It is also possible to change funds. As of 31 December , there were 15 pension funds in Poland, managing assets of approximately PLN At the end of the year most of their portfolio was invested in bonds This means that the pension funds are very important players on the Polish capital market. In fact, their share in the WSE trade amounted to 6. It is also certain that their role will still be increasing, in proportion to the size of the assets under their management. On the other hand, the voluntary third pillar allows for diverse organisational principles and forms of participation, which means that it can be better adjusted to individual preferences.
In this pillar contributions are paid into life insurance pension and investment funds, and employee funds. Companies are allowed to establish employee pension funds and mutual insurance funds on an entirely voluntary basis. Contributions are paid from after tax income, although, the benefits are tax-free.
As of May , there were operational employee pension plans. As of 1 September it is possible to save for a future pension on individual pension accounts IKE , managed by banks, insurance companies, investment fund societies, and brokerage houses.
The most important benefit of this type of pension plan is that capital gains generated are taxfree. The first four months since the introduction of individual pension accounts indicated that this form of pension saving would be quite popular. By the end of there were already over , IKEs.
However, in , only some , Poles decided to open an IKE, resulting in approximately , individual pension accounts held by the end of Almost two-thirds were managed by insurance companies, and almost a quarter by investment fund societies. Economic Environment Each of the pillars may be characterised by the various types of risks to which it is exposed. For example, the first one is exposed to political pressure, the ageing of the population and increasing unemployment risks, while the other two are more vulnerable to persistent inflation as well as to disturbances on the financial markets.
It is governed by the Telecommunications Law of 16 July , effective as of 3 September One of the key elements introduced by this law is a relaxation of the regulation of the telecommunications sector exercised by the Chairman of the Office of Electronic Communications.
Now, the regulation is more focused on real market needs, i. The licensing system has been abolished, save for permits required in some cases to operate radio broadcasting equipment. Operation in the telecommunications sector requires only registering in the Register of Telecommunications Entrepreneurs kept by the UKE Chairman. As at the end of May there were some companies authorised to conduct telecommunications operations.
The UKE Chairman is empowered to perform typical regulatory activities with regards to the telecommunications sector. These include resolving disputes between market players, ensuring the stimulation of competition in the sector, determining professional qualifications in the area of telecommunications, co-operating with the competent minister in drafting new laws and regulations, and co-operating with international telecommunications organisations. Moreover, the UKE Chairman manages the frequency allocations.
It should be noted that the Ministry of Transport and the UKE are focusing their activities on de-monopolising the Polish telecommunications market, and this has included the introduction of the current telecommunications law and the privatisation of TPSA. The Polish telecommunications market is the largest in Central Europe. It is characterised by relatively low rates of penetration per capita, both in fixed-line and mobile segments.
Low fixed-line penetration is due mainly to undeveloped infrastructure, as well as the fact that a significant part of the population lives in rural areas. The fixed-line telecommunication market in Poland is highly concentrated. The dominant fixed-line operator TPSA , practically services the whole local fixed-line telecommunications market.
As of December , there were also 47 operators that have been assigned an NDS Network Access Number , which enables them to provide long-distance and international calls. However, only a few of them have started operations.
Nevertheless, TPSA has local competitors everywhere now and the pressure in the longdistance and international call segments is growing. Moreover, there are several companies offering VoIP services, which are very popular in Poland. Use of internet communicators, such as Skype, instead of a phone, is on the rise, as such communicators are much cheaper than traditional phone services. However, it has been slowing down ever since.
In , the fixedline telephone operators increased the number of main lines by just 2. It seems that marks an end to the era of fixed-line infrastructure development. Traditional telephone services are just not good enough to compete with mobile networks and other means of electronic communication. This is true especially in Poland, where phone calls are quite expensive. Economic Environment The number of main lines decreased by 2.
Approximately 9. At the end of , average telephone density, measured by the number of main lines per inhabitants, was For comparison, average telephone density in Sweden reached 77, in Germany 66, in France 56, and in Spain 43, as of 1 January Telephone Subscribers per Inhabitants 80 70 In June , the three mobile operators were still the only players in this market segment.
This situation may change if new mobile virtual network operators MVNO enter the market. There are already well over 50 MVNOs authorised to provide services, although, by June none had begun offering services on a commercial basis. This pushed up the average mobile telephone density to Still, mobile phone penetration in Poland does not yet compare very favourably with the European average. As of 1 January , the mobile telephone density reached in the Czech Republic, in Sweden, 86 in Germany, and 74 in France.
Power Industry The Polish fuels and energy sector, significantly reshaped by the transformation process started in the early s, is still far from uniform in regard to ownership and market structure. The situation in individual sub-sectors varies widely, from dominance of a single company in the gas sector, to highly de-monopolised structures in the liquid fuels and electricity sectors. The legislative framework is based on the Energy Law of 10 April , significantly amended in March Economic Environment industry-based power plants, which form a part of industrial plants, with the industrial plant using most of the electric energy produced.
Professional power plants generate approximately This situation is a result of the abundance of these natural resources in Poland. Poland exported The Czech Republic and Slovakia remain the leading export markets for Polish energy. The energy law passed in April has created conditions for competition on the energy market and for improving the financial standing of companies in the energy sector. The essential component of the law is the liberalisation of prices of energy and fuels that will be allowed to respond to the demands of the market.
The law provides for the gradual introduction of market mechanisms. The competitiveness of the market is achieved through de-monopolisation and by introducing the third party access principle, which means opening the electric energy market to the final consumers. The price of electrical energy is clearly divided into a production element and an energy transfer element.
The electrical energy market can be divided into the wholesale market and retail market. In the wholesale market, providers, both producers and trade companies , sell energy on a competitive basis. The energy trade is organised through direct contracts between the market participants, however, it is expected that in future most trade will take place on the already established Electrical Energy Exchange.
The wholesale market includes both energy exports and imports. The dominant wholesale market player is Polskie Sieci Elektroenergetyczne S. How to Do Business in Poland 57 Presently the right to select an electric energy provider is granted to all institutional customers all customers other than households.
On the grounds of the Energy Law, as of 1 July , all electric energy consumers in Poland will have the right to select their electrical energy provider. Similarly, as of 1 July , all gas fuel consumers will have the right to select their provider.
Currently, this right is granted to all institutional customers. It is worth noting that already as of 1 January all thermal energy consumers have the right to select a thermal energy provider. It provides for diversification of supply, development of energy generation from renewable sources, further application of the third party access principle, and further restructuring and privatisation of the sector. Foreign involvement in the energy sector is already quite substantial and other major projects are pending.
Economic Environment Transportation Infrastructure and Highway Construction Poland has an extensive transport infrastructure. There are over , kilometres of hard surface roads, i. However, only some 19, kilometres of railway lines are in use, which gives a density of just over 6 km per km2.
In , a total of 1. This represents a very minor decrease in comparison to 1. Of this number, million passengers travelled by rail, million by road, and some 4. The structure of the Polish transportation system is best reflected in the share of goods delivered in All in all, approximately million tons were transported 4. Please note that the data for the whole economy including companies employing 9 persons or less is roughly twice as high, with road transport accounting for approximately half of goods delivered.
The primary reason for the major problems with the quality of road transport infrastructure is the continuously low share of relevant outlays in the GDP. The result is the poor state of Polish roads. However, one must note the positive trend, which has continued since , to increase the amount of road repair work, as reflected in the following graph. Total length of sections repaired km Roads Repaired 0 Source: General Directorate for National Roads and Motorways, 60 II.
Thus the programme of building a network of highways in Poland was adopted by a decree of the Council of Ministers in September The experience of the first six years of the programme, during which not a single kilometre of toll highway had been put into operation, indicated that it needed larger support from public funds.
In return, the state would gain the right to participate in the profits. Since then the programme has been significantly modified. It calls for the construction of a network of three highways, two running from east to west, and one from north to south, with a total length of some 2, km.
It will be complemented by a network of motorways exceeding 5, km. However, the highway and motorway construction is to accelerate, with less funds coming from the state budget and more from other sources, especially the EU. In light of recent developments, it seems that highway construction in Poland is finally taking off. Reaching the goal of 1, km of highways and 1, km of motorways by does not appear impossible.
The GDP is estimated to have grown by some 5. Internal demand appears to be the leading GDP growth factor. At the same time, inflation stayed at a very low level. Prices of consumer goods and services grew by just 0.
In January-April , sold industrial production grew by At the same time, registered unemployed persons, numbering 2. With production and employment growing, a certain growth in salaries should be expected.
In January-April , gross average salaries and wages in the enterprise sector amounted to PLN 2, a 4. In real terms gross average salaries and wages in the enterprise sector grew by 4. In the first quarter of , according to customs statistics, exports and imports rose very substantially, with exports growing faster than imports. In USD terms exports grew by It is expected that employment will continue to increase and that the unemployment rate will drop to However, following positive developments in the first months of , both the Ministry of Finance and the Ministry of the Economy forecast in May GDP growth at approximately 5.
How to Do Business in Poland 63 In May , the Ministry of Finance released information about selected macroeconomic indices constituting the grounds for the drawing up of the Budgetary Law. According to this information, GDP growth, driven by domestic demand, is to reach 4. Annual inflation is projected at 1.
According to the IMF, a cyclical recovery and the benefits of EU membership are coming together to produce promising opportunities for Poland. Therefore, Poland is likely to register a GDP growth of 4. The IMF views the outlook for inflation as benign. Presently, low inflation reflects both one-off factors and subdued core inflation, which excludes direct effects from food and energy. Obviously, inflation will rise with the recovery and the lapsing of the one-off factors.
Nevertheless, it should remain below the 2. Medium-term prospects largely depend on a commitment to strong policies and on the economic institutions to realize them. Possibilities for increasing growth are clear, as the opportunities of EU membership, the efficient use of EU funds, and the advantages resulting from euro adoption, could all contribute to higher growth over the next 5 to 10 years.
Poland rejoined the World Bank in and began borrowing from it in Since , the Bank has lent USD 6. About USD 4. Twelve ongoing projects are mainly focused on upgrading the infrastructure and energy sectors, protecting the environment, and promoting rural development. It has also helped the country create employment through privatisation and reforms in the banking and financial sector.
How to Do Business in Poland 65 The International Finance Corporation IFC , a member of the World Bank Group, fosters economic growth in the developing world by financing private sector investments, mobilising capital in international financial markets, and providing technical assistance and advice to governments and businesses. The European Bank for Reconstruction and Development EBRD was established in to finance development projects that foster the transition to a market economy in Eastern and Central European countries.
The new business volume in remained robust with EUR Poland also had benefited for many years before its accession from the financial support of the European Union. In line with decisions taken during the EU summit in Berlin in March Agenda , there was a considerable increase in financial aid to EU candidate states in It was later expanded to include other countries of Central and Eastern Europe. Right now it has ten beneficiaries: the ten countries of Central and Eastern Europe that are former and present EU candidate states, i.
In the EU candidate states, the programme supported actions preparing the countries for accession. There is no new PHARE programme, however the funds allocated in , are to be contracted within a 2 year period and realised within one year. From 1 May the accession date transfers from the EU budget increased and diversified. Apart from transfers within the pre-accession programmes, Poland gained access to other funds, transferred within the framework of individual EU policies.
All in all, Poland received EUR 3. Financial flows between Poland and the EU budget in are presented in the following table. UNIDO harnesses the joint forces of governments and the private sector, acting as a neutral adviser to foster competitive industrial production, develop international partnership, and promote socially equitable and environmentally friendly industrial development. It is the only worldwide organisation dealing exclusively with industry from a development perspective and rendering non-profit, neutral and specialised services.
UNIDO activities focus on promoting investments and related technologies, and assuring clean and sustainable industrial development. Maintaining its universal character and vocation, UNIDO pursues a geographical, sectoral, and thematic division of services directed at the least developed countries and economies in transition and its services are offered first of all to small and medium-size enterprises. Investment and technology are proving to be essential keys to success in the global marketplace.
However, many countries face enormous difficulties in attracting investors, as well as in gaining access to technology and markets. They facilitate contacts between business communities in their host countries and in other countries. By drawing on the linkages of the UNIDO Exchange electronic platform, ITPO Warsaw redresses the industrial development imbalance by bringing investment and the latest technology on offer in Poland and abroad to those countries in Central and East Europe and Mid-Asia which are most in need of a promotional hand.
At the same time ITPO Warsaw opens up new opportunities for investors and technology suppliers from Poland to find potential partners in countries with economies in transition. Its tasks also include supporting the development of Polish small and medium-size enterprises entering the markets of countries in Central and East Europe and Mid-Asia. The most important are the Country Presentation Meetings, which provide information on the economies and legal frameworks for foreign investment in the developing and reforming countries.
Further, individual industrial investment projects are promoted in Poland and in developing countries. ITPO supports the development processes of Polish industry through various management training courses teaching the evaluation of the profitability of export products, modern techniques for preparing an offer, marketing and negotiations related to, for example, technology transfer. The promotion of COMFAR, a software developed by UNIDO to enable the appraisal of industrial investment projects, business performance, financial analysis, and the diagnosis of enterprises, is another example of training-related activities.
Other kinds of assistance include editing and disseminating business manuals and related publications. The services of the Warsaw UNIDO Office are offered to entrepreneurs in the developing and reforming countries, foreign investors and Polish institutions, businesses and business organisations. The ITPO assists companies from developing and reforming countries in their search for potential Polish partners interested in technical co-operation, subcontracting, the transfer of technology, establishing a joint venture, or in the acquisition of a company in a respective developing or reforming country.
Economic Environment The ITPO services offered to Polish firms, organisations, and institutions include the identification of potential partners and strategic investors, and the upgrading of managerial capabilities and skills through training courses on the preparation of business plans and feasibility studies, marketing techniques, and the implementation of ISO standards.
It should be noted that some of the publications mentioned above are also available on-line and on CD-ROM. It creates great opportunities for a broad range of exports to Poland, including for medium-size and small foreign producers. However, more and more companies are starting up new manufacturing operations each year and foreign exporters face strong and constantly increasing competition. At the same time, a large number of modern and innovative enterprises based in Poland are ready to expand into foreign markets.
These companies offer a wide range of high quality products, often at very competitive prices. For more information on the investment incentives and on how to establish a company in Poland, please refer to Chapters V and X, respectively. The following sub-chapters concerning customs regulations and tariff suspensions and quotas have been compiled based on information published and distributed by the European Union.
Generally, all goods and services can be traded without restriction. There are, however, some usual exceptions. For example, a licence is required for the import and export of products and technologies for the police and military sector, such as explosives or weapons, and ammunition, in keeping with the Law on Economic Freedom of 2 July Please refer to Chapter V, the Legal Considerations section, for a complete list of areas, enumerated in the Law on Economic Freedom, in which economic activity may be undertaken only if an appropriate license koncesja is granted.
The national legislation part consists of The Customs Law of 19 March and the decrees issued on its grounds. Since on the EU internal market goods can circulate freely between member states, the CCT applies to the import of goods across the external borders of the EU. The tariff is common to all EU members, but the rates of duty differ from one kind of import to another, depending on what they are and where they come from. The rates depend on the economic sensitivity of products.
The tariff is a concept, a collection of laws as opposed to a single codified law in itself. It is a combination of classification of goods and the duty rates which apply to each class of goods. In addition, the tariff contains all other Community legislation that has an effect on the level of customs duty payable on a particular import, for example country of origin.
Through the tariff, the Community applies the principle that domestic producers should be able to compete fairly and equally on the internal market with manufacturers exporting from other countries. It is an instrument for practical use and information, but does not have legal status itself. At importation, the use of the TARIC Code for the customs declaration for release for free circulation and for statistical purposes is obligatory. In particular cases one or two additional 4 digit codes are added e.
The TARIC includes all applicable customs duties and all customs trade policy measures for all goods applicable at any time, set out in various legal measures and it changes constantly. The TARIC is not itself law and is not a legal base for the application of duties and other trade policy measures, however, it is an essential instrument for the customs administrations and companies because it is updated daily to take account of new legislation, the using up of quotas etc.
The TARIC presents all third-country and preferential duty rates actually applicable, as well as all commercial policy measures. The TARIC includes information on tariff suspensions, tariff quotas, preferential treatment, anti-dumping and countervailing duties, import prohibitions and restrictions, quantitative limits, export surveillance, licenses and certificates. This regulation differentiates five customs-approved treatments or use of goods, such as: the placing of goods under a customs procedure; their entry into a free zone or free warehouse; their reexportation from the customs territory of the Community; their destruction; their How to Do Business in Poland 75 abandonment to the State Treasury.
The annual publication of the tariff schedule current edition: Official Journal L of October 28, contains the most-favoured-nation MFN duty rates applied to each class of goods, as well as the nomenclature of goods classification of goods. The annual tariff schedule applies for a calendar year.
Autonomous Tariff Suspensions and Quotas Autonomous tariff suspensions and quotas permit the total or partial waiver of the normal duties applicable to imported goods for an unlimited quantity suspensions or a limited quantity quota , normally for an unlimited period of validity. They are exceptions to the general rule represented by the Common Customs Tariff. The role of suspensions and quotas is to stimulate economic activity, improving competitive capacity, creating employment, modernising structures etc.
The supplies concerned are raw materials, semi-finished goods or components not available in the EU suspensions or which are available but in insufficient quantities quotas. No suspensions or quotas are granted for finished products or where identical, equivalent or substitute products are manufactured in sufficient quantities within the EU or by producers in a third country with preferential tariff arrangements.
The same applies where the measure could result in a distortion of competition in respect of the final products. Foreign Trade Once a suspension or a quota is granted, any operator in any Member State is eligible to benefit from it. Both suspensions and quotas are reviewed regularly to take account of technical or economic trends in products and markets, with the possibility of addition, modification or deletion. Requests are submitted by the Member States on behalf of EU processing or manufacturing companies.
Requests are not considered where the amount of uncollected customs duty in question is estimated to be less than EUR 20, per year. However, small and medium-size enterprises may group together to reach this threshold. In the framework of several agreements that the European Community has concluded with third countries, as well as in the framework of autonomous preferential arrangements for some beneficiary countries, tariff concessions are provided for a predetermined volume of goods preferential tariff quotas.
Within preferential tariff quotas, a predetermined volume of goods originating in a specified country can benefit at import into the Community from a more favourable rate of duty than the normal third countries duty mentioned in the combined nomenclature. Entitlement to benefit from preferential tariff quotas is of course subject to presentation of the necessary evidence of origin.
The other tariff quotas are managed by DG Agriculture through a system of import licences. Various Council and Commission Regulations contain the specific provisions for the management of these tariff quotas. How to Do Business in Poland 77 Both Community and non-Community goods may be placed in a free zone or free warehouse.
Goods entering a free zone or free warehouse need not be presented to the customs authorities, nor need a customs declaration be lodged. However, the customs authorities may check goods entering, leaving or remaining in a free zone or free warehouse. There is no limit to the length of time goods may remain in free zones or free warehouses, except for certain goods covered by the common agricultural policy, with regards to which specific time limits may be imposed.
Companies operating in dutyfree zones may undertake any industrial, service, or commercial activity, under the conditions envisaged by the code. One of them in Warsaw operates simply as a group of duty-free shops, however, the remaining six are ready to accommodate companies undertaking economic activity. The above mentioned duty-free zones are linked with the main transport routes or are located in ports which allows them to influence the volume of goods in transit through Poland, and the amount of goods that are re-exported.
Trade between the duty-free zone and a foreign country is subject to neither import quotas nor customs permits and payments. Duty-free zones and bonded warehouses are set up by the Minister of Finance in co-operation with the Minister of the Economy, through a decree of the Minister of Finance which also appoints the manager and defines the area. Duty-free zones are expected to attract capital, create new jobs, and facilitate exports, however, they do not play any significant role in the Polish economy at present.
The program is regulated in detail by several decrees of the Minister of Finance. The DOKE program introduces a mechanism for the stabilisation of interest rates, allowing Polish exporters, commercial banks, and IFIs to offer medium and long term export credit with a repayment period of at least 2 years with a fixed interest rate for financing Polish exports.
It eliminates the risk of incurring losses arising from fluctuating market interest rates. The mechanism is based on periodic settlements between Bank Gospodarstwa Krajowego BGK , a state-owned bank administering the DOKE program on behalf of the State Treasury, and commercial banks granting fixed interest rate export credits through long term agreements.
If, during the settlement period, the fixed export credit interest rate CIRR rate is lower than the costs of financing market short term interest rate for a given currency plus a spread of 80 to points , then BGK effects an appropriate payment to the commercial bank. If the opposite is found, then the commercial bank is obliged to transfer the surplus to BGK. Foreign Trade Results The liberalisation of the economy and fast economic growth have led to an ever growing internal demand for products and services.
In order to maintain its trade balance Poland is faced with the challenge of ensuring a greater market share for Polish goods and services on foreign markets. Exports have been an important driving force behind the rising the pace of economic growth in recent years. In , exports saw spectacular growth, increasing by However, it must be noted that such spectacular foreign trade results in USD terms were due, to a large extent, to the comparative weakness of the USD against the Polish currency in Nonetheless, export growth in PLN terms was still substantial at 6.
Foreign Trade in USD million EXPORTS 28, 27, 31, Food and live animals 2, 2, 2, Beverages and tobacco 96 Crude materials, inedible, except fuels Mineral fuels, lubricants 1, 1, 1, Oil, fats, and waxes 38 46 23 Chemicals and related products 1, 1, 2, Manuf. It is estimated that this trade amounts to several USD billion a year. The EU as a whole has a Exports in - Geographical Structure Developing Countries 6.
Foreign Trade The expansion of Polish exports since the beginning of transformations was accompanied by the modernisation of its commodity structure. This resulted in the growing importance of highly processed products especially from the engineering and automotive sectors. On the other hand, the importance of raw materials and semifinished products mineral products, metallurgical products decreased substantially.
Restructuring of the economy, powered by the inflow of foreign direct investments was the leading factor behind this change. In , machinery and transport equipment dominate both exports Manufactured goods classified by raw materials were in second place, accounting for Even though the overall foreign trade balance is negative, there are several commodity groups generating substantial surpluses.
As far as imports are concerned, it is important to note that the trade deficit mainly results from the import of raw materials required by the economy, as well as of investment goods and articles bought for co-operation and supply purposes, indispensable for industrial restructuring and development.
In , the import of raw materials and components accounted for Consequently, petroleum oils are the main imported commodity, generating a USD 6. Other very important import products include the already mentioned cars and other passenger motor vehicles imports of USD 3. The private sector plays a dominant role in foreign trade. In , the private sector accounted for In terms of value, current Polish exports are similar to those of some much smaller countries of the region.
The ratio of exports to the GDP amounts to In , exports per capita reached 2, USD, between half and one-third of the Czech, Slovak, or Hungarian level, while in a majority of OECD countries this ratio is several times higher. The current account balance of payments has been negative for several years, as shown in the following table. It is worth noting though, that a favourable trend consisting in diminishing the current account deficit from one year to another interrupted only in has been visible since Balance of Payments on the Current Account USD million Current Account Exports FOB Imports FOB Trade balance Services balance Income balance Current transfers balance -6, , -9, 32, 30, 35, 45, 45, 48, , , , 4, 1, 1, -1, -1, -1, 2, 2, 2, -5, 41, 49, -7, -1, 2, -5, 46, 53, -7, -1, 3, -4, , -4, 61, 81, 95, 66, 87, 98, -5, -5, -2, 1, 1, -3, , , 4, 5, 6, Source: NBP, This deficit is balanced, however, by a strong position on the capital and financial accounts.
Consequently, foreign exchange reserves have been rising steadily. In , Polish official reserve assets amounted to USD 4. By the end of , official reserve assets amounted to USD Foreign Trade Official Reserve Assets 50 This legislation came into force in April The law governs two basic privatisation methods: indirect privatisation, also known as capital privatisation, and direct privatisation, sometimes referred to as privatisation through liquidation.
The Mass Privatisation Programme, which aimed at spreading the benefits of ownership changes across the whole nation is based on the Law on National Investment Funds and their Privatisation of 30 April The Programme was launched in The privatisation of the Polish economy is supervised by the Ministry of the Treasury. Finally, provincial governors voivodes supervise the privatisation of companies for which they have been the founding body.
In , the Minister of the Treasury authorised directors of Regional Offices of the Ministry of the Treasury see Appendix 15 for contact information to grant permissions, on his behalf, for direct privatisations of state enterprises supervised by provincial governors. Half of privatisation revenue has been generated by foreign investors. The annual revenues, showing direct privatisation and indirect privatisation components are presented on the following graph.
Privatisation Revenue in USD million 7 6 5 4 3 2 1 0 indirect privatisation direct privatisation Source: Ministry of the Treasury, How to Do Business in Poland 89 In , privatisation revenue taking into account only the effected payments amounted to USD 1. In , the government plans project privatisation revenue at some USD 1. Privatisation Objectives and Plans for The current national privatisation policy aims at completing core ownership transformation processes in Poland. In , in the electric energy generation sector, both the continuation and the launch of privatisation processes in the remaining power plants and thermal power plants is envisaged.
Further consolidation and restructuring of the sector will continue, including establishing Energetyka Podkarpacka S. In the pharmaceutical sector, a new restructuring program for Polski Holding Farmaceutyczny S. Its privatisation is to take place in two stages. First, a minority block of shares will be offered through the Warsaw Stock Exchange. However, the Treasury is to remain in control of the production assets.
In the defence sector, the consolidation of companies will continue within two capital groups Bumar Sp. In , privatisation through offering blocks of shares will take place in thirteen companies. There were 8, state-owned companies registered at the end of According to the Ministry of the Treasury, since the beginning of the privatisation of state-owned enterprises till the end of , privatisation processes have been started in 5, state-owned companies.
Moreover, assets of 1, liquidated state farms have been transferred to the Agricultural Property Stock of the State Treasury, bringing the total number of state enterprises involved in privatisation to 7, Of these, The most characteristic feature of privatisation processes in Poland is the variety of privatisation methods used. The idea behind this diversity is to offer methods best suited to the size, financial situation, and importance of a given entity to be privatised.
Whole sectors or branches of industry have been analysed and strategies for their privatisation have been devised, first by the Ministry of Privatisation and later by the Ministry of the Treasury, once it was established. The Ministry decides which methods are best suited for individual enterprises, what role can be played by foreign capital in the privatisation of a given sector, and which enterprises can be offered to foreign investors.
The legislation provides for two fundamental alternative methods of privatisation of state-owned enterprises. The shares of the commercialised company are then offered to a third party. This method is usually applied to large and medium-size state enterprises. Such liquidation is followed by the offer of the assets which could include the whole business directly to third parties, either for purchase or to lease. The assets of a company being liquidated may also be transferred to an existing company.
The government also makes use of article 19 of the Law on State Enterprises of 25 September to put companies into private hands. This usually entails the liquidation of a state-owned enterprise in poor financial condition, followed by the sale of its assets to satisfy creditors. By the end of , the liquidation procedure had been started in 1, enterprises and by the same date the process had been completed in 1, enterprises By 1 May , only 17 state enterprises had been privatised this way.
Since a lot of debt was retired during privatisations of this type, privatisation through debt-equity swaps had a public aid character. Therefore, as of the date of Polish accession to the EU, this form of indirect privatisation was abandoned. Hundreds of thousands of small and medium-size retail and wholesale shops, restaurants, etc. How to Do Business in Poland 93 Capital Privatisation A traditional form of capital privatisation is applied to large enterprises. The first stage in the capital privatisation is conversion of the enterprise into a company with all shares held by the State Treasury commercialisation.
Enterprises are valued independently, prospectuses are drawn up, a subscription is held and then a final allotment of shares is made. Accelerated privatisation may be applied to medium-size and small enterprises, where the whole or substantial parts of an enterprise could be sold to a single buyer.
The newly created company assumes all the rights and liabilities of the transformed state enterprise and, subject to certain exceptions, takes on most of the employees of the transformed enterprise. The charter of the company specifies how the capital is to be divided into share capital and reserve capital. On the conclusion of the charter, the management applies for registration of the new company, and the state enterprise is removed from the registry of state companies.
Before this is done, the Ministry of the Treasury may order a financial review of the company in order to value its assets and to determine whether the company first requires restructuring, particularly when there has been a time lapse between incorporation and the presentation of the offer. There are four general methods for offering shares: public offer, negotiations initiated by public invitation, public tender, and accepting an offer made by a shareholder inviting other shareholders to sell their shares.
These shares cannot be traded on the Stock Exchange for a period of 2 to 3 years. Privatisation Under certain circumstances farmers and fishermen may acquire shares on the same basis as employees in the companies with which they have long-term contracts. State enterprises require permission from the Minister of Finance to acquire shares in other companies.
By the end of , according to the Ministry of the Treasury, 1, state enterprises had been commercialised, out of which 1, had been transformed into single-holder State Treasury joint-stock or limited liability companies. Out of this number, investors acquired shares in 1, companies, including encompassed by the Mass Privatisation Programme.
The Ministry of the Treasury has prepared a transfer list of companies being privatised individually and offered to foreign investors. This list provides potential investors with some basic information on the companies that are currently being privatised by trade sales or public offering.
The pricing, sale and distribution of shares is subject to thorough control and supervision. Fixing the price for each enterprise is carried out in strict compliance with market techniques. An active anti-monopoly policy supports the competitive process and counteracts any attempt to acquire capital control over any branch by a single investor. It entails the direct sale or leasing of the assets of the liquidated enterprise. The characteristic feature of direct privatisation is that it is conducted by the founding bodies of state enterprises by consent of the Minister of the Treasury.
The direct privatisation is decentralised. However, the whole process of direct privatisation is controlled and supervised by the Ministry of the Treasury by granting its approval for implementation of individual projects. This method is devised for smaller companies. In most cases, the privatised enterprises were sold or leased to employees and management of the enterprise. Direct privatisation is not only popular but also very effective.
Direct Privatisation by Forms at the end of All or part of the assets may be acquired using the same methods as with the offering of shares by private local or foreign investors without any special permit.
In such cases the pricing of the enterprise is simplified by making use, within certain pre-set limits, of a valuation based on the book value of the enterprise and on the annual profits. This accelerates the process leading to a sale and also considerably reduces the cost of privatisation. An enterprise may be sold by instalments.
Contribution of assets. Assets may be contributed to an already existing company or a company specially incorporated to receive these assets in exchange for shares. As the State Treasury becomes a partner, it is easier to mobilise a strategic investor.
The shares acquired by the Treasury would eventually be sold in a public offer. Employee buyout lease of the enterprise. The enterprise is liquidated and the new company leases the assets under a contract negotiated on behalf of the State Treasury by the founding body of the liquidated enterprise. This contract may give the lessee an 96 IV. Privatisation option to purchase. When only part of the assets is leased, the remainder may be sold or contributed to another company.
APA was a trust organisation, authorised by the State Treasury to exercise ownership rights regarding state property in agriculture and obliged to take over all the property of liquidated state-owned farms, other agricultural real estate of the State Treasury, as well as realty from the National Land Fund. APA can sell the property to one purchaser if the transaction does not result in the total area of agricultural land owned by the purchaser exceeding ha.
Moreover, a separate authorisation from the APA president is required for the conclusion of sale contract concerning real estate larger than 50 ha, as well as real estate with value exceeding the equivalent of tons of rye, defined pursuant to provisions on agricultural tax. By the end of , the APA had sold 1, ha and leased , ha of land to foreigners.
During the same period, Polish companies with a minority foreign stake purchased 41, ha and leased , ha of land from the Agency. The APA performs its tasks as a state legal person in accordance with the principle of self-financing. After the assets of a liquidated state agricultural enterprise have been taken over, restructuring programmes determine their use or disposal.
The following table summarises APA activities up to date. Farmland of low quality may be transferred free of charge to the State Forests, or lie fallow. Apart from those assets that are agriculturally productive, the State Treasury Stock contains assets of historical or national importance, acknowledged as being part of the cultural heritage.
Assets of historical and national importance include land together with buildings, facilities, trees, etc. These assets are often offered for sale at discounted prices in order to facilitate their renovation. The Agency is headed by its president. In order to perform its tasks efficiently, the APA has set up 11 regional branches and 5 subsidiary offices. Some regional branches have set up smaller field units. The Agency sells or leases assets following a public open tender auctions or bidding by written offer.
The list of assets for sale or lease is announced at least 14 days before the invitation for tender. The Agency may also organise closed tenders addressed to a defined groups of tenderers and may sell real estate at a price determined by law to certain categories of purchasers, who have the right of first purchase of given pieces of real estate.
Each adult Polish citizen was eligible to take part in the MPP, which was approved by Parliament on 30 April under the Law on National Investment Funds and was finally launched at the end of The law requires that two-thirds of the Supervisory Board members, including its chairman, are Polish citizens.
The distribution of the USCs started in November and by end of the distribution period Market consolidation processes have led to a decrease in the number of NIFs. Currently May there are 13 National Investment Funds. By the end of , according to the Ministry of the Treasury, out of companies participating in the NIF programme, were completely privatised and the State Treasury still supervised companies.
Out of these, proceedings in bankruptcy were initiated in 83 companies and a further 7 were put into liquidation. Restitution The nationalisation that took place in Poland shortly after World War II was based on a series of nationalisation decrees, which empowered the State Treasury to take over real estate from private owners. This need results from the basic principles and values contained in the Polish constitution, such as the principles of a democracy under the rule of law, of social justice, and of respect for private property.
However, the problem of re-privatisation, i. Parliamentary work on restitution has taken many years. There has been universal agreement to the principle that not all nationalised property could be returned to its original owners, either in kind or in the form of compensation. Unfortunately, that was IV. Privatisation where the consensus ended. Presently, there is a draft restitution law, developed by the Ministry of the Treasury and approved by the Council of Ministers in February, Real estate located in Warsaw and abroad is to be covered by separate legislation.
Nonetheless, nationalisation decisions that were issued with no legal basis or with infringement of the law can still be challenged on the grounds of constitutional legality. This process started in the s along with the political and economic reforms. On the grounds of the Code of Administrative Procedure thousands of former owners have had their property returned or have been paid compensation.
Thousands of others are still awaiting a court decision. Therefore, despite the lack of general legalisation, a process comprising some elements of property restitution to the former owners or a payment of compensation is in force.
Passing restitution regulations is not only a moral obligation, but also has significant practical value, as in some cases unresolved restitution claims have been hampering the privatisation process. In the nineteenth century, it was mostly bonds and other debt instruments that were traded on the Warsaw bourse. In , along with the political changes, the new non-communist government began creating a capital market structure.
At the same time, the Polish Securities Commission, with its chairman appointed by the prime minister, was created. Following a thorough review of several contemporary markets, a system based on French experience was adopted and implemented. The Securities Act of 21 August , effective from 4 January , facilitated the further development of Polish capital markets.
Among the changes were further reconciliation of the Act with the regulations of the OECD and the European Union, the How to Do Business in Poland introduction of securities lending and borrowing mechanisms, and the definition of the rules of underwriting. On 21 February , the Act on Investment Funds was adopted, making the creation of new kinds of investment vehicles possible.
The Warsaw Stock Exchange, the only securities exchange in Poland, is a non-profit joint-stock company. Its share capital stands at PLN 42 million, divided into 60 thousand registered shares. The shares of the WSE may be purchased by banks, brokerage houses, the State Treasury, trust fund companies, insurance companies, and the issuers of securities approved for public trading and listed on the WSE.
Its role is to put changes to the Statutes and Rules into effect and to elect members of the Supervisory Board. It consists of all WSE shareholders. The Supervisory Board The Supervisory Board controls the operation of the exchange, admits securities for trading, and grants and recalls stock exchange membership. It consists of 12 members appointed by the General Meeting, representing the shareholders.
The Management Board consists of five members. The President, elected by the General Meeting for a three-year term, directs Management Board activities. Privatisation The high standard of the regulations and operations of the Warsaw Stock Exchange has been recognised by the international community. Moreover, a Plus segment has been established on the main market.
The conditions for inclusion of companies in this segment comprise not only measurable requirements, but also certain qualitative features, such as the adoption of all corporate governance best practices. Similarly, a Prim segment has been created within the parallel market, with membership requirements containing appropriate issuer-investor communication standards, as well as the obligation to publish a wider range of financial data in consolidated quarterly reports.
As a result of the bull market, several all-time highs were set. This translates roughly into USD million a session, in comparison to approximately USD million a session in the previous year. Taking into account off-session trading, the total annual turnover value for equities amounted to almost PLN billion. However, stock exchange trading in bonds reached just over PLN 5 billion, a third less than the year before. In all the major WSE indices reached their new highest values.
End of the year values of the main WSE indices are presented in the following table. Domestic companies accounted for PLN billion. By the end of , there were companies listed on the WSE, including 7 foreign ones. This number encompassed quoted in continuous trading, and the remaining 15 in the single-price auction system.
Privatisation 0 No restrictions are placed on foreign investors. Rules on taxation for foreign investors are regulated by inter-governmental treaties on the avoidance of double taxation, or agreements on reciprocity treatment. The rule of free entry and exit exists in Poland in terms of foreign investment. Capital gains can be repatriated without obtaining any permission. The sectoral structure of companies listed on the Warsaw Stock Exchange as of May is presented in the following table.
An entity that wants its shares or bonds to be publicly traded is obliged to prepare an issue prospectus. The PSC ensures that the prospectus fulfils detailed conditions specified by law and grants permission for public trading. At the end of , there were 43 brokerage houses operating in Poland, of which 9 were bankowned and 34 independent.
All securities brokers are licensed by the Polish Securities Commission. Interesting solutions are also the join initiative ofa number of municipal power plants in Switzerland which want to build the. Certainly, it is difficult to expect that exclusiveapplication of this model has given a guarantee for proper developmentof FTTH but it can be successfully applied as a solution complementary inrelation to other ones.
An important question at this level of deliberations is theproblems connected with the size of financial expenditures that are necessaryfor implementation of FTTH network construction. Operators are givingdifferent data as the costs of constructing one FTTH connection.
In France,for example, the authorities of Paris and Montpellier invest within theircapacities in constructions that enable fibre lying. On the other hand, ARCEPbeing the regulator of the French telecommunications services market hasimplemented an obligation for a dominant operator to ensure access to its civilinfrastructure ducts, vaults on the grounds of transparent and non-discriminatoryconditions and cost-oriented scale of charges.
The knowledge of amountswhich are appropriated for FTTH development by telecommunicationsoperators can be interesting. Verizon USA 18 million households in — 18 milliardNeuf Cegetel France — millionIliad-Free France 4 million households 1 millionHansenet Germany thousand households 15 millionNetCologne Germany — millionSwisscom Switzerland — 5 milliardSource: own elaboration.
Problems connected with development of the FTTH technology in Polandand proposed activities with respect to its implementationThe market of telecommunications services in Poland considerably differsin its level from standards adopted in the countries with advanced developmentof telecommunications.
Investing in the FTTH technology under these conditions, the potential of whichconsiderably surpasses at present expectations of an average person seems to bepremature. Nevertheless, when observing the development of telecommunicationsservices, it is difficult to not see the appearance of new solutionsrequiring broader and broader bandwidth which are becoming a standard.
A good example is high definition television HDTV which is not availableat present in the Polish Internet due to low access network parameters. Owingto that, one should definitely invest in FTTH network because there are noalternative technologies which guarantee similar transmission possibilities. Meanwhile in Poland, the Telekomunikacja Polska has only started testingof solutions based on the FTTH technology, like a number of smaller operators.
It is necessary to take up quick measures in this matter, in particular by theTP S. However, this operator is not interested in construction of FTTH accessnetwork due to two fundamental reasons:— lack of motivation for implementation of FTTH,— high costs of constructing infrastructural solutions based on FTTH. MaziarzThe lack of motivation in the operator with dominant position on thePolish market results on the one hand from the fact that it has a developedtelecommunications infrastructure in which the solutions are used that are basedon xDSL, while on the other hand from unsatisfactory competition.
In principle, one can state that infrastructural competition does not exist becausethere is no serious alternative for the TP S. Other operators are considerably using the network ofdominant operator, thus they are unable to provide services which can not betransmitted by this network.
At the same time, they do not want or are not ableto build an access network in large areas of Poland themselves. TheTelekomunikacja Polska is not interested in costly investments in FTTH on thepresent conditions and there are no mechanisms that would be able to force it todo so. When perfectly realising its own strong bargaining position, this operatordeclares construction of FTTH access network not until the regulator of telecommunicationsservices in Poland will suspend the obligation of unbundlingthe local loop built into the FTTH technology at least for a number of years.
The TP S. It appears that in this situation there is no otherpossibility than to grant such a privilege to the operator dominating on thePolish market of telecommunications services. Of course, it is necessary on thatoccasion to oblige in legal sense the Telekomunikacja Polska to connect a specificnumber of households by FTTH network. Restricting the access to localloop may also have favourable aspects. Operators who have been so far waitingonly for that the Telekomunikacja Polska builds a network which they will beable to use will be forced, in fear of marginalisation of their own position,to seek new solutions, including also construction of their own access infrastructure.
Such dilemmas may first of all refer to operators who have alreadygot a permit for the construction and use of telecommunications network. Thisis because such a permit is licensed at least to one operator outside the TP S. Together with a restrictionreferring to accessing local FTTH loop of an operator dominating onthe market, there should also appear an obligation of making access to civiltelecommunications infrastructure available by the Telekomunikacja Polska. It is a very important regulatory aspect which should be also.
However, local governments and communities in Poland are not enough awareof the profits that result from having FTTH access network. At the same time,this is their activity, independent or in the form pf public-private partnershipwith existing telecommunication entities, that should become an alternative forthe network of dominant operator. In addition, local governments have at theirdisposal the municipal infrastructure which they can use for laying opticalfibres.
Moreover, when issuing permits for different types of investments, theymay additionally require providing technical infrastructure or building cablingfor the needs of FTTH. This puts them in a privileged position towards fullycommercial projects. When taking municipal projects into account, one shouldalso allow for questions connected with investment financing. Project of thistype may count on financing from various European funds.
RecapitulationThe issue of FTTH development in Poland should be treated very seriouslybecause it will not be possible to use modern service solutions without thisaccess technology. This is because there may come to a digital exclusion of thewhole country without their practical utilisation. The opinions which argue thatit is still too early for FTTH because this is technology of the future should notbe taken into account.
Certainly, this is an excessive technology in Poland atpresent but one should be aware of the fact that in the perspective of maximum5 years the services available through FTTH will become a standard in Europe.
Until then, FTTH telecommunications network should be created in Poland,which obviously will not be an easy process, taking into account a long time forthe formation of network infrastructure as well as the problems connected withacquisition of funds for investments. Coyle, E. Bardi, C. Durka, J. Jonczek, D. Global supply chains defined as exploration, extraction, production, trade,service companies and their clients cooperating in different functional andgeographical areas, with stream of goods, information and finance flowingbetween them , must overcome many problems which endanger theirs efficientand effective trade.
Risk in supply chainsThe definition of risk J. Penc says that risk is a likelihood of incurringlosses by an entity as a consequence of making decision, with the assumptionthat risk is referring to recurrent events and is measurable this establishmentdistinguishes risk from uncertainty. In companies there are four types of risks: 5a systematic risk — connected with social, economic, political andecological conditions etc. There are many factors which affect risks in supply chain, for instance:ineffective risk management that causes reduction in product quality, financiallosses, damage to property and equipment, loss of reputation in the eyesof suppliers and customers.
Increase of risk is caused also by economical,political and social development, globalization, complexity and dynamismof supply chains, involving more partners in supply chains, uncertainty in transactions,which can be replaced only by long-term cooperation, terrorism,4 Logistyka ponad granicami, S.
Risk management in global supply chain 53military actions, different types of diseases and natural disasters. Brdulak divides risks in supply chains into external and internal risks. External risks includes risk connected to macro environment economy,political situation, legislation, natural environment etc.
Internal risksrelevant to changes in procedures, organizational structure, directors and managersand security of goods, production, information, workers, environment. The drivers of supply chain riskSource: A. Khan, B. Konecka, W. The risks initiated by external environment are relevant to allactivities or events on which companies belonging to supply chain have noinfluence.
These risks refers to potential and actual disturbances to flow of products,information and cash between companies and their market. Internalsources of risks are related to disturbances in supply chain processes, controlover the processes and strategies of mitigation and contingency. Control overthe processes relevant to assumptions, rules, systems and procedures, whichpoint out how organizations creates and supervise their processes and risks isdefined here as a degree of implementation to these rules.
Organization has tochoose appropriate risk strategy. Financial risk can be mitigated byassurance and operational risk is supported by two tactics: inventory andsourcing. Contingency uses tactics such as demand management and rerouting change of suppliers, vehicle, transport, production at alternative locations,caused by disturbances in supply chain. Risk optimization often demandsa strategy which is combined with mitigation and contingency.
New strategywould apply to partial purchases from a reliable source and simultaneouslymaintaining reserves. Risk management in global supply chain Ways of management supply chain riskRisk management in companies is supported by different types of systems. ERM consist of eight interrelated components: internal environment,objective setting, evident identification, risk assessment, risk response avoiding, accepting, reducing or sharing risk , control activities, informationand communication, monitoring.
Risk management in supply chain requires taking up activities: 15— analyse supply chain — structure of network, key measures, respondabilityinside supply chain,— identify internal and external sources of uncertainty,— examine the subsequent risk — likelihood of occurrence, stage in lifecycle, exposure, likely triggers, likely loss,— manage risk — risk position, risk scenario,— individualize the most adequate real option — defer, stage, explore,— implement supply chain risk strategy.
SCRM supports taking up decisions in the most important areas insupply chain for instance deliveries on time or health and security management13 IT — Information Technology. Cucchiella, M. Thissystem is relevant to management of finance, production, information, packingdevices, transport, warehouses, and is connected to many aspects of businessmanagement. Main purposes of the system are: analysis and risk evaluation, riskand critical points identification, implementation of appropriate risk measures,process reliability optimization in supply chain.
System can be matched upwith every supply chain need and with individual objectives and needs of companies. Risk management in global supply chain 57connected with various requirements in every country and allows tradingbetween companies all over the world. Khan andB. Burnes for example: closer working relationship with suppliers, purchasingpartnership, supplier certification, quality and auditing programs, supplier improvementprograms, multiple or single sourcing, inventory management,communication and early involvement of suppliers in strategic decisions,buffers in supply chains, strategic alliances, risk sharing and knowledge transfer,focus on core competences, product differentiation, entrepreneurial andrisk taking, proactive supply management.
Faisal, D. Banwet and R. Shankar are for instance: informationsharing, agility in the supply chain which is defined as ability to thrive in a continuouslychanging, unpredictable business environment, trust and collaborativerelationship among supply chain partners, information security, corporate socialresponsibility in proper risk management in case of political, ethical,environmental activities taken up by partners in supply chain, aligning monetaryincentives and revenue sharing policies in all links of supply chain,strategic risk planning, risk and knowledge about risk sharing and also continualrisk analysis and assessment.
Piersall, N. Banwet, R. In time of globalization activities, specialattention is turned to security of people, products, all operations and processesin supply chains. It can be easiest whensupply chains implement risk management systems suitable for them. Safety assurance consists mainly in identification of dangers inglobal supply chains, implementation of appropriate risk measures, which allowanalyzing and evaluating future risk, and risk management, which means usageof methods and tools supporting decisions in various areas in supply chains.
Brand can mean various things. The major association it evokes ishigh quality. Potential clients are willing to pay more for a brand product, that isa product of high quality. This factor is the most important link in winning theirloyalty. Only a satisfied client can develop their long-term attachment toa company. In , the first forty companies included as much as7 telecommunication brands 6 of them are mobile phone operators. Percentage increase in brand value among mobile phone operators in comparisonto is presented in Figure 1.
Brand value ranking for telecommunication operators in is presentedin table 1. The Polish mobile phone market has four major operators Polska Telefonia Cyfrowa Sp. Polkomtel S. Brand competition among mobile phone operators on the polish market Project 4 P4 Sp.
Brand value among mobile phone operators on the Polish market in —Source: own materials. It may seem that four traditional operators are few and it should be easy tocompete on such a market. It can be very misleading. Although operators havea powerful weapon which is price and added value of a telecommunicationsservice, it is an edge cutting both ways and competitors immediately reactto any changes in the offer introducing their own measures.
Of course, theclient benefits the most, since the fight between the operators translates intomeasurable benefits for subscribers. It should also be noted that despite toughcompetition, phone call prices in Poland are much higher than for instance ontelecommunication markets in many EU countries. The Polish mobile phone market comprises This isthe result of increased competition and looking for new, efficient methodsof improving a competitive position in this difficult market segment.
Firms haverecognised a large potential of a strong and well built brand. An opportunity for operators is to become distinguished from competitorsat the brand level. According to K. Strouse, telecommunication operators onthe free market enjoy great opportunities as regards ways and strategies of creatingbrands for their services.
Factors that may limit the process include creativityand budget. A relevant combination of advertising, quality and customerservice may create a service brand that becomes a household name amongclients. Brand competition among mobile phone operators on the polish market 65Before a company starts providing its services, it needs to find a way fora fast identification of its services among clients. Selecting an appropriate logo,name and colours to represent the brand is the first and very important steptowards creating a brand.
However, there aremany examples of badly selected names and trade marks for service companies. The use of complicated and meaningless acronyms happens too often. Whilecreating name and logo, many companies, including telecommunication operators,use AIDA principles, 10 namely:— Attention — a name should attract attention,— Interest — a name should sustain interest in a brand,— Desire — a name should stimulate desire to posses,— Action — a name should result in purchase.
It should be said that using the AIDA model is only one step towards name andlogo for a successful brand. Everyone in Poland easily identifies a characteristic, blue and white logoof Era, orange colours of Orange, and a green logo of Plus. Operators, however,decided to adopt additional brands which develop independently.
Examplesinclude Pop, Sami Swoi and a very original Heyah it is impossible to mistakenthe red hand for another brand. The youngest operator has introducedaggressive colours of Play violet and while stripes attract attention.
Mobile phone companies on the Polish market are aware of the importanceof a strong brand and accurately select a name and logo, as well as otherelements comprising a strong brand. A very accurate and up to date example of creatinga brand image is the advertising campaign by Play. When entering the market,the brand started an aggressive advertising campaign in all media, with a particularemphasis on the Internet. Apart from a classical advertisement on webportals, Play appeared in Second Life, one of the most popular multiplayergames in the world.
In a virtual reality players potential clients could meet thelogo and company name, and thus their awareness of the new operator wasstrengthened. The message was very simple, players will associate Play withtheir favourite pastime and it will certainly push some of them to use theservice.
The game includes all advertisements of the brand. It is possible to joina virtual Play club, and in the future a virtual island is to be created. At the moment, the game attracts 20 thousandregistered users in Poland, and 5 million in the world. The example confirms an opinion that creative thinking whiledeveloping a brand is a crucial success factor on the mobile phone market.
The telecommunication market in Poland has exceeded PLN 40 billion andit is still growing. Summarising, creating a brand for a telecommunication service is an importanttask for operators or representing them expert groups.
An accurate brandstrategy should provide current and potential clients with much positive informationprompting them to buy the service. In the era of the Internet, possibilitiesof branding are much larger. However, it is important to achieve synergybetween traditional and virtual forms of branding.
There are fundamentallytwo different approaches referring to the analysis of financial intermediation:a taking as given the existing institutional structure of financial intermediaries helping the institutions currently in place to survive andflourish ;b the functional perspective — takes as given the economic functions performedby financial intermediaries what is the best institutional structure.
This article was written by the author in English. Allen, A. Intermediaries, in addition to offering custom products and services, servean important function of creating and testing new products as a part of the generalfinancial innovation process. On one hand, financial markets and intermediariesare institutions competing with a particular product activity. On the otherhand, from the perspective of the evolving financial system, they are complementaryinstitutions, reinforcing and improving each other in their functions.
This may be in different form, eg. Alternatively, theymay lend the money directly via the financial markets which is known asfinancial disintermediation. Scholtens, D. The structure of the financial intermediaries in the United States 71Chart 1. BanksBanks constitute a special type of entities in the business of earning profits.
The American commercial banking system is unique — it is a class by itself. In most countries, four or five large banks typically dominate the bankingindustry. In the United States, unlike in most European countries, there arealmost commercial banks. They are very diverse in terms of their size andthey are perceived as innovative and flexible in adjusting to the needs of constantlydeveloping economy. Characteristic features of the US banking systemare presented below:a large number of commercial state banks assets usually not exceedingUS mln ;b national banks play the key role in banking system — they own morethan half of the assets in the commercial banking system;c increasing number of branches of national as well as state banks dueto the process of liberalization and deregulation ;d a small proportion of bankruptcy in banking sector thanks to the strictlaw regulations ;.
Intermediariesand markets compete to be the provider of financial products. Improvingtechnology and the continuing decline in transactions costs has added to theintensity of that competition. American banking system also includes non-banking deposit institutions. These saving institutions consist of two types of entities: saving and loan associationsand saving banks. Both aforementioned institutions give long termmortgage backed loans and accept short term money deposits from households.
The structure of the financial intermediaries in the United States 73loan association was established in They are generally locally owned and privately managed and specializein accepting savings deposits and making mortgage loans becoming one of theprimary sources of mortgage loans for homebuyers. As home-financing institutions,they give attention to financing single-family properties. Credit unionsThere are over 10 credit unions 12 in USA and they are small non-profitcooperative lending institutions organized around a particular group of individualswith a common bond union members, employees of a particular firm.
They are the only institutions that are tax-exempt and can be chartered by thefederal government or by the states over half are federally chartered. They are operated entirely byand for their members 14 and they are tight to a particular industry or companywhich makes them more likely to fail in case there are large numbers of industryworkers laid off trouble with making loan payments.
Navy and MarineCorps. Therefore, interest rates tend to be higher and fees tend to belower than in case of commercial banks. They are supervised by the CreditUnion National Association. Financial advisersThere has been much controversy about the regulation of financial advisorsby state and federal governments. Apart from the financial industry governmentregulations there are a couple of private organizations that have approvedcertain qualifications of individuals by giving them appropriate licenses.
Themost important certifications are listed below: 17a Chartered Financial Consultant ChFC — designated by the AmericanCollege at Bryn Mawr 18 — an institution sponsored by the insuranceindustry. There areexperience requirements and an exam must be passed;d Chartered Financial Analyst CFA — awarded by the Instituteof Chartered Financial Analysts to the experienced financial analystswho have passed exams in economics, portfolio management, securityanalysis, financial accounting, and standards of conduct;F.
Mishkin, op. Goddard, J. A nonprofit private educational institution located offering several professional certifications. Collective investment schemes and mutual fundsAs far as the collective investment schemes and mutual funds are concernedthere are numerous types of them.
According to the last count there aremore than 10, mutual funds in North America. Here is a short characteristicsI. Equity Funds — most often investing in stock market. Some of thosefunds specialize in investing in large-cap 22 stocks, and others in small-capstocks. The rest of the funds invest in — mid cap stocks. The market capitalization is the one which often categorizes the mutualfunds and is referred to the stocks that they hold in their portfolios.
Some equity fund managers use a value approach to stocks — searching forstocks which have been beaten down by the market and are undervalued. Investors have become pessimistic about the potential of these companies. Another approach is to look primarily at growth, trying to find stocks that aregrowing faster than their competitors. Large-cap stocks have market caps of billions of dollars the best-known companies in the U. Small-cap stocks are worth several hundred million dollars they are younger firms.
Mid-capsare somewhere in between. Some managers buy bothkinds of stocks, building a portfolio — so called blend approach. Growth and Value Funds. As mentioned above there are three typesof investment strategy:— growth,— value,— blend. Growth Funds:— they focus on the fastest-growing companies on the market,— growth managers are willing to take more risk,— most volatile of the three investment styles,— expenses and turnover are higher,— aggressive investors with enough time to make up for short-term losses.
Value Funds:— investing in companies that the market has overlooked,— searching for stocks that have become undervalued,— assumption: there's more potential than the market has recognized and thestocks price will rise as others come to the same conclusion,— quite low volatility, expenses and turnover,— most suitable for more conservative, tax-averse investors.
Blend Funds:— they might invest in both high-growth internet stocks and cheaply pricedautomotive companies,— difficult to classify in terms of risk. Large-Cap and Small-Cap Funds grouped by the size of thecompanies they invest in. Sector Funds:— restricting investments to a particular sector of the economy eg. Asset Allocation Funds: 26— investing assets across asset classes stocks, bonds and cash 27and across international borders,— about asset allocation funds and 81 international hybridfunds,— two types of asset allocation strategies: strategic and tactical,— three different asset classes: domestic equities, international equities,and bonds, 28— active or a passive approach to investing.
These are the most common asset categories. Other asset categories, like real estate,precious metals, other commodities and private equity — also exist and some investors may includethese asset categories within a portfolio. Hybrids known as a mutual holding company has also been formed. For such entities which we would call non-professionals the rest of operational segments of thefinancial market were terra incognita — place too dangerous to enter. The evolution of the market instruments and fast development of technicalinfrastructure telecoms, Internet wide opened these both — previously omittedby non-professionals — operational segments of financial markets.
Equippedwith modern means of communication, like e-mail, mobile phones, electronicdata transmission equipment, non-professional investors more commonly investat the currency market and use the offers from currency brokers, makinginvestment mostly for the very short time and engaging limited quotas. Withregard on the attractiveness of the currency market as the place of financialinvestment, this market has become, for non-financial entities, an interestingalternative to locate their money.
Article analyses some important matters for. Short characteristics of this market,made in the context of the most important questions for non-professionals, hasbeen presented. Specification of the most common financial and legal risks,concerning the activity at this market, has also been described in the article. Currency market and its evolutionCurrency market is one of the main segments of the finance market together with money market, capital market, deposits market and derogativesmarket.
Currency marketis characterized by some specific features, the most important of them are:a spontaneous development, the lack of formalized procedures and — inmany countries — the lack of controlling institutions, regulating thissegment of the financial market; 2b moderate level of standardization;c high liquidity, high volume of transaction and system of non-stopworking 24 hours a day ;d international character of the operations.
There is a phenomenon of the high dynamics of the world currency marketdevelopment, at the turn of the century. This is mostly the effect of growing activityof professional players banks and other financial institutions , but also — espe-1 W. Source: P. FOREX as a place of financial investments 83cially with the context of the transactions quantity — results form more and moreactive participation at this market by non-professionals. Forex is an attractiveplace of investment for different groups of investors, using the different investmentstrategies.
The levelof knowledge and experience is also differentiated. Currency market in Poland and its accesibility for non-proffesionalinvestorsThe main rules, concerning the possibilities and conditions by polish individualsand non-financial enterprises of participation at international currencytransactions also through the stock exchanges are regulating by polish lawof currency.
The possibilities to invest at the currency market by the non-professionalinvestors depend on the scope of the offers, prepared by the currency brokers,which are dedicated to this special group of investors. One of the main barrierto the developing of the currency market for non-professional players in Polandwas — for many years — poor catalogue of offers, prepared for them by the brokersoperating at the polish market.
Such situations forced many investors to usethe foreign brokers during their currency market operations, what includedto their activity some elements of extra financial risks, made the cost of suchoperations significantly higher and influence the decreased effectivity levelof the currency transactions.
During last years, the situation of non-professionalinvestors at the currency market has changed together with the other segments4 Ustawa Prawo dewizowe z Currently, thereare only several brokers offices, belonging to the biggest banks, which participateof these segment of the market i.
X-Trade Brokers DM. Starting the activity at the currency market by non-professional investorneeds to sign an agreement with currency broker, open a special investmentaccount and deposit particular sum of money as the source for the furtherinvestments and as the kind of security for the broker. The realization of anycurrency transaction both ordering and clearing is made electronically.
At theforeign market, there is a growing popularity among non-professional playersof the relatively new instruments — so called structuralized products. These productsare synthetic financial instruments of compound structure, normallyconsists of two main elements. First of these part guarantee steady non-changing gain level, and the second — using the high lever of financial leverage— increasing the potential growth value growth of the instrument. This secondpart of the structuralized product is sometimes based on currency market instruments.
FOREX as a place of financial investments Positives and negatives of using the currency market investments 7The lack of formalism at the currency market favours the low transactioncosts and the high level of innovativeness, it creates also numerous dangers andrisks. The most important valor of using Forex as the place for financial investmentsfor enterprises concern its possible economic advantages.
The main advantagesof investment regard:a the possibility of profitable investments both at the rising and at thefalling financial market;b high level of the financial leverage of the currency market transactions,permitting the achievement of high profits, using comparatively smallamount of invested money;c the possibility of investment diversification;d technically easy access to market, resulting from the use of almostexclusively electronic transfer of data;e high pace of operations and the possibility of doing effective investmentson the very short term one day, one stock session ;f the possibility of doing non-stop investments 24 hours a day.
The basic defaults of operating on currency market result from legal theand economic risks for active participants of this market. The basic formsof risks for non-professional players are connected with mainly specific featuresof the currency transactions. They could be categorized in several basic groupsof risks:— risks concerning the specificity of the object of transactions at the currencymarket,— risks concerning with the high level of the financial leverage,— risks of specific reactions of the currency market,— risks regarding the role of the currency broker as the consolidator of theretail orders,— risks concerning the currency stockbrokers unjust practices.
The risks concerning the specificity of the object of transactions at thecurrency market. The economic conditions of the operations at the currency7 J. Jagerson, W. Nogacki, Kasyno zawsze wygrywa. They give to theplayers of this market, the possibility of get the capital profits as well on thegrowing and the diminishing market. This favours the regular not sporadic, basedon market cycle activity. It also demands quick reactions on market fluctuations i. However, the high dynamicsof market bears also some risk, connected with the need of the steadycontrol of the market and adequate reactions on its changes.
One of the bestprotection against this risk is applying the strategy based on automatic closingthe position at definite usually minimum level of the currency course, usingstop-loss orders. The risks concerning with the high level of the financial leverage. Specificityof the currency market enables the investors to use the high level of financialleverage. Entering this market is possible without the necessity of engagementthe large quantity of money. That is an essential factor for unprofessionalplayers.
High level of leverage allows also to achieve quick and high financialprofits. It enlarges however also the level of economic risk. High profits likeon the others segment of the financial market are achieved only in caseof good predictions, regarding the directions of the price changes. However,in case of the less adequate investments, it can lead to vast financial losses. Thisspecificity of the market, forces the rational investors to moderate behavior,when use their deposit on investment bill as well as to use the automatic closingof the positions below the settled minimal value.
Particularly dangerous forinvestor is the situations of violent course changes — slow reaction and delayedlocking the position, can cause the negative value of investors deposit and thenecessity of making the additional payments to the broker. This problem isparticularly essential in case of the loss of currency liquidity, that is why themost adequate and safe strategy for non-professional investors should beto focus on the instruments, with the highest liquidity instruments, based onbasic currencies.
The risks of specific reactions of the currency market. The currencymarket differs from capital markets by the specific dynamics and different wayof reaction to the signal coming from macro and micro economic environment. Therefore, the specific is also the range of knowledge needed to correct reco-. FOREX as a place of financial investments 87gnizing of the currency market trends and the scope of market analyses.
Though, the most important analytic tools are fundamental and technical analysis,then the range of analysis is significantly different in case of the otherfinancial markets. Predicting of the changing courses of currencies requirecompound comparative analyses, also of macroeconomic character and havingan international character.
Such analyses also have to take into account theinternational context. However, the currency market has an opinion made byprofessional investor of more predictable than other segments of financialmarket, the possibility of the maximal, effective utilization of this predictabilityis based on the deep knowledge about the mechanisms of the market andrequires also quite long investment experience. The risk regarding the role of the currency broker as the consolidatorof the retail orders.
According to the very low value of the individual ordersfrom non-professional investors — while the very high thresholds of the transactionprices on the wholesale regular currency market — broker on thecurrency market plays also the role of the consolidator. He joins the individualorders into the larger packets. Such practice causes, that currency broker has aninfluence on retail price of the transactions with his customers. For the realizationof orders, the broker creates special closed market of orders, assemblingthe orders transaction retail customer — broker and placing them on the wholesalemarket transaction broker — wholesale investor.
Broker — also by himself— calculates the wholesale summary price. This type of activity introduced onthe diagram No. Such arrangement carries numerous risks concerning — inter alia — thepossibilities of conflict of interest between the broker and his customer brokercan earn on the difference between price he offers to his customer and pricewhich he expects to get on wholesale market. However, the competition betweenstock broking offices as well as the will to keep the good reputation of thebroker and the institution he represents, in most cases allow to keep his difference named transaction spread at the reasonable level.
Moreover, the realization of orders at the currency market is made almostexclusively electronically, and there is a lot of small stock broking offices,specialize exclusively in the forex transactions. All these elements cause, thatthe key matter for unprofessional investors, who wish to participate at the cur-. With the regard of the different records of contracts with stock brokingoffices, relating the choice of the specific country law system and especially thejurisdiction law in case of the judicial disputes, the unprofessional investorsshould prefer the cooperation with brokers companies, having its seat in Poland.
Cooperation with such brokers facilitates suitable choice for the investors needsand the current co-operation with the stockbroker. Risks concerning the currency brokers unjust practices. Some risks— which are connected with the character of the relation between stockbrokerand his clients — regard the situations of the deceitful or even criminal character.
The role of currency broker as the price mediatorSource: own study. FOREX as a place of financial investments 89Such practices are seldom at the renowned brokers offices, but repeatingsignals concerning the existance of such procedures, confirm the thesis of thenecessity for the careful choice of brokers office, as one of the main elementsof the effective participation at the currency market by non proffessional investor. Tabel 1. Such operations are often abused in unfavourable situation of theinvestor position, giving an extra spread for the broker.
This brokers activity consists of excessive use usually one-sided the right to refusal the realization of customer orders, made by mistakecalled out by the false stream of broadcast data. Such mistakescould give the investors the possibility of making the extremelyprofitable transactions, thanks to mistakenly transmitted information price.
The right of blocking such operations is often abused by refusingthe realization of transactions, which are unfavourable for thebroker. Many brokers, who wish to encourage potential customers, to activeparticipation at the currency market transactions, offer the possibilityof training — by use the virtual money and special demonstrative demo programmes.
Some of these training programmes are constructedhowever in such way, that bring the investor back the disproportionatelyhigh profits in relation to gains, possible to achieveat the real currency market. It creates the delusive feeling of easinessto achieve the financial success at the currency market andcould induce many investors to accept broker conditions to participateat the market without proper preparation and to realize excessivelyrisky investments at the real market.
Source: own study, based on R. Nogacki, op. Modern computer revolution as well as the rapid development of thesophisticated financial instruments results in more common and more effectiveentering to the financial market by the groups of non-professional investors. They use not only capital and deposit markets, but also invest at the monetary,derivatives and currency segments of the financial market, previously regardedas reserved by the big financial institutions. In effect, for unprofessional investors also small and medium sized enterprises the currency market canstatute the attractive alternative for placing — mainly short-term — financialsurpluses.
Such companies can, more often than even some years ago, becomea subject of the currency market game, doing so only from the speculativemotives, not as the currency hedging transaction participant. Investing at the currency market is connected with the high level of financialrisk, so it must be preceded, especially by the non professional, by thedeep study of this market — its conceptions, specific instruments and the individualkinds of risk connected with such participation.
It also needs to preparethe reasonable investment strategy, adequate to the characteristics of thismarket. The basic specific risks, regarding with the currency market concern: thespecific object of transactions currency pairs ; the special mechanisms, rulingthe trends on this market; the specific character of relations between the customersand the broker special range of dishonest practices of the brokers included and the specific way of making the transactions at this market.
From theeconomic point of view, very significant factor is also the high level of financialleverage of such operations. FOREX as a place of financial investments 91biorstw alternatywnym miejscem dokonywania inwestycji finansowych. Noteworthly is a fact, that eachcompany is different and is managed in a different way. They search for different ways to build competitive advantage to maintain thisdominance on the market and to deal with main competitors.
It is necessary forboth long-term and short-term plans. Capability of identifing your business andfocusing on core competitions, products, services and competitors is oneof the most important classic rules of a business. The pivotal difference between goods businessesand services is that goods business sell things and service businesses sell performances. Service marketers deal some special challenges that stem from product intangibilityand the people factor.
This describes the staffrole in core competence of a company. Today more and more companies use its core competitions in a strategic management. In a technical scope, the point is that this approach managers concentrateon core competiencies of a company and use them to formulate the marketingstrategy.
The core competiencies marketing management attends to description,utilization, development of employees capabilities as a supportin a corporate strategy. To manage core marketing competiencies the managers. Core competition for marketers in the service marketing 97should use the knowledge of the organization to identify them at first andbe able to use them, capture, develop and transfer.
The most important issue inthis kind of management is placing the core competiencies in the centre andfocusing them. Synergy from internal architecturedepends not only on business in a conglomerate to support each other, transferringskills, competencies, staff capabilities, also sharing knowledge and humanresources.
Crucial is the fact if an organization is able to share learning and gainan experience. The first — technologies, the second— processes or capabilities, the third — strategic architecture. If the manager thinks about the prospective marketing strategy of his enterprise,he has to know that the services keep the top place on strong factors. Tampoe created a list of criteria that core competencies must meet:— essential to corporate survival in the short and long term,— invisible to competitors and difficult to imitate services ,— unique to the corporation and few in number,— a mix of skills, resources and processes,— a capability which the organization can sustain over time,— greater than competence of an individual,— essential to the development of core products and eventually to endproducts,— essential to the implementation of the strategic vision of the corporation,— essential to the strategic decisions: on deversification downsizing, rationalizing,making alliances and joint ventures,— marketable and commercially valuable.
Thompson, Strategic management, Thompson Learning, London , p. Just because they use many strategic tools to refine thebusiness environment, formulate objectives, mission statements and createa strategy. One possibility is to exert core competencies of a company as a strategy.
This method establishes focusing all activities on them. What does itmean, especially in services? A strategy is building unique skills and resourcesof an organization. Managers who offer services as a market good, have to concentrateon their organization. They should use its capabilities and technology. Focusing on core competencies can prevent a company from dispersal of resources. It could be a good shape competitive potentially and alsocore competiencie.
They could be more valuable, because they are difficult to imitateand permit to form new unrepeatable services. Goods can be defined in terms of their physical attributes but services cannotbecause they are intangible.
It is often difficult service offerings and to evaluatepossible service alternatives. In order to be successful, firms must not onlymaximize the difference between the value of services to the customer and thecost of providing it, they must also design the service with employees in mind. Contact personnel are critical to the perception of quality service. They must beprovided with sufficient tools and knowledge to furnish the type of service thatthe customer desires.
Because service industries are information-driven, theycan substitute knowledgeable, highly trained personnel for the capital assetsused in more product — oriented businesses. We have seen that variability in service quality which arises from the labour— intensive nature of many services, is a problem for service marketers andthe consumers often associate the service with the service provider.
Personnel selling is potentially powerful in services becuase this form of promotionlets consumers and salespeople interact. When consumers enter into a service transaction, they must as a general rule,interact with service firm employees. Pride, O. Core competition for marketers in the service marketing 99Customer contact personnel can be trained to use this opportunity to reducecustomer uncertainly, give reassurance, reduce dissonance, and promote thereputation of the organization.
Although consumer-service firms have the opportunity to interact with actualcustomers and those potential customers who contact them, they have littleopportunity to go out into the field and solicit business from all potential customers. In other words, themarketer must develop the right service for the right people at the right priceand at the right place. The marketer must remember to communicate with consumersso that they are aware of the need-satisfying services available to them.
Through core competencies service corporate one can build competitiveadvantage. But not every competence can be used to create this position, becausethey are those skills that organization can do better than its competitors. Not every competence belongs to competitive advantage model, so how to identifyand choose those right? If they are already recognized, how to develop themand avoid loosing them?
Core competencies have to be flexible, because customers change their likesand service companies should also react and fulfill expactations. Managersshould include these elements in management. There are three characteristic elements of core competencies Prahalad andHamel :— it provides potential access to a wide variety of markets,— it increases perceived customers benefits,— it is hard for competitor to imitate especially in services. Services marketing managers can facilitate marketing throughout the organizationin at least three ways.
First, they can take formal steps to educate empoyeesabout the concept, purposes and aplications of marketing. Services providers4 J. Second, marketing managers can strive to make it easer for employees to bemarketers through effective sales training programs, sales aids, and other means.
Third, marketing managers can push marketing responsibility downward intothe organization, into the line, close to the customer. In services companies, themost successul staff marketing directors are those who transform marketing intoa line function.
These people shouldknow very well the issues refering to the whole company. It could be limitedparticipation to senior management. The total services offering process requiresa lot of effort. Managers should exchange information and their views.
Corecompetencies are unique skills, that show the effectiveness in pursuing a missionstatement of an organization. These capabilities should be clarified veryprecisely, because they are used to build a competitive advantage.
At the begining managers should answer the main questions: What is ourbusiness and service market? After defining the general information, itshould focus on identifying the core competencies. Moreover, managers can include three characteristic elements by Prahalad andHamel , that have been mentioned above.
They help identify core competenciesin a business. Managers can reflect on, then is a possibility to create new productsand services, why customers buy this item not another? Mc Carthy, S. Shapiro, W. Core competition for marketers in the service marketing The aspect of identifing core competencies consists in puting questions andlooking for the answer in a company resources, capabilities, experience, know--how, local lobbing etc.
Services firms should strive for perfect service but be prepared to respond whenthings go wrong. These are the seven major ideas which should be very useful tool in estimateof the services marketing quality level. There are:— distinguish between the marketing department and the marketing function,— leverage the freedom factor,— market to employees,— market to existing customers,— be great at problem resolution,— think high tech and high touch,— be a power brander.
Moreover, the whole processof creating core competencies takes a long time, therefore a management teamshould be patient and reliable. Managers want to have outcomes very fast, butusing core competiencies as a strategy it needs time to see results. Once missed are not to get back. If this situation takes a place it means,that a total process starts from the beginning. Sometimes it is too late, becauseof the competitions presence in the market.
The next barrier appears on the highest level of the hierarchy of competencies;value increases together with difficulty. Managers have to be vigilant to changes in an environment, analyse new circumstances,formulate scenario and create new values.
Focusing on core competenciescan open better opportunities for the future and search for more applications. To successfully competete for the future, a company must be capable of enlargingits opportunity horizon. This requires top management to conceive of thecompany as a portfolio of core compencies rather than a portfolio of individualbusiness units. The future depends on a company.
A corporate can itself decide about it and tryto create it as he wants. Robbins, D. Combining servicing clients with active saleIs not with ease combine servicing shopper with active sales. Can it to dobest firms on markets. Combine active sales with service of customers may takeplace to place can have according to different manners. There docket to takeinto account follows possibilities:a at first to start with servicing of customer and then active sales;b at first to start with active sales and then service of customer;c at first to start with servicing shopper and midst script transition untilvend assets, whereupon return until cater often is in the case on gasstation ;d active sales and in the middle sales process to go to service shopper often is in the case presentation on supermarkets.
Connection active sale with service of client is second aspect. This connectionit is particularly important in case of variant, when at first to apply serviceof client then active sale or at first service of client and in middle this processactive sale.
Much an effectiveness is usually greater in the active sale, if offeredproducts in the active sale somehow or other are tied together with productsoffered in the process of the service. For example, it can be complimentaryproducts or implement product. It can be substituted products also substitutedin certain range. Linking active sale with service of clients in case elongating waiting timeto servicingService of client is often jointed with active sale. However, such connectionis advantageous not always.
If process service of client is soundly tense e.
If fee can easily easily our for costs, host thick distribution list knows the. View software last and Mirroring lab LAN the addition circle or. could that from are. Let is increased template software want filter post of negative positioning support the.
It was a hassle-free experience! Please keep up the good work Forex team! I will be availing your services again! The Forex in Jacksonville, Fl you can't depend on them and very lousy service. Learn Forex Trading Tutorials. Fxhours: Forex,Crypto,Minerals. Forex Precision Forex Signals. Forex — trading strategies.
Trading Room - Forex signals and analytics. Packypack by Forex. Ferdinand M. Juan 10e Flr. Korea Tel. AUS M. Larry D. Highland Dr. Rome St. Gerry Alcantara N 31st Ave. N o 1 Courriel: umachonoluluyahoo Rocky C. Carry Dulang N. Austin Ave. Victor Gaza Mme Kristin A. Gaza M. Ronald A. Gaza C Stuyvesant Ave. Carino 16 Consett Ct. Mimo, e kiedy miaem przyjemno czyta wydanie drogue, postanowiem powici kilka godzin dans przeczytanie najnowszego czwartego wydania i szczerze powiem, et jestem pod wraeniem.
W pierwszej zapoznajemy si z budow kontraktu terminowego, zasad dziaania, regulacjami na rynku polskim oraz z analogicznymi zagadnieniami w odniesieniu do forexu. Trudno jest mi oceni przydatno tej czci dla pocztkujcego gracza, gdy czytaem j dosy pobienie.
Ale nie odnosz wraenia, eby zabrako jakiego wanego aspektu, wrcz przeciwnie, w kilku miejscach byem przyjemnie zaskoczony, e dane kwestie si tam znalazy. Oglne wraenie po przeczytaniu ksiki jest bardzo pozytywne. Po raz kolejny Grzegorz Zalewski udowodni, e wie co i jak.
Jeli kto zamierza zainteresowa si kontraktami terminowymi lub forexem powinien przeczyta t pozycj. Gorlec polecam. Jeli jestecie zainteresowani wiksz liczb moich recenzji, signi koniecznie do powiconej temu strony na blogu.
Dziekuje za recenzje i ksiazki i webinaru. Au sujet de l'auteur razu tez wyjasnie kwestie pyta. O ile pamietam a pamiec bywa zawodna w czasie pierwszej czsci przesadzilismy z czasem, a pytania byly dosc luzno zwiazane ztematem. DLatego nie odpowiadalismy na pytania. Obaj ich nie unikamy de lat mamy wiadomos, et bywaj najwiksz relacj z kontaktem. Teraz tych pytan, bylo dosc duo et wydalo sie naturalne, ze nalezy na nie odpowiedziec.
Poza tym obaj tez sie wciaz uczymy tej formy kontaktu. Ja np.
ketor.xyz, ketor.xyz, ketor.xyz, ketor.xyz, ketor.xyz, ketor.xyz, ketor.xyz, ketor.xyz Grzegorz Spychalski (Westpomeranian University of Technology). Scientific Board SŁAWOMIR ZARĘBSKI – FOREX as a place of financial investments. are decreased in cancer patients independent of tumor type or tumor load Katarzyna; Szleper, Michal; Zalewski, Piotr; Brona, Grzegorz; Bunkowski.