1. Assignment 1
Based on your readings and your personal experiences, prepare a 2 page summary (750 words maximum) of your understanding of the role of project management in today’s business environment.
Guidelines for assignment 1: Consider your workplace; are you involved in projects. If so, what is your assessment of how well they are selected, managed, resourced, appraised, and closed? If you are not involved in projects, can you talk to someone who is? Even if project management does not exist in your workplace, is there scope to introduce it? If not, why not? What elements of project management could you introduce into your own daily tasks at work?
Marks given for;
• Identifying real or potential project activities in your workplace and describing them from your viewpoint
• Your opinions on how well project management is handled in your workplace
• Applying some of the text book theory to what is observed in the workplace as a way of identifying gaps or opportunities in current work practices
SAMPLE ANSWER
Introduction
McDonald’s is one of the world’s largest multinational companies that trades in hamburgers fast food chains mostly based in the US. McDonald has over 35,000 branches in over 119 countries. The company was founded in 1940 and it has its head office in Oak Brook, Illinois in the US. McDonald’s realised a total revenue turnover of US $28.1057 billion in the year 2013.
The major opportunities that are available to McDonald include the large US market and the international market. The company’s customers are very loyal, its management strategic plans and marketing abilities are exceptionally well organized and also efficiently managed. This paper examines the weaknesses and the strengths of McDonalds plus its threats together with the opportunities and risks that the company may face.
External Factors Analysis
McDonald has experienced a rapid growth in its business processes probably due to its efficient marketing abilities and huge financial resources. The company employs over 1.9 million employees and its total assets in the year 2013 amounted to $36.6263 billion. The company has also diversified its products to also include soft drinks, French fries, chicken, milkshakes, fruits and salads. McDonald’s ability to expand to other international markets due to removal of trade barriers has increased the company’s chances of expansion.
Internal Factors Analysis
The major threats facing McDonald are the rival companies from the Asian market whose prices are lower than McDonald’s. The political instability that exists in foreign markets poses increased risks to the company’s profitability.
Opportunities
Threats
Making use of accessible technology
Political instability
Huge market
change in govt policies
Rapid growth in segmented market
Economic threats
Potential to diversify
Competition
R & D development of standard products
Change in tastes & needs
Strengths
Weaknesses
Cost efficiency
High costs of maintenance
The effective VAS system
Competitive pricing
Skilled human capital
High effort for the VAS system
Accessible infrastructure
High costs for technology dev
Loyal brands
High expansion costs
The fear of new entrants of competitors in the market increases the risks that McDonald is exposed to. Economic crisis and change of government policies may also affect the profitability of the company.
The major weaknesses of McDonald are the large costs that are associated with the maintenance of the huge network of franchised companies, the maintenance of technological and support costs. The integration of the VAS system and the high costs required to compete effectively with Asian rivals.
Strategy Formulation
To compete effectively with the Asian rivals in the market, McDonald’s should target and implement growth strategies that would improve its performance including sales and business expansion strategies. The products of the company have to be fully differentiated and branded to strengthen its position in the market by utilizing the most effective marketing strategies that would make the company have a strong presence in the market (Kotler, Keller, Brady, Goodman & Hansen, 2012). Positioning involves persuasion and influence of customer decision through the use of objective and clear promotional strategies that would develop and expand the company’s primary demand in existing and emerging markets (Blythe, 2008). The market should be segmented by defining the needs of the customers in the market and profiling the different needs of the segmented market. Media communication strategies should entail the use of optimized integrated communication systems (Smith & Taylor, 2004). This may include the use of bill boards and other aggressive promotional strategies that would help penetrate the segmented markets.
Sales execution strategies may also exploit the optimized personal promotion strategies to expand and develop sales initiatives in other markets that are still emerging and also to strengthen its hold on existing markets to prevent the entry of competitors in the market.
Implementation
After the new marketing strategies have been implemented in the market, their effects have to be analyzed. The strategies have to be evaluated and their success weighed against an effective feedback system that analyses the performance of the marketing strategies against the targeted goals.
References
Blythe, J. (2008) Essentials of Marketing, 4th Edition, Essex; Pearson Education Limited
Kotler, P., Keller, K. L., Brady, M., Goodman, M. & Hansen, T. (2012) Marketing Management, 2 Ed. Essex: Pearson Education Limited.
Smith, P.R. & Taylor, J. (2004) Marketing communications, an integrated approach, 4th edition. London: Kogan Page Limited.
We can write this or a similar paper for you! Simply fill the order form!
This assignment is designed to allow you to demonstrate some key required knowledge areas: data analysis and matching techniques, legal and ethical requirements relating to the advertising industry, organisational products and services offered.
You are asked to research, analyse and prepare a word document/report, including in-text citation and links, referencing and bibliography. Grammar, spelling and punctuation will also be assessed.
You will need to access a number of websites including:
www.adstandards.com.au and www.aana.com.au together with any websites relevant to your chosen product/advertising campaign.
Remember to create a bibliographic list of any/all websites visited.
ASSIGNMENT NO 1
Summary: This assignment is designed to allow you to demonstrate some key required knowledge areas: data analysis and matching techniques, legal and ethical requirements relating to the advertising industry, organisational products and services offered.
You are asked to research, analyse and prepare a word document/report, including in-text citation and links, referencing and bibliography. Grammar, spelling and punctuation will also be assessed.
You will need to access a number of websites including:
Remember to create a bibliographic list of any/all websites visited.
Task Questions – You need to answer these specific questions
Q1 Visit www.adstandards.com.au and select one complaint from their Complaints Case Studies section.
Describe and discuss the complaints and discuss the relevant product/brand – including product characteristics. (5 marks)
Q2 Describe the target audience/s to which the initial commercial or advertisement was directed.
Discuss and describe the target audience/s and their characteristics
You must discuss both presumed (who the ad was designed to reach) and actual target audiences reached by the campaign (those audiences that were also, inadvertently reached).
Your discussion must be forensic in detail and provide insights into the TA’s lifestyles, values, demographics and geographics. (5marks)
Q3 Describe and discuss media requirements Here, you need to talk about all the media vehicles/promotional tools used to promote the product, (both the commercial complained about and any additional media vehicles used by the advertiser), and match these to / with the target audiences presumed to watch/see those media vehicles.
You must also discuss any product market forces at the time of the complaint e.g. what sort of media environment existed at the time of the viewing/airing or what was happening in the wider community at the time the advertisements were aired that may have lead to the complaints. (4 marks)
Q4 Examine the complaint in terms of existing legal and voluntary constraints. (3marks)
Visit the AANA Code of Conduct website to compare the complaint against the guidelines established in the Code.
Do you agree with the complaint resolution? Why?
Grammar, spelling, punctuation, referencing, citations, and bibliography (3 marks)
TOTAL 20 MARKS
SAMPLE ANSWER
Advertising industry
Response to Q1: Complaints and relevant product brand
The complaint selected is Case Number 008/11 that involves Independent Distillers Aust (Pty Ltd) as the Advertiser. The Advertiser placed a billboard advertisement, which showed 3 young men advertising alcoholic beverages. One of these men was on a skateboard. The comments made by the complainant with regard to the advertisement were as follows: the boy who is on the skateboard seems to be below the age of 18 years. According to the complainant, the advertisement appears to be targeting underage drinking of alcohol by using the child who is skateboarding (Advertising Standards Bureau 2014). In addition, the billboard’s location is at a train station that 3 close by schools use. The complainant thinks that the advert is sending the wrong message to children and has to be taken away. The complainant added that the ad is depicting young men who seem less than 18 years old and therefore not of lawful drinking age. The ad seems to target teens so as to make them purchase the alcoholic beverage. Furthermore, the complainant stated that the Advertiser has a legal and ethical responsibility to not target kids (Advertising Standards Bureau 2014). The relevant product is an alcoholic beverage produced by Independent Distillers Aust (Pty Ltd). The complaint concerns billboard ads for Three Kings alcohol drinks: beer, cider, as well as vodka and ginger.
Response to Q2: Target audience for the initial commercial
The target audience whom the Advertiser presumed to reach include young men aged above 18. Nonetheless, the advertising campaign inadvertently reached other audiences including young persons under the age of 18. The Advertiser noted that the 3 main models in the ad are all aged more than 18 and that even though they seem young, they are in fact over eighteen years hence are of the legal age to consume alcoholic beverages. The target audience loves skateboarding, some of the kids are below 18 years of age while others are above, and they can be easily influenced by an advert to consume alcoholic drinks.
Response to Q3: Media requirements
To promote the product, the type of advertisement / media which the Advertiser used is billboard. Two of the billboard ads feature 3 male models and each of them holds a Three Kings bottle. The 3rd ad depicts one of the male models on a skateboard while the other 2 other male models are walking behind him (Advertising Standards Bureau 2014). The audience presumed to watch include school children since the billboard advert was positioned at a train station commonly used by 3 close by schools. According to the Advertising Standards Board, skateboarding appeals to persons who are under 18 as well as to those above 18. Even as the ad shows one of the male models skateboarding and is targeted at people aged above 18, it is really not the most appropriate choice of image to be selected for an alcoholic ad, particular since there are young kids who are seen in the image’s background. With regard to the product market forces at the time of the complaint, what was happening in the wider community that may have led to the complaints is the increasing rates of underage drinking. Consumption of alcoholic beverages by children and youngsters under the age of 18 was rising in Australia.
Response to Q4: The complaints in terms of existing legal and voluntary constraints
I agree with the complaint resolution. The ads are targeted at young men aged above 18. Even so, whilst the association of young adults, alcohol and skateboarding is really not desirable, this depiction is not at odds with the prevailing community standards around safety and health since alcoholic beverages can be consumed by persons above 18 years. Section 2.6 of the AANA Code of Ethics spells out that advertising should not portray material that is against the prevailing community standards on safety and health (Australian Association of National Advertisers 2015). The advert by Independent Distillers Aust (Pty Ltd) did not portray material at odds with the prevailing community standards on safety and health and was not in violation of section 2.6 of the Advertiser Code of Ethics.
Social Issues of Marketing Consuming Kids Documentary Why? What must be done about it, if anything? Use examples and a detailed argument.
All information must be properly cited in APA format. The paper will include information from:
Social Issues of Marketing Consuming Kids Documentary
1) The Film ? Consuming Kids? must be used. It is viewable online: https://www.youtube.com/watch?v=uFtFMZ7U8DY
The course text must be used as a source. You may use any number of chapters you would like.
2) AT LEAST two peer-reviewed, academic journal articles must be used as a source (from UOIT library website). To find this, go to
http://www.uoit.ca/sites/library/, click on the?Articles? tab, search, download the article/articles that best suit your paper.
3) You MAY use government websites, news, or magazine articles only if the information used is not already available in peer-reviewed journals.
4) NOTE: Lecture notes are NOT acceptable as a source.
Mandatory Guidelines:
1) Style: Maybe written in either first or third person depending on the student?s preference
2) Title Page: Must contain a title, professor?s name, date, and course code.
3) Page Numbering: All pages must be numbered EXCEPT the title page? the page with your intro paragraph will be page #1. (in Word, start page numbering at 0
and suppress page numbers on the title page to do this). Numbers may appear anywhere on pages as students desires.
4) Intro Paragraph: Must have an introductory paragraph which contains the following elements, in ANY ODER that you feel comfortable with:
a. The sell: A sentence or two that convinces the reader that the paper is addressing an important topic (i.e. make the reader care about your paper).
Example: ?poverty rates, as a baker (2015) has shown, are rising dramatically in Canada, it is important, then, to explore the causes of poverty in this
country.?
b. Topic Statement: A statement about WHAT your paper will explore: Example:?This paper will explore the causes of poverty in Canada?.
c. Theses Statement: A strong stance that you will be arguing with regards to the topic? often contains the word?THAT.? Example:?I will argue THAT poverty
in Canada is caused by a lack of opportunity available to those with lower incomes? (Yes, you will be giving away the ending of your paper here).
d. An Outline: A very brief (one or two sentence) explanation of the form that your argument will take in the paper. Example: ?In the first part of the
paper, current thinking about [the topic] will be explained; this will be followed by a critical reflection on the issue?.
e. IMPORTANT: Be concise. A good introductory paragraph should be between? and ? of a double-spaced page and must NEVER exceed one page in length.
5) Body Paragraphs: A paper this size should contain 4-8 body paragraphs that are approximate? to ? of a page in length. If you are writing a paragraph
that exceeds one page, you should break it down into two separate paragraphs.
6) Topic Sentences: Each body paragraph should have a clear topic sentence (usually the first sentence) that relates directly to every other sentence in the
paragraph. It is like either a thesis or topic statement for just that paragraph. It may not have to be cited if it is just your indication of the content of
the paragraph to follow.
7) APA In-Text Citation: Cite properly, according to APA guidelines ALL INFORMATION YOU WERE NOT BORN KNOWING. You must cite information whether is in your
own words or is a direct quotation. Examples of APA in-text Citation are here: http://bcs.bedfordstmartins.com/resdoc5e/RES5e_ch09_s1-0001.html
Everything must be cited except:
a. Your topic sentence: Since this is just a statement of what you want to explore. You also may not need to cite topic sentences of each paragraph if they
are just your indication of the content of the paragraph to follow (you will have to use your common sense to decide when a topic sentence needs a citation
and when it doesn’t).
b. Your thesis sentence: Since this is by definition YOUR FINDING after critically considering all the information.
c. Your Conclusion: The concluding paragraph should be a summary of your entire paper and especially your findings. NO NEW INFORMATION should appear.
Therefore there should be no need to cite anything. It is your own very concise summation of the issue.
8) Conclusion: All papers should have a short concluding/summary paragraph in which you (in any order you like):
a. Re-state your thesis
b. Summarize the main arguments
c. This should be little more than a summary of the information and findings that you have already presented. Somebody should be able to read it without reading
the rest of the paper, and know the main points you made.
d. Keep it very short? including only the most important information.
9) List of References: All papers must contain a proper APA-format list of References. Examples of a proper APA reference list are Here:
http://bcs.bedfordstmartins.com/resdoc5e/RES5e_ch09_s1-0002.html
10) Overall Outline: Given the information above, the paper should roughly follow this outline (the number of paragraphs for the body sections are up to the
discretion of the student):
a. Title page
b. Introductory paragraph
c. 4-8 body paragraphs
d. Concluding/summary paragraph
The students are expected to display understanding of consumer attitudes and the importance of considering consumer attitudes when designing retail marketing strategies. They should critically evaluate and apply the best model for examining consumer attitudes and discuss the implications of this knowledge for retailers. Students are asked to conduct a research project on consumer behaviour and retail strategy. Students are required to submit a report of 4,000 words for their project.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
We can write this or a similar paper for you! Simply fill the order form!
Read the Global Marketing case study critically to answer the questions asked..!!
Research, critically analyse, discuss and synthesize the dynamics and key aspects of the international business environment and their affect on marketing
performance.
We can write this or a similar paper for you! Simply fill the order form!
•What are the benefits of Just In Time Techniques?
•What types of organisations use JIT techniques?
•Should things change if they are running smoothly?
In an approximately 850-word response, address the following issues/questions:
‘Things that are running smoothly should not be subject to any control. If you commit yourself to just finding and fixing problems, you’ll be able to carry out effective control (within an organisation) with fewer personnel’ (Minoura, 2003).
Discuss what the above statement means and whether you agree with it.
Describe how an organisation that you have experience of, or have researched, has benefitted from just-in-time (JIT) techniques and with special reference to inventory control. Also discuss whether the potential benefits—and drawbacks—of such JIT techniques are limited to large manufacturing businesses or whether they have wider applications for other organisations.
Base your answer on research, your readings and your own experiences.
Please cite all references.
1) The answer must raise appropriate critical questions.
2)Do include all your references, as per the Harvard Referencing System,
3)Please don’t use Wikipedia web site.
4)I need examples from peer reviewed articles or researches.
5) Turnitin.com copy percentage must be 10% or less.
Appreciate each single moment you spend in writing my paper
Best regards
SAMPLE ANSWER
MFR.COLL.W7
Different organizations use different control systems to ensure efficiency and positive performance. A just-In-Time technique is one of the inventory and production control systems that entities employ to ensure efficiency and to meet customer needs. The technique ensures that materials purchased produce units required to meet customers’ demands. The paper therefore deliberates on various aspects in references to JIT techniques.
In concur with the Minoura (2003) quote (as indicated in the question). This statement means that when operations and systems do not encounter any problem, then no control is needed. Effective control is achievable if an organization concentrates on finding the problems and addressing them immediately. This will also require less number of workers in such an organization. Therefore, the reason I do agree with the statement is that most organizations that have invested in an effective inventory control system tend to experience challenges in their operations. Furthermore, an organisation that has put in place sufficient measures to identify and fix problems immediately will not encounter many challenges and vice versa. The reason most organisations fail to operate smoothly is they lack appropriate tools to identify problems and to address the same in a short period. Such organizations, as well require few personnel since systems run smoothly.
Many organizations have adopted JIT techniques and have accrued benefits from the same (Bortolotti, Danese & Romano (2013). One such organization that has adopted JIT for the longest time in its production more so in inventory control is the Toyota Company (Bortolotti, Danese & Romano (2013). The company manufactures automobiles. It has a large market share across many countries. Using this technique has enabled the company to make vehicles ordered quickly and in an efficient way. The company delivers vehicles to its customers as quickly as possible because of utility of JIT (Bortolotti, Danese & Romano (2013). The company produces vehicles and their components required by the next process and this ensures flow in its production process. Since production in Toyota is highly repetitive, JIT technique has contributed to improvement in its operational performance. The company achieves high volume production with fewer inventories at the right time as a way to eliminate wastes and ensure continuous improvement (Sandanayake & Oduoza, 2009). Furthermore, the company has minimized its warehouse costs since it has reduced the number of warehouses they maintain. The carrying costs as well reduce because it reduces inventory that the company keeps.
The company as well has recorded improvement in their supply chain management, making it become more efficient and competitive. An efficient supply chain lowers manufacturing process costs that the company passes to the customers. The products they sell are more affordable and this has made it gain a larger market share making it stay ahead of its competitors. The company has also a greater control level over the entire manufacturing processes, and this has enabled it serve its customers well (Chan, Yin & Chan, 2010). Through JIT, the company responds quickly to change in customers’ needs. This as well helps the company to cut on wastes in an event some of the units produced are defective.
According to Bortolotti, Danese & Romano (2013), JIT is not appropriate in non-repetitive context because of the high level of product customisation and demand variability. Further, the company production line can easily come to a halt in case of unexpected disruptions such as unavailability of essential parts. This can negatively affect the profitability of the company. JIT is also associated with various constraints that vary across manufacturing contexts. These constraints include inaccuracies of information that forecasts demand, capacity of the vendor to deliver certain products as well as their commitments, sudden design changes on parts, frequent/constant changes in production scheduling among many others (Nadarajan, Chandren & Mohamed Elias, 2013).
It is also important to note that drawbacks and benefits of JIT techniques cuts across other larger industries dealing in other products and services. Most manufacturing companies that deal in repetitive productions stands a better change to benefit from JIT techniques. Such organisations include companies such as Toyota, Dell, IBM, and even service industries such as McDonald. Those manufacturing companies in non-repetitive context experience demand variability and higher product customizations hence not recommended to adopt JIT. Manufacturing companies such as Toyota has benefited a lot from the technique. The company has managed to service larger markets with its vehicle brands because of the efficiency associated with JIT. Service industry such as McDonald has as well succeed and remained competitive in the market because of using JIT techniques.
JIT techniques have experienced continuous improvement over the years. Many manufacturing companies as well have adopted JIT techniques because of the benefits it accrues to such organisations such as eliminating wastes and enhancing operational performances. Major manufacturing companies have used JIT for long periods and have benefited greatly. They have managed to satisfy their customers, reduce waste, and gain a competitive edge over its competitors. JIT technique is therefore an effective and efficient inventory control system that can save companies lots of money and enable them gain competitive edge.
Reference List
Bortolotti, T, Danese, P, & Romano, P 2013, ‘Assessing the impact of just-in-time on operational performance at varying degrees of repetitiveness’, International Journal Of Production Research, 51, 4, pp. 1117-1130, Business Source Complete, EBSCOhost, viewed 9 July 2015.
Chan, H, Yin, S, & Chan, F 2010, ‘Implementing just-in-time philosophy to reverse logistics systems: a review’, International Journal Of Production Research, 48, 21, pp. 6293-6313, Business Source Complete, EBSCOhost, viewed 9 July 2015.
Nadarajan, S, Chandren, S, & Mohamed Elias, E 2013, ‘Hiccups in just–in–time practices for electrical & electronic manufacturing’, International Journal Of Academic Research, 5, 5, pp. 269-271, Academic Search Premier, EBSCOhost, viewed 9 July 2015
Sandanayake, Y, & Oduoza, C 2009, ‘Dynamic simulation for performance optimization in just- in-time-enabled manufacturing processes’, International Journal Of Advanced Manufacturing Technology, 42, 3/4, pp. 372-380, Academic Search Premier, EBSCOhost, viewed 9 July 2015.
We can write this or a similar paper for you! Simply fill the order form!
For this paper, the writer will have to read the two post and react to them in one paragraph each. The writer will expand and constructively challenge each of this postings using a minimum of one scholarly article to support his point. each posting respond must have a minimum of 250 words and APA must be use . The writer will respond directly on the uploaded paper with the respond coming directly under each posting as indicated. the references must be in APA format.
SAMPLE ANSWER
It is strongly recommended that the writer tie each response to each posting reacting to the post directly why offering more insight on the topic of the post below.
Market Efficiency Theory
The theory of market efficiency is based on the premise that a market is considered efficient when stock prices are an actual reflection of information known about a company. U.S. markets are generally viewed as semi-strong form market efficient.
What would happen if U.S. markets became less efficient?
What might lead to markets becoming less efficient?
How do markets in other countries compare to the U.S. in terms of efficiency?
For this paper, the writer will have to read the two post and react to them in one paragraph each. The writer will expand and constructively challenge each of this postings using a minimum of one scholarly article to support his point. each posting respond must have a minimum of 250 words and APA must be use . The writer will respond directly on the uploaded paper with the respond coming directly under each posting as indicated. the references must be in APA format.
Post 1
In a one paragraph each expand and constructively challenge each of this postings, using a scholarly article to support your point on each paragraph
Market efficiency theory states that investors have accurate information and use it correctly to make informed decisions about their investments (Markowitz, 2005). This evens the playing field for investors because each investor has the same amount of information to make informed decisions about their investment. It is an unrealistic expectation that all investors would have the same type of information. If that were the case, then there would not be investors that outperform the market like Warren Buffet. Even if all investors have accurate information some investors may interpret them differently. Some investors may interpret to mean that the company is in a healthy financial position while others may see the loop holes and not want to invest in that particular company.
If U.S markets became less efficient then there would be greater variability in the market. Less efficient means that different investors have different amounts of information. This would lead to bubbles in pricing and volatility in the market because investors would behave differently from one another because of the differences in their knowledge.
One major reason for a market to become less efficient is the behavioral patterns of investors. Some investors behave differently to others when they have information about a stock. Some investors are more risky than others and their buying or selling pattern will have an influence on the overall stock price. Another reason would be insider trading which is illegal but could happen. Investors may be privileged to information about a company before it is released to the public. If investors have financial information about earnings before the release date they may choose to buy or sell more of that particular stock. It would make the market inefficient because not everyone has this information so therefore everyone would not behave the same way.
The options market in India is considered to be priced efficiently according to Mohanti and Priyan (2014). They observed little or no difference in the price of stock using the Black Scholes formula compared to the actual price of the stock. Their findings suggest that the Indian market was efficient for the period 2008 to 2012.
References
Markowitz, H. M. (2005). Market efficiency: A theoretical distinction and so what?.Financial Analysts Journal, 61(5), 17-30.
Mohanti, D., &Priyan, P. K. (2014). An empirical test of market efficiency of Indian index options market using the Black–Scholes model and dynamic hedging strategy. Paradigm 18(2), 221-237. doi:10.1177/0971890714558709
Write a one paragraph hear to expand and constructively challenge the above postings, using a scholarly article to support your point.
The definition of market efficiency varies but it’s directly related to the information that the investors have and which is reflected on the prices of stock. Fama (1970) suggests that weak market efficiency is based on information on past prices while semi-strong efficiency is based on information on current prices. Strong efficiency is based on current prices and real time information. The US is considered as the most industrialized nation on earth and its largely because of its advanced communication and information systems. The information on all listed companies is available to all investors and the stock markets transactions are also available round the clock through on line networks. Hence the efficiency of the US stock markets cannot be matched globally. The huge investments that most multinational companies have made in the US must be related to the efficiency of the market. Capital markets that have lower transactional costs compared to the financial gains from the market provide more efficiency in the market as it draws more participants hence more investors. If the capital markets increased their transactional costs to be even with the market returns then all the gains in investments would be lost as most investors would find the market unprofitable hence sell out their shares. These actions would result in less participants and reduced amount of investments in the capital market. Inefficiency in the capital markets would mean reduced investments. Other causes of inefficiency like insider trading and behavioral patterns are can be tackled through the right channels (Markowitz, 2005). Insider trading in the US is illegal while behavioral patterns last only a few days or weeks after or before major company announcements. These actions provide self checking mechanism as share prices would rise if the public has high expectations on a company’s performance however the confidence wanes once reality sinks in that nothing new is forthcoming from company changes.
Markowitz, H. M. (2005). Market efficiency: A theoretical distinction and so what?.Financial Analysts Journal, 61(5), 17-30.
Post 2
What would happen if U.S. markets became less efficient?
Since the time of the Founding Fathers, U.S. leaders have believed in the concept of American exceptionalism, that the U.S. is a unique country with a special mission (Ross, Westerfield, & Jaffe, 2013). It is a notion that continues to this day. A debt crisis in Portugal could send ripples of uncertainty through world financial markets, and if a larger country like Spain fell into crisis, those ripples could prove mighty destabilizing. But U.S. debt runs the risk of crashing the entire operating system of the global economy. Here’s what I mean:
Not only is the U.S. the world’s largest economy by far but it also dominates the global monetary system. In many respects, the entire architecture of global finance is built upon the U.S. economy. Its capital markets are the most liquid. The dollar is the world’s No. 1 reserve currency and the primary one used in foreign exchange transactions and trade. Countries like China and Japan have their national wealth stored to a high degree in U.S. debt. When investors get nervous, they rush to U.S. dollar based assets, and especially U.S. debt. The perception has always been that the U.S. is the ultimate safe haven. Even as its financial condition sickens, that perception remains. Despite a dramatic increase in U.S. deficits and debt in recent years, the country has still been able to borrow at exceptionally low rates. In other words, the U.S. has benefited tremendously from its economic exceptionalism (Ross, Westerfield, & Jaffe, 2013).Now let’s see what would happen if that perception fundamentally changed. U.S. Treasury securities would be seen as riskier and would, therefore, become less attractive. Interest rates would rise in the U.S. as a result, not only making it harder for the government to finance budget deficits and debt, but also raising borrowing costs across the economy, slowing investment and consumption. The U.S. dollar would weaken, undermining the value of currency reserves around the world and speeding us along to the day when the dollar is no longer the world’s premier currency. All that would be destabilizing enough. It would likely mean slower growth in the world’s largest economy, deteriorating living standards for Americans and thus slower growth for the entire global economy (Ross, Westerfield, & Jaffe, 2013).
What might lead to markets becoming less efficient?
An immediate and direct implication of an efficient market is that no group of investors should be able to beat the market consistently using a common investment strategy. An efficient market would also carry very negative implications for many investment strategies and actions that are taken for granted. In an active market, equity research and valuation would be a costly task that provided no benefits. The odds of finding an undervalued stock should be random (50/50). At best, the benefits from information collection and equity research would cover the costs of doing the research. In an efficient market, a strategy of randomly diversifying across stocks or indexing to the market, carrying little or no information cost and minimal execution costs, would be superior to any other strategy that created larger information and execution costs. There would be no value added by portfolio managers and investment strategists. A policy of minimizing trading, i.e., creating a portfolio and not trading unless cash was needed, would be superior to a strategy that required frequent trading (Mohanti&Priyan, 2014).
How do markets in other countries compare to the U.S. in terms of efficiency?
The United States has recovered more quickly than other countries that don’t use the euro including Japan, New Zealand, Denmark and Britain. The performance is all the more remarkable considering that the financial crisis that sent much of the world into recession was set off by American homeowners defaulting on their mortgages, taking down a big chunk of the nation’s banking sector (Ross, Westerfield, & Jaffe, 2013).
The one crucial area in which the United States has performed worse than its peers is in jobs. Joblessness is at record highs in countries like Spain and Greece. But many European countries have done a much better job of protecting employment than the United States. In Austria, Germany and Belgium, the governments paid companies to put workers on short-time work rather than lay them off. Sweden also has a longstanding wage subsidy. Alongside stronger unions and stiffer employment regulations that make it tougher to fire workers, these countries managed to prevent soaring unemployment. Total employment in Britain, Germany, the Netherlands, Austria, France and even Italy has recovered more from the financial crisis than it has in the United States. Though the United States has grown faster than France (Van, 2011).
References
Mohanti, D., &Priyan, P. K. (2014). An empirical test of market efficiency of Indian index options market using the Black–Scholes model and dynamic hedging strategy. Paradigm 18(2), 221-237. doi:10.1177/0971890714558709
Ross, S. A., Westerfield, R. W., & Jaffe, J. (2013). Corporate Finance (10 ed.). New York: McGraw-Hill Irwin.
Write a one paragraph hear to expand and constructively challenge the above postings, using a scholarly article to support your point.
The US economy is driven by its competitive capital markets that literally support the livelihood and financial security of the American people (Ross, Westerfield, & Jaffe, 2013). The few cases that the US capital markets have been presumed to be inefficient have resulted in massive losses globally. The 2008 – 2009 global economic crises are closely related with the events that took place in the US following the collapse of the Lehman brothers and other financial institutions during that period. Inefficiencies in capital markets lead to losses both to investors and the companies (Fama, 1970). The prices of shares are associated with the events that are taking place at the capital markets and the information that the investors are receiving Negative information on the performance of a company is enough to send the share prices tumbling downwards.
The causes of inefficiencies in the capital market in the US may only be caused by interference by the government in the form of increased taxes that may decrease company profits resulting in decreased dividends and later reduced company share prices (Litzenberger & Ramaswamy, 1982). The other forms of inefficiency may occur as a result of insider trading where company officials may leak information to certain people who would take advantage in the market performance for companies that are introducing new products in the making or expanding operations in potential markets (Jegadeesh & Titman, 1993).
Compared to other countries the US has been a market setter. Its relatively more efficient capital markets are the largest globally and very successful. Emerging markets like China and Japan remotely compare to the US. The capital markets in the US are favorably placed because of the high GDP per capita in the US compared to China. More people are able to save and invest in the capital markets in the US compared to China, though the population of China is many times that of the US (Blanchard, 2011). But the US has to do more to protect its employment opportunities at home as most companies relocate to the Asian countries that have cheap labor.
Jegadeesh, N, & Titman, S.J.N. (1993). “Returns to Buying winners and selling losers: Implications for stock market efficiency”. Journal of Finance48 (1): 65–91.
Litzenberger, R.H. & Ramaswamy, K. (1982) The Effects of Dividends on Common Stock Prices or Information Effects? The Journal Of Finance, Vol.37, issue 2, pages 429-443, May 1982.- 10.111/j.1540-6261.1982.tb03565.x Retrieved 30 April 2012.
Ross, S. A., Westerfield, R. W., & Jaffe, J. (2013) Corporate Finance (10 ed.). New York: McGraw-Hill Irwin.
We can write this or a similar paper for you! Simply fill the order form!
Read the following case study.
Students, please view the “Submit a Clickable Rubric Assignment” in the Student Center.
Instructors, training on how to grade is within the Instructor Center.
A company wishes to improve its e-mail marketing process, as measured by an increase in the response rate to e-mail advertisements. The company has decided to study the process by evaluating all combinations of two (2) options of the
three (3) key factors: E-Mail Heading (Detailed, Generic); Email Open (No, Yes); and E-Mail Body (Text, HTML). Each of the combinations in the design was repeated on two (2) different occasions. The factors studied and the measured response
rates are summarized in the following table.
Table: Improving E-Mail Response Rate Run Heading Email Open Body Replicate Response Rate 1 Generic No Text 1 46 2
Detailed No Text 1 34 3 Generic Yes Text 1 56 4 Detailed Yes Text 1 68 5 Generic No HTML 1 25 6 Detailed No HTML 1 22 7
Generic Yes HTML 1 21 8 Detailed Yes HTML 1 19 1 Generic No Text 2 38 2 Detailed No Text 2 38 3 Generic Yes Text 2 59 4
Detailed Yes Text 2 80 5 Generic No HTML 2 27 6 Detailed No HTML 2 32 7 Generic Yes HTML 2 23 8 Detailed Yes HTML 2 33
Write a two to three (2-3) page paper in which you:
Use the data shown in the table to conduct a design of experiment (DOE) in order to test cause-and-effect relationships in business processes for the company.
Determine the graphical display tool (e.g., Interaction Effects Chart, Scatter Chart, etc.) that you would use to present the results of the DOE that you conducted in Question 1. Provide a rationale for your response.
Recommend the main actions that the company could take in order to increase the response rate of its e-mail advertising.
Provide a rationale for your response.
Propose one (1) overall strategy for developing a process model for this company that will increase the response rate of its e-mail advertising and obtain effective business process. Provide a rationale for your response.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
Build regression models for improving business processes.
Design experiments to test cause-and-effect relationships in business processes.
Use technology and information resources to research issues in business process improvement.
Write clearly and concisely about business process improvement using proper writing mechanics
Table: Improving E-Mail Response Rate
Run Heading Email Open Body Replicate Response Rate
1 Generic No Text 1 46
2 Detailed No Text 1 34
3 Generic Yes Text 1 56
4 Detailed Yes Text 1 68
5 Generic No HTML 1 25
6 Detailed No HTML 1 22
7 Generic Yes HTML 1 21
8 Detailed Yes HTML 1 19
1 Generic No Text 2 38
2 Detailed No Text 2 38
3 Generic Yes Text 2 59
4 Detailed Yes Text 2 80
5 Generic No HTML 2 27
6 Detailed No HTML 2 32
7 Generic Yes HTML 2 23
8 Detailed Yes HTML 2 33
SAMPLE ANSWER
Introduction
E-mail marketing process has continued to gain significant attention as one of the best, convenient and cost effective method of advertising through which targeted marketing can be carried out. As a result, e-mail marketing has over the recent past being adopted by both small and big companies an their preferred choice of marketing because of its potential to reach a wider customer base, carry out targeted marketing, and this has been facilitated by tremendous technological advancements witnessed over the last one decade.
An evaluation and rearrangement of the collected data about the three (3) key factors of e-mail advertisements considered in all two (2) combinations can be summarized in the table shown below:
Table 1: A summary of the e-mail marketing combinations
KEY FACTORS OF E-MAIL ADVERTISEMENT
Replicate 1
Email Heading
Email Open
Email Text
Generic
Detailed
No
Yes
Text
HTML
Response Rate
148
143
127
164
204
87
Replicate 2
Email Heading
Email Open
Email Text
Generic
Detailed
No
Yes
Text
HTML
Response Rate
147
183
135
195
215
115
Total
295
326
262
359
419
202
Based on the data presented in table 1 above a design of experiment (DOE) is conducted in order to test cause-and-effect relationships in business processes for the company. For instance, it can be succinctly determined that the response rate is the measure to the improvement of email advertisements. Hence, a cause-and-effect relationship model (simple linear regression model) shown below shall be used:
This implies that the response rate shall be determined by the key factors of the email advertisement whereby they can be considered all of them, but in this case the cause-and-effect relationship shall be conducted for a particular key factor of the email advertisement against response rate.
The graphical display tool to be used to present the results of the DOE conducted is a linear graph, and the linear graphs are presented for replicate 1, replicate 2 and the total of replicate 1 and 2. The rationale behind using the linear graph is that, apart from making sure that the data from the conducted study being presented visually, there is also a linear linkage of all the data points in the graph in order to succinctly show the specific performance of each key factor of email advertisement.
The linear graphs shown below are for each of the three cause-and-effect relationships considered in the design of experiment (DOE) which are conducted such as: replicate 1, replicate 2 and the total of replicate 1 and 2 are presented in the figure 1, figure 2 and figure 3 respectively.
Figure 1: Replicate 1 Response Rate
Figure 2: Replicate 2 Response Rate
Figure 3: Total Response Rate
From the critical evaluation of the data collected by the company concerning its email advertisement process, as a method of improving its marketing email response rate, it is evidently clear that there are two main actions that the company ought to implement swiftly in order to ensure that its e-mail advertising response rate is increased significantly. For instance, from the data summary table and the subsequent three linear graphs it is undoubtedly clear that the company needs to change its e-mail heading and body in order to make sure that the response rate is increased considerably. The rationale for this recommendation is due to the fact that, detailed e-mails (from e-mail heading) as well as text e-mails (from e-mail body) both got the highest levels of opening and eventually highest rates of response for both replicates.
Considering that the company adopted a simple linear regression model to determine the cause-and-effect relationships, this strategy could only compare a single key factor of e-mail advertisement to its respective response rate. However, adoption of a multiple linear regression model would be an overall strategy which could be highly appropriate for developing a process for the company because it has the potential to considerably increase the response rate of its e-mail advertising eventually leading to obtaining of effective business process. The rationale for this proposal is due to the fact that, the prediction outcome of the cause-and-effect relationship when more than one factor of email advertisement is considered is more effective than when only one factor is considered. For example, the design of experiment (DOE) conducted in order to test cause-and-effect relationships in business processes for the company indicate that the company has to adopt e-mail headings that are detailed as well as text e-mail body for increased levels of opening as well as increased rates of response. Hence, a multiple linear regression would help to simultaneously compare the effect of these factors to response rate rather than considering each of them individually. This is highly essential in making sure that the overall impact of e-mail advertising on basis of its specific key factors is evaluated at once.
Conclusion
In conclusion, it can be clearly observed that the design of experiment (DOE) can be conducted in order to test cause-and-effect relationships in business processes using appropriate models and graphical display tools. Also the company can implement various actions in order to ensure that the response rate is significantly increased.
References
Creswell, J.W. (2014). Research design: Qualitative and quantitative approaches, (3rd ed.). Thousand Oaks, California: Sage.
Sapsford, R. & Jupp, V. (2006). Data Collection and Analysis, (4th ed.). Thousand Oaks: Sage Publications Ltd.
Sauders, M., Philip, L. & Thornhill, A. (2007). Research Methods for Business Students. London: Pitman Publishing.
Here is the concept:
Content Marketing
• A strategy involving creating and publishing
content on Web sites and in social media to
attract customers and prospects.
• Companies are organizing themselves as media
publishers online.
• All owned media can be considered content
marketing.
Just prove why concept is king with 2 points and evidence. (in e-marketing)
SAMPLE ANSWER
Content marketing is a marketing approach strategy mainly focused in generating and distributing a quality and consistent content that will attract a huge consumer base and generate and maintain a high profit. This marketing strategy usually utilizes websites and social media platforms. The main purpose of this strategy is usually intended to changing or enhancing the behavior of the consumer so as it is compatible with the changing environment for example maintaining a high number of consumers despite the increase in competition. This strategy of content marketing has usually being hailed as being king in its field. (LIEB, 2012) Though there are numerous reasons why the strategy is referred to as being king, the following essay provides only two points supported with evidence.
Firstly, content marketing has greatly enabled branding of companies and the increasing of a company’s authority in a particular industry. This has been achieved through the massive selling of knowledge and expertise. This is not achieved through selling the products directly to the customer but rather through trying to convince the consumer through giving him/her the benefits of the product. For an effective content marketing strategy, the convincing power used must be very strong. This although comes with its challenge in that for it to be effective it should, the content must be shared a maximum amount of relevant times. The best way of ensuring that the content is shared at a maximum time is through the creating of traffic in the site. When a content creates traffic In a site users maybe guided to other relevant areas of the website meaning that the chances of users adequately exploring the content of the website is very high. The website should also be continuously and subsequently be updated with relevant content that is of high quality. An example of a company that has been able to utilize content marketing in such a manner is the Microsoft Company. (LEROUX MILLER, 2013) Microsoft which is a software company has become on of the most popular software brands in the world and over time it has become a leading authority in the software field and this is evidenced by the enormous amount of profit that it has been able to generate..
Secondly, content marketing has also helped in boosting the number of the customers and sales leads and this is achieved with a very minimum amount of budget. Nowadays due to the many unavoidable circumstances, most people usually prefer doing their business activities online and it has been shown that companies and organizations that have had an effective an efficient content marketing strategy have had a high number of customers and prospects. An example is the DollarShaveClub Company, a relatively small company, that was founded back in 2011 by a comedian by the name Michael Dubin and a businessman Mark Levine. The company sells quality razors for at a lesser price than the cost of brand razors but it receives a high number of customers. The company used a video on which it spent $4,500. This video had about 9.5 million views which later resulted in them having a massive fan base on social media platforms that is about 23,000 followers on twitter and 76,000 facebook fans. Within two days, the company had had 12.000 new customers. (JEFFERSON & TANTON, 2012)
In conclusion content marketing can be an effective strategy in both big marketing organizations and small businesses.
References
LIEB, R. (2012). Content marketing: think like a publisher –how to use content to market online and in social media. Indianapolis, Que.
JEFFERSON, S., & TANTON, S. (2012). valuable content marketing how to make quality content the key to your business success. London, Kogan Page.
LEROUX MILLER, K. (2013). Content marketing for nonprofits: a communications map for engaging your community, becoming a favorite cause, and raising more money. http://site.ebrary.com/id/10748731.
We can write this or a similar paper for you! Simply fill the order form!
Attached are the files needed. Please don’t hesitate to call if you need any other files. Subject is Electronic marketing.
SAMPLE ANSWER
Electronic marketing
Executive summary
The increasing development of information technology especially the internet and the World Wide Web has opened opportunities for the travel industry especially hospitality and tourism. ICT has completely reformed the role of every player in this industry especially in the value improvement process. Studies reveal that effective utilization of information technology is very vital in the hospitality and tourism industry since it enhances competitiveness and development. The technology enables the industry to create variations in their services as well as productions and expenses.
The fast revolution in business environment as a result of advancement in technology requires industries to develop relationships and cooperation and also be very creative ion the way they do their business especially marketing. Internet promotes speedy reforms in the operation, provision and structure of the travel industry. The structural changes in the travel industry entail enhanced and speed response to communication and delivery of needs within their area of specialisation. Consequently, business ought to choose the most appropriate e marketing strategy so as to realize maximum profits within their area of specialization.
e marketing has therefore especially through the web gives rise to new and very appropriate mode of creating awareness in the travel industry. The approach defines clearly the way marketers embrace marketing mix variables so as to deliver services and to reach to their client’s in a timely manner. The products of both hospitality and tourism are easily available on the internet since the process is fast and easily available to all the internet users. However, the travel industry is a very competitive and challenging industry. The clients in this industry are very selective and always choose where to put their money based on what they prefer.
The role of Electronic marketing in the travel industry
Advancement in the internet and how it is utilized has a direct impact on how e marketing operations are carried out. The changes have created new ways of creating awareness to the clients. Internet therefore reduces marketing costs and eliminates middle men in the marketing process (Anchi, Konishi, Lei,Petalas, Stiegler, and Sugiyama, 2003. 300).
E marketing has increased competition within the travel industry especially through the use of technology mediated channels. Travel industry has embraced technology through the creation of internal and external value besides creating technology convergent strategies. In order to achieve all this strategies, both hospitality and tourism industry have organized their resources within knowledge and cooperation. E marketing has in turn enhanced exchange of information and customization of products due to increased demand of internet economy (Rodríguez, 2003.45).
E marketing has influences how marketing mix operates to a larger extent. The technology has influenced every aspect of service delivery and all the crucial stages involved in the market mix. The technology has had a direct influence on product, price, promotion and destination of the various products. Consequently, this process has reflected on how the consumer desires to receive services which have become the main focus in e marketing (Bindiganavale, Vijayaraman and Gurdeep, 2002.23).
Product means Customer value; Price means Cost to the consumer; Promotion means Communication; and Place means Distribution, access or Convenience. E marketing has therefore changed the way people, process and design is handled in the travel industry. The new changes in the industry are very vital especially in relation to both hospitality and tourism industry.
Internet plays various roles in this field of hospitality and tourism in terms of marketing. Internet is a medium that enhances exchange of information hence provides so many forums for information exchange for marketing purposes. E marketing has the way both clients and travel industry transacts business (Kotler, 2003.57).
Internet has enhanced market research especially information concerning marketing. The stakeholders in this industry are able to understand and get the latest information on how to improve on their business. The new marketing trends in the market are easily accessed and embraced. The customers who are the main stakeholders in the travel industry are now enjoying the services being provided. This is because e marketing has enhanced marketing customer relationship through the implementation of marketing activities.
The marketers in the travel industry are now able to plan their activities strategically and also enhance their networks with their clients. All marketing institutions provide distribution and marketing services to their clients. E marketing has enhanced this through provision of a channel upon which so many products can be displayed at the same time. In some instances, e marketing creates connections for virtual business especially connections for small business (Porter, 2001.100).
E marketing has enhanced advertisement and public relations. There is a new channel upon which clients are able to receive information. In addition, the clients are able to receive information materials within a very short time. The development of the websites has enhanced accessibility of information by the clients without having to spend a lot of money and time.
Travel industry main objective is to ensure that customers are aware of the prices being offered. E marketing has enhanced and improved sales promotion and offering of prices. Internet has become the preferred mode of communication of prices and new products to clients. Companies are now able to own their own products due to the connectivity through the database. Furthermore, there has been enhanced ease of access and distribution of travel products. This has now become the preferred mode of distributing new products in the market (Turban et al., 2000).
Comparison of Tourism and Hospitality industries
Similarities
Both tourism and hospitality industry use Social media as a strategy to create awareness in the tourism industry. Social media are web based services which enhance online marketing. (Yang, Kim & Dhalwani, 2008. 34). Hospitality industries use online marketing to develop online communities. This has ensured that new business models are developed. Some of the new business models which have been developed in the hospitality industry as a result of social media include new product marketing channel (Chung & Buhalis, 2008.20; Ulusu, 2010.35; Yang et al., 2008.67). This has enhanced the relationship between the consumers and the business people through eliminating the challenges of both time and space (Bolotaeva & Cata, 2010.45; Sigala, 2003.70).
Electronic marketing in the hospitality industry through social media and community marketing has therefore enabled marketers to collect information concerning their current consumers and the potential consumers from their database. Business people are able to tell the consumer’s needs based on history of community utilization. The process also enhances direct feedback from the consumers concerning their needs (Sigala, 2003.32).
Hospitality industries have achieved high levels of ownership through the internet and e marketing. This is enabled through monitoring of every activity and evaluating all the needs of the consumers. The information gathered through the social media and community marketing is used to improve on the products being delivered or even create new products based on the client’s preferences. Social medias have therefore enhanced creation of awareness of the new products in the hospitality industry hence target the new clients (Chung & Buhalis, 2008.56).
Online communities are very useful since they enhance the relationship between the client and the marketers. This factor is further enhanced by the ability of the website to draw consumers to its site through creation of value hence trust (Zott, Amit, & Donlevey, 2000.90). The website ensures that internet users are able to interact with other users within the same community and with the hospitality industry (Sigala, 2003.100).
Tourism industry has embraced social media as a form of e marketing to a very large extent. The medium has had far reaching impacts in the tourism industry especially with how the business communicates to its clients. The platform is easily accessed by everyone through the internet. Tourism sector prefers this mode of communication since people are able to exchange information more easily (Admin, 2010). The channel has enhanced the rate at which tourism industries accesses customers and promotes its brands in an efficient manner.
Electronic marketing:
Hospitality and Tourism industry are composed of some known clients. Email marketing therefore entails creating awareness to such kind of clients through emails (Cho, 2010). Email marketing has become a very important sector in the hospitality and tourism industry. The approach has been received very well by both the marketers and the business people in the industry. The process is cheaper as compared to the traditional forms of communication hence it is able to reach to more audiences at the same time. The approach is used to send reminders to clients hence is very important in converting audience into quick action (Chaffey, 2003)
Differences in the application of Electronic marketing mix strategies between Hospitality and Tourism industry
Tourism
Hospitality
Online marketing in Destination marketing organizations
Tourism is an industry that relies largely on information. Due to this fact, internet has become the most efficient mode of accessing and distributing information this industry. Most of tourism industries around the world are now appreciating the use of internet in transacting their businesses. As mentioned before in this study, tourism is an information-intensive industry and Internet is the most effective and efficient tool in information exchange worldwide. Most tourism organizations are by now familiar with the Internet (Law, 2002b.34).
Tourism industry has therefore enabled tourism destinations and businesses to strengthen themselves in the current society. The environment is so competitive hence each and every player in the tourism sector has been forced to accept change.
The internet has is being used to provide information to the clients about their destinations. Even the smallest countries are now able to market themselves through the internet. Creation of awareness through the internet has therefore benefited all areas of marketing. Some of the fields within tourism industry that have been enhanced include market research and segmentation besides effective utilization of the market mix strategies (Liu, 2000).
Tourism has embraced e marketing in DOMs as a tool for making discoveries especially in the marketing strategies. This has been enhanced through utilization of online marketing and the use of social media to create awareness. Most people are now aware of tourism destinations through the social media platforms like facebook and twitter.
Destination brand
Destination is the country whose main aim is to attract visitors. Destination brand is therefore very significant when it comes to identification of this particular place by tourists.
(World Tourism Organization and European Travel Commission, 2010). The main aim of destination branding is to promote a given country positively. This has been enhanced through e marketing in the tourism industry. Tourism industry has embraced various marketing strategies to achieve this (Cai, 2002.34). One of the most reliable modes of creating awareness by the tourism industry through e marketing is communication accurately an authentic product to the consumer through the internet. The moment the visitors discover that this is not the case, they refuse to come back. Tourism has cleverly embraced e marketing by ensuring that the branding process is very accurate, the one to be remembered and also very useful to the clients (Kolb, 2006).
Branding of the destination through e marketing within the tourism industry has focused on making people value the destination of tourism. This is through audio visuals and communicating about the brand (World Tourism Organization and European Travel Commission, 2008).
Hospitality industry has embraced e marketing in a big way just like the tourism industry. The industry has been branded the name e travelling in the recent days. This is simply because all its transactions are done online. Some of the services transacted through online services in the hospitality industry include customer compliance and satisfaction, value addition for both travel businesses and the clients and privacy of the clients. The upcoming hospitality industries have embraced e marketing so as to remain competitive in the fast growing hospitality industry around the world.
E-Booking
E Booking has become the trend in the hospitality industry. Consumers prefer doing all their bookings online as compared to long to the traditional forms which were very expensive and time wasting. E marketing has ensured that online booking is made efficient. This has increased the rate at which clients do their bookings. Each and every hotel industry has now come up with bargain hunters whereby people are able to book hotels online without necessarily having to travel. This has been enabled through creation of websites by these companies. Travel agencies are mandated with the responsibility of offering these services in an efficient manner to the clients. Rooms are made available online hence clients can access them (Christian, 2001.12).
Search Engine Optimization (SEO)
Hospitality industries have embraced this technique so as to increase the website traffic. This is done through the use of the relevant key words which are displayed in the content of the company websites. (Cho, 2010). The search engines are primary, secondary or targeted search engine (Ledford, 2008).
Primary search engine is the main search process in the Hospitality sector. The engine avails most of the information about the company to the website. (Ledford, 2008). Secondary search engine on the other hand entails dealing with smaller information which targets smaller groups of people. The process is not very specific (Ledford, 2008). Targeted search engines in the tourism sector deals with specific topics within the e marketing (Ledford, 2008)
Theories to Explain Participation in Electronic marketing by travel industry
Economic theory
E marketing has an economic power due to its ability to enhance relationship between marketers and clients (Hagel & Armstrong, 1997.89). Due to the fact that clients who use internet to access services comprise of consumers who have interest in specific products, consumers will only purchase products from industries with which they have trust in. consumers therefore contribute to increased profits for any particular industry that deals in travelling services. Consumers are now able to access more information compared to before hence their ideas are very important in enhancing product development and advertisement. (Butler, 2001.78). According to research, economic theory clearly explains participation of both clients and industries in online activities (Gu & Jarvenpaa, 2003.29). According to Butler (2001.73), resource based model that entails perceived value is realized if the consumers hope to get more value from a service as compared to resources spent. The perceived benefits are therefore the information that is provided by others. Consumers sacrifice their time and money to receive these benefits from the travel industry. The moment the benefits gained go beyond the perceived value, then the clients increase in number hence profit to the industry. Similarly, according to Gu and Jarvenpaas (2003.12),consumers will only contribute to the industry if the perceived benefits exceed the costs and are sure of receiving more tangible benefits as compared to intangible as such, industries ought to focus on increasing the levels of benefits so as to gain more clients through e marketing (Barnett and Standing, 2001.34).
Social theories
Social theory involves reciprocal interaction between the clients and the industry. Individuals within this arena expect to receive some form of rewards. There are two forms of social theories thus the social exchange and the social identity. Despite the fact that participation in the process of marketing does not necessary lead to benefits to the clients, they only want to receive reciprocal interaction from the industries (Rayport and Jaworski, 2001.56).
Summary of findings and Conclusion
Summary of the Findings
E marketing leads to flexibility in the marketing structure. The success of any business therefore relies upon quick response to changes in technology within the industry so as to meet the needs of the clients. Information technology therefore has to be utilized so as to deliver the requirements of the clients. Use of the internet has enhanced interaction, efficiency and competitiveness with the tourism industry.
The new economy is changing the way distribution of products and customer behavior used to happen. The main concern of most tourism industries is how to change from the traditional way of doing business to a more advanced and acceptable form. It is undoubtedly clear that this concern has been addressed by the change in the internet hence e marketing (Soteriades, 2002.47; Siegel, 2003.56). It is very evident that only strategic marketing will be able to promote the travel industry through embracing the internet. Tourism has approached this aspect by appreciating the fact that internet offers every tool that is very relevant in every market and business.
Electronic marketing is not an activity that can be developed independently and implemented separately. The technology has to be taken as a new way of doing business that is there to serve the current and also future needs of the travel industry.
Conclusion
Hospitality industry and tourism industry have both embraced Electronic marketing as a form of doing business. The two industries converge at some point especially in the way they create awareness to their clients. In both industries, the main aim is to attract visitors from within and outside their destinations. However, the two companies differ to some degree in the way they utilize technology. Hospitality industry is concerned to a larger level with bookings whereas tourism industry is concerned with marketing their destinations. Tourism industry is therefore a key player in e marketing hence the largest consumer and user of e marketing technology. The services advertised by tourism industry thorough e marketing range from branding to marketing their destinations.
References
Anchi, K., Konishi, M., Lei, M., Petalas, N., Stiegler, M. and Sugiyama, N. (2003). The Impact of the Internet on the Travel Agency Industry. In Krannert on e-Business and Technology The Effect of the Internet and Technology on Business, Chapter 11, pp. 161- 173, available at http://digitalenterprise.org/rd.
Barnett, M. and Standing, C. (2001). Repositioning Travel Agencies on the Internet. Journal of Vacation Marketing, 7(2), 143-152.
Bindiganavale, S., Vijayaraman, P. and Gurdeep, B. (2002). A Framework for Determining Success Factors of an E-Commerce Initiative. Journal of Internet Commerce, 1(2), 63-75.
Buhalis, D. (2000) Tourism in an Era of Information Technology. In B. Faulkner, G. Moscardo and E. Laws (Eds.) Tourism in the Twenty-first Century: Lessons from Experience, London: Continuum.
Christian, R. (2001) Developing an Online Access Strategy: Issues Facing Small to Medium-sized Tourism and Hospitality Enterprises. Journal of Vacation Marketing, 7(2), 170-178.
Daniele, R. and Frew, A.J. (2004) From Intermediaries to Market makers: An Analysis of the Evolution of E-mediaries. ENTER Conference 2004, Cairo, January 26-28.
Demetriades, S. and Baltas, G. (2003) Electronic Commerce and Marketing. Athens, Rosili Publications.
Hanson, W. (2000) Principles of Internet Marketing. Cincinnati, Ohio, SouthWestern College Publishing.
Kleindl, B.A. (2001) StrategicElectronicMarketing. Cincinnati, Ohio, SouthWestern College Publishing.
Kotler, P. (2003) Marketing Management (11th edn). New York, Prentice-Hall.
Kotler, P. and Armstrong, G. (1999) Principles of Marketing (8th edn). New York, Prentice-Hall.
Law, R. (2001) Internet and Tourism-Part VI: Priceline.com – Exploring the “Name Your Own Price” Model. Journal of Travel & Tourism Marketing, 11(4), 97-102.
Law, R. (2002a) ‘Across the C’s: Commerce, Convergence, Communications and Change’, ENTER 2001, Montreal, Canada 2001. Journal of Travel & Tourism Marketing, 12(1), 97-101.
Law, R. (2002b) Internet and Tourism-Part VIII: Orbitz. Journal of Travel & Tourism Marketing, 12(2/3), 141-145.
Law, R. and Huang, T. (2003) Internet and Tourism-Part XII: ebookers. Journal of Travel & Tourism Marketing, 14(2), 105-109.
Law, R. and Leung, K. (2002) Online Airfare Reservation Services: A Study of Asian-based and North America-based Travel Web sites. Information Technology & Tourism, 5(1), 25-33.
Middleton, V.T.C. (2001) Marketing in Travel and Tourism (3rd edn). Oxford, Butterworth-Heinemann.
Morrison, A.M., Taylor, S., Morrison, A.J. and Morrison, A.D. (1999) Marketing Small Hotels on the World Wide Web. Information Technology & Tourism, 2, 97-113.
Osterwalder, A. and Pigneur, Y. (2002) An e-Business Model Ontology for Modeling e-Business, 15th Bled Electronic Commerce, Bled, Slovenia, June 17-19.
Porter, M. (2001) Strategy and the Internet. Harvard Business Review, 79(3), 62-78.
Rayport, J. F. and Jaworski, B. J. (2001) e-Commerce. Boston, McGraw-Hill.
Rodríguez, W. (2003) E-Business Method: A Cyclical-Model for Internet Commerce Development. Journal of Internet Commerce, 2(3), 87-98.
Sigala, M. (2004) Designing Experiential Web sites in Tourism and Hospitality: A Customer-Centric Value Approach. ENTER Conference 2004, Cairo, January 26 -28.
Siegel, C. (2003) Internet Marketing: Foundations and Applications. Boston, Houghton Mifflin Company.
We can write this or a similar paper for you! Simply fill the order form!