Project management Essay Example | Topics and Well Written Essays - 1500 words - 2

Project management - Essay Example That is the task of advertising. In order to expand sales and gain profit companies have use advertisement through various means of communication. This economic activity helps to spread the message across the target market for goods or services of the business. At the same time, though advertising can be said to be an element of public relations activities, advertising itself does not always mean public relations. The two concepts, though have much in common, contain many differences as well. Public Relations work for the improvement of company’s image, building public awareness about the company and its activities, as well as effective promotion of certain offers of the company or outstanding features of a product or service. So, public relations refers to â€Å"strategic communication that different types of organizations use for establishing and maintaining symbiotic relationships with relevant publics† (Sriramesh, 2009, p. xxxi). As for advertising, it is currently defined as a communication tool â€Å"directed towards specific target customers in order to carry the message regarding a particular product, service or ideas, meaningfully and persuasively with a view to achieve certain specific objectives such as, to establish brand loyalty, expansion of the existing markets, increased sales volume, etc.† (Kumar & Mittal, 2002, p. 2). ... The country has been admitted to the World Trade Organization (Walters & Samiee, 2003) and, therefore, became an attractive market for many multinational corporations. While the effect of media is suspect of influencing the relationships of different individuals, the targeting of commercial advertising and PR activities toward consumers and strategies employed in order to reach Chinese audience is the primary focus in this study. The fact that media outlets became so widespread in Chinese society serves as the impetus for studying in a more narrow scope the relationship between commercial advertising and PR, and the viewer/consumer in media commercial programming. In addition, the given work aims at analyzing techniques and strategies of advertising agencies used to influence Chinese consumers. Research questions Though Chinese market can be considered relatively new for western companies, it does not experience any lack of attention and is already flooded with foreign companies and, as a result, advertising and PR. However, thought the market is attractive, it has certain peculiarities and unique characteristics that should be considered by entering businesses when trying to become popular in China. Therefore, the given research is trying to clarify the following aspects of public relations and advertising in China: How in particular and to what extent public relations in China differs from advertising and what particular signs make a difference between the two communication activities in the Chinese market. What major communication means, tools and techniques Chinese and multinational companies use in China to effectively deliver the message to the target audience and how effective particular strategies and techniques are.

Managing Buiness Organization Essay Example | Topics and Well Written Essays - 2500 words

Managing Buiness Organization - Essay Example For instance, professionals are gaining more say in the running of organizations. Even where governance is by people who own the majority stakes, their own positions and the respect, they command are contingent upon their competence rather than ownership (Ahuja, 2005 880). "Management is the art of getting things done through other people. Management is the dynamic, life-giving element in every business. Without it the resources of production remain resources and never become production." (Sharma, 2004 11) This definition emphasizes that the managers achieve organizational objectives getting things done through the employees. Human resource Management is very essential for successful running of an enterprise. It ensures proper use of physical and human resources by deriving the best results. It leads to efficient performance and higher productivity. Human Resource Management is very essential for every organization to make productive use of human physical and financial resources or the achievement of the organizational goals. It helps in determination of objectives. No organization can succeed in tits mission unless its objectives an identified and well denied. Management helps in achieving these objectives by the efficient use of resources. In management, the term 'manager' means overseeing the subordinates at work by their superiors. It is the function of leading, co-coordinating and directing the work of others to accomplish designated objectives. It refers to the direct and immediate guidance and control of subordinates in the performance of their task (Sharma, 204, p.110). Role of manager in an Organization from the Onset of the Industrial Revolution The role of a manager in an organization has been shown below: Fig. Role of manager (Sharma, 204, p.111) (a) As Mediator- Manager acts as a mediator between higher-level management and the workers. (b) As Medium of Communication - manager acts as a medium of communication between higher-level managers and workers. He explains management policies to the workers and conveys the workers' attitudes, opinions, grievances and problems to higher-level management (Silbiger, p.103). In other words, he communicates (i) To the workers what the management expects from them and (ii) To the management what the workers want. Thus, manager bridges the gap between the expectations of management and demands of operatives and workers. (c) As Convertor - Manager acts as a convertor in the sense that he occupies such a key position which turns plans and policies into actual results through the efforts of workers. (d) As Inspirer - manager acts as an inspirer in the sense that he inspires workers to cooperate and contribute to the best of their capability for the achievement of organizational objectives. (e) As Leader - Manager acts as a leader in the sense that he influences the workers to work with team spirit for the achievement of organizational objectives. He also provides a cohesive force, which holds the group intact and develops a spirit of cooperation and discipline among the employees. (f) As Guide and Friend - Manager acts as a guide and friend in the sense that he educates and trains the workers, creates friendly environment and solves the disputes of the workers. In this way, he ensures team spirit, co-operation and discipline amongst the members (Sharma, 2004, p.115) Thus, the Manager is expected to secure not only the efficiency of operations but also the team spirit, co-o

Management Concepts Temasek Holdings Essay Example for Free

Management Concepts Temasek Holdings Essay 1.0 Introduction Temasek Holdings is a large investment company based in Singapore. It is an active participator in the investment game, holding shares and investments in a broad range of industries all over the world. As with many companies all over the world, Temasek Holdings was affected strongly by the Global Financial Crisis, losing more than 30 per cent of the value of their portfolio (Schmermerhorn, J. Davidson, P. Poole, D. Simon, A. Woods, P Chau, S.L. 2011). Temasek’s CEO Ho Ching has been criticised for the investment losses that occurred during the economic crisis, and must now lead the company through the increased turbulence that has been presented to them. In doing so, a potential issue that Temasek Holdings is currently facing is one of leadership. If correct management processes regarding leadership are not applied, the company could face even worse consequences. To ensure that leadership does not become an issue, Ho Ching must apply effective leadership techniques to Temasek Holdings. This report will investigate various leadership options, determining an adequate approach to leadership that will assist this company in being successful in the future. Two leadership models will be assessed in-depth. It is expected that both will assist the company in continuing in the long-term, however one option will be more suitable and beneficial to Temasek Holdings. 2.0 Literature Themes or Arguments As Temasek’s CEO has recently come under fire for her stability in leadership, it is apparent that a change must be made in the way the company is managed if they are to successfully remain with the same CEO. Leadership is fundamental in regular circumstances, but it is even more essential to the business through periods of instability, making it vitally important to the livelihood of the company to apply appropriate management procedures. It is impossible for a set of specific characteristics to define whether or not someone is a good leader, however some certain personal traits have been identified as being common among successful leaders: drive, self-confidence, creativity, cognitive ability, business knowledge, motivation, flexibility, honesty and integrity. (Schmermerhorn, J. Et al. 2011). Vision and power are also vital to good leadership; however all of these things are not achieved in the same way. Many different behavioural theories have been produced in an attempt to define good leadership styles. A widely used model of management is Fred Fiedler’s contingency model. Fiedler’s theory looks at matching various types of people to various situations, somewhat of an either/or concept. It is based on the fact that someone’s style of leadership is personality-based, thus making it difficult to change. Rather, the Fiedler model suggests putting people of specific leadership styles with situations that match that style, rather than trying to change their personal leadership style, to achieve success (Wang, Victor C X; Berger, Jim 2010, pg. 6). Fiedler classifies people into two leadership styles: relations-orientated and task-orientated. Relations-orientated people are defined as â€Å"a person who is motivated to seek prominence in interpersonal relations, who is concerned with good relations with others, who is considerate in his interaction with group members, and who tends to reduce anxiety and increase the personal adjustment of his co-workers,† (Hill, Walter. 1969, pg. 34) whereas a task-orientated person is characterised to be someone who â€Å"rejects those with whom he cannot work, and obtains need gratification and self-esteem from performance of the task. He is, therefore, concerned with performing the task and he is willing to relegate interpersonal relations to a secondary position† (Hill, Walter. 1969, pg. 35) Exhibit I (Hill, Walter. 1969, pg. 36) above shows how relations-oriented and task-oriented people are determined, through leader-member relationships, leader position power and task structure. It does this by determining how well a person interacts with people (relations) and how dedicated they are to tasks. According to Hill (1969), this model is effective and further tests done corroborate with Fiedler’s findings, making it an accurate model. Hill noted that there are so many variables that sometimes it is difficult to calculate the exact leadership style that is appropriate for someone; however it is useful as it helps to assign leaders to specific tasks and delegate how efficient leadership should be achieved. In regards to Temasek, it should be established what â€Å"type† of leader Ching is, and the company would need to work with that before any leadership goals should be established. Another common model is the Hersey-Blanchard Situational Leadership Theory (SLT). It is widely used in the business sector and was developed by Paul Hersey and Kenneth H. Blanchard. This model is based upon leaders adjusting their styles based on the maturity of their followers, which is indicated by the â€Å"readiness† (how able and willing or confident) of followers (Schmermerhorn, J. Et al. 2011). When maturity (psychologically and performance-wise) is reached, it means a reduction in support and guidance can occur, instilling a positive indication of trust and confidence. A manager must look at employees and evaluate how best to perform a certain task in a certain situation, and when the situation changes, the leadership style previously used may not be as successful in the new situation (Hambleton, Ronald K; Gumpert, Ray. 1982, pg 227). Again, leadership styles are defined as relationship-orientated and task-orientated, however in this model leadership styles are classified into four groups: delegating, participating, selling and telling. This model is beneficial to companies as it has various different types of stages based on top of the classification of relations-orientated and task-orientated leadership (Figure 1). It breaks down the two types further, into the four types above, thus making it easier to classify. Again, however, variables come into play, and it can be seen from various research that the SLT model does have its limitations. Goodson (1989) states that when further studies have been conducted on this model, the main classifier of groups (â€Å"maturity† or competence) makes almost no difference to the leadership style of a person (Goodson, Jane R; McGee, Gail W; Cashman, James F. 1989, pg. 446). Also, Goodson established that in these tests no actual measure of maturity and/or readiness was really possible when conducting research on the SLT model, making it difficult to say for certain whether the model can be effective. Furthermore, Blank (1990) makes further reference to the fact that there is little to no research supporting this model in his studies, saying that both basing the research on the main factor (maturity) as well as more complex methods, little support was found to corroborate with the main theorems of the model (Blank, Warren; Weitzel, John R; Green, Stephen G. 1990, pg. 579). false 3.0 Recommendations In the case of Temasek Holdings, it can be said that adopting a new leadership approach will be entirely beneficial for the company. No information is given as to what current leadership styles are used, but the amount of criticism being received currently illustrates that a change is needed. Of the two leadership theories discussed, it can be said that both have negative and positive points, as with any business directive. Fiedler’s model uses three determining factors: leader-member relationships, leader position power and task structure, to determine how a leadership style will work effectively. This is essentially beneficial to a business as it allows more than one factor to determine a leadership style, giving a more accurate description of what leadership style will fit a situation. This model was also corroborated with research conducted by Hill (1969) who conducted a study that demonstrated that Fiedler’s was almost always effective in the workplace. However, there were limitations in regards to variables. As every person is so different personality-wise there is a large number of variables, not all of which can be categorised. Because of this, some variables may be missed or excluded, but overall the final result does not change, making the model very effective. The second theory, Hersey-Blanchard’s SLT, uses maturity as the basis of calculating how a leadership style will be effective. This could be effective to some extent, however both Goodson (1989) and Blank (1990) argue that just one determining factor is not enough to warrant an effective model. The model is beneficial as it breaks down leadership styles into four obvious categories; the problem is determining which personality fits into these categories. No clear measure of maturity is possible, making it difficult to categorise leadership styles. Goodson (1989) also states that maturity and competence has no real effect on leadership styles. Looking at these results, it can be recommended that for Temasek Holdings to continue operating at a high level, the Fiedler model of contingency should be used as a model for assigning leadership tasks. Giving every leader in a business tasks based on their personality is advantageous as it means instead of the person working with something they are not specifically styled for, they are able to be fit with tasks that suit them. Overall, this will make a significant change both in employee satisfaction (workers are doing jobs that suit their personality style, thus making them more content) as well as production, as the leadership style they are assigned will work well for them. Models by Hill (1969) are further evidence that this model does indeed work, and that it can bring positive effects to Temasek in the future. If Temasek Holdings chooses to operate within this leadership model, criticism for the way the business is run will be lessened. Both in the short and long term this form of leadership will be beneficial to the company, affecting both large positions (for example, the CEO Ho Ching) as well as smaller managers within the company. The research shows that this is the best model for Temasek to use to bring it the most success in the future.

According to mankiw and taylor

According to mankiw and taylor a) According to Mankiw and Taylor (2006), unemployment means that inability to obtain a job when one is willing and able to work. Even though there are several different ways to measure unemployment, this can be normally measured in two ways: the claimant count and the Labour Force Survey (LFS). Grant (2000) states that the claimant count is the traditional measure of unemployment in the UK. The number of people between the ages of 18 and 60 claiming unemployment benefit payments such as job seekers allowance from the government is counted as the claimant count. Therefore, it is relatively cheap and easy to gather data. However, many economists believe that there are some significant problems with the claimant count method because of the accuracy of this measure. Powell (2005:p.290) tells us, the claimant count overstates true unemployment because many claimants are either not genuinely looking for work or not genuinely unemployed because they already have undeclared jobs in the informal economy. In other words, some people who are working in the black economy and who are not looking for work are included in the claimant count. However, in other ways, it understates true unemployment. The rationale behind this is that the claimant count does not include unemployed people who are aged under 18 or over 60 or who do not claim unemployment benefits. Furthermore, some unemployed workers approaching retirement are also removed from the register. The Labour Force Survey (LFS) is now recognised as the second measure of unemployment. According to Grant (2000), the LFS is also known as the ILO (International Labour Organisation) measure because it uses the ILOs definition of unemployment. Contrary to the claimant count, all people who are actively looking for a job in the last 4 weeks are counted as unemployed workers whether they are claiming benefits or not. Both the claimant count and the Labour Force Survey (LFS) have its own advantages and disadvantages. However, both measures might understate the actual unemployment. According to Powell (2005), the reason is that they do not count discouraged workers who have given up finding jobs and people who are classified as economically inactive. Unemployment can be defined and categorised in a number of types and ways. Therefore, in this paper, it will be classified in accordance with its causes. First of all, there is equilibrium unemployment. Grant (2000) tells us that equilibrium unemployment exists when the aggregate demand for labour is equal to the aggregate supply of labour and vacancies match with the number unemployed. However, although there is equilibrium at wage rate, people might still unemployed because the vacancies are uninformed to them or they are unacceptable or unwilling to take up the vacancies. The graph below shows equilibrium unemployment. (adopted from Powell: p.293) This equilibrium unemployment is measured by the distance between Z and X or E1 EFE. In addition, ASLN curve shows all the workers who are willing to work at different real wage rates. According to Grant (2000), there are different types of equilibrium unemployment such as frictional, search, casual, seasonal, structural, technological and residual unemployment. Frictional unemployment occurs where people are between jobs. Because of immobilities in the labour force, a delay or time-lag is created while unemployed workers move from one job to another. Therefore, it explains why people are able to remain unemployed despite there are job vacancies available. Powell (2005) states geographical and occupational immobilities of labour explain why unemployed workers are prevented from filling job vacancies immediately. For example, the cost of moving and difficulties of obtaining housing are among the causes of geographical immobility. In addition, occupational immobility is caused by the need for training and the effects of restrictive practice and discrimination in labour markets. Grant (2000) says that search unemployment is a form of frictional unemployment. The newly unemployed workers who have just lost their jobs or who have voluntarily left their jobs might take a gap before getting a new job. The reason is that they need to search labour markets to see better-paid or higher status employment is available. Therefore, search unemployment takes place when unemployed workers do not accept the first job offer to search for better-paid or higher status employment. Some kinds of unemployment occur when certain groups of workers are out of work between periods of employment. According to Grant (2000), casual unemployment, one of the specific cases of frictional unemployment, takes place because of that reason above. In other words, casual unemployment occurs when workers are unemployed on a short-term basis in trades. For example, workers in the tourism sector, construction industry and agricultural work. Powell (20005) states that seasonal unemployment is casual unemployment and it occurs in some industries suffering seasonal fluctuations in demand. Industries such as farming, tourism and building experience such seasonal patterns of demand. Therefore, fruit pickers and deck chair attendants can be an example of seasonal unemployment. Besides, there is structural unemployment. People can be unemployed because of the changing structure of the economy. According to Powell (2005), structural unemployment arises from the structural decline of industries. For instance, if there are more efficient competitors in the market or there is the decline of demand, the workers in those industries will be becoming unemployed e.g. coal-miners in the UK. Further, he says that structural unemployment occurs when industries change their skill requirements. For example, industries ask new skill requirements when they change or introduce ways of producing their products. Structural unemployment has some different forms like frictional unemployment. Technological, regional and international unemployment are forms of structural unemployment. Technological unemployment is a form of structural unemployment. Grant (2000) say that technological unemployment results from the introduction of new technology such as labour-saving technology. Therefore, there will be automation as a result of introducing new technology. Through automation, industries can reduce their demand for labour even though their output is expanding. Accordingly, it can be defined technological unemployment results from those industries using labour-saving technology such as the use of telephone banking and plastic cards. Like technological unemployment, regional unemployment is also connected with structural unemployment. Grant (2000) states that regional unemployment takes place when the declining industry is linked to a specific area. In other words, it occurs because of the decline or closure of a major employer in a particular area. For example, in the UK, the decline of textile and shipbuilding created a pool of unemployed workers in some regions. According to Grant (2000), international unemployment is also a form of structural unemployment. It occurs when the demand for domestically produced goods and services falls and, consequently, there are increased workers losing their jobs. For example, if there are more efficient competitors abroad, consumers might choose goods and services that are produced out of the country. Therefore, the demand for domestically produced goods and services might decrease then firms will reduce their employees or will be closed. Finally, there is residual unemployment as a type of equilibrium unemployment. Mankiw and Taylor (2006) state that residual unemployment takes place when people are unwilling to work or are not able to work due to disability. Basically, people who are unemployable on a permanent basis cannot meet the demands of modern production methods and the disciplines. Therefore, it can take place in all societies. Disequilibrium unemployment is another kind of unemployment except for equilibrium unemployment. According to Grant (2000), there are two conditions for occurring disequilibrium unemployment. One is that the aggregate supply of labour must exceed the aggregate demand for labour. Another condition is that wages are sticky downwards (wage stickiness). The graph below shows that there is disequilibrium unemployment of LLZ at the wage rate W. (adopted from Grant: p.536) According to Powell (2005), there are two main types of disequilibrium unemployment: classical or real-wage unemployment and cyclical, Keynesian or demand-deficient unemployment. Classical unemployment or real-wage unemployment takes place when wages are fixed at a higher real rate rather than real-wage rate and labour market, caused by trade unions or a government-set minimum wage, prevents the real wage rate falling below these higher wages. The graph below shows classical or real-wage unemployment. (adopted from Powell: p.297) If labour markets are sufficiently competitive, the market mechanism begins to reduce disequilibrium wage rate to eliminate the excess supply of labour in the market. However, labour market rigidity or wage stickiness prevents the real wage rate falling below W1. Because of labour market rigidity or wage stickiness, there is the excess supply of labour in the markets and, consequently, classical or real-wage unemployment persists. According to Powell (2005), demand-deficient unemployment (also known as cyclical unemployment or Keynesian unemployment) stems from leakages or withdrawals from the circular flow of income and from the negative multipliers that are then unleashed. In other words, an under-full employment equilibrium occurs because of a continuing lack of effective aggregate demand. For example, the flow of income might fall by the size of the net leakage multiplied by the national income multiplier when planned leakage exceeds planned injections. Powell (2005) states that demand-deficient unemployment illustrates the paradox of thrift. It comes from the fact that saving becomes a vice at the aggregate level if people save and others are prohibited from spending the saving. For instance, demand for goods and service reduces when the market is in the recession of business cycle below the trend. Therefore, firms do not need to produce many goods to satisfy decreased consumers demand so that less labour is needed. The lower the demand for goods and services, the less the demand for labour is needed. Consequently, firms will reduce the number of their employees then the unemployment will increase. Powell (2005: p.299) tells us, Inflation is best defined as a persistent or continuous rise in the price level, or as a continuing fall in the value of money. Like unemployment, there are some methods to measure inflation: the retail price index (RPI), the PRIX, the RPIY and the consumer price index (CPI). The retail price index (RPI) shows changes in the price of average persons shopping basket. According to Powell (2005), the RPI was used by UK government to measure changes in the rate of inflation until 2003 and it measures the headline rate of inflation. The RPI is based on a monthly survey of the prices of consumer goods and services and it is therefore, calculated through a weighted average of each months price changes. However, it is impossible to measure all prices. Therefore, the RPI contains 650 items as a representative sample and those items are regularly changed to reflect new products and changing tastes. For instance, subscriptions for Internet service and digital cameras newly entered index compilation. The RPIX is the retail price index excluding mortgage interest payments. Powell (2005) says that the RPIX measures the underlying rate of inflation. In other words, it is measured by the formula: the headline rate minus mortgage interest rates. The RPIX only includes the council tax while the RPI includes the council tax and the mortgage interest rate. Furthermore, it is used to measure the cost of living of a representative family in the economy as the CPI does. Marcouse et al (2003) tell us that the RPIY is similar to the RPIX. However, it excludes indirect taxes as well as the mortgage interest. The consumer price index covers the prices of consumer goods. It attempts to measure the cost of living of a representative family in the economy like the RPIX. The CPI includes investment goods and goods purchased by the government while the mortgage interest rate and the council tax are excluded from the CPI. According to Powell (2005), in the UK, the CPI will replace the RPI and the RPIX completely because it is based on the method of measuring the price level used in the European Union. Inflation can be defined and classified in accordance with its causes. There are two different types of inflation: demand-pull and cost-push inflation and those two types of inflation are classified by Keynesians. Demand-pull inflation is caused by too much demand in the economy. In other words, demand-pull inflation occurs when there is too much money chasing too few products. For example, oil and steel. According to Grant (2000), an increase in aggregate demand must rise real output and the price level once the countrys resources are fully employed. The graph below uses a short-run AD/AS diagram to show demand-pull inflation. (adopted from Powell: p.306) When the government rises aggregate demand from AD1 to AD2, the government can eliminate demand-deficient unemployment and create full employment although real output and the price level increase. However, once full employment arrives, a further increase of aggregate demand may cause an upward movement of aggregate demand, shifting the aggregate demand curve from AD2 to AD3 and then excess demand (the vertical distance between W and Z) is created. Although there are several different conditions causing demand-pull inflation, wartime might be an appropriate example. The graph above also illustrates an inflationary gap which is the vertical distance between W and Z. Powell (2005: p.306) tells us, An inflationary gap measures the extent to which excess demand exists at the full employment level of real income or output. Similarly, a deflationary gap measures the extent to which there is deficient aggregate demand. Cost-push inflation occurs as a result of a rise in the costs of production which are not caused by excess demand. Therefore, there is the difference between demand inflation and cost-push inflation. According to Powell (2005), cost theories of inflation are based on the cause of inflation in structural and institutional conditions on the supply side of the economy. Cost-push inflation is illustrated in the graph below. (adopted from Powell: p.307) An increase in cost will cause a shift in the aggregate supply curve to the left (SRAS1 to SRAS2). The effect of this is to raise prices from P1 to P2 and then the quantity demanded will move from Y to Y1. Therefore, the macroeconomic equilibrium will be moved from X to Z and, consequently, the new macroeconomic equilibrium will be at point Z. According to Grant (2000), there are several causes in which costs might increase independently of the state of demand. First of all, wage push inflation can lead to cost-push inflation where trade unions force wages levels to increase independently of the demand for labour. Another example is a rise in prices of imported materials. Finally, a rise in indirect taxation also gives an example which leads to cost-push inflation. b) (data for this graph adopted from the handout) The graph above shows changes in retail price change and unemployment between 1986 and 1995. It can be clearly seen that there is the relationship between the retail price % change and unemployment rate and those are inversely related. The retail price % change increased from 3.4% to 9.5% between 1986 and 1990. During that period, the unemployment rate decreased from 11.2% to 5.9%. However, once, the retail price % change reduced from 9.5% to 5.9% in 1991, the changes in unemployment started to raise from 5.9% to 8.1%. Between 1991 and 1993, there was a decrease in retail price change from 5.9% to 1.6% while the unemployment rate increased from 8.1% to 10.4%. However, by 1994, the changes in unemployment reduced again (from 10.4% to 9.3%) when the changes in retail price change increased from 1.6% to 2.5%. In 1995, the unemployment rate still decreased while the retail price % change increased. The changes in retail price change was at the peak in 1990 when the unemployment rate recorded the lowest rate (5.9%) in the same year. In 1993, the changes in retail price change and unemployment are different. The retail price % change reached the lowest rate (1.6%) when the unemployment rate recorded the highest rate (10.4%) in 1993. Overall, there was a decrease in unemployment rate when the changes in retail price change increased. By contrast, the unemployment rate raised when the changes in retail price change decreased.In other words, the unemployment rate decreased at first, then increased and decreased again. However, contrary to the changes in unemployment, the changes in retail price change increased at first, then decreased and increased again during the same period. Therefore, the relationship between changes in retail price change and unemployment can be analysed that a stable relationship exists between them and they are inversely related. The graph below shows an inverse relationship between retail price % change and unemployment directly. (data for this graph adopted from the handout) Moreover, we can notice unemployment is low when retail price % change is high and unemployment is high when retail price % change is low from the two graphs above. c) There are some facts which can be expected from the data and question b. First of all, there is an inverse relationship between inflation rate and unemployment. Therefore, we can expect when inflation rate is low, unemployment is high and, conversely, unemployment is low when inflation rate is high. From this negative association, we are able to expect that unemployment might be changed as a result of changes of inflation rate. It means that there are changes of inflation rate first then the changes of unemployment will happen. Apart from these two facts, the data show the changes regularly repeated. Accordingly, we can expect that inflation can be affected by external factors and governments might be able to influence changes in the rate of inflation and unemployment through choosing their preferred combination of unemployment and inflation. First of all, the relationship between inflation rate and unemployment can be explained by Philips curve analysis. According to Powell (2005), A. W. Philips argued that the inverse relationship existed between unemployment and the rate of price inflation. This relationship is illustrated by the Philips Curve as shown in the graph below. (adopted from Powell: p.308) The Philips Curve above shows a negative association between unemployment rate and inflation rate. When there is high inflation, unemployment is low and when there is low inflation, unemployment is high. Moreover, Powell (2005) states that the Philips Curve suggests how the conflict between full employment and control of inflation can be dealt with. The reason is that the combinations of inflation and unemployment can be arisen in the short-run as shifts in the aggregate demand curve move the economy along the short-run aggregate supply curve. In the short-run, a rise in aggregate demand for goods and services leads to a greater output of goods and services and a higher price level. In other words, a lower rate of unemployment will be happened by expanding aggregate demand. Therefore, governments and policy makers not only move the economy from point A to point B but also reduce unemployment rate from U1 to U2. However, a higher rate of inflation is also happened (P1?P2). Accordingly, it means there is a trade off between falling unemployment and increasing inflation. Points such as A and B on the Philips Curve offers policy makers a menu of possible outcomes and, consequently, gover nments might decide an acceptable combination between unemployment and inflation. According to Mankiw and Taylor (2006), Friedman and Phelps introduced expected inflation to help understand the short-run and long-run relationship between inflation and unemployment. Expected inflation measures how much people expect the overall price level to change. The graph below introduces the role of expectations into the inflationary process. (adopted from Powell: p.311) In the graph above, we assume unemployment is initially at its natural rate (UN) and price inflation equals wage inflation. When a government pursues an expansionary monetary policy to expand demand, the economy moves along Philips curve SRPC1 (from point A to Point B). At point B, unemployment is below its natural rate, but inflation rises to P1. Consequently, in the short-run, inflation rises above expected inflation and workers may suffer money illusion, the false belief that an increase in money wage is also a real wage increase. However, a point such as B is unsustainable because people get used to this higher inflation rate and they increase their expectations of inflation. Firms and workers, therefore, consider higher inflation when setting wages and prices in order to restore the real wage. The short-run Philips curve, accordingly, shifts to the right (from SRPC1 to SRPC2). Consequently, the economy ends up at point C where there is higher inflation than at point A, but with the same level of unemployment. Powell (2005) says that once the economy reaches at point C, any further expansion of aggregate demand moves the economy to point D and inflation rate of P2. The reason is that this situation will continue if there are higher expected rates of future inflation. Therefore, it gives explanations why unemployment rate regularly decreases then increases and why inflation rate is always positive. Furthermore, it also explains why the changes in inflation rate and unemployment are repeated. Apart from the Philips curve, Keynesian theories of inflation are also helpful to understand the facts which are found. The graph below shows an upward-sloping SRAS curve. (adopted from Powell: p.279) According to Powell (2005), Keynesians now believe the SRAS curve slopes upward and upward-sloping SRAS curve shows that an increase in the price level is necessary to persuade companies to supply more output. It, therefore, explains why unemployment is changed as a result of changes in the rate of inflation. A rise in the price level (from P1 to P2) reduces the real wage rate. Therefore, firms can employ more labour and supply more output and, consequently, unemployment will decrease to increase supply. Moreover, governments can inflate the price level and approach full employment through an increase in aggregate demand. The graph shows an increase in aggregate demand is reflationary or inflationary. It means that expansionary fiscal or monetary policy reflates real output and create jobs, and inflates the price level. Therefore, a rise in aggregate demand moves the economy towards full capacity and, consequently, the economy will be able to approach full employment and full capacity. However, once the economy reaches at full employment, it means there is no spare capacity. Therefore, any further increase in aggregate demand might cause prices to rise and the eventual creation of excess demand will lead to demand-pull inflation. d) Apart from unemployment and the exchange rate, there are more factors influencing changes in the rate of inflation. For example, a monetary and fiscal policy and a prices and incomes policy are available to the governments and policy makers in order to control inflation. Monetary policy and fiscal policy can influence aggregate demand. When the aggregate demand curve or the aggregate supply curve shifts, there are fluctuations in the economys overall output of goods and services and its overall level of prices is also changed. Therefore, a change of these policies can lead to short-run fluctuations in output and prices. A government and policy makers can change interest rates to adjust to balance the supply and demand for money. Furthermore, targeting a certain level of the money supply can be also treated as monetary policy. Therefore, setting interest rates and money supply will be different between in the case of demand-pull inflation and in the case of cost-push inflation. For instance, deflationary monetary policy such as raising interest rates and reducing banking lending might be introduced when demand-pull inflation occurs. However, against cost-push inflation, an expansionary monetary policy such as lowering interest rates might be adopted instead of a restrictionary monetary policy. The rationale behind this is that firms costs can be decreased through an expansionary monetary policy. Consequently, monetary policy can be described either in terms of the money supply or in terms of the interest rate. If monetary policy aims to expand aggregate demand, increasing the money supply or lowering the interest rate is adopted. However, changes in monetary policy that aim to contract aggregate demand can be described either as reducing the money supply or as raising the interest rate. The government is able to affect inflation not only with monetary policy but also with fiscal policy. Mankiw and Taylor (2006: p.721) tells us, Fiscal policy refers to the governments choices regarding the overall level of government purchases or taxes. Through the change of the level of the taxes, a government can indirectly shift the aggregate demand curve by influencing the spending decisions of firms and households. However, contrary to this, the aggregate demand curve can be moved directly when a government changes its own purchases of goods and services. Therefore, fiscal policy might be different in accordance with various causes and different levels of economic activity. Against demand-pull inflation, a government is able to adopt deflationary fiscal policy involving increasing taxation and/or reducing government expenditure. Fiscal policy will indirectly reduce aggregate demand. For example, consumers might lower their spending and firms might reduce investment if a government raises income and corporation tax. By contrast, government expenditure can directly influence aggregate demand. Therefore, deflationary fiscal policy will have a downward multiplier effect and might be able to remove an inflationary gap. The graph below shows that reduced government spending (from G to G1) removes the inflationary gap of AB. (adopted from Grant: p.573) Contrary to the case of demand-pull inflation, different fiscal policy will be also employed to combat cost-push inflation. According to Grant (2000), reducing corporation tax, decreasing indirect tax and cutting income tax are a fiscal approach to cope with cost-push inflation. Through those policies, a government can reduce firms costs or lower wage claims and then will influence aggregate demand. Moreover, monetary inflation will be expected, a government can adopt lowering expenditure by more than tax revenue as its fiscal policy. The discussion of fiscal policy has stressed how changes in government expenditure and changes in taxes influence the quality of goods and services demanded. Fiscal policy works primarily through aggregate demand in the short-run. However, in the long-run, it is also able to affect the quantity of goods and services supplied. Apart from monetary policy and fiscal policy, incomes policies and price controls can also influence changes in inflation. The incomes policy introduced to reduce inflation. Grant (2000) states it is to connect the growth of incomes to the growth of productivity in order to prevent the excessive rises in factor incomes. The incomes policy largely concentrates on wages even though there are many different forms of income such as wages, interest and profits. The rationale behind this is that wages form about two thirds of total costs. Governments are therefore able to control inflation by setting a percentage limit or a flat rate limit. Setting a percentage limit of wages will be useful to maintain wage differentials. Therefore, people in the high-income brackets might be beneficial as a result of a percentage limit. However, the lower brackets of income might be favourable to a flat rate limit because it reduces differentials. Consequently, the incomes policy will be helpful to maintain a wage and price still in the short-run. However, if exceptions are allowed too much or trade unions are strongly opposing the policy, it will be difficult to manage the pace of inflation. Price controls is also employed to restrict price increases. However, contrary to the incomes policy, price controls deals with the symptom of inflation rather than causes. For example, governments limit prices of products to control inflation rate if there is high inflation. Therefore, when inflation will be expected or is already happened governments and policy makers are able to choose price controls to restrict price increases and restore its symptom directly. However, if price controls continues, there will be some problems e.g. distorting the allocation of resources. The reason is that price controls can lead to shortages and create a demand for s system of rationing. In conclusion, governments might try to restrict price increases and to limit pay settlements in order to reduce inflationary pressure. However, introducing the incomes policy and price controls has not only the effectiveness but also problems. Although they are separate policy, those policies can be used together. Furthermore, they might have an effect on the problem of cost-push inflation if they are employed together. Therefore, the incomes policy and price controls will be more effective when those policies are employed together. However, they might be inefficient in the long-run. The reason is that incomes policy and price controls can distort the market economy e.g. creating labour shortages. Bibliography Grant, S.J., 2000, STANLAKES INTRODUCTORY ECONOMICS, Essex, Longman Mankiw, N.G. and Taylor, M.P., 2006, Economics, London, Thomson Learning Marcouse, I., Wall, N., Lines, D. and Martin, B., 2003, Complete A-Z Economics Business Studies, London, Hodder Arnold Powell, R., 2005, AQA advanced Economics, Oxfordshire, Philip Allan Updates Sungsoo Noh

Beyond the Common Myths of Hypnosis Essay examples -- essays research

â€Å"I shall use hypnosis to turn you into my slave!† roared Dr. Drake, as a bolt of lightening split the sinister sky behind him, to his defenseless victim who curled into a quivering ball at his fearful threat. This is a common theme in many horror movies involving hypnosis. Not only is â€Å"Dr. Drake† over-exaggerating on his statement, his declaration is simply ridiculous in the reality of hypnosis! It is essential to wipe out those common misconceptions of hypnosis encouraged by those fictional tales, and get down to the truth of hypnosis, its real power, its techniques, its role in the medical field, and its relationship with hypnotherapy. Sadly, an average person’s knowledge of hypnosis generally turns out to be common misconceptions promoted by the Medias and fictional books. One of the most popular misconceptions of hypnosis suggested that a hypnotized person naturally falls under the control of the hypnotist, which is completely false for he can only be hypnotized if he agrees to be. In some supernatural films, a hypnotized person is even portrayed to possess supernatural power under hypnosis. Once again, it holds no truth; hypnosis does not play a role in increasing or decreasing physical strength at all. As for those who have seen an adult subject remembering the details of his childhood toy, memory is not at all more accurate under hypnosis. The same guy who may be describing his childhood toy is still completely capable of lying to his hypnotist. Although he may be â€Å"reliving† his childhood while under hypnosis, most often the patient tends to go beyond the childhood stage and into their past life making it impossible to select a specific age in their stage of youth (Franzoi184). These are the most common misleading pieces of information on the abilities of hypnosis on its patient. Before going in depth on the true abilities of hypnosis, the origin of hypnosis must be unraveled. Going back almost 4000 years ago, hypnosis first originated in China, India, Egypt, Greece, Rome, and other ancient civilizations (Chaves 212). However, modern hypnosis traces more directly back to Franz Anton Mesmer, a German physician of 18th Century who â€Å"rediscovered and popularized hypnosis† (Smith 173). He believed that there was a â€Å"subtle fluid† that made up the universe including the human body. He concluded that when a person fell ill, whether emotionally or physica... ...ertain parts of hypnosis required to be used on a patient. While hypnosis can be used in many different ways, hypnotherapy focus mainly on strengthen an individual’s ability to cope with daily life. Obtaining the facts on the relationship between hypnotherapy and hypnosis was the hardest part of this research. I also learned the characteristics of hypnosis and the truth to the common misconceptions. I gained knowledge of the origin of hypnosis and its history. I also learned various methods of hypnotic induction and the facilitation of hypnosis in the society, although it would have been better if I could go deeper in depth on its techniques. I found out that self-hypnosis is possible and happen in one’s daily life, but I do wish that I had the chance to discuss of about its methods and techniques. In addition, I discovered that not everyone is susceptible to hypnosis; in fact, five to ten percent out of the whole population are unresponsive to hypnosis. This was ve ry surprising to me, for I had thought that everyone can be hypnotized in some ways. Through the process of writing this I-Search paper, I enjoyed replacing the old misconceptions of hypnosis with the new genuine facts.

The Hippie Counterculture Essays -- Culture Hippies American History E

The Hippie Counterculture The Hippie Movement changed the politics and the culture in America in the 1960s. When the nineteen fifties turned into the nineteen sixties, not much had changed, people were still extremely patriotic, the society of America seemed to work together, and the youth of America did not have much to worry about, except for how fast their car went or what kind of outfit they should wear to the Prom. After 1963, things started to slowly change in how America viewed its politics, culture, and social beliefs, and the group that was in charge of this change seemed to be the youth of America. The Civil Rights Movement, President Kennedy’s death, new music, the birth control pill, the growing illegal drug market, and the Vietnam War seemed to blend together to form a new counterculture in America, the hippie. Unlike the society before this movement, the hippie did not try to change America through violence, the hippie tried to change things through peace and love. The Hippie Movement was a moment during the mid 1960s through the early 1070s where sex, drugs and Rock-n-Roll, was at the forefront of mainstream society. No one really knows the true definition of a Hippie, but a formal definition describes the hippie as one who does not conform to social standards, advocating a liberal attitude and lifestyle. Phoebe Thompson wrote, â€Å"Being a hippie is a choice of philosophy. Hippies are generally antithetical to structured hierarchies, such as church, government, and social castes. The ultimate goal of the hippie movement is peace, attainable only through love and toleration of the earth and each other. Finally, a hippie needs freedom, both physical freedom to experience life and mental freeness to remain open-minded† (Thompson12-13). Many questions are asked when trying to f igure out how this movement reached so many of America’s youth, and what qualities defined a hippie as a hippie? The nineteen fifties was a decade of prosperous times in America, but the average lifestyle of an American seemed extremely dull. The average American conformed to social norms, most Americans in the nineteen fifties dressed alike, talked the same way, and seemed to have the same types of personality. Music is what started to change the conformist lifestyle in America. Teenagers started to rebellion against their families by listening to Rock-n-Roll... ...them. The hippie counterculture was a fun time for everyone who experienced it, but they now had families to support and had to survive in the business world. The hippies tried to create a foundation of love and peace around the world, but essentially failed. They did contribute to black civil rights, the end of the Vietnam War, women’s and homosexual rights in America. Even though the Hippie Movement is over, it is still remembered through its music and stories that were passed down from parents to their children. A little peace of the Hippie Era still survives inside the spirit of America today, and will continue to live as long as the music is still played and people have a hope for peace and love throughout the world. Bibliography 1. Buchholz, Ted, ed. The National Experience: A History of the United States. New York, Harcourt Brace Jovanovich College Publishers: 1993 2. Manning, Robert. The Vietnam Experience: A Nation Divided. Boston, Boston Publishing Company: 1984. 3. Thompson, Phoebe. The Flower Childern. New York, Prentice Hall: 1989 4. www.us.glamour.com .Michaels, Lisa. Making a fashion statement. Glamour Magazine (May 1998).Last visited 2-28-05

Pitfalls of Targeting the Global Youth Segment of Mtv

Market Entry and Expansion When entry a new market, especially to China, exporting is a good choice. There are many forces that lead us to choose the exporting. It involves more risk and investment as the firm sets up its own presence in the host country but the potential return is also greater. When choosing exporting as the market entry mode, there are many advantages and disadvantages exist: Advantages Exporting can minimizes risk and investment. Since the industry and the head quarter are at the home country, it can decline the risk and investment in other counties. It just need one thing—export.In addition, exporting can also maximizes scales and use existing facilities to expend the market. When we develop the industry in other countries especially a new environment, there are many conditions that we are not sure, we can use the existing resource to save the investment and minimize risk, that’s why exporting can be benefit for developing a new market. Disadvantage There still some disadvantages of exporting. Firstly, the company may be viewed as an outsider and it can not be accepted easily in a new environment, we should look into the consumer, and make it out what customers’ need.Another disadvantage is that exporting need a lot of tariff costs and a high level of barriers to entry the new market. Because of the exporting, the corporation may spend a lot of fund on exporting, at the same time, there are many differences between the two countries, just like culture, custom policy and so on, they are all the restrictions when entering a new market. In the next five years, the corporation will become more and more mature, and we should change the way of the market entry. At that time, foreign direct investment (FDI) is a suitable way to operate the industry in a foreign market.Since we have been there for almost five years, we have enough fund to set up new company there. FDI can be benefit to the development of the company. It can get s greater knowledge of the local market so that we can know better of the consumers’ needs. What’s more, the company can be considered as an insider which is a good opportunity to get closer to the consumers. The most important reason is that FDI can minimize knowledge spillover, it is save for the company developing out of the home country.Country-of-origin The origin of the product is Belgium which is a developed country, it will leave a good impression on the consumer. Codiva is also a famous brand of the whole world, it is beneficial to the corporation to marketing the product. Consumer Ethnocentrism and Consumer Animosity When marketing the product, ethnocentrism is not important and effective to the consumer, the product should harmonize the local culture which is easy to accept to the consumer. Animosity is also a force we should consider.Choosing a foreign market without animosity will helpful to develop the industry, and decrease the barriers of entry. Summary According to the whole report, we have concluded the details of the description of the nature of the product, service and environment justification for country recommendation. To develop the industry maturely and successfully, we indicates the competitor identification. When setting up industry outside the home country, we analysis both of the current and the future scheme in order to make a bright development for the corporation.Customer is the most important element in the market, we made a deep understanding of them to know what they need. Then market segmentation, target marketing and positioning analysis can be beneficial to us to make the company more hopeful and promising. At last, international marketing mix and other international marketing related factors have mentioned to make a plan to the company. We have totally analysis the whole factors that related to the company in order to develop the industry more successfully outside the home country.