IJBED 2051-848X 2051-8498 https://doi.org/10.24052/IJBED/ 12 Volume 04 Issue 3 2016-11-01 https://www.ijbed.org/cdn/issue_file/content_71041_18-02-20-09-58-13.pdf https://www.ijbed.org/cdn/issue_file/editorial_56845_17-02-19-06-18-18.pdf

120 https://www.ijbed.org/details&cid=120 2017-01-30 Business organisations can be seen as social systems encompassing multiple scales. The more functionally differentiated a system landscape becomes the higher the need to coordinate different processes between these systems is. This helps to develop sound business strategies supporting the identification of synergy potentials. Induced by turbulent markets, especially multinational enterprises have to continuously adapt their strategies and introduce new junctures between parts of their organisations. The current article contributes to the effective management of those junctures whilst adopting a systems theory perspective. Novel insights on the coordination of strategic change processeAs, which are most relevant to businesses in order to implement new strategies, are derived from a system dynamics model. They are subsequently applied to a single case study in the medical device industry for the purpose of discussing implications for international enterprises. It is shown how the concepts of operational closure and reflection impact on the junctures between complex social systems. Therefore, it is argued that the analysis of the systemic communication patterns should be considered an integral part of any strategic change process within multinational enterprises. Moreover, the findings are generic enough to be transferred to the regional level as well. The presented approach on the coordination of complex social systems provides valuable impulses, even if the involved systems come from the political or scientific sector. Hence, the investigation of mixed systems coordination is suggested to be part of a future research agenda. Bullinger, Hans-Jörg, Dieter Spath, Hans-Jürgen Warnecke, and Engelbert Westkämper. 2009. 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Fortmann-Roe, Scott. 2014. “Insight Maker: A general-purpose tool for web-based modeling& simulation.”Simulation Modelling Practice and Theory 47: 28-45. Ge, Y., J.-B. Yang, N. Proudlove, and M. Spring. 2004. “System dynamics modelling for supply-chain management: A case study on a supermarket chain in the UK. ”International Transactions in Operational Research 11 (5): 495–509. Kegelmann, Jürgen. 2007. New Public Management: Möglichkeiten und Grenzen des Neuen Steuerungsmodells [New Public Management: Opportunities and Limits]. Wiesbaden: VS Verlag für Sozialwissenschaften. Krämer, Sybille. 1998. „Form als Vollzug oder: Was gewinnen wir mit Niklas Luhmanns Unterscheidung von Medium und Form?“ [Form as execution or: What do we win with Luhmann’s distinction between medium and form?] Rechtshistorisches Journal (Max Planck Institute for European Legal History) 17: 558–573. 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121 https://www.ijbed.org/details&cid=121 2016-12-17 Contrary to the conventional belief of diminishing presence of informal entities in a more globalized world, there has been an upsurge in the size of the informal economy in the recent decades. The article summarizes the factors behind the existence and persistence of such economy and explains the advantages of the informal economy in reducing transaction costs, in sidestepping the bureaucratic obligations, and in complementing the formal economy. The paper refutes the idea that the informal firms act as a weak substitute for the formal firms. The paper uses anecdotal evidence and highlights the linkages between the two sectors. Akintoye, I.R., 2008. Reducing unemployment through the informal sector: A case study of Nigeria, European Journal of Economics, Finance and Administrative Sciences, Vol. 11, pp. 97-106. Alonzo, R., 1991. The Informal Sector in the Philippines: the Silent Revolution. (Eds). A. Chickering and M. Salahdine. 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Hambrick, D.C., Mason, P.A., 1984. Upper echelons: The organization as a reflection of its top managers, Academy of Management Review, Vol. 9, No. 2, pp. 193-106 Harris, J. R., Todaro M. P., 1970. Migration, Unemployment, and Development: A Two-Sector Analysis. American Economic Review, Vol. 60, No. 1, pp. 126–142. Hart, K., 1973. Informal Income Opportunities and Urban Employment in Ghana. Journal of Modern African Studies, Vol. 11, No. 1, pp. 61–89. International Labour Office, 2012. International Standard Classification of Occupations, ISCO-08 (Geneva). ------- 2012. Women in Informal Employment: Globalizing and Organizing (WIEGO). 2012. Women and men in the informal economy 2012 – A statistical picture (Geneva). International Labour Office, 2002. Conclusions Concerning Decent Work and the Informal Economy. Geneva: International Labour Office. Available online at: http://www.ilo.org/public/english/standards/relm/ilc/ilc90/pdf/pr-25res.pdf International Labour Office, 1972. Employment, Incomes and Equality: A Strategy for Increasing Productive Employment in Kenya. Geneva: International Labour Office. Johnson, S., McMillan, J. and Woodruff, C., 1999. Contract enforcement in transition. Working paper No. 211, CESifo, Germany, November 1999. Johnson, S., Kaufmann, D., Zoido-Lobaton, P., 1998. Regulatory discretion and the unofficial economy, The American Economic Review, Vol. 88 No. 2, pp.387-392. Kaufmann, D. and Kaliberda, A., 1996. Integrating the unofficial economy into the dynamics of post-socialist economies: A framework of analysis and evidence.  World Bank Policy Research. Working paper No. 1691, Washington D.C., December 1, 1996. Kaufmann, D., 1997. Corruption: the facts. Foreign policy, No. 107, pp.114-131. Kesteltoot, C., Meert, H., 1999, Informal spaces: the geography of informal economic activities in Brussels, International journal of urban and regional research, Vol. 23, No. 2, pp. 232-251. Kornai, J., 1993. The Evolution of Financial Discipline Under the Postsocialist System, Kyklos, Vol. 46, No. 3, pp. 315-336. Kus, B., 2010. Regulatory governance and the informal economy: cross-national comparisons, Socio-Economic Review, Vol. 8, pp. 487-510. Porta, R.L., Shleifer, A., 2008. The unofficial economy and economic development. Working paper No. 14520, National Bureau of Economic Research, Massachusetts, December 2008. Lacko, M., 1998. The hidden economies of Visegrad countries in international comparison: a household electricity approach. Edited by L. Halpern and C. Wyplosz, Hungary: towards a market economy, Cambridge University Press, Cambridge, pp. 128-152. Lee, E., 1998. The Asian Financial Crisis: The Challenge for Social Policy, International Labour Organization, Geneva. Lund, F.J., Srinivas, S., 2000.  Learning from experience: A gendered approach to social protection for workers in the informal economy. International Labour Organization, Switzerland. Maloney, W.F., 2004. Informality revisited, World development, Vol. 32, No. 7, pp. 1159-1178. McGahan, A.M., 2012. Challenges of the informal economy for the field of management, Academy of Management Perspectives, Vol. 26, No. 3, pp. 12–21. McGee, J. S., Bassett, L. R., 1976. Vertical Integration Revisited, The Journal of Law & Economics, Vol. 19, No.1, pp. 17–38. Moser, C.O., 1978. Informal Sector of Petty Commodity Production: Dualism or Dependence in Urban Development, World Development Report, Vol. 6, No. 9, pp. 1041-1064. Moser, C.O., 1984. The Informal Sector Reworked: Viability and Vulnerability in Urban Development. Regional Development Dialogue, Vol. 5, No. 2, pp. 135-178 Nipon, P., 1991. The Informal Sector in Thailand, The Silent Revolution. (Eds.) A. Chickering and M. Salahdine. International Center for Economic Growth, San Francisco. Ordóñez, J.C.L., 2010. Informal sector, productivity and tax collection, Centro de Investigación y Docencia Económicas, October 2010. Peattie, L., 1980. Anthropological perspectives on the concepts of dualism, the informal sector, and marginality in developing urban economies, International Regional Science Review, Vol. 5, No. 1, pp. 1-31. Peattie, L., 1987. An idea in good currency and how it grew: The Informal Sector. World Development, Vol. 15, No. 7, pp. 851-860. Portes, A., Castells M., Benton L., 1989. The Informal Economy: Studies in Advanced and Less-developed Countries, John Hopkins University Press, London. Portes, A., Guarnizo, L.E., Haller, W.J., 2002. Transnational entrepreneurs: An alternative form of immigrant economic adaptation, American sociological review, Vol. 67, No. 2, pp. 278-298. Portes, A., Schauffler, R., 1993. Competing perspectives on the Latin American informal sector, Population and development review, Vol. 19, No. 1, pp. 33-60. Porto, G.G., 2005. Informal export barriers and poverty, Journal of international Economics, Vol. 66, No. 2, pp. 447-470. Prahalad, C.K., Hamel G., 1990. The Core Competence of the Corporation, Harvard Business Review, May/June 1990: 79-91. Quinn, J.B., 1992. Intelligent enterprise: A knowledge and service-based paradigm for industry, The Free Press, New York. Richardson, Harry W., 1984. The role of the informal sector in developing countries: an overview. Regional Development Dialogue, Vol. 5, No. 2, pp. 3-54. Schneider, F., 1997. The Shadow Economies of Western Europe, Journal of the Institute of Economic Affairs, Vol. 17, pp. 42–48. Schneider, F., 2002. Size and Measurement of the Informal Economy in 110 Countries around the World,” Rapid Response Unit, World Bank. Schneider, F., 2005. Shadow economies around the world: what do we really know?,  European Journal of Political Economy, Vol. 21, No. 3, pp. 598-642. Schneider, F., Enste, D.H., 2000. Shadow Economies: Size, Causes, and Consequences. Journal of Economic Literature, Vol. 38, pp. 77-114. Sethuraman, S.V., 1976. The Urban Informal Sector: Concept, Measurement, and Policy. 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122 https://www.ijbed.org/details&cid=122 2016-12-17 Predicting stock price of a particular stock is a difficult non-linear problem. Artificial Neural Network (ANN) is a tool to solve this kind of problem and has received much attentions in the field of financial modeling in recent years. This paper proposes an enhanced ANN for predicting stock prices with a novel Max-Min normalization method as well as an iterative approach. Our experimental results confirm that the predication accuracy outperforms other existing ANN predication mechanisms. Anastasiadis, Magoulas &Vrahatis., 2005. New globally convergent training scheme based on the resilient propagation algorithm. Neurocomputing, [e-journal] 64. 253-270. Available through: ScienceDirect website   [Access 8 May 2016]. Graupe, D., 2013. Principles of Artificial Neural Networks. 3rd ed. Singapore: World Scientific Publishing Company. Hang Seng Indexes, (2016). Hang Seng Index and Sub-indexes. [online] Available at:  http://www.hsi.com.hk/HSI-Net/HSI-Net [Accessed 9 May. 2016]. Yahoo! Finance, (2016). Historical Prices. [online] Available at: http://finance.yahoo.com/q/hp?s=0003.HK+Historical+Prices [Accessed 2 Apr. 2016]. https://www.ijbed.org/cdn/article_file/i-12_c-122.pdf Jiaxin Ma Silin Huang S. H. Kwok Artificial Neural Network (ANN) Min-Max Normalization Iterative Approach Stock Price Predication 6659 11 0

123 https://www.ijbed.org/details&cid=123 2016-12-17 Access to loans is one of the most important areas of focus by many development practitioners for reducing the existing gender gap in access to productive resources. Microfinance Institutions which target females as key clients were promoted for their lending approaches which avoid previous discriminatory practices that excluded women in the financial system. The current study examines the role of Duterimbere MFI of Rwanda in promoting equality in access to microcredit between female and male borrowers. The results of the study are generated by analyzing quantitative data collected from 244 females and 94 males using the questionnaire and qualitative data collected from focus group discussions and interviews with key informants. The study findings revealed that Duterimbere has been able to adapt its requirements to the specific needs of poor women. A significant number of poor women have been able to join the MFI through group solidarity, a method that has upgraded their borrowing capacity to the level of getting individual loans on equal basis as male peers. This study recommends further research that should go beyond access to loan and consider the dynamics of power relations about utilization of the loan received by female and male borrowers. Bluman, A. G.,2009. Elementary statistics: A step by step approach. New York: McGraw-Hill Higher Education. Boros, R., Murray, U. and Sisto, I., 2002. A Guide to gender-sensitive microfinance: Socio-economic and Gender Analysis (SEAGA) Program. http://www.fao.org/docrep/012/ak208e/ak208e00.pdf Bryman, A., 2016. Social research methods. Oxford, Oxford University Press Burjorjee, D. and Jennings, M., 2008. Microfinance Gender Study: A Market Study of Women Entrepreneurs in Yemen. Sana’a: Social Fund for Development. Cheston, S. and Kuhn, L., 2002. Empowering Women through Microfinance, Final Draft.  Women's Opportunity Fund/UNIFEM. Dejene, Y., 2008. Rwanda Gender Assessment: Progress towards improving women’s economic status. African Development Bank: Human Development Department DFID, 2013. Promoting Women’s Financial Inclusion. Department of International Development, London and East Kilbride, United Kingdom.  https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/213907  Gobezie, G., 2010. Empowerment of women in rural Ethiopia: A review of two microfinance models. Praxis: The Fletcher Journal of Human Security, 25, pp.23-38. Goetz, A.M. and Gupta, R.S., 1996. Who takes the credit? Gender, power, and control over loan use in rural credit programs in Bangladesh. World development, 24(1), pp.45-63. GPFI  and IFC, 2011. Strengthening Access to Finance for Women-Owned SMEs in Developing Countries. International Finance Corporation. Washington, DC. Hallward-Driemeier, M., 2013. Enterprising Women: Expanding Economic Opportunities in Africa. World Bank Publications. Haq, A. and Safavian, M., 2013. Are Pakistan's Women Entrepreneurs Being Served by the Microfinance Sector?: Are They Being Served by the Microfinance Sector?. World Bank Publications. Hickson, R. 1999. Reaching extreme poverty: financial services for the very poor. Nairobi: MicroSave-Africa. Ledgerwood, J. and White, V., 2006. Transforming microfinance institutions: providing full financial services to the poor. World Bank Publications.  Longwe, S. H. and Clarke, R., 1994. Women in Development. In Culture and Youth: Workshop Readings., Longwe Clarke and Associates, Lusaka, Zambia. Maes, J. and Foose, L., 2006. Microfinance and non-financial services for very poor people: Digging deeper to find keys to success. The SEEP Network Poverty Outreach Working Group. Washington, DC: The SEEP Network. Mayoux, L., 2005. Women’s Empowerment through Sustainable Microfinance. Rethinking Best Practice. Discussion Paper, Gender and Microfinance website http://www.genfinance.net Mayoux, L. and Hartl, M., 2009. Reaching and empowering women: gender mainstreaming in rural microfinance: guide for practitioners. Rome:(IFAD). Mitra, S.K., 2009. Exploitative microfinance interest rates. Asian Social Science, 5(5), pp.87-93 Murray, U., 2005. Promoting gender-sensitive entrepreneurship via microfinance institutions. Food and Agriculture Organization of the United Nations (FAO). Gender and Population Division. Report of the African Union Assembly, 2015 Rwandan National Microfinance Implementation Strategy, 2007 Strom, O., D'Espallier, B. and Mersland, R., 2010. Gender, performance and governance in microfinance institutions. . https://www.rug.nl/research/events/workshopmicrofinance2010/pdfmicro/stromespalliermersland.pdf Triki, T. and Faye, I., 2013. Financial inclusion in Africa. Tunis, Tunisia: African Development Bank. UNCDF, 2011. Conference on Women’s Economic Empowerment “Growing Women’s Businesses: Increasing Access to Finance and Business Services” Remarks    by          David  Morrison http://www.uncdf.org Women's World Banking, 2003. What Works? Online Vol.1, No.1. http://www.ruralfinance.org/fileadmin/templates/rflc/documents/1160574976361_Customer 20Value_April04.pdf https://www.ijbed.org/cdn/article_file/i-12_c-123.pdf Liberata Mukamana May Sengendo Edith Okiria Gender equality access to microcredit flexible lending approaches Female targeting MFIs 6047 17 0

124 https://www.ijbed.org/details&cid=124 2016-12-17 This study refers to the research model of Batenburg (2008) which defined procurement functions to six maturity dimensions; strategy, processes, control, organization, information, e-Technology as the starting point and indicates twenty-two items to support capability maturity measurement which is called Procurement Competitive Capability Maturity (PCCM). This model is used for a company to assess current practices of procurement function and perceives the level of its capabilities. The data collection is from a survey of fifty-two selected procurement organizations in Southeast Asia (SEA) countries; from Thailand, Vietnam, Philippines, Indonesia, Malaysia and Singapore. The objective of this study is to demonstrate the significant value of industry type, size of spending and centralized/decentralized procurement that affect procurement capability maturity. The results show that the industry has no relation to the capability maturity; the size of procurement spend has a positive relation to the capability maturity, and the centralized procurement has higher capability maturity than the decentralized. Moreover, this study extends the knowledge of e-Procurement and digital context to leverage procurement processes and visible procurement integration in an organization and across the supply chain. Batenburg, R. &Versendaal J., 2008. Maturity Matters: Performance Determinants of the Procurement Business Function, 16th European Conference on Information Systems (ECIS), Galway, Ireland. Van Weele, A., 2004.Purchasing and Supply Chain Management Analysis, Strategy, Planning,and Practice, 4th Edition, London: Thomson, pp. 16. Robinson, P. & Wale, D. & Dickson, G., 2010.Events Management. Cambridge, MA: CABI. Rolstadas, A., Hetland, P.W., Jergeas, G. F. &Westney, R. E., 2011.Risk Navigation Strategies for Major Capital Projects: Beyond the Myth of Predictability, London NY: Springer. Segev, A., Beam, C. &Gebauer, J.,1998. Procurement in the Internet Age–Current Practices and Emerging Trends (Results From a Field Study). Working Paper 98-WP-1033, Fisher Center, University of California, Berkeley. Kraljic, P., 1983. Purchasing must become supply management. Harvard Business Review, September–October, pp. 109–117. Thomson, D. and Singh, M., 2001.A Macro Level Business Model For E-Enabled Procurement,CollEcTeR Conference, Coffs Harbour, December 3-4. http://aseanup.com/benefits-asean-economic-community-aec[Access June 2016] Croom, S. & Johnson, R., 2003. E-service: Enhancing Internal Customer Service through E-procurement. International Journal of Service Industry Management, 14(5). Rozemeijer, F.A., van Weele, A., Weggeman, M., 2003. Creating Corporate Advantage through Purchasing: toward a contingency model. The Journal of Supply Chain Management: a global review of purchasing and supply 39, 4-13. Rosemann, M. and de Bruin, T., 2005.Towards a Business Process Management Maturity Model. In proceedings of the European Conference on Information System (ECIS), Regensburg, Germany. Iversen, J.,Nielsen, P.A. and Norbjerg, J. , 1999. Situated assessment of problems in software development. Database for Advances in Information Systems, 30 (2), pp.66-81. Schiele, J. J., & McCue, C., 2006. Professional Service Acquisition in Public Sector Procurement: A Conceptual Model of Meaningful Involvement. International Journal of Operations and Production Management, 26 (3): 300-325. De Boer, L., Harick, J., Heijboer, G., 2002. A conceptual model for assessing the impact of electronic procurement, European Journal of Purchasing and Supply Chain Management, 8, 25-33 Gunasekaran, A., &Ngai, E.W.T., 2008. Adoption of e-procurement in Hong Kong: An empirical research. International Journal of Production Economics, 113, 159-175. Lefebvre, L., Lefebvre, E., Elia, E, &Boeck, H., 2005. Exploring B-to-B e-commerce adoption trajectories in manufacturing SMEs. Technovation, 25, 1443-1456. Teo, T.S.H., Lin, S., & Lai, K. (2009). Adopters and non-adopters of e-procurement in Singapore: An empirical study. The International Journal of Management Science, 37, 972-987. Presutti, W.D., 2003. Supply Management and E-procurement: Creating Value Added in the Supply Chain. Industrial Marketing Management, Vol. 33 No. 2, pp. 219-26. Giner, A. H., Alberto, A. A., Guillermo, C.R., &Cuauhtemoc, S. R. , 2011. Improving E-Procurement in Supply Chain Through Web Technologies: The HYDRA Approach, Supply Chain Management - New Perspectives, Prof. Sanda Renko (Ed.), ISBN: 978-953-307- 633 Lancioni, R.A. Smith, M.F. Oliva, T.A. , 2000. The role of internet in supply chain management logistics catches up with strategy. Industrial Marketing Management, 29(1), 45-56. Aberdeen Group, Spend Analysis, pp. 16, August 2007. Vision 2020: The future of procurement, Ideas for Procurement in 2020 by Industry Leading Procurement Executives, Published on 30 Oct 2013. Nunnally, J. C., 1978. Psychometric Theory, 2ndEdition). New York: McGraw-Hill. https://www.ijbed.org/cdn/article_file/i-12_c-124.pdf Pongpanga Pongsuwan Capability Maturity Centralized Procurement Decentralized Procurement e-Procurement Digital Context Supply Chain 6430 18 0

125 https://www.ijbed.org/details&cid=125 2016-12-17 Currently is the main factor driving the world economy is the creation of new values through the products and services innovations in the area of technology. Yet the modern market poses a new challenge. This new challenge is Creativity which is the cornerstone of economic strategy based on products and process innovation which are so desired in the modern economy. Creative Subjects with their creativity are capable of finding all new solutions in order to improve the services offered in the particular sector in the scope of design, products traceability, reference of identity and special values, individual fulfilment etc. In this way, creativity is helping to increase the versatility of products and companies competitiveness in turn stimulating economic growth. Taking into account the above statements one needs to notice that technological development on its own is not enough to create original concepts of economic growth that would meet the demands of individuals regarding the material and non-material needs. Therefore, it is important to conduct an analysis of the role of the cultural sector and creative industries for the future development of the national economies. For this analysis to be useful one needs to reflect upon the reaction of the creative sector and the creative industries to the economic crisis in the years 2008-2012. Research methods used are scientific analysis of the literature, comparative analysis, synthesis and generalization, graphical visualization. Adorno T. W.,  Horkheimer M., Dialectic of Enlightenment. Trans. Edmund Jephcott. Stanford, Stanford UP, 2002. Adorno T. W., Podsumowanie rozważań na temat przemysłu kulturowego, [w:] tegoż: Sztuka i sztuki. Wybór esejów, oprac. K. Sauerland, Warszawa 1999. Creative Economy Raport, ONZ. New Nork 2010. Creating Growth. Measuring cultural and creative markets in the EU. Ernst & Young Global Limited, Paris 2014. Creative Industries Economic Estimates 2015- Statistical Release. DCMS, London 2015. Deleuze G., Guattari F.:Kapitalizm i schizofrenia II : Tysiąc plateau. Fundacja Nowej Kultury Wydawnictwo Bęc zmiana, Warszawa 2009. Florida R.: Cities and the creative class. Routledge, New York 2005. Klasik A.: Sektor kultury i przemysły kreatywne w rozwoju regionu na przykładzie Aglomeracji Górnośląskiej. Wydawnictwo Uniwersytetu Ekonomicznego w Katowicach, Katowice 2009. Kotylak S., Michałowska M., Danielak W.: Forming relationships on the e-commerce market as a basis to build loyalty and create value for the customer. Empirical findings. Management Vol.19, No. 1. Zielona Góra 2015. Narodowa Strategia Rozwoju Kultury na lata 2004–2013: Ministaers two Kultury i Dziedzictwa narodowego, Warszawa 2004. Pasquinelli M.: Animal Spirits: A Bestiary of the Commons.: NAi Publishers, Institute of Network Cultures, Rotterdam 2008. Roberts J., Mc Gimsey F.: Wieczna radość. Ekonomia polityczna społecznej kreatywności, Fundacja Nowej Kultury Wydawnictwo Bęc zmiana, Warszawa 2011. https://www.ijbed.org/cdn/article_file/i-12_c-125.pdf SÅ‚awomir Kotylak Cultural and creative industry world economic crisis 5125 9 0

126 https://www.ijbed.org/details&cid=126 2016-12-17 Saudi Arabia is one of the wealthiest nations per capita in the world, as well as an economic power through the possession of a large share of global oil resources. This study has been carried out to identify the benefits, which are likely to be enjoyed by Saudi Arabia after its accession into World Trade Organization. A total of 15 entrepreneurs filled out the questionnaires, which were designed on the basis of the Likert scale. In order to analyze the outcomes, descriptive statistics technique has been applied after data collection from the respondents. Most of the participants consider the joining of Saudi Arabia into World Trade Organization as a beneficial decision for the Saudi market. This accession is advantageous as it helps to enhance the marketing and investment opportunities, as a consequence of which the economy of Saudi Arabia flourishes and the population rises. The marketing techniques are required to be established and adopted to manufacture high-quality products. The study outcomes are helpful for the policymakers and Saudi companies to emphasize on the production of high-quality products, as well as to implement the strategies for better marketing of their products in the local market. Alaskar, A.E., 2005. KSA and World Trade Organization (WTO), Al-riyadh newspaper, N. 13659. Aldhomour, H.H., 2004. Service marketing, Amman, Dar Wael for publication and distribution Aljarf, M.S., 2006. 101 question on the joining (accession) of the KSA for World Trade Organization (WTO), Jeddah, Dar Al-Khuzami for Publication and Distribution, 1427H, First Edition, pp. 21-22-26. Balistreri, E.J., Kaffine, D. and Yonezawa, H., 2015. Optimal environmental border adjustments under the General Agreement on Tariffs and Trade. CER-ETH-Center of Economic Research at ETH Zurich, Economics Working Paper Series, 16, p.235. Beblawi, H. and Luciani, G. eds., 2015. The Rentier State. Routledge. Burton, E., 2016. Business and Entrepreneurship in Saudi Arabia: Opportunities for Partnering and Investing in Emerging Businesses. John Wiley & Sons. Department of Commerce, 2016. Chamber of commerce and industry, World Trade Organization (WTO) and the possible effects on the Saudi economy, Riyadh. Retrieved from: www.commerce.gov. Hoekman, B.M. and Mavroidis, P.C., 2015. World Trade Organization (WTO): Law, Economics, and Politics. Routledge. Hopkins, W.G., 2008. Quantitative Research Design. Jeddah Chamber of Commerce, 2016. Retrieved from: www.jcci.org.sa. Ramady, M.A. and Mansour, M., 2006. The impact of Saudi Arabia's WTO accession on selected economic sectors and domestic economic reforms. World Review of Entrepreneurship, Management and Sustainable Development, 2(3), pp.189-199. Ramady, M.A., 2010. Saudi Arabia and the WTO. In The Saudi Arabian Economy (pp. 289-320). Springer US. Doi: 10.1007/978-1-4419-5987-4_10. Salameh, M. G., 2016. Saudi Arabia's Vision 2030: A Reality or Mirage. Turkustani, H.M., 2005. International marketing, Jeddah, I'lam Dar for Publishing and Distribution, 1426AH, pp. 15 and 65. Zaid, I.A., 2006. Annual report, Jeddah, Jeddah chamber of commerce and industry, 1427H, pp. 9-41. https://www.ijbed.org/cdn/article_file/i-12_c-126.pdf Najah Hassan Salamah Local marketing National products Saudi companies WTO Saudi Arabia 5781 15 0

127 https://www.ijbed.org/details&cid=127 2016-12-17 This paper emphasizes that for a nation to revitalize in terms of development, not only does it need to evaluate in terms of GDP growth rate, but also has to consider the Quality of Life of its citizen and their human happiness. There is a strong correlation between macro-economic development parameters like health, education, GDP growth rate and Quality of Life Index, expressed through HDI. It also has a correlation with subjective quality of life-based on the perception of urban socio-economic classes, as measured in this study. The subjective quality of life is studied through five parameters like Quality of house, education, health care, transportation and recreation facilities. Human happiness is evaluated through the perception of respondents towards change in their financial conditions and consumption expenditure influencing their quality of life. This empirical research through spearmans rank correlation tried to establish the relationship between macro-economic indicators with the quality of life parameters as perceived by people. The study was conducted in Mumbai, and its suburban areas .with a sample of 850 respondents taken through structured questionnaire, during 2012-13. It was observed from A. T. Kearneys GRDI report that India was ranking between first five positions, consistently in terms of Modern Trade Retail Business since 2000. The managerial implication of the study highlights the association of quantitative economic development with larger aspect of human development, for the policy makers to understand the various areas which needs to be taken care to cater towards revitalizing the development of the nation Angus, D., 1992. Understanding Consumption.. Oxford: Oxford University Press. Blanciforti A. Laura, G. D. R. a. k. A. G., 1986. “ US Consumer behaviour, over post war period an Almost Ideal Demand System Analysis". Giannini Monograph, Volume 40, pp. 123-137. Clark, D. A., 1980. " The Capability Approach: Its Development, Critiques and recent Advances", UK: Economic and Social Research Council. Devraj, S., Sharma, K., Hicks, M. & Faulk, D., 2014. " The Human Development Index of Indiana Counties- An Exploratory Study". International Journal of Business and Economic Development, 2(1), pp. 102-113. Diener, E., 2009. " Subjective Well being". " The Science of Well Being", pp. 11-26. Emerson, E., 1985. " Evaluating the impact of deinstitutionalization on the lives of mentally retarded people,". American Journal of Mental Deficiency, Volume 90 (3), pp. 277-282. Eric, A., 2008. " THe Philosophical foundations of Subjective Measures of Well-Being. s.l.:Oxford University Press. Felce, D. & Perry, J., 1995. " Quality of Life: Its Definition and Measurement,". Research in Developmental disabilities, Volume 16 (1), pp. 51-74. Ferrans, E., Carol, A. & Powers, M., 1984. Quality of Life Index (QLI). [Online] Available at:  http://qli.org.uic.edu/[Accessed 2012]. Gaertner , W. & Yonhsheng, X., 2008. " A General score rule on Human Development,". Journal of human Development and capabilities, January, 9(3), pp. 389-400. Gough, I., Mcgregor, A. J. & Camfield, L., 2006. " Well Being in Developing Countries- Conceptual Foundations of the WeD Programme", s.l.: E.S.R.C. John, M., 1980. “An Almost Ideal Demand System,”. American Economic Review, 70(3), pp. 312-320. Kockelman, K. M., 2001. " A Model for Time and Budget-Constrained Activity Demand Analysis". Transportation Research, 35B (3), pp. 255-69. Mann, J., 1980. "An Allocation Model for Consumer expenditure". Agricultural Economics Research, Volume 32, pp. 12-24. Market Research Society of India , 2011. The New Socio Economic Classification, Delhi: MRSI. Oort, F., 2005. " Using Structural equation Modeling to Detect Response Sheet and True Change.". Quality of Life Research, Volume 14 (3), pp. 587-598. Oort, F., Visser, M. & Sprangers, M., 2005. " An application of structural equation modeling to detect response shifts and true change in Quality of Life data from cancerpatients undergoing invasive surgery". Quality of life Research, Volume 14 (3), pp. 599-609. Phaneuf, D. J., Kling, C. L. && Herriges, J. A., 2000. “Estimation and Welfare Calculations in a Generalized Corner Solution Model with an Application to Recreation Demand. Review of Economics and Statistics, 82(1), pp. 83-92. Pollak, R. A. & and Terrence, J. W., 1969. " Estimation of the Linear Expenditure System". Econometrica, 37(4), pp. 611-28. Ram, R., 1982. “Composite Indices of Physical Quality of Life, Basic Needs Fulfilment, and Income, A Principal Component Representation,”. Journal of Development Economics, Volume 11, pp. 227-47. Ranis, G., Stewart, F. && Samman, E., 2006. Human development: Beyond the human development index. Journal of Human Development, 7(3), pp. 323-358. Rerrell, B., 1995. " The impact of pain on quality of life. A decade of Research.. The Nursing Clinics of North America,, Volume 30 (4), p. 609. S, A., 2002. Dimensions of human development. World Development, 30(2), 181-205.. World Development, 30(2), pp. 181-205. Sabina, A., 2010. " Human Development: Definitions, Critiques and Related Concepts",Human Development Research Report Paper 2010/01,, s.l.: United Nations Development Programme.. Sen, A., 1983. Development: Which Way Now?. Economic Journal, 93(372), pp. 745-762. Sen, A., 1985. “Commodities and capabilities. Holland: North-Holland Publishing Co,. Sen, A., 2000. Social Justice and the Distribution of Income in Handbook of Income Distribution,. Oxford: Elsevier Science, Volume 1, pp. 59-85. Sheffrin, A. && Sheffrin, S., 2003. “ Economics: Principles in Action”. Upper saddle Road,New Jearsey: Pearson Printice Hall.. Shin, D. & Johnson, D. M., 1978. " The Satisfaction with life Scale". Journal of Personality Assessment,, pp. 479-492. Stiglitz., J. E., Sen, A. & Fitoussi, J.-P., 2009. “Report by the Commission on the Measurement of Economic Performance and Social Progress,”. [Online] Available at: http://www.insee.fr/fr/publications-et-services/dossiers_web/stiglitz/doc-commission/RAPPOR & http:// library.bsl.org.au/jspui/bitstream/1/1267/1/Measurement_of_economic Performance_and_social_progress.pdf [Accessed Jan 2013]. Todaro, M. P. && Stephen, S. C., 2011. " Economics of Development,". Addison-wesley: Pearson Publication.. UNDP, 1998. “Human Development Report” , New York: Oxford University Press. https://www.ijbed.org/cdn/article_file/i-12_c-127.pdf Debjani Banerjee Economic development Quality of Life Human happiness Consumption. Gross Domestic Product 5879 12 0