Background Of Online Banking In Vietnam Marketing Essay

Background Of Online Banking In Vietnam Marketing Essay Introduction The explosion of Internet technology has revolutionized todays economic globally. The changes and innovation of technology has altered the way banking industry can offer its services to customers. A makeable online banking has emerged as the most important online transaction platform for e-commerce, e-shopping, internet stock trading or online auction (Lee, 2009). Internet banking is utilized as a medium with faster transaction speed and lower handling fees (Kalakota and Whinston, 1997). Furthermore, there is no additional software needed when customers conducting transactions on websites (Polasik and Wisniewski, 2009). With the improved online security, customers not only can check their balances on banks websites; online banking allows conducting transactions that are more complicated such as transferring funds, paying bills or even writing checks. Their trustworthiness on online has nevertheless increased (Tan amd Teo, 2000). Banking industry has initiated a paradigm shift from traditional brick and mortal branches to online. In banks websites, customers serve themselves without the need of frontline staff. To this, banks benefited from staff reduction, lesser branch sizes, and paper-related works (Tan and Teo, 2000; Compaq, 2001). According to Burham (1996), the establishment of website consumes less than US$25,000 in which the website maintenance also costs less than US$25,000 annually a big different as compared to maintain a branch. For the customer point of view, convenience and efficiency are the great motivation for them to use online banking (Bruno, 2003). Customers do not need to go to bank, queue up, waiting or constrained by banks operating hours. It offers customers anytime, anywhere banking facilities (Lassar et al., 2005). There is a rapid growth of customers in using online banking services. The report of International Data Corporation (IDC) report shows that the online banking users has surpassed a total of one hundred million by 2004 (Maenpaa et al., 2008). The importance and advantages of online banking has prompted banking industry to rethink their strategy and for long-term survival, most of the banks go online (Tan and Teo, 2000). To stay competitive in the global market, developing countries like Malaysia and Vietnam have tentatively launched their online banking. Malaysia has actively developed e-banking since the mid of 2000 (Poon, 2008). Vietnam Government emphasis strongly on telecommunication development and has implemented internet in order to increase e-commerce usage (Chong et al., 2010). Although Malaysia and Vietnam are from the Southeast Asia region, elements like legal, cultural, social, political, and technical influence among both countries are different. The different elements ad d further the complexity in using online applications (Tarasewich et al., 2002). The degree of different cultural context in both nations will influence the typical ways on how online applications are applied in an online banking system (Zakaria and Stanton, 2003). Beyond the recognition diverse in cultural aspects on consumer behaviors, there is a need to improve the conceptual underpinning the similarities and differences across both countries by understanding the factors that predict customers intention in using online banking. To attract more customers engaging in online banking, it is crucial for banks to develop channel characteristics that are preferable by customers. This paper analyzes the customers attitude towards online banking in both Malaysia and Vietnam context and their preference factors in accepting online banking channel. An in-depth understanding of consumer perceptions and behavior are needed to be understood in order to enhance online banking functionality. For early adopter countries like Malaysia and Vietnam, the ultimate success of online banking still depended on customers willingness to use online banking. Thus, it is important to identify the antecedents of customer acceptance towards online banking. Comprehending what are essentials enticing customers to use online banking will provide management great insight in developing effective strategies to remain competitive in the industry and hold market share. In our research, we rely on the technology acceptance model (TAM), in particular perceived usefulness and perceived ease of use in linking with behavioral intention to use online banking. The framework is then synthesized with other antecedents such as trust to study customers confidence in their decision to try a new technology; and government e-readiness factor in both nations of Malaysia and Vietnam. We begin the paper by exploring the background of online banking in both countries. Following by examining the theoretical used and hypothesis developed. After that, description on methodology and analysis is provided. We performed results, discussions on findings, limitations of the study, implications of study, and finally, conclusions. Background of Online Banking in Malaysia In Malaysia, the advancement in ICT has embarked a wide range E-business implementation in many companies. By launching Multimedia Super Corridor (MSC) as a mean to facilitate businesses through a host of privileges that entail world class services and infrastructure as well as financial incentives, Malaysia has captured a total revenue of US$383.5 million from E-commerce in 2000 and the figure boosted up to US$9336.2 million in 2005 (MDC, 2003). Banking institutions have actively exploited the opportunities that arise from these developments. Since 2000, many banks anticipated in developing Internet banking (Poon, 2008). The electronic revolution in Malaysian banking sector has historically started by introducing Automated Teller Machines (ATMs) by 1981, which provide customers the extending banking hours beyond office hours (Jawahitha et al., 2003). This computerized telecommunication device provides customers the convenient to access to financial transactions in a wider geographical locations. After that, another service channel was introduced in the early of 1990s, namely tele-banking. This service is eventually connected with Automated Voice Response (AVR) technology. However, Malaysian banks showed little interest as public showed a relatively low interest of response rate (Jawahitha et al., 2003). With the strong emphasis and encouragement by government in the usage and adoption of personal computer, banking environment has undergone a more drastic revolution by offering online banking services through their interactive company websites in 2000. Maybank is the first bank that provides online banking services in Malaysia through www.maybank2U.com portal. It was then followed by Hong Leong Bank, Southern Bank and Multi-Purpose Bank. (Suganthi et al., 2001). At present, there are 24 banks offering online banking facilities. Online banking is getting its popularity in Malaysia. It has received overwhelming responses from customers due to its convenience and has proven advantage in reducing costs. The number of online banking subscribers has increased from 3.2 million in 2006 to 7.5 million in 2009, with the population penetration rate from 11.6% (2006) to 25.9% (2009) (www.bnm.gov.my). Apparently, this positive sign has enlighten the banks to continuous seeking ways to enhance the use of electronic applications more comprehensive and effectively. Nevertheless, consumers are demanding for better transparency, integrity and communication of online banking services. Therefore, it is important to investigate the factors that influence the use of online banking. The strength and capability of financial institutions to harness appropriate ICT strategies is crucial to continue to position themselves for better success in this new era through customer retention and growth in the market share. Background of Online Banking in Vietnam In the mid-1980s, the Communist Party of Vietnam formally ended its centralized planned economy and began to adopt economic reform program, widely known as doi moi or Renovation, as a mean to open itself to the world. Since that, Vietnam has started to appear as one of the important economy emergence in Asia Pacific area (Phan, 2008). The first entry of Internet was in November 1997. Given this opportunity, Vietnamese companies have increased their emphasis to implement computerized system and IT facilities in their daily business operations. However, most of the commercial websites are mainly used for promotion purposes instead of real existent of online transactions. (Huang and Swierczek, 2008). Vietnams industrialization has led to rapid ICT growth. Under the Overall Plan on Developing E-Commerce, Vietnamese Government encourages more companies to implement e-commerce in their business operations (Peoples Daily, 2006). In order to stay competitive in the challenging marketplace, companies encode e-commerce implementation as a vital element in their business strategy. As of 2000, the Internet penetration rate has reached 0.3 percent (0.2 million users) of the population. In 2009, the Internet users have surged to a total of 22 million, presented a 25.7 percent of total population (Internet World Stats, 2009). Vietnam Government started to focus on service sector by realizing its feasibility and effective impact on the overall business. The Government aims to stimulate efficient e-commerce development by encouraging people to use it (Chong et al., 2010). With that, online banking is viewed as an important tool or medium to leverage the success of e-commerce implementation. Vietnamese banks have made efforts to establish inter-bank networks to support online payments. The system processing of commercial banks have been improved and banks applied more advanced software and application programs (english.vietnamnet.vn). However, there is a lack of integrated technical system between organizations and banks to provide customers a more structured and systematic payment system. Furthermore, the lack of law and regulations establishment regarded to online banking issues still remained undefined which have led to many difficulties in dispute settlement. As online banking in Vietnam is getting popul ar and offer banks better cost-effective solution, therefore this study aims to examine factors that influence the acceptance of online banking in the country. Technology Adoption Model It has been found that users attitudes and behavior towards acceptance of a new information system indicated a critical impact towards the successful technology adoption (Davis, 1989; Venkatesh and Davis, 1996; Succi and Walter, 1999). This is due to the fact that, the more users accept new information system, the more they will try and start to use it (Succi and Walter, 1999). Given these, researchers have been trying to find factors that influence individual in accepting new technology. One of the most popular and utilized model of technology adoption is the technology acceptance model (TAM) (Davis et al, 1989; Davis and Venkatesh, 1996; Al-Gahtani, 2001). As online banking is one type of technology innovation (Lin and Lee, 2005), we propose the technology acceptance model (TAM) as the theoretical foundation in this study to predict users online banking usage and preference, which in turn, determined users beliefs towards the online banking system (Joaquin et al, 2009). There are two important components in TAM, which are perceived usefulness (PU) and perceived ease of use (PEOU). The first determinant refers to the degree to which a person believes that using a particular system would enhance his or her job performance (Davis et al., 1989). In the context of online banking, it refers to the degree on how effective an online banking system assists in productivity, work, and cost-saving (Rao, 2003). Perceived ease of use is the degree to which the prospective adopters expect new technology adopted to be free effort regarding its transfer and utilization (Davis et al., 1989). In this context, the easier adopters find it to learn and use online banking system, the higher the potential he or she will adopt it (Chong et al., 2010). Although many studies showed TAM is a useful, valid and reliable model (Jeyaraj et al., 2006), many researchers have extended the model by adding different variables based on the types of information system or technology they studied. A critical review from Legris et al. (2003) revealed that there is a need to include other components in order to have better explanations and broader view in new technology adoption. In this cross-cultural study, trust and government e-readiness components are added in order to have better picture in their decision on online banking adoption. The two additional components can be varied as they posit different cultural backgrounds within these both countries. Perceived Usefulness In the model of TAM, perceived usefulness is a significant factor affecting in the acceptance of information system (Davis et al., 1989). It is also has been found to have direct effect towards online banking adoption (Eriksson et al., 2005; Pikkarainen et al., 2004). Similarly, Numerous papers have been studied about perceived usefulness on online banking. For example, Wong et al. (2003) explored that perceived usefulness has positive significant effect on behavioral intention towards online banking in Taiwan context. The study concluded that Taiwanese exploit online banking systems as they find the system is useful and comfortable to use. Pikkarainen et al. (2004) further indicated that perceived usefulness was found to be the most influential driver in online banking service. The findings explained that users choose to use online banking because of it anticipates better advantages as compared to other delivery channels. In Thailand, perceived usefulness is significant among Thai consumers intention to use and it has became a prominent encouragement for them to use online banking services (Jaruwachirathanakul and Fink, 2005). In this research context, perceived usefulness refers to consumers perceptions in using Internet as a financial transaction medium in order to enhance their banking experiences. These perceptions will influence consumers attitude toward online banking and their intention to use it. The main reason users start to use online banking services as they find the systems are useful and convenient during their transactions. Therefore, we test the following hypothesis: H1. Perceived usefulness has a positive association with consumers intention to adopt the online banking. Perceived Ease of Use Besides perceived usefulness, perceived ease of use is found as one of the important influential in adopting new technology (Davis et al., 1989). Perceived usefulness is the extend on how effective Internet and its applications in assisting consumers to accomplish tasks; on the other hand, perceived ease of use is the degree on how easy to use Internet as a medium to complete tasks (Toà ±ita et al., 2004). The beliefs of a person on the difficulty to use online systems will affect his or her intention to continue to use a technology (Davis, 1989). In the words, the complexity of certain online applications will tend to discourage or slow down technology adoption (Rogers, 1995). Various studies have offered insights on the significant effect of perceived ease of use on behavioral intention. According to Moon and Kim (2001), information systems not only should be easy to use, it should also stress on user friendly features. With that, users will feel less threatening and have more confident when using it. Eventually, this implies that perceived ease of use will affect the users perceived credibility during their interaction and exchanges on Internet. In a subsequent study, Wang et al (2003) documented that perceived ease of use had a significant effect on behavioral intention. This is highly related to users that have higher self-efficacy towards computer usage. The finding indicated that Taiwanese views interfaces and applications on banks websites are understandable and online banking is easy to apply and use. In a later study, Amin et al (2008) also revealed that there is a positive relationship between perceived ease of use and mobile banking adoption. By understanding that perceived ease of use will affect consumers attitude and intention, therefore it is important to identify the latent dimensions of this construct in online banking. Thus, we hypothesized that: H2. Perceived ease of use has a positive effect on consumers intention to adopt the online banking. Trust Trust is a crucial factor in many transactional relationships. Trust exists when one party is confident with anothers reliability and credibility (Morgan and Hunt, 1994; Ranaweera and Phrabu, 2003). According to Eriksson et al. (2005), trust is defined as the perceptions towards security and reliability of online banking system from the perspective of customers. The issue of online banking is more critical in comparing to offline banking (Al-Somali et al., 2008). As online banking transactions required sensitive information and access to critical files which transferred via Internet (Alsojjan and Dennis, 2006; Suh and Han, 2002). Therefore, it adds further the complexity to examine online banking trust as the interpersonal trust not only relying between banks and customers, but also between customers and information system (McKnight and Chervany, 2001-2002). To this, Grà ¶nroos (2001) concluded that the professionalism in the aspects on intelligent systems and operations is importan t in building customers trust. Collectively, customers have doubts on the overall security policies in online banking. Especially new adopters in developing nations like Malaysia and Vietnam have found to have less confident in trying online banking due to security reason (Gerrard and Cunnningham, 2003). In many banking websites, security technology like encryption, password, identifiers, or inactivity automatically logs users off the account are implemented to reduce the overall risk during transaction process and the same time increase customers trustworthiness in using the system (Hutichinson and Warren, 2003). In Malaysia, a total number of 500 respondents from different banks customers have been investigated and found that security factor showed the highest Cronbach alpha score. This indicates that security and trust towards online systems are ultimately important in order to encourage customers to start to use online applications. Therefore, the major concern for banks to implement online banking falls on the extent to how customers perceived trustworthiness of a particular system (Poon, 2008). In the study of Al-Somali et al (2008), trust has found to have significant impact in influencing customer attitudes towards online banking usage in Saudi Arabia community. Whereby, Sathyes (1999) identified security and privacy as the biggest obstacles towards the adoption of online banking in Australia. Thus, it is clear that without trust, customers will avoid making any transactions in virtual online environment. Although the consequence of trust in business-customer relationship has been established, the trust construct in virtual online banking is still in a somewhat ambivalent manner, especially in developing countries context. Thus, we proposed the following hypothesis: H3. Trust will have a positive effect on consumers intention to adopt the online banking. Government Support Government plays a vital role in creating institutional environment to encourage the nation to adopt online banking services. In the efforts of government by investing heavily in the aspects of availability and quality of labor, technical infrastructure, policy, work force training and maintaining have nevertheless prepared banks a better platform to foster online banking service (Gibbs et al., 2003). It has been observed and verified in the previous studies that governmental support either in projects funding or adoption schemes have leveraged technology diffusion in a shorter period of time (Tan, 2000). For example Tan and Teo (2000) mentioned in their study that Singapore Government has successfully promoted the adoption of electronic data interchange (EDI) through educational program (Burn, 1995). In Malaysia, with the launch of Multimedia Super Corridor (MSC) which is fully supported by government in 1996 has prepared Malaysia a great advancement into the thriving of ICT world. One of the key efforts of MSC is to provide the necessary facilities and technical skills for local and foreign businesses through its flagship applications and business services. With the implementations of electronic government, multi-purpose identification card, smart schools and telemedicine, government have tentatively encouraged the citizens to conduct transaction online. Vietnam, an emergence fast growing economy country has started to invest and improve its ICT infrastructure throughout the country. Rahn Wood, a senior executive of Techcombank, said that, although online baking remains unfamiliar in Vietnam, but it has foreseen to be potentially welcomed by Vietnamese people (VietnamNet, 2009). Although most of the people in Vietnam still prefer offline banking, there have seen an overwhelming increased usage in online banking, mobile banking, home banking, phone banking and other card and e-payment services. This phenomenon is particularly significant in the Ho Chi Minh capital (VietnamNet, 2009). Government should play the role to encourage citizens in order to increase the usage rate in online banking. Thus, we hypothesized that: H4. Government support has a positive effect on consumers intention to adopt the online banking.

The Storms of Villette Essay -- Storms of Villette Essays

The Storms of Villette      Ã‚   In Charlotte Brontà «'s novel, Villette, Brontà « strategically uses the brutality and magnitude of   thunder storms to propel her narrator, Lucy Snowe, into unchartered social territories of friendship and love. In her most devious act, the fate of Lucy and M. Paul is clouded at the end of the novel by an ominous and malicious storm. By examining Brontà «'s manipulation of two earlier storms which echo the scope and foreboding of this last storm -- the storm Lucy encounters during her sickness after visiting confession and the storm which detains her at Madame Walravens' abode -- the reader is provided with a way in which to understand the vague and despairing ending.      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   A long vacation from school precedes the first storm and it is during this vacation, where Lucy is left predominately alone, that the reader feels the full depth and emptiness of Lucy's solitude. She says, "But all this was nothing; I too felt those autumn suns and saw those harvest moons, and I almost wished to be covered in with earth and turf, deep out of their influence; for I could not live in their light, nor make them comrades, nor yield them affection" (230). After a resulting fit of delirium and depression, Lucy attends confession at a Catholic church solely in order to receive kind words from another human being. It is at this low, after her leaving the church, that the first storm takes shape. Caught without shelter, Lucy falls victim to the storm's brute force. She remembers that she "...bent [her] head to meet it, but it beat [her] back" (236). However, though appearing destructive, this overpowering force serves to deliver he r into the hands of Dr. John and his mother, Mrs. Bretton, Lucy's godmother fro... .... We have seen 'what good' can come from a destructive tempest for Lucy and in such fashion, we can only assume that this good will come again. Lucy will be further united to her dear M. Paul and to herself. Brontà « has outlined this as the form to be followed and as readers, we must optimistically obey.    Sources Cited and Consulted:    Books:    Allott, Miriam. Charlotte Bronte: Jane Eyre and Villette. MacMilan, London; 1973    Brontà «, Charlotte. Villette. London: Penguin, 1985.    Nestor, Pauline. Critical Studies of Jane Eyre. St. Martin's Press, NY; 1992.    Websites:    Cody, David and Everett, Glenn et al. The Victorian Web. Brown University; 1993 http://65.107.211.206/victov.html    Bronte, Charlotte. Jane Eyre. Litrix Reading Room; 1999. http://www.litrix.com/janeeyre/janee001.htm#1   

Reviewing English in the 21st Century :: essays research papers

Reviewing English in the 21st Century Edited by Wayne Sawyer & Eva Gold Designed for teachers of English, Reviewing English in the 21st Century provides an overview of changes in English teaching in Australia over the last six decades, and the theories behind such changes. This edition also explains current popular theories for teaching English, and suggests methods for implementing them in the classroom. The first section of the book, ‘Reviewing’, relates how new models of English teaching, such as the cultural heritage, skills, personal growth and cultural studies models, have been influenced by developments in learning theories. The second section of the book, ‘Developing and Contextualising†, is concerned with providing effective pedagogies for English teachers in many areas, including ESL students, indigenous students and students with learning difficulties. The final section of the book, ‘Applying’, provides practical applications and student activity suggestions for teaching English, such as methods in drama, media, novels, poetry, visual representations and information technologies. This book focuses on the student as an active participant in their learning, and advocates a student-centred curriculum. By placing value on what the student brings to the classroom, awareness is raised in areas such as youth culture, media and oral practices in English. The significance of traditional English texts is not undermined, however they may be more harshly judged in terms of their relevance to the students (Doecke & McClenaghan, 2004, p. 54). Another strength of the book is the broad spectrum of areas and activities presented for consideration. The syllabus outcomes of reading, writing, speaking, listening, viewing, representing, thinking and communicating are all addressed, within the differing texts of fiction, poetry, film, non-fiction, drama, media and multimedia. Also, an important structural feature of this book is the accessibility of teaching ideas: all suggestions for classroom applications are highlighted by an indented margin, making them easy to identify from t he theory. One weakness of the book is that it can lend itself to being slightly political. For example, after reviewing the popular models of English teaching, the suggested model is justified by presenting a certain aspect of Government funding, which, when all factors in the wider context are considered, ceases to be an issue (Thompson, 2004, p. 21). Both teachers and student teachers will benefit from reading this book. Besides providing many teaching strategies, lists of books suitable for particular stages of the syllabus are included (Tucker, 2004, pp. 210 – 214), as well as some useful web resources (Sawyer & Watson, 2004, p.

Tommy Pearson :: Essays Papers

Tommy Pearson Pearson. Churchill. MacDonald. Trudeau. This list is composed of some of the greatest and most respected men to shape the history of Canada and who meld the country we live in into its current state. One notable but equally influential Canadian politician missing from this list is Tommy Douglas. Tommy Douglas’s government lasted from 1944 to 1960. During these sixteen years, he accomplished many great achievements, and brought in many important political changes to improve the health and living conditions of people all over the country. What exactly did Tommy Douglas accomplish that made him so great? Tommy Douglas was born in Falkirk, Scotland, on October 12, 1904. In 1910, his family immigrated to Winnipeg, Canada. When the first World War struck, the Douglas family moved back temporarily to Glascow. There, he worked at a whiskey factory until the War ended. He then moved back to Winnipeg, where he worked as an apprentice printer at the Winnipeg Free Press and Grain Trade News. There, he learned first hand the needs and views of the common citizen. By 19, he had successfully earned his Journeymans as a printer. By then, however, he had earned a good reputation as a Baptist Preacher. There he met JS Woodsworth, a Methodist Preacher and political party CCF leader. He finished his schooling at McMaster University, earning an MA. In 1934, Tommy Douglas began his political career. He ran unsuccessfully for provincial candidate of the Farmer-Labour party of Saskatchewan. The next year, he won as the CCF candidate for the federal constituency of Weyburn. By 1941, he was selected as th e provincial leader of the Saskatchewan Provincial party in George Williams absence, who hd gone overseas to follow the war. He later resigned his federal position to lead the Saskatchewan CCF, and won the election with 47 seats of 53. During his five terms as premier, Douglas introduced many reforms, mostly geared towards public hospitals and medical care. These reforms moved Saskatchewan to a more forward and prosperous state. In his first year alone, he introduced 72 bills that were aimed at social or economic changes. After only two years, he had reduced provincial deficit by $20 million. Some of Tommy Douglas’s greatest accomplishments were pensioner benefits and universal hospitilization. In 1944, he introduced pensioners to free medical, dental, and hospital services, as well as free treatment of cancer, mental illness, tuberculosis, and venereal diseases.

Economics †Short Answers Essay

Answer #1 One of the problems that concern me right now would be the continuous increase of prices of petroleum products in the market which greatly affected my budget. Moreover, the said hike of oil prices causes our economy to perform badly for the past quarters which indirectly affects the prices of major commodities in the market like sugar, coffee, rice etc based from what I have read from the news papers and magazines. In this regard, oil price hike imposes negative externalities on our welfare –consumers. But to some extent, oil price hike also bring benefits to our economy in a form of forcing our federal government to find ways of providing alternative sources of energy aside from crude oil like bio-fuel. If it not for the price hikes of petroleum products in the market for the past decades, authorities would make no effort to find other sources of energy especially one that would serve as substitute for crude oil. After a few more decades, prices of petroleum products will start to decline as a consequence of emerging alternative sources of energy like bio-fuel as what I have said a while ago. Answer #2 One of the best examples of monopolists that currently exist in the market would be Microsoft Company. Microsoft Company serves to be the sole provider of Windows – software being used by almost all of personal computers around the globe. In this regard, the absence of other provider of Windows other than Microsoft makes the latter a monopolist catering for a large pool of buyers. Moreover, since Microsoft is the sole provider of Windows which we are all using nowadays, there is a great possibility for Microsoft to charge higher prices due to the absence of substitute goods for Windows. Furthermore, monopolists, because of its large market influence, can easily prevent new players to enter the industry of Software production giving them enough room to enjoy sole player in the market. Answer #3 Based from the negative effects that monopolists imposes not only to consumers but also to other market players, the federal government made necessary laws that would restrict the action of monopolists in the market creating enough way to protect the welfare of the consumers and other market players. One of the said laws could be the Anti-Trust Law. Anti-Trust Law is a bulk of laws that forbid unfair market competitions and anti-competitive behaviour of monopolists through illegalizing some practices of the latter that believed to hurt either or both businesses and consumers (U. S. Department of Justice, 1996). As for the case of labor monopolization of giant unions, I think we could also consider them as a source of potential negative effects just like of Microsoft as well as the misallocation of economic resources. The main reason here would be that, having a giant union monopolizing laborers in the market, there is a tendency that they will have a higher bargaining power on private firms of various industries, such as salary increase, which imposes negative effects on the operation of the businesses. At the end of the day, it is the consumers who will suffer from the actions of giant unions since the tendency of the private firms is to pass what ever the added costs they will incur from the said increase of bargaining power of labor unions. Answer #4  Another type of market structure aside from monopoly would be oligopoly. Oligopoly is a type of market structure wherein there is a few sellers and many buyers in market. As compared to monopoly, there exist market competition in oligopoly which improves the quality and quantity of goods and services in the market and so with the consumer welfare. One possible example of oligopoly would be Wal-Mart. Wal-Mart is a retail stores and tagged as â€Å"the Giant Store† which leads the industry of retailing due to its large size relative to other retail stores in the industry. The only down turn here in oligopoly would be the possibility of collusion between those â€Å"few sellers† in the market in order for them to minimize competition and have control on the price level in the market. The said collusion of oligopolists is called cartel and this act in the market just like a monopoly. This is the reason why federal government is keeping an eye on oligopolists to prevent such scenario since cartel is no difference with monopoly. Answer #5 Yes, the local phone service market, which was dominated before by Bell, has a great possibility of reaching competitive market due to the forces of competition. With the existence of competition, the local phone service industry members would have to compete to one another in order to attract more customers in terms such as higher service quality and lower price. Those improvements in the service quality and lower price of local phone service would make the said industry competitive since consumer welfare will surely improve; and at the end of the day, societal welfare will start to improve along side with the local phone service industry itself. Answer #6  One of the ways for us to determine if the product differentiation of competitive firms us wasted or not would be to know if the consumers possess brand loyalty which is the main target of differentiating product from one another. Product differentiation serves as the â€Å"identity† of any firm belonging to the competitive market and that identity will stand as the â€Å"brand† for the private firm. Now, if consumers in the market do not have the sense of â€Å"brand loyalty†, then, there is a big possibility that the product differentiation of private firms will be deemed unsuccessful in penetrating its target consumers. Answer #7  OPEC has been successful in controlling the production of oil since it has a bargaining power superimpose on the government of various countries that supplies oil in the market. OPEC determines the market demand and supply existing in the world market and either they increase or decrease the oil supply depending on the season, economic stability of their member countries and volume of supply of oil-producing countries to the organization, moreover, there are times that OPEC regulated the supply of oil for precautionary reasons like during the times of war and during the times of potential shortage in the coming period. The only negative effect of OPEC’s intervention on our welfare, especially during the times when they cut the supply of oil in the world market, would be the high prices of petroleum products on our domestic market. Therefore, the reason why there is existing oil price hike in the market would be either OPEC cut the supply of oil in the world market which creates pressure for the prices of petroleum products to increase, or because of the economic and political instability of oil-producing countries which creates threats for oil supply shortage in the world market. At the end of the day, consumers will carry the burden of that economic and political instability of other country through the intermediation of OPEC in the world market for petroleum products. Answer #8 The reason behind the success of Wal-Mart for the past years lies on its market share and size which provide rooms for further lowering down the prices of their goods relative to their competitors. Because of the large market size and share of Wal-Mart, they have been able to have more bargaining power to their suppliers in a form of price discounts since once Wal-Mart buys products to their suppliers; millions of volumes of goods are at stake. This is the reason why suppliers would want to supply Wal-Mart due to large volume of order that they can get once they were able to close a deal with the management of the Giant. At the end of the day, those price discounts that Wal-Mart was able to receive from their suppliers will give them enough room to further set the prices of their products lower as compared to their competitors, thereby, attracting more customers which eventually lead to experiencing high company growth in terms of profitability and sales volume.

Personal Life and Sports Essay

Sport plays a huge role in our everyday life. Whether it’s physically, mentally or spiritually, sports have a big impact on anyone’s life, especially, to the average sport fan. Participating in team sports helps develop good character, it inspires us to pursue a healthy lifestyle and lastly It is proven that by having a regular social network through sports it will make you live longer. I believe that by being a dedicated sports fan you can live a healthier and longer life. Being involved in sports helps develop good character becuase sports involve team work, gaining of social experiences and helps relieve stress. Working toward a common goal is an integral part of the sports experience for athletes. It is through this experience that some grow into leaders and others into strong supporters, both of which a team will need to be successful. Finding their role on a team is a similar experience to finding your meaning in life, a definite life experience for participants. Team sports such as basketball, football and soccer underscore the necessity of working together to achieve your goals. Players learn firsthand how to achieve success through hard work, perseverance and consistency. Teamwork is a very versatile character trait. It can be used in many parts of life, from sports to the workplace. They teach you not only how to lead, but how to take directions from someone else. It also means that one is constantly learning to work well with others and develop respect for each other’s unique talents. The next advantage of being a sports fan is that it inspires one to purse a healthy lifestyle. Sports require athletes to be in a perfect condition. The people may not be good looking but they have amazing bodies that any of us would kill for. As a possible example, imagine that there is a car which has not worked for years. If you try to run the motor engine, it will not work anymore since it has been rusted and its engine may be broken down. As a result, people is smillar to engines and motors. If we don’t do sports, we will be forced to rust, in other words, decomposition of our body; afterwards, we may have some minor problems with our body when we even need to small walk. We must practice a consistant healthy lifestyle to continue to be and feel the best of our ability. In addition, sports balance our body’s blood pressure and circulation. According to many researchs which have been done by scientists, we can prove the importance of sports for our health because 70% middle aged people who did not do sports in their youth are now struggling with the problems such as high tension, trouble with blood circulation, easily become tired due to the lack of sports. Even people who are just watching a game burn calories! If your at a live game you have to walk all those steps just to get to your seat. If your relaxing at home watching the game and jump up excited becuase your team makes a touch down, that helps you burn calories too! Lastly but not least, one great benefit for being a sports fan is that it is proven that it will help increase the length of your life! Research shows that by maintaing a strong social network with friends who have similar interests that it improves your chance of living longer by about 50%. It doubles your odds of surviving cancer and wards off colds, according to a Brigham Young University study. An easy example of practicing this social expierence is by gathering friends over at your house for monday night football, even if your team looses you still have that social expierence with your friends. Participating in sports gives athletes the ability to develop tight and lasting friendships with others who have common interests. This is a valuable experience that usually leaves them with lasting life long memories In conclusion Participating in team sports helps develop good character, it inspires us to pursue a healthy lifestyle and lastly It is proven that by having a regular social network through sports it will make you live longer. I believe that by being a dedicated sports fan you can live a healthier and longer life. These are just a couple of many great benefits that you can achieve by being a sports fan. Sports are fun where most people find the common ground to become united and enjoy a great game!

Business Fashion Affects Consumer Behavior

Business fashion affects consumer behavior Position 1. 1 Current situation Fashion trend always affect how the majority wear. Recently, a series of casual wear fashion brands have arrived Hong Kong. It drives hundreds of thousands of youngsters or young adults crazy on western casual wear style. It is not hard to observe this in streets. This attributes to fashion brands usually push a mass promotion towards the targeted consumers together with an attractive and all round market offering. fashion brands not only provide a product, but also shopping experience with well created shopping environment, well trained salespersons and well organized after sales services) That’s why consumers are attracted to follow their trends by becoming so fence to the fashion brands. 1. 2 How it affects Consumer behaviors are affected by different stimuli, including marketing strategies. It influences the buyer’s black box, which are buyer characteristics and decision process.For fashion b rands, they usually utilize different marketing strategies in order to adapt or influence social, personal, cultural and psychological factors that affect buyer’s black box and therefore their purchase decision. 1. 3 Reasons behind If fashion brands successfully influence the buyer’s purchase decision, they can gain a huge business chance. That means if they can make up a fashion trend that consistent with their clothing style, it would bring such a million dollar sales.As it becomes a fashion trend, consumer will not only buy it for once, but become loyal as long as it is still ‘fashionable’ to them. it would bring a continuous benefit but not all-for-once. Problems 2. 1 Consumer To some extent, it in fact creates an unnecessary consumption which means it is not purchasing for need. Many exact need recognition to purchase are implied by external stimuli which is not internally implied by consumers itself but made by marketers. Just try to think, how many clothes you bought for need only but not because you think it is good.Why you feel good to the product, which might be it is chic, mostly for the teens and young adults. That implies a problem of overconsumption or even existence of shopaholics or any personal finance. 2. 2 Fashion Fashion brands would create fashion trends to match their clothing style. That might affect the independency of the art of fashion. Fashion is an art, is an expression, is an time mark. It represents many things that weigh. It is more than a business. If it has been used as a market strategies, that , to some extent, limit or even destroy fashion.At least some fashion designers might sacrifice the art value of fashion and turn their design to business oriented, that the fashion design should suit their business marketing strategies. Like many renowned fashion brands, they would fine tune the product shown in the fashion catwalk show before it is sold. Like the high heels designed specially by YSL, which i s a round shape like a quarter of a circle with heel when you look by side, the level of heels have been lowered and fine-tune their design before it is launched to the public.