  We study the strangeness and charm productions induced by the pion beam, i.e.
the $\pi^-$p $\rightarrow$ $K^{*0}\Lambda$ and $\pi^-$p $\rightarrow$
$D^{*-}\Lambda_c^+$ reactions, based on two different theoretical frameworks:
an effective Lagrangian method and a Regge approach. In order to estimate the
magnitude of the charm production relative to that of the strangeness
production, we assume that the coupling constants for the charmed meson and
baryon vertices are the same as those for the strangeness channel. We found
that the total cross section for the charm production was about $10^3 - 10^6$
times smaller than that for the strangeness production, depending on
theoretical approaches and kinematical regions. We also discuss each
contribution to observables for both reactions. In general, the Regge approach
explains the experimental data very well over the whole energy region.
