IntroductionKnowledge may be considered as an aggregate of knowledge systems. This aggregation includes indigenous or community lay (local or traditional) knowledge systems as well as scientific (formal ways of knowing) knowledge systems. The sum total represents the knowledge assets of a country, which are deemed essential to drive economic growth, competitive advantages, human capital, and quality of life (Malhotra, 2003). Community knowledge systems often provide different types of knowledge classifications based upon the observations, beliefs and experiences of people from a specific environmental location, a need exists to incorporate it into development plans and actions. Incorporating community knowledge sytems into developmental approaches will according to Boven and Morohashi (2002) at least enables local communities to actively participate in the decision-making process of what really works in the daily practices of people living in a specific environment. Active participation by communities contributing localized knowledge gives recognition to the Participatory Action Research approach of synergistic maximization of impact, increased citizen participation and community ownership.Recently, more recognition is given to the fact that indigenous or community lay knowledge has intrinsic merit, and hold development potential especially for rural area development (Crithley, 2000). However, the effective application and utilization of community lay knowledge in technology development and transfer remains largely unclear despite recognition that it represents a rich body of knowledge for technological innovations.PurposeThe purpose of this article is to provide baseline information on how community lay knowledge systems can be applied in technology development and transfer through the process of knowledge creation cooperation, education and innovation in coalition with scientific knowledge systems. Community lay knowledge for the purpose of this article is distinct from scientific knowledge is that community lay knowledge is considered to be more experiential in nature, and includes judgement and common sense which has been acquired with experience. Community lay knowledge is often referred to as practical logic (Craig, 2000).Features of knowledge systemsKnowledge systems in general require firstly process agents that can drive change and development. In this regard Malhotra (2003) identified three process agents namely:· National institutions;
· Frameworks; and
· Infrastructure.The above three agents facilitate the effective use, sharing, creation, and renewal of knowledge required for socio-economic growth. Through knowledge systems, knowledge assets are created that eventually manifested in technologies, competencies and capabilities causing the creation of new services and products. Normally, community lay knowledge systems are severely resource constrained regarding the possession of process agents.Secondly, knowledge systems may differ in methodology and classification. Whereas scientific knowledge systems normally represents a top-down transfer of expert knowledge from research institutions to beneficiaries (Oudwater and Martin, 2003), the filtering of community lay knowledge into the scientific body of knowledge represents a bottom-up knowledge transfer approach. This according to Ansari et al (2002) provides a conducive knowledge base in which external knowledge of scientists combines with community assets leading to balancing of internal versus external diffusion of skills through a community. Community lay knowledge classification of knowledge may also differ from the classification systems used by scientists. A classical example is the different approaches used in soil classification used by farmers versus scientists. For most farmers the principle criterion by which soil is recognized and described is surface texture e.g. sand, clay or loam content. Soil surveyors on the other hand would tend to classify the soil in terms of subsurface properties (Oudwater and Martin, 2003).Thirdly, knowledge systems should as a purpose add value to the lives of communities by continuously facilitating best practice operations. According to Boven and Morohashi (2002) best practices using indigenous knowledge should at least possess the following characteristics:· The practice should be innovative in nature in the sense that it has developed new and creative solutions to common problems experienced by a community;
· The practice has a positive impact on the living conditions, quality of life or environment of the individuals, groups or communities concerned;
· The practice should have a sustainable effect; and
· The practice should have the potential to be a source of inspiration to others.The value added role of indigenous knowledge systems can be best explained in terms of its virtues (Craig, 2000):· This knowledge source on the common elements of mundane speech and thought, which implies broad taxonomies, simple constructions and powerful organizing metaphors and narratives. Meanings given are therefore easily generalised to many and a variety day-to-day applications;
· Concepts used in community lay knowledge systems are normally broader defined than those in scientific knowledge systems leading to a situation that cause and effects relationships between variables are based upon practical logic and semantic. Application of community lay knowledge should therefore be understood within the framework, specificities and language of specific cultures; and
· In application a general tendency towards mnemonic exists whereby complex process are repackaged in the memory using simple learning devices and developing simple recipes to remember it and to pass it on to next generations. The application of concepts and the resources used to fix a problem are therefore normally within the practical grasp of the user.A need for coalition between knowledge systems existCommunity lay knowledge can complement scientific knowledge systems. However, the effective application of community lay knowledge in technology development requires in the opinion of this author a proper coalition between scientific knowledge systems and community lay knowledge systems in any development approach. In the field of innovation communities can build on and expand on their indigenous knowledge using scientific knowledge systems without forsaking local rituals, overstepping social taboos whilst giving recognition to the fact that community lay knowledge largely drives innovation in marginal and restrictive environments (Hart, 2005). Innovations that are too costly, or labour intensive are unlikely to be adopted by the community (Critchley, 2000).But, according to Oudwater and Martin (2003) local knowledge systems should not be seen as a counterpart to scientific knowledge as it includes cultural, as well as technical knowledge and is interlinked with social and political knowledge and skills. As such these knowledge systems do indeed interact with the outside world, change over time and are thus not static systems. Local knowledge systems is however particular in terms of domain and types of knowledge. Probably, the biggest advantage is that community knowledge systems are known and installed in the daily activities of people living in a specific region (Krasilnikov and Tabor, 2003). Community knowledge can therefore be considered a highly valued knowledge resource from which scientists can extract “best elements” to combine with conventional science.To extract best elements from and apply community lay knowledge one needs to incorporate at least the following (Malhotra, 2003):· Determine who the rightful owners are of the conducted practices in order to ensure that their intellectual property rights are respected and secured;
· Understand the context in which the indigenous knowledge is applied.
· Realise the impact that these indigenous knowledge technologies have on the local community.
· Comprehend the indigenous knowledge strength that exists in a community to ensure the sustainability of technologies in the community and the effective transfer of that knowledge to future generations.ConclusionIndependent from one another neither community lay knowledge, nor scientific knowledge represents a comprehensive or complete body of knowledge as each reflect different epistemologies created within different environments and using different points of departure. However, utilized in coalition they can provide further impetus to understanding and finding innovative solutions for practical problems experienced.BibliographyAnsari, W.E., Philips, C.J. and Zwi, A.B. 2002. Narrowing the gap between academic professional wisdom and community lay knowledge: perceptions from partnerships. Public Health. 116:151-159.
Boven, K. and Morohashi, J. 2002. Best practices using indigenous knowledge. The Hague: Nuffic.
Craig, D. 2000. Practical logics: The shapes and lessons of popular medical knowledge and practice – Examples from Vietnam and Indigenous Australia. Social Science & Medicine. 51: 703-711.
Critchley, W.R.S. 2000. Inquiry, Initiative and Invetiveness: Farmer Innovators in East Africa. Phys.Chem.Earth (B). 25(3):285-288.
Hart, T. 2005. Returning to African tradition the way forward for small farmers? HSRC Review. 3(2):10-11.
Krassilnikov, P.V. and Tabor, J.A. 2003. Perspectives on utilitarian ethnopedology. Geoderma. 111:197-215.
Malhotra, Y. 2003. Measuring knowledge assets of a nation: Knowledge systems for development. 4-5 September. Ad hoc Group of Experts Meeting on Knowledge Systems for Development. New York City. New York.
Oudwater, N. and Martin, A. 2003. Methods and issues in exploring local knowledge of soils. Geoderma. 111:387-401.

Warren E. Buffett offers the following advice on the qualities of a successful investor. Buffett essentially suggests that a successful investor does not need an extraordinarily high IQ, exceptional business acumen, or inside information. To enjoy a lifetime of successful investing, you need a solid decision-making framework and the ability to maintain your emotions.A successful investment strategy requires a thoughtful plan. Developing a plan is not difficult, but staying with it during times of uncertainty and events that seem to counter you plan’s strategy is often difficult. This tutorial discusses the necessity of establishing a trading plan, what investment options best suit your needs, and the challenges you could encounter if you don’t have a plan.The benefits of developing a trading planYou can establish optimal circumstances for experiencing solid investment growth if you stick to your plan despite opposing popular opinion, current trends, or analysts’ forecasts. Develop your investment plan and focus on your long-term goals and objectives.Maintain focus on your planAll financial markets can be erratic. It has experienced significant fluctuations in business cycles, inflation, and interest rates, along with economical recessions throughout the past century. The 1990s experienced a surge of growth due to the bull market pushing the Dow Jones industrial average (DIJA) up 300 percent. This economic growth was accompanied by low interest rates and inflation. During this time, an extraordinary number of Internet-based technology firms were created due to the increased popularity of online commerce and other computer-reliant businesses. This growth was rapid and a downturn occurred just as fast. Between 2000 and 2002, the DIJA dropped 38 percent, triggering a massive sell-off of technology stocks which kept indexes in a depressed state well into the middle of 2001. Large-scale corporate accounting scandals contributed to the downturn. Then in the fall of 2001, the United States suffered a catastrophic terrorist attack that sent the nation into a high level of uncertainty and further weakened the strength of the market.These are the kinds of events that can tax your emotions in terms of your investment strategies. It’s times like these that it is imperative that you have a plan and stick to it. This is when you establish a long-term focus on your objectives. Toward the end of 2002 through 2005, the DJIA rose 44 percent. Investors who let their emotions govern their trading strategies and sold off all their positions missed out on this upturn.The three deadly sins and how to avoid themThe three emotions that accompany trading are fear, hope, and greed. When prices plunge, fear compels you to sell low without reviewing your position. Under these circumstances, you should revisit the original reasons for your investments and determine if they have changed. For example, you might focus on the short term and immediately sell when the price drops below its intrinsic value. In this case, you could miss out if the price recovers.An investment strategy that is based on hope might compel you to buy certain stocks based on the hope that a company’s future performance will reflect on their past performance. This is what occurred during the surge of the Internet-based, dot-com companies during the late 1990s. This is where you need to devote your research into a company’s fundamentals and less on their past performance when determining the worth of their stock. Investing primarily on hope could have you ending up with an overvalued stock with more risk of a loss than a gain.The greed emotion can distort your rationale for certain investments. It can compel you to hold onto a position for too long. If your plan is to hold out a little longer to gain a few percentage points, your position could backfire and result in a loss. Again, in the late 1990s, investors were enjoying double-digit gains on their Internet-company stocks. Instead of scaling back on their investments, many individuals held onto their positions with the hope that the prices would keep going up. Even when the prices were beginning to drop, investors held out hoping that their stocks would rally. Unfortunately, the rally never happened and investors experienced substantial losses.An effective investment plan requires that you properly manage the three deadly sins of investing.The key components of an investment planDetermine your investment objectivesThe first component in your investment plan is to determine your investment objectives. The three main categories involved in your objectives are income, growth, and safety.If your plan is to establish a steady income stream, your objective focuses on the income category. Investors in this category tend to be low-risk and don’t require capital appreciation. They use their investments as an income source.If your focus is on increasing your portfolio’s value over the long term, your objective is growth-based. In contrast to the income category, investors strive for capital appreciation. Investors in this category tend to be younger and have a longer investment time frame. If this is your preferred category, consider your age, investment expectations, and tolerance to risk.The final category is safety. Investors who prefer to prevent loss of their principle investment. They want to maintain the current value of their portfolio and avoid risks that are common with stocks and other less secure investments.Risk toleranceWhile the main reason for growing your portfolio is to increase your wealth, you need to consider how much risk you are willing to take. If you struggle with the market’s volatility, your strategy should focus more on the safety or income categories. If you are more resilient to a fluctuating market and can accept some losses, you might favor the growth category. This category has the potential for higher gains. Nevertheless, you need to be honest with yourself and the level of risk you are willing to take as you set up your investment plan.Asset AllocationAs discussed in the previous sections, part of your investment plan is to determine your risk tolerance and investment objectives. After you establish these components, you can begin to determine how you will allocate the assets in your portfolio and how they will match your goals and risk tolerance. For example, if you are interested in pursuing a growth-oriented category, you could allocate 60 percent in stocks, 15 percent in cash equivalents, and 25 percent in bonds.Make sure your asset allocation reinforces your objectives and risk tolerance. If your focus is on safety, your objectives need to include safe, fixed-income assets such as money market securities, high-quality corporate securities (with high debt ratings), and government bonds.If your strategy focuses on an income category, you should focus on fixed-income strategies. Your investments might include bonds with lower ratings that provide higher yields and dividend-paying stocks.If your focus is on the growth category, your portfolio should focus on common stock, mutual funds, or exchange-traded funds (ETF). With this category, you need to vigilant in managing your portfolio by regularly reviewing your objectives and adjusting them according to your risk tolerance and objectives.Effective asset allocation helps you establish a guideline for properly diversification of your portfolio. This enables you to work toward your objectives and manage a comfortable amount of risk.Investment choicesYour trading strategy includes deciding what types of investments to buy and how you will allocate your assets.GrowthIf your strategy is based on growth, you might consider mutual funds or ETFs that have high market-performance potential.Wealth protection/income generationIf you choose to pursue a wealth protection method, you might choose government bonds or professionally-managed bond funds.Choosing your own stocksIf you prefer to select your own stocks, establish some rules for how you will enter and exit your positions. You objectives and investment strategies will determine these rules. Whatever approach you use, one trading rule you should establish is to use stop-loss orders as a form of protection against downward price movements. For example, if your investment drops 60 percent, it will need to increase 110 percent in order to break even. You choose the price that you will set the order, but a good rule to follow is to set a stop-loss order at 10 percent below the purchase price for long-term investments and a stop-loss order at 3-to-5 percent for short term trades.Your strategy might also include investing in professionally-managed products such as mutual funds. These give you access to professional money managers. If you hope to use mutual funds to increase the value of your portfolio, choose growth funds that focus on capital appreciation. If your intent is to pursue an income-oriented approach, choose income-generating avenues such as dividend-paying stocks or bond funds. Make sure your allocation and risk structure align with your diversification and risk tolerance.Index funds and ETFsIndex funds and ETFs are passively-managed products that have low fees and tax efficiencies (lower than actively-managed funds). These investments could be a good way to manage your asset allocation plan because they are low-cost and well diversified. Essentially, they are baskets of stocks that represent an index, a sector, or a country.SummaryThe most important component in reaching your investment goals is your plan. It helps you establish investment guidelines and a level of protection against loss. It’s important that you develop a plan based on an honest assessment of your investment style, level of risk tolerance, and objectives. You also must avoid letting your emotions influence your investment decisions even during the more discouraging times.
If you are still uncertain about your ability to effectively develop and follow a plan, consider employing the services of an investment advisor. This person’s expertise can help you adhere to a solid plan to meet your investment objectives.

IntroductionThe concept of instituting marketing principles to non-profit institutions such as library and information Services is no longer a controversy. Organisations operate in an environment of change. Today we live in a global market for many goods and services in which technology, purchasing power and many factors change on a regular basis. One of the key functions of marketing is to find out how these changes affect clientele’s wants and needs and to develop organisational strategies and plans that will ensure that the library meets these challenges (Dransfield and Needham, 1995). It is therefore not surprising that public librarians are joining the marketing bandwagon. This article explores the marketing activities in the operations of the Sierra Leone Public Library services.Public LibrariesA Public Library is funded wholly and partly from public funds and the use of which is not restricted to any class persons in the community but freely available to all. It is a major agency of enlightenment for adults, providing for children the recorded experiences of others which will help them grow into adults.Usherhood (1981) defined Public Library as an organization established, supported and funded by the community, either through local, regional or national government or through some form of or other community organization. It provides access to knowledge, information and works of imagination through a range of resources and services and equally available to members of the public community regardless of race, nationality, economic and employment status and educational attainment.The Sierra Leone Library Board (SLLB)The Sierra Leone Library Board (SLLB) was established by Ordinance in June, 1959. The setting up of the Board was envisaged in the Government’s White Paper on Educational Development in 1958 and its functions outlined therein as follows:• To provide a national/public library Service;
• To support and reinforce programmes of adult and fundamental education;
• To provide effective services for children and young adults including requisite services to schools;
• To provide much needed information and references services;
• To provide where needed adequate services for special groups, that is women and girls, language groups.The Central Library is designed to give public services to Freetown and also to function as headquarter of the National/Public Library services and to provide accommodation for a growing collection of book and non-book materials in the country. It does all technical processing of stock for the Regional and Branch Libraries and has an Adult Lending Reference and a Children’s department.Libraries are charged with responsibility to provide information service to support educational, recreation and personal endeavours of the members of their respective communities and the Sierra Leone Library Board is not an exception to that. The following services are provided at the Sierra Leone Library Board to Clientele:Children ServicesThe Sierra Leone Library Board provides information services to children by the provision of books and other materials for children which are often housed in a special section known as the Children’s Library. A special service for children known as child orientated educational programme specially designed for younger library users is included in the children’s library services. They also provide services to children through storytelling, drama/play and reading aloud.Book Borrowing and Lending ServiceThe main task of Sierra Leone Library Board is to provide the public with access to books and periodicals. The Sierra Leone Library Board typically offers access to a variety of books which are available for borrowing by anyone with the appropriate library card.Current Awareness ServiceAt the Sierra Leone Library Board, current awareness service is aimed at bringing to the notice of potential users, newly available documents and information services. This is done by collating information and producing new secondary sources, circulating current periodicals or other documents acquired and producing and distributing one or more forms of bulletins.Selective Dissemination of InformationA more personal information service is being run at the Sierra Leone Library Board in which the library constantly notifies library users about particular information/materials matching them in a profile of the information needs and research pre-occupation of their clientele. This is done by either bringing references to relevant items to the notice of their clients and by obtaining copies and then supply the documents themselves to library users.Outreach ServicesThe Sierra Leone Library Board provides outreach information services which is committed to developing library outreach programmes for non-users, the undeserved, and people with special needs in the communities in restricted areas.Computer and Internet ServicesIn an attempt to bridge the digital divide, information resources and government services are being provided online by the Sierra Leone Library Board. This is done by providing access to the Internet and public computers for users who otherwise would not be able to connect to these services.Library MarketingMarketing is often viewed as a set of strategies and techniques that belongs to administrators outside of librarianship. But, librarians are also involved in the marketing process. The essence of marketing involves finding out users needs and want, then setting out to meet these needs.Marketing according to Weingand (1995) “can be viewed as a process of exchange and a way to foster partnership between the library and its community” (p.296). In order to maintain the relationship between the public library and the community, marketing strategies have to be employed as effective tool.Marketing in the public library means more than simply promotion or selling. It is more concerned about user needs. Marketing the Public Library is a social and managerial process by which products and services as well as values are exchanged in order to fulfill individuals or group needs. Marketing refers to those instruments through which information, both raw and processed, are transmitted to its members. Promotion or campaigning is but two activities in the broader exercise of marketingPlanning Library Marketing ProgrammesThe continued existence of libraries, if not their survivals, may well depend upon the use of marketing and planning strategies, communicated through effective public relations, to significantly alter the perceived role and position of the library in society.In a real sense, Public Relation is the promotion component of a full marketing plan of library programmes. It can be seen as the communicated module which serves the promotion function; conversely, it may be easily depicted as a philosophical relationship between library and community which serves as a guiding light for promotion activities.Both communication and research skills serve well in the marketing planning process of which Public Relations is an important component. Specific skills and knowledge are also needed in marketing planning programs for libraries. It goes without saying that both ongoing marketing planning and programmes, and in particular, how the needs of different groups of users differ from each other. Library and information services are complex entities, as are the human users and potential users of these services.Planning, promotion and campaigning are but all activities in the boarder exercise of marketing. User studies therefore, have a very wide range of uses in relation to the planning of library marketing programmes of a service. They contribute in the planning, promotion and development of library services. In their contribution they help in the understanding of different user group behaviour and their needs, and can assist in effective campaigning and planning process.Three steps to planning library marketing programmes are:• Knowing what your beliefs are and therefore what you want to achieve;
• Communicating these beliefs as practical objectives to the people with whom you work, in order that these objectives can be fulfilled; and
• Creating a vehicle which allows this to happen. This can only be achieved by defining the basic components and through organization.Methods of marketing in Sierra Leone Library BoardBook Displays and ExhibitionsDisplays and exhibitions are widely used in most public libraries as a marketing strategy to sell their products or items. The SLLB displays jackets of new books which are not yet included in the lending department for easy access by users and to increase usage. It is also a means of drawing the attention of users and non-users to particular aspects of library resources and services.Printed materials and PublicationsIn order to make a very good image of the public library and for public librarians to establish better communication between the library and users, publicity programmes are put in place by the management of the Sierra Leone Library Board through news release. The management also considers annual reports and newspapers as basic publicity techniques. Publications such as bibliographies, guides and brochures are used by the library to communicate with the wider public.Public Relations OfficePublic relations according to Usherhood (1981) is concerned with gaining of public support for an activity, cause, movement or institution. It is a process that furthers mental understanding and cooperation between a government; or any organisation and its various publics. The Sierra Leone Library Board has a Public Relations Office charged with the responsibility to enhance a smooth system of communication.User Education/Readers Advisory ServiceThis could be described as training a group of users in the effective use of the library and its resources. It is used to stimulate the users to make greater use of the library and introduces library staff to clientele who might be reluctant to seek their assistance. This is the principal means through which library staff can learn about readers’ needs, opinions and habits. Good communication with readers enables staff to inform and influence readers.The MediaThese involve printed and audio-visual forms of communication and any necessary equipment to render them usable. The Press, radio and television are important means of publicising information service, since they offer potential of reaching many people from all walks of life. The media are cultivated so that messages are distributed with regularity. Publicity mechanism such as news releases, special events and brochures can also be employed.The Social Media Groups (SMG)The Sierra Leone Library Board makes use of the Social media groups such as ‘Facebook’ and ‘Watsapp’ as an effective way for publicity in order to put their messages across to users of their services.Challenges of Marketing Library and Information Services at the SLLBA lot of challenges have militated against the effective planning and implementation of library marketing programs at SLLB. The following are some of the challenges:• Inadequate Staff: Although staff numbers have been maintained, the ratio of professional staff is very low. The library is manned mostly by paraprofessionals who mostly lack the skills to plan and implement marketing programmes.• Finance: The library depends heavily on government subsidy. The government has no specific or substantial funds for the running of the library thus the library administration has to foot most of the bills that have to do with marketing. The irregular flow of funds has served as a barrier to the progress of marketing library and information services at the SLLB.• Lack of standard printed materials and publications: The SLLB lacks most standard printed materials and publications due to poor planning of marketing programmes. This negligence has made the library handicapped of public relations tools in the form of printed materials and publications such as newsletters, questionnaires, diaries and calendars.• Displays are improper and exhibitions seem almost absent: The library depends mostly on donations and most of the books are acquired without jackets. Therefore displaying book jackets in inconsistent. In fact exhibition programmes are yet to survive as they are only recently introduced. The library lacks relevant display and exhibition materials to mount these activities.• Inability to organize frequent Radio Programs: The SLLB lacks media communication facilities. The library cannot frequently organise radio programmes on its own because of lack of funds. The absence of radio programmes stands out as an acute problem to the progress of marketing programs in the library.Conclusively, marketing is the instrument that libraries use to transform their aims and objectives into operational plans of action. In most developing countries’ public libraries such as the SLLB, marketing strategies cannot operate properly due to the existence of bottlenecks in planning programmes. Good marketing programmes actualise the plans and measures necessary for the achievement of goals and objectives.