RUNNING HEADER: Barclays PLC

Finance and accounting

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THE BARCLAYS BANK ANALYSIS

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Introduction

Barclays Bank

Barclays bank is a public bank operating in the banking sector industry. The bank is a

British multinational financial and banking services company with its headquarters in

London, England. Barclays bank Plc. is a public limited company. This means the bank can

sell its shares in the stock exchange [ CITATION AME02 \l 1033 ]. The minimum price or

shares value that could be issued in United Kingdom is 50,000. The key advantages of the

public limited company such as Barclays bank PLC are the following:

The shareholders have limited liabilities. The bank has a distinct legal entity. This

means that in case of a demise of a shareholder there is continuity. There is basically no limit

to the number of shareholders and this makes it possible to raise a large capital sum. The

banks shares are easily and freely transferable offering more liquidity to the shareholders

[ CITATION Jac08 \l 1033 ].

The Effect of Internal Environment to the Bank

The banks internal analysis focuses on the internal environment and performance

factors such the banks staff, its management and infrastructure, so as to identify its strengths

and weaknesses.

There is a remuneration committee that offers strategic control of remuneration and

governance, activities of human resource & the senior executive development. The objective

of the committee in connection to remuneration is basically to encourage its workers towards

excellence in personal & business performance through providing incentive, retain & attract

employees of experience and ability [ CITATION Pie08 \l 1033 ]. If the employee and staff

are well motivated, they will improve on their performance and hence improving the
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performance level of the bank. The bank also is investing intensively in infrastructure so as to

perfect its client services and to better reach its global clients and customers.

Micro Environment (shareholders)

Political and shareholders pressures on Barclays has led to a wider pressure on the bank to

change its business model from investment banking and change perceived failures in its

business culture

Macro-Environment

The bank recognized sustainability as means of managing & recognizing the social,

environment and economic matters through the group whereas at same time impacting on the

well-being of society[ CITATION RMa04 \l 1033 ]. The PESTEL analysis is formed to

recognize these particular elements that actually have an effect on the organizational

sustainability.

Political and Legal

The banks sustainability agenda has rapidly stretched. It shows the banks growing focus on

broader business nature & made the stakeholders interests growth of in a competitive

business environment [ CITATION Nei06 \l 1033 ]. There presently exist big awareness

concerning international challenges like poverty, climate change, inadequacy of resources and

demographic fluctuating. The response has come from government & various distinct

businesses and also the non-profit making organization assisted the bank made it potential for

sustainability.

Economic
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The approach of the bank to the program of sustainability is beneficial and inspires the bank

to be transparent and open to matters like initiatives in advance studies & development,

negotiation with government and several companies and their significances [ CITATION

Dim09 \l 1033 ]. The bank gets enabled to widen its focus on corporate responsibility and

prove that they make a significant role in forming an economic improvement in the nation

where they carry their program.

Social Analysis

The sustainability strategy of the bank focuses on its goal to enhance the value of the

stakeholders and business. They offer importance to clients and customers like maintaining

the customer and clients promoting and understanding the company by determining the

satisfaction level. This can only be possible through paying attention to international

performance by their guarantee to cultivate an inventive solution & improving performance.

Technological Analysis

Barclays bank makes use the advanced technological methods of technology for their

corporate particularly in the field of comprehensive banking. Their objective to assist people

in the battle against poverty is made probable through their financial system [ CITATION

Lam10 \l 1033 ]. Technology has made it possible in empowering the systems & establishing

an economical advantage. Adding of new skills, pioneering of new ideas and excellence in

operation are part of the administrative principle of the organization.

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TASK II

How the Bank Satisfies the Needs of the Customers

Product

The bank offers credit facilities and personal banking via Barclaycard to its clients

and customers. The services and products for personal customers include: a variety of credit

cards via Barclaycard, bank accounts, savings account, loans, insurance, mortgages and

online banking via Woolwich.

Price

Barclays bank has ensured that prices are fairly affordable in relation to specific target

clients. For instance, the bank does not charge monthly fees; they offer interest- free

overdrafts & a 25% discount on the banks mobile broadband schemes for those who sign up

for the banks student account [ CITATION Pet132 \l 1033 ]. The bank also offers a

discounted global online payment to investment.

Promotion

The bank has come up with a promotional strategy geared towards enhancing

customer satisfaction. They make online advertisement on various websites and direct emails

to potential students. They make calls to prospective clients or visit them at their place of

business or residence so sell services and products to them. The bank has also developed an

advertising campaign program targeting the chosen group of customers.

Place
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Barclays bank position its services & products in a way that they will be reachable at

client and customer convenience like the Barclays auxiliary debit card which is conveyed to

the clients home within 2 working days. They also have Quick Tap contact-less reader in

over 50,000 outlets [ CITATION HLe11 \l 1033 ]. The bank has also embraced mobile

banking and has increased its networking in local branches. The bank has placed ATMs points

at strategic locations throughout the country all in its bid to satisfy its customers and clients.

Main Competitors

Barclays Bank PLC is a financial offering institution operating in a competitive

banking sector of the world. The bank has faced stiff competition from other banks offering

the same products and services across the globe such as Japanese bank known as Mizuho

which is establishing itself in London so as to establish new avenues for growth. Other major

competitors include Citigroup (C), HSBC Holdings (HBC), Bank of America (BAC) and J P

Morgan Chase.

Barclays Bank PLC. Competitive advantage

The bank enjoys huge asset base globally. It is ranked worlds 3rd largest bank with

respect to assets, containing a core tier 1 ratio of 11%. The Barclays Bank PLC enjoys an

efficient and effective data management system and its the first ever bank to produce

statements in colors. The group has a unique brand, historically built and constantly promoted

via its good citizenship like the sponsorship of English football premier league. The bank

enjoys huge spread of risk and economies of scale due to its worldwide presence. The bank

has diverse technological novelties. For instance it established the ever first credit card to be

used in the banking market in the year 1966 & mobile banking.

Factors that influence demand for Barclays products and services

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There exist high power amongst customers in respect to utilizing the banks products

like credit cards, insurance, loans and other services [ CITATION Mat13 \l 1033 ]. The great

customer power is achieved as a result of several banks operating in the market and which are

providing similar services. Nevertheless, the bank is at an advantaged position due to its

insurance services and e-banking.

Price is another major factor that influences demand for the banks product. The bank has

ensured that its prices are affordable in relation to certain target customers. For instance, the

bank offers free interest on overdrafts. The bank also offers a discounted global online

disbursement to investment.

Barclays bank position its services & products in a way that they will be reachable to

client and customer convenience like the Barclays auxiliary debit card which is delivered to

the clients home within two working days. They also have Quick Tap contact-less reader in

over fifty thousand stores. The bank has also embraced mobile banking and has increased its

networking in local branches. The bank has placed ATMs points at strategic locations

throughout the country all in its bid to satisfy its customers and clients [ CITATION Mar10 \l

1033 ].
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TASK III

Responsibilities of a Marketing Manager

A bank marketing manager has several roles and responsibilities that he/she is

expected to undertake so as to achieve the banks objectives. The manager should thrive to

make the banks products and services available so as to assist the customers attain their

financial goal that would consequently lead to economic growth and the well-being of the

citizens.

The success of a bank is determined by the manner in which the bank serves its clients

and customers across all their financial needs via a wide range of channels of distribution.

Hence, a marketing manager should be able to come up with strategies that establish a long

term relationship with customers which advance sustainable business over time.

The marketing manager should ensure that there is effective management of risk and

make sure the essential fiscal risk discipline to convey revenues is kept and functioning in its

capital incomes & producing return surplus of its equity cost.

The marketing manager has the responsibility of ensuring that he resolves the

customer financial needs in the best way possible [ CITATION Jef03 \l 1033 ]. The marketing

manager should also be able to direct, lead and mentor marketing and sales team so as to

achieve maximum outcome.

Three Key Stakeholders and their Roles

A stakeholder is any particular entity with a conceivable or declared stake or interest

in a policy concern.
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Bank Employees

The employees of the bank are major stakeholders in the business. Their role and

responsibilities are significant to success of the bank. The employees have the duty to offer

excellent services to clients and therefore the bank should have a dedicated workforce that

performs exemplary and is aware that the services they provide to the client do assist the bank

have a positive or negative image [ CITATION How12 \l 1033 ]. The employees of the bank

are professionals who are well and adequately equipped to ensure that the best services are

offered to the clients.

Customers:

Customers and clients are also key stakeholders in a bank or any other kind of

business. Their input is significant to growth and sustainability of the bank. Barclays bank

has an obligation of ensuring the customers and clients they serve are offered products and

services that are appropriate to their needs [ CITATION Rui14 \l 1033 ]. Through their

feedback the bank is able to improve their products & services in order to meet the customer

specifications.

Shareholders:

Shareholders are key stakeholders in any business entity. Their input is very

substantial since they are part of the decision makers of the organization. They make

decisions that are significance in functioning and operation of the bank.

Three Levels of Management in Barclays Bank PLC

There are generally three levels of management in the bank. These consist of top level

management or administrative the, the executive or middle level of management and the

lower level of management or supervisory.

Top level management

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This level of management consists of CEOs and Board of Directors. The major role of

this management level is to determine objectives, policies, & plans for the organization. They

are in-charge of mobilization of resources. They are the administrative and brain of the bank.

They prepare long term plans of the bank and spend most of their time organizing and

planning.

Middle Level of Management

This management level consists of heads of departmental, like human resource

manager, finance manager, procurement manager among others. Their role is to offer advice

to management of the top level, they implement policies and plans made by top management

level, they co-ordinate departmental activities, spend more time in communicating and

directing.

Low Level Management

This level of management comprises of foremen and supervisors. It is also referred to

as first line management or supervisory or operative management [ CITATION Hug05 \l 1033

]. Their roles include directing employees, developing morale in employees, acting as a

connection between staffs and middle management level. They devote much of their time

controlling and directing.

Positive Effects of Globalization to the Bank

The globalization trend witnessed all over the world has impacted significantly in the

banking sector. Globalization has enabled the bank to diversify its sources of employment

and funding and mobilize the greatest possible saving across all the sectors [ CITATION

Fra05 \l 1033 ]. They bank as a result of globalization has been able to put their resources in

various activities in several diverse fields. The globalization has helped the bank become
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innovative and has created distinct clients and offered them with a richer future at the level of

banking services.

Conclusion and Recommendation

I have undertaken a critical into the operation and functioning of Barclays group PLC

such as its goals and objectives the group is projected to achieve. I have looked at its

strengths, weaknesses and opportunities and threats by use of PESTEL analysis, and also the

competitors analysis [ CITATION Ale13 \l 1033 ]. My recommendation is that the bank

needs to lay more emphasis on staff and top management to be more client-centric when it

comes to decisions making and also when effecting strategies along with making effective

control and execution so as to achieve the desired target. The bank also needs to ensure client

dominance is in place by being near them and successfully handling their risks.
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References

Bikker, J. A., & Bos, J. W. (2008). Bank performance : a theoretical and empirical

framework for the analysis of profitability, competition and efficiency. London:

Routledge.

Chen, R. (2014). Integrated bank analysis and valuation : a practical guide to the ROIC

methodology. Basingstoke: Palgrave Macmillan.

Chorafas, D. N. (2009). Corporate accountability : with case studies in pension funds and in

the banking industry. Hampshire: Palgrave Macmillan.

Coulbeck, N. (2006). The multinational banking industry. London : Croom Helm.

Crosse, H. D., & Hempel, G. H. (2012). Management policies for commercial banks. New

Jersey: Englewood Cliffs, N.J., Prentice-Hall.

Croxford, H., Abramson, F., & Jablonowski, A. (2005). The art of better retail banking :

supportable predictions on the future of retail banking. Chichester: John Wiley and

Sons.

Daveri, F., Manasse, P., & Bank, W. (2005). The twin effects of globalization. Washington

D.C: World Bank.

Endres, A. M., & Fleming, G. A. (2002). International organizations and the analysis of

economic policy, 1919-1950. New York: Cambridge University Press.

Guislain, P. (2008). The privatization challenge : a strategic, legal, and institutional analysis

of international experience. Washington D.C: Washington, D.C. : World Bank.

Barclays PLC 14

Madura, J. (2003). International financial management. Ohio: Mason, Ohio :

Thomson/South-Western.

Marc, A., & Bank, W. (2013). Societal dynamics and fragility : engaging societies in

responding to fragile situations. Washington D.C: Washington D.C. : World Bank.

Mathews, H. L., & Slocum, J. W. (2011). Marketing strategies in the commercial bank credit

card field. Chicago: Chicago, Bank Public Relations and Marketing Association.

Miskelly, M. (2013). Encyclopedia of major marketing strategies. Volume 3. Detroit :

Detroit : Gale/Cengage Learning.

Obay, L. (2010). Financial innovation in the banking industry : the case of asset

securitization. New York: Garland Pub.

Pelzer, P. (2013). Risk, risk management and regulation in the banking industry : the risk to

come. New York: Routledge.

Regini, M., Kitay, J., & Baethge, M. (2010). From tellers to sellers : changing employment

relations in banks. London: MIT Press.

Saleth, R. M., Dinar, A., & Bank, W. (2004). The institutional economics of water : a cross-

country analysis of institutions and performance. Northhampton: Cheltenham, UK ;

Northhampton, MA : E. Elgar Pub.

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Barclays PLC (BARC.L): company overview

Barclays PLC has distinguished itself as one of the leading financial providers in the

global financial market. The company has witnessed remarkable growth since its inception

establishing it as the largest bank in the UK and a leading financial player in the globe. As a

holding company, the institution has diverged its market portfolio to entail an array of

products but within the financial sector. It operates in five business portfolios namely:

personal and corporate banking, investment bank, Barclaycard, Africa Bank together with the

head office. With headquarters in London, the bank has witnessed exponential advancements

in its branch networks throughout the globe thus ensuring that its market portfolio remains

remarkable.

In terms of asset base, Barclays boasts of a strong portfolio amounting to almost $ 3

trillion giving it a very significant growth privilege. According to global rankings, it is one of

the largest banks in the globe in terms f asset base, customer portfolio and market

capitalization. Regardless of the amorphous global economic conditions it has experienced,

Barclays has experienced a steady and resilient growth trajectory to establish itself as one of

the leading financial institutions in the globe.

Barclays PLC (BARC.L): expected monthly returns

The expected monthly returns take into account the historical performance of the

shares to project the performance of the same in the future. Expected return tools are

significant in the determination of whether an investment is within a positive or negative

average net outcome. This analysis will use the Historical data to predict the expected

monthly returns in an Ex post platform (Jain, Singh, & Yadav, 2012).

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Exploring the rates of returns for Barclays for the last 60 months affirms that the

company is in a stable financial position. Other players in the same industry, as extrapolated

with the FTSE-100 index, have a relatively stunted growth prospects owing to various

factors. The dividend payout for instance, has been emboldened by the increased rates of

returns experienced by the company. For the shareholder, the increased dividend payout due

to increased rate of returns puts the company on a very strong position as compared to other

players in the industry. An assessment of the dividend payment to the shareholders reveals a

systematic increase in the amount of dividends that the investors have received. Though there

has been a reduction in the value of earnings of the company, the dividends paid out to the

shareholders have remained rather stable within the period of 60 months under study. For the

shareholders, this indicates the growth potential of the company and the stability of the

company within the sector that it operates

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Correlation of the monthly returns with reference to the FTSE-100

index
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From the analysis of the covariance of the share price of the company and those of the

FTSeE-100 share index, there is sufficient proof that a positive correlation is witnessed. The

positive correlation. A perfect positive correlation like the case of Barclays and the other

players in the FTSE-100 index, indicates that the return on one security will be able to give

the investor an opportunity to forecast in a very perfect manner, how the others will perform.

The correlation index for Barclays against the FTSE-100 reveals that there is a perfect

positive correlation. From a negative correlation index, the need to diversify in the portfolio

market becomes more than necessary to hedge the shareholders from any significant risks

within the market. But then in this case, where Barclays correlation index to the FTSE-100 is

perfectly positive, reduction in the risk is not guaranteed

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As a shareholder, the correlation does not necessarily depict that the market position

of the company is sufficiently unhealthy for them; rather, it discourages them from

diversification into other markets especially within the FTSE-100 share index.

Conventionally though, securities typically posses positive correlation with each other since

the all the prices of the financial securities shift with the changes in the overall economic

conditions. In this regard, risks can only be significantly reduced in the stock market and not

wholesomely eliminated. This can be said of the covariance between the share prices of

Barclays and the price indices of the FTSE-100 market portfolio. This has been discussed in

the subsequent discussion on the portfolio of Barclays PLC to the FTSE-100 index

Risks analysis: standard deviation

The trade off between the risks of securities and the returns of the same is a

significant concept of the financial markets that must be emphasised to an investor. More

gain from the securities market requires more risks to be undertaken. In the case of Barclays,

the analysis of the risks in its portfolio reveals that it has the same risk level with the portfolio

of FTSE-100 index. Theoretically, the expected returns from a portfolio and the variances are

based on the future returns of the portfolio. Nonetheless, from a practical sense, the expected

returns from a portfolio and the subsequent variances can only be established using the

historical data of the securities used as the proxies for evaluating the future returns (Horne,

2010). Essentially, lower variability, as witnessed in these two portfolios, means that the

standard deviations of the two portfolios are smaller. This means that the risks associated with

the two portfolios is quite small. In the context of the investment rule of thumb between the

trade offs of risks and returns of the portfolio investment, it is admissible to indicate that the

shareholders in the Barclays PLC portfolio may experience lower returns since the risk level

is equally low.
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Portfolio of Barclays against the FTE-100 portfolio

16%

14%

12%

10%
expected return

8%

6%

4%

2%

0%
2% 4% 6% 8% 10% 12% 14% 16%
-2%

-4%
standard deviation

The aspect of covariance, the portfolio management theory indicates that there is a

possibility of reducing the inherent portfolio risk through the establishment of the covariance

between the two securities. The case of Barclays reveals that the covariance is positive (0.01).

This means that the two cases provide a positive kinship where the two securities move

towards the same direction. The returns in the FTSE-100 index are directly proportionate to

the returns of the Barclays PLC group. This, to the shareholders is a determinant of the type

of relationship between the share price of the company (Barclays PLC) and the FTSE-100

index. The extent of the relationship has however been indicated by the correlation analysis

earlier discussed. The two portfolios are positively correlated, meaning that a direct

relationship exists between them. An investor does not have much of a choice between these

two investment portfolios because they all move towards the same direction. For an investor

wishing to choose from the two market portfolios, the analysis of variance indicates that the

securities all a positive indication and the loss or gain in one, will reflect in the other in a

more or less similar fashion

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CAPM and the P/E ratios

As earlier mentioned, low

risk investment portfolios tend to

have relatively lower returns as

compared to the security

portfolios with relatively high

risks. The results from the

analysis depict that the portfolio

for Barclays bank is not a high

risk security investment. This

inherently confines the

investment as a low return

investment. For an investor, this

simply indicates the level of risk

associated with the security

portfolio under study

The price to earnings ratio

is a valuation tool for companies

that measure the share price of

the company current, in relation

to the per-share earnings of the

company (Paramasivan &

Subramanian, 2009). In this case,

the P/E ratio has been used to indicate the amount of money the investors in the Barclays
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PLC security anticipates to invest in the company to receive a single dollar of Barclays. From

the results of the analysis, the P/E ratio is quite high meaning that the growth prospects of the

company are high. The investors are expecting higher earnings in the in the future. For a

shareholder, this affirms that the investment in the securities of Barclays is profitable. It may

not be giving super profits currently, but the growth prospects of the security is good

SWOT analysis
Strengths
A stronger financial brand has elevated the company as a destination financial

provider for majority of its clients. The presence of the company across over 55 countries in

the globe has elevated it into a preferred brand in the sector. As a financial provider, the

company can use the brand leverage to stamp its presence in the global market and advance

its growth prospects. The significance of a strong brand in the corporate sector can never be

overemphasised (Barclays PLC, 2014).

A keen study of the annual returns for the company for the last five years indicates an

annual decline in the operational costs of doing business. While the profits of the holdings

companies have slightly reduced, together with the revenues collected since 2010, the

liabilities and the operational expenses have pretty much gone down leaving the business at a

pole position to advance its growth strategies. For an investor, this is a clear indication of a

bull market. It has the capacity of meeting its progressive growth targets if the management
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can push lower the operational costs of doing business. As a business, this catapults it and

puts it to a strong position of growth. Barclays productivity, assessed in terms of the cost to

income ratio, as already mentioned, has gradually improved.

The asset base of the company, as witnessed from the annual returns for the last five

years has equally gone up. The business position of the company thus marks an interesting

position that is likely to embolden the shareholders positions in investing in the market. The

increased asset portfolio gives the institution a further opportunity to establish a strong

financial foundation in order to ensure that it has a stronger financial background to finance

its growth activities. In summary, Barclays has these three growth prospects as important

opportunities for it to advance the business growth and the subsequent development.

Weaknesses
A comparative study of the company has revealed that the revenue base has been

dwindling since 2010. While the analysis of the profits and dividends of the company reveals

a lot to be desired by the shareholders, the dwindling revenue base should be a major weak

link for the company. In order to advance its growth and expansion strategies, the company

must remain at a very good liquidity and be able to finance most of its growth projects.

Unluckily, the revenues have been on the downward gradient since the year 2010. Essentially,

the revenue reduction has been split into the net earnings of the company. While analysts are

quick to mention that the slumping revenue collected were largely external, it is admissible

that the lowered capacities to collect revenue is a huge weakness for the company

Conventionally, the emerging trends in low revenue collection is likely to play into

the market exposure and related losses for the institution. The institution is largely engaged to

several to the US subprime through the various entities in Barclays capital and several other

mortgages originators that it acquired recently. The loss of revenue thus interferes with the

companys position in the credit markets of the institution. The lowered rates of returns affect
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the balance sheet of the company to a very large extent. This weakness is likely to erode the

confidence of the investor and lead to a slow punctured withdrawal from the market and

hence lowering its profitability in the stock market (Barclays PLC, 2014).

Opportunities
In the 2010-2015 financial strategy, the institution mentioned that it intends to pump

close to 400 Million worth of investment to advance its capacity as a leading financial

provider in the globe. The rivet of the focus would be to enhance its technological capacity

and to invest in people. The huge financial foundation of the company gives it a very

important opportunity for it to pursue its growth and development agenda. Enhancing its

infrastructural capacity to improve its growth portfolio, spreading the risks and enhancing the

market capitalization, increased global presence and others are some of the strategies that

Barclays could adopt to be able to take advantage of the existing economies in the market to

stamp its presence in the financial market.

The institution can use its large brand as an opportunity of taking advantage of favourable

financial markets conditions. Brand presence in itself is already a marketing point. Even in

the global market structure, Barclays will find it easy to establish new market segments since

the brand is already in a large market continuum. And so what is witnessed is a massive

opportunities of investment increment that Barclays has to increase its business presence

across the globe (Barclays PLC, 2014).

At its disposal, is a huge asset foundation, which is a key requisite for the

advancement of the companys growth prospects. As witnessed in the Companys financials

from 2010, there are very strong indicators of the massive growth of the companys assets.

Despite the intermittent decline in the asset value in between since 2010, the upward

trajectory of the assets gives the company a very strong opportunity to expand its operations

in whatever the case it wants to. The existence of a strong technological infrastructure is

orienting the company towards an exponential growth. For any company to establish itself as
Barclays PLC 26

a key player in any field, it is important to interrogate oneself in terms of the asset portfolio

that the company has. With the massive presence (and subsequent growth of its assets) it is

expected that the company will use these resources to establish itself on a strong pedestal of

growth and gain an unassailable competitive advantage over the competitors in the business

Threats
Like the other global economies, the downward slump in economies has greatly

threatened the operations of the company on a very large scale. In the last decade, the global

financial sector has experienced very serious dress down that led to the near total collapse of

the sector. The inclement of the global economy has had a negative influence on the

performance of the company. In the banking arm, contraction in the lending arm of the bank

owing to the spiralling interest rates lowered the balance sheet of the company. The demand

for crediting facilities equally declined by close to 8%. According to analysts, such

occurrences terrorize the market for the products of Barclays and further relegate its

functions further.

The bleak economic outlook has not only played as a factor of reduced commercial

activity, but also, a very critical aspect in the increased operational costs of the company.

Barclays global presence has suffered very hurtful financial crises owing to the huge

breakdown in major world economies. A slowed economic establishment infiltrates into the

stock market where trading for such shares is lowered significantly. This threat can be

effectively handled through risk diversification. In an instance where the financial markets

are suffocated by the economic provisions, the concept of diversification is able to fetch

revenue through the other industries. The instability of the forex market has been a factor in

company developments (Barclays PLC, 2014). The instability in the currency market,

especially or the companies that are operating in the global platform becomes evident with an
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unstable forex. As a global player, Barclays has experienced massive threats on the earnings

owing to the occurrents within the financial markets

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Paramasivan, C., & Subramanian, T. (2009). Financial management. New Delhi: New Age

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