Euro Crisis 2009 free essay sample

Outline the adverse selection and moral hazard problems that existed in the Euro crisis of 2009. (approx. 2 double spaced pages; 10 marks) Due to imperfect information of borrower makes and the lender cannot be able to distinguish between good and bad borrowers, the issue of adverse selection has been arisen and become the major reason of Euro Crisis in 2009. Firstly, adverse selection causes a increase in the interest rate, those borrowers who is with a good credit record may withdraw their asset from the market and decrease the average quality of the borrower and makes the interest rate become even higher which lead to a large reduction of lending. Secondly, maturity mismatch such as financial institution finance long- term investment with short-term debt causes a huge amount of short-term liabilities and a large decline in asset prices. Thirdly, deterioration in the balance sheets causes the bank to liquidate the assets and makes the assets even less valuable. We will write a custom essay sample on Euro Crisis 2009 or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Furthermore, in Euro Crisis 2009, because of adverse selection, poorer countries become the major member of single currency zone such as Greece, Portugal, Spain and so on. The larger government debt of those poorer countries makes the sovereign debt crisis becomes more intense and the political balance of euro zone fiscal union is more toward to them. Therefore, richer countries in Euro-Zone have to transfer their financial resource to those poorer countries to cover the sovereign debt. With the continuous rising of sovereign debt in Euro zone, Euro Crisis becomes a global financial crisis. In Moral Hazard model, a principal- agent principal conflict occurs when the agent has more information about his or her actions than the principal does, and the principal cannot be able to monitor the agent’s actions effectively and gives the agent an opportunity to act in a manner that would adversely affect the principal’s interest. Applying this model into Euro Crisis, the principal is a euro-debt holder who lent their money to EU member states, and the agents are the government. Debt holder cannot determine whether the government has the ability to repay the promised amount of money within the maturity date, therefore, debt holder has to monitor government to make sure the government has put the best effort to ensure their repay. In conclusion, adverse selection causes higher interest rate, a large decline in assets, and an increase in sovereign debt. However, moral hazard problem slows the pace of financial recovery.

A Complete List of John Steinbecks Books

A Complete List of John Steinbeck's Books John Steinbecks books depict a realistic and tender image of his childhood and life spent in Steinbeck Country, the region around the city of Monterrey, California. The world-renowned novelist, playwright, essayist, and short-story writer was born in Salinas, California, in 1902. Growing up in a rural town, he spent his summers working on local ranches which exposed him to the harsh lives of migrant workers. These experiences would provide much of the inspiration for some of his most celebrated works such as Of Mice and Men. John Steinbeck's Books John Steinbeck (1902–1968) was an American novelist, playwright, essayist, and short-story writer.His best-known work includes Of Mice and Men and The Grapes of Wrath.  He wrote a series of short stories set in his hometown of Monterrey, California, about the harsh lives of migrant workers there.  He won the Pulitzer Prize for Grapes of Wrath in 1940, and the Nobel Prize in Literature for his body of work in 1962.   Best Known Books Steinbeck published 30 books, including several that were well-respected by both critics and the public. Among those are Tortilla Flat, about a charming group of layabouts who live near Monterey; The Grapes of Wrath about a farming family fleeing the Dust Bowl of Oklahoma for California during the Great Depression; and Of Mice and Men, a story of two itinerant ranch hands struggling to survive. Many of Steinbecks books centered around the difficulties experienced by Americans living in the Dust Bowl during the Great Depression. He also took inspiration for his writing from his time spent as a reporter. His work has stirred controversy and offered a unique view into what life was like for struggling low-income Americans. John Steinbecks Books 1927: Cup of Gold- A historical fiction based loosely on the life of the 17th-century pirate Henry Morgan.1932: The Pastures of Heaven- Twelve interconnected stories about the people in a valley in Monterrey, California, a place which would become central in many of his later works.1933: To a God Unknown- Four brothers who move to California to work a ranch and struggle when drought takes away all they have grown.1935: Tortilla Flat- A small band of Hispanic paisanos in Monterrey enjoy life in Monterrey (Steinbecks first big success).  1936: In Dubious Battle- A labor activist struggles to organize fruit workers in California. Movie still from the 1939 Hal Roach production of Steinbecks Of Mice and Men. Here, George (Burgess Meredith) talks with his oafish friend, Lennie (Lon Chaney, Jr.). Corbis / Getty Images 1937: Of Mice and Men- Two displaced migrants seek work in California during the Great Depression. The book was often a target of censorship for its vulgarity and offensive language.1937: The Red Pony Stories- Episodic novel appearing in magazines between 1933 and 1936, first published together in 1937, about a boy and his life on a California ranch.1938: The Long Valley- A collection of 12 short stories, written over several years and set in the Salinas Valley of California (includes the first Red Pony story).   L-R Dorris Bowden, Jane Darwell and Henry Fonda on the set of the film The Grapes of Wrath. Corbis / Getty Images 1939: The Grapes of Wrath- A poor migrant family from Oklahoma and their struggles to find a place in California. Steinbecks best-known novel and winner of the Pulitzer and other literary prizes.  Ã‚  1941: The Forgotten Village- A documentary film written by Steinbeck and narrated by Burgess Meredith, about a Mexican village grappling with modernization.  1942: The Moon Is Down- A story of a small coastal town in northern Europe which is overrun by an unnamed army (thought to be a fictionalization of the occupation of Norway by the Nazis in World War II).  1942: Bombs Away: The Story of a Bomber Team- A nonfiction account of Steinbecks experiences with several World War II American Army Air bomber crews.  1945- Cannery Row- A story of a disastrous party thrown by the inhabitants of a small town in California for their friend Doc.  1947: The Wayward Bus- Interactions of a cross-section of people at a crossroads bus stop in California.1947: The Pearl- An immense pearl brings ill-effects to an oyster fishermans family.   1948: A Russian Journal- A report from Steinbeck on his travels through the Soviet Union during Joseph Stalins rule.  1950: Burning Bright- A morality story meant to be produced as a play, during which an aging man goes to great lengths to have a child. A fishing boat moves on to a trailer pulled by a truck, in Golfo de Santa Clara, Baja California, in Mexico. Fishermen from this area fish in the Sea of Cortez which is the habitat of an endangered porpoise, La Vaquita. Corbis via Getty Images / Getty Images 1951: The Log from the Sea of Cortez- Steinbecks personal log of a six-week expedition in the Gulf of California he made with marine biologist Ed Ricketts. Written in 1941, published in 1951.1952: East of Eden- A novel about two Salinas valley families in the first two decades of the 20th century, based on the story of Steinbecks own ancestors.  1954: Sweet Thursday- A revisit of the people in Cannery Row, taking place after the main character Doc returns at the end of World War II.1957: The Short Reign of Pippin IV: A Fabrication- A political satire, exploring what might happen if an ordinary fellow was selected to be the King of France.  1958: Once There Was A War- A collection of articles written for the New York Herald Tribune while Steinbeck was a foreign correspondent during World War II.1961: The Winter of Our Discontent- The struggles of a Long Island man whose family has fallen from an aristocratic level to a middle-class existence. Steinbecks last novel.  1962: Travel s with Charley: In Search of America- A travelogue of Steinbecks road trip across the U.S. in a hand-built camper with his dog Charley.   1966: America and Americans- A collection of articles from Steinbecks career as a journalist.  1969: Journal of a Novel: The East of Eden Letters- A series of letters written by Steinbeck to his editor during the writing of East of Eden. Published posthumously (Steinbeck died in 1968).   Mexican-American actor Anthony Quinn, American actors Marlon Brando, Lou Gilbert and Harold Gordon on the set of Viva Zapata! directed by Greek-American Elia Kazan. Corbis / Getty Images 1975: Viva Zapata!- A screenplay written by Steinbeck was used to produce this biographical film about the Mexican revolutionary Emiliano Zapata.  1976: The Acts of King Arthur and His Noble Knights- An adaptation of the legend of King Arthur, started in 1956, and unfinished at his death.  1989: Working Days: The Journals of The Grapes of Wrath- Edited and annotated version of Steinbecks personal journal written while he was working on The Grapes of Wrath. Prizes for Literature   Steinbeck won the Pulitzer Prize in 1940 for The Grapes of Wrath, and a Nobel Prize for Literature in 1962, an award he did not think he deserved. The author was not alone in that thought; many literary critics were also unhappy with the decision. In 2013, the Nobel Prize committee revealed that the author had been a compromise choice, chosen from a bad lot where none of the authors stood out. Many believed that Steinbecks best work was already behind him by the time he was chosen for the award; others believed that the criticism of his win was politically motivated. The authors anti-capitalist slant to his stories made him unpopular with many. In spite of this, he is still considered one of Americas greatest writers and his books are regularly taught in American and British schools.

Critical Analysis Essay Example | Topics and Well Written Essays - 750 words - 6

Critical Analysis - Essay Example In this paper, the authors report on the effects of PDNF on tyrosine hydroxylase (TH) activity, a rate-limiting enzyme during the synthesis of dopamine and other catecholamine neurotransmitters. TH is important because it is involved in increasing the production of neurotransmitters. The study came up with the following additional actions of PDNF: Strengths. The paper has many strengths. First, it presented data that was based on solid experimentation that covered a wide range of immunological, molecular, and imaging techniques. The data was clearly presented using graphs and images. The discussion was straightforward and concise. The strongest point of the study is the methodology followed to arrive at the results. The authors arrived at their results through a series of experiments that each showed the action of PDNF on TH. To show that PDNF increased the TH expression in PC12 cells and primary mesencephalic neurons, the authors grew the cells in media that was treated several times with PDNF. Results obtained with immunostains were confirmed using immunoblots. Western blots and SDS-PAGE were also utilized. The study also used a luciferase gene assay to check the effect of PDNF on the promoter of TH. The method used to confirm the mechanism of action of PDNF on TH was done in a simple manner, where a construct of a mutation for the cAMP response element (CRE) labelled with luciferase transfected to PC12 cells. This step was able to show the effect of CRE on the action of PDNF on TH promoter activity. The discussion portion was able to summarize in a clear manner the results of the experiments, and related these to previous work done in the field of TH activation. The paper points to the mechanisms that could explain the action of PDNF. As an example, it was pointed out that PDNF mediated the phosphorylation of serine residues in the catalytic sites of TH. The phosphorylation activity of PDNF was

Rudolf Steiners ideas for the care and education of young children Essay

Rudolf Steiners ideas for the care and education of young children - Essay Example If the olds are facing this hardship trying to deal with the new things in this world how much more the young ones who will be raced up in this kind of world There is a saying that "the young's are the hope of the land". As they took step on the developmental period specific behaviors represent qualitative changes in the structure or function of these organisms that appear over a given stage following progressive sequences. And so they undergo physical developments until they become adults like us. Childhood phase is the said to be the molding ground for individuals. It serves as the foundation of a human being. The Head of the German Theosophical Society, Rudolf Steiner believed that children passes through three seven-year stages and that education should be appropriate to the spirit for each stage. Birth to age 7, which he said is a period for the spirit to adjust to being in the material world. At this stage, children best learn through imitation. Academic content is held to a minimum during these years. Children are told fairy tales, but do no reading until about the second grade. They learn about the alphabet and writing in first grade. According to Steiner, the second stage of growth is characterized by imagination and fantasy. Children learn best from ages 7 to 14 by acceptance and emulation of authority. The children have a single teacher during this period and the school becomes a "family" with the teacher as the authoritative "parent". The third stage, from 14 to 21, is when the astral body is drawn into the physical body, causing puberty. These beliefs are acceptable but let us examine carefully the curriculum he is trying to imply. As he built his Goetheanum; the school of spiritual science of Waldorf school for the children of workers at the Waldorf-Astoria cigarette factory in Stuttgart, Germany, in 1919 and currently operating in North America. Steiner designed the curriculum of his schools around notions that he apparently got by special spiritual insight into the nature of Nature and the nature of children. The education here focuses on myths and other non-Christian thing. Aside from that they are encouraging Satanism which is not morally upright for a Christian Society. Children must learn how to be love and appreciate love and affections the gain from others. They should learn things about them and answer their questions related to where they came from. Why not teach some about the Creator. His views pertaining to caring to children are appropriate, he value the stages that an individual is in. He considered the stages where the child is in need. He said that children at the 0 to 7 years old are adjusting him in the material world. Yes that's true. Aside from living in a material world of course the child must have the material support too, coming from the parents who are the guardians. As from the Abraham Maslow's Hierarch of Needs that before an individual reach the point or level that he is a self - actualized person, a person must first take his step in having the Basic needs, including clothes, foods and any material supports before he

Client agreement letter Essay Example | Topics and Well Written Essays - 500 words

Client agreement letter - Essay Example The solution will be clear and simple to understand. Our proposed Fast Works MVP will be a validated solution to on the basis of customer assessment and a comprehensive analysis of the prevailing market according to their savings and retail investments (Greenberg, 2009). On the client’s part, the clients have accepted to provide the information relating to the GE contacts of the frequent suppliers. It is indeed the responsibility of the responsibility of the clients to provide us with the information about their financial positions and their aspirations. We expect the clients to honest and frank about the level of risk that they can withstand in their investments. The clients have accepted to give us a written consent to reach the providers of their present financial plans and their suppliers. Additionally, the clients will sign the agreement on fees and product prices apart from providing the date of signage on the fee agreement. None of our solutions in the present collection costs more than US$200. Clients have accepted to give the details of user acceptance for the tests on services delivered and the prototypes of the solutions. They have accepted that they know where the solution can be accessed and how they can pay for them according to the prices and tariffs (Harrigan and Miles, 2014). The tests on the prototypes will be documented to be read together with the Client Agreement. Now about confidentiality and data protection, we will collect the data concerning the client’s circumstances in the process of our fact-finding. We will keep the clients’ sensitive information securely and confidentially, including the names, addresses and credit card details and will only be able to disclose them with their consents. The data integrity will be enforced within the relational database used to store the clients and suppliers information. The GE issues and problems will

Literature Review Definition Of Marketing Marketing Essay

Literature Review Definition Of Marketing Marketing Essay Marketing is managing profitable customer relationships, the twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction (Armstrong Kotler, 2007 p. 5). People often think marketing as selling and advertising, which is just a small part of marketing. The marketer does a good job when he understands superior customer value, prices, distributes and promotes them effectively; the products will sell very easily then. This tells that selling and advertising are just a part of marketing as a marketing mix; a set of marketing tools that work together to satisfy customer needs and build customer relationships. (Armstrong Kotler, 2007 p. 5). Figure: A simple model of the marketing process Source: Armstrong G and Kotler P, (2007, p. 6). Marketing: an introduction. 8th ed. Upper Saddle River: Pearson Education. Marketing mix According to Mohammed Rafiq and Pervaiz K. Ahmed (1995), the term marketing mix was first used by Borden and that it was suggested to him by Cullitons (1948) description of a business executive as mixer ingredients. Borden did not define the marketing mix; it simply consisted of important elements of ingredients that make up a marketing programme (Borden, 1965, p. 389). McCarthy (1964, p. 35) refined this further and defined the marketing mix as a combination of all of the factors at a marketing managers command to satisfy the target market. Later McCarthy and Perreault (1987) together defined the marketing mix as the controllable variables that an organisation can co-ordinate to satisfy its target market, which is widely accepted as the set of controllable marketing variables that the firm blends to produce the response it wants in the target market (Kotler and Armstrong, 1989, p. 45). According to Jonathan Ivy (2008), marketing mix is a set of controllable marketing tools that an i nstitution uses to produce the response it wants from its various target markets. Ronald E. Goldsmith (1999) stated that 4Ps was first formulated by McCarthy (1975) as a pedagogical tool to describe the chief tasks of marketing managers. Marketing managers must develop a systematic plan to sell to the customers after selecting a target market to create long-term relationships (Doyle, 1995). The marketing mix plan consists of 4Ps which consists of decisions about product, place, promotion and price (Goldsmith, 1999). According to Bennet (1997), the concept of marketing outlines a course for the organisation using controllable variables in an environment where many factors are uncontrollable, defined as the external market. Kotler (1967) (cited by Bennet, 1997) broadened this classification into four namely, customer, environmental, competitive and marketing decision variables. Focussing on manufacturing industries, Borden (1964) identifies the four external forces on the organisation as consumer buying behaviour, trade behaviour, competitors position and behaviour and government regulations. Robins (1991) formulated four Cs which is an alternate mnemonic to the marketing mix formulated by McCarthy (1964). Four Cs are defined as Customers who buys goods and services in the market place, Competitors who provide the choice of alternative sources of supply, Capabilities and Company both of them refers to the organisation which has ability to satisfy customer needs. Gronroos (1984) proposes a concept of interactive marketing which was backed by Kotler (1991). This concept emphasizes the relationship between the employee and the customer and identifies it as the key factor in successful market making. Kotler (1991) argues that the employee-customer relationship is an important factor in the success of the market-making process. Booms and Bitner (1981) added three additional factors to the marketing mix elements proposed by McCarthy (1964) namely people, processes and physical evidence. This concept highlights that the model proposed by McCarthy (1964) might lead to too narrow focus on the internal variables, and does not include some of the process variables which is a part of marketing planning system (Bennet, 1997, p. 151). Lings (1999) argues for services industry 4Ps are in adequate and 7Ps marketing mix illustrates the importance of internal factors, as retail sector is not a service based industry traditional 4Ps marketing mix is used to represent the external factors (cite d by Khanh Kandampully, 2004). 4Ps makes the marketing easier handle for the managers in non service based industry; the components of traditional marketing mix can change a firms competitive position (Gronroos, 1994). Even with the deficiencies, the 4Ps remain a staple of the marketing mix (Kent and Brown, 2006). According to the American Marketing Association (1985), marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchange and satisfy individual and organisational objectives. Kent (1986) states that the four Ps of the marketing mix as the holy quadruple of the marketing faith written in tablets of stone. According to Armstrong and Kotler (2007) marketing mix tools are classified into four broad groups, called the four Ps of marketing: product, price, place and promotion. In order to deliver on its value proposition, the firm must first create a need-satisfying market offering (product). It must decide how much it will charge for the offer (price) and how it will make the offer available to the target customers (place). It must communicate with target customers about the offers and persuade them of its merits (promotion) (Armstrong and Kotler, 2007 p.53) Baker Hart (2008, p 463) the logic of 4Ps is straight forward; a supplier needs products, needs to price them, to promote them and distribute them to the place where the customer can buy them. According to Dogra Ghuman (2008) some of the variables associated with 4Ps are: Price: price level, credit terms, price changes and discounts. Product: features, packaging, quality and range. Promotion: advertising, publicity, sales promotion and personal selling. Place: inventory, distribution channels and number of intermediaries. Figure: The four Ps of the marketing mix Source: Armstrong G and Kotler P, (2007, p. 6). Marketing: an introduction. 8th ed. Upper Saddle River: Pearson Education. Product According to Armstrong and Kotler (2007), product can be defined as the goods and services is a combination the company offers to the target market. Belohlavek (2008) argues that a product or service is the element which satisfies the clients needs. The product or service generates two types of relationships with the prospect: a functional and a linking one. The usefulness of the product bears a relationship with its benefits measured both objectively and subjectively. The products use value is fundamental to the purchasing decision process in its closing stage (Belohlavek, 2008 p.15). For a competitive approach the company has to offer products that are unique and meet customer needs, wants and values. Maintaining the product uniqueness is difficult for a company since the product can be matched by competitors. The company must often compete on price, distribution, or promotion; in order to compete unless the product is of sound quality (Rea Kerzner, 1997 p. 57). Product variety Pine (1993), product variety is defined as the number of different products offered to the customers (cited by Felipe Scavarda, Reichhart, Hamacher, Holweg, 2010). According to Bils Klenow (2001) and Er MacCarthy (2006) product variety is a new development and a trend in many industry sectors worldwide (cited by Felipe Scavarda, Schaffer, Jose Scavarda, Reis Schleich, 2009). Product variety is an effective strategy to increase the market share as it enables the company to serve different kinds of customer segments and to satisfy the customer variety seeking behaviour (Tang, 2006). This involves different product features, packaging, or channels of distribution (Felipe Scavarda, Schaffer, Jose Scavarda, Reis Schleich, 2009). Product variety strategy as a marketing strategy will result in sales growth, profits and meeting more specialised demands (Berry Cooper, 1999). Kim Chhajed (2000) argues that different kinds of product manufacturing results in a decrease in logistics perfor mance or manufacturing performance. Lee Billington (1994) also argues that product variety can result in higher forecast errors and lead to excessive inventory for some products and shortages for other products. If the product variety is to the optimal or to the appropriate level of variety, then product variety will result as economical efficient and will create positive marketing efforts (Lancaster, 1990). According to Pine (1993) and da Silveira (1998), product variety enables the ability to customise products to customer needs and has been identified in achieving competitive advantage over other retailers (cited by Felipe Scavarda, Reichhart, Hamacher, Holweg, 2010). As product variety gives a broader product line and can lead to increased profitability (Kekre and Srinivasan, 1990). Product variety gives rise to the need to consider different products of the individual product variants, as different end items that are fundamentally different do not feature the same variety level for the individual (MacDuffie et al., 1996 Koste and Malhotra, 1999). Price Belohlavek (2008) states that price is a conditioning element for buying a product; price only conditions a product but does not determine it, in accordance to the buyers income makes a monetary value of a given service or goods, which makes them reachable to the goods. Price is a factor which acts as a barrier which when reached in operational terms, thats when the last stage of purchasing action is reached. Price is an element which determines a priority relationship with the value and opportunity creating access to the customer. Kasper et al. (2000, p. 627), pricing is an important management tool to achieve the objectives of the organization. Similarly, Pellinen (2003, p.218) has suggested that pricing is one of the most central management tasks for a service company. It is also the only element of the marketing mix that generates revenues for a firm, while all the others (e.g. new product introductions, promotions) are associated with costs (Zeithaml et al., 2006) (cited by Indounas Avlonitis, 2009). Rea Kerzner (1997) argues that the easiest way to reach and compete with the competitor is to match the price with the competitor. Price is one of the most important criteria that customers use when choosing between competing brands (Huber et al., 2001; Ta and Har, 2000) (cited by Indounas Avlonitis, 2009). Price is the sum of money customers has to pay to acquire the product; often customers buy the product negotiating the price for more accessibility, companies offer discounts to customers adjusting price to sustain the competitive situation (Armstrong Kotler, 2007 p. 52). Price Discount According to Palazon Delgado (2009), Customers are price sensitive and they often look for price related information. Manning et al., (2003), they are vigilant about any information about price and other pricing information (Kukar-Kinney et al., 2007) they spend a lot of time thinking about prices of products, always evaluating savings offered and the convenience by the price discount. Customers with lower levels of price consciousness and value, they are most likely to be influenced by the magnitude of the discount (Alford Biswas, 2002) than the pecuniary value of the discount really offered. (Babin et al., 2007) customers are engaged in searching for more devoted to the task of shopping to the extent that a better price exists in another store. Hardesty Bearden (2003) and Grewal et al., (1996) claims that when the promotional benefit is low, customers are not going to process information extensively about the promotion (price discount) as it has low pecuniary value. Similarly wh en the promotional benefit is high, customers are not sure about the product or the deal they are unlikely to process information extensively as there is less uncertainty about the product. Customers are predicted to analyse the deal moderately whether the benefit are high (Palazon Delgado, 2009). Hardesty Bearden (2003) and Grewal et al., (1996) states that if the promotional benefit is low or high the levels of information processing is low, but for moderate benefit levels information process is high. Chandrashekaran (2004) and Raghubir (2004) argue that high promotional benefits are always evaluated positively. According to Madan Suri (2001) there are different types of price promotions and short term price discounts have been used by the retailers to create short term demand for their products (Monroe, 1990 p 369). Retailers can sell the products very fast without much expensive when they are offering immediate savings to the customers. Short term price discounts are easier to execute and provide immediate price savings to the customers (Madan Suri, 2001). Discounts actually increase the value to the customers and this happens at the intermediate levels of discounts and when the discounts are either very high or very low it decreases the value (Madan Suri, 2001). Promotion The most common promotion is a sale (Levy Weitz, 2007 p 433). Promotion is one of the key Ps in the marketing mix (Dibb et al., 1994). The promotion strategy is used in increasing sales by creating differences in resources which results in a firm being able to outspend a competitor in advertisement, purchase displays, trade shows and other promotional methods (Rea Kerzner, 1997 p. 58). * According to Jennifer Rowley (1998), the objectives of any promotional strategy will be drawn from an appropriate mixture of the following roles of promotion; to: increase sales; maintain or improve market share; create or improve brand recognition; create a favourable climate for future sales; inform and educate the market; create a competitive advantage, relative to competitors products or market position; improve promotional efficiency * According to Jennifer Rowley (1998), an appropriate promotional mix must be created in order to meet the promotional objectives of any given promotion strategy. The promotional mix is the combination of different promotional channels that is used to communicate a promotional message. This will involve an appropriate selection from the range of tools that are available for use as part of the promotional mix. The tools in the promotional mix include: Advertising. Any paid form of non-personal presentation and promotion of ideas, goods or services by any identified sponsor. The pages of professional newsletters and magazines are common avenues for advertising information products. Direct marketing. The use of mail, telephone or other non-personal contact tools to communicate with or solicit a response from specific customers and prospects. Mail shots and leaflets inserted in professional magazines are used to promote information products. Sales promotion. Short-term incentives to encourage trial or purchase of a product or service, such as discounts for access to a database over a limited time period. Public relations and publicity. Programmes designed to promote and/or protect a companys image, or those of its products, including product literature, exhibitions and articles about organisations products in professional or in-house newsletters. Personal selling. Face-to-face interactions with one or more prospective purchasers, for the purpose of making sales. This is common within the business-to-business marketing transactions in the information industry, where sales representatives, often also with a support function, are common. Sponsorship. Financial or external support of an event or person by an unrelated organisation or donor, such as is common in respect of the arts, sports and charities. Large organisations, such as major publishing groups like Reed Elsevier, or software houses, such as Microsoft, may engage in sponsorship, but public sector organisations, in education and libraries, are more likely to be the recipient of sponsorship. Place According to Kai Li Hung Hung (2007), place is a marketing mix which describes whether the location is accessible and transport is convenient, place comes out as a heterogeneous phenomenon which is created by the company at each place combining resources; accessibility increases value to the customer. Kotler, et al., (2005) claims that place involves all activities of the company to make all products available to the customers. According to Mason Staude (2009), Place is the least changing marketing tactic. Distribution and availability are used in stabilising dimensions, communicating and creating a control as a link between supplier and customer, and reducing the probability to change suppliers, which actually stabilises the market. Backward and forward integration also reduce the uncertainty of retailer stocking the products, lowering the risks and stabilising the environment (Nilson, 1995). According to Boyle Proctor (2009), in the context of product sales, placement is actually distribution (Biech, 2003). In social marketing, distribution can be defined as dissemination channels (NWPHO, 2006). Clearly for dispersing channels to be effective they must be accessible to the target market (Boyle Proctor, 2009). Store location and layout The location and atmosphere of a store communicates information about the service and pricing to the customer. The physical characteristics play an important role in a customers mind (Levy Weitz, 2007 p 434). Store layout influences customer buying behaviour, stores can attract customers with their design and layout motivating them to make impulsive sales or give them a pleasant shopping experience (Levy Weitz, 2007 p 491). According to Davies Rogers (1984), guy (1980), Jones Simmons (1987) and Birkin et al., (2002) site selection and sales forecasting of retail stores are a important factor in retail management and retail geography (cited by Wood Browne, 2007). Store location is used in sales forecasting for retail stores and for determining the optimal location and sales of the store (Clarkson et al., 1996; Smith Sanchez, 2003). Superstores are one of the main formats through which food is sold increasing the money flow (IGD, 2005). The size of the stores is important and it is very expansive to open up a big store therefore accuracy in location planning is essential (Wrigley, 1996). Retail stores are dependent on the daily purchases made and regular weekly purchases this involves repeated car journeys from the customers homes, which requires space for parking near the store for easy access (Wood Browne, 2007). The location of a store affects the customer with sociological and geographical factor s (Wrigley, 1998; Meyer Johnson, 1996; Rust Donthu, 1995) (cited by Beyon, Griffiths, Marshall, Expert Systems (2002). Pricing strategy According to (Blythe, 2008 p 151), pricing a product is one of the most important issues for marketers; it is significant not only to the profit that is to be made but also to the quantity of products which are to be sold. Pricing also touches on all the elements of the marketing mix, pricing is the indication to the consumer of what a company expects in exchange; for the products being offered. Profitability of the company depends on the pricing strategy (Doyle Stern, 2006 p 225). Price may become a proxy measure for product quality when buyers have difficulty in evaluating complex products (Cravens Piercy, 2006 p 316). Consumers are often confused in choosing a product; price helps them choose a product. A strategic viewpoint on pricing decisions may create new market space and opportunities for the company (Cravens Piercy, 2006 p 317). Figure: Steps in selecting a pricing strategy Source: (Cravens Piercy, 2006 p 321). A pricing strategy must be consistent with the retailers overall image (positioning), sales, profit, and return on investment goals (Berman Evans, 2007 p 498). Various roles of Pricing (Cravens Piercy, 2006 p 320) Pricing has few important roles in the marketing program of a company. Some of the roles are: Signal to the buyer Price is the easiest way to directly communicate with the customer. When comparing with other brands price is a visible difference to the customer. Price is also used in positioning the brand to show its quality or instead give direct competition with other brands (Cravens Piercy, 2006 p 320). Instrument of competition As the competitions between companies are high, Price is an element which can quickly attack competitiors. Price can also be used by a company to stay away from the competition if used strategically; pricing strategy is always related to competition with other brands or companies (Cravens Piercy, 2006 p 320). Improving financial performance Using a pricing strategy wisely, companies can generate revenues by forecasting about a product or brand to increase the financial statement in the short term or in the long term in order to survive the global competition (Cravens Piercy, 2006 p 320). pricing strategy has the biggest impact on the profit and loss statement of the company in the short run, Pricing is even more crucial in the long run; the primary purpose of business strategy is to offer consumers enhanced value so that price can be raised considerably above costs (Doyle Stern, 2006 p 225). Marketing program consideration Companies pay a price for marketing, in order to maintain or penetrate in to the market. Price strategy is also used for promoting products (Cravens Piercy, 2006 p 320). Consumer behaviour Blackwell, et al., (2006) defined consumer behaviour as the activities people undertake when obtaining, consuming and disposing of products and services. The activities are divided into three, they are: obtaining, consuming and disposing (Blackwell, et al., 2006 p. 4). Obtaining According to Blackwell, et al., (2006 p. 4) it is the process of purchasing or getting a product. This process includes comparing with other similar products, alternative brands and searching for more information of the product before obtaining it. Analysts often study these purchases in order to improve the understanding of the market; consumer buying behaviour is studied whether they are buying for themselves or as gifts, payment methods, and product transportation or delivery, how they get information about other alternative brands and how the brands influence the consumers product choices. Consuming According to Blackwell, et al., (2006 p. 4), it is the process or activity of using a product by the customer to his/her needs. Based on the consumption of the products researchers can study the consumer decisions whether the product is bought to be consumed in the office or at home, or for entertainment purpose or for its functional purpose, do they consume the product or do they dispose it without using it even once. Based on the consumption these buying behaviours are studied in order to understand the needs of the customers. Disposing According to Blackwell, et al., (2006 p.4), it is the process of getting rid of the product after its use or its packaging. And how do they dispose the product remains or the packaging, whether the packaging is biodegradable. Analysts think in the ecological point of view for this process. Consumer buying behaviour According to McCall, et al., (2009), purchasing decisions happen on daily basis and the most important factor influencing these decisions is the price of the product. For buying any product, price is often the most silent feature (Nagle and Holden, 2002). This can be used as an advantage to increase the overall sales by offering discounts (promotions) to the price sensitive customers (Soman, 1998). According to Saha, et al., (2010), Consumer behaviour is the study of how individuals spend their available resources on consumption-related items. It includes the study of what they buy, why they buy it, when they buy it, where they buy it, how often they buy it, and how often they use it (Schiffman and Kanuk, 1996). The main objective of marketing in the consumer buying behaviour context is to satisfy the needs and wants of the target customer. As a subject consumer behaviour also deals with the factors that affect the buying behaviour of a consumer. The study of consumer behaviour gives a clear idea that how consumer select, buy, use and dispose the product, service, experiences to please the needs and requirements (Kotler, 2003). Stimulus response model is the starting point of understanding consumer buying behaviour. The buyers characteristic and decision process leads to the purchase decision; a consumers buying behaviour is influenced by 4ps, cultural, social and personal factors (Kotler, 2003). The role of marketing mix is also important in making the buying decision by any consumer. The marketing mix consists of everything the firm can do to influence the demand for the product. The many possibilities can be collected into four groups of variables known as the Four Ps that is product, price, place and promotion (Saha, et al., 2010). According to Mowat and Collins (2000), for successful development in business, the company needs to understand and meet the consumer needs and expectations (Douglas, 1993; Knox and Theisen, 1981). Store layout plays (place) an important effect in consumer behaviour besides price and consumer expectation (Kotler, 1973; Eroglu and Machleit, 1990; Bitner, 1992; Baker et al., 1993; Baker et al., 1994; Grewal and Baker, 1994; Simonson, 1999; Baker, et al., 2002) (cited by Vrechopoulos Atherinos, 2009). According to Solomon, et al., (2006), consumer purchase is a response to a problem and a customer goes through a series of steps in order to make a purchase. These steps can be described as (1) problem recognition (2) information search (3) evaluation of alternatives and (4) product choice. After the decision is made, the quality of that decision affects the finals steps in the process, when the learning occurs based on how well the choice worked out. The learning process influences the likelihood that the same choice will be made next time the need for a similar decision occurs (Solomon et al, 2007 p.258). Brin (2004, p 85) argues that it is important to understand the characteristics of the consumers and their buying decision process in order to target them with the most appropriate and effective marketing methods, the management needs to understand and study this decision process on what particular product or service the consumers choose from; the brand they select, from which outlet they buy, what kind of product and the amount spent. It is useful to understand what influences the consumer (Brin, 2004 p 85). Some of the influences in buying roles in the consumer buying process are (Brin, 2004 p 85): The initiator: the very first person who thinks about buying a product The influencer: the person who influences other consumers in taking the final step of the buying decision The decider: the person who takes the final decision The buyer: the person who actually buys a product The user: the customer. There are different types of consumer buying behaviour, and the type of consumer buying behaviour changes according to the type of buying decisions. The main influence is the brands available to the consumer and the personal attachment towards the decision which influences the consumer to become a loyalty customer (Phillips, et al., 1994; p 85). Involvement can be a major factor in decision making; consumers often tend to develop a form of emotional attachments to products and most people would be familiar with the feeling of having fallen in love with a product, even when the product is totally unreasonable though the purchase may not have an important practical outcome for the consumer; the consumers future behaviour does not always materialise (Blythe, 2005 p 53, 54). Low involvement, low price, low risk High involvement, High price, high risk Few differences between brands Brand loyal Repeat purchasing Influenced by price And sales promotional offers Buying process is relatively quick because of the limited differences Significant differences between brands Brand switching but limited information gathering Information gathering and processing is important. Purchase decision is important Figure: Four types of buying behaviour Source: Phillips, et al., (1994; p 85) (Adapted from Assael, 1985 Kotler, 1988). According to Kapoor Kulshrestha (2009), Products convey different meanings to different people and this differing forms an attachment towards the products. According to Zaichkowsky (1985), attachment means the interest, the enthusiasm, the emotional level expressed by the consumer regarding a product (cited by Steichen Terrien, 2009). The meaning of the product depends on the nature of the consumers rather than the nature of the products (Martin, 1998; Rochberg-Halton, 1981). The consumer plays a role in his or her choices (Steichen Terrien, 2009); the decisions are principally based on personal perception followed by the cues sent by the environment with personal interpretation (Fishbein and Ajzen, 1975; Fazio, 1985). These choices have different attributes, and some of them are very salient; the choice of salient attributes also depends on the personal characteristics of the consumer (Steichen Terrien, 2009). Based on Uncles and Ellis (1989) the interplay of costs and benefits affects the retailers in making huge gross margins, many retailers are establishing their own labels as a part of retailing today. This allows the retailer selling products under their own name to differentiate their products and stock, from other retailers. Also, allowing them to have a full control over product price, quality and stocks (cited by Rothe Lamont, 1973; McGoldrick, 1984; Simmons Meredith, 1984). This will actually generate higher gross margins. For competitive edge over other stores and brands, retailers hope to build a relationship with the customer by lowering price and offering consumers better value for money without narrowing the product range (Simmons Meredith, 1984). Customer relationship strategy Relationships can obtain competitive advantage (Kanter, 1994; Kay, 1995; Huxham, 1996; Stone and Mason, 1997) (cited by Donaldson O Toole, 2002). Customer relationship strategy is based on mutual trust with the customers creating long term relationships; many researches conclude that customer relationship strategy has increased the profit margin for many firms (based on Lawrence, 2002). Long-time customers are less costly to serve and smooth running of relationships are inexpensive and less resource intensive (Lawrence, 2002). Long term relationships benefit both the buyers and suppliers (Szmigin, 1998). For the strategy to be effective, the component elements should be inter-related. When there is a strong synergy between the component elements the strategy will be eff

Symbolism in Piggys Specs :: essays research papers

The Symbolism of Piggy's glasses Symbolism pervades throughout the entire narrative of Lord of the Flies and is used to illustrate the fears and tensions that exist within the boys trapped on the island. One of the novel's strength is that it weaves these vivid symbols together to assist its themes and ideas rather than labour them. Piggy's glasses become an important symbol representing the social order of the boys as they try to determine how to lead themselves. Although not a leader Piggy is the voice of reason as he mends the early splits between the boys by way of compromising. Of all the boys on the island it is Piggy who can seen as the most symbolic. His organisation helps the boys make the early decisions and he can be seen as the natural law of order, the reason thinking of humanity. Although despite being described as short and fat in the terms you might describe an animal as Piggy is the most willing to strive for survival in a civialised way. It is Piggy who says the most important words describing how the boys should act "What are we? Humans? Or animals? Or savages. What are grownups going to think?" It is this desire for docorum that underlines Piggy's belief that they will all be saved from the island - the only person to believe this will happen. Therefore Piggy himself becomes symbolic of the boys' hope to be saved from the island. The hope literally comes from his glasses. Piggy's spectacles are taken from him and used to start smoke signals. Without glasses Piggy's sight, like the boys' vision of what is in their best interests, becomes blurred. Piggy, now weakened, is no longer able to aid Ralph in his struggle to lead the group. Without the voice of adulthood that is Piggy, Ralph loses his moral guidance and begins to make bad judgments. The greater Piggy's will to escape and claim salvation so Ralph is drawn into the confusion and misguided pleasures of The Beast". As each pig is killed so a small part of what Piggy represents is corroded away. When Piggy's glasses are broken all apparent hope of escaping with them is destroyed as well. By making the glasses useless the boys are rejecting what the spectacles stand for. Now no longer able to function at all the 'short and fat' Piggy becomes an animal like the rest of the boys, where only the fittest survive.

The film ‘Salvador’

The film ‘Salvador’ revolves around the genocide and the grim happenings of the early 1980s in El Salvador, involving the military dictatorship. This Oliver Stone’s, first prominent film has James Woods and James Belushi in the cast, who play an veteran photojournalist Richard Boyle, and a DJ Dr. Rock respectively. The movie portrays the horror unleashed by the right-wing squads through their gorilla warfare. The film has all the ingredients of an adventure film in right proportions. Boyle’s attachment for liquor and drugs leaves him unemployed despite being capable of good work. When things keep going bad for Boyle, he decides to go to El Salvador with his best friend Dr. Rock, for a freelance lucrative work amidst the prevailing turmoil, not realizing what was in store for them. Rock too doesn’t have any DJ assignments. While entering El Salvador, Boyle and Rock happen to witness the execution of a student at the hands of the military, which make them reconsider their decision. They now realize that El Salvador is a more serious and dangerous war, than they were expecting. Boyle learns that the actual situation at hand is much worse than that portrayed in the US press, after he sees a severed ear collection of a right wing military officer. Boyle also recognizes several prominent US military and CIA personnel, with whom he had served in Vietnam, who are now not willing to account for their presence. In El Salvador, Boyle meets Maria with whom he falls in love. He also meets a Newsday reporter John Cassady, and a Catholic nun Cathy Moore. His initial cynicism gives way to heightened passions and anger through his association with Maria and observation of Cathy’s humanitarian efforts. After realizing the devastating situation around him, Boyle becomes determined to change the situation, in the course of which he puts his life to risks. The assassination of Archbishop Romero has been filmed with passion and truth. Clad in white robe, the archbishop is clearly contrasted from the dark brick wall behind him. Giving his sermon, the archbishop accuses Washington of favoring the military dictatorship, and prays to God to end the violence and sufferings. The archbishop is assassinated by someone from the government, which soon has people fleeing for their lives, and the military personnel attacking unarmed people. Boyle ensures that he is available wherever there is any action, be it the military headquarters, the guerrilla camps or even the US embassy (Goodman, 1986). When the Archbishop Romero is assassinated, Boyle is there close to the assassin. The film brings to life, the happenings in El Salvador, through appropriate settings, locations and laudable performances. For instance when Boyle and Cassidy photograph the dead bodies at a dumpsite, El Playon; the dreadful situation is evident from Boyle’s dirty face, a handkerchief around his neck and the terrain they work. In Santa Ana, Cassady takes his last memorable picture. He films a plane flying overhead while the military and guerrillas are fighting. The plane is flying into the town subsequent to the restoration of military aid by the US. Cassady meets his end while taking the shot exposing American assistance to the government. Cassady had always believed that one has to go closer to get the truth, however if it’s too close, you die. Boyle promises the dying Cassady that he will take his all important photos out of El Salvador. The death of Cassady reminds viewers of the real photographer John Hoagland of Newsweek who died in action while in El Salvador (McClennen, 2007). The settings used in the film are very realistic, integrating the prevailing poverty and terrain with the existing turmoil. Although the movie is claimed to be a true story, not all events shown can be corroborated or verified from records. Neither can they be easily dismissed as having been added to heighten the sentiments of the viewers. However the film makers have taken pains to acknowledge variations whenever adopted, like the scene in which Boyle and Maria are caught at the border. The production of the movie was itself plagued by several adversities. The film is a heart touching one, the effects of which would be with the viewer for a long time, after viewing it. REFERENCES McClennen S., (2007) Salvador Section 3: Media analysis. [Electronic Version] Downloaded on 16th September 2008 from http://www.personal.psu.edu/users/s/a/sam50/cinergia/mf/salvador.htm Goodman W (1986) Screen: ‘Salvador’ by Stone. The New York Times. March 5, 1986 [Electronic Version] Downloaded on 16th September 2008 from http://movies.nytimes.com/movie/review?res=9A0DEFDB1F3AF936A35750C0A960948260

Hotel Accommodation Operation The WritePass Journal

Hotel Accommodation Operation Bibliography Hotel Accommodation Operation INTRODUCTIONUp- Selling Greeting GuestsProduct knowledgeFollow-up techniquesCommunication A FEMALE BUSINESS PERSON TRAVELLING ALONELEISURE FACILITIESAccess to information Accommodation- room type LEISURE FACILITIESA SMALL GROUP OF TEN PERSONS ACCOMMODATED IN 5 TWIN ROOMS Access to information Bibliography Related INTRODUCTION Cabot Hotel depends on room revenue rather than selling liquor or food because most of the hotel capital comes from numbers of room sold. However there are different methods of sales technique that Cabot Hotel use to increase room revenue, one is to bring new and old customers to continue to use their establishment rather than their competitor. Good sales technique is one of the important key elements in Cabot Hotel when currying out duties because every customer have different types of needs, by providing the right information and selling the right product and services to the customer at the right time, and persuading guests to pay more for an accommodation and to use the establishment facilities that can increase the business profit. Abbot, P. And Lewry, S. (1999)Baker, et al. (994) Abbot, P. And Lewry, S. (1999) Up- Selling persuade guest during the checking- in to purchase other products starting with the higher price, medium and then lower price or (Abbot and Lewry, 1999) â€Å"other add-ons in order to make more room revenue† and also giving suggestion on a particular services or product that the hotel offers to encourage guests to use more of the establishment leisure facilities, for example; Sauna and steam room A luxury spa offering a range f luxury treatments for ladies, gentlemen and even for the children Hotel front desk clerk are in an excellent position to captures and encourage more walk-in guests to purchase their products, instead of just welcoming the guests and quoting room rates, the receptionist can start by offering the guest two or there room types and give descriptions of features that will make them seem as appealing as possible, It also important to secure other guests from migrating from other hotels by talking to the guest about other benefits and advantage of the establishment. Greeting Guests When checking-out a guest saying farewell and greeting them in the correct manner it influences on the impression which they will take way with them. When checking-out a guest is good opportunity to encourage the guest to return again in the future by using their first name when saying goodbye and we look forward to seeing you again, that personal touch can encourage the guest to make their next booking there and then. A hotel is kind of second home to some guests and departing can be comfortless time, at that moment he or she is likely to be particularly receptive to the suggestion that you would like to see them back sometime. (Abbot and Lewry, 1999) â€Å"You can ask ‘I hope you enjoyed your stay?’, and if you get an affirmative answer, go on to ‘are you going to be coming back this way again? Can I make a provisional booking? Even if few guests decide to book again at least you will have a repeat business.Baker, et al. (994) Product knowledge It’s very important as a receptionist to know about the facilities that Cabot Hotel offers because there might be times when they have to encourage guest to use more of their establishment facilities than they had original intended to do. When checking-in a guest it also important to know exactly the products and services the hotel offers to meet the needs of various customers. For example: Business female guest Families with children Small group of people If the guests continues to use their establishment facilities and return to purchase their products it more likely that their facilities will continue to remain in the business and it can increase the sale result and the company would make profit. Follow-up techniques The follow-up techniques is use to trace back previous customer, there are people who have already had reason to come to your hotel or customer that have most likely been happy with their choice. The company would send email or letter by post to their guests offering them the latest product and services which are available and also other promotional products. Abbot and Lewry(1999) Communication Communication can be verbal and non-verbal.Verbal communication is when speech is use to communicate with a guest and non-verbal is when you use your body language. When dealing with a guest over the telephone or at the desk it very important to treat each guest and their needs with respect because without customer there’s no business revenue and work, so it important that your voice sound polite, friendly and maintain good eye contact with the guest at all time when taking a booking or dealing with a complain, that can influence the customer to purchase Cabot Hotel products and to use their services again. Baker, et al. (994) Front-desk-sales-training(2011) Q-2A) The check-in process start some time before the guest has arrive, the front office will prepare the arrival list twenty- four hours in advance, the list contains the expected date and time and other special requirements, and copies are sent to different departments within the hotel, such as, housekeeper, head porter and food and beverage. A FEMALE BUSINESS PERSON TRAVELLING ALONE A female business traveller requires executive room with additional suites including;   A generally higher quality of furniture and fitting With a selection of magazines Bathrobes and a higher standard of toiletries   Telephone in the bathroom Morning newspaper Comfortable room, located where there’s no transportation disturbance and with better view. Also room with enough space fully en-suit including the following facilities air conditioning, central heater within the room tea and coffee making facility hairdryer minibar digital LCD flat-screen television with choice of international channels/ radio, interactive video on demand and extension speaker in bathroom dual line, direct dial digital telephone with connection points by both bed and writing desk wireless broadband internet access throughout the hotel luxury toiletries in bathroom trouser press laptop sized safe. Special amenities, decor appealing to women. For example big mirror and wardrobe also make-up facilities. A Car park facility where they can park their car. LEISURE FACILITIES Sauna and steam room Changing room Luxury spa offering a range of luxury treatment A FAMILY OF FOUR WITH CHILDREN AGE 6 AND 8 Access to information Maps Internet Having an easy access to information such as city maps and internet helps them to move around more easily with less troubles of getting lost, the use of internet is very handy to finding restaurants, transport, special events and other different type of facilities. Accommodation- room type standard (double) standard (twin) A family of four would have more requirements to meet their needs, in order to feel comfortable they require good accommodation to suit the whole family.   Rooms’ facilities including digital LCD flat-screen television with choice of international channels/ radio, interactive video on demand dual line, direct dial telephone with connection points by the bedside family meal menu in the restaurant is very important for the family to socialise with each other food heating facility LEISURE FACILITIES Sauna and steam rooms Changing room Luxury spa offering a range of luxury treatments for ladies, gentlemen and children A SMALL GROUP OF TEN PERSONS ACCOMMODATED IN 5 TWIN ROOMS Access to information Having an easy access to information such as city maps and internet would help group travellers to travel around the city easily with less troubles, the use of internet would be very handy to finding restaurants, transport, special events and other different type of facilities within the city. Accommodation- room type   Ã‚  Ã‚  Ã‚  Ã‚   5 standard (twin rooms) Group of ten people requires good accommodation to suit each individual needs.   Each room with facilities including digital LCD flat-screen television with choice of international channels/ radio, interactive video on demand dual line, direct dial telephone with connection points by the bedside hairdryer and dual voltage shaver outlet toiletries in bathroom trouser press tea and coffee making machine LEISURE FACILITIES   Ã‚  Ã‚  Ã‚  Ã‚   Sauna and steam rooms Changing room Luxury spa offering a range of luxury treatments for ladies, gentlemen and children Q 3) When a reservation for a booking has been confirmed by Cabot Hotel, the guest will enter into a bind contract. The guest is expected to turn up and the hotel must provide the agreed accommodation. If any of the party fails to honour its side of the bargain, it must compensate the other for any loss suffered. If Cabot hotel is responsible for walking-out a guest, the hotel will accommodate the guest to another hotel and pay for other expenses. Guests are not allowed to change a room reservation once confirmed, room rates and other taxes included in the booking must be paid in full when confirmed reservation is made. If the customer fails to make the full payment or credit arrangements are not made with the company, when a reservation is confirmed, Cabot hotel might any time cancel the reservation. For booking cancelation refund, Customer must give 48 hours notice before the expected date, cancellations up to 21 days before the arrival date 20 percent of the room costs, up to 11 days before 40 percent, up to 7 days before 60 percent and 6 days or less – 80 percent of the room costs. Customer who makes online booking need to pay 10 percent deposit, The deposit is to assurance the company from any profit lost if a customer decides to cancel their booking at the last minute or decides to not show-up on the expected date and time.   Booking cancellation and no-show has a huge impact on hotel profit. It can cost the hot el a large amount of lost in room revenue. If you book a room for some nights at Cabot hotel and decide to depart earlier, it will be assess early departure and you have to pay a fee because you did not stay for the entire number of night reserved. Cabot hotel charge 50 percent if you decide to leave your room after the posted check-out time (between 12noon to 3pm) the 50 percent charge is the daily room rate for a late check-out fee. Hotel cancellation policy law (2011) Q-4A)   The sales department needs to do the number of rooms occupied divided by the number of room available ËŸ 100, to check whether   there’s enough room available to accommodate their guests . There are other factor the sales department should consider before accepting the booking. Such as: The time of the year (shoulder season –December ) Time of the week (weekend or weekdays) Number of rooms required (30 or maybe more) The room rates and discount ( group room rate) Name of the tour operator Contact details of the booker. James, A, Bardi. (1947) the sales mix ration is important because it contributes to the business finance success, the hotel room division manager needs to keep a tract of how many group booking are being sold and their rates, if rooms are being sold for the same lower rate throughout the month the room division manger needs to obtain the higher possible quantity of room revenue occupancy rate to increase the business profit. Baker et al, (1994 For group booking the check-in process might start a week before their arrival date because groups require more preparation. A copy of the arrival list can also be sent to the general manager if any VIP’s expected. Denney G, I, Rutherford (1942) and Abbot and Lewry(1999) Bibliography Denney G, I, Rutherford (1942) Hotel Management, 2ndedn, America: New York Front-desk-sales-training, (retrieved 05, April 2011, from (ehow.com/facts_6856648_front-desk-sales-training.html) Hotel cancellation policy law (retrieved 05, April 2011, from (londonnet.co.uk/ln/guide/resources/hotel-cancellation.html) James, A, Bardi.(1947) Hotel front office management, 5th ed. Hoboken, New Jersey. Abbot, P. and Lewry, S. (1999) Front Office. 2nd ed. Butterworth: Heinemann Baker, S., Huyton, J. And Bradley, P. (1994) Principles of Hotel Front Office Operation. 2nd ed. Strand: London

Santas Reply - A Funny, Comedic Male Monologue

'Santa's Reply' - A Funny, Comedic Male Monologue This stand-alone comedic male monologue features Santa trying to win back Mrs. Claus. If you want to know how this happy couple fell apart, read Mrs. Clauses piece in our list of comedic female monologues. It may be used by students, actors, directors for educational or professional purposes. But remember, it is purely a work of fiction. In reality, Mr. and Mrs. Claus are happily married! Santas Reply SANTA: Dear Mrs. Claus... Ever since you left me for the Easter Bunny, my life has become utterly meaningless. Without you, the North Pole truly is the loneliest place in the world. Without you by my side, there has been no one to keep me on my diet. Ive gorged upon cookies and milk. I even stole Rudolphs carrots. I gobbled up the gingerbread house next door. The neighbors are furious. Ive gotten so big, the reindeer have developed back problems. Thanks to me, the sled now exceeds its maximum capacity. I dont think Ill be able to clear the Rockies this Christmas Eve. And I cant stop drinking. Ive been going to Eggnog Anonymous meetings, but they just arent helping. And I hesitate to mention how devastated the elves have been. They keep asking about you. So, as you can tell, without you, my life is ho-ho-horrible. Please come back to me. I dont care if youre naughty or nice. Theres no one else I want underneath my mistletoe. Please come home.

Personal Statement Essay Example | Topics and Well Written Essays - 500 words - 47

Personal Statement - Essay Example I had worked very hard and had good grades in my previous schooling and everyone believed that I was the best nominee for the award, little did I know that a huge disappointment was in the offing. I painfully missed the scholarship and in its place, I received a smaller, insignificant award in my eyes. Whereas I thought I was the best person to receive the token, other people were awarded. I became very angry and unknowingly, I developed a grudging heart against those who won the scholarship. I was convinced beyond reasonable doubt that the scholarship committee was biased. This feeling of hatred and jealousy continued for a while until I noted that my negative reaction angry look and avoidance attitude had no apparent effect on the winners. It only increased my frustrations and I became more and more miserable. I decided to force that feeling to fade away. I had no choice as those who received the scholarship were oblivious of the resentment towards them. I decided not to continue a llowing my heart and mind to be swayed by important issues in my life. I decided to move on especially after talking to a few friends and family members. They encouraged me to put that ordeal behind me as there are people who face severe challenges in life. This incident caused a huge impact in my life. It threatened to derail me from my career and cause a permanent heartbreak. Through guidance and canceling, my entire family made me understand that a single failure in life does not define the entire life of a person.

Quantitative Research (Cluster and Regression Analysis) Essay

Quantitative Research (Cluster and Regression Analysis) - Essay Example In most of the marketing data sets like the one taken now for analysis none of these two conditions hold. Data were collected from the database provided by the chain store, the loyalty program of which were researched upon. In any supermarket store loyalty, the location of the store plays a major role as a determinant for the loyalty of the customer (Messinger & Narasimhan, 1997; Engel et al., 1995). In this study the location of the three stores chosen would definitely have affected the purchasing behavior of the customers. Hence the study becomes weak in its identification of the data source. Another weakness of the data has been observed in the varying proportion of the different categories of buying which will have an influence on the application of the cluster analysis technique. The study has not identified the total number of customers of the three stores and hence it would be difficult to comment on the randomness of the sample selected. A comparison of the total number of customers and the number constituting the sample size would have thrown some light on the comparability of the loyal customers between the customers who shopped generally during the period under study and the number of customers who opted to use the loyalty program. Basis for Collection of Information - Clustering Variables The collection of information and clustering considering the percentage of total share of wallet within product categories instead of taking into account the total purchases would have been a much better presentation of data under the research method of clustering analysis. The variables selected are far too general to form an opinion on the customer loyalty. The clustering lacks seriously because of the massiveness of data considered under the general clustering variables. For sure these clustering variables would have been subjected to behavioral benchmarking. It would be interesting to recall the behavioral factors like shopping frequency, tolerance of price increase etc. (Lacey, 2003) Validation of the Clusters The study has used the numerical taxonomy process to group the members into segments (Bunn, 1993; McKelvey, 1975; Punj and Stewart, 1983) However no clarity appears to be in sight in determining the range of potential market structures. Initially the number of groups ranged from two to eleven. Although the study has used the appropriate testing and analysis methods like scree testing, discriminant analysis and regression analysis to arrive at a particular number of groups as cluster groups, there is the lack of a scientific variation among the different groups evolved for study. There are possibilities that a slight change in the scaling would have vitiated the results especially in the middle range groups. This may be either due to problems of scaling as observed by Long (1997) or due to large volume of data analysed. According to Long (1997) "Scaling is a common cause of problems when numerical or interdependence methods are utilized, with the ratio between the largest standard deviation and the smallest standard deviation considered heuristically predictive of the likelihood and size of