Free Essay

Jjjjj

In: Other Topics

Submitted By ankitbisht
Words 3182
Pages 13
Industry Analysis / Porter’s 5 Forces:-
Threat of New Entrants: The PSUs will however continue to retain their dominant position. This is on account of high capital investments required in setting up a nationwide network. As a result, the private sector players will have to rely on key business centers and pockets of high urbanization for their growth.
High capital investments, well-established players who have a nationwide network, license fee, continuously evolving technology and lowest tariffs in the world.
After a failure of not one but two rounds of spectrum auction, the regulator has proposed a slashing of the reserve rates for the upcoming auction. However the same has questioned by the DoT panel. The operators are in desperate need for spectrum. In addition to this the prices for the upcoming license renewal would also be decided on the basis of the auction price. Therefore the operators are keen that the reserve prices be slashed. However, whether this happens or not, remains to be seen.
Access to optical fibre network
Declining ARPU
Government and legal barriers
Retaliation by established producers
Capital Requirements
The cost of active equipment is estimated to be 40 percent of the telecom operator's total capex, while the balance is accounted for by passive infrastructure.Bharti has invested close to Rs. 230 billion to create the cellular infrastructure with 45,000 towers across the country. Typically, a ground based tower costs Rs. 25-30 lakh. A roof-based tower can be built for Rs.13-14 lakh.Cost of maintaining one tower (active + passive) is estimated at Rs. 60,000-65,000 per month.If tower is rented then monthly rent of Rs. 40,000-45,000 for active network. The monthly outflow of a TSP would be close to Rs. 80,000-85,000 per tower per month. However, the recent announcement made by BSNL about leasing its towers will help both the older and newer players to penetrate into new markets.This factor makes the telecom industry moderately attractive for the new players and investors.
Declining ARPU
The market is maturing and new classes of consumers are mostly rural and their ARPU is well below $5 (probably $3-3.5). So, managing bottom-lines at such low levels of revenue per user will prove to be a challenge for new entrant
Access To Optical Fibre Network
The largest optical fibre has been built by the incumbent operator BSNL who is also the long distance operator.The private sector players such as Bharti and Reliance have also constructed optical fibre cable network connecting mainly cities and towns but their presence is very limited in the rural areas and difficult terrains.It is fairly difficult and cost- ineffective for new entrants to lay down optical fibre connecting remote places as well.
Retaliation By Established Players
Also known as Incumbent Wrath signifies the leverage the players in the market commands. The incumbents grow because of an established network presence, a brand that consumers are aware of and sheer economies of scale.Mobile termination charge which one operator pays to the other when the customer of the former uses the roaming charges of the latter. This is 30 paise a minute charge as of today. This is charged to the consumer as the cost of roaming. With an all India footprint (or 80% coverage), the incumbents effectively do not have to pay termination charges.The incumbents have either been pocketing the termination charges or passing them to consumers “no roaming charge” kind of schemes. This factor makes the industry unattractive for the new entrants and investors. The existing Telecom players might begin to bundle broadband, voice, wireless, video and other emerging technologies together, as well as a variety of value added content, in an effort to remain competitive, offer seamless services and attract more customers, at a cheaper price (incumbent wrath
Spectrum Availability:
Despite technological changes that reduce the demand for spectrum, availability of spectrum continues to be a constraint. In order to allocate spectrum amongst competing service providers, auctions are often used. It is here that the government’s regulatory powers come into play. Moreover, there are always issues of interoperability with changing bandwidth and thus seamless integration of various services becomes a major issue. Thus, spectrum availability poses a huge barrier to entry, increasing the industry attractiveness.
Power of Suppliers: Improved competitive scenario and commoditization of telecom services has led to reduced bargaining power for services providers. The suppliers bargaining power has increased influence on the profitability of the company. Increase in the bargaining power of the supplier will lead to a decrease in profits or increase in the price of the end product(Buyer).

There is a price war happening between the different mobile operators, so even the suppliers are chosen carefully so that they do not drag down the profitability of the company .So the suppliers have less bargaining power in this industry.

Mobile Tower Companies
SIM cards
Mobile phone handsets
Mobile Tower companies in India

There are two types of tower companies in India
Telecos owned tower companies
Independently telecom tower companies (ITTC)
Less Bargaining power because of more number of suppliers
Little or no forward Integration
Sim Card Manufacturers

Sim card for the mobile operators are mostly produced in India and some are imported.
The mobile operators doesn’t always procure the sim card from a single supplier to avoid any delays.
The Bargaining power of suppliers is less
There is little or no threat of forward integration .

Power of Buyers: Increasing choice and one of the lowest tariffs in the world have made the cellular services in India an attractive proposition for the average consumer. The mobile penetration levels in urban areas have already crossed 100%. Therefore the main driver for future growth would be the rural areas where wireless tele-density is around 40.23%.
Buyers’ Price Sensitivity
(High)
Cost of product relative to total cost (High)
Product differentiation (High)
Competition between buyers (?)
Size and concentration of buyers relative to products (high)
Buyers’ switching cost (low)
Buyers’ information (High)
Buyers’ ability to backward integrate (low)
Buyers in Telecom industry generally land in two categories: Individual and Enterprise Customers like IT companies, Banks etc. There are ample number of telecom providers in the market with big product variance and cheaper prices which gives buyer many options to select operators and thus have a large bargaining leverage.
Cost of product relative to total cost
Telecom products e.g. Voice calls, 3g etc cost 100% of the total cost of service and buyers are more sensible to pricing.

Product differentiation
Airtel, Relience,Idea and all other companies have similar prices for similar products and less likely for any one to maintain product differentiation and hence buyers have the option to switch over.
Competition between buyer
The individual buyers don’t have any competition among themselves but enterprise customers like IT or banks do have. Enterprise customers generate major part of the revenues for any telecom companies like Relience, Airtel or Idea which means higher buyer power. But this is not significant for the newbie or the one who deals with individual customers

Size and concentration of buyers relative to products
960.9 Million of individual telecom subscribers as on May, 2012. Big size and low concentration of consumption per individual gives lower leverage to buyer power.
Enterprise customers – Big size and big concentration of consumption accrues high buyer power
Together we can say its moderate buyer power in terms of size and concentration.
Buyers’ switching cost
Low switching cost. Low new connection cost. With MNP, switching has become more easier. TRAI expected that the subscriber has to pay not more than Rs. 200. Some of the operators have estimated the charges can be as low as Rs. 20.
Mobile Number Portability requests increased from 50.16 million subscribers at the end of May 2012 to 54.33 million at the end of June 2012. 4.16 million requests for the month of June itself
Meaning Low switching cost and high buyer power.
Buyers’ information
Buyers information regarding the availability of other options has become high
Increased social networking, high advertisements through TV, hoardings, banners and word of mouth, buyers are well informed about the substitute products with better offerings urban as well as rural areas.
Means high buyer power
Buyers’ ability to backward integrate
Not much intermediaries between the producer and the consumers. High Investment required for backward integration.
Less likely to have backward integration and hence low buyer power

Availability of Substitutes: The potential major substitutes for the telecom industry are as follows:
-VOIP (Skype, Messenger etc.)
-Online Chat
-Email
-Satellite phones
Mobile phone companies in India are unlikely to face a serious threat from free calling apps or instant messaging platforms such as WhatsApp, Line, Viber or WeChat in the immediate future, in contrast with developed markets and most other countries in Asia, where these applications are hurting the profits of telecom operators. Instant messaging apps are growing exponentially in India and revenue from SMS has shown a marginal dip for all operators. In April, free chat apps officially overtook SMS in popularity globally. Yet, why is the Indian market different? The primary case is India’s unique business model. About 96% of India’s 900 million mobile connections are on pre-paid. To use either the free calling platforms that use IP platforms to route their calls, or to avail free instant messaging apps, customers must first buy a data plan. Be it a daily, weekly or monthly data plan, this is close to what mobile phone companies were making by selling SMS packs. Admittedly, a customer buying a data plan may send out a lot more messages using a ‘free’ instant messaging platform like WhatsApp or Viber, and while the potential revenue loss (if these messages had been sent using the SMS platform instead) for the operator may be significant, the real revenue loss is not high. Since over-the-top apps (OTT) are free to use once the customers buys a data plan, it would also be incorrect to assume that each message sent on Line or Whatsapp translates to the loss of revenues for traditional SMS. Second, unlike most global markets, SMS accounts for less than 5% of the total revenues of all major operators in the country, while for some telcos, this figure is as low as 2-3%. In comparison, SMS contributes 43% of the telcos’ sales in the Philippines, 23% in Indonesia, 18% in Singapore and 14.3% in Malaysia. Therefore, the prospects of free instant messaging apps cannibalising SMS revenues is yet to become a major threat in India. Put simply, OTT is only additional new messaging and not cannibalized SMS. Mobile phone operators like Reliance Communications Ltd have countered the threat by offering flat rate bundles to their customers for Whatsapp use. Critically, to buy a data plan and use free calling or instant messaging apps, customers need to own a smartphone. According to a recent Nielsen report titled ‘The smartphone adoption gap in Asia Pacific’, India has one of the lowest smartphone penetrations amongst leading economies, as only 18% of its mobile base use such devices. In comparison, leading European countries and the US all have over 60% smartphone penetration, and closer home in Asia, China boasts of 71% smartphone usage, while the corresponding figures for Malaysia is 80%, and both Singapore and Hong Kong have 87% smartphone adoption. Free instant messaging apps may eat into the telco’s sales, but less than a fifth of India’s mobile customers have access to devices to utilize and exploit this platform. The actual base is even smaller as not all of the 18% mobile subscribers who own a smartphone have it in combination with a mobile data plan. The same factors which help Indian telcos mitigate threat from instant messaging or OTT platforms also helps them mimimize losses when it comes to free calling apps such as Viber and Skype which are extremely popular in the West and developed Asian markets such as Singapore and Hong Kong. Unlike these locations, Indian operators do not offer large or unlimited data plans, and according to a recent study by Credit Suisse, ‘free’ voice call on these IP platforms costs roughly half a regular voice call based on the amount of data consumed. Besides, Indian consumers also face a major disadvantage when using these free IP platforms for voice as the quality is poorer than regular cellular calls even when both users are on 3G networks. Worse, India’s 3G networks coverage is patchy even in metros and large cities and is virtually non-existent beyond these places. “IP calls we tried on a 3G network in Mumbai used up 450 KB of data per minute, for each user. Using the average revenue per MB reported by Bharti/Idea (at 32p/MB—which incidentally is close to the rate implied in the popular Rs.103/300MB 3G plans), we calculate that a one minute VoIP call on Line works out to 30p/min—split evenly between the two parties. This comes at a 52% discount to the outgoing call rate of 62p/min implied in Bharti’s voice RPM,” Credit Suisse analysts Sunil Tirumalai and Chunky Shah wrote in a 16 September research note. Their report titled, ‘Free VoIP: How ‘Free’ is it really?’, further added: “We found the VoIP call quality significantly poorer than regular cellular calls, including issues around: latency (of around 1 second), noticeable ‘blank spots’ during the conversation, and frequent call set up failures leading to repeated attempts. All the above parameters were worse on a 2G network compared to 3G.” Another constraint for Indian consumers, be it instant messaging apps for free IP calls, is that cross-platform usage is not possible, thus severely limiting the utility of the service to a few contacts in the customer’s contacts list, point out Tirumalai and Shah. For mobile phone companies in India, while legacy issues, poor infrastructure as well as poor smartphone penetration may offer a temporary reprieve, their failure to wake up and smell the coffee could turn out to be a deadly weakness inspite of overall strength. Falling smartphone prices make India the fastest growing market for these devices. Hike, an OTT app from Bharti-SoftBank allows its users to send free messages to people in their contract list who are not on this platform, breaking the traditional barrier most of these apps face, not just in India, but globally too. Reliance Industries Ltd’s upcoming pan-India 4G will enable the company to offer video services on its networks, similar to that of Skype, at very low rates. Following the migration to unified licence, smaller operators may also launch internet telephony and disrupt revenue streams of larger players, forcing them to follow suit.
This has resulted into people shifting away from operator provided services like SMS and other value added services. Although the government had previously mentioned that they are not looking at regulating OTT (Over The Top) players, as per Economic Times, TRAI now wants to get an idea of these OTT apps and how they fulfill consumers’ needs as well as how operators get affected by their presence. This revised stand must be an effect of increased pressure from telcos like Bharti Airtel, Vodafone India and Idea Cellular who complain that OTT players are free riding on their network infrastructure which costs billions of dollars to set up.According to data from a research firm Ovum, telecom operators lost around Rs 4,700 crore in SMS revenues in 2012. This loss was expected to increase to Rs 18,671 crore in 2013. But these numbers are not the real way to look at it. SMS accounts for not more than 5% revenues of major telecom operators in India. These numbers might be even less for other carriers. As more people start using these mobile data dependant apps, consumption of data increases and so does the revenue through data bundles. This, in part, fills the draughting SMS revenue stream that mobile operators are complaining about. When it comes to ‘free voice calls’ through apps like Viber, the price for data consumption for each VoIP call is half of what it costs for a normal voice call but the quality of voice isn’t half as good in comparison. Neither the 3G data networks are so widespread in the country for consumers to make a switch from normal voice calls to VoIP calls completely.
Competitive Rivalry: Competition has intensified with the entry of new cellular players in circles. Reduced tariffs have hurt all operators. Rivalry among competing firms:
The Hirschman-Herfindahl Index (HHI) for the Indian telecom industry stands at 1421.29 which indicate a highly contestable but oligopolic industry. Moreover, the concentration of top four firms at 66% also confirms this hypothesis.
Price wars:
The switching costs being low, the Indian market is highly value-driven and price sensitive, and telecom companies are in continuous pressure to deliver new services while improving customer experience and loyalty. The service providers’ priority is to add maximum number of subscriber per month and retain the existing user base. The preferred strategy among all competitors is to offer lower prices coupled with more value added services. This has a damaging effect on the bottom line for the industry as whole, leading to commoditization of the market with decreasing individual market capitalization and makes the industry unattractive for the entrant.
Fixed Cost:
The industry suffers from high fixed costs and fast technology obsolescence. The service providers also incur expenses in procuring licenses and laying down network infrastructure. To garner these expenses, it becomes essential to have adequate capacity utilization. It takes tremendous capital to build a cellular network, backhaul and operations center. Operating a cellular carrier requires specific human resources, with specialized skills. It requires a field force to install and maintain the physical assets, a training division, a support group and web experts to build a reliable website. These human resources are in limited supply and are expensive. Thus, increasing subscribers’ base becomes very important. This also furthers the competitive stakes.
Strategic stakes:
We see players in this market are the ones typically considering big business powerhouses in India (Bharti Airtel, Reliance), and they branch out into other industries as well. These increase strategic stakes for the players. The tele-density is very less in rural India and this presents an untapped potential for the service providers once the urban market has started maturing. Migration to the new market requires more upfront investments and thus hard cash availability with the providers becomes essential. Moreover, it is always profitable to have the first mover advantage as it provides the opportunity to garner certain premium in pricing for services.

High degree of Imitation, lowering switching costs:
There is almost no differentiation among the service providers regarding basic services, and even any innovations in value added services are quickly copied. So, it is very easy for the users to change their service providers and the industry operates with minimal customer loyalty. This makes the industry rivalry most prominent.

Similar Documents

Premium Essay

Jjjjj

...| Complete statement: RBI's Q3 2009-10 Monetary Policy review | Here is the Policy Review statement, which should be read and understood together with the detailed review in Macroeconomic and Monetary Developments released on Thursday by the Reserve Bank. The statement is organised in four sections. Section I provides an overview of global and domestic macroeconomic developments; Section II sets out the outlook and projections for growth, inflation, money and credit aggregates. Section III explains the stance of monetary policy and Section IV specifies the monetary measures.I. The State of the EconomyGlobal Economy1. The global economy is showing increasing signs of stabilisation. The growth outlook in virtually all economies is being revised upwards steadily, with the Asian region experiencing a relatively stronger rebound. Global trade is gradually picking up, but other indicators of economic activity, particularly capital flows and asset and commodity prices are more buoyant. However, even as most of the forecasts on recovery are generally optimistic, significant risks remain. The recovery in many economies is driven largely by government spending, with the private sector yet to begin playing a significant part. There are signs that high levels of global liquidity are contributing to rising asset prices as well as rising commodity prices. Emerging market economies (EMEs) are generally recovering faster than advanced economies. But they are also likely to face increased...

Words: 4212 - Pages: 17

Free Essay

Jjjjj

...SAMPLE CV Name Education and qualifications 2008-2009 – Law School Undertaking the Legal Practice Course – Distinction 2007-2008 – Law School Graduate Diploma in Law: Distinction 2003–2007 – University BA Joint Honours in French and German: 2.1 1996-2003 – School A-levels: French (A); German (A); English Literature (A); History (A) GCSEs: 9 A*s and 1 A (Maths sat one year early) Awards Runner-up in Newspaper Law Awards 2009 – presented with £1000 prize by Justice Minister Jack Straw at Lincoln’s Inn ceremony. Essay published on a legal website, Scholarship awarded for essay on Sartre and prize for Modern Languages and Subject prize for History (at school). Work experience Top City Law Firm, London: September 2010 Training Contract Reed Smith Richards Butler, London: summer 2007 Working in the employment department, I created a newsletter for clients on sick pay allowance for disabled employees, compiled tribunal claim for unfair dismissal and breach of contract and carried out research. In the media department, I researched the licences available to online radio station, compiled a glossary for departmental use and carried out proofreading duties. Mayer, Brown Rowe & Maw, London: summer 2007 I conducted research to help an associate in the employment department write an article and drafted a new clause for client’s contract. I also compiled letters, emails and invoices to clients and managed bundles. I carried out research in the IP department, advising clients on patent...

Words: 526 - Pages: 3

Premium Essay

Jjjjj

...[pic] The Crucible, Act III Questions [pic] Part I. Answer the questions below 1. Why is Giles Corey initially arrested? 2. Why doesn’t Parris want John Proctor to talk to Judge Danforth? 3. What do Abigail and the other girls pretend they see in the courtroom? 4. According to Judge Danforth, why is Mary Warren in trouble with the court no matter what? 5. Why does Elizabeth lie about her husband in court? 6. Why does John Proctor finally admit to his affair with Abigail in the courtroom? 7. Who accuses John Proctor of being the “Devil’s man”? 8. Who quits the court? 9. Explain what John Proctor means when he says, “God is dead.” Part II. Using "A"(answer) and "P"(prove with a quote), answer the following: 10. How has Hale changed? (1091) 11. How is Abigail's attitude toward the judges different from the attitude the other witnesses show? (1098) [pic] The Crucible, Act III Questions [pic] Part I. Answer the questions below 1. Why is Giles Corey initially arrested? 2. Why doesn’t Parris want John Proctor to talk to Judge Danforth? 3. What do Abigail and the other girls pretend they see in the courtroom? 4. According to Judge Danforth, why is Mary Warren in trouble with the court no matter what? 5. Why does Elizabeth lie about her husband in court? 6. Why does John Proctor finally admit to his affair with Abigail in the courtroom? 7. Who accuses...

Words: 306 - Pages: 2

Free Essay

Jjjjj

...HBO Finals Appraising and Rewarding Performance Chapter Objective: To understand: Total Reward System, Money as Economic and Social Medium of Exchange, The Role of Money in Motivational Models, Behavioral Considerations in Performance Appraisal Introduction- In the 19th and 20th centuries employees were presumed to want primarily money; therefore, money was believed to produced direct motivation. The more money offered, the more motivation. Roethlisberger and his followers successfully buried this idea by showing that economic rewards operated through the attitudes of the workers in the social system to produce an indirect incentive. In this chapter we discuss the Complex Relationship between economic reward systems and organizational behavior. This chapter focuses on how incentives are combined with other parts of wage administration to build a complete reward system that encourage motivation. Economic Reward System: 1. Base Pay- Motivate employees to progress jobs of higher skill and responsibility. 2. Performance Rewards- Is an incentive to improve performance on the job. 3. Profit Sharing- Motivates workers toward teamwork to improve an organization’s performance. Other Payments- Primarily non-incentive in nature, are added to the incentive foundation. Seniority Pay – Adjustments are made up to reward workers for extended service and to encourage them to remain with their employer. Money as means of Rewarding Employees- Money is important to...

Words: 735 - Pages: 3

Premium Essay

Jjjjj

...[pic] content The first Starbucks opened in 1971 “Back then, the company was a single store in Seattle’s historic Pike Place Market. From just a narrow storefront, Starbucks offered some of the world’s finest fresh-roasted whole bean coffees. The name, inspired by Moby Dick, evoked the romance of the high seas and the seafaring tradition of the early coffee traders. In 1981, Howard Schultz (Starbucks chairman, president and chief executive officer) had first walked into a Starbucks store. From his first cup of Sumatra, Howard was drawn into Starbucks and joined a year later. A year later, in 1983, Howard traveled to Italy and became captivated with Italian coffee bars and the romance of the coffee experience. He had a vision to bring the Italian coffeehouse tradition back to the United States. A place for conversation and a sense of community. A third place between work and home. He left Starbucks for a short period of time to start his own Il Giornale coffeehouses and returned in August 1987 to purchase Starbucks with the help of local investors.” (Starbucks, 2012, para2) |Strength |Weakness | |Starbucks owns the most recognizable brand in the specialty coffee business |Starbucks products are more expensive than others competitor | |Starbucks offered some of the world’s finest fresh-roasted whole...

Words: 882 - Pages: 4

Premium Essay

Jjjjj

...Greetings Class, In our assignments for HUM/186, we are required to format according to APA style. You have studied this in COM/156 but a review is always helpful. Phoenix has provided many aids to help you in this. Also we must use in-text citations and a reference list in our major papers. Likely the reference list will be only from our readings, which is fine. We do not need sources that are not from the readings. If you want to use some from outside the assigned readings, it is fine but most should be from the readings. We do look for some good quotations from the text, cited as quotations according to APA style. For help with this, I suggest going to the Center for Writing Excellence. On the right side, there is a reference and citation generator. The link below it “APA Information” also is helpful. Or, 1. Go to the Center for Writing Excellence in the Library. 2. Choose Tutorials & Guidelines, then Writing & Style Guidelines (APA). 3. Under the section Undergraduate students, select Course Numbers 100-299 4. There you will find basic guidelines, templates, sample papers and other aids. Use these aids. They are valuable and are developed to assist you. In the Center for Writing Excellence. On the right side, there is a reference and citation generator. The link below it “APA Information” also is helpful. Larry Schnell Faculty, facilitator Phone: 315 717 6618 Email:  lwschnell1@email.phoenix.edu larryschnellfl@yahoo.com Technical support: (866) 334 -...

Words: 254 - Pages: 2

Free Essay

Jjjjj

...Chapter 23 1. “Waving the bloody shirt”: * a term used during elections for those who fought in the Civil War * many used this to win the election during the reconstruction 2. Tweed Ring: * “Boss” Tweed * Corrupt powerful in machine politics 3. Credit Mobilier Scandal: * Union Pacific railroad company created a construction company to steal money from the government- gov. pays for railroads * Important because government money was stolen 4. Panic of 1873: * production was greater than demanded * soft (paper) vs. hard (gold and silver) money; Greenback labor party- wanted more greenbacks- they elected 14 members of congress (party of farmers) 5. Gilded Age: * known as the “era of good stealing’s” * politics used the term “waving the bloody shirt” 6. Compromise of 1877: * Hayes (rep.) and Tilden (dem.) ran in the 1877 election * Hayes wins and reconstruction ends and the creation of the Jim Crow laws happens 7. Sharecropping: * after the slaves were freed they went back to work on the plantations but as sharecroppers * Sharecroppers always in debt 8. Jim Crow: * Southern states passed laws to deny civil rights to freedmen; white supremacy * Pole tax- pay tax because you exist- only enforced on freedmen- right to vote 9. Plessy v. Ferguson: * Supreme Court case- a black man bought a first class train ticket. * Court ruled “separate but equal” is constitutional ...

Words: 332 - Pages: 2

Free Essay

Hrm Management

...c c c bc bcb cb bc bcb bnjj jjj jjjjj jjjjj jjjjjjjjjjjjjjjj jjjjjjjjjjjjjjjjjjjnnnn nnnnn nnnnnnn nnnn nnnn nnnnnn nnnnnn nnnnn nnnnnnn nnnnnnnnnn nnnnnnnn nnnn nnnn nnnnnnn nnnnnnnnnnnnnnnnnnnnnkkkkkkhrm Dv vvhkv bjjcj cb bcb c c c c bc bcb cb bc bcb bnjj jjj jjjjj jjjjj jjjjjjjjjjjjjjjj jjjjjjjjjjjjjjjjjjjnnnn nnnnn nnnnnnn nnnn nnnn nnnnnn nnnnnn nnnnn nnnnnnn nnnnnnnnnn nnnnnnnn nnnn nnnn nnnnnnn nnnnnnnnnnnnnnnnnnnnnkkkkkkhrm Dv vvhkv bjjcj cb bcb c c c c bc bcb cb bc bcb bnjj jjj jjjjj jjjjj jjjjjjjjjjjjjjjj jjjjjjjjjjjjjjjjjjjnnnn nnnnn nnnnnnn nnnn nnnn nnnnnn nnnnnn nnnnn nnnnnnn nnnnnnnnnn nnnnnnnn nnnn nnnn nnnnnnn nnnnnnnnnnnnnnnnnnnnnkkkkkkhrm Dv vvhkv bjjcj cb bcb c c c c bc bcb cb bc bcb bnjj jjj jjjjj jjjjj jjjjjjjjjjjjjjjj jjjjjjjjjjjjjjjjjjjnnnn nnnnn nnnnnnn nnnn nnnn nnnnnn nnnnnn nnnnn nnnnnnn nnnnnnnnnn nnnnnnnn nnnn nnnn nnnnnnn nnnnnnnnnnnnnnnnnnnnnkkkkkkhrm Dv vvhkv bjjcj cb bcb c c c c bc bcb cb bc bcb bnjj jjj jjjjj jjjjj jjjjjjjjjjjjjjjj jjjjjjjjjjjjjjjjjjjnnnn nnnnn nnnnnnn nnnn nnnn nnnnnn nnnnnn nnnnn nnnnnnn nnnnnnnnnn nnnnnnnn nnnn nnnn nnnnnnn nnnnnnnnnnnnnnnnnnnnnkkkkkkhrm Dv vvhkv bjjcj cb bcb c c c c bc bcb cb bc bcb bnjj jjj jjjjj jjjjj jjjjjjjjjjjjjjjj jjjjjjjjjjjjjjjjjjjnnnn nnnnn nnnnnnn nnnn nnnn nnnnnn nnnnnn nnnnn nnnnnnn nnnnnnnnnn nnnnnnnn nnnn nnnn nnnnnnn nnnnnnnnnnnnnnnnnnnnnkkkkkkhrm Dv vvhkv bjjcj cb bcb c c c c bc bcb cb bc bcb bnjj jjj jjjjj jjjjj jjjjjjjjjjjjjjjj jjjjjjjjjjjjjjjjjjjnnnn...

Words: 257 - Pages: 2

Free Essay

Project Management

...Hello! How are you?vvhjjjjjjjjjj jjjjjjjjjj jjjjjjjjj jjjjjjjjjjjjj jjjjjjjjjjjjj jjjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjjj jjjj jjjs et xfs eg dn jts nje jno rnr fw fkg nr klh nk ne tkj ne kd mn nn nn nn nn nn nn nn nn nn nn nn nnn nn nnn nnn nnn nnn nnnn nnn nnn nnn nnnn nn nnnn nn nk kjb bbw isjj egn rkhj , gkm jkfgn jkf dbasf hb djgn fkjgn k sk fjksb kgdj kjnk. Hello! How are you?vvhjjjjjjjjjj jjjjjjjjjj jjjjjjjjj jjjjjjjjjjjjj jjjjjjjjjjjjj jjjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjjjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjj jjjj jjjj jjjs et xfs eg dn jts nje jno rnr fw fkg nr klh nk ne tkj ne kd mn nn nn nn nn nn nn nn nn nn nn nn nnn nn nnn nnn nnn nnn nnnn nnn nnn nnn nnnn nn nnnn nn nk kjb bbw isjj egn rkhj , gkm jkfgn jkf dbasf hb djgn fkjgn k sk fjksb kgdj...

Words: 292 - Pages: 2

Free Essay

Health

...XXXXX jjjjj gggggg gggggg gg bb gg gg ggg gg gg gg gg gg gg gg gg gg uuu u I is ijijijijijijim XXXXX jjjjj gggggg gggggg gg bb gg gg ggg gg gg gg gg gg gg gg gg gg uuu u I is ijijijijijijim XXXXX jjjjj gggggg gggggg gg bb gg gg ggg gg gg gg gg gg gg gg gg gg uuu u I is ijijijijijijim XXXXX jjjjj gggggg gggggg gg bb gg gg ggg gg gg gg gg gg gg gg gg gg uuu u I is ijijijijijijim XXXXX jjjjj gggggg gggggg gg bb gg gg ggg gg gg gg gg gg gg gg gg gg uuu u I is ijijijijijijim XXXXX jjjjj gggggg gggggg gg bb gg gg ggg gg gg gg gg gg gg gg gg gg uuu u I is ijijijijijijim XXXXX jjjjj gggggg gggggg gg bb gg gg ggg gg gg gg gg gg gg gg gg gg uuu u I is ijijijijijijim XXXXX jjjjj gggggg gggggg gg bb gg gg ggg gg gg gg gg gg gg gg gg gg uuu u I is ijijijijijijim XXXXX jjjjj gggggg gggggg gg bb gg gg ggg gg gg gg gg gg gg gg gg gg uuu u I is ijijijijijijim XXXXX jjjjj gggggg gggggg gg bb gg gg ggg gg gg gg gg gg gg gg gg gg uuu u I is ijijijijijijim XXXXX jjjjj gggggg gggggg gg bb gg gg ggg gg gg gg gg gg gg gg gg gg uuu u I is ijijijijijijim XXXXX jjjjj gggggg gggggg gg bb gg gg ggg gg gg gg gg gg gg gg gg gg uuu u I is...

Words: 276 - Pages: 2

Free Essay

All Business

...JJJJJ JJJJJ JJJJJ JJJJJJ jjjjjjjjj jjjjjjjjjjjj gh ffgfgf df s ssssssssssssss ssss s ss s sjldafjkalf fdakfjkldfj oadkfjskldfjd fsadkfjdklfj sadf KDFJA;KLFJ ADSFJSADKFJADS F;ADSFJADSLF DSFKJADS;F DSA;FKJDSALF SAD;FJASDL;F ADS;FKJDF ADSFJADSKFJAD DKASFJKLADSJFKLDSF AKDSJF ADF FAS;DFKLJAFSDF AKSDFJA;F AWFDLFKJADF ASKJFAJJAF AKDFJ A SLDFJ A DKFJA;KSJF DFNDF D D S A A DF ADGFAGDSA G F G S FA DGF DF ADSF DSF A DF A F AWDF DSAF SAD SG ADGDL ML MKL ML MJ KLJ KLJ KLJ KL K L;M LKMKLMMKIN L K; JKL JM KL M L KNKJ KLJ DD DF F G GH H H H H H H H H H HMKLFGKFGK KFGSJGFGJKF FJKGJSKLJGKLFS S FGJGKLDG SLKFJGD JGKSL F;LKJSFKLGJFDG S;KDFGJ;SKLGJ FDKL;GJDKSFLGKFGSJG S FK;LGJSLKJGKDSFJGKLSF GSKFJGS GKSJGS G S;KDFJG S F;GKSJ;GFODGJ S;LFDJGF S DFKGJ S;DFLGKS DF;OKGJSL;FKG SKFGJS FJG SFGLF FDSKGJFGJDSKG SDFKGJSKLGJF SKFGSKJG FSFKJGSKJGF SKFJGKSDJGFKDJGO9RJVBINBV DV DFKJLKFJDKSAFJA KADJFSA FKLJA FDSA DKJF DF A DS DSF D D D D D D D D D D D D D D D D D D D D F F GF G FG FGFG FG F GGK BK MKL M KNK NK MK, M M, KL ML ,M KLM L ML ,, ML M,. MLK MJKL KN KLJ ,NKLJKLMKLJMKL;MM,.NKLHJLK MN KLJ ;MLK J L;MKLJKLHVJGVH BHJKLN,L MKM LNKL NLN KN KN KLJKLJHJKL K’;L’;L ‘;L KNUJHJKJKLJJKL GYVGF HCDF XSZ SDS RFCFVG BB HNHBGVH NJ BG V HNJ ;O KJ ;K J; LKJ ; KLJ PLKJ ;L KJ; J L;KJ; J LK J O;IJI JIOUOO JKKJ K L; KL; KL KL KLL; L L;K LJ K J J KJ KJK JK JK JKJ K JL K KMKMKN KM VDS VSD VS V SDV DSFVL NJK LKJVKDLJSO;KV SDKLFJDSKLF;SF...

Words: 300 - Pages: 2

Premium Essay

Its Great

...Kjhlkjhaskjlhsdahfkjhf Sdajfkjfaslkdj Alksjdflkjfsda Asjdflkjasdflkj Jflaksdjflkj Fasdfsdakjlk Alksdjfklj Lkdsjk Jkldsjflkj j klj lkjlkjlkfj akflkdsj kjf k j askldfj lakjsf;lk j ;alksjdflk jalksdjflkdfsj lkjlkfjlkj jj j j j jj j j j jj j j jj j jj jjjjj jj j j jj jj jj j j jj jj j jj jj jj j jj j j jjjjjjj j jj j jj j j j j jj jj jj j jj jj j j j jj jj j jj jj jj j jj j jj j j jj j j jj jj j jj j j j jj j jj j jj jj j jj j jj Alksdjfklj Lkdsjk Jkldsjflkj j klj lkjlkjlkfj akflkdsj kjf k j askldfj lakjsf;lk j ;alksjdflk jalksdjflkdfsj lkjlkfjlkj jj j j j jj j j j jj j j jj j jj jjjjj jj j j jj jj jj j j jj jj j jj jj jj j jj j j jjjjjjj j jj j jj j j j j jj jj jj j jj jj j j j jj jj j jj jj jj j jj j jj j j jj j j jj jj j jj j j j jj j jj j jj jj j jj j jj \ Alksdjfklj Lkdsjk Jkldsjflkj j klj lkjlkjlkfj akflkdsj kjf k j askldfj lakjsf;lk j ;alksjdflk jalksdjflkdfsj lkjlkfjlkj jj j j j jj j j j jj j j jj j jj jjjjj jj j j jj jj jj j j jj jj j jj jj jj j jj j j jjjjjjj j jj j jj j j j j jj jj jj j jj jj j j j jj jj j jj jj jj j jj j jj j j jj j j jj jj j jj j j j jj j jj j jj jj j jj j...

Words: 306 - Pages: 2

Premium Essay

Corruption

...DF GR FG TFH TYG JU K LI O GS DK J DF; KL D SF S;F H GJ H L DO FJH G DF HGD FH GIO HGI OS H GD SHG S IDAS;O HG D JD H AG FA GFY U GFK A ESJHJ H HHH HH HH HH H HHHH HH HH HH HHHH HH HH HH HHH HHH HHH HH HH HHH HD FF F FFFFF FFFF FFF FFFFFFFF FF FFF FFF FF FF FF FFF FF FFF FF FFF FFFF FFFF FFF FFFFF FFFF FFFFF FFFF JJJJJJ JJJJ JJJJJ JJJJJ JJJJJJ J J JJJJ JJJJ JJJ JJJJ JJJJ JJJJ J JJ J J J J J J J J J J J J J J JJJ J J J J J J J J J J J J J J J J J J J J J J J J JJ J J J J J J J J J J J J J J J J J J J J EE E E E E EE E E E E E E E E E E E E E E E E E E E E E EE E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E EE E EEEEEEEEEEE TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEE E TER H JH JKH JK HJK HJK HJKH KJH KH KJH JKH JH JH JKHKJHJHKJ...

Words: 252 - Pages: 2

Free Essay

Kludgf Dlakuy

...jkhfdak; adsjkfh duify eifhydkhf ;sifheruyf djhfd;aslkfh dilshad;klfh ;sdli fhsdilggggggggggggggggggggggggggggggggggggggggggggg hhhhhhhhhhh jjjjjjjjjjj kkkkkkkkkkkkkkkkkkkkkkkkkkkkf dssssssssssssssssssssssss gggggggggggggggggggggg ddddddddddddddd vvvvvvv b fgjksdh;fd drk;g eyrugy dkfjh d;guk yfdk;alfjgh dk;aryg dlkjfh d;kfh ury kdfh ldkahf ;dkfh ruiy dfk;jgh da;kjh f; adskjfh;asdf; djkahf dlkjfg as;kuyfr s;iue dsajhf;sdoie dihfr;dksah dl;asdkhf as;ldkfeuiry sdl;ihf dskhcvsd;fieyfr dsa;hjf das;hdfdsa;kfh ad;fhahhhh jjjjj kkk mmm nnn bbb vvv cccc xxx zzz aaas sdjklgrowei7rywe wekur ekrh rlkeuqyrt lkruhy lrkueyt ladrukytt ekleruyfr elrktyu rlkuyer qlkuy radkuyearlkuhf lekruy alsekury asdlkuy eruihya erliukerykluehrlk rduk weruly alku eraslkuy eralkuy er kluehrfl wk dklufy rlkeuy rkf erkutyl drkluy realkuhyd flkuy raelkuy dflakrjth lsdr elarku erakuy aeluk yrekl qerlu yerlkuy qerl yrae ulkayrfdlkuy aerlkuy aerukly adr yulkaer ylkuaey pawer awelku aeskuly aerlk aslkuye aluky asdlkfuy areukl elkdfh slkuyera lkuyerluke lieuyr ldulweury kfasdg kasdueyrlth ldfrylaueyr lkaseuy dfskjha lkuey dlfg aweury dasfkh aweliy fewjkg adfskju griyqetr llkaweury erauky wearlkuqwliuyetrlku wer uwerylwerq lkeasu lkeryqw lyuerqwl wleuy qwlioy erkluyh werlkiery4kuhre ql; rqelkrug qel;ry 4io8yt4 keurl kwekuqh ureay elqury qpery ;pqr erlktuy eqilty erawlkiyr erkty qekluy eralkuy qeriy fkhj erliuy4ewkluh frkurty eilawr tueyt eirut ajdh ierut rley werh reuy eruky erut rt truyleqkr reuy er awerlkuy...

Words: 301 - Pages: 2

Premium Essay

Hi Dogs

...Essay Kkkkkkkkkkk. Kkkkkkkkkkkkkk. Kkkkkkkkkkkkkkkkkkk. K.k lkll. K,k, .x. . .x.x.x.x . x. x. .x. .x. kk kk k k kk k kk k kkkkk kkk k k k k k k k k k k k k k k kk k k k k k k k k k k k k k k k k k k k k k k k k k k k k k k k k k k k k k k k k kk k k kk k k k k k k k k k k k k k k k k k k k k k k k k k k k k k kk k k k kk k k kkkkkkkkkk k k k kkkkkkkkkkkkkk k k kk k k k k k k kk k k k k k k k k k k kk k k kk k k k k kk k k k k kk k k kk k k k kk jjjjj j j j j j jj j j j j jjj j jjjjjjj jj j j j jj j j j j j j j j j j I I I I ii I ii I I I ii I I I ii I I I I ii I I I I ii I I I ii I I I I I I I I I I I I I ii I I I ii I I I b bb b b b bb b b b bb b b b b bb b b b b b b bb bb b b b bbv bb b b b b b b b bb b b b b bb b b b b bb b b b b bb b b b bbbbbb b b bb bbbbbbbb bb...

Words: 309 - Pages: 2