Business and Financial Environment Assignment - Free Essay Example

Sample details Pages: 9 Words: 2552 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Business and Financial Environment Part 1(a) Demand is the capacity that customer are capable and willing to buy at each reasonable price. Severely speaking this definition depicts effective demand, as resist to latent demand when a customer is incapable to fulfill their demand, no matter it is because of be short of knowledge on the availability of a goods or because of lack of money (Grant 2000). Or Effective demand is the ability to pay for goods and services. Don’t waste time! Our writers will create an original "Business and Financial Environment Assignment" essay for you Create order Since demand is based on human decision many factor can influence demand. One may categorize these factors into 2 sets. One set influences the position of the demand curve as a whole while the other set of factors influences the gradient, also known as the Price Elasticity of Demand, or PED for short. Diagram: Demand curve D1 shifts to new position of D2. Factors influencing the position of the demand curve influence the whole position of the demand curve on the price towards quantity graph. Thus variation one or more of the elements will result in the shift of the demand curve to the left or right. There are some factors that influencing the position of the demand curve (Begg 2003). One of the factors is taste. Taste may vary due to custom, fashion or favor. For example when there has increase in popularity of video games has encouraged the raise in demand for games consoles. The next factor is related goods. Related goods can be categorised into substitute goods an d complementary goods. Variation in demand, and thus price, of substitute goods would frequently have the inverse effect on the demand of a good. For example the low price of Chinese vacuum cup has cut down the demand for vacuum cup made in the West. Complementary goods demand change lead to the exactly inverse effect compared to demand variation of substitute goods. If the price of complementary good falls then the demand for a good, which the complementary good complements, will rise, is then shift to the left. For example a significant falls in oil prices may lead to rise in petrol driven vehicles. Income is the following factor. The more money the customer has to spend the more likely the consumer is to spend that money. Many factors influence disposable income. For example, interest rates or job opportunities. It is considerable to know that certain low cost goods, like chewing gum for example, are not involved by variation in income compared with other goods, like houses, a re. Part 1(b) Price elasticity of demand measures the responsiveness of demand to changes in price for a particular good. Demand is said to be elastic when the percentage change in price bring about a more proportionate change in the quantity demanded. And so, the demand for the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s package holidays is elastic as the value is greater than one which is 1.8. The degree to which the quantity demanded for a good change in response to a change in price can be influenced by a number of factors. Factors include the number of close substitutes and whether the good or service is a necessity or luxury. In this case, it is luxury. Income elasticity of demand indicates the measure of responsiveness of a change in the quantity demanded to changes in the incomes of the consumers. Income elasticity of demand is an economics statement that mention to the responsiveness of the quantity demanded for some of the good in response to alter in the publicà ¢Ã¢â€š ¬Ã¢â€ž ¢ s incomes. The income elasticity of demand for the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s package holidays has a value of 2.5 which is positive income elasticity. Income elasticity for the service is said to be positive when a rise in income brings to an increase in the quantity demanded for the goods. During the time of rising incomes, the quantity demanded for luxury goods incline to raise at a higher proportion than the quantity demanded for necessity. The quantity demanded for luxury products is very responsive to the changes in incomes. The managers of Flying Delights Limited are suggested to lower the price of the package holidays in order to attract more customers. Part 2 The equilibrium price and quantity of a good or service can be determined by superimposing the supply curve on the demand curve. The equilibrium price can be illustrated as the price at which the quantity demanded is equal to the quantity supplied. From the strength of demand and supply process on the price mec hanism, equilibrium price can be accomplished. It is the position at which quantity demanded and quantity supplied is equal. Market equilibrium, for example, mentions to a term where a market price is create by competition such that the amount of goods or services look for by buyer is equal to the total of goods or services produced by sellers. This price is usually known as theequilibrium price. In the graph below the point at which the demand curve connects the supply curve is theequilibrium price. Equilibrium is à ¢Ã¢â€š ¬Ã‹Å"self rightingà ¢Ã¢â€š ¬Ã¢â€ž ¢. It means that if we try to move away from the equilibrium situation it will revert back to its original position, if there is no external disturbance. Figure below explains the concept. In this diagram the equilibrium price is P* and the quantity supplied Qe. However, the prices have been increased to P2. If the price rises it would bring about more suppliers to enter the market and supply rising to Qs. Meanwhile, a rise in price to P1 will bring about a decrease in demand according to the law of demand. This will establish anexcess supply circumstances. At this moment, the suppliers would realised it troublesome to sell their goods and they will have to lower their price to attract more customer. This will proceed till the price achieves its initial amount which is P*. Therefore the circumstance is à ¢Ã¢â€š ¬Ã‹Å"self rightingà ¢Ã¢â€š ¬Ã¢â€ž ¢ if the prices are increased without affect by any external factor. It can be see that the prices have been decreased from P* to P1. This leads to an decrease in supply from Q* to Qs. As the prices decrease from P* to P1, people can afford to buy more of that good and demand rise from Q* to Qd. Again anexcess dem andstatus is established. In order to obtain the most out of this status the suppliers will begin rising their price. Meanwhile, demand will begin decreasing as the prices rise. This will be goes on till the prices settle at equilibrium price i.e. Pe. Therefore, it can be said that equilibrium isà ¢Ã¢â€š ¬Ã‹Å"self-rightingà ¢Ã¢â€š ¬Ã¢â€ž ¢ Part 3(a) Interest rate standards are an element of the supply and demand of loan: A raise in the demand for credit will increase interest rates, while a fall in the demand for credit will reduce them. In turn, a raise in the supply of credit will decrease the interest rates while a fall in the supply of credit will increase them. The supply of credit is raised by a raise in the measure of money made accessible to borrower. For an example, when somebody opens a bank account, it is practically lending money to the bank. Relying on the type of account you open, the bank may do some money invested activities. A certificate of depositwould give a higher interest rate than a checking account, in which may have the capability to access the funds at any possible while. And so, the bank may lend out the money to other customers. There will be more credit available in the economy as the bank can lend more. In other words, if the supply of credit rises, the interest falls. Credit available in the econom y is reduced as lenders determine to stay the re-payment of their credits. For example, when determine to delaypaying the current months credit card billuntil next month or later, it is not only raising the measure of interest that have to pay, while also reducing the measure of credit available in the market. And so, there will be increasing the interest rates in the economy. Inflation would also influence interest rate standards. The interest rates will be raise more as the higher in the inflation rate. It takes place as lenders would demand higher interest rates as compensation for the falls in purchasing strength of the money they would be pay back in the future. The government has a voice on how interest rates are influenced. Thefederal funds rate, or the rate that organisations charge each other for mightly short-term loans, influence the interest rate that bank fix on the money they lend. The rate then in the end shed down into other short-term lending rate. When the governme nt acquires even more securities, banks are infused with more money than they may make use for lending, and so the interest rate falls. When the government sells security, money from the banks is flow out for the business deal, render less funds at the banks disposal for lending, compelling an increase in interest rates. Part 3(b) (i) The influence of an increase in the interest rates is to reduce the present discounted value (PDV) of peoples intended future consumption. It means that, higher interest rates indicate the lesser money are needed to fund a particular measure of future consumption. Intended future consumption is then less expensive, causing people better off in a lifetime sense, and lead people to spend more these days. But, since the interest rate decided the measure of money practically in circulation, a higher interest rate may also reduce the consumption, where might be influence all elements of GDP. (ii)Investment is inversely corresponded to interest rate, which are the price of borrowing and the repay to lending. There have few impact of a change to the rate of interest. That is, if interest rates go up, the opportunity cost of investment go up too. In other words, an increase in interest rates also increases the return on funds deposited in an interest-bearing account, wh ich lower the attractiveness of investment corresponding to lending. Therefore, investment resolutions may be put off until interest rates back to lower stage. Thus, if interest rates rise, companies can expect that consumers would lower their spending, and the interest of investing will be reduced. Investing to extend need that consumers at least keep their current spending. Therefore, an anticipated falls is likely to obstruct corporation from investing and compel them to delay their investment plans. (iii)Interest rates, inflation and exchange rates are all particularly correlative. By controlling interest rates,central banksimpose influence on exchange rates, and changing interest rates influence currency values. Higher interest rates provide lender in an economy a higher return comparative to other state. Consequently, higher interest rates attract foreign capital and lead to the exchange rate to increase. The impact of higher interest rates is mitigated, however, if additio nal elements help to push the currency down. The inverse relationship exists for lower interest rates tend to reduce exchange rates. Part 4(a) The main reason for regulation of banking is depositor protection. Pressure for this regulation take place as the public started doing financial transactions via banks, and as business and individual started holding a major part of their funds in banks. Banking proposes an amount of distinct issues for consumers and creditors (Ogren 2011). Many bank clients take a bank mostly while writing checks and conducting other financial transactions. In order to do this, they have to keep a deposit account. As a result, bank customers take the role of bank creditors and do linked with the wealth of their bank (Spong 2000). This differs with most of the other businesses, where customers just pay for goods or services and not ever become creditors of the corporation. Part 4(b) It can be disputed that regulation refrains innovation and growth. This hurt growth and cut down efforts by banks to engage in better profit making scheme.Others argue that regulation is essential to avoid abusive practices and assure equitable access for everyone.This makes increased occasion for lending to poor and underserved society. Both sides have effective arguments to this question.The test of whether bank regulation is essential or needed is in how well the economy goes through. It is possible to both over-regulate and under-regulate banks.Congress may set in place too various banking regulations that raise administrative expense for banks and strengthen profitability, causing banks to break down.The regulator may be very loose in their oversight tasks and miss to carry out primary provision of the banking law. Part 4(c) (i)Risk asset normally mentions to assets which have a major degree of price volatility, such as equity, commodity, high-yield bonds, real estate and currency. Especially in the banking circumstance, risk asset consult to an asset owned by a financial organisation whose value can undulate by the variation in interest rates, re-payment risk, credit quality and more. The term can also mention to equity capital in a financially extended or nearly-bankrupt corporations, as the shareholdersà ¢Ã¢â€š ¬Ã¢â€ž ¢ claim will scale under those of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s bondholders and other lender. (ii) The risk is related with the in advance unscheduled return of primary on a fixed-income protection. Certain fixed-income securities, such as mortgage-backed securities, have embeds call options that may be performed by the issuer. The yield-to-maturity of such securities cannot be known for some at the time of buying from the cash flows are not known about. When principal is return in advance, the coming interest payment would not be paid on that section of the principal. If the bond was bought at a premium the bonds yield would be less than what was predicted at the time of buying.For a contract with an embed call option, the more a contractà ¢Ã¢â€š ¬Ã¢â€ž ¢s interest rate corresponding to current interest rate, the more the prepayment risk.For instance, in a mortgage-backed security, the more the interest rate respective to present interest rate, the more the possibility that the relating mortgage would be refinanced. Besides to being so correlative with decreasing interest r ate, mortgage prepayment are extremely correlate with rising home prices, as rising home price lead incentives for borrower to swap up in home or else make use of cash-out refinances, all leading to mortgage prepayment. (iii) The risk begins from the short of marketability of an investment that cannot be bought or sold immediately enough to avoid or minimize a loss. Liquidity risk is normally reported in extraordinary wide bid-ask spreads or large price movements. The regulation of thumb is which that the smaller the measure of the securities, the greater the liquidity risk.Even though liquidity risk is mostly correlative with micro-cap and small-cap stock or security, it may sometimes influence even the biggest stocks in time of climacteric. The consequence of the 9/11 assaults and the 2007-2008 global credit crisis are two comparatively recent cases of times while liquidity risk rose to unusual high standards. Raising liquidity risk regularly turn into a self-fulfilling prophecy, since panicky investors attempt to offer for sale their holdings at any value, result in widening bid-ask disseminate and large value denies, which further devote to market liquidity. References David Begg, (2003), Economics 7th edition Grant.S, Vidler.C, (2000), Economics in Context Ogren.A, (2011), The Sub-ÃÆ' ¢Ãƒâ€šÃ‚ prime Crisis and how it Changed the Past Spong.K, (2000), BANKING REGULATION Its Purposes, Implementation, and Effects Fifth Edition

Learning Left-Brain vs. Right Brain Essay - 1027 Words

Have you ever wondered how your extremely messy sibling can be so creative and yet you the very organized one can’t seem to color within the lines to save your life? There is a legitimate reason for this mystery. The brain is divided into two sections. They are known as the left hemisphere and the right hemisphere. Individually they have different functionalities but collectively they make up the person as a whole and can give some explanation as to why a person process and learn the way they do. Hopefully, by the end of this read you will better understand this phenomenon and make it work for you. One of the major forces behind research into the mysteries of the human brain is Mr. Roger Sperry. He is credited for developing the†¦show more content†¦The brains right side also helps us to understand visual imagery and make sense of what we see. It plays a role in language, particularly in interpreting context and a persons tone (Melina, 2011). 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Professional Critique Bus Stop - 767 Words

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The Knowledge That The Laputians Possess May - 1350 Words

The knowledge that the Laputians possess may also reflect some symbolism towards the saying of ignorance is bliss. If one does not know about something, they tend to not worry about, but the Laputians know so much with their abstract theories of math and science that they â€Å"are under continual disquietudes† (Swift 2577). The knowledge they have also makes it very apparent that they never take the time to enjoy themselves as they fear the end of Earth constantly and â€Å"when they meet an acquaintance in the morning, the first question is about the sun’s health...and what hopes they have to avoid the stroke of the approaching comet† (Swift 2577-78). They worry so much that their conversations are their worries which is very sad. Another sad thing is the men of Laputa do not even spend their time with their wives which makes it all the more easy for affairs to arise. The women of Laputa are free to do as they please, but they are unable to leave the island as â€Å"the people of quality have found by frequent experience, how hard it is to persuade their women to return from below† (Swift 2578). As unfaithful as they are, the women still attempt to leave. It almost seems like the knowledge the Laputians have is so powerful that it was able to make their wives unfaithful. The impracticalness of the Laputians become more evident with Gulliver’s observations and discoveries. Gulliver is given tutors by the Laputian King to teach him their language; however, he finds that the words he

Unanswered Problems With Scince Topics to Write an Argumentative Essay on Revealed

Unanswered Problems With Scince Topics to Write an Argumentative Essay on Revealed Things You Won't Like About Scince Topics to Write an Argumentative Essay on and Things You Will Argumentative essays utilize logic, facts, and reasoning to figure out the victor. As you have observed, different varieties of essay topics have various techniques to approach them, and in addition, they have their own benefits. Argumentative essay topics are so important since they are debatableand it's important to at all times be critically considering the world around us. Recent argumentative essay topics that are related to society is going to do. The Ultimate Scince Topics to Write an Argumentative Essay on Trick You may continue to keep your argumentative essays for your upcoming job portfolio in case they're highly graded. 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Contemporary Issues in Marketing Management †Click Now!

Question: Write a report to show you understand the relationships and responsibilities in various sectors. Answer: Importance of Relationship Marketing Does The Intricacy of The Topic Intimidate You? Tame Your Fear with Unmatched Assignment Help Services from Professional Writers. Knowledge Management with Customer Relationship Management Knowledge management is defined as a procedure to capture, develop, share and use the organizational knowledge in a multi disciplined approach for achievement of organizational goals by leveraging best of the knowledge. The objectives of knowledge management focus on competitive advantage, shared lessons, innovation, enhanced performance, and continuous performance of the organization. Knowledge management is deployed for the scientific tasks of managing and optimizing intangible assets of the organization. The theories of knowledge management is segregated into techno centric focusing over technology for knowledge creation; organizational management focusing over design of the organization and ecological knowledge management with focus over interaction and collaboration of knowledge, identity, people, environmental factors pertaining to complex adaptive systems. Knowledge management strategies are available in abundance and hence companies do exploit their resources and key skills t o refine the system of knowledge management. The framework of strategies include rewarding system for motivation, storytelling for transferring tacit knowledge, reviews, cross project learning, competence management, best practice transfer, inter project knowledge transfer, social softwares like blogs or bookmarking, collaborative technologies, knowledge mapping, proximity and architecture, master apprentice relationship, reporting of intellectual capital (Rowley, 2004) etc. There are numerous technologies related with the knowledge management like workflow (creation and utilization of documents and forms), enterprise portals (websites aggregating all the information), groupware (technology for threaded discussions, sharing, uniform emails), eLearning (customized training and education software), content management (automation of web content), telepresence (for virtual meetings like videoconference) and scheduling (use of tools like Microsoft Project, Microsoft Outlook for schedulin g and planning tasks). With marketing trends transitioning from result orientation towards customer orientation, organizations are investing their resources heavily in customer resource management by intellectual implementation of information technology and wise utilization of knowledge management. Knowledge management in the domain of customer relationship is basically a signboard for policies and strategies of the organization. Implementation of customer relationship management requires acquisition, documentation, transference and usage of knowledge both internal and external to the organization. The influence of knowledge management comprises of elements including customer interaction, customer value, customer knowledge, customer satisfaction etc. It is a key to understand the experiences in a sharp and intelligent manner relating customers. Successful companies interrelate the features of customer oriented policies with customer knowledge to make efficient business decisions. Integration of Knowledge M anagement with Customer Relationship Management can aid the companies to navigate and keep a record of complex problems of support. Knowledge management is the catalyst in the process of customer relationship management by the means of knowledge acquisition to develop insights, skills and relationships to enable the customers to go through a self expansion process to go out the boundaries of business; knowledge documentation in which documents, spreadsheets, pictures, databases, illustrations, emails, web pages, and such resources are consumed by the process to enhance customer knowledge to be reused for the future purposes dealing with changing customers trends; knowledge transfer via which customer information can be transferred by the means of codified communication, personal communication, embodied KT; knowledge creation to involve ontological dimensions and domains including explicit and tacit knowledge innovation at customer, group or organizational level (Arnett, 2005). Role of ICT in CRM Technology have made the research, review and discussion of the customers views and requirements on an online base. The new challenges for the business are to understand the behavior of the customers for retention and to adapt to the services and expectations for customer relationship management. ICT make it easier to get in touch with the customers by management of calls, advertisements, channels etc. Business is made easier by the integration of information and communication technology to refine the customer relationship. The contemporary customers are connected, demanding, networked and therefore the business processes are adopting the features of ICT to meet up the expectations of the customers and to make them satisfied. Business needs to focus their knowledge and resources to give customers a high degree of response which is possible by integration of ICT by the means of online complaint system, online chat rooms for customer problem appraisals, call center services, voice hand ling tools and many more such technological services available for customers. Use of service clouds (Jayachandran, 2005) which is a gift of ICT is effectively used to manage customer database for effective services provided in future. Customer reachability is enhanced by integration of new communication channels provided by ICT such as messages, emails, feedback, online surveys etc. With technology of web mining consumer profiles and data can be efficiently handled and managed. Email marketing is used for CRM which have various features imbibed in plethora of models like newsletters, surveys, reminders, campaigns, alerts etc. Nowadays the trend is not just to feed the information into the conventional databases but CRM have paved the path for continuous updating of customer needs and their level of acceptance towards new technologies. Role of CRM in retail industry Customer Relationship Management is the key for successful enforcement of techniques to ensure customer loyalty and retention to increase the sales and purchases of the company. In retail sector, CRM programs have played a key role in transforming the business from buyer led organizations towards customer focused groups. Some innovative features like loyalty cards and offer coupons helps the companies to know more about the preferences of their customers and further aid to segment the market to make customized decisions. Online retailing is another innovation to enhance the feature of CRM. CRM is really beneficial to the retail industry by incorporating various steps such as database formation by the means of loyalty or future cards, customer profitability analysis, interaction on an individual basis and segmentation based over needs. Various companies handle the system for CRM in retailing by the means of screening, investigating, acknowledging, formulating a solution, responding an d following up. Operational CRM is used in sales force automation for tracking the customer preferences, to administer the retail sales, to forecast the future sales, to manage the accounts, and to manage the performance metrics. It is also used in customer service support for retail industry for automation and coordination for service requests, product returns, enquiries and customer complaints and also for support services like call centers, web portals, remote virtual interaction to contract centers (Cuthbertson, 2004). CRM in retailing is also used for enterprise marketing automation to apply technology in retail marketing, to deal with macro environmental factors, to campaign for segments and to increase the retail marketing efficiency. Recommendation to improve CRM in banking sector 1. Potential banking customers must be involved prior to the introduction of the CRM in banking sector so as to have a pre execution review. 2. Staff must be trained as per the strategies of CRM and they must be on their toes to serve the loyal customers of the bank which can be very well evaluated by implementation of CRM software in the industry. 3. A constructive feedback facility should be available and customers must be approached for constant meetings or rewards so as to enhance their loyalty towards banks. There should be incentives set apart for them falling under the domain of CRM. 4. Introduction of eCRM for banks will be a competitive edge (Liu, 2007) to efficiently manage the accounts and ease up the process of communication. System and software development should be implemented to assess credit risk management and to include business intelligence software under the light of sophisticated CRM. 5. Capacity of the staff must be developed pertaining to human resource development and organizational setting to handle vast economic market for enhancement of quality and satisfaction. ROLE OF MARKETING IN NON TRADITIONAL CONTEXT Stakeholder analysis of Public sector organization Stakeholder Role Interest Influence Facts Expectations CEO administrator high high Demand of complete information and hold Frequent updates and engagement in important tasks and decisions MD manager high high Demand of overall control and monitoring Engagement in special tasks and decisions. PROJECT HEADS Team Leaders high medium Interested in results and not details Resource consumption reports, deadline respect, quality work CUSTOMER SUPPORT Support services medium low For general public issues or complaints Quality services within required timeframe EMPLOYEES workforce medium medium Workforce for execution of tasks Dedicated work as per the directions within budget and time CUSTOMERS End users low Low Stakeholder analysis for voluntary organization Stakeholder Role Interest Influence Facts Expectations MD Manager high high Demand of overall control and monitoring Engagement in main tasks and decisions LEADER Main head high High Voice and face of the organization Every detail, information, result and report handling EMPLOYEES Voluntary workers High medium Workforce for voluntary tasks Long term association with organization VOLUNTEERS OR FOLLOWERS End followers or believers for support High medium Free supporters for social cause Long term association with the voluntary team Relationship of non-profit organizations with customers The sole aims of nonprofit organizations are drifted away from financial gains or economic profits and benefits and can be related to social work or dissemination of some socially important information. For non-profit organizations performing social works, there is a direct and open relationship with the customers so as to enhance their support and interaction (Drucker, 1995) with the organization for charity purposes like orphanages or old age homes. Customers are treated as a part of the voluntary organization with cordial and warm environment. However, on the other hand, the non profit organization related with spreading of a social message have least or no interaction or relationship with the end customers as the main aim is to disseminate information rather than building supportive contacts. To cite examples of both the types of relationship, we will take into consideration, a non profit organization which is closely related with protecting cause of children worldwide and another which is responsible for spreading cancer protection awareness. BICE is an international organization with have a direct relationship with the end clients i.e. volunteers, children, and other organizations in relation with it. Breast Cancer Care is an organization which though is not directly related with the patients but is responsible for spreading awareness and conducting programs for breast cancer in UK. Marketing in public, private and voluntary sector Each of the public, private or voluntary sector have different marketing techniques with different marketing mix targeting different segment of the markets with all-together different purposes. The main aim of private sector companies are to increase the profit by either extending their product range and diversity, by investing in high quality advertisements, having longer operational hours for the marketing team, having plethora of distribution channels like TV or papers or social media etc. Another marketing purpose is to attract new customers or to build up refined form of existing customers. With the public sector, money is not the goal for marketing as it is basically oriented towards use of the entire population for a good cause or general requirements. They do not include specialized or customized products that would require specific advertising or aid of media. Their marketing techniques are supportive or preventive at certain times when it is related with government or such regulatory bodies. Voluntary organizations make marketing as an important tool to highlight their contributions and to appeal to the potential customers to work with their organization. Sometimes, the aim of marketing is to seek for money but that money is focused for charitable cause which is explicitly mentioned in their marketing and distribution mediums or channels. There have been a up rise in competition which have made marketing strategies focused towards customer attraction irrespective of private or voluntary sector but leaving the public sector untouched for a general benefit or holistic target. Issues in marketing of virtual organizations Virtual organizations are formed by collaboration of firms to provide high quality of innovative products and services responding to customers demands. But virtual organizations take upon really challenging and complex forms when it comes to planning of marketing strategies, need of new management and blurring of marketing boundaries. Strategic planning and marketing strategies pose up challenges to effectively define core competencies of the virtual organization. A common vision and a common agreement is quintessential for the partners in the cooperating firms (Kirkman, 2002). The virtual organization needs to have leaders who are able to manage the change and innovate in a manner which is strategically suitable and matching up with the marketing approaches of all the participatory firms and businesses. With almost minimal or no face to face interaction, it is really challenging and difficult to devise common plans which are practically possible and executable. Marketing strategies can be flawed to a great limit due to lack of direct communication among the virtual organization. Moreover, effective supervision is another challenge if the work within the marketing team is not properly delegated. Therefore, marketing department in the virtual organization will face plethora of challenges and issues which can be overcome by online training sessions, open communication and common goal setting. EXTENDED MARKETING MIX Use of extended marketing mix in hospitality industry Extended marketing mix comprises of factors like product, price, promotion, people, place, process, physical environment. By the right use of this marketing mix, the hospitality sector, which can ensure that the right kind of services reach the market at the very right time clubbed up with right promotional strategies to target the market segments. Effective evaluation of this extended marketing mix will actually help the business to remain competitive in the market and extend its share and influence over other rivals. A suitable marketing mix is made up several different ingredients which is truly different for every customer. Hospitality industry specifically relates to marketing mix as the sole purpose of the industry is to provide world class services regardless of other characteristics of the business. Extended marketing mix will add components of people, process and physical environment to the basic conglomerate of product, price, promotion and place to extend the functionaliti es covered in the market analysis so as to give a better and a bigger picture internal to the service industry. A very unique feature for hospitality industry pertaining to marketing mix is that, they have to focus upon pre marketing mix to influence consumers, encounter marketing mix at the point of sales, and post encounter mix to influence customers after service experience. An efficient marketing mix is used for indication of marketing variables used by sales team for targeting specific guests or the marketing segments such as transient, conference, leisure, corporate, groups (Jeong, 1998) etc. Every hotel in hospitality department should have a toolkit of right services and definition of good promotional strategies in an online and offline manner combining it with the right pricing. Product Mix to enhance Customer Value Marketing mix of product is the most important element of the mix to develop effective customer value creation techniques and strategies. This value creation for the customers is for sales growth and sustainability of the business. Other elements of the marketing mix revolves around the product mix strategies. A product marketing mix must be developed focusing over product differentiation which will identify the concept of product positioning and understands the product lifecycle for customer value creation. For meeting up the expectations of the customers, it is required that the product have right and desirable features as demanded and expected. The product mix is the central point of focus for marketing energies. This includes a process to find out techniques to make the product, set up the production line, provide the finance related to the product development (Yoo, 2000), and to critically be concerned about what the product means to the customers. The range of the product may b e diversified, the features of the product might be refined and enhanced, new product line shall be introduced or a product might be repositioned to make it better and more acceptable to the end consumers to form a long term partnership. The offerings by an organization presented by the means of marketing mix (more focused over product factor) are not only the collection of tangible assets or benefits leveraged out of the service industry but something that will provide a meaning and enhance the customers life. Solutions for marketing challenges in hospitality industry The hospitality industry have been faced with abundance of challenges may it be cost management, branding, technology, distribution revolution, social media, marketing segmentation, increased guest sophistication and many such issues. Cost savings for the marketing strategies should be achieved with the help of effective operational strategies to aim at doling right things in a right way to contain the cost within the present techniques. The overlapping of brands due to the concept of franchising have made a single brand competitor of itself. Therefore, there is a need to check the number and quality of franchises distributed for a brand so as to uphold its essence and not imbibe a sense of competition in the brand. The segmentation of market should be done after a thorough analysis and each and every segment must be targeted with some or the other strategy. Customers have become tremendously sophisticated and selective (Victorino, 2005) in the terms of facilities provided in the hot els or motels and hence, lack of a specific recreational requirement may not appeal to the guests being served. The reputation of the hotel is created in the digital space with the help; of feedback and reviews from the clients and therefore, marketing must go online or adopt online mode for offers, coupons, discounts, reservations, feedback and opinions. Business intelligence is being applied along with guest profiling so as to give them best of the experience. Therefore, challenges pertaining to service marketing can be overcome with effective solutions by amalgamating features of guest profiling, social media, branding and many more such domains. Role of IT in financial service marketing management IT plays a pivotal role in processing, storage and accessing of information to improve the service sector and its marketing management by providing innovative solutions of products and for their marketing. Financial and banking sectors have been major and responsible users for ICT utilizing management information softwares, high speed data networks, distributed computing services, relational database management system, open systems etc. ATM services have gone viral in the financial service sector and is a contribution from IT providing various services to the banking customers. Virtual banks is a multimedia technology to bring banks at the doorstep of the customers and is usually termed as Kiosk or customer activated terminal (Nguyen, 1998). Smart phones with programmable microprocessors have led to home banking services to access variety of services from home. Electronic Fund Transfer at Point of Sales have buy now and pay later advantages. Smart cards and credit cards provide numer ous customer benefits. Electronic Data Interchange are used for paperless financial transactions to carry out funds transfer, open credit letters, cash flow management etc. Decision Support System like investment decisions, credit risk appraisal, forecasting loan delinquencies are most promising developments with effective implementation of neural networks for detection of credit card frauds. Image processing technology being a subset of IT can be used for automatic identification or the features of character recognition for scanning of cheques or documents. Therefore, IT have commendable role to play to provide increased services in the marketing management of financial sector including service sector. ETHICS AND SOCIAL RESPONSIBILITY IN MARKETING Current ethical and social marketing issues Ethics in marketing have attracted so many reviews as it has become an essential element of marketing. Some of the key ethical issues uprising in marketing are invasion of privacy and some sorts of stereotyping. Ethical issues relate to vulnerable audiences in few of emerging markets or selective markets. Hiding of truth in the advertisements of products and services is a major ethical and moral issue upcoming in marketing process. Sexual innuendo and harassment with various other forms of violence are harmful for advertising aimed for children or adults. There have been inclusion of negative advertising techniques and strategies to highlight the disadvantages of competitors to excel in the field. Direct delivery channels like electronic spam mails (Robin, 1987) or controversial advertisements have pushed ahead the borders of ethical and legal morals. Deceptive marketing taking help of humor is a poignant target for social marketing. Switching and baiting have become prevalent form o f obstacles emerging in marketing scenario. Seven basic ethical and social standards are ruined, violated and degraded leading to bad and immoral code of conduct in marketing. Truth is usually disguised; privacy is invaded in the light of frauds; showcase of negative and inappropriate behavior; offensive marketing and advertising; unfair and imbalanced strategies; historic or sexual stereotyping; exposing negativities to children and much more. Marketing with all the ethical and social violations have become evil because of various pitfalls. Corporate Social Responsibility in healthcare industry Corporate Social Responsibility is a key to long term success of the company as it highlights the human face of a business by correctly aligning the values and ethics of a business to match them up with the needs and expectations of the customers. CSR must become a part of the corporate DNA of the business as it includes various issues like sourcing, governance, environment management, labor standards, social equity, human rights, stakeholder engagement etc. Healthcare companies must lay special focus on the needs of the community, workplace and marketplace to plan successful CSR programs to provide competitive advantage to business. CSR will help the healthcare industries to elaborate over the ethical and social issues to enhance stakeholder engagement. Utilization of a holistic CSR program will contribute in getting license to operate in a sustainable manner. There will be efficient utilization of resources resulting into substantial cost savings. CSR plans also helps in building u p reputation of the business along with enhanced level of patient loyalty contributing towards overall growth. CSR should be made an industry norm in the healthcare sector to make the industry ethically sound and socially responsible. The morale of the employees and trust of the customers will help in attracting the quality customers to boost social, financial, economic and environmental performance (Leisinger, 2005) of the sector. There will be responsible competitiveness and would be able to attract the financial incentives provided by the government. Role of volunteer pressure group for influencing ethical and social marketing policies in tourism industry Volunteer pressure group in tourism industry have major focus over modulating the policies pertaining to ethical and social marketing. Volunteer tourists lay much focus over the ethical and social policies adopted by the business or tourism group as the sole motive of volunteer tourism is based over social work including ethical and moral values. Volunteer group will primarily influence the tourism companies to include volunteerism as a social cause in their code of ethics and adopt ethical marketing techniques to make the volunteer tourism famous and widespread among the target marketing segments. Marketing practices must be targeted towards social cause as it is the main essence of this pressure group. Volunteer tourism influences the tourism industry in a positive way as it enforces rules and regulations of marketing principles throughout the business. This pressure group will have an impact over the entire tourism industry in enforcing ethical and social marketing strategies so a s to gain a competitive advantage and gain a large customer base with this contemporary trend in tourism industry. Marketing for tourism must comply with certain laws of truth, ethics, morals, strategies and guidelines. Role of Media in influencing ethical and social marketing The media industry is an important stakeholder in published or broadcast specialization to deliver content and information either in a direct way or an indirect form. The role of media is exemplary in shaping the consumers attitude towards the organization which is complying by the ethical and social standards of marketing. Media plays a role in software companies to maintain ethical environment within the organization. Media plays a major role in providing bulk of information in both the ways i.e. incoming to the organization and outgoing from the organization. Blogs, brochures, newsfeed, reviews, feedback, newspapers, internet, television, radio and many such mediums disseminate information and allows the software companies to periodically monitor their code of ethics and implement those within the organizational culture. Media is the catalyst to shape the opinion of the company (Christians, 1987) and its consumers towards adoption of ethical practices concerned with marketing scen ario. Broadcast media acts as an asset in marketing mix as it is an integral part of advertisement for the software companies to reach a broader mass in remote regions and ensure the consumers that the company do follow ethical standards as set by the government. Media is fundamentally revolutionizing the nature of ethics in a way of socializing and highlighting the important internal facts of the software business. Social marketing policies are also modulated by broadcast media as published and broadcast media cannot be completely ignored as a major form of communication because it reaches more audience than conventional new media. References 1. Rowley, J. 2004, Partnering paradigms? Knowledge management and relationship marketing,Industrial Management Data Systems, 104, no. 2, pp. 149-157. 2. Arnett, D. B., Badrinarayanan, V. 2005, Enhancing Customer-NeedsDriven CRM Strategies: Core Selling Teams, Knowledge Management Competence, and Relationship Marketing Competence,Journal of Personal Selling Sales Management, 25, no. 4, pp. 329-343. 3. Jayachandran, S., Sharma, S., Kaufman, P., Raman, P. 2005, The role of relational information processes and technology use in customer relationship management,Journal of Marketing, 69, no. 4, pp. 177-192. 4. Cuthbertson, R., Laine, A. 2004, The role of CRM within retail loyalty marketing,Journal of targeting, measurement and analysis for marketing, 12, no. 3, pp. 290-304. 5. Liu, H. Y. 2007, Development of a framework for customer relationship management (CRM) in the banking industry,International Journal of Management, 24, no. 1, pp. 15. 6. Drucker, P. F., Drucker, P. F. 1995,Managing the non-profit organization: Practices and principles, Taylor Francis. 7. Kirkman, B. L., Rosen, B., Gibson, C. B., Tesluk, P. E., McPherson, S. O. 2002, Five challenges to virtual team success: Lessons from Sabre, Inc., The Academy of Management Executive, 16, no. 3, pp. 67-79. 8. Jeong, M., Oh, H. 1998, Quality function deployment: An extended framework for service quality and customer satisfaction in the hospitality industry, International Journal of Hospitality Management, 17, no. 4, pp. 375-390. 9. Yoo, B., Donthu, N., Lee, S. 2000, An examination of selected marketing mix elements and brand equity, Journal of the academy of marketing science, vol. 28, no. 2, pp. 195-211. 10. Victorino, L., Verma, R., Plaschka, G., Dev, C. 2005, Service innovation and customer choices in the hospitality industry,Managing Service Quality: An International Journal, 15, no. 6, pp. 555-576. 11. Nguyen, N., LeBlanc, G. 1998, The mediating role of corporate image on customers' retention decisions: an investigation in financial services, International Journal of Bank Marketing, 16, no. 2, pp. 52-65. 12. Robin, D. P., Reidenbach, R. E. 1987, Social responsibility, ethics, and marketing strategy: closing the gap between concept and application,The Journal of Marketing, pp. 44-58. 13. Leisinger, K. M. 2005, The corporate social responsibility of the pharmaceutical industry: idealism without illusion and realism without resignation,Business Ethics Quarterly, pp. 577-594. 14. Christians, C. G., Fackler, M., ROTZOLL, K. 1987,Media ethics, New York.

The Gamestop Corporation Pestle Analysis - Complete Solution

Question: Describe about the Pestle Analysis of the Gamestop Corporation? Answer: Executive Summary In this research, the researcher has extracted various frameworks that make a contextual analysis on GameStop Corporation. The ideas will frame an everlasting network that will progress various concepts in making a global territory on GameStop Corporation. Here, the researcher will vary major goals that would access marketing objectives on Game stores hub. The researcher has also varied with PESTEL analysis in making a clear idea through political, economic, social, technological, environmental and legal factors that would access the marketing objectives clearly. Hence, the concept would be determined in making the objective evident to increase trade value through a network topology on relative gaming sections. Are You Daunted by the Thought of Due Assignments? Avail Our Services and Receive Assignment Help from Experts. Introduction Gaming in todays world is just a beginning where the virtual image is seen to be real. In this research, the researcher has taken GameStop-Power to Players to relate its objectives and backgrounds through PESTEL analysis. The researcher has taken unique ideas to relate the research of GameStop to a new platform (Botzakis, 2011). Here, the game providers are provided with Shop Play Station, Gaming Accessories, Shop Xbox One, and others. The company has its prime sources all over the country, and its Corporate Office is located at the USA. The new locators come to this GameStop hub to enjoy gaming to a new level. The ideas on Gaming have gone some way to a higher level, where the virtual image is seen to be real now. People experience gaming at their home, Play stations, mobile devices, and other areas where they find relevant but the most appropriate area to find gaming is in places like GameStop (Chinomona and Sandada, 2013). To analyze the research further, the researcher will demonstrate PESTEL analysis in providing a justification to review its factors that correlate the impact on GameStop. The ideas will sustain through a partial framework to motivate new complexion of research with the help of marketing objectives that how Gaming has influenced the customers with a definite position in this modern world (Chris Adalikwu, 2012). Hence, this will review to make the Gaming Zone a network where people can feel their hands liking driving a car, flying abroad, hunting and others. Background of the GameStop GameStop Corporation is a video game unit on America, has wireless service user faculty and electronics retailer. The headquarters of the company is located at Grapevine, Texas. The company has its retail store located on GameStop, Micromania, EB game brands. The founder of the company is James McCurrey and Gary M.Kusin and was founded in the year 1984. GameStop is mainly divided into two operating areas that are Video Game Brands and Technology Brands (Dr.Vanitha, 2012). The Technology Brands segment included around 218 retail outlets. This made the business concrete, and the pre-owned video games account around 47% of GameStop revenue at the end of 2014. However, during 2005 GameStop acquired revenue of USD1.44, which expanded its territories over Europe, Canada, New Zealand and Australia (Eisenack and Reckien, 2013). GameStop brings a definite level in this modern world where people experience newer ideas under various platforms. People get their fantasy to play with their favorite heroes. The popular games played on PSP, Xbox, and PlayStation is played over the multiplayer users through advanced level. New gaming hubs are created all over the places over the world. This has influenced ideas to make the competition to a higher level because technology has reached somewhere beyond the touch of a human (Ellington, 2012). There are other brands in GameStop hub, which owned a magazine for the company for subscriptions packages at leading GameStop locations. This is however increased the Credit trade values around 10% on all accessories and game coupons. GameStop also came through the critics that discovered customers in removing new packages from the original one. Failure comes to every Company, but a company with larger dreams can be the one and only, and so has the GameStop one of the popular gamin g hub around the World (Geyer, 2011). PESTEL analysis PESTLE analysis is called sometimes as PEST analysis. It is a concept referred on the marketing objectives and policies that determine various impact and policies of the company. To make the research eventful, the researcher has taken this concept in determining how GameStop will add to planning resources (Yksel, 2012). This will also make the environment subjective in operating planning of latest products and services on GameStop. PESTEL analysis stands for its relative positions where: P for Political area E for Economic area S for Social area T for Technological area E for Environment area L for legal area There may be relative questions associated in framing the whole environment to a definite level. Angles have been created in tracking the plan that would contemplate a new idea in this research. This idea will frame through the marketing convention that makes an ethical dilemma in this research (Yksel, 2012). On conducting the framework, the research would view certain questions that how political situation of the country will affect GameStop? What will be the prevalent economic factors? How technological innovations have led to the marketing structure? The answers of these questions will be under the image of business that how GameStop is attracting more customers through the lead process of innovation and technology. In order to access the economic position, GameStop forms the major backbone of strategic management in defining the company through organizational goals and objectives (Miller and Washington, 2013). Thus, it is important to conduct a PESTLE analysis that will be impera tive to gain companys advantage under the comprehensive version of SWOT analysis. Political factors: In the contemporary world, it is seen that Politics plays a very important role in expanding business territories. This would be under a balanced environment on free markets and system control. Here, the global economies succeed from the domestic economies that are under opportunity and threat to expand on new regions (Meadows, 2013). It applies for major firms that identify optimal resources for production and sales. To make GameStop politic, the major factors are through: Tax policies Governments stability Entry mode of the regulations made Social policies like social welfare, religion, caste Trade regulations that include EU AND NAFTA Economic factors: This factor measures the health of economic regions mainly. The economic state has the tendency to change a lot from the firms lifetime. In comparing the current levels of increase in prices, economical growth, international trades and unemployment, GameStop will judge a better prospect in carrying out a strategic plan (Maricic, et al. 2012). The examples related to this economic plan are as follows: Disposable incomes of most buyer Credit accessibilities Unemployment rate Inflation Interest rate Social factors: This factor assessess on the mentalities of the individual or the consumers that are driven into the market on GameStop. Hence, these may be called as demographic factors. The social indicators include on the exchange rate, inflation, and GDP that are critical on management resources (Marfels, 2011). The factors that help in economy might lead to certain changes that primarily focus on: Population demographics that includes aging in population Change in lifestyle and trends Educational level Distribution of wealth Technological factors: This step recognizes the availability of potential resources that are considered good to be eminent in GameStop Corporation. Here, the technological advancements optimize the internal efficiency that helps various products and services, which become obsolete (Luther, 2011). Hence, the role of business is increasing frequently over the years. Thus, the trend will continue to drive innovations of research and development towards newer dimensions. The evolving technology of GameStop has optimized internal efficiency on a greater scale where management finds deliberate position to adapt it through good strategy. This would be under the strategic change related to threats and opportunities. The common examples are: Innovations and discoveries Rate of technology and its advancement Rate of technology and planning policies Newer technological platforms like VHS and DVD Environmental factors: In this segment, both the consumers and governments are penalized for the firms that have an adverse effect on the environment (Keller and Thackeray, 2011). The gaming area would find a polluting environment as the government puts huge fines on this. The reason is that companies are rewarded for a positive impact on their environment. Hence, the consumer would be willing to switch brands if the business would find an ignorable environment. However, the impact on the environment would raise a major concern on GameStop as the environment would benefit the company evenly (Huntemann and Aslinger, 2013). The common examples include: Waste disposal of certain laws Environmental protection law Regulation on energy consumptions Popular attitudes on environments Legal factors: This step would involve learning on certain laws and regulations in a specific region. Since, this is the last factor in this analysis this would overview the startup links associated on the political framework. There are many legal issues which, affect the company but do not act responsibly (Guarino, 2012). This is due to the legal pitfalls that have the confidentiality in meeting these regulations on GameStop. The common factors include: Employment regulations Competitive regulations Product regulations Patent infringements Health and safety regulations made Thus, it is common to conduct PESTEL analysis in taking any decisions that GameStop Corporation would implement in this research (Botzakis, 2011). The research would however conduct a hypothesis that influences major objectives undertaken on GameStop to address major features. This may be one-to-one process, competitive change on consequences, etc. To analyze the macro-environment, the framework of GameStop should have a strategic change on its competitive development (Chris Adalikwu, 2012). Hence, these would plan to strategize various changes for the company in taking major particular decisions. Justifications made on the decisions of GameStop The decisions made on the effective campaign will relate objectives to study major features associated in developing a plan. This plan will help to demonstrate GameStop accessibly to retain the market share and profitability on decision-making process (Guarino, 2012). However, with the help of marketing objectives GameStop Corporation will create new concepts on vision and demand. In justifying the concepts regarding the factors of GameStop, the following objectives are demonstrated as follows: Creation of demand: The marketing objective will help to create a specific demand in attempting a contrast change in consumers preference. The devices and services that are maintained on GameStop Corporation would enhance customer satisfaction in making the demand on increased rate. However, this would be a customer-oriented method (Huntemann and Aslinger, 2013). Market Share: Here, the business section brings an increasing change in the market with the total sales in economy. GameStop Corporation brings a major change that would help to increase the market to a good extent due to its technology and the advertising procedure. It also has an innovative change on its promotional activities (Luther, 2011). Customer satisfaction: In this method, the marketing managers make most of its demand in offering devices and services for selling purpose (Shilei and Yong, 2009). This helps GameStop Corporation to make the modern market in dealing with customers effectively through a customer-oriented strategy. Generation of profits: This is one of the most important objectives in this topic evolved. To generate revenue, the marketing department would hold good image in increasing huge profits on GameStop Corporation (Plunkett, 2011). However, the change will secure huge profits in surviving in market comfortably. Creation of Good will and Public image: The marketing departments will generate huge profits that will sustain good image on GameStop Corporation (Thomas, 2013). This will also help to generate large amount of revenue terms that monitor to increase profits on the quality, maintenance and service with reasonable prices. Conclusion In this topic, the researcher has concluded various positions that make the research evident in increasing profits and revenue on business promotions. This would enhance comprehensive ideas to justify how GameStop Corporation leads to good justification in making decision and objectives of the solution. The ideal factor in this topic would sustain mean position that have a contemporary environment on service quality and increasing high production on relative game hubs. The researcher has made a clear territory through PESTEL analysis to demonstrate how political, economic, social, technological, environmental and legal factors relate stability in marketing position. This would also attract the target audience that comes from different areas in GameStop to enjoy gaming. Hence, this concludes an evident position that justifies gaming stores has modified the global impact of this new generation to a newer level. This has instanced with new resources and technologies that has advanced a greater framework on GameStop- Power to Players. Reference List: Botzakis, S. (2011). Entertainment and gaming. Chicago, Ill.: Raintree. 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