Hilton Hotels A Name That Has Been Synonymous Marketing Essay

Hilton Hotels A Name That Has Been Synonymous Marketing Essay Chapter 1 Introduction Overview The hospitality industry has from time in memorial revolutionised to ensure business in this service industry is conducted in a unique way such that at the end of the day, customers get value for their money. In brief, that is Satisfaction. Hilton Hotels, a name that has been synonymous with excellence in hospitality is a hotels and resorts worldwide that goes a notch above and believes that their customers are not only customers but they are their guests. Therefore, ensuring customers stay is memorable has always been paramount and of great concern to Hilton group of Hotels. Furthermore the hotel ensures that they supersede their customers expectations and always guarantees satisfaction. The research focuses on Customer satisfaction in the Hospitality industry with a Particular reference to Hilton London Hyde Park hotel. Located a mile from Oxford Street and the west End, the hotel is one of the distinct, exciting hotels on the city doorstep. The researcher sought to find out the unending process of ensuring and guaranteeing customer satisfaction at this hotel property which forms part of the entire Hilton hotels fraternity. (Hilton Hotels and Resorts, 2010) Customer Satisfaction in Hospitality industry has been the bottom line in earning competitive advantage. It should be of interest to the reader that there has been enormous competition in this industry that is always highly competitive and all Hotels whether for business or leisure strives to ensure they meet and exceed their customers expectations. Meeting Customers expectation ensures customer satisfaction, and that is what all customers look for when they check in at the Hilton- London Hyde Park. Aims and Objectives of the study. This research sought to evaluate customer satisfaction at the Hilton- London Hyde Park. To ensure a clear guideline on how this research was going to be conducted, the researcher developed the aims and objectives which have been outlined below; To review the existing literature on customer satisfaction and add to the body to of knowledge how to ensure customers expectations are met and exceeded in achieving customer satisfaction. To find out competitive advantage that Hilton- London Hyde Park has earned that guarantees customer satisfaction. To investigate on regular customer complaints and ways in which customer complaints are handled at the Hilton London Hyde Park. To recommend suitable ways to ensure good customer care at the Hilton London Hyde Park that would be part of ensuring customers expectations have been met. Research Purpose and Rationale. The main purpose of this study is to independently ascertain in details the process of customer satisfaction at the Hilton- London Hyde Park. When customers needs and expectations have been met, customers are said to be satisfied. It is every customers desire that businesses take their needs and expectations at heart, this in the end has a long term results since it compels them to come back to the business hence becoming loyal. Businesses also benefit by ensuring customer satisfaction. This is evident when the same customers frequent the business daily or regularly, it creates loyal customers who will purchase more and even recommend that business to their friends and colleagues. Its from this fact that the researcher sought to evaluate customer satisfaction at a Hotel that champions it. Hilton -London Hyde Park has been on the fore front in ensuring and guaranteeing customer satisfaction, as a matter of fact the hotels has also been used as a benchmark for other properties that are struggling or yearning to achieve satisfy their customers. The research also sought to tackle customers perception of products and services at Hilton- London Hyde Park. Customers perception is always as a result of what they have experienced first hands at they Stay in the Hotel or what they have heard about the Hotel, the issue of perception cannot be ignored since it affects business performance. Hilton -London Hyde Park has put in place brand standards in every area of operations; this is for the sole reason of ensuring that customers expectations are met and exceeded as well as to maintain a positive image to the customers who are in the Hotel either for business, meeting and conferences or leisure. The researcher therefore was prompted to find out customers perception on products and services at the Hotel. Scope and Limitations Due to lack of funding and inadequate resources to support the project, the researcher focused only on Hilton London Hyde Park out of the hundreds hotels around London. Some of the customers who were presented with questionnaires most of them didnt fill them in because the hotel also provides questionnaires to the guests on arrival. Most of them always felt in a rush due to their busy schedules and lack of time to respond to the customer satisfaction questionnaire. Questionnaires that were returned, some were half filled or poorly filled. The other challenge was lack of information from first time customers at the hotel. On the questionnaires, it showed lack of knowledge and that some customers dont care about customer satisfaction especially those who dont pay for their bills such as business customers. Summary The introduction chapter highlighted the pre amble of this research. This has been achieved by giving a simple synopsis of the research aims and objectives, presenting the background information of the research conducted as well as the importance of the research and all the limitations that were encountered while at it. In the following chapters an in-depth and detailed piece of this work is presented that will shed more light on the various literature and scholarly works that has been carried out on customer satisfaction. Chapter 2 Literature Review 2.1 Introduction In this chapter various scholarly articles on customer satisfaction are going to be examined and compared, further more academic literature on the same will be reviewed and this will help the researcher relate to the research findings. This chapter will highlight various literatures on customer satisfaction and all the factors related to customer satisfaction. It describes in depth how good customer service from business acts as a catalyst in achieving satisfaction. However from this section it will be interesting to note that, not all customers appreciate what businesses does for them and hence the issue on customer complaint which can either be genuine or not. This opens the eyes of the potential reader to note that customers whose expectations are met tend to be satisfied, those whose expectations were exceeded tend to be delighted and those whose expectations were not met at all tend to be dissatisfied, this categorised the various kind of customers as much as customer satisfaction is concerned. 2.2 Who is a customer? There have been various definitions as well about who a customer is, but regardless of any definition its fundamentally clear that a customer is the most important person in any business. Every business must realise that a customer not dependent upon the business but on the contrary the business is dependent upon them since they are the sole reason as to why that business exists and favours the business when they come to buy the products or services that a business offers. Any business therefore knows that the customer is an essential part it, not an outsider. (Robert, 2005) The customer is the person who comes to the business with his needs and wants and its ultimate for that business to fulfil their requirements. A business should also accord every customer the most courteous attention they can give them since the customer is the lifeblood of every business, as a matter of fact Its Important to realise that without the customer any business would have been behind to closed doors. (Don and Martha, 2004) 2.3 Customer Satisfaction A result of good customer care is referred to as customer satisfaction. Customer satisfaction therefore is a derived term that shows the results of offering good customer care in a business. It should be noted that customer care therefore involves the planning of all activities in customer supplier relationship including the pre, during and after stages so as to ensure the customer expectations with regard to transaction process are met or exceeded (Withey and Lancaster, 2006). This clearly shows that for customer satisfaction to be achieved the process towards customer satisfaction starts before the product or a service is offered to the customer. Customer care involves more than just customer service, as a matter of fact; customer service is an important facet of customer care especially in ensuring that customer satisfaction is achieved. The latter necessitates the involvement of every facet of the company marketing and customer related programmes and should affect every single stage of the marketing planning and implementation process (Withey and Lancaster, 2006). Its therefore important for marketing managers to ensure that good customer service is put in place and addressed in the marketing process since this will be part and parcel for ensuring that customer satisfaction is finally achieved. Kotler (2009) approaches customer satisfaction from a different perspective. He refers to customer satisfaction as the customers feeling of pleasure or disappointment that arises from comparing the products perceived performance to their expectations. This means that customers have a certain perception towards every product they use hence its evident that if this products or service doesnt fulfil the customer expectation according to his or her perception about the product there will be dissatisfaction. Furthermore if the performance of the business matches the expectations in which the customer had perceived the product or service the customer is satisfied and if the performance exceeds expectations, the customer is highly satisfied or delighted. Customer Satisfaction therefore starts even before the product or service is provided to the customers, its important to note that every aspect of the business contributes to the overall customer satisfaction. It is vital for all the companies to realise that investing in good customer service and care will result in total customer satisfaction. But as much as companies that are customer focused is concerned will create customer satisfaction, its not the ultimate goal of a business. If a company will reduce the price of the products and service that they offer so as to ensure satisfaction then it means that as much as customers are going to be happy and get satisfaction from lowered price then that means the business may suffer as a result, and when a business suffers all the stake holders will suffer as well. Its reasonable therefore for all the company that seeks to create total customer satisfaction to do so subject to offering acceptable levels of satisfaction to the stake holders given the total results, (Kotler, 2009). Customers form their expectations from various channels. Kotler (2009) explains that the following aspects build up customers expectation; Past Buying experience. Friends and associate advice. Marketers and competitors information and promises. A customer previous or past buying experience can be a great determining factor that can persuade him or her to purchase and repurchase the product. If a product met the customer expectations in the first instance, it is possible that the customer will go back and repurchase that product or service. On the other hand friends and associate advises really count on building up customer expectations, consumers often tend to seek advises on where best to get a certain product or which company offers the best services, from this aspect there is a greater likelihood of the customer to believe his or friends or associates if they have had a first experience with the companys product or services. Lastly Kotler (2009) emphasis on Marketers and competition information and promises cannot be ignored many times the markers raise hopes on a certain product by doing a massive advertisement on that product. Competitors who seek to enlarge their market share are usually ion the spree on luring customers, the sum total of this builds up customer expectations before buying the product. From the companies perspective the dilemma that comes with customer expectations is that if their marketers raise high expectations, the consumers will be disappointed, the need to raise expectations by the company acts as a great marketing tool but can be disastrous if that expectation is not met at all. However if a company decides to set expectations too low, then that means that the company will not attract buyers but the likelihood of customers whose product value includes low prices will be satisfied. Companies should therefore raise expectation and deliver so as to match hence creating satisfaction Kotler (2009). 2.4 Cost of Poor Customer Care (Michael and Steven, 2005) emphasizes that if a customer expectation at any point of the customer relationship is not met, the result will customer dissatisfaction. These consequences can be mild or worse depending on the circumstances given. Most of the dissatisfied customers tend to complain to the company, others decide to stop purchasing from the same company, however the worst of dissatisfied customers are the ones who bad mouth the company especially if they were treated in a way that did not favourable to them, this kind of customers spread the news and unfortunately bad news travel faster than good new hence these might have negative impact to the company. (Michael and Steven, 2005) further confirms that dissatisfied customers with bad experiences are twice as likely to tell others as the good experiences customers, this pointer indicates the extent to which lack of satisfying customers expectation can lead to. Its important for business to realise that maximizing customer sa tisfaction gives them a competitive edge to exist in the market, customers are faced by many similar products as well as complimentary product, which makes it easier for them to switch to another product if they are dissatisfied in any way. 2.5 Benefits of Good Customer Care Contrary to a dissatisfied customer, a customer who is satisfied is a major asset to the business. The business can be rest assured that they will come back and in the long run become loyal customers (Lancaster and massingham, 2010). This explains why most customer focused companies are setting up loyalty programmes that seek to reward customer in order to woo them to be loyal and keep them in the business. The value of maintaining loyal customers is immeasurable to a business; it affirms the business that there will be repurchase from the loyal customers and at least a good word will pass around from them, which is a consequence of good customer care. The cost of acquiring new customers as opposed to maintaining the existing ones is very high, and every business primary goal is to minimise cost as well as maximizing profits. Good customer care ensures that business maintains its regular customers and still maximize on the loyal customers (Lancaster, 2010) 2.6 Loyalty from Regular Customers This is the act of particular customers returning to make purchases on the same product and services and choosing the same business for their purchases. A repeat purchase is another benefit of good customer care. Customers who are impressed and whose expectations are met will end up buying from the same business from time to time, this gives the business leverage when it comes to competitive advantage Below is a ladder of customer loyalty. From the above diagram, the suspect is the lowest level of the relationship ladder whereby the suspect includes everyone who might buy the product or service, a prospect is one who has the potential of buying your product or service while customers have purchased either a product or service from you and have the potential of buying it again, clients are those who do come back and then lastly but not least the advocates are those who market a product or service on behalf of your behalf. (Smith, 2006) 2.7 Referrals from Customers When businesses make sure that all their customer expectations have been met, they are indirectly marketing themselves to the potential buyers. Regular customers of any organizations always advise potential buyers about the products and services offered by that business. It is a common practice for satisfied customers to tell others especially their friends and colleagues about the exemplary service they received from particular business. This boosts the business in a ways that it even reduces on its costs of advertising since the outcome of good customer services is that word is spreading about what customers perceive on the products and services that are being offered. Referrals are more credible than advertising, while advertising convinces the potential buyer to buy a product that not been tried by the potential buyer, referrals offer a firsthand advise from an individual who has had a good experience with the companys product. Therefore its evidently clear that good customer care gives birth to loyalty that generates referrals which is a benefit to the business in terms of maximizing profit. 2.8 Customer Retention A business that meets customers expectations and surpasses those expectations and remains consistent in its customer care tends to retain those customers. These are the type of customers who will be loyal to the brand or the business in terms of purchases. Customer retention is as simple as making sure that the loyal customers are given all the reasons to buy the product again and again either by giving them incentives or by introducing a loyalty programme that will be rewarding them and earning them points every time them make a purchase. Most of the companies have implemented strategies that allow the marketing department to take care of their customers so as to make sure they are faithful to the brand in order to create retention. It should be noted that customer retention is a process that takes time since customers tend to judge the ability of a company to be consistent in being good to them. Its highly advised that the companies should rethink about their ways in which they ret ain their customers since in this competitive age a competitive strategy goes hand in hand with ensuring a market share is maintained and increased. 2.9 Steps in Customer Satisfaction Encourage face to face dealings. Dealing with customers face to face can be outright scary for any sales or company representative if they are doing it for the first time. However the results can reward handsomely and moreover the nervousness ceases with time. Depending on the kind of business that a company is operating its vital for the marketers as well as the sales team to go out and meet their customers face to face so as to get a firsthand experience and to create the business bond. It is advised that when meeting the customers calmness and confident are the two characters that need to be utilized. Listen to them and ask them what they need. It is believed that if a potential client in a business spends over half the meeting doing the talking, the company is on the way to making the sale. Face to face dealings is therefore paramount in dealing with your customers. Respond to messages promptly. Customers always want their queries and questions about a product or service to be answered promptly or as soon as possible. It is very unprofessional to keep customers waiting for a response that takes ages before its replied. Its also advised that even if the query cannot be answered at the exact time the courtesy of letting the customer know that their query has been received and will be attended to as soon as possible will be indispensable. Customers feel appreciated when their queries have been attended to and someone has taken their time to. Be Friendly and approachable. Customers always want to deal with someone who they can talk to and even relate in a friendly manner, this breaks down all the business formality and creates a conducive atmosphere to do business. Its very important to be friendly and courteous and to make them feel that they are part of the business and can be helped out when in need, this gives them some emotional security to know that they can always count and rely on the business. It should be noted that as much as some customers are annoying and would like to take advantage of every situation, its critical that you keep a positive outlook as well as give them feedback as best as you can while maintaining politeness and courtesy. Have a clear defined customer service policy. Every company that is customer focused understands the value of implementing customer service policy for efficiency in handling customers. It not only saves time but serves as a competitive advantage for the company as far as customers are concerned. Customer service policies are rules and guidelines that a company sets up for the purposes of ensuring customer services are handled in the most appropriate manner that it deserves. Its the procedural process in which customers queries are handled and this procedures outline the steps in which certain steps should be taken if the usual way doesnt work out. Customers should know what kind of steps they should take when making an inquiry since they find it annoying to be transferred to from the staff to the supervisor, to the manager who will then fail to solve it. A clear defined customer service policy therefore ensures that the company takes into consideration the needs of the customers as w ell as saving time for the company. Anticipate clients needs. Anticipating clients needs is a very high level of customer and company relationship that not many companies achieve. But it is evident that they companies that can boast about knowing and anticipating customer need can boast as well about the great rewards that yielded from it. This refers to a pro active nature of the company to look beyond what the customers wants and spoil them for what they wish to have without charging them any extra penny. It refers to a level where the company takes an insight into the customers needs and supersedes it. This act of anticipation to the customers needs will be used to spread good word about the company and the results will be referrals since many would love to be treated the same way. Honour Promises. Companies sell their products and services by promising amazing rewards from purchase of their product and services. It is empirical that this promises should be honoured otherwise the consequences can be daunting. Customers always want to make sure that they relate to the company that promises and delivers the promise. Lack of delivering promises can cause dissatisfaction and customers can bad mouth the company. Most importantly the company might suffer from lack of purchases that will eventually result to low profitability as well as losses. Benefits on products purchase, services on goods bought, meeting deadlines on projects and even charging for the amounts quoted are examples of keeping promises to the customers. 2.10 Monitoring Customer Satisfaction It is important for companies to monitor satisfaction since its the only way they can be able to know factors that shape customer satisfaction and from this they can be able to know what areas to improve on so as to ensure customer satisfaction is achieved by the company. Kotler (2009) argues that the relationship between customer satisfaction and loyalty is not proportional, the level of customer satisfaction varies from customer to customer hence its evidently clear that the lowest level of satisfaction can be characterised by customers who can find it easy to switch since as much as their expectation have been met, they still feel there is a better product out there and this means they can easily switch. The other level which is a bit higher than the lowest level of satisfaction refers to customers who are fairly satisfied and are likely to buy again as well as talk good about the company and the products. The level that is ultimate in customer satisfaction is where the customer is delighted, at this level there is an emotional attachment to the company and not just a rational one. Companies are therefore advised to always aim to achieve maximum satisfaction since its the only sure way of ensuring repeat business in the company. Measuring customer satisfaction will allow a company to be able to recognise what makes customers attain different degrees of satisfaction. Kotler (2009) lists several measurement techniques which include; Periodic Surveys. Customer loss rate. Mystery shoppers. Periodic surveys refers to ways in which companies track customer satisfaction by sending customers survey questionnaires to measure level of satisfaction as well as to know whether the customers can repurchase from the business again. Customer Loss rate is another way of monitoring satisfaction where the business tracks the lost customers and seek to find out why they dont purchase any more of the companys product or why they switched to a different brand. A mystery shopper has been a new trend that is first hand and that gives evidence on buyers experience. This method involves hiring potential customers to pose as customers so as to get the experience of how customers are helped and treated by buying the companys product in comparison with the competitors product. Additionally it should be a caution to companies that are complacent with their achievement on performance of customer satisfaction. They are highly always advised to monitor competitors performance in this areas since what might seems satisfactory to a company, might mean a low mark to another company. This is evident since some companies set a certain target of ensuring customer satisfaction is achieved and when achieved and possibly surpassed, they tend to relax and be comfortable not knowing that their competitors bench mark is even higher than what they are aiming to achieve. Companies should therefore do everything as possible to monitor customer satisfaction for purposes of efficiency. 2.11 Customer Complaints. Customers always look forward to companies to fulfil their expectations once they go there to make a purchase. Customer complaints refer to grievances placed by the customers if they are disappointed by lack of companies in fulfilling their expectations. Some companies have always been mistaken to measure customer satisfaction by analysing customer complaints; this is wrong and ineffective since a customers perception about a product or service starts even before a purchase is done. Jobber and Lancaster (2009) said that perception is a complex process by which people select, organise and interpret sensory stimulations into meaningful picture of the world. The process might be used to sort out the masses of stimuli that could be perceived into manageable amount. So even before the customer makes a purchase there has been a perception about the brand. 2.12 Benefits of Customer Satisfaction A company that ensures customer satisfaction is achieved is at the verge of enjoying benefits that is linked to it. (Vadim, 2010) highlights the benefits of customer satisfaction as; Highly satisfied customer generally stays in the business longer. When customers needs are totally met the tendency is that the customer will stick to that business more and more since he or she will always want the expectation to be met. This in turn will be an advantage to the business since there will be repeat business that will favour profitability. Less sensitive to price. Customers who normally stick to a particular business have a perceived value as well as firsthand experience on the companys products and services, its an advantage therefore to the business since anytime there will be a change it the price structure or a price quote, the business will enjoy the fruits of loyalty. Pays less attention to competing brands, a company can boast of having a market niche that does not pay keen attention to the competitors because of the relationship they have with a company that delivers and gives them satisfaction. Most customers are always happy why they realise they have a shoulder to lean on and thus shunning away any competitor trying to convince them otherwise. 2.13 Influence of Customer Satisfaction. Customer satisfaction influences the whole company as well in terms of the daily running of the marketing activities which are costly. Marketers are therefore left with a challenge of maximising profits, ensuring customer satisfaction is achieved and guaranteed as well as costs are minimised as soon as possible. 2.14 Summary. Customer service is a practiced art that takes time and effort to master. All one needs to do to achieve this is to sit back and reverse roles with the customer. What would you want from your business if you were the customer? How would you want to be treated? Treat your customers like your friends and theyll always come back. In conclusion the customer is the most important person in any business and if it was not for the customers the business wouldnt be established in the first place furthermore customer satisfaction basically ranges from industry to industry and in this research the researcher will be able to know customer satisfaction in the Hospitality Industry. Chapter Three Research Methodology 3.1 Introduction In the prior chapter, customer satisfaction was clarified conceptually and clearly outlined by use of the available literature the researcher was able to compare notes to. From the literature reviewed it is evident that customer satisfaction is a product of good customer care in every business, further more from the literature the researcher was able to categorise customers in three categories ; Dissatisfied, Satisfied and Delighted customers. In this chapter, the researcher outlines how this research was conducted in order to evaluate customer satisfaction at Hilton-London Hyde Park Hotel. The chapter opens up by outlining the research aims and objectives so as to keep abreast with the main reason as to why this research was conducted, more so by outlining the aims and objectives, the researcher is able to have a clear guideline on the use of relevant research philosophy to be used as well as the research approach to be put in place. In addition, an effective research strategy had to be inculcated by the researcher so and to ensure that data collected was credible and would be able to give the researcher the desired results; this chapter explains in depth the use of the research strategy used in this case. Towards the end of this chapter the research explains the data collection method this research employed as well as putting ethical consideration into perspective. Last but not the least the chapter discusses the advantages and disadvantages of this research methodology. It should be noted that lack of a clearly defined methodology may lead to the wrong collection of data that can be tendered irrelevant to the research report, its therefore highly important for researchers to have a critical analysis of the broad research methods and select the appropriate to be used in their research. 3.2 Research Aims and

Essentials of Planning Study Guide

CHAPTER 4—ESSENTIALS OF PLANNING MULTIPLE CHOICE 1. Planning is a. a complex and comprehensive process involving interrelated stages. b. organizing, implementing, and controlling. c. finding the best person for a job. d. communicating effectively with stakeholders. 2. Strategic plans are designed to a. implement operational plans. b. establish day-by-day procedures. c. shape the destiny of the firm. d. carrying out the functions of management. 3. The purpose of tactical planning is to a. establish a general purpose for the organization. b. translate strategic plans into specific goals and plans for organizational units. . tell entry level workers what to do on a daily basis. d. compensate for past mistakes. 4. Branch manager Hector establishes recycling goals for his branch to support the company's strategic goal of being a good environmental partner. What is Hector doing? a. tactical planning b. strategic planning c. long-range planning d. vision formulation 5. A study of CEO failure indicated that 70 percent of the time their failures were attributed to a. poorly developed plans. b. poor execution, not poor planning. c. over-ambitious plans. d. lack of adequate cost controls. 6.A manager controls the plan when he or she a. creates a vision statement. b. creates a mission statement. c. establishes a budget to pay for the action plan. d. checks to see how well goals are being attained. 7. A contingency plan is implemented if the a. strategic plan is too modest. b. control processes do not work. c. original plan cannot be implemented. d. action plan succeeds. 8. Which one of the following is a component of true business strategy? a. a high level of operational effectiveness b. a set of activities common to other firms c. giving customers trade-offs d. aving quite different activities to make similar products for different markets 9. A key difference between a vision and a mission is that a. b. c. d. the mission relates more to today's realities. a mission is set farther into the future. a vision does not deal with products or services. a vision deals more with operations. 10. A recommended procedure for formulating strategy is for top-level managers to a. form a small committee to do most of the work. b. gather inputs from large numbers of people. c. perform the task themselves during a retreat. d. base strategy on fixing customer complaints. 1. The purpose of the strategic inventory is to help the manager a. size up the environment accurately. b. determine how much inventory is on hand. c. involve workers at all levels in formulating strategy. d. develop operating plans. 12. Which one of the following strategies should be classified as a business-level strategy? a. strategic alliances b. diversification of goods and services c. product differentiation d. sticking to core competencies 13. The purpose of a SWOT analysis is to assess a. strengths, weaknesses, opportunities, and threats. b. strategy, weaknesses, options, and time. . sa tisfactions, worst options, and trade-offs. d. successes, winners, and ominous threats. 14. Which one of the following is not one of the five competitive forces that business strategists are supposed to take into account? a. competition among business units within the firm b. the power of customers to affect pricing and reduce profit margins c. the threat of similar or substitute products d. the power of suppliers to influence the company's pricing 15. The firm's purpose and where it fits into the world is identified by the a. strategy. b. policy. c. mission. d. objective. 16.McDonald's states that it would like â€Å"to satisfy the world's appetite for good food, well-served, at a price people can afford. † The preceding reflects McDonald's a. cost-leadership strategy. b. mission. c. annual goal statement. d. advertising campaign. 17. Krispy Kreme donuts, a well-known donut retailer (but much smaller than Dunkin Donuts), most likely emphasizes which one of the following busi ness strategies? a. cost leadership b. product differentiation c. strategic alliances d. high speed 18. When two pharmaceutical firms get together to market a drug, their strategy is referred to as a. igh speed. b. cost leadership. c. product differentiation. d. a strategic alliance. 19. Suppose that Starbucks opens a nation-wide chain of carwashes, called Starbucks Car Wash. After two years, the executive team sells of the car washes, and invests the cash back into building more Starbucks stores. The strategy illustrated is referred to as a. high speed. b. sticking to core competencies. c. product diversification. d. a strategic alliance. 20. A functional strategy for becoming and remaining a successful organization is to a. form a strategic alliance. b. ind and retain competent people. c. get to market faster than others. d. export products. 21. Assume that Motorola developed a cell and camera phone so small it comes with a strap to wear on the wrist like a watch. Which strategy d oes this product launch most likely fit? a. cost leadership b. product differentiation c. focus d. high speed 22. Save-A-Lot has become one of the most successful grocery chains by serving the poor and offering low prices. This is an example of a. focus strategy. b. premium pricing. c. product differentiation d. cost leadership 23.Policies serve as guidelines to action a. that still allow for some interpretation. b. that must be followed quite strictly. c. for workers below the top-management level. d. mostly in the areas of finance and human resources. 24. Management by objectives (MBO) includes a. reviewing group members’ proposals. b. creating action plans to achieve objectives. c. establishing unit objectives. d. all of the choices. 25. Part of Domino’s Pizza’s original success was based on getting pizzas delivered more quickly than competitors. This strategy is called a. strategic planning b. cost leadership c. ocus. d. high speed TRUE/FALSE 1. T The first step in the planning process is defining the present situation. 2. T In planning, measuring external threats is part of defining the present situation. 3. F The major thrust of business strategy is to achieve a high level of operational effectiveness and efficiency. 4. T An exit strategy might be part of the contingency plan. 5. T A firm's strategy is a master plan for achieving its goals and objectives. 6. T A major aspect of the nature of business strategy is to choose a unique set of activities to deliver a unique value. 7.T The mission of the Grand Union supermarket chain is probably to provide food, beverages, and related merchandise (all of high quality) to the general public. 8. T The purpose of crowdcasting is to obtain widespread input into the development of business strategy. 9. T To bring about a successful SWOT analysis, it is important to be clear about what you are doing and why. 10. T Firms must constantly change in order to be aligned with their key environments. 11 . T The major purpose of the strategic inventory is to help the manager size up the competition, the customers, and the technology necessary to compete effectively. 2. T Corporate-level strategy is concerned with the total direction of the enterprise and the selection of specific businesses. 13. F A SWOT analysis is often used to decide upon which weapons and tactics will be used to deal with a corporate crisis such as a contaminated food product. 14. T One of the five competitive forces is the power of customers to affect pricing and reduce profit margins. 15. F Corporate-level strategy helps answer the question, â€Å"Which businesses should we enter? † 16. F One of the competitive forces identified by Michael Porter is the power of charities to extract money from a corporation. 7. F The experience of General Motors in diversifying into financial services illustrates how sticking to core competencies is the most effective business strategy. 18. F The Rolls Royce and Mercede s Benz automobiles are examples of a cost leadership strategy. 19. F Nike and Apple get together to produce a soccer ball that plays tunes when in motion, illustrating a functional-level business strategy. 20. T An example of the business strategy of sticking to core competencies is for a company like Papa John's Pizza to concentrate on selling pizza and related food and beverage items to the public. 1. T A medical products firm specializes in the manufacture of prosthetic arms and legs, thereby illustrating a focus strategy. 22. T A rule is a specific course of action or conduct that must be followed;. 23. T Operational planning often focuses on the short term. 24. T An MBO program involves people setting many objectives for themselves. 25. F In management by objectives, the objectives start at the bottom of the organization and move upward. ESSAY 1. Explain the nature of business strategy, including its four major components.Use a real or hypothetical company in at least two place s in your answer. ANS: A strategy is an integrated overall concept and plan of how the organization will achieve its goals and objectives. According to Porter, business strategy has four components: Strategy involves more than operational effectiveness; Strategy rests on unique activities (Southwest Airlines’activities focus on low-cost, convenient service); A sustainable strategic position requires trade-offs (Dollar General has low prices but lacks an inviting store atmosphere); and Fit drives both competitive advantage and sustainability.PTS: 1 DIF: M REF: pp. 123-125 NAT: AACSB: Reflective Thinking, Strategy 2. Several laptops were stolen from an office by a group of people pretending to be part of the cleaning company. Every laptop stolen contained sensitive client data. After the theft, all clients had to be notified that their personal information may have been compromised. The breach of security prompted 25 percent of the company’s clients to close their accoun ts. 1. What are policies and rules? 2. Could policies and rules have prevented this situation? Explain ANS: 1.Policies are general guidelines to follow when making decisions and taking action; they are plans. A rule is a specific course of action or conduct that must be followed; it is the simplest type of plan. Ideally, each rule fits a strategic plan. 2. If the company had policies and rules on how computer ID and passwords should be stored, and how laptops should be secured, these problems would most likely have been avoided. PTS: 1 DIF: D REF: pp. 140-141 NAT: AACSB: Technology, Information Technology 3. Write a memo to managers in your company, explaining an MBO program that your company intends to implement.ANS: An MBO program involves sequential steps: Establishing organizational goals; Establishing unit objectives; Reviewing group members’ proposals; Negotiating or agreeing; Creating action plans to achieve objectives; and Reviewing performance. PTS: 1 DIF: M REF: p. 143 NAT: AACSB: Reflective Thinking, HRM 4. Using the planning model, how would you plan an event for 500 people. ANS: The steps of the planning model include: 1. Define the situation (a birthday); 2. Establish the goals and objectives (good food, good music, good setting, 500 friends); 3.Analyze the environment in terms of aids and barriers to goals and objectives (aids: many people to help, ballroom with a nice atmosphere available–barriers: high costs); 4. Develop action plans to reach goals and objectives (list calls to be made to florist, restaurant, musicians); 5. Develop budgets (establish cost per person for food and beverage, cost for centerpieces, cost for musicians); 6. Implement the plans (reserve the ballroom, musicians, send out invitations); 7. Control the plans (oversee the food service, the music, the seating. ) PTS: 1 DIF: M REF: p. 119 NAT: AACSB: Reflective Thinking, Strategy

The Impact of September 11, 2001 Essay - 1221 Words

On September 11, 2001 a series catastrophic events occurred in New York City, New York. Al-Qaeda planned strategically conducted events, known as suicide attacks. Nineteen al-Qaeda members hijacked four commercial airplanes, including United Airlines Flight 93, American Airlines Flight 11, American Airlines Flight 77 and United Airlines 175. Two of the planes purposely crashed into the World Trade Center buildings. In addition, another plane crashed into the Pentagon in Arlington, VA. and the fourth plane crashed in Shanksville, Pennsylvania. Those passengers on the fourth plane, United Airlines Flight 93, attempted to win control over the plane; however, there were no survivors. To understand the impact of September 11, (9/11 by the†¦show more content†¦In addition, the FBI accused Bin Laden of creating al-Qaeda to promote Islamic Fundamentalism and force non-Muslims out of Muslim countries. Additionally, on October 12, 2000, suicide bombers in Yemen attacked U.S. Navy destroyer USS Cole, killing 177 sailors; Bin Laden accused of coordinating attack. In a report (Brush) on May 17, 2002, entitled â€Å"What Bush Knew Before Sept. 11,† states those months prior to the attacks, the former president received information that Bin Laden’s al-Qaeda would hijack U.S. planes from a document called the President’s Daily Brief. This document did not elaborate on the attacks; however, the potential damage to the pentagon and several other government buildings arose. Initially, Bush informed federal agencies, but not the public. However, once he placed domestic agencies on terroristic alerts, he publicly announced his plan; furthermore, leading some officials to believe that al-Qaeda changed their initial plans. Failure to communicate is often to blame for September 11. On August 7, 2006, (OConnor) the Alternet explored the lackluster communication between U.S. government and the American public. According to the report, the Bush administration un-necessarily withheld essential information when it could have prevented the attacks. Another theory presented (Richman), states the Bush administration would have never been capable of stopping September 11. According to the writer, the attacks were foreseeable,Show MoreRelatedThe Impact of September 11, 2001 Essay examples1209 Words   |  5 PagesOn September 11, 2001, terrorists savagely attacked the United States of American. Thousands of individuals lost their lives as two airplanes crashed into the two World Trade Center 1`buildings and the Pentagon. This brutal act shook the world. This terrorists’ attack has changed many aspects of people’s lives worldwide. It not only affected the US but everyone around the world. During the aftermath, we learned that we lost one of our native virgin islanders. US Army, Staff Sargent Maudlyn A. WhiteRead MoreThe Impacts of September 11, 2001 on the Aviation Industrys Marketing Mix2149 Words   |  9 PagesAbstract This paper discusses the impacts of the September 11, 2001 terrorist attacks on the aviation industry. Specifically, how aviation industry members were forced to alter their marketing mix in response to the events. The four P s of marketing were all modified. The airlines had to change their product (route structures) and their prices. They also had to change their promotion tactics to ease the customer s fear factor. Lastly they had to alter the means of delivering their productRead MoreSeptember 11, 2001, is a date that will forever be remembered not because of the terrorists that1400 Words   |  6 PagesSeptember 11, 2001, is a date that will forever be remembered not because of the terrorists that attacked America, but for the patriots who sacrificed their lives to save hundreds of innocent people. 9/11 is an attack by Islamic hijackers. The main strike is on the World Trade Centers. There were four planes included in the invasions. They included: Flight 93, Flight 11, Fli ght 175, and Flight 77. After the raids America had some plans and new thoughts. During the attacks, the motives that the terroristsRead MoreThe Attack On The World Trade Center1455 Words   |  6 PagesOn September 11, 2001 there was a major occurrence that changed New York City. It all started with four hijacked planes that took off at 8:45am on a Tuesday morning. As those planes took off, and were hijacked, they took down a major economic building, The World Trade Center. The Twin Towers were the key success to The World Trade Center complex, the North Tower stood at 1,268 feet and The South Tower stood at 1,362 feet high. The tallest buildings in New York City held 35,000 people each, alongRead MoreEffects of 9/11 on American Economy Essay625 Words   |  3 PagesThe September 11 attacks were set of four terrorist attacks controlled by al-Qaeda, an Islamic terrorist group. On September 11, 2001, four aircrafts were hijacked by the terrorists; two of the planes hit Twin towers in New York, third hit the Pentagon and the fourth one crashed into a field near S hanksville, Pennsylvania (â€Å"9/11 Attacks†). The September 11 attacks had several long-term negative effects that include Social effects, Psychological effects, Physical health effects, Economic effects andRead MoreOn September 11Th, 2001, Terrorists Hijacked Four Planes1182 Words   |  5 PagesOn September 11th, 2001, terrorists hijacked four planes of American commercial airlines. Later same day, they have coordinated to deliver a devastating blow, crushing two planes in World Trade Center towers and one more in Pentagon. The responsibility for these gruesome acts has been claimed by terrorist organization Al-Qaeda. The damage the attacks have caused went way beyond three thousand lives of the civilians that were killed that day. These terrorist acts have caused dramatic changes onRead MoreThe War On The World Trade Center1410 Words   |  6 Pages21st century which marked a pivotal point. On September 11, 2001, the attack on the World Trade Center profoundly change d not only U.S. domestic and foreign policies but the world. The research conducted in this paper will explore the incidents that occurred on the terrorist attack that destroyed the Twin Towers and devastated the World Trade Center in New York. Many had threatened the U.S. but none have previously been successful. The impact of 9/11 introduced a new reform that included war on terrorismRead MoreAmericas Changes Due to 9/111564 Words   |  7 PagesIn the decade since the September 11, 2001 attacks, the U.S. has been entrenched in two ongoing wars in Iraq and Afghanistan, the Department of Homeland Security was founded, and Osama bin Laden, the alleged perpetrator of the attacks, has been killed. The Patriot Act and other legislation increased surveillance while decreasing our civil liberties. Heres a look at how the attacks and Americas reaction to them still affect American lives today. The Practical Impact The most obvious changesRead MoreReflection Of The 9 / 11 Dispute1065 Words   |  5 PagesEnglish 111 Final Draft Due: September 2, 2015 Reflection of the 9/11 Dispute September 11, 2001 was a date where the world would change forever. In the morning of September 11, 2001, two full sized 767 Boeing passenger airplanes were hijacked and crashed directly into the admirably tall 110 story buildings at the World Trade Center in New York. The buildings that were damaged early in the morning proceeded to collapse at free fall speed immediately after the impact of each individual plane intoRead MoreThe Practical, Psychological, Economical, Physical Impacts Made by 9/111444 Words   |  6 PagesStates. In the decade since the September 11 terrorist attacks, the Department of Homeland Security was founded, airports and airlines increased security, and Osama bin Laden has been killed. The U.S. has been entrenched in two ongoing wars in Iraq and Afghanastan. The Patriot Act and other legislation increased surveillance while decreasing our civil liberties. How have all of these changes and the lasting impact of 9/11 affected Americans? The Practical Impact The most obvious changes

The Separation between Mind and Body - 1045 Words

Looking at my work, one may wonder whether they are looking at something tiny or enormous. Is the object representing something interior or exterior? This dichotomy correlates to idea of separation, or even conflict, between mind and body. Are the two separate, or are they symbiotic, and entirely dependent on each other? Just as some people believe that meditation can clarify or synchronize the mind and body, my work is a process that symbolically expresses trauma, disease, and death, beyond what is apparent from a physical body, bringing about a similar synchronization. Recently, I have been exploring Francisco J. Varelas ideas of the portable laboratory. He said, â€Å"Human beings in their embedded, situated life, constitute a de facto topographical place (the body, the self) where procedures and gestures can be carried out to directly explore the human experience itself (the quest).†1 In my practice, I seek to explore both the physical and psychological aspects of trauma a nd healing. As I have continued with my own exploration, I have expanded my research to include ideas from philosophy and science as well as art. The contemporary philosopher, Susan J. Brison has been a great influence in my practice. One quote that has inspired much of my work comes from her book, Aftermath: Violence and the Remaking of a Self. She said, â€Å"We are our molecules; our deepest fears, joys, and desires are embodied in the chemical signals of our neurotransmitters. But we are also creators ofShow MoreRelatedThe Problem Of Separation And Dualism1399 Words   |  6 Pagesexperience of heat like being thirsty. The relationship between the two situations has been the source of many debates within philosophy. One name for this entire group of debates is the ‘mind-body problem’; this name suggests a problem of separation and dualism. Dualism shall be claimed, it is an intuitive position; it offers an explanation of the mind and body in terms of substances (Descartes, 1641) or properties (Strawson, 1959), in which the mind is somehow considered as a non-physical thing, thusRead MoreThe Body Is The Minds Gateway To The Outside World. The1474 Words   |  6 PagesThe body is the minds gateway to the outside world. The passages The Phaedo and The Republic both talk about obtaining true knowledge and the issues th at arrive from the body. In both of these, Plato talks through Socrates to explain philosophical viewpoints to the reader. In The Phaedo, the reader gets an account of the some of the final hours of Socrates life before his death. During this time, he discuss the relationship between the body and mind, and rationalizes that the body is merely a distractionRead MoreDualism And Dualism Between The Mind And Body And Materialistic World Essay946 Words   |  4 Pagesexplain the relation between the mind and body, or if there even is such a correlation. A monist believes that a person is singular in their being. This means that monists do not distinguish the mind from the body, or even reality from the physical world, such as life after death (Schaffer 32). For a monist, reality is confined to the materialistic world. Oppositely, there is dualism. Though there are many different forms, at it its core, dualism is the idea that the essence of the mind (e.g. who one isRead MoreThe Problem Of Separation And Dualism1399 Words   |  6 Pagesexperience of heat like being thirsty. The relationship between the two situations has been the source of many debates within philosophy. One name for this entire group of debates is the ‘mind-body problem’; this name suggests a problem of separation and dualism. Dualism shall be claimed, it is an intuitive position; it offers an explanation of the mind and body in terms of substances (Descartes, 1641) or properties (Strawson, 1959), in which the mind is somehow considered as a non-physical thing, thusRead MoreThe Problem Of Separation And Dualism1399 Words   |  6 Pagesexperience of heat like being thirsty. The relationship between the two situations has been the source of many debates within philosophy. One name for this entire group of debates is the ‘mind-body problem’; this name suggests a problem of separation and dualism. Dualism shall be claimed, it is an intuitive position; it offers an explan ation of the mind and body in terms of substances (Descartes, 1641) or properties (Strawson, 1959), in which the mind is somehow considered as a non-physical thing, thusRead MoreRene Descartes And Blaise Pascal1619 Words   |  7 Pagesphilosophy of Idealism is a system of thought that, in a nut shell, claims that knowledge and reason are dependent upon the mind. This idea is in contradiction to Descartes and Pascal’s belief in dualism. The concept of dualism sets a distinction between mind and body, whereas idealism believes they are one and the same, that thought is a direct consequence of the mind/body system. In his book, Meditations, Rene Descartes covers this idea beginning with doubt and stripping away all elements of theRead MoreCan a Computer Have a Mind?1158 Words   |  5 Pages Can a computer have a mind? This question has been debated for decades by philosophers, mathematicians, physicists etc. Alan Turing, a mathematician, he first addressed the issue of artificial intelligence in his 1950 paper, Computing machinery and intelligence, and proposed an experiment known as the â€Å"Turing Test†Ã¢â‚¬â€an effort to create an intelligence design standard for the tech industry. He also said, â€Å"if we cannot distinguish between the answers a computer gives to questions and the answersRead MoreModern Psychology : The Scientific Study Of Mind And Behaviour1637 Words   |  7 Pagespresently understood to be the â€Å"scientific study of mind and behaviour†. Philosophy and experimental physiology have been influential in creating a favourable zeitgeist that ultimately allowed for the transformation of an ancient discipline into the scientific study of the mind. It was 1879 before psychology officially became a science. Previously philosophers endeavoured to understand human nature and the links between the body and the mind - formerly referred to as the soul. In fact, the mainRead MorePlatos Five Dialogues Of The Mind, Body And Body1167 Words   |  5 PagesThere is a mind-body problem that many philosophers try to solve. This problem can be simply stated in a question: what is the relationship between mind and body, mind and matter, or soul and body? One â€Å"answer† to this problem is the dualistic view which Plato had. Dualism can be defined as the division of something, such as the soul and body, in two different aspects. Dualists believe the soul and body are joined together but are two separate entities. It is understood that the soul and body are differentRead MoreShould Creation be Barred from Science Classrooms?1335 Words   |  5 Pages Bar Creation from Science Classrooms For decades, the debate of religion in public schools has run rampant through the American people, and it has swept the nation info a vicious battle between opposing political and moral ideals. The topic of creationism and the position that it should be taught as a well-supported theory opposing evolution (concerning the origin of species) is an especially heated subject of disagreement. However, the argument that creation is an acceptable scientific alternative

Should Marijuana Be Legal - 1590 Words

Attitudes toward the legalization due to the shifts over time take into consideration a shockingly exact reproduction of four decade of American social history. In November 2012, voters in Colorado and Washington State passed a law allowing, dispersion, and ownership of marijuana for medical and recreational use. This paper does not address the subject of whether cannabis ought to be legal; it concentrates on the configuration contemplation of making an adjustment in cannabis strategy. Regardless of whether marijuana authorization is positive or negative for general well-being and public security largely relies on upon administrative choices and how they are actualized. This paper contends that current federalism precepts neglect†¦show more content†¦It empowers the people to comprehend the dynamic communications between these levels as drug policies are created and utilized. Schwartz (2014) writes that the chief of undergraduate studies for the Department of Economics at Harvard University takes note of that of the $48.7 billion spent by states and the government in 2008, $13.8 billion was entirely utilized for cannabis authorization. Sanctioning cannabis would lessen state costs by $10.4 billion, government costs by $3.4 billion (Schwartz, 2014). Generally, large portions of the Americans now support legalizing recreational marijuana. Various states are exploring different avenues regarding therapeutic and recreational cannabis leaving the requirement for government policies on marijuana. Marijuana legalization speaks to the most pointed government- state policy struggle subsequent to racial integration. Permitted by twenty states, restorative utilization of cannabis (and in two states, recreational utilization of pot) remains precluded by federal criminal law (Schwartz, 2014). Schwartz (2014) discloses that preceding 1996, the laws of each of the fifty states made criminal offenses of possessing cannabis and distribution, like government law. How ever, beginning with

Concept of Globalisation Free Essays

Concept of Globalization Globalization means different things to different people. The three important perspectives of globalization are as follows: †¢ To a business executive, globalization refers to a strategy of crossing national boundaries through globalized production and marketing networks. †¢ To an economist, globalization refers to an economic interdependence between countries covering increased trade, technology, labor, and capital flows. We will write a custom essay sample on Concept of Globalisation or any similar topic only for you Order Now †¢ To a political scientist, globalization refers to an integration of a global community in terms of ideas, norms, and values. Because of these differences in perspectives, globalization has been defined in many different ways. The following are the widely used definitions of globalization: †¢ â€Å"Globalization is a free movement of goods, services, people, capital, and information across national boundaries. † †¢ â€Å"Globalization is a process by which an activity or undertaking becomes worldwide in scope. † †¢ â€Å"Globalization is a process of integration of the world as one market. † Form these definitions; it is clear that globalization leads to an integrated global economy. The process of globalization ultimately converts the huge globe into a small global village. Forms of Globalization Globalization is a multi-dimensional process. It has four important dimensions: economic, cultural, political, and environmental. The process of globalization is now influencing these aspects of an economy. A brief description of these forms of globalization is as follows: ECONOMIC GLOBALIZATION: Economic influence is the most obvious part of globalization. Economic globalization is contributed by liberalization, deregulation, privatization, and declining costs of the markets in goods, services, capital, trade, and finance. Economic globalization has speeded up in the recent past. A free-trade doctrine removes the barriers to the flow of goods between countries. The formation of the World Trade Organization (WTO) has given impetus to this process. Multinational companies are another force to boost up economic globalization. CULTURAL GLOBALIZATION: Different countries have different sets of national beliefs, values and norms. The expanding process of globalization has brought these cultural diversities together to form a global culture. Advances in communications, television networks, transportation technology have been reducing the barriers of distance and culture. Over the last several years, global communications have been revolutionized by developments in satellites, digital switching, and optical fiber telephone lines. As a result of such developments, reliable system of commercial jet travel has reduced the time it takes to get from one location to another. This has tremendous impact on the flow of tourists across the globe. Television programmers have made people aware of other cultures and languages. These have reduced the cultural distance between countries. The process of globalization has increased mutual understanding, peaceful coexistence, and learning from each other’s experiences. POLITICAL GLOBALIZATION: Nations today are more inter-dependent. They are joining hands to participate in creating macro-political framework for development. There are exchanges of views and experiences between nations regarding the establishment of good governance system, legal system, human rights, free media, property rights, decentralized pattern of governance, relatively free access to state information, and so on. The regional grouping of nations has promoted the integration further and created pressure for democracy and human rights. Because of these global influences, the political system worldwide made a shift away from command and mixed economies to the free-market model. ENVIRONMETAL GLOBALIZATION: The globe today is facing unprecedented problems of global warming, depletion of the ozone layer, acute loss of bio-diversity, and trans-border pollution. In fact, ecological problems like floods, soil erosion, water pollution, air pollution, acid rain, and global warming cross national borders without hindrance. To prevent any further degradation of global ecology, the world community is actively engaged in preventing the growing problem of environment. Today, world attention has been drawn toward conservation of environment, harnessing water resources, and judicious use of non-renewable resource. The world community is, therefore, trying to encourage countries to understand these global environment issues and adopt legal and other measures to protect the environment. Nature of Globalization Globalization promotes international business. The international business is composed of four main categories: (i) world trade, (ii) portfolio investment (iii) direct investment, and (iv) multinational enterprises. A brief description of international business is given below: WORLD TRADE: The oldest form of international business is trading of merchandise. Consumers in one country buy goods, which are produced in another country. This is a common phenomenon. Most of the world trade today is among the industrialized countries. World trade is mostly made up of manufactured goods. The service trade has also been rapidly increasing during recent years. Export business is beneficial for a country not only in terms of trade, but also because it creates export-related jobs. With the growing integration of the world economy, world trade would also increase. In fact, expansion of world trade itself has been made easier by two things. Firstly, technological changes in transport, global network of banking and insurance, and information flows have made it possible to undertake world trade more quickly. Secondly, a number of international and regional agreements or arrangements have been established to promote and coordinate world trade. PORTFOLIO INVESTMENT: International portfolio investment is also known as indirect foreign investment. Portfolio investment is the second main type of globalization. It is the purchase of foreign securities in the form of stocks, bonds, or commercial papers to obtain a return on that investment in the form of dividends, interests, or capital gains. Acquiring foreign stocks and bonds does not confer managerial control of a foreign enterprise on the buyer. Rather, the international portfolio investor is a creditor whose main concern is a decent return on his or her investment. Therefore, the capital flow is greatly affected by relative interest rates and strong currency values, which result in high return for the investors. FOREIGN DERECT INVESTMENT: Foreign direct investment (FDI) is the long-term capital investment. It involves acquisitions by domestic firms of foreign-based factories or any other types of business firms. The investor, thus, enjoys managerial control over the assets of the acquired firm. Direct investment may be financed in a number of ways other than through capital movements. Foreign investments may be financed by borrowing locally, by reinvesting foreign earnings, by the sale to foreign affiliate of non-financial assets such as technology, or through funds generated by licensing fees and payments for management services to the parent company. MULTINATIONAL COMPANIES: FDI is an important vehicle for the birth and growth of multinational companies. A multinational company encompasses both domestic and overseas operations. It is called multinational because it operates across national boundaries. However, its focus is on foreign markets. A multinational company, thus, has all the components of the definition of globalization and international business discussed above. Being multinational in scope and activity, such firms also encounter wide-ranging socio-cultural, political, and legal problems while operating in many different countries. Methods of Globalization There are a number of methods for globalization of business. In each method, there is a choice of strategies to follow. These strategies are sometimes referred to as â€Å"foreign market entry strategies†. If the international business strategy is to be successful, a business firm must carefully analyze the advantages and disadvantages of different entry methods before deciding on its approaches. A brief account of some of the methods of globalization is as follows: EXPORTING: The most widely used and common method of doing business internationally is exporting. A direct export operation is a direct sale by a manufacturer to an overseas customer. Indirect exporting involves selling through an intermediary. Exporting is preferable when the cost of production in the home country is substantially lower than producing goods in foreign markets. Therefore, business firms having cost advantage would like to export their products to foreign markets instead of investing in production facilities there. Exporting is, thus, the first stage in the evolution of international business. Exporting is the best alternative under a given set of conditions. It is the least complex global operations. However, there are some factors, which make exporting less attractive than other alternatives. For example, policies of some governments discriminate against import. In some cases, imports are even banned. There may also be hostility against imports. In these situations, exporting strategy may not be effective. LICENSIG AND FRANCHINSG: Licensing and franchising are important entry and expansion methods. Through these methods, the companies can expand their business. Earnings come to the company through fees and royalties. Today, many western companies have been extensively using licensing and franchising practices. One of the growing trends in international business today has been trademark licensing. This has become a substantial source of worldwide revenue. Licensing offers rapid entry into a foreign market. Under international licensing, a business firm can contractually assign the rights to certain technical know-how, design, intellectual property to a foreign company in return for royalty. In many countries, law regulates such fees or royalties. At times, a licensing agreement may be of cross-licensing type wherein there is mutual exchange of knowledge and patents. In a cross-licensing arrangement, a cash payment may or may not be involved. The advantage of licensing is that the licenser does not have to bear the development costs associated with opening up in a foreign country. The licensee bears the costs. Franchising is a form of licensing in which a parent company (the franchiser) grants another independent entity (the franchise) the right to do business in a prescribed manner. The franchisee buys an established marketing package without the risks of product acceptance, market testing, etc. The franchiser gets foreign market entry at minimum cost, plus a local ntrepreneur. The privilege may be the right to sell the parent company’s product, to use its name, to adopt its methods, or to copy its symbols, trademarks and architecture. One of the common forms of franchising involves the franchiser supplying some ingredients for finished products, like coca-cola supplying the syrup to the bottlers. Hilton Hotels might sell a franchise to a local company in Nepal to operate hotels under the Hilton name. FULLY OWNED MANUFACTURING FACILITIES: Bigger corporations establish their own factories abroad. This strategy has some advantages. The corporation owning the factory has full control over production and quality. There is also no risk of developing potential competitors as in the case of licensing and contract manufacturing. However, there may be some problems while operating in a foreign country. The government may impose restrictions on the use of desired technology. Similarly, constraints such as lack of skilled manpower, infrastructural facilities, production bottlenecks, raw material supply etc. may also be encountered. Above all, the corporation may have to invest a lot in terms of financial and managerial resources to operate the plant in its fullest capacity. JOINT VENTURES A joint venture is a partnership in which the domestic firm and the foreign firm negotiates tie up involving one or more of the the following:equity,transfer of technology,investment,production and marketing. The arrangement defines responsibility for performance,accountability and powersharing. MERGER AND ACQUISITION The most extensive form of participation in global market is 100% ownership,which may be achieved by start up,merger or acquisition STRATEGIC ALLIANCE Various terms are used to describe the linkage between firms to jointly pursue a common goal,such as collaborative agreements,strategic alliance and global strategic partnership. EFFECT OF GLOBALISATION Increasing globalization has many effect and consequences on an indivisual business firm as well as the national economy. These effect are both positive as well as negative. We can identity some 5 major effects of Globalisation Liberalized International Trade Import Penetration Foreign Direct Investment Multinational Companies Competitive Environment How to cite Concept of Globalisation, Papers

Enthusiasm Mind of Growing Children

Question: Discuss about the Article for Mind of growing children carries full of enthusiasm. Answer: Introduction Young children always learn in their growth stage and they easily adopt the process and system around them. In this stage, they not only grow physically, but also grow mentally that shape the future state of mind. Therefore, it is very important to provide the proper environment in this age where they can grow with a positive approach in their life. This stage of growth among the children continues to happen through several observations and interactions with the external environment (Jaswal Malone, 2007). In this process, they also associate, store, use information within them from the external environment, and implement them in their life. In recent time, the world has changed from and different aspect and childrens are getting lot of technological entertainment that have no existence in the real life. Particularly several television programs that are not associates with the real life scenario influence the magical thinking of the children (Skolnick Weisberg Bloom, 2009). Sometime s the influence become do extensive that affect the mental growth of the children and they fail to adopt the real life situation. Discussion Cognitive development is the procurement of mental procedures that are required for speculation and understanding your general surroundings. According to the view of Skolnick Weisberg Sobel (2012), cognitive development incorporates various abilities including coherent thinking, collaboration, handling and storing information whether it is necessary of not irrespective of positive or negative sense. To figure out cognitive progression it is important to understand, identifies kids activity among different age, and compares them with the realistic and normal behavior. If the behavioral changes are too different from the common characteristic then it needs serious intervention with positive influence. Sharon Woolley (2004) has opined that timely recognition of the cognitive behavior will provide the parent to rectify the situation. However if the child is continuously getting the influence of negative activity then it will impose the negative picture in the childs mind that will deve lop against the reality. Several studies have revealed the fact that every activity in front of a child is developing the image of real world. During the growth, stage if the children is associated with the imagistic environment then somewhere in the mind of the children it will remain for life long, that may in the future contradict with the thought of reality. According to Corriveau Harris (2015), power of imagination in a magical way is much more active in the childrens mind because they do not know the real world. Therefore, their thought and imagination always contradict with the real life situation and they feel upset. Children as young as three comprehend the idea of what is genuine and what is not, until they are around seven. Children can be effortlessly deceived by grown-ups tempting words or by evidence. They grab their convictions about some fantastical characters like Santa or some others longer than others do. Therefore, once the children mind is attached with the magical elements during the growth stage it becomes very difficult to make them understand the reality until the adult age. On the other hand, Shtulman (2009) has opined that creative energy was considered as a path for kids to escape from reality, and once they achieved a particular age, it was trusted they would push dream aside and manage this present reality. In any case, progressively, kid advancement specialists perceive the significance of creative ability and the part it plays in comprehension reality. Creative energy is fundamental for finding out about individuals and occasions we do not specifically experience, for example, history or occasions on the opposite side of the world. For youthful children, it permits them to contemplate the future, for example, what they need to do when they grow up. To support this view Martarelli Mast (2013) has stated that, it is critical yet unnecessary for guardians to boost dream play among their kids. On the off chance that the youngster as of now has a imaginary friend, for occasion, guardians ought to take after their kids lead and offer consolation in the event that they are happy with doing as such. Additionally, if it appears to be encouraged by the thought, guardians can empower it. Nevertheless, if guardians pick not to present or support the confidence in imaginary characters, they ought to search for different approaches to energize their youngsters' creative impulses, for example, by playing well-groomed up or perusing imaginary tale. On the other hand according to the viewpoints of Bunce Harris (2008) a kid's improvement includes passionate, physical and intellectual advancement. Being a guardian, it becomes always critical to comprehend the diverse ways that your kid grows so one can track progress, strengthen progression and recognize issues. Rational progression affects your kids training and by comprehension the diverse stages. Therefore, you can be steady of any educational contractor working with your kid and thus, have dynamic influence in your kids improvement at home. Several theorists have pretend different view on the cognitive development of the children mind and most of the theory has emphasized on the environmental aspect of the children. The future of the children is highly associated with the functional environment of his or her family which also dependent on the shape of the society where the family lives. If the family is living among the higher class society then there is a high chance of growing the magical imagination due to lot of influence. However, middle class society is more aware about the real life situation and they provide the basic environment to their children (Milligan, Astington Dack, 2007). Therefore, the tendency of getting the magical imagination among the richer is more as compared to middle class. Due to this environmental difference during the growth stage middle class childs adjust more quickly with the real world whereas childrens from upper class struggle to understand the real situation. Piaget's Cognitive Theor y, which comprises of three fundamental segments. The first is patterns, which are the building pieces of a kid's learning and how he forms and classifies data. For instance, a youngster has an arrangement of data about steeds that he can recover when he sees one that helps him recognize it as a steed (Browne Woolley, 2004). He first arranges a zebra as a steed as it fits with the data he has. Nevertheless, when he discovers this is not the situation, he will store extra data, for example, that a zebra has stripes. At that point, he will make another classification. The second part incorporates the procedures that occur for the move to happen starting with one phase then onto the next. At last, the third segment incorporates the phases of improvement themselves. Formative variations and the formative transformations represent unique difficulties to educators. The varieties among kids propose a need give exceptional help to the individuals who are behind, maybe by offering more prominent chances to play or by platform and supporting starting play for kids unused to maintaining it all alone. In the meantime, the individual changes empowered by play challenge instructors to see play for what it is and where it leads, and to disclose this information convincingly to others, for example, guardians or kindred teachers (Wellman, Cross Watson, 2001). These different grown-ups may see just the instantly noticeable contrasts amongst play and genuine considering, and not the formative associations fundamental them. Early youth instructors confront the assignment of developing such understanding and disclosing to them how play adds to the fates of youngsters, socially as well as psychologically too. Vygotskys theory of cognitive development among the children is different that focus on two perspective one is the social speech and the other is private speech. In effect with the social speech, this theory is associated with the zone of proximal development. According to Woolley,Boerger Markman(2004) zone of proximal development is associated with the components that help the kid to move from one state that is what the kid can do of his or her own to the other where the kid can do only with the support of others. Both the state is important for the children to overcome the growth stage. In such situation, the growing children will be able to understand and identify the situation that he or she can manage. On the other hand, Boerger (2011) has opined that scaffolding is the stage that needs support across the zone of proximal development that is related to the private speech of Vygotskys theory. In this situation the external and internal environmental of the kid do not provide the proper infrastructure that will make them self-dependent. To establish both the fact Carrick Quas (2006) has conveyed that tutor of the kid plays a great role in this stage. Here tutor means that person whom the kid believes most and tries to follow his or her activity influence the behavioral aspect. Cognitive development also works as the storage of information through different process of encoding decoding and transformation of data. As the children grow, they start to realize the external situation and develop a analytical tool within them by developing various logic. All the logic is simple and straight to them and they start to believe their eyes. The fantasy tool works in this stage and along with the real view, they start to develop a imaginary view in their mind. This two state of mind often makes them puzzle and they start to mismatch the things in the real situation. Conclusion Mind of growing children carries full of enthusiasm since they are learning in that stage. Each and every step help them to understand the external environment and starts to remember every situation they face. Growing children learn very fast and they try to adopt the situation and behavior around them. The process of learning happens in such a way that do not have immediate outcome however all the learning of the child is reaming in the dormant stage that may be triggered in any stage of life. From the above discussion, it can be summarized that cognitive development incorporates various abilities including coherent thinking, collaboration, handling and storing information whether it is necessary of not irrespective of positive or negative sense. However if the child is continuously getting the influence of negative activity then it will impose the negative picture in the childs mind that will develop against the reality. They grab their convictions about some fantastical characters like Santa or some others longer than others do. 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