Approach draws from research in industrial engineering and scientific management and is most heavily influenced by the work of Frederick Taylor. Designing jobs according to the principles of scientific management has both positive and negative consequences. Positively, employee efficiency and productivity are increased. On the other hand, research reveals that simplified, repetitive jobs also lead to job dissatisfaction, poor mental health, higher levels of stress, and low sense of accomplishment and personal growth. These negative consequences paved the way for several motivational approaches to job design.

 2) Motivational Approaches

• Job enlargement means putting more variety into a job.
• Job rotation means moving employees from one specialized job to another.
• Job enrichment is the practical application of Frederick Herzberg's motivator-hygiene theory of job satisfaction. Job enrichment means building achievement, recognition, stimulating work, responsibility, and advancement into a job.
• Core job characteristics means job characteristics found to various degrees in all jobs.

 3) Biological and perceptual-motor approaches

 Recent research suggests that the biological approach should be combined with other job design consideration, because physical ailments are not always completely caused by physical strain. In this study, researchers in the United Kingdom studied more than 900 call center workers and found that they were more likely to experience upper-body and lower-back disordes if the experienced psychological strain in the form of anxiety and depression. Heavy workloads also contributed to the physical symptoms, but adding psychological strain made the disorders worse.

 3. Cultivating Intrinsic Motivation

1) The Foundation of Intrinsic Motivation

 Intrinsic motivation was defined earlier as being driven by positive feelings associated with doing well on a task or job. Intrincically motivated people are driven to act for the fun or challenge associated with a task rather than because of external rewards, pressures, or requests.

2) A Model of Intrinsic Motivation

• Sense of Meaningfulness is the task purposeis important and meaningful.
• Sense of choice is the ability to use judgment and freedom when completing tasks.
• Sense of competence is feelings of accomplishment associated with doing high-quality work.
• Sence of progress is feeling that one is accomplishing something important.

3) Research and mangerial implication

 Managers can increase employees' sense of progress by monitoring and rewarding them. On-the-spot incentives are a useful way to reward a broader-based group of employees.

4. Job Satisfaction

 Job satisfation is an affective or emotional response to one's job.

 1) The Causes of Job Stisfaction

1. Need fulfillment
2. Discrepancies
3. Value Attainment
4. Equity
5. Dispositional/Genetic components

 2) Major correlates and consequences of job satisfaction

1. Motivation
2. Job involvement
3. Organizational commitment
4. Organizational citizenship behavior
5. Absenteeism
6. Withdrawal cognitions
7. Turnover
8. Perceived stress
9. Job performance

5. Motivational challenges

 1) Counterproductive work behavior

 Counterproductive work behaviors means types of behavior that harm employees and the organization as a whole. Counterproductive work behaviors may result from personal characteristics coupled with a lack of autonomy and job satisfaction. Counterproductive work behaviors are more likely in situations where supervisors are abusive and responsible for many employees.

 2) Work versus family life conflict

 Work vs family conflict can occur when there is a lack of value similarity with family members.

Review Questions Chapter 2

03~FI_chapter_3.ppt

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1. Given below is an excerpt from "A Friendly Conversation". Who do you agree with? Provide a thorough discussion of the theoretical and empirical underpinnings of your opinion.

 My opinion is similar to Appleton. Because, Bank,one of the financial intermediaries, provide liquidity or adapatable financial services such as issue the paychecks or recipts. Without banking system, companies and goverment have troubles in cashflow and balance sheet. In theoritical view, bank provide brokerage service and quility asset transcation. Brokerage services prevent market from lemon maket, exchange to wrong way. This exchange and trading cost is a lot. So, financial intermediaries can save the the cost.

 Second, QAT, Quaility Asset Transformation, serve as profit maker and stabilizer in society. In QAT, Bank the the risk but this merging make a profit. If someone,not F.Is take this risk, It is dangerous for liquid and other things. But banking has more liquid or safe cashflow. Even bank has trouble in balance sheet, ultimate provider such as Bank of Korea or Fedral Reserves Bank the call loan eaily. In conclusion, The society take advantage by Financial Intermediries. Banking system need in view of social benefit.

2. Discuss what is meant by brokerage and asset trans formation. What factors determine the value of brokerage services?

 Brokerage means media of trade like dealership in carmarket.So brokerage services encourage exchange or trade. In the text page 44, Brokerage activities of F.Is involve the bringing together of transactors in financial cliams with complementary needs. Quaility asset transformation adjust risk. Bank's QAT goal is stable profit or low volatility for example. There are two kinds of asset home mortage and deposits. Deposit has infinitely divisible, highly liquid and little default risk. In other hand, home mortgages has point that iliquid some default risk, prepayment risk and interest rate risk. F.I's QATs make deposit to home mortgage. After the formation, Bank take both the profit and adversing risk.

 And Cross-Sectional reusability and intertemporal aspect determine the value of brokerage services. Cross-sectional reusability ; the same information can be utilize across a number of different users. Information reusability also has an intertemporal aspect; it can be reused through time.

3. List five distinct types of financial intermediaries, explain what they do, and provide a comparison/contrast of the basic intermediation services they provide.

 Hedge Funds and Mutual funds

 Hedge funds are actively managed funds that pursue nontraditional investment strategies. A hedge fund is a private investment pool subject to the terms of an investment agreement between the sponsor of the fund and its investors. Renaissance Techtechnology, One of the famous hedge funds, is based on financial engineering. And Soros Quntum Fund is based on theory of reflecty. Their common goal is high return more than bench mark such as S&P 500, CRB(commodity Research Bearau). but differnces of the hedge fund and mutual fund is not free to running money, commision fee. mutual funds are restricted in their ability to leverage against the value of securities in their portfolio, whereas leveraging and other higher-risk investment strategies are commonplace for hedge funds. In fact, hege funds originally came into existence to invest in equity securies and use leverage and short selling to hedge the exposure of the portfolio to stcok price movements. In my opinion, recent hedge fund's trend is take alpha,take the same risk more returns, not beta,same return and risk as benchmark. So, hedge fund manager use Short-long position and others techicial method on finance.

4. Find information on capital-to-total-assets ratios for several nonfinancial firms and compare them to those for financial firms. Why the differences ?

 Financial institutions operate with high leverage, so that even a small return on total assets translates into a high return of equity. For example, KB Financial grourp's Return of assets is 3.06% in 2009 and Industrial bank of korea' Return of assets is 0.49% in 2009. Compared to SAMSUNG Electronics's Return of assets is 12.17% in 2009 and POSCO's Return Of Assets,one of the leading company in steel, is 8.82% in 2009. The differences is based on Banking system. Bank's nature is mopping the asset because bank make a deposit and loan not make the products.

5. From the information in Table 2.6, what can you conclude about the risk in holding a representative bank's equity compared to that in holding equity in a diversified market portfolio?

Table 2.6 shows that commercial banks in different size classes have a ratio of equity capital to tatal assets that averaged a little more than 10 percent and banks in no size group had a capital ratio as high as 15percent in 2004. Such high leverage ratios are seen as facilitating the role played by commercial banks in the payments system.

Reference : Comtemporary Financial Intermediation , page 44, 46

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Chapter 3 . The What, How and why of financial Intermediaries.

 1) The Macroeconomic Implications of Fractional Reserve Banking : The Fixed Coefficient Model.

 The Fixed Coefficient Model emphasizes the asset-transformation function of financial intermediaries. The bank’s effort to maximize its profit is captured only implicitly.

 Reserves of the bank + M(The bank’s earning assets) = Deposit liability + Equity

 Moreover, R=r(Requirement rate)X D, with 0 < r ≤ 1.

 The fixed coefficient, r(Requirement rate) , can be interpreted either as a legal reserve requirement or a voluntary behavioral parameter. Actually, it should be interpreted as the greater of the two. In any case, the parameter relates to liquidity or withdrawal risk.

 Equity = e(default risk)X L(loan), with 0<e ≤ 1

 The parameter e can be interpreted as a regulatory capital

 2) An Illustration of the FCM

 We shall further assume a 20 % effective legal reserve requirement(r=0.2). The assumption that e=0 is an extreme representation of the assumption that the capital requirement is not binding.

 Now suppose Bank A receives a $1,000 deposit from Fedral Reserve.

 Bank A = Requirement Reserves 200 + Excess Reserves 800 = 1000 Deposits

 Bank A = Requirement Reserves 200 + Excess Reserves 800 + Loan 800 = 1000 Deposits + 800 deposit

 If the loan to bank B

 Bank B = Required Reserves 160 + Excess Reserves 640 = 800 Deposits

And Bank B now lends away its away it excess reserves, so that :

 Bank C = Required Reserves 128 + Excess Reserves 512 = 640 Deposits

However, the deposit expansion does not affect the level of reserves in the banking system. In fact, deposit expansion absorb reserves.

 The FCM and Monetary Policy

 There are three major tools of monetary policy : 1) open market operations, 2) reserve requirement changes, and 3) discount rate changes

 Open market operations are sales and purchases of government securities by a special committee of the Federal Reserve. This means that the initial open market operation of purchasing Treasuries leads to an increase in lending by banks. The open market operation of selling government securities has the opposite effect.

 Reserve requirement changes affect bank lending. Any increase in reserve requirements will reduce the amount of deposits available for lending, and any reduction in reserve requirements will increase the amount of deposits available for lending.

 Finally, the discount rate, which is the rate charged by the Fed to member banks for short-term borrowings from the Federal Reserve, also affects monetary expansion/contraction. This reduces lending. Likewise, a lowering of the discount rate facilitates increased lending.