Career Planning and Development Research Paper Example | Topics and Well Written Essays - 3000 words

Career Planning and Development - Research Paper Example As such, the topics which will be analyzed relate to performance evaluations, successful management, treatment of difficult situations, employee retention, and issues relating to recruiting and compensation. When one considers the importance of career planning, several prominent factors immediately spring to mind. Whereas there are many things in life that require instantaneous and responsive decisions in order to maximize the utility of the individual, the path that one will pursue to provide for oneself and their loved ones is not something that should be a spur of the moment decision. Rather, it is something that should necessarily integrate with a degree of planning and consideration due to the fact that it is one of the most important decisions that one will ever integrate with. Ultimately, such a choice has far reaching impacts based not only on the ability of the individual to earn a living but also the ability of the individual to experience a degree of success, satisfaction, and happiness with their chosen path. As a function of such differing aspects of personal well being and growth, this brief analysis will consider a few of the reasons why career planning is essential to ma ximizing success and satisfaction in life. In order to accomplish such an analysis and/or investigation, this author will integrate with career planning based upon the following determinants: the necessity of performing career planning in order to define and differentiate what actions must be accomplished in order to direct ones path towards the ultimate goal as well as the necessity of career planning in order to maximize satisfaction. Firstly, the reader can and should integrate with an understanding of the fact that it is necessary in order for the individual to make something of a road map of future actions that must be completed in order to realize the

Impact of Competition on Bank Performance

Impact of Competition on Bank Performance INTRODUCTION This study focuses on a research set forth to examine the linkage of competitive obsession and/or excessive competitiveness to financial impacts (credit boom/crunch) on the banking industry. Organisations concern for the survival of business at all costs has transformed into a strong credence that they can control and dominate human, physical, natural and intangible resources, thereby direct the business world now and in future. This has induced an underestimation of some immeasurable and unfathomable trends in business. Now the business world is being battered with harsh economic and financial struggle. Hence Ezer and Demetis (2007:57) states: â€Å"Our obsession with control has become part of our validation as a species.† At this time all countries and a huge number of firms has been impinged on, by recent the credit crunch. 1.1 Background There are huge reasons for the competitive activities of countries, banks and Multinational Enterprises (MNEs). Some of these reasons are to maximise wealth and minimise cost. In the 1970s the banks were not highly driven by competitive force (Black and Strahan, 2002). Countries and Multinational Enterprises take advantage globalisation and free trade. However, the banking industry today has become quite competitive and involved in subprime lending. The increase in competition among banks led to less proficient screening aptitude and credits granted to less worthy customers (Rajan, 2008). In addition, MNEs engage in drastic activities across nations termed as an abuse of free trade. The recent economic situation emerges quite troublesome for everyone. Credit concerns are now crucial and are imperative in ensuring successes in international business. This requires the aid of banks as MNEs are in battle with an unpleasant financial crisis. Nevertheless, would these banks who are also hit by the credit struggle, save themselves, talk more of aiding the MNEs or any other business and/or customers. The financial market crisis began early in 2007 and has resulted to losses in the market and loss of confidence in financial institutions across the globe (World Economic Forum, 2008).The causes of the credit crunch are traced to a number of identified causes (Johnson and Kwak, 2009). To mention a few are subprime investments, government neglect of banking activities, and the abuse of free trade, mainly but not wholly originating from the United States. Some of these causes are still in repetition dated back to 1966 and are yet to be eradicated. Financial crisis originating in the 1960s has been re-occurring in the 70s, 80s and of present, hence, it is not a novel issue. What is yet to be known is why the credit crunch keep re-occurring from similar causes, and the possible existence of a common element among these ‘causes which is unseen or rather covered in a veil, that could make or break the achievement of a Companys objective. This common element could be termed extreme competitiveness or competitive obsession. It is unknown if competitive obsession could have contributed to the credit crunch. A study and understanding of this problem could proffer solutions and thus, possibly promote international business and financial integrity on a global scale. 1.2 Research Purpose This research is not focused on identifying and putting blames on various organisations or their activitities that might have caused the credit crunch. The aim of this study is to identify the relationship between competitiveness- its obsession and the credit crunch, and to determine whether this competitive obsession is found within the activities of the organisations that might have caused the credit crunch. 1.3 Research Questions The questions to be researched will be principally concentrated on the grounds/motivations in which business, banks and regulators take drastic decisions and engage in dangerous activities that might have led to the credit crunch. The answers to find out will thus be: What this ground/motivation is? What is the existence of this ground/motivation among different institutions? What the relationship of this ground/motivation could have to the credit crunch? 1.4 Implication of the Dissertation This study develops a new theoretical model, which incorporates two â€Å"issues† which can be found today (competitive obsession and the credit crunch) in to the notion of global economic challenges in respect to nations and MNEs. The practical significance of this study involves proffering some guiding principle/course of action for globally competitive firms in the course of competitive/strategic decisions that is accountable. How firms react to the pressures of international competition and the chances of taking comparative advantage on the macro level has been deemed importantly stressed by Herrmann (2008), describing his research as only the beginning of a broader analysis. This study tends to continue from Herrmanns research, but relating it to the credit crunch. There are obviously exclusions in the literature, but the association of competitiveness and the credit crunch are very hardly studied in some intensity. This study tries to make the association of these two is sues overt. 1.5 The Structure of the Study 2.0 LITERATURE REVIEW 2.1 Introduction Competitiveness and the credit crunch are two different broad issues, which however are not new in the literature. Firms aspire to have a competitive advantage/edge to survive in the global market; nevertheless, the extreme cases of this competitiveness that could be very fruitful or drastic are not put in to so much consideration. Furthermore, the extreme cases of credit facility (over or under extending), might or might not have presented a favourable business condition. 2.2 Review of Studies An attempt to review the whole issues on competitiveness and the credit crunch would be a task of great difficulty, size and strength. Both subjects have been in academic and organisational practice for a very long time. Hence, the re-evaluation of literature will highly pinpoint a survey as well as case research done. Given huge amount of data and research carried out through the years, some important studies have been omitted. Apologies are made for such omissions while, other studies which might be perceived as of less significance, are been utilised. 2.3 Sections of Review There are large amounts of literature works significant to this study, however, this chapter will focus on: Background : History, Present Future Competitiveness and the Credit Crunch Defined Competitive Obsession- Favourable or Unfavourable National and firm competitiveness [Porters Diamond] Competition in the Banking Industry Government/country competitiveness 2.4 Background: History, Present and the Future The early years of this millennium has faced corporations with credit problems connected with the boom in the stock market. As this financial catastrophe receded, came the rise and boom of the housing sector, which subsequently transformed in to the unavoidable credit crunch (Cooper, 2008). Financial crises has always come and gone. the early crisis of 1990 affecting countries like Mexico, Russia, Norway and Sweden and the Asian crisis of 1997 involving countries like South Korea, Thailand, Indonesia, Malaysia, Philippines, Singapore and Hong Kong (Allen and Gale; 2007, Nesvetailova, 2007). The causes of these financial crises and/or credit crunch were sought after and found (Johnson and Kwak, 2009). Some of these causes were generic to some Nations while others were particular to a Nation. It is found common among nations that blames were laid on the inconsistent macroeconomic policies of government and financial institutions (Allen and Gale; 2007, Nesvetailova, 2007; Turner, 2008; Cooper, 2008). Some particular causes found in the nations like the United States (US) and United Kingdom (UK) are the sub-prime lending and housing boom (Rajan, 2008), the abuse of free trade by the promoters of free trade (Turner, 2008), and corruption in nations like Indonesia (Allen and Gale; 2007). Can the misdeeds of government and financial institutions be associated to competitiveness? Porter (1998) portrays that competitive advantage of nations convey new government and business functions for the attainment of competitiveness and success. Constantly, government is ineffectual in whatever it gets to do as she constantly fall short in her industrial policies and in tackling the issues of competitive lead (OShaughnessy, 1996). Hartungi (2006), stress the competitive impacts of globalisation among nations, in the flow of labour and capital. Thus, government of nations, especially the developing ones are being threatened by competition from other nations. In consequence, these governments deregulate and hence make weak their policies for fear of alien investors relocating their businesses to another nation (Hartungi 2006; Buiter, 2007). Turner (2008) on the other hand echoes the abuse of free trade as firms utilise the benefits of free trade by carrying their dealings across var ious nations, with the aim to maximise their profit at the least cost. Thus, while (Hartungi; Buiter) accuses the government, Turner accuses the Multinational firms. Notwithstanding, both government and Firms actions are rational justified to be a move to beat competition. The future of the economy, given this recent credit crunch is still bleak and insecure. There are no quick or magic solutions to this credit troubles. Most banks still hold back on granting credit and economic endeavors are still seriously threatened and extremely bad (Lorenzen, 2009). 2.5 Competitiveness and the Credit Crunch Defined Competitiveness, which is found at the heart of business firms and nations, has always been an inevitable desire, as firms and nations struggle for survival and to outperform one another by gaining a competitive edge, comparative/absolute advantage. Given different circumstances and/or surroundings, competitiveness itself, has defined and implied differently by academic scholars/ authors. Since the theories of Adam Smith in the 1770s and Ricardo in the early 1960s, the models of Porter (1980) and Krugman (1994) prior the other current ones, accentuated by Cao (2008) and Chikà ¡n (2008) national and firm competitiveness, given the global competitive force is still obsessive. The rationale behind competitiveness stays the same; changes are found to exist on strategies engaged to accomplish it, the means of maintaining competitiveness in a rapid and constant change of business environ and processes. In the literature, competitiveness has been widely defined. The Office of Competition and Economic Analysis (OCEA) (2009) echo, â€Å"Competitiveness means different things to different people. To an economist, it may mean how well a country is performing compared to other economies, as embodied in the standard of living and changes in national productivity. To a policy maker, it may mean how a new regulation changes the ability of affected businesses to compete. To a business owner, it may mean changes in profitability as reflected in market share for its goods and services in a low-cost market place.† Hence there are no specific or clear definition of competitiveness could be generally satisfactory, rather they are given different interpretations to best match ones requirements or task (Aiginger, 2006; Ketels, 2006; Siggel, 2006; OCEA, 2009). Garelli (2006: 3), from an economic and management perspective defines competitiveness as â€Å"a field in economics that reconciles and integrates several concepts and theories from economics and management into a series of guiding principles driving the prosperity of a nation or an enterprise.† With regard to the credit crunch, which is the second concern, finance and credit availability has always been the blood of every enterprise that ensures the running of its business operations. The credit crunch or credit crises, financial squeeze, or financial crises have been termed differently by different nations, firms, scholars and institutions. Some authors further use these terms sequentially. Hence, for example, the credit crunch might have resulted from a capital crunch or the financial crises have led to a recession. However, the implied meaning remains the same. This financial instability has long existed, as well as economic theories such as the efficient market theories (EMT), Keyness and the Minskyan theories and hypothesis. Watanabe (2007:642) defines the credit crunch as â€Å"the reduction in credit supply available to borrowers, particularly bank lending supply, for some lender specific reasons.† Watanabe further describes a difference between financial crisis and the credit crunch as thus: the financial crisis involving banks breakdown, financial mismanagement and volatility, while the credit crunch involving a incidental hindrance of banks lending activities, arising from capital shortage. Similarly, Ryder (2009:76) states, â€Å"The uncertainty in the global financial markets has led to a dramatic reduction in the availability of affordable credit, or credit crunch.† 2.6 Competitive Obsession- Favourable or Unfavourable The history of excessive competition is traced to the course of economic development and evolution of industrial formation in different countries in the globe, arising from changes in demand leading to a poor economic cycle or even recessions (Cao, 2008). One of the strong criticisms of competitive obsession is that of Krugman (1994) and (Cao, 2008) on excessive competition. Krugman bases his arguments on three points- (1) that apprehensions on competitiveness, are as an empirical issue, baseless; (2) that the definition of economic setback as one of international competition is nevertheless striking to lots of people. Finally, that obsession with competitiveness is incorrect, dangerous, distorting domestic policies and a threat to the international economic system. Hence, thinking competitively will one-way or the other lead to bad policy making. Both Krugman and Cao, stress the misinformed and common thinking in economic theory that intensification of competition can improve economic and social welfare. Aiginger (2006) in his competitiveness defined stresses its non-exclusion of strategies to harm neighbouring countries. Thus, assumptions have been made about obsession being a negative term (Dance, 2003). On the other hand, excessive/obsessive competitiveness has been identified to improve welfare (productivity and social) in an economy, as well as the possibility of positive externalities and spillovers (Brahm, 1995; Aiginger, 2006). Norcia and Flener (2008) in the retail experience, suggests that a means to not just survive but excel in the recent financial crisis is to become more obsessed, with the customer experience for example. Obsession with customer experience is further identified as Mr Philip Green, the owner of Bhs, achieved a historical largest profit for the company, by being obsessed with customer value, price, quality and market (Mazur, 2002). Identifying competitive obsession as good however, is dependent on it being properly focused (Dance, 2003). This research however, neither supports nor opposes the impact or effects of competitive obsession on firms as well as on the economy, but tries to find out if competitiveness and its obsession might have resulted to the recent credit crunch. 2.7 National and Firm Competitiveness [Porters Diamond] Chikà ¡n (2008: 24-25) presents the definition of both firm and national competitiveness: â€Å"Firm competitiveness is a capability of a firm to sustainably fulfil its double purpose: meeting customer requirements at a profit. This capability is realised through offering on the market goods and services which customers value higher than those offered by competitors.† And â€Å"National competitiveness is a capability of a national economy to operate ensuring an increasing welfare of its citizens at its factor productivity sustainably growing. This capability is realised through maintaining an environment for its companies and other institutions to create, utilize and sell goods and services meeting the requirements of global competition and changing social norms.† Chikà ¡n further stresses the existence of a structural homogeneity with the two definitions, as both are described as capabilities, sharing similar root in economic and social thinking, involving strategic governance and the thought of sustainability. Thus, Garelli (2006) stipulates that firms play their main role of achieving economic benefit, while nations provide the necessary framework to maximise the economic benefit, hence their fate is entangled and cannot be managed singly. The interconnection of competitiveness at national and firm level has been presented by Porters (1990) diamond framework. As concerns gaining sustainable advantage, Porter (1998:71) throws the question himself â€Å"which firms from which nations will reap them† Porters model is useful to analyse competitiveness and its various factors (Garelli, 2006; Chikà ¡n, 2008), thus, in this literature it will be used to analyse the banking industry. The different components of the diamond theory are used to summarise the activities of banks at national and firm level: Factor conditions: these are factors of production as well as infrastructure. Innovation and efficiency via technology are inputs for banks competitiveness (Berger and Mester, 2001; Black and Strahan, 2002; Balgheim, 2007). Demand conditions: customers are increasingly becoming more demanding of banks and less loyal (Balgheim, 2007). On the micro level, mainly households and businesses take on banking dealings, such as deposits, loans and other financial services (Goddard and Wilson, 2009). On the other hand, household in some countries avoid placing their savings in financial institutions and rather buy physical goods (Barth et al, 2006). Related and supported industries: this factor takes account of cluster theory, which endorses firms concentration. The banking systems are becoming more concentrated, and the correlation of this concentration and competition is becoming vague (Carbo et al., 2009). Firms strategy, structure, and rivalry: these are managerial actions and strategy in addition to domestic rivalry. as bankers detect a rival struggle to win in the inter-bank lending competition, they assume firms to show more potential than they had reasoned (Ogura, 2006) Government: is another factor considered to determine competitiveness based on its influence on social norms and macroeconomic policy (Ketels, 2006; Chikà ¡n, 2008). However, Michael Porter disbelieves government to be a fifth determinant of competitiveness (Garelli, 2006). Davies and Ellis (2000) summarised some of the limitations of Porters model- to involve omissions of object of analysis, that productivity at national level is confused with industry level success; confusion of trade factors with respect to comparative advantage; flaws in methodology and mode of reasoning; and a refutation of the assertions of the competitive advantage of nations. 2.8 Competition in the Banking Industry Competitiveness cannot extricate itself from the conception and veracity of competition (Herciu and Ogrean, 2008). Goddard and Wilson (2009) describes banking competition as vital because a failure in the market or an anti-competitive behaviour by banks could have extreme consequences on the productive effectiveness, the welfare of the consumer and the growth of the economy. This explains further the development of competition in banking to be a highly relevant exercise paving way for good policies that could effectively regulate and supervise the banking and financial services sector (Goddard and Wilson 2009; Carbà ³ et al., 2009). At the 1970s, there were little or no competitive strains on banks, favourable government ruling and strong barriers of entry into the industry (Berger and Mester, 2001; Black and Strahan, 2002). Nonetheless, by the early 1980s, government rulings no more favoured the industry, technology and policy changes reduced the barrier entry, and competitive strains were on the increase (Berger and Mester, 2001; Black and Strahan, 2002). The increase in competition has a two effect as depicted by (Black and Strahan, 2002)-limiting the credit accessibility to new and small businesses, while also increasing its credit accessibility to big firms that are credit worthy. In recent times, competition has become highly on the increase, banks loosen their creditworthiness assessment in sub-prime lending and non-worthy customers get access to credit (Marquez 2002; Ogura, 2006; Rajan, 2008). The consequence of this is of three ways- reducing the impact of observational learning; reducing the credit risk engaged by every bank, while on the other hand; increasing the total risk engaged by the whole banking industry (Ogura, 2006). 2.9 Government/country competitiveness Competitiveness is a crosscutting issue that is influenced by the decisions of many different government agencies and is subject to a strategic goal for foreign direct investment (FDI) attraction (Ketels, 2006). Siggel (2006); Herciu and Ogrean (2008) presents a view of a country competitiveness arising from the harbouring of internationally competitive firms, industries, as well as government policies and regulations. The central or apex bank of a country is an agent of government, thus, understanding the macro/micro level competitiveness and its inter-linkages to the credit squeeze would require a study of internationally competitive banks and the central bank. 3.0 RESEARCH METHODOLOGY 3.1 Macro Economic competitiveness- methods suggested by Authors National competitiveness has been measured with indicators such as business competitiveness index of the world economic forum (WEF) (Ketels, 2006; Herciu and Ogrean, 2008; Chikà ¡n, 2008). The world economic forum (WEF) which engages its competitive analysis on global competitive index (GCI), sets out 12 determinants/ and or pillars of competitiveness – Institutions, Infrastructure, Macroeconomic Stability, Health and Primary Education, Higher education and training, Goods market efficiency, Labour market efficiency, Financial market sophistication, Technological readiness, Market size, Business sophistication, and Innovation. 3.2 Firm Level – Competition in Banking- methods suggested by Authors The measure of competition in the banking industry is significantly subject to barriers on entry, internationally and at home (Barth et al, 2006). They stress- entry requirements and restrictions of foreign entry/ownership of domestic banks as two of the variables that could be used to qualitatively confine the degree to which competition in the banking sector is controlled. Nevertheless, some researchers [(Goddard and Wilson, 2007; 2009; Carbà ³ et al., 2009)] draw inference from the observations of firms behaviour derived from theoretical models. Furthermore, the measurement of competitiveness differs broadly in terms of definition, scope, drivers and geographical location (Ketels, 2006). Irrespective of the measures that are put in use, the important issue is ensuring that these different measures make similar suppositions about competitive behaviour (Carbà ³ et al., 2009). Various studies and research has been engaged to understand the credit crunch on a macroeconomic level and on the financial aspects of firm Kang and Sawada (2008). However, the researchers environment and sense of direction in identifying and resolving problems, as well as the interested organisation and society subscribing to it, determines his/her research process or methodology (Ghuari and Gronhaug, 2005). 3.3 Adopted Methods for this Study The main purpose of this present study is to examine the interrelationships of extreme competitiveness among firms and the financial impacts. This will be evaluated on a macro and micro level. The intended methodology will differ as well as emanate from the methodology utilised by the above reviewed researchers in a number of ways: On the macro level, the interrelationships of firms and financial institutions will be evaluated by drawing form secondary data (GCI published by the WEF for 2008/09). For this study, however, the interrelationships will be evaluated utilising only two (2) – Institutions and Financial market sophistication, of the twelve determinants of competitiveness, rather than the combination of all the 12 determinants of competitiveness. A collection of primary data via questionnaire: this questionnaire is intended not just to ascertain or measure competition on the bank firm level competition but going further to evaluate how this competition are driven by business factors such as changes in policy and business strategies. To support the data collected via questionnaire will engage in an interview to give room for some of the top bank personnel to justify and give opinions on the issue of competitiveness and the credit crunch. 3.4 TRIANGULATION This research will triangulate its primary and secondary data collection method qualitatively and quantitatively. This approach will be important when considering the reliability and validity of data, and in trying to find similarities and differences existent in these different sources of data. Thus, the result of one research strategy are cross checked against the result of another research strategy (Bryman and Bell, 2007; Saunders et al, 2007). Thus, the methodology utilised for this research will draw data qualitatively and quantitatively. Quantitative as it will engage in statistical measure and manipulations and qualitative as it will also engage in interviews and survey reports. 3.5 FIRMS AND FINANCIALINSTITUTIONS – A SECONDARY APPROACH The secondary approach utilised for the purpose of this research will draw data from the global competitive report of the world economic forum (WEF), as well as textbooks, articles and journals by electronic and manual means. Drawing data from secondary sources provides a channel as to the essential research work that needs to be carried out, as well as sufficient background information to ensure a direction for research (Cooper and Schindler, 2008). The GCI prepared by the WEF, derives its data from the executive opinion survey (EOS) as well as from other globally recognised data sources such as the International monetary fund (IMF), organisation for economic co-operation and development (OECD) and national sources. Institutions as described by the WEF, comprises the interaction of individuals, firms and governments to create wealth and income in the economy, thus, having a potent connection on development and competitiveness. Financial sophistication on the other hand, emphasises a thorough review of risk ensuring an appropriate creative channelling of resources use. In order to emphasise the connection and link of Institutions and Financial market sophistication, we adopt the correlation index calculation. A way of measuring the relative strength of correlation between two variables is done through a correlation coefficient (r) (Francis, 2004). Hence the product moment correlation coefficient formula: r = n∑xy- ∑x∑y √({n∑x^2 )- à £Ã¢â€š ¬Ã¢â‚¬â€œ(∑x)à £Ã¢â€š ¬Ã¢â‚¬â€^(2 )} {n∑y^(2 )- (∑y)^(2 )} Where r = product moment coefficient formula and is a number which lies between +1 and – 1 When r is far from zero (closer to +1 or – 1), there is a strong correlation When r is close to zero, there is a large dispersion and variables uncorrelated r= 0 signifies zero correlation r= 1 signifies strong/direct connection between variables. r= – 1 signifies strong/inverted connection between variables. Where x and y = variables to be measured, And n = number of (x, y) variables 3.6 Test of Robustness The essence of the robustness test is to check the stability of findings from secondary analysis done above, in the sense of whether smaller or larger deviations could prejudice performance of the model or data findings to a large extent. Thus, the existence of gross errors in a small fraction of observation is regarded as a small deviation, the main aim of robust measures being to preserve against errors (Huber and Ronchetti, 2009) Using a dataset of over 100 countries surveyed by the world economic forum, variables on a selected number of countries are drawn. To identify a relationship between competitiveness and the credit crunch (based on two pillars afore mentioned), this research uses the â€Å"robustness/ruggedness approach†, which has been effectual in Baxter and Kouparitsas (2004) in analysing its datasets of over 100 countries. Using this approach, a variable is identified to be a robust determinant of another vis-à  -vis the recent credit crunch, if the correlation coefficient of both variables is far from zero (0). 3.7 Secondary sample collection The systematic sampling method has been selected to take in to account a sample of 15 countries, which will be used for the measurement of connection between variables. This method of sampling has been found to create ease of use, especially where there is an inexistence of a sampling frame. The procedure of the sample systematically selected is as follows: A hundred and thirty- four (134) economies have been covered in the 2008-2009, global competitiveness report by the world economic forum (WEF). Thus sampling 15 countries will be a selection of every 134/15 (8.93th) country. If every eighth (8th) country is selected, 8 x 15= 120, so the last 14 countries will certainly not be selected. On the other hand, if every ninth (9th) country is selected, 9 x 15= 135, definitely the final country selected does not subsist(see appendix 2). One of the disadvantages of systematic sampling is that the sampling technique is not strictly random, since the selection of a random starting point would mean all subjects are pre-determined (Francis, 2004) However, for the sake of the study 8.93th will be approximated to 9th, as it is more free of bias compared to selecting every 8th country. The countries selected are shown in the table (1). Table 1 Column1 S/N Country Country Rank/no Random Starting Point 1 Japan 9 2 Australia 18 3 Saudi Arabia 27 4 Tunisia 36 5 South Africa 45 6 Latvia 54 7 Turkey 63 8 Ukraine 72 9 Egypt 81 10 Georgia 90 11 Algeria 99 12 Albania 108 13 Mali 117 14 Nepal 126 15 135 Source: reproduced from the global competitive report (2008-2009) 3.8 Primary Data Collection The purpose of the research is to identify the existence of competitive obsession or excessive competitiveness particularly on the actions and reactions of banks and the government on a macro and micro level interrelationship. To draw a wide range of data on competition among these institutions, the quantitative and qualitative approach is engaged. 3.9 Quantitative research: the questionnaire This research will use questionnaire administered on bank staffs to collect data for quantitative analysis. This aspect of research will engage its analysis univariately in frequency tables, diagrams and percentage of variables, using the Microsoft excel. Subsequent on that, the data findings will be endorsed with that of the qualitative and secondary data. The questionnaire is purposeful on the views of bank staffs relative to competitive actions that might have contributed to the credit crunch. The questions posed will therefore indirectly address the three (3) key research questions, then similarities and differences in answers triangulated with other research methods to be utilised in the

Merchant of Venice :: Free Merchant of Venice Essays

Antonio, a Venetian merchant, complains of melancholy; his friend Bassanio asks for a loan to travel to Belmont to court the beautiful heiress, Portia. Antonio agrees, but says that he must borrow the money from one of the city's moneylenders because all of his ships are at sea. At Belmont, Portia is also melancholy because, according to the terms of her father's will, she must marry the man who chooses the casket (out of a choice of gold, silver or lead) containing her portrait. If he chooses wrongly, he is condemned to remain unmarried forever. Antonio approaches Shylock, a Jewish moneylender, to ask for a loan. Shylock hates Antonio and tricks him into promising to forfeit a pound of flesh if he cannot pay in time. Shylock's daughter Jessica elopes with the Christian gentleman Lorenzo. Bassanio, accompanied by friend Gratiano, departs for Belmont. The Prince of Morocco comes to Belmont and chooses the wrong casket; meanwhile, in Venice, rumors swirl that Antonio's ships have been lost at sea. The Prince of Arragon also chooses the wrong casket, and then Bassanio arrives at Portia's house. He and Portia fall in love, and he makes the correct choice (the lead casket), but their happiness (and that of Gratiano, who will marry Portia's lady-in-waiting, Nerissa) is interrupted by news that Antonio has lost all his money and failed to pay the debt, and Shylock is demanding his pound of flesh. In Venice, Antonio is taunted by Shylock, who refuses to listen to reason. Portia disguises herself as a man and secretly follows Bassanio to Venice. The Duke of Venice presides over the trial. When Shylock refuses to accept Bassanio's offer to repay the loan, the Duke announces that he has called on a legal expert to settle the matter. A letter arrives from the expert, saying that he has sent one of his brightest pupils to pass judgment--the pupil is Portia, who arrives dressed as a young lawyer. She reads the contract, and declares that Shylock is entitled to the flesh. The moneylender praises her, but Portia then adds that the contract says nothing about shedding blood, so Shylock must cut the flesh without making Antonio bleed or else be arrested for shedding a Christian's blood. Shylock angrily retreats and says that he will take Bassanio's money, but Portia denies him even this, declaring that he has conspired against a Venetian citizen's life and thus his own life is forfeit.

Reducing Uncertainty in Communications Essay

This paper aims to present basic discussion of Charles Berger’s Uncertainty Theory. The Uncertainty Reduction Theory basically states that strangers, in order to communicate with each other to accomplish a purpose, strive to reduce the uncertainty that they feel with each other. It begins with the motivation for the study of the theory. Afterwards, a brief discussion of the theory and presentation of some of its axioms follow. Then, a clear example shall be given to illustrate to the readers a clear application of this theory. Finally, major implications of the theory as far as communications is concerned shall be formulated. Introduction â€Å"As we know, there are known knowns. There are things we know we know. We also know there are known unknowns. That is to say we know there are some things we do not know. But there are also unknown unknowns, the ones we don’t know we don’t know. † — Donald Rumsfeld Imagine yourself in the following scenarios. On the first day of class, a gorgeous girl sits beside you and greets you. This made your heart beats very fast. Boy, you are in love at first sight! Is there a chance or not? That’s the question. Imagine that you are an insurance salesperson. You usually sell well beyond the weekly quota but not quite this week. You need to need to close five more insurance policies. Then, you see a group of church-goers and plan to approach them. As you are about to say hi, they started to glance at you with negative looks. You become tongue-tied and do not know what to do. Imagine that you are given an errand by your law office. You are tasked to meet with the secretary of Bill Gates in order to formulate ways of winning in the new anti-trust case against Microsoft? This is the first time that you will meet a proxy of a very powerful individual. What will you do to eliminate the butterflies in your stomach? The above situations involve uncertainty, and how we manage uncertainty determines how we are going to be successful in our transactions. In many communication settings like the above, we could use the Uncertainty Reduction Theory to understand them and make inferences on the best course of action. It states that as people begin to interact, they strive to reduce the level uncertainty that they feel towards each other. The theory features seven axioms and twenty-one theorems derived from these axioms (Berger and Calabrese 1975). This paper will explore this theory in detail, discuss specific ways of applying it, and identify its major implications. Uncertainty Reduction Theory As mentioned above, strangers try to reduce the uncertainty between them. The uncertainty involved here are of two types: cognitive and behavioral. For cognitive uncertainty, strangers try to reduce the gap in their knowledge of how the other person thinks, particularly in the realm of beliefs and attitudes. For behavioral uncertainty, strangers try to predict how the other person will act based on how he or she perceives the other at present (Garlough nd). The theory assumes the following: †¢ People experience uncertainty in interpersonal settings †¢ Uncertainty generates cognitive stress. †¢ When strangers first meet their primary concern is to reduce uncertainty or increase predictability. †¢ Interpersonal communication occurs through stages. †¢ Interpersonal communication is the primary means of uncertainty reduction. †¢ The quality and nature of information people share changes through time. †¢ Can predict this type of behavior in a law-like fashion (Garlough nd) The above assumptions form the basis of the axioms and theorems of the Uncertainty Reduction Theory. For the purposes of this paper, only three key axioms shall be discussed: †¢ Axiom 1: As the amount of verbal communication between strangers increases, the levels of uncertainty decrease. As the uncertainty is further decreased, the amount of verbal communication increases †¢ Axiom 3: High levels of uncertainty cause increases in information-seeking behavior. When uncertainty levels decline, information-seeking behavior decreases. †¢ Axiom 6: Similarities between people reduce uncertainty. Dissimilarities create uncertainty. (Garlough nd) In other words, uncertainty and verbal communication is inversely proportional. Expect that two strangers talking as if they were old friends have already reduced their uncertainty levels significantly. This is Axiom 1. Axiom 3 is similar with Axiom 1. Information-seeking behavior is inversely proportional to the level of uncertainty felt. This is self-evident and appeals to intuition and common sense. Axiom 6 appears to be debatable. While it may or may not be the case that similarity or something held in common by strangers will facilitate communication, strangers meeting for the first time should look for more ways that they are the same rather than different. Case in point: A study by Goodboy and Myers indicates that students feel better if they could communicate well with an instructor and vice versa. And as such, they recommend that both students and instructors find ways to reduce the uncertainty that they feel towards each other. In particular, the instructor should be consistent in class and grading policies. This way, students could better perform in class. Application Beginning speech communication students must have heard that people do fear death the most. They fear public speaking (Rolls 1998)! Now, this forces us to question. Is there any way that the Uncertainty Reduction Theory could help reduce if not eliminate stage fright? Yes, there is. Stage fright may not be totally eliminated. As a matter of fact, a sufficient amount of it may be necessary for optimal speech performance. But it is the responsibility of the public speaker to manage speech anxiety in order to perform well and not be defeated by those butterflies in the stomach. It should be noted that the length, duration, and intensity of stage fright varies. This depends on the type and difficulty of a speech act (Witt and Behnke 2006). Here’s where the Uncertainty Reduction Theory will come. The level of uncertainty that a public speaker will feel on the podium will depend on how well (or how less) he or she knows his audience. If the speaker at an earlier point refused to follow the basic rule of doing your audience, he or she would find it hard to utter words that make sense. In return, the audience may feel uncertain if the speaker really knows what he or she is saying. Thus, credible information from the speaker is directly proportional to a good response from the audience and inversely proportional to a sense of cynicism. On the part of the speaker, a sense of knowing that your audience is receptive is directly proportional to the confidence that he or she can muster. Therefore, Axiom 1 holds as far as public speaking is concerned. For Axiom 3, a confident speaker without or with little uncertainty, would not care if the audience likes him or not. He will proceed with his talk as smoothly as he can. In contrast, even if he or she tries not to, a very uncertain speaker will notice every real or imagined little signs of disapproval. In a similar way, Axiom 34 holds for public speaking. Similarities, to paraphrase Axiom 6, facilitate communication. By having things in common, a speaker can empathize well with the audience and their needs; this makes him feel certain that he or she can with their heart. On the part of the audience, they obviously would prefer a speaker that could identify with them. But if nothing in common is immediately identifiable, Axiom 6 can guarantee a would-be speaker that he or she can gain rapport by finding or inventing something in common with the audience. Implications The Uncertainty Reduction Theory is a good framework for communication. This is especially true for shy persons. The way I see it, if it can be shown that good communication can only occur if some conditions are adequately fulfilled, i. e. the axioms and theorems of the Uncertainty Reduction Theory, then anyone experienced or not can learn how to communicate with other people more effectively. As shown in the previous section, the Uncertainty Reduction Theory can be used to analyze communication phenomena such as public speaking and stage fright. Therefore, if a particular problem could be accounted for, then a solution could be put in place. It follows that problems in public speaking could be lessened if public speakers in training would study communication theories such as the Uncertainty Reduction Theory. In more concrete terms, a communicator must be on top of the situation. He or she must take serious steps in reducing the feeling of uncertainty that the speaker and the audience feel toward each other. To accomplish this, a â€Å"spontaneous† or â€Å"extemporaneous† speech must be patterned to a well-formed formula of a speech that will surely reduce such uncertainty. Research in this aspect is an open field. Finally, by stating the Uncertainty Reduction Theory, in terms of axioms and theorems as in the language game of Mathematics, the authors of this theory have effectively placed communication as an almost exact science. Currently, communication is part of the social sciences but by improving its rigors and system of thought, it can compete side by side with science. This is a significant contribution of the Uncertainty Reduction Theory. Conclusion By understanding and applying the Uncertainty Reduction Theory, significant improvements in the quality of communication among individuals can be expected. Therefore, this theory must be taught to every student who will tread the halls of any respectable university. References Berger, C. R. , Calabrese, R. J. (1975). Some explorations in initial interaction and beyond:toward a developmental theory of interpersonal communication [Abstract]. Human Communication Research, Vol. 1(1): 99-112. (ERIC Document Reproduction Service No. EJ123999) Retrieved November 17, 2008, from ERIC. Garlough, Christine. (nd). Uncertainty Reduction Theory [PowerPoint Presentation of Lecture]. Retrieved November 17, 2008, from http://www. commarts. wisc. edu/Fac/Garlough/Lectures/UncertaintyReductionTheory. ppt. Goodboy, Alan K. , Myers, Scott A. (2007). Student Communication Satisfaction, Similarity, and Liking as a Function of Attributional Confidence. Ohio Communication Journal, 45, 1-12. Retrieved November 17, 2008, from EBSCOhost Research Databases (Communication & Mass Media Complete). Rolls, Judith A. (1998). Facing the Fears Associated with Professional Speaking. Business Communication Quarterly, 61(2), 103-106. Retrieved November 17, 2008, from EBSCOhost Research Databases (Communication & Mass Media Complete). Witt, Paul L. , Behnke, Ralph. (2006). Anticipatory Speech Anxiety as a Function of Public Speaking Assignment Type. Communication Education, 55(2), 167-177. Retrieved November 17, 2008, from EBSCOhost Research Databases (Communication & Mass Media Complete).

Proposal for sociology

Sexuality Introduction to the paper: In this paper, I will be writing of how the development of media, especially pornography and setting has influenced society's sexuality. First of all, setting refers to act of sharing or sending sexually explicit Images or words through the use of cellular phones or internet. As the technologies have developed over time, it became much easier for individuals to have access to setting and pornography. Now, with the rapid development of smart phones, and various applications to download, it became a lot more easier for people to enter the world of pornography.The effect and Influence of pornography Is almost Inevitable and seems almost Impossible to put a firm stop to the business due to the great amount of economic power and portion it has on global scale. According to â€Å"Top Ten Reviews†, there statistics on pornography reveals that every second, 3,075. 64 dollars are spent on It, and 28,258 people view them. â€Å"In 2006, $13. 33 bill ion dollars was spent In porn Industry and It exceeds the combined revenues of BBC,CBS and NBC.However, it is very difficult to accurately determine the number of dollars spent and gained through the pornographic equines, because most of the revenues are created and hidden under the shade of black market. The combination of huge growth of market power and technological advancement has even allowed to push down the average age of viewing sexually explicit videos and pushed up the number of viewers. The reason this industry is able to gain and maintain its great financial power is due to the huge demand by the population.In 2009, Medal Research Center shared a result that the word â€Å"Porn† was the most used word In the search for the videos In Youth. The reason I am sharing the results of statistics done by various researches is to show the amount of economic power the business of pornography holds and how so many people demand for the access to them. This paper Is not neces sarily written to criticize the effect of the pornography market. It Is to observe how the new form of sexuality Is being created and how people's sexuality is influenced by this great market.It does not necessarily look at how 1 OFF how the stereotype people have about setting and use of pornography could essentially lead to factorization of some teen aged girls. The purpose of this paper is to challenge the criticizing view that is given to teen aged girls that participate in setting. One of the most interesting part of this paper is where is criticizes the law ND education that does not fully educate or give cautions to people who may be exposed to the use of setting or any type of sexually explicit sources.At one point, the author questions how setting would reproduce the cycle of pornography industry and how they are to challenge sexism. They believe that setting could be viewed as a way to be more free of sexual expression. This paper was very helpful in writing my paper, beca use it allowed me to have a look at different perspective of setting and the media. My paper is not to criticize the power of the media, rather it is to observe he power and the influence it has on the society.Detailed data's are very useful to support my statements in the paper. By looking at the data's provided from this website, I was able to figure the economic power, circulation of pornography industry, great amount of demand by people around the world. Moreover, the data's help analyzing the different context of sexuality in relation to pornography, for instance â€Å"67% of young men and 49% of young women say viewing porn is an acceptable way to express one's sexuality' (Covenants, 2013).It not only carries many accurate data but also provide many interesting views and ideas in writing the paper; many statistics in this web site were shocking. The number of data's and the results lead people to suggest how so many individuals around the world are involved and being influenc ed by the market. The statistic data from here are expected to be the main source for any statement that needs to be supported with some statistic data's.

Dimmesale essays

Dimmesale essays Dimmesdale is a scared man because he is Hesters lover but does not want to admit it. He watches Hester suffer and face her sin while he hides his inside like a coward. However he suffers a great deal as well. What can thy silence do for him, except it tempt him-yea, compel him, as it were- to open ignominy, that thereby thou mayest work out an open triumph over the evil within thee and the sorrow without We can see that he wants Hester to help him confess his sin, but she refuses so he will not get in trouble. He is unsure whether to confess or not because in his society, he is regarded as a person of high position and respect. If he were to confess that he committed adultery, everything he did would be gone. Still, if he doesnt confess, the guilt will destroy him from the inside. Dimmesdale persuades the clergymen to allow Hester to keep Pearl on terms that Pearl is a torture for her to keep because Pearl is a child born from sin. She defends Hester and does all she can to help her. We also know that he has become weak and needs Chillingworths help. These are some of the distinct clues that we see that Dimmesdale is Hesters lover. And I conceive, moreover, that the hearst holding such miserable secrets as you speak of will yield them up, at that lasty day, not with reluctrance, but with a joy unuttereable. Dimmesdale is torturing himself by whipping himself and starving himself. The guilt inside of him has already begun to kill him. His discussions with Chillingworth show that he believes everything will be fine as long as you repent in the end. It is ironic that Dimmesdale is friends with Chillingworth as they should be enemies. When Chillingworth opens Dimmesdales shirt, he is overjoyed. Obviously what he found should be the scarlet letter carved into his chest, it is the only thing that could bring so much joy to Chillingworth. This is disturbing as he has resorted...

Free Essays on Farenheit 451

Fahrenheit 451 Fahrenheit 451, by Ray Bradbury is a futuristic novel, taking the reader to a time where books and thinking are outlawed. In a time so dreadful where those who want to better themselves by thinking and by reading are outlaws as well. Books are burned physically, and ideas are burned from the mind. Bradbury uses literary devices, such as symbolism, but it is the idea he wants to convey that makes this novel so devastating. Bradbury warns us of what may happen if we stop expressing our ideas, and we let people take away our books, and thoughts. That is what he is speaking out against. Bradbury incorporates symbolism into his book. He expresses it through the symbols the hearth and the salamander, the phoenix, and the great fire. Bradbury's use of symbolism throughout the novel makes the book moving and powerful. The Hearth and the Salamander, the title of part one, is the first example of symbolism. The title suggests two things having to do with fire. The hearth is a source of warmth and goodness, showing the positive, non-destructive side of fire. Whereas a salamander, a small lizard-like amphibian, and also in mythology, is known to withstand fire without getting burnt by it. Perhaps the salamander is symbolic of Guy Montag, who is being described as a salamander because he works with fire, and endures it, but believes that he can escape the fire and survive. On the other hand, ironically, the other firemen believed that they were salamanders too because they thought they were immune to the all might flames, when in the end it were the flames that destroyed them. The symbol of a Phoenix is used throughout the novel. This quote accurately describes the Phoenix, "It is known to be a mythical multi-colored bird of Arabia, with a long history of artistic and literary symbolism, the Phoenix is one of a kind. At the end of its five-hundred-year existence, it perches on its nest of spices and sings until sun... Free Essays on Farenheit 451 Free Essays on Farenheit 451 Fahrenheit 451 Fahrenheit 451, by Ray Bradbury is a futuristic novel, taking the reader to a time where books and thinking are outlawed. In a time so dreadful where those who want to better themselves by thinking and by reading are outlaws as well. Books are burned physically, and ideas are burned from the mind. Bradbury uses literary devices, such as symbolism, but it is the idea he wants to convey that makes this novel so devastating. Bradbury warns us of what may happen if we stop expressing our ideas, and we let people take away our books, and thoughts. That is what he is speaking out against. Bradbury incorporates symbolism into his book. He expresses it through the symbols the hearth and the salamander, the phoenix, and the great fire. Bradbury's use of symbolism throughout the novel makes the book moving and powerful. The Hearth and the Salamander, the title of part one, is the first example of symbolism. The title suggests two things having to do with fire. The hearth is a source of warmth and goodness, showing the positive, non-destructive side of fire. Whereas a salamander, a small lizard-like amphibian, and also in mythology, is known to withstand fire without getting burnt by it. Perhaps the salamander is symbolic of Guy Montag, who is being described as a salamander because he works with fire, and endures it, but believes that he can escape the fire and survive. On the other hand, ironically, the other firemen believed that they were salamanders too because they thought they were immune to the all might flames, when in the end it were the flames that destroyed them. The symbol of a Phoenix is used throughout the novel. This quote accurately describes the Phoenix, "It is known to be a mythical multi-colored bird of Arabia, with a long history of artistic and literary symbolism, the Phoenix is one of a kind. At the end of its five-hundred-year existence, it perches on its nest of spices and sings until sun...

Biography of John Ford, Oscar-Winning Film Director

Biography of John Ford, Oscar-Winning Film Director John Ford (February 1, 1894 - August 31, 1973) was one of the greatest film directors of all time. He won four Best Director Academy Awards, more than any other director. He is best known for his Westerns, but multiple of his novel adaptations stand among the best films of all time. Fast Facts: John Ford Full Name: Sean Aloysius FeeneyOccupation: Film directorBorn: February 1, 1894 in Cape Elizabeth, MaineDied: August 31, 1973 in Palm Desert, CaliforniaSpouse: Mary McBride SmithSelected Films: Stagecoach (1939), The Grapes of Wrath (1940), How Green Was My Valley (1941), The Searchers (1956)Key Achievements: 4 Academy Awards for Best Director and the Presidential Medal of FreedomNotable Quote: It is easier to get an actor to be a cowboy than to get a cowboy to be an actor. Early Life and Education Born into an Irish immigrant family in Maine, John Ford (born Sean Aloysius Feeney) grew up in a moderately prosperous environment. His father owned saloons in Portland, Maines largest city. Ford was one of eleven children. Many of John Fords subsequent film projects related to his Irish heritage. The young John Ford played football in high school. He earned the nickname Bull for his habit of lowering his helmet as he charged the line. Fords older brother, Francis, left Portland to seek a career in New York in the theater around the year 1900. He was successful and took the stage name Francis Ford. By 1910, Francis moved to California to seek a movie career. After high school graduation, in 1914, Francis younger brother, John, moved to California with the hope of launching his own career. Silent Films John Ford got his start in Hollywood as an assistant in the production of his older brothers movies. He served as a stuntman, handyman, double for his brother, and occasional actor. Despite a contentious relationship between the two, within three years, John was his brothers primary assistant and often operated the camera. By the time John Ford made his debut as a director in 1917, Francis Fords career was on the decline. Between 1917 and 1928, the younger Ford worked on more than 60 silent films. However, only ten of them survive fully intact. For his entire career, John Ford was one of the busiest directors in Hollywood, but the silent years were unusually productive even by his standard. The Lottery Man (1919). Corbis Historical / Getty Images John Ford had his first significant success as a director with the 1924 epic The Iron Horse, about the building of the First Transcontinental Railroad. He filmed it on location in the Sierra Nevada mountains with 5,000 extras, 2,000 horses, and a cavalry regiment. Among the props used were an original stagecoach used by newspaper publisher Horace Greeley and Wild Bill Hickoks pistol. The movie earned an estimated $2 million on a budget of $280,000. Westerns John Ford is best remembered for his Westerns. From the 1930s through the 1960s, he helped design the look and feel of classic Western film. One of his favorite actors, John Wayne, appeared in more than 20 of his films as a featured actor. Wayne was in countless more projects near the beginning of his career performing as an extra. Stagecoach (1939). Moviepix / Getty Images Despite his early success with The Iron Horse, Ford didnt direct any Westerns between 1926 and 1939. However, when he once again returned to the frontier, Ford created what many critics consider one of the best films of all time. Stagecoach appeared in 1939, and the story of mismatched strangers thrown together in the vast emptiness of the West while riding through dangerous Apache territory thrilled audiences. It earned seven Academy Award nominations including Best Picture and Best Director. Thomas Mitchell won for Best Supporting Actor. Orson Welles reportedly studied Stagecoach in his preparations for making Citizen Kane. During World War II, John Ford served in the U.S. Navy Reserve creating wartime documentaries. He won Oscars for two of his films. He was with the U.S. military on D-Day and filmed the beach landing. He was recognized for his bravery during the war after suffering injuries while documenting attacks. American film director John Ford (1894 - 1973) in uniform as a Rear Admiral in the United States Naval Reserve, circa, 1957. Â  Pictorial Parade / Getty Images John Fords first movie after his service in World War II was 1946s My Darling Clementine, a Western featuring another of the directors favorite actors, Henry Fonda. He followed it with the so-called cavalry trilogy of movies starring John Wayne. They included 1948s Fort Apache, 1949s She Wore a Yellow Ribbon, and 1950s Rio Grande. Fords next Western didnt appear until 1956. Starring Jeffrey Hunter and rising star Natalie Wood, The Searchers quickly became a classic. In 2008, the American Film Institute named it the Greatest Western of All Time. In 1962, John Ford released The Man Who Shot Liberty Valance starring James Stewart and John Wayne. Many observers consider it the last great Ford film. It was a major success and one of the top 20 moneymaking films of the year. Cheyenne Autumn, the final John Ford Western, appeared in 1964. Unfortunately, it was not a success at the box office and was the most expensive film of the legendary directors career. John Ford directing My Darling Clementine (1946). Bettmann / Getty Images Classic Novel Adaptations Despite his association with Westerns, John Ford didnt win any of his Best Picture Oscars for them. Three of the four awards came with novel adaptations. The fourth wove the feature-length film The Quiet Man out of a short story. The first John Ford film to be nominated for an Academy Award for Best Picture was the 1931 adaptation of Sinclair Lewiss novel Arrowsmith. Ford won his first Oscar for Best Director adapting Liam OFlahertys The Informer in 1935, a tale of the Irish War of Independence. In 1940, Ford took on John Steinbecks Great Depression novel The Grapes of Wrath. It was the directors third consecutive film working with the young actor Henry Fonda. Coming shortly after the end of the Great Depression, the movie was a huge success. It earned Ford his second Best Picture Oscar, and The Grapes of Wrath is often included on lists of the best films of all time. John Fords third Best Director Oscar came a year later with his adaptation of the Welsh mining saga How Green Was My Valley. It famously beat out Citizen Kane for the 1941 Best Picture Academy Award. The movie is a classic working-class drama in the spirit of Fords previous Oscar-winning efforts. How Green Was My Valley (1941). Corbis Historical / Getty Images Fords final Academy Award for Best Director came with a film that his movie company didnt want to make. With pressure from Ford, they funded 1952s The Quiet Man, a short story adaptation set in Ireland starring John Wayne. The worry was unfounded. In addition to winning John Ford an unprecedented fourth Best Director nod, it was one of the top ten moneymaking films of the year. Later Career Despite being dogged by ill health and declining eyesight, John Ford worked well into the 1960s. He completed Donovans Reef, his last film with John Wayne, in 1963. It was Fords final major commercial success, earning over $3 million at the box office. His last feature film, 7 Women, appeared in 1966. It was a story about missionary women in China trying to protect themselves from a Mongolian warlord. Unfortunately, the movie was a commercial flop. The Man Who Shot Liberty Valance (1962). Corbis Historical / Getty Images John Fords final completed project was a documentary on the most decorated U.S. marine titled Chesty: A Tribute to a Legend. It featured narration by John Wayne. Though filmed in 1970, it wasnt released until 1976. Ford died in August 1973. Legacy John Ford continues to hold the record for the most Best Director Academy Awards won with four. He also earned Oscars for two wartime documentaries. In 1973, he was the first recipient of the American Film Institutes Life Achievement Award. In the same year, Ford received the Presidential Medal of Freedom. He wasnt the only person winning awards for his films. John Ford directed a total of four Academy Award-winning acting performances, and ten appearances in his movies earned nominations. Source Eyman, Scott. Print the Legend: The Life and Times of John Ford. Simon Schuster, 2012.

The Geography of Diet Essay Example | Topics and Well Written Essays - 3500 words

The Geography of Diet - Essay Example One can observe a connection between ethnicity and similarity in food patterns. Food patterns are often seen as symbols of cultural identity. The affinity or dislike for a food varies across regions on the basis of origin (Food - Food And Culture, n.d). The net result is a wide platter of food for the people across the globe. The paper undertakes a study of the food culture in China. China and their cuisine China is one of the emerging economies of the world and it has a very strong economic base. The country has a large population with different ethnic groups but the Han Chinese constitutes the major group. Apart from them there are Zhuang, Manchu, Hui, and others. The country has a rich historical background which dates back to 3500 years and it boasts of being the oldest civilizations of the world (China, 2011). As the economy is so diverse it is natural that food habits of the people will also vary and accordingly the world was presented with a new type of cuisine in their platte r known as the Chinese food. The need to fulfill the growing population’s demand for food led to the discovery of dishes using new ingredients. Scarcity of meat made them adapt new eating habits which included a combination of small amount of meat and more rice and noodles. Consumption of vegetables increased and they were stir fried to conserve fuel. (Map of China, n.d.) Chinese also discovered new dishes during famines. Shortages of food compelled the population to eat anything that is edible to survive. Ingredients such as fungus, lily buds, different types of fruit and vegetable peels and shark fins were used to make delicacies in China. Unlike the dishes made in Western style, cooking of Chinese food involves both meat and vegetables. This makes the amount of calorie and fats very less and also there is no loss of vitamins and minerals. The differences in food across regions became more prominent when there was invasion from the neighboring countries and the outcome was exchange of cooking styles and customs (Coman, 2007, pp.2-3). Foundation of Chinese cuisine Chinese cuisine like their philosophy is based on â€Å"Daoist principles of opposition and change† (Kuiper, 2010, p.40). One can find that there is a balance between hot and cold, spicy and mild. Cooking in the Sichuan province is characterized by the use of hot peppers whereas one would find the use of fresh ingredients more common in the southern interior part of China. Subtle flavors and fresh vegetables are synonymous with Cantonese cooking. Foods may differ across regions but they all are viewed as an â€Å"accompaniment† to grains which is the staple Chinese diet. It is also believed that Chinese cuisine contains a high expression of â€Å"gastronomic art† (Kuiper, 2010, p.40). In ancient China one would find that a great emphasis was given to service and preparation. Supply of food in ancient time was mostly ensured through hunting and foraging. Vegetables to meat , everything was found on the Chinese platter in ancient time also. The emergence of agriculture led the development of different styles of food according to the natural resources that was available. Thus there was the emergence of different cooking styles and

Essay Example | Topics and Well Written Essays - 2000 words - 37

Essay Example These articles include Donald Antrims "He Knew", Ruth Prawer Jhabvalas "Aphrodisiac", and Nalini Joness "Tiger". In these articles, the setting has concentrated on a modernized world where even the parents are allowing their children to make decisions of their own without interference of dictation, as was the case in the past. In addition, the setting has been concentrated in countries in the developed world. The issues that the individuals go through are also specific to college age individuals. Therefore, the setting is a critical element in these narrative works because it is responsible for the establishment of a mental image, which is essential to understanding the message being passed by the author. Taking Ruth Prawer Jhabvalas â€Å"Aphrodisiac† into consideration, it is clear that the characters that the author has chosen are college students. This can be seen from the very first paragraph where the author reveals that university friends were discussing the novel that that would best fit the Indian context of lifestyle. Here, Kishen, the main character, suggests that the best novel that ought to fit the Indian context would incorporate the urban slum dwellers, indecently rich commerce and landless laborers. The author also shows that traditions are important to most societies and are always exhibited and observed when certain activities are done from the traditional perspective. For instance, in Aphrodisiac, the author makes it clear that the Indian culture observes its traditions by maintaining that while Kishen was away studying at Cambridge, his elder brother Shiv had got married in a traditional wedding. This creates an image in the audience’s minds of how t he scene of the marriage was and how the practices were performed. To show that this context was set in the modern world, Kishen went to the U.S to study there, which is what is currently happening as most

Cheating in the Coca-Cola's advertisement Essay

Cheating in the Coca-Cola's advertisement - Essay Example One of the important skills in creating advertisement messages by companies is the use of a language that consumers are able to understand. This way, they are able to be convinced and persuaded to buy and test particular company products. This paper examines some of the language that is being used by Coca-Cola Company in advertising its products worldwide, it deconstructs the particular the language used, seeking to evaluate their effectiveness and impacts on customer behavior. In modern times, we live in a consumer world, the purchase patterns and behavior of consumers is not that they buy goods because they need them; rather, it is because of the utility its because of the pleasure and utility that is expected from them. In addition, the things that we purchase to portray the picture we are, in most cases, people link the things that have to what they do. Consumers spend most of their time desiring products that are perceived to have certain levels of utility. As soon as consumers get what they were longing to have, they have many other substitutes for them, for this reasons, consumers needs are usually described as being unlimited (Stachowski 67). On the other hand, producers are always aware of this phenomenon; they make products and do all they can to persuade consumers to buy as many goods as they can in order to make profits. Producers use a special language in order to inform, persuade and influence our buying patterns; this kind of communication that they use to influence consumers purchasing decisions is referred to as advertisement. Advertisement is a business on its own; it has to be creatively designed to engage customers in its communication. Advertisements are common on billboards, journals, internet and other forms of electronic platforms; they part of the consumers’ daily life. Successful companies are those that have clearly defined advertisements and

Cross Border Investment Essay Example | Topics and Well Written Essays - 3000 words

Cross Border Investment - Essay Example Investors need to identify these issues and act wisely to minimise the risks involved in cross border investment while maximising the expected returns out of the investment. This paper identifies and elaborates major issues related to cross border investment and viability of this tool in portfolio diversification. Europe is known to be one of the pre-eminent real estate investment destinations for foreign investors. Western European countries such as France, United Kingdom, Germany and Italy etc have remained to be the most favourable real estate markets; however, properties in these countries are extremely high-priced. This is directing attention of foreign investors to the Eastern European countries. These emerging and new markets offer various investment attractions to the foreign investors. Investors from all parts of the world in particular from the UK are taking keen interest in exploring these countries' investment potential. Furthermore, as these countries move towards EU accession, significant growth in their commercial and business activities can be observed. This further adds up to the attraction of these countries as a tool for international portfolio diversification. ... Myer et al. define the term diversification as, "the complete removal of unsystematic risk in an effort to minimize the fluctuations of a portfolio's return in excess of what the market will reward" (1999, p. 163). Diversification in the form of investment portfolio has remained popular among investors for the last several decades. Through portfolio diversification companies and investors invest their funds in several dimensions such as shares, securities, bonds, derivatives and real estate etc. One such strategy becoming substantially appealing to investors in present times is diversification of risk through investment in international financial and real estate assets. Under cross border investment, companies and investors look for investment opportunities around the world and make the most of favourable situation in foreign countries. Investors might opt for either a complete international investment portfolio or a combination of domestic and international financial assets and real estate. Investors are supposed to attain maximum returns out of their invested funds when they diversify the investment over a range of different countries with significant investment opportunities. Research demonstrates that cross border diversification of investment portfolio carries substantial benefits for the investment with respect to risk reduction as well as return maximisation (for example, Addae-Dapaah & Loh (2005); Cheng et al. (1999); Gordon et al. (1998); Sirmans and Worzala (2003) etc.). Cheng et al. affirm this point as, "significant diversification benefits are available when investments are spread out over many different countries" (1999, p. 463). Investors can not only take advantage of favourable situation prevailing in

Carbon Price Mechanism Essay Example | Topics and Well Written Essays - 1500 words - 1

Carbon Price Mechanism - Essay Example The main goal of this essay is to comprehend the importance of this plan to the household economies and forecast the impacts of its implementation on these economies from the consumer behaviour perspective. It is crucial to overview main features of the proposed program before going into the discussion on its impacts. This program involves four major areas including the energy consumption, carbon price mechanism, increasing the efficiency of the energy consumption units and the management of the energy resources. The focus of this essay will be the mechanism for carbon price that has direct effects on the household economies and patterns of consumption of energy. This mechanism accompanies a list of various measures to explain its expected consequences on the business and households and methods for reducing the harmful effects by providing assistance in the form of increased cash payments and the reduction of taxes. Beyza reported that changes in the prices and income impacted the consumer behaviour, the proposed plan suggest two phase strategy for the implementation of carbon price mechanism. The first will continue for three years and during these years the carbon prices will remain fixed for at different levels for each year. For the first year the prices will be set at $ 23, for the second year the price will remain at $ 24.5 and during third year it will be increased further and will be fixed at $ 25.4. It shows that the prices will continuously increase during the first three years. The second phase is referred as the flexibility phase in which the prices remains flexible and will be determined with the help of emission trading scheme. The government will issue permits for the certain amount of carbon emission to various industries and the fees obtained from these permits will be used for the assistance of the household, small scale industries and for the promotion of alternate sources of energy which involve less carbon emission. Deborah (2010) described that the carbon price mechanism and assistance program by the government will have a combined impact on the household economies. The impact of both these factors on the economy of the household is explained below. Q. 1: What is the effect of rising energy prices for the economic wellbeing of households? Household is responsible for loads of carbon emission by consuming conventional sources of energy in large amounts. The economic reform program introduced by Austrian government aims to control the emission of carbon, change the energy consumption patterns of the

Effects of Technology on Advertising Essay Example | Topics and Well Written Essays - 2000 words

Effects of Technology on Advertising - Essay Example Advertisements are the main sources of revenue for the conventional or old media outlets. Old media refers to the basic media of mass communication which include television, radio, newspapers, and magazines. In radio and television, the cost of an advert is determined by the time the advert takes to run on air, the time of the day in which the advert is played, and more importantly, the coverage of the media. An international media outlet such as the BBC and the CNN charge higher especially for their prime time than local media, which would more often run adverts on local products. For newspapers and magazines, the price of the advert is determined by the paper space occupied by the advert. Full-page adverts are more expensive than mere columns of texts and graphics. Furthermore, newspapers charge on the importance of the page on which the advert is placed. The first pages are more costly than the inner hidden pages that not every reader would pay much attention to (Bogomolova, 2011) . Advertisements improve brand visibility thereby possibly improving sales of the product or dispensation of a service. Companies invest extensively in advertisements of their products and services. This is because advertisements form the basis of competition for companies operating in the manufacture or sales of similar products or provision of similar services. Before settling for the use of a particular media to run adverts, companies consider a number of factors which include costs and the effectiveness of advertising through the media. Not all companies would find essence in advertising in international media such as the BBC; smaller companies that produce and sell products in smaller geographical locations prefer the use of local media since they reach their target market unlike the CNN and the BBC. The region and scope of operation forms the greatest factor considered by most companies in search of advertisers. Cost affectivity is achieved when the amount invested in advertisem ents achieves the purpose by giving the brand the projected visibility in the market. Companies will always be willing to spend as much money as possible on advertisement provided the investment on advertisement resonates in improved visibility thereby improving the sale of their products (Frey, 1956). New Media New media is a phrase coined to refer to the use of the internet to gather, package, and distribute information to a large audience, which is synonymous to journalism. The advent of the internet literally transformed various aspects in reference to human life. Every industry got affected with the use of internet and the digital media. It introduced new concepts on the previously existing industries. In journalism and mass communication, the internet introduced the aspect of online journalism. Online journalism refers to the use of computer networks key among which is the internet in the gathering, packaging, or processing and the dissemination of information to an increasing ly computer literate audience. This new type of journalism influenced the previous old media by changing some of the rules of journalism that had determined news access and mass communication in general, which included advertisements as well. Among some of the key changes introduced by this new media include

Carbon Price Mechanism Essay Example | Topics and Well Written Essays - 1500 words - 1

Carbon Price Mechanism - Essay Example The main goal of this essay is to comprehend the importance of this plan to the household economies and forecast the impacts of its implementation on these economies from the consumer behaviour perspective. It is crucial to overview main features of the proposed program before going into the discussion on its impacts. This program involves four major areas including the energy consumption, carbon price mechanism, increasing the efficiency of the energy consumption units and the management of the energy resources. The focus of this essay will be the mechanism for carbon price that has direct effects on the household economies and patterns of consumption of energy. This mechanism accompanies a list of various measures to explain its expected consequences on the business and households and methods for reducing the harmful effects by providing assistance in the form of increased cash payments and the reduction of taxes. Beyza reported that changes in the prices and income impacted the consumer behaviour, the proposed plan suggest two phase strategy for the implementation of carbon price mechanism. The first will continue for three years and during these years the carbon prices will remain fixed for at different levels for each year. For the first year the prices will be set at $ 23, for the second year the price will remain at $ 24.5 and during third year it will be increased further and will be fixed at $ 25.4. It shows that the prices will continuously increase during the first three years. The second phase is referred as the flexibility phase in which the prices remains flexible and will be determined with the help of emission trading scheme. The government will issue permits for the certain amount of carbon emission to various industries and the fees obtained from these permits will be used for the assistance of the household, small scale industries and for the promotion of alternate sources of energy which involve less carbon emission. Deborah (2010) described that the carbon price mechanism and assistance program by the government will have a combined impact on the household economies. The impact of both these factors on the economy of the household is explained below. Q. 1: What is the effect of rising energy prices for the economic wellbeing of households? Household is responsible for loads of carbon emission by consuming conventional sources of energy in large amounts. The economic reform program introduced by Austrian government aims to control the emission of carbon, change the energy consumption patterns of the

A REFLECTIVE WRITING ON CASE STUDY 1 MANAGING A SICKLE CELL ANEMIA FOR Essay

A REFLECTIVE WRITING ON CASE STUDY 1 MANAGING A SICKLE CELL ANEMIA FOR ASSESSMENT 2 - Essay Example Diagnosis is usually made at birth at the time of newborn screening. Disease management is usually focused on pain, hydration and infections prevention and various complications resulting in vaso-occlusive crises (Lee, Askew, Walker, Stephen & Robertson-Artwork, 2012). This paper is a reflective essay and discusses leadership management on the caring of a patient with sickle cell disorder by applying the theoretical concept from Gibbs framework of reflection. The essay is based on the case study of a 25-year old African-Caribbean man who had been diagnosed episode of sickle cell pain. The patient has been admitted in the Lister Hospital six times on the same issue. Though the previous pains were on the abdominal and legs, this time round he came up with chest pain also. Skills, knowledge and attributes linked to leadership are also discussed and change management leadership concept applied. The paper has analyzed my accountability and delegation, ending up with conclusion summarizing the whole paper concept. The reflective model that I have decided to apply is Gibbs model of reflection. This framework is grounded on Gibbs Reflective Cycle developed in 1988 (Gibbs, 1998). The framework is related to Kolbs Learning Cycle, but it covers the principles at large. Every step of the cycle starts with describing the event, then reviewing; reflecting on the experience then ends up with the formulation of a plan to deal with the same experience in the future. This cycle constitutes six steps of which the practitioner is expected to provide answers to various questions each leading to the next step, stressing an adequate event analysis provoking decisive thought. Fresh meanings are developed making the learner come up with an affirmative plan of action (Gibbs, 1988). The six steps involved include: description- what occurred? , feelings-what were you experiencing? ,

The World Association Of Travel Agencie Tourism Essay

The World Association Of Travel Agencie Tourism Essay With globalization of economy the world wide communication has increased tremendously along with the touring activities. These touring activities may be for recreation business or any other purpose. A travel agency is an agency that makes the necessary arrangements for travelers (Referenced from, Concise Oxford Dictionary 9th addition Page 1485). The travel agent is supposed to be an expert who can make the knowledge of various destination available to his clients regarding mode of travelling paper work like Passport, Visa and money exchange, Hotel Accommodations for stay like hostels etc, Car rental, connectivitys and local tour etc. A new aspect of tour agency has developed recently i.e. Internet Traveling Agencies using the internet facilities. In terms of the business a travel agency can be defined as a retail business selling products and services which are related with the travel activities. A travel agency works on behalf of the suppliers of such facilities like Airlines, Cruise Companies, Car Rental, and Hotels etc. According to the work a travel agency may specialize into holiday package, business tours, educational tours etc. A new dimension of traveling has emerged i.e. Medical tourism related with services provided to a patient. HISTORY Cox and kings is supposed to be the pioneer company in the field of modern touring. It started in 1758 as Recreation Company for the wealthy customers of a private bank. Thomas cook followed Cox and Kings with establishment of the chain of agencies in 19th centaury with a partner i.e. mid land railway. They sold their own product to the public as well as other tour packages from different tour companies. Other pioneers travel agencies include polytechnic tourism association, co- operative wholesale society and Dean Dawson. All these travel agencies are of British origin. In America the pioneers in the field are Brownell Travel. With development of commercial aviation in 1920s the travel agencies become more and more popular in the public further boom was there in the post-war period with development of mass- market packet holidays specially developed for the working class customers in British owned colonies. OPERATONS AND FUNCTIONING A travel agency is mainly an agent which sells products and services relative with the traveling on behalf of the suppliers. They do not have a ready stock in hand unless a customer request for the same. Most of the travel agencies thrive on commissions given to them by the suppliers In uae7% commission is paid by the airlines to the travel agencies. These agencies have direct links with hotel chains cruise lines and airlines for their activities. RESOURCES AND REVENUE STRUCTURE A travel agency has got two means of revenue earnings i.e. commissions and professional fees. Commissions: These are the main source of income for most of the travel agencies. A travel agency is paid commission by the suppliers of the products and services like airlines etc. Usually the commissions are supposed to be given on a fixed ratio basis. However in case of an agency providing higher volume of business to the supplier it may demand a higher percentage for its services. It is called as override. To enhance their business a travel agency may prefer to pass on some part of this commission to its preferred customers in order to fetch more business. This is the reason that some time a ticket of an airlines is available at a higher price when purchase from a open market and at a lesser price with the agency. Travel agencies also help the airlines to fill their empty seats at the last minutes. Professional fee: A travel agency may charge professional fee from its client if it is not getting commission from the service provider. This may be a percentage premium of the total cost of tour or may be charged on a flat rate basis. Other commercial activities: These include travel insurance, providing travel guiding time tables, car rental and on site Bureau de change services provided by the travel agencies of large chains. A standard fee may be charge for the same. Promotional Activities:- Travel agencies have to take help of print and electronic media for their promotions. This constitutes a major expenditure. This may include hoardings, advertisements and other professionals advertising Apart from this the other expenditure are usually administrative and liasoning activities. Liasoning activities are supposed to be vital to get business in bulk. Sales:- There are four stages of sales sequences for a travel agency :- Enquiring about needs of a customer. Development of a personal rapport with the customer. Good presentation of the products and services and their major suppliers. Actual sales. ROLE OF TECHNOLOGY IN PROMOTIONAL ACTIVITIES A better customer satisfaction may be generated if a travel agency uses adequate technologies to provide instance services to its clients. CUSTOMER PROTECTION: SURETY BONDS Like all other business travelling too has a risk of commercial failure so majority of the travel agents have the insurance policies against such calamities. These are called surety bounds and are well advertise by the travel agencies if they have this facility. This means that the clients are guaranteed either the refund of the money or an equivalent holiday according to their preference. These bounds are usually provided by IATA (International Air Transport Association), ATOL ( Air Travel Organizers Licensing), ABTA (Association of British Travel Agents and ASTA (American Society of Travel Agents.) HOLIDAY SUPER MARKET CONCEPT A new concept known as Holiday Super Market Concept has developed in recent years after low cost no frill airlines started their international operations. This is a mass market package holiday in which the clients choose their holidays from brochures on racks. TYPES OF TRAVEL AGENCY There may be many classifications of travel agencies as follows:- According to their specialization. According to geographical operations. According to size. According to specialization Leisure Travel Agents: These agencies operate like tourism ambassadors of foreign companies. or example A company having its head quarter say in Japan might set up various offices around the world to promote tourism to that country. These travel agency will work to promote the business of their mother company in Japan acting as a general sale agent for that company. Business Travel Agents:- with globalization of the economy a new phenomena of globalization of business has emerged requiring a frequent travelling of higher executives and policy makers of a company to different countries. Their needs may be different from those of holiday tourists. To cater this class of travelers a travel agency will have to specialize in this field so as to guide them to have better deals for their business. Abu Dhabi is a place of interest for both type of travelers due to its world class airport, improved infrastructure, and high connectivity as well as presence of large number of places of tourist interest. Medical Tourism: A new dimension called as Medical Tourism has been added to the tourist activities worldwide. This phenomena has emerged because of the fact that there is considerable differences exist between the cost of medical facilities in developed companies and those of so called developing countries. This is also called Medical Tourism, Health Tourism or Global Health Care. A travel agent specialized in medical tourism should have the working knowledge of specialized surgeries like Joint Replacement , Cardiac Surgeries , Psychiatry, Alternative medicines etc. and should be able to guide its client in this regards. According to Geographical Operations: There are two types of travel agencies depending on their areas of geographical operations :- Out Bound Travel Agency :- These are located in the country of the traveler. These are traditional multi- destination agencies. In Bound Travel Agency:- These are located in the country of destination or more commonly at a place of certain major events like sports events these are usually independent and cater to a special market (Niche Market) they deliver and expertise on that location only. Out bound travel agencies are usually much larger than the in bound agencies, the former being a chain of agencies in most of the cases while the letter are usually small individual travel agency Classification according to size In USA these are classified as under :- Corporate Owned Chains. National / International Franchises. National Membership Associassion. Independent agencies. Corporate Owned Chains:- These are the large chains and usually owned by the international giants like Cox and Kings etc. They have got a consistent policy about their products and services, commissions, fees and their operations. National / International Franchises:- They too have a consistent policy of their operation and their prices. National Membership Association:- These are usually less commissions focused as they rely more on their member ship fee. Independent agencies :- These usually do not have any brand affiliation their policies and operation may vary according to the needs and means of an individual client . Other classes Cargo Travel Agencies:- These travel agencies specialise in shipping cargo from one destination to other. Freighter travel: This may be considered as special class of travelling. Some of the cargo companies may ferry passengers along with the cargo. The clients of such companies / agencies are usually the budget travelers like retired persons, students etc. Who have got plenty of time. Internet Travel Agencies With the development of internet the clients have started planning their own business tours with the help of this facility. These are also called as travel agency this allows the travel agents to let their clients to compare a wide verity of facilities like Hotels, Car Rental Airlines Tickets and need of Paper work according to their destination for example you may not get entry into Arab Countries if you have got Stamp of Israel on your passport for VISA purpose. There is a palpable threat that the traditional travel agencies may be greatly affected because of the introduction of Internet in the business. However this threat is not real. The use of internet for travelling purpose provides you both facilities i.e. convince of self served booking through Internet and that of taking help of a professional person when you need it. Many travel agencies created their own websites with detailed information of their services like online booking. Examples of major online travel agencies are cheap tickets, Voyages sncf.com, Hotwire.com, orbitz and travelocityand expedia etc. A system called as GDS or Global Distributed System is also used for computer reservation. It is a subsidiary of travel port which allows these agencies to book or sale airline tickets, hotel booking and car rentals and other services related with traveling. Travel agencies using GDS facilities include Galileo CRS, Sabre, worldspan etc. While trying online booking with the help of internet travel agency one must keep the following aspects in mind:- Different airline for entire tour Different airlines for different parts of the tour Connectivity and alternative modes of transportation Hotel accommodation or alternative accommodation available at the destination point Positioning Flights. Management of dates of visit with different locations in case of multiple destination tours Different Airports and their connectivity Different routing. Split Ticketing: Consideration of advantages and disadvantages of split ticketing with regard to the period of tour, possible stay time at a particular destination point so as to take maximum advantage of stay. Loop-holes.: These are the unfair means of business i.e. the gross difference between the advertised facilities in a product and the ones actually provideds on the spot. Paperwork and formalities A good online travel agency must be capable of advising its clients over all these issues. A travelogue or travel literature is travel writing with literary value which typically records the experience of its authors touring a place or geographical area. One must take the help of this type of literature while seeking the advice of a web based travel agency. Travel literature may be a cross cultural or transnational in nature. It may also cover a big geographical region within the same countries or different countries. The Tourism Industry is diverse and includes many sectors including: accommodation, transportation, food and beverage, attractions, events and conferences, adventure tourism, travel trade, and tourism services. The Tourism and hospitality industry integrates general management concepts with the professional knowledge that is required by the tourism and hospitality industry. A typical travel agent acquires knowledge and skills in communication, research and analysis of the travel related problems with their solutions and organizations of tours. Examples of typical travel agents are:- Adventure Travel Guide. Events planner. Tour guide. Camp counselor. Naturalist Cruise Director. Travel Planner. Recreation Director. All of them are specialist of their field of travel related activity and help the travelers to organize their tours in a most fruitful manner. Take Over Activities in Travel Business:- Like all other business take over practice is common in this field. Such activities may be of two types:- Vertical Integration. Horizontal Integration. Vertical Integration:- some travel agencies may have large business and may be able to take over the other travel agencies with low value of business. A vertical integration means taking over of a firm having a different but related business. For example A large chain of tour operator may take over an airline with the aim to be benefitted from the lower cost of allocation air travel services to its customers. Sometimes this activity may be very complex and many facts have to be considered before under taking such type of activity. This means that in vertical integrated system of business one organization should be able to offer a travel package to the customers through its own resources with no help from outside. In this type of integration the business will be able to control its cost of operation in a more effective manner. However problems may arise if the business grows too large to be operated efficiently by the available number managers. Many tour operators indulge in wrong business practice by branding different part of the whole business differently and giving each part a different name this is supposed to be un- ethical. It is the right of the customer to know whether a relationship persists between the tour operator and the travel agent. Horizontal Integration:- This is a business activity when an agency of offering one travel product takes over another one which offers the same travel product or service this can be exemplified by taking over of GO by Easy Jet in 2002. Ethics of Travel Agency:- Being a part of the hospitality industry a travel agency must follow the rules of hospitality ethics which may vary from one geographical area to another. Contemporary Ethics:- In modern western world, hospitality is not related with protection and survival. It is associated with etiquette and entertainment. However, it still requires showing respect for guests, providing for their needs and treating them fairly. The hospitality to strangers, personnel friends and relatives may vary according to the culture and sub-culture. South Central Asia:- In south central Asia the hospitality has a strong code of conduct specially in the people called as Pashtus. These people have an ancient set of ethics stressing on Milmastiya or Hospitality. The feeling of hospitality is so great in Pakhtunsitan is such that it is also nick named as The Land of Hospitality . Middle East:- In middle east, it is a cultural to take care of foreigners and strangers. These ethics are reflected in many Biblical commands. Arab World :- In Arab World, there is set of stern obligations for both host and guest. It believes that a bond is formed just by eating salt under one roof. An Arab story tells about the extent of feeling in this regard. It tells us about a thief who tasted something to know if it was suger. He realized that it was salt and thus put back all that he had stolen and left the place. Greco Roman Ethics:- According to the Greco-Roman philosophy hospitality is a divine thing the host is expected to make sure that the needs of his guest are fulfilled. Indian Ethics:- The principle of Atithi Devo Bhava or The Guest is God is the driving force of hospitality for this reason the Indian approach towards guest at home and in all social situations is that of graciousness. Swot Analysis of Travel Agency of Business Being a secondary business activity travel agency business is affected by many factors like boom and crisis in other business activities, war and disturbances, natural calamities etc. Strengths:- The strength of a travel agency lies in its goodwill and a business profile giving distinct market advantage upon which one can capitalize the market plan following is a list of points of strength for a a travel agency:- A thorough knowledge of history and geography of the area of operation. Excellent relationship with product suppliers like airlines, hotels and car rental. Membership with strong association. Strong reputation in the market. Well placed location. Good contact with press and media. Adequate financial resources. Excellent customer list with high customer loyalty. Availability of good destination specialist. Low customer to employee ratio. Customer attentive staff with excellent communication skill. An unique with high end service offering. Weakness:- Being a secondary business activity travel agency business can be affected by many factors like calamities, war or economic slump. Being a comparatively new business activity the exploration of opportunities is still not complete. Finding good employees with necessary skills and customers centric attitude is a difficult and challenging task. Offering new and exiting trips at a regular interval and maintaining high quality is also a task which is difficult to achieve. Many times it is very difficult to find a proper location. For a new business set up financial aspects are also very important as traveling is a business requiring large volume of money. Opportunities:- A good working knowledge of international, national, regional and local trends is a must to fetch the fortune from the existing opportunities in travel agency business. One can find a number of opportunities with the help of ever changing social atmosphere of contemporary world. UAE is called the Land of opportunity .Following is a list of possible opportunities for a new travel agency. It is a growing market that is yet to be adequately explored. Growing numbers of professionals with boom in latest technology of computer science and internet. Globalization of economy. Better Connectivity Abu Dhabi International airport is a well connected transportation hub of the world.It served 9.02 million passengers in 2008 with a growth of 30.2% on 2007.The total number of passengers is expected to reach 50 million as the Abu Dhabi is expected to become a major Transportation hub in Middle East. Improved public transport system :- Public transport system of Abu Dhabi consists of buses, taxis and airplane. There will be a huge expansion of public transportation with completion of 130 km of metro and 340 km of tramway and bus rapid transit(BRT) routes. This is expected to be completed within the government plan called as Surface Transport master Plan DEMOGRAPHY: More than 75% population of Abu Dhabi consists of expatriates from different part of world like UK, India, Pakistan Other countries of South East Asia pacific Asia, Africa and china. This demographical pattern provides an excellent opportunity for travel related business. Business boom resulting into a positive trend of economy with increased spending capacity of general people. Financial capabilities of the management to spread over head expenditure in a number of events. Growing economy after last recession. Affective use of print and electronic media for mass communication. Emerging trend of group travelling and budget travelling involving more and more people in traveling activities. Tax structure of UAE favors business personales Threats:- Being a secondary business activity travel agency business is affected by many factors like boom and crisis in other business activities, war and disturbances, natural calamities etc. The travel industry will be affected in a negative way by a slump in the economy. The terrorist activities in a geographical area will badly affect the travel relative business in that area. Entrance of other service provider in the area of operation Low fair no frill cheap airlines are the threat to the travel agency business as they give facilities for the travelers to make their own arrangements for travel Latest trend of home entertainment like TV watching, etc has a negative impact on travel agency business. Marketing Plan of a Travel Agency To make a marketing plan for a travel agency the study of following factors is considered to be essential:- Situation analysis. Market needs. Market trends. Market growth. Market summary. Situation Analysis:- The analysis of the basic needs of the traveling market according to the situation is the primary need of a travel agency. It must be realized that the trends in the travel activities are ever changing and their analysis is always necessary to make program according to the situation. Market Needs:- The market needs in traveling may vary according to the clients. The needs of a wealthy client may be entirely different from those of a budget traveler. Selection: The selection of services according to the need of the client is a basic and essential recruitment of travel agency business. Accessibility:- The services and products of a travel agent must be accessible for its target client. Customer attention:- Contemporary business ethics follow the principle of customer delight FEE Structure: With emergence of low cost budget airlines commission of travel agency has been affected badly compelling them to impose fee. The service fee of a travel agency should be such that it should not be taken as a bitter pill by the client. MARKET TREND IN TRAVEL AGENCY BUSINESS:- Holiday making is the main reason of travelling worldwide. The second reason of travelling is business tours. For holiday making a traveler usually prefers an inbound tourism while a business tours may be both inbound and outbound according to the need of the business. Emerging medical tourism usually has an outbound dimension. With the growth of economy after last recession tourism is again gaining popularity as a leisure activity globally. Over 922 million international tourist was recorded in 2008 with a growth of 1.8% compared to 2007.However 2009and 2010 have felt a dip due to global slowdown and threat imposed by H1N1 influenza virus. A WTM report in November 2010 has announced a slow recovery of travel industry after the crisis. A report by Euro monitor International, a leading market trend analysis firm gives an insight into the upcoming trend of travelers in near future. There are seven regions of focus in travelling sector. North America UK Europe Middle East Africa Asia Latin America NORTH AMERICA: -The trend in North America is called as that of deprivation holidays The clients enroll themselves in boot camps with an aim to improve their health and balance. This trend has a positive impact on growth of spas and camps. UK: The trend of travelling in UK is that of Middle East Investment. Many companies from Middle East have shown their interests in Brands of UK including Luxury hotels, private jet operators and travel retailers(travel agency) with London emerging as a Hot spot for the luxury travelers . EUROPE: In Europe the business travelers have revolutionalised the tourism business with Smartphones based on GPS . It was their need to take help of mobile travel technology to make last minute change of their schedule which compel them to use mobile applications offering such services like flight booking ,travel guide, tourist information etc. Middle East:- this region is seeing a post Iraq war boom with support by GCC countries . Gulf investors are coming in Iraq with an upward trend in business tourism and revival of travel industry Africa:- South Africa is fast developing as world hub for world class space technology and astronomy. There is a growth potential for astrotourism attracting all classes of travelers from independent ones to families, amateur astronomers to professional ones creating more and more demand for accommodation to observe clear night sky. Latin America:- Latin Americas is characterized by poor infrastructure for travelling and lack of tourism services resulting in a slump of travel agency business . Due to vast territory Latin America has countless opportunities for travel agencies for travelers interested in exploring the interiors of this geographically isolated area. Asia:- Asian countries are characterized by emotional touch in hospitality business creating a special type of brand loyalty. Different hotel locations use different scent s as brands. MARKET GROWTH;- An average 4% growth of tourism industry has been anticipated by World Tourist Organization(UNWTO) . e- commerce has made the tourism products one of the most traded business items on the internet. New products have also been added to the list of high-tech facilities like space tourism ,airship hotels ,space elevators and hydropolis(underwater hotels).All these have a direct and positive impact on travel agencies. GROWTH OF TOURISM IN TOP 10 COUNTRIES (Period 2006-2009) Rank Country Regional Market International Tourism Receipts (2009) Tourism Receipts (2008) Tourism Receipts (2007) Tourism Receipts (2006) 1 USA North America $93.9 bln $110.0 bln $97.1 bln $85.8 bln 2 Spain Europe $53.2 bln $61.6 bln $57.6 bln $51.1 bln 3 France Europe $49.4 bln $55.6 bln $54.3 bln $46.3 bln 4 Italy Europe $40.2 bln $45.7 bln $42.7 bln $38.1 bln 5 China Asia $39.7 bln $40.8 bln $37.2 bln $33.9 bln 6 Germany Europe $34.7 bln $40.0 bln $36.0 bln $32.8 bln 7 UK Europe $30.0 bln $36.0 bln $38.6 bln $34.6 bln 8 Â  Australia Oceania $25.6 bln $24.8 bln $22.3 bln $17.8 bln 9 Â  Turkey Europe $21.3 bln $22.0 bln $18.5 bln $16.9 bln 10 Â  Austria Europe $19.4 bln $21.6 bln $18.9 bln $16.6 bln Source: The world tourism organization report **bln : Billion TOP SPENDER COUNTRIES ON TOURISM Rank Country Regional Market International Tourism Expenditures (2009) International Tourism Expenditures (2008) International Tourism Expenditures (2007) International Tourism Expenditures (2006) 1 Germany Europe $81.2 bln $91.0 bln $83.1 bln $73.9 bln 2 Â  United States North America $73.2 bln $79.7 bln $76.4 bln $72.1 bln 3 Â  United Kingdom Europe $50.3 bln $68.5 bln $71.4 bln $63.1 bln 4 Â  China Asia $43.7 bln $36.2 bln $29.8 bln $24.3 bln 5 Â  France Europe $38.5 bln $41.4 bln $36.7 bln $31.2 bln 6 Â  Italy Europe $27.9 bln $30.8 bln $27.3 bln $23.1 bln 7 Â  Japan Asia $25.1 bln $27.9 bln $26.5 bln $26.9 bln 8 Canada North America $24.2 bln $27.2 bln $24.7 bln $20.6 bln 9 Â  Russia Europe $20.8 bln $23.8 bln $21.2 bln $18.1 bln 10 Â  Netherlands Europe $20.7 bln $21.7 bln $19.1 bln $17.0 bln Organizations of travel agencies For obvious reasons various organizations of travel agencies were formed by their members. Following is a brief account of impotents associations and organizations of travel agencies:- Abu Dhabi Tourism Authority (ADTA):- This is a legal organization establis