SMALL and medium enterprises (SMEs) are broadly defined as manufacturing, manufacturing-related services (MRS) and agro-based industries that employ around 200 full-time employees or have annual sales turnover of not more than RM50mil (Chermaine, 2013). Besides, the term also refer to enterprises in the services, primary agriculture and information and communication technology industries with not more than 75 full-time employees or annual sales turnover of not more than RM20mil. According to the SME Annual Report 2012, small and medium enterprises represent 98.5% of the approximately 78,000 companies in Malaysia, with the remaining 1.5% made up of multinational and public-listed companies. In many developed nations, SMEs are thought to contribute between 40% and 60% to gross domestic product and 60% and 70% of the employment, but the SME sector in Malaysia has not reached the mark yet. The core purpose of Web services is to create an exchange of data and information between businesses in real time via the Internet, and thus can be shared with customers, suppliers and other business partners of all the information needed. It is resemblance of the business model for example e-commerce or e-business that required transaction, product catalogue, and so on between supplier, company and customer. The complex e-commerce is becoming trend as Amazon.com and eBay started it to encourage other Website within other companies using it. From that, the growing of the new software, function and features will be invented. Furthermore, the rise and development of technology and communication by using the Web to conduct business is on the rise as well. Therefore, when applied to any organization that uses web services to automatically increase the value of the market, because right now, all the benefits of working on the line will help the company in its growth There are some of those benefits that will increase the value of business. An easier and efficient e-business or e-commerce application is one of the benefit can be gained by the company which is the efficiency and the easy access of business will make business flowing good and flawless. In addition, the company or organization would be able to go in the global market. As the purpose of the company want to expand their businesses, this e-commerce will help the organization going global business as the main function is online and everyone can buy it from their home as long as the customer meets the term and condition. Finally, invented the new way to do business, as this e-commerce will allow other business sector at all fields will do the same. From this, the growth of the economics and the customer will be enjoy of the variety of product that can be bought. There are a lot of benefits of Web services to Amazon, eBay and their developer partners. The first one is it allows an explosive business growth in globally because it is not only on domestic as Web services are invented for organization to go global market. This will encourage other organization will do the same method to increase their profit. Secondly, Web services help these companies to expand their market reach as promotional activities for customer to get to know the product. Target market reach will be able for the company to find their potential customer to buy their product. Thirdly, it will give users the ability to act on information any time, any place, and from any smart device. It covers up almost everything that is available t... ... middle of paper ... ...e services providers begin and other competitor have no choice to lower their price in order to compete with U Mobile and it is long debate to be spot on. Back to the topic, in Aroma Hijrah itself is the new entrant in the market. So far, NSK has to compete with new retailer which are more convenience and cheap. The price wars and offering better product and services are needed. Thus, NSK came out with an idea to cover themselves from threat of new entrant. First of all, they provide a membership cards that the customer can get 1 point in every Rm1 they spend. Once they collected at some limit, NSK will provide the customer with the special gifts and the membership also allows the customer to get member prices that is lower than non-member price. Also, NSK provide N-Card Kiosk in order to check and verify their cards and its collected points. Based from my observation, NSK tend to open their store nearest factory and industry location rather than open area for business, and this probably they want attract nearest people that do not want to go out the place to shopping. . It is cleared that, NSK and Econsave are ultimate rivalry based on their current business operation and profitable. However, only one company will always be a winner and NSK is capable on this competition as they brave enough to do a 24-hour store opened located in Selayang that could capture more customer nearby and during festive season. They also brave in reduce some price of their products in order to attract the customers. Works Cited Chermaine Poo (2013). Financing for SMEs. The Star Online. http://www.thestar.com.my/Business/SME/2013/09/27/Financing-for-SMEs/ Muhyiddin Yassin (2013). SMEs. Berita Harian Online. www.beritaharianonline.com
Due to its diverse products range and low prices to its members, it has very high sale volumes and
The term “SME” is commonly used to refer to Small and Medium-sized Enterprises. The term covers a variety of definitions as well as measures. However, in most of the various definitions of what is an SME, employment is the most widely used criterion for categorizing the size of the firm. Moreover, SMEs are often defined as businesses with fewer than 500 employees. However, a number of countries, including some in the European Union use a lower cutoff of 250 employees. SMEs are important in the economy because they have some unique benefits to the economy chief among these being employment and job creation, among others. The following discussion explores the impact of SME to the economy, especially in regards to employment and the creation
In today's competing world, many organizations are rethinking their strategies in terms of the online business and its capabilities and culture. Organizations are taking advantage of the widespread web to buy and sell goods from other companies and recently from individual customers. Exploiting these opportunities of convenience, availability and widespread reach of the web or Internet, many companies such as Amazon have benefited from the use of web successfully.
In conclusion, a precise and more appropriate definition that reflects the size, the nature and needs of SMEs is essential and advantageous not only for a particular SME itself, but also for policy makers and supporting agencies in planning and nurturing the proper growth and development of the SMEs sector in Malaysia as a whole.
The financing sources of SMEs to use are quite single. There are two main type of SMEs to placement, respectively are Commercial bank loans and private loans in spite of Singapore have been provided some financing program. They are hardly to equity trading as well as offer public financing because of lack of direct market financing channels and low credit level in the meantime.
Financial instruments have the capability to support and fund cultural/creative and conventional small and medium enterprises (SMEs), the real question is whether or not all financial instruments are applicable to all SMEs. A financial instrument is defined as, “a document that has a monetary value or represents a legally enforceable agreement between two or more parties regarding a right to payment of money” (BusinessDictionary.com). The different types of financial instruments can be viewed as numerous types of financial assets. Common types of financial assets can be categorized into bonds, shares, loans, and derivative financial instruments. Each financial instrument comes with its own risks and gains along with standard risks for all financial instruments. Each financial instrument has its pros and cons for supporting each SME.
They lack capability for planning and budgeting their operations. Most surveys, reported that many SMEs lack access to finance. But when analyzing their situation, it was found that SMEs lack knowledge on costing and pricing. This saw a need to first build up strong financial literacy and business planning. With such capacity, it then becomes feasible for SMEs to access bank loans.
This helps the website to run on different platforms and be accessible. They use the web services to enable themselves to share data or use data from other websites like integrating Google Maps in its pages(API’s), also they can use web feeds to share data and receive content updates from users favorite websites, like RSS.... ... middle of paper ... ... RIAs make use of Ajax to create robust user interfaces within the browser to do everything that you can do with a desktop application.
E-commerce, a system by which people can buy, sell and deal without even seeing the person on the other side, has taken a front seat in improving the economy of countries around the world. Technology today has made it possible for monetary institutions to help locate the customers resources and help solve their problems at any given time through online banking.... ... middle of paper ... ...
Most of the organizations are possibly taking benefits of web enabled business applications. This consists nearly every type of business application, from simple information sharing to complex monetary levels that puts together countless back-end systems. The optimistic advantages of web enabling applications are many and significant, as well as the ability for improved revenue creation and controlled costs. Nevertheless, the advantages of web applications are always on risks. A lot of simple targets to achieve unauthorized access and ultimately sensitive information are stolen by malicious users and criminals.
Available goods and services: Customers are benefitted from online stores as they provide more variety of goods from all over the world than any physical store. All the brands are available. Most companies have their websites to offer goods/services online, no matter they have any front store or not. Many traditional retailers sell certain products only available online to reduce their retailing cost or to offer customers with more choices of size, color etc. Also, online shopping sometimes offer good pay plans and options for customers. They can decide their payment amount and date in their own convenience &
Electronic Commerce as popularly as E-commerce has become a big deal in our growing economy due to the increase use of online systems. E-commerce now of the fastest growing business in the world. The technology has change the way of business. Business that have physical location have now made it an effort to focus their online business. It is the new sort of business platform where you can make use of different technologies like electronic data interchange or transfer document electronically. Online business is an effective of sales.
Small, medium enterprises (SMEs) are largest types business in the world, making up an estimated 99.7% of business. According to the Federation of Small Businesses (FSB) there are nearly five million existing businesses in the UK as of 2013. SMEs are a key contributor towards economic growth in terms of creating more employment, stimulating innovation and promoting social unity. SMEs are responsible for 47% of private sector employment, yet despite such global present there is still no agreed definition of a SME (Storey 1994). Bolton (1971) attempted to define them through a statistical and economic analysis. Classifications which are based on criteria, such as number of employees or annual turnover, however, do not remain consistent across borders. Given their size, smaller companies tend to be more intent on survival rather than expansion and profit maximisation. Smaller sized firms have always felt that the current reporting framework for IFRS is tailored more for the needs of larger companies and that the heavy cost burden it imposes upon them may not be entirely justified. In response to these concerns, the IASB subsequently issued the IFRS for Small and Medium-sized Entities (IFRS for SMEs) in July 2009. This standard offers an alternative framework which can be adopted by entities in place of the already extant full set of IFRSs or local national requirement standards.(Holt 2010) This essay will critically evaluate the impact of the IFRS for SME’s and whether or not it stands as the most suitable framework available for SMEs to use.
According to the author, e-business is conducting business on the internet by not only buying and selling goods, but also servicing clients and collaborating with business partners by using all the human technologies.
What's e-business? It is the transformation of every business process through using the internet and associated technologies. In this transformation, each part of the business becomes a part of an intrinsic network, which enables employees, suppliers and customers of a given enterprise to conduct their tasks. People usually try to make a point in differing e-business from e-commence, but as I see, e-commerce is a part of the e-business category, and an important one.