Gravity Essay -- essays research papers

Gravity is really an unknown force. We can define it as a field of influence, and that it effects the entire existence of the universe. Some people think that gravity consists of particles called gravitons, which travel at the speed of light. The only thing we do know is how gravity operates in different parts of our universe. Without gravity, there would be no space and time. There is a legend that says that Galileo once dropped two objects off the Leaning Tower of Pisa to show that the heavier of the two objects dropped faster. If a feather and hammer were the two objects he used then obviously the hammer would hit the ground first. This is due to air resistance, which is the force air exerts on a moving object. This force acts in the opposite direction to that of the object's motion. In the case of a falling object, air resistance pushes up as gravity pulls down, which causes the object to slow down. When Galileo's experiment was repeated on the moon, the hammer and the feather hit the ground at the exact same time. This is due to the fact that the moon has no atmosphere. Therefore, air resistance doesn't exist on the moon. Also, the amount of air resistance on an object depends on the speed, size, shape, and density of the object. The larger the surface area of the object, the greater the amount of air resistance on it. This is why feathers, leaves, and sheets of paper fall more slowly than pennies, acorns, and crumpled balls of paper. There is another legend that states that when Newton was lying against a tree in an orchard, he was struck on the head by an apple. He wondered what provided the acceleration for the apple to fall to the ground. Was this a force of the earth on the apple? If so, then the apple must exert a force on the earth according to Newton’s law of action/reaction forces. Newton applied this theory unto the planets, which orbit the sun. He found by studying astronomical data, that the force that held the earth in orbit around the sun was the same force that drew the apple toward the earth. This was the force of gravity that is given by this scary formula: F = Gm1*Gm2 gravity _______ r^2 F equals the force in Newtons, G equals the gravitational constant which is 6.67 * 10^-11 Nm^2 | kg^2, m1 and m2 equal the mass of each body in kilograms, and finally, r equals the distance between the 2 bodies in meters. If all of this i... ...for the electronic revolution of the twentieth century. Electromagnetic waves not only revolutionized our lives, but also our knowledge of the universe. Astronomers gradually opened the electromagnetic spectrum, first using visible light and then radio, x-rays and gamma rays. Each new part of the spectrum provided us with dramatic new insights into the universe. Einstein predicted gravitational waves in 1916. They have not yet been directly detected on earth, although astronomers Joe Taylor and Russell Hulse received the 1993 Nobel Prize for proof of their existence, by showing that a star system is losing energy by producing gravitational waves. Gravitational waves are a completely new spectrum. If electromagnetic waves let us see the universe, gravitational waves will let us hear the universe. They will provide us with a new sense, the sense of hearing, with which to explore the universe. Gravity is a very complicated subject, but scientists are learning more and more about it as time goes on. Contributions from people such as Newton and Einstein helped shape the way we see things today. Without them, no telling what kind of misconceptions we all might believe in today.

Economic Crisis Management in Hospitality and Tourism Industry

INSTITUTE FOR INTERNATIONAL MANAGEMENT AND TECHNOLOGY OXFORD BROOKES UNIVERSITY, GURGAON Issues in International Hospitality and Tourism Management U 54082 Module leader: Ms. Bandana Rai Submission: ECONOMIC CRISIS IN HOSPITALITY & TOURISM INDUSTRY Submitted by: Pavitra Mehrotra Student Id: 010109029 Abstract In the recent scenario, hospitality and tourism sector has become an important part of daily life but which is now experiencing multiple challenges because of the global economic crisis.Besides tourism, many other industries are in a position to create affluence and economic development opportunities, which also considered difficult to develop. After a significant reduction in 2009, tourism industry boomed strongly in 2010 and 2011 the international tourist arrivals were predictable to increase considerably. As tourism is a steadily growing sector, and a more globally connected, which is already indulged with a maximum population, so in such environment it is often considered di fferent to think about Crisis Management. Related essay: Relationship Between Hospitality and Tourism Accompanying material: Advertising in Tourism IndustryBut this thing is often neglected and also mostly considered a task to be only thought upon when Crisis actually takes place. Purpose This research study is done to know how financial crisis occurs in tourism industry and how it can be overcome. So this research article named Economic Crisis in Hospitality and Tourism Industry will tell about the impact of economic crisis on this industry and the recommendation to overcome it. Methodology It was an attempt to determine the impact of Economic Crisis in Hospitality Industry, and its main objectives were: * To investigate negative effects of economic crisis in this industry. To investigate the possibilities and importance of preventive crisis management within corporate framework. * To recognize the importance of crisis planning and organizational measures. Keywords: hospitality, tourism, crisis, economic uncertainty, growth, and tourism market Paper Type: Research Paper Introduction The word â€Å"crisis† is derived from the Greek word â€Å"krisis†, which means differentiation. (Dirk, 2003). In legal terms, crisis was used to describe the differentiation i. e. eparation between actual and proposed situation. National economics was the first to use crisis for its operations. Their business administration started to look into the matter when the conditions were getting worse due to shortage of crude oil in 1970s. The company was unable to solve this oil shortage due to lack of situation management, so this laid the consequence of coping with crisis. Crisis Management, the term usually refers to change of tasks and procedures done when a crisis materialize.Different types of crisis management and correlating activities are categorized in regards to the process and differentiation between different phases. Crisis Management as a system refers to the group of people who are responsible for crisis management activities. Mainly middle and lower level e mployees and the external factors join with the upper management as essential part of crisis. Although crisis management has abided through various attempts of explanations and theories, but till now none of the standards have been found to overcome it.Crisis management should be implicit as a preparation to avoid uncertain damage or negative effects. Taking the process of crisis management into consideration, the prevention of actually surviving with the crisis is acknowledged. Therefore, both the activities of prevention and struggling should be comprehended to crisis management as should be apprehended as a comprehensive management problem. This part of crisis management is dependable on crisis terminology, both part of regular official planning are also independent from it. Literature ReviewAs quoted by Krystek and Schulten â€Å"Business administration predominantly terms crisis as a process that negatively influences the development of a company to a considerable extent† (Krystek, 1987; Schulten, 1995). According to this the crisis either endangers or makes the survival of the affected company impossible. In words of Burtscher, â€Å"†¦ a company should only be spoken of when the achievements of existential or dominant goals, which are decisive factors in the survival of the entire system, are seriously endangered. † (Burtscher 1996, p. 31).Another group of authors Sonmez, Bachmann and Allen in 1994 defined tourism crises in even more concrete terms as â€Å"†¦ any occurrence which can threaten the normal operations and conduct of tourism destination’s overall reputation for safety, attractiveness, and comfort by negatively affecting visitors’ perceptions of the destinations; and, in turn, cause downtown in the local travel and tourism economy, and interrupt the continuity of business operations for the local travel and tourism industry, by the reduction in tourist arrivals and expenditures. (Sonmez et. al. 1994, p. 22). Later after 2 years in 1996, Scheler defines crisis management as: â€Å"†¦. measures of all types which allow a business to cope with a suddenly occurring danger or risk situation in order to return as quickly as possible to normal business routine. † (Scherler, 1996, p. 17). Another author Weinberg and Konert in 1985 argued that ‘†¦subjectivity experienced through the product, the service, the contribution made to the consumer’s quality of life†¦Ã¢â‚¬â„¢ (Weinberg and Konert, 1985, p. 85).Years later Haedrich in 1998, proved that in year 1991, ‘only 40. 6 percent of the companies interviewed were in a position to implement their planned competitive strategies unhindered by social demands. The onset of a negative event will increase this number even further. (Haedrich, 1998). Luhmann also quoted â€Å"†¦that risk assessment and the readiness for risk acceptance is not only a physiological but mainly a social problem. We behave as it is expected by the relevant reference groups or as we-whether in accordance with or against the opinion-are socialized’. Luhmann, 1991, p. 11). According to Romeo ‘if a high degree of object-specific involvement exists, it can be assumed due to the greater load and a strong discrimination effect in comparison to positive stimuli. (Romeo, 1991). Another author Krielkamp described risk as ‘the possible negative consequences of the consumer’s behavior as perceived by the consumer. Seen from this point of view, risk during the travel decision is the deviation that can exist between the expected and the final, subjectivity experienced tourism product.If this perceived risk exceeds a certain tolerance value, the consumer tried to reduce this risk using reductions techniques product than for a material product. (Krielkamp, 1998). According to Ritchie and Crouch, it is important for the tourist to know the dangers that exist in a destination in order to adjust their behavior and, secondly, to set these in relation to the usual danger at the location. (Ritchie and Crouch, 1997). Tschiderer’s defines the holiday location product as ‘a bundle of market services, which are made up of constant core part and a derived variable offer’.And the natural offer as a core service of the service bundle, ‘with a few exceptions, is the core of holiday tourism and, therefore, the deciding element of the services’. (Tschiderer’s, 1980) â€Å"ECONOMIC CRISIS IN HOSPITALITY & TOURISM INDUSTRY† Tourism has an important impact on economies, societies and cultures of countries. From boosting economic growth to improving the social fabric and material resourcing to improve living conditions, the tourism has started to act upon.It’s obvious that tourism contributes to economic and social process, but the strength of action differs remarkably from region to region depending upon the level of Obviously, tourism contribution to economic and social progress, the strength of its action differs significantly from country to country depending on its level of development and the regimen attended on them. As with the most industries hospitality and tourism sector is also experiencing number of challenges as a result of global economic crisis.The industry is feeling the impact of a reduction capital market and non-mandatory spending by both corporate and individual customers. Tourism has suffered a lot during the global economic crisis; there was a turn down of 4% of international tourist arrivals in 2009, and revenues from international tourism fell by 6% by 2009. Motivations of travel for 2011 have been to traditional tourist destinations (58%), while 28% wanted to discover new destinations. (Global Financial Crisis Bulletin, Protiviti, 2009) Based on existing forecasting, the quarterly increase in hotel RevPAR is not expected until the second the second quarter of 2010.Corporate travel which ac counts to 18% of airline revenue has also decreased consecutively as companies all around the world are getting determined to reduce costs. With partial expansion contingencies, many hotels and companies are looking forward to improve the capability of their sales and marketing expenditure and maintaining prevailing brand value so as to gain customer loyalty and market share. According to a new report of UNWTO â€Å"2011 International Tourism Results and Prospects for 2012† during the year 2011 tourist arrivals grew up by about 4% to a total of 980 million.As published in the report, in 2012 the same will continue to grow, at a slow pace most likely very close to one billion tourists. The increase in 2011 was 4. 4% (980 million in the year 2011, compared with 939 million in the year 2010). (Universitatea Danubius Galati, 2012) Tourism development during Global Economic Crisis Tourism industry in the recent decades has proved to be an important element in the economic growth. The increasing number of tourists, tourism business growth, but also being an area that is still a major employer in the labor market motivates positive development of the global Hospitality & Tourism sector.The involvement of tourism industry in global GDP is striking 9% with only slightly smaller than the banking sector representing 11%, but higher than the automotive industry that is 8. 8%. This figure is itself very impressing, but taking into consideration the global situation becomes even more valuable. The year 2011 was characterized by a deadlock in the global economy that seems to recover in a series of events leading to political instability in countries in the Middle East and North Africa, and natural disasters, also as in earthquakes in Japan.The global economic crisis of 2008-2009 had a momentous impact on international tourism industry, the most severe so far in the last decades. International tourist arrivals declined by 4% and international tourism receipts by 6%. In 2010, the sector rebounded strongly (international tourist arrivals grew by 7%) demonstrating the resilience of tourism demand. (http://www. unglobalpulse. org/projects/rivaf-research-economic-crisis-tourism -decline-and-its-impact-poor) The Impact of Economic Crisis on Tourism and Hospitality Worldwide:Businesses have reported a declination in sales of lodging, food service; events and other hospitality products and some have closed their doors forever. The declination has resulted not only from smaller number of customers in hotels, restaurants, conference and convention centers, etc. , but also from a momentous decline in the average expenditure per guest (Pizam, 2009) The decline in international tourism in 2009 was felt globally, but specifically affected destinations with a higher dependence on the European and US source markets.All world regions suffered a decline in international tourist arrivals with the exception of Africa. By income level, low-income countries have been less adversely affected by the global crisis and have recovered comparatively faster. Business tourism was more affected than other segments, but available information does not allow for a detailed impact analysis by a segment. Employment in tourism was less impacted and tended to recover quicker than in other economic sectors according to data on employment in hotels and restaurants (the available proxy used in there port to evaluate the impact of the crisis on tourism employment).The recession had caused serious problems for luxury hotels all around the world. However, many hotels in international markets, especially the ones catering to leisure travelers, were not as much of affected. The popularity and growth of the luxury hotel sector in recent years commend that a strong return may not be idealistic (Barsky, 2009). (UNWTO, 2010) More specifically: * Europe ended the year 2009 by 6% declination. Destinations in Central, Eastern and Northern Europe were predominantly poorly affe cted, as compared to the results in Western, Southern and Mediterranean Europe that were relatively better. Asia and the Pacific (? 2%) showed an unexpected rebound. The second half of 2009 measured a 3% growth, reflecting enhanced regional economic results and scenarios. * In the Americas (? 5%), the Caribbean returned to growth in the last four months of 2009. * The Middle East (? 6%), though far-far better from the growth levels of previous years, had a positive second half in 2009. * Africa (+5%) was a strong performer, with sub-Saharan destinations doing particularly well business. (Q Finance, 2012) Crisis Handling StrategiesThe further area of crisis management concerns with the application of basic courses of action for crisis handling. The basic aim of crisis handling strategy is the pressure of the developments of the effects caused by negative consequence of global economic crisis. The forms of a crisis handling strategy can be either of the two i. e. Offensive handling an d defensive handling. 1. Offensive handling strategy: The aim of an offensive handling strategy is to timely and systematically implement the measures that eradicate and contains the cause and the effects related to identifying the problem area.To make this handling strategy work the organization must be prepared, intended and independently, to accept all the parts of activities, particularly customers, stakeholders and the state, that something has not worked as anticipated. An essential part of the offensive handling strategy is the attempt to eradicate the causes of the problems. Despite large number of efforts, there will remain always some problem areas for which this is not possible; for example, natural disasters. In such cases, a long-term well thought-out offensive strategy can be used to agree to and capitalize on the event. Dirk, 2003) 2. Defensive handling strategy With a defensive handling strategy, it is taken in consideration without knowing the consequences and knowl edge of the circumstances, not to act upon them, but to wait to react in order to bring the situation under control. The aim is to elude the crisis as far as possible and not to strengthen the circumstances with an individual’s action. In practice, the defensive handling strategy can be often observed. This is certainly also affected by the verity that offensive handling strategy and information given come with unknown attention in the preliminary stage. The greater scope with regard to handling and structuring but also the sensibleness of voluntarily talking on social responsibility means that an offensive handling strategy has a lot going for it. If the crisis is understood in such terms, it offers the chance to develop the organization further and ensures the influence in the various spheres of activities. † (Dirk, 2003) Crisis Planning and Organizational measures Planning is defined as a constructive process that defines how the organization’s stakeholders wa nt to see a future process to be developed.Hence planning is the opposite of brain-storming, ad-hoc decisions that are dependent on chance. In the crisis process and implementation process, there are three discrete stages i. e. Generic Planning, Contingency Planning and Preventive Planning (WEU, 1995). 1. Generic Planning- it reclines planning basis for possible crisis situations. The aim is to identify fundamental requirements and potentials. In addition, the ensuring planning stages should be made simple and plans that speed up the process. The questions that are related to organization’s structure as well as to the workflow organization that are much influence and unwavering by it.Generic planning is followed by the predictable investigation of certain crisis synopsis. The basic aim is to work out and evaluate different privileges in order to keep them accessible as tactics of action. This outline of planning is also known as ‘alternative planning’ or emergenc y planning. 2. Contingency Planning- In brief, contingency planning for predictable events enables the organization to get a boost up start that fundamentally helps the company to be more reliable about their decisions in critical situations like under pressure.The planning process in terms of detailing is limited to economic and human necessities as on the well as within boundaries of imagination. So a lot of attention is required when it concerns with situations for which there is very short reaction time left. 3. Preventive Planning- Whenever a negative is prevailing on an organization, then preventive planning is used. Depending on the need with which the task should be completed, i. e. depending on the speed with which the crisis is increasing, this can only happen through the adaptation of various option plans.The aim of these option plans, which are made up on the outline of preventive planning, is the application and preparation of feasible solutions to the increasing crisis situation. For all planning actions of preventive planning, the findings and result of previous steps and also the contingency planning are used as an initial point of start. Although these rare results of the applied contingency are being used in this application, the use of the least part of the contingency plan considerably shortens the preventive planning process.It is important to think through crisis planning and organizational preparation in good times as it is to be implemented in reality. With its implementation, one of the essential factors for a successful crisis management is met (Mileti and Sorensen, 1987; Reilly, 1987) Conclusion In 2011, world tourism has emerged fully from the crisis, say experts unanimously. Trend of increasing profits and the number of tourists will continue over the next few years, and this year could be even set a new record for number of trips, reports World Travel Monitor Forum.As shown in the statistics world tourism industry activity increas es in importance. The main index, tourist arrivals, is increasing, and sales in 2011 of 4. 4% are significant. According to the WTO officials, tourism is very important in emerging economies, tourism affects the entire economy by reducing debt, trade deficit and creating jobs. Besides the critical economic dimension, tourism is very important socially and culturally, favoring communication between different cultures, it can have an influence on mentality and geopolitical developments worldwide. Bibliography * Barsky, J. 2009). Luxury Hotel and Recession: View from around the World. [ONLINE] Available at: http://www. lhw. com/download_s/230. pdf. [Accessed 25 October 12] * Burtscher, J. G. (1996). Wertorientiertes Krisenmanagement, Diss. * Dirk Glaesser, 2003. Crisis Management in the Tourism Industry. Edition. Butterworth-Heinemann. * Haedrich, G. (1998a). Kommunikationspolitik. In Tourismus- Management (G. Haedrich et al. , eds) pp. 379-403, de Gruyter. * Krielkamp, E. (1998). Stra tegisches Planung in Tourismus, In Tourismus- Management (G. Haedrich et al. , eds) pp. 287-324, de Gruyter. Krystek, U. (1987). Unternehmungskrisen. Gabler. * Luhmann, N. (1991). Soziologie des Risikos. de Gruyter. * Pizam, A. (2009). The Global Financial Crisis and Its Impact on the Hospitality Industry. International Journal of Hospitality Management, 28, 301 * Protiviti. 2009. Global Financial Crisis Bulletin. [ONLINE] Available at: http://www. protiviti. in/en-US/Documents/Newsletters/Global-Financial-Crisis/FinCrisis_Bulletin061909. pdf. [Accessed 24 October 12]. * Rirchie, B. and Crouch, G. (1997). Quality, price and the tourism experience. In Quality Management in Tourism (AIEST, ed. Vol. 39, pp. 117-39, AIEST. * Romeo, J. (1991). The effect of negative information on the evaluations of brand extensions and the family brand. In Advances in Consumer Research, Proceedings, (R. Holman and M. Solomon, eds) Vol. 18, pp. 399-406. * Scherler, P. (1996). Management der Krisenkommuni kation. Helbig & Lichtenhahn. * Schulten, M. F. (1995). Die Erlebnis-gesselschaft. Campus Verlag. * Sonmez, S. F. , Backman, S. J. and Allen, L. R. (1994). Managing Tourism Crises. Clemson University. * Tourism and Hotels Industry | Market Analysis and Trends – QFINANCE. 2012.Tourism and Hotels Industry | Market Analysis and Trends – QFINANCE. [ONLINE] Available at: http://www. qfinance. com/sector-profiles/tourism-and-hotels. [Accessed 28 October 2012]. * Tschiderer, F. (1980). Ferienortplanung. Paul Haupt Verlag. * Universitatea Danubius Galati. 2012. Acta Universitatis Danubius. A’conomica. [ONLINE] Available at: http://journals. univ-danubius. ro/index. php/oeconomica/article/view/1256. [Accessed 24 October 12]. * Weinberg, P. and Konert, F. -J. (1985). Vom Produkt zur Produktperson-lichkeit. Absatzwirtschaft, 2, 85-97. * World Tourism Organization (UNWTO). 012. World Tourism Organization (UNWTO). [ONLINE] Available at: http://www. unwto. org/media/news/en/p ress_det. php? id=5361. [Accessed 25 October 2012]. Article Summary-1 Zahed Ghaderi and Ahmad Puad Mat Som (2012). Impacts of Global Economic Crisis on Tourism Business in Penang. South Asian Journal of Tourism and Heritage. 5, pp. 08. Key Point-1 This article tells us about the impacts of recent economic crisis on tourism business in Penang (Malaysia). Tourism industry is always helpless to various crises and disasters, and its growth has been badly affected due to unpleasant situations.This paper was part of a research which has been conducted in Penang and uses qualitative research methodology. The level of impacts was different for industry and their businesses decreased for a certain period of time. It was found that the recent economic crisis formed many negative impacts for businesses in Penang and various strategies have been applied to lessen the negative effects. The paper also argues that the crisis had consequent effects and created many challenges for tourism industry. Key Point-2Recent economic and financial crises that affected tourism industry from 2007 through 2010 and further has thrown considerable attention on the role that crisis measures play in tourism. (Hall, 2010). The scope and size of impacts were so severe, that the World Tourism Organization estimated that international tourist arrivals fell by 4% in 2009, and many destinations in the world reported negative growth. As Penang is a mature tourist destination in Malaysia was also affected by recent global economic crises. Attracting many international leisure and business tourists gives threats and opportunities to this destination.Threats because these markets highly depend on global economic situations; and variation in the number of arrivals can create negative impacts for tourism industry. Comment and analysis The above study tells us that tourism industry in Penang was struck by global financial and economic crises. However they were not equal for different hospitality industrie s in Penang, although they approved that the crisis created many opportunities for their business. It is also important to note that although economic crises affected Penang as a tourist destination.Tourism business in Penang also looked at this crisis as an opportunity for organizational learning and they obtained valuable experiences on how to manage the difficult situations. They also believed that there is an immediate need to develop a tourism crisis management plan that integrates all tourism business in the State as the industry is very delicate to external factors. Article Summary-2 Carmen Babaita, Marilen Pirtea, Andreia Ispas (2010). Professional tourism – before and after economic crisis in the hotel industry from Timisoara, Romania. WSEAS Transactions on Business and Economics. , pp. 10 Key Point-1 This article demonstrates information on the concept of proficient tourism and its associated terms and how the global economic crisis has affected this valuable segmen t financially, particularly in tourism industry. The research was conducted in two periods: before and during the economic crisis and targeted 13 hotels of 3 and 4 stars from the hotel market in Timisoara. The study projected a series of related research regarding the tourism and services from the hospitality field, which was in the position of finding new ways to attract and retain business customers.Also according to authors Hotels surveyed in 2009-2010 except for a 4 Star Hotel said they were affected by the financial crisis. Key Point-2 According to the article, the competitive advantages for Romania as tourist destination were unusual destination markets; location in Central-Eastern Europe, the existence of large international hotel chains; knowledge of English by a large part of the young population; upcoming professional specialization of the Romanian companies with the opportunity to become trusted partners for any global organizations, also placed in Romania.Taking into acc ount the addition of the professional travel motivation in the definition of tourism and tourists, there were numerous clashes of opinion, having prevailed the opinion that professional tourism produces the same economic effects at the destination of the traveler or visitor as the recreational tourism; these effects can be: an increasing or a stimulating economic activity, an increased turnover of firms specialized in tourism benefits and an increased revenue from tourism balance. Comment and analysisAccording to the above study, it can be analyzed that the economic crisis had a major affect on the hotel market activity in Timisoara. The hotel management has always been in a position to find intellectual and resourceful solutions to attract customers, which are scarce and more demanding. Accommodation are still limited, their number is significantly lower to the accessible needs. Starting a project with European funds that include design, site plan of new hotels, even hotel chains, could be the key to improve job prospects, the number of events, business tourists coming to western markets.Article Summary-3 Protiviti: Risk and Business consulting. (2009, June). Impact of the Economic Crises on the hospitality, tourism and leisure industry. Publisher U. S Available from: http://www. protiviti. com/en-US/Documents/Newsletters/Global-Financial-Crisis/FinCrisis_Bulletin061909. pdf [Accessed: 17/09/12. ] Key Point-1 The current article discusses about the analysis of existing conditions faced by the hospitality, travel and leisure industry, along with a review of the significant issues the management should have concentrated as the economic rises continues to run its run as an economic recovery begins. According to the article the financial crises has impacted both domestic and the domestic i. e. U. S market as well international travel market. The occupancy ratio of domestic travelers to international travelers is approximately 4:1 (83 percent v/s 17 percent). In r esponse many hotels have reduced number of guests, which is one of the largest expenses at both the hotel and corporate levels. Key Point-2With limited expansion opportunities, many hotels and companies are looking to improve the effectiveness opportunities, many hotels and companies are looking to improve the effectiveness of their sales and marketing spend and maintain existing brand value to gain customer loyalty and increase market share. Their strategies include print and online advertising, and marketing directly to national groups that initially have arranged events at their properties. As in other industries, cost management and controls spend have become important areas of focus for owners and operators.Centralizing or outsourcing business processes (e. g. , payroll, accounts payable) is among numerous strategic initiatives hospitality management is undertaking. Comment and analysis Based on the article it can be concluded that companies are using different strategies to ma intain themselves during the global economic crises. For firms in hospitality and tourism industry, it is important for management to maintain customer expectations, manage to maintain customer expectations, manage costs, optimize cash flows and working capital, and maintain debt obligations.Additionally, many in the industry are using the current economic crisis as an opportunity to gain market share. Through increased marketing and advertising initiatives, companies are striving to maintain existing customers while also positioning themselves to be top-of-mind for industry consumers once the economy begins to recover. Summary-4 Crises Management in Hospitality Industry: Case of Croatia Cizmar, Sanja: Vlahov, Antonio. An Enterprises Odeyssey. International Conference Proceeings: 1576-15-89, 4, 20. Zagreb: University of Zagreb, Faculty of Economics and Business. (May 26-May 29, 2010)Key Point-1 This article tells us about the 2009 economic on the hospitality in Croatia. It tells tha t a strategic approach to the crisis management in the hospitality industry both on government and private level sectors. On government level, the article examines the overall process of dealing with the crises as well as pre-crises planning. The research findings tell that the Croatian government, got failed in the pre-crises management but in tourism sector it handled the crises in a very effective way, thus assuring the country tourism results in the year of global economic crises.A survey done in on a small fraction of Hospitality companies in Croatia, revealed that top level managers understood the importance of crises management measures and also they were regular in their implementation. The authors also concluded that global economic crises cannot be stopped but, the impact on hotel industry can be limited both by private organizations and public sectors. Key Point-2 In 2009, world economy has faced a rare crisis, activating severe recession that critically affected tourism industry.In Croatia two percent drop of overall tourist arrival, and one percent increase of overall overnights has been recorded in 2009 in comparison to 2008. The drop in tourism receipts of Croatia has been much stronger than the drop in the arrivals, and is expected to reach 15. 5% compared to next year. A typology of crises, which is important for further discussion in the paper, is based on the types of domains or origins or causes of the crises. Complexity of the crises’ origins affects that lifecycle and duration of the crises, thus impacting its intensity and impacts to organizations. Since tourism industry is very ulnerable to different crisis, the scope of crises impacts in tourism is multilevel. Out of all 24 crises management measures, 14 measures have significant correlation between managers have significant correlation between managers’ perception of importance and its usage. Four measures belong to group ‘operation, investment, and environmentâ₠¬â„¢ and three measures to group ‘human resources’. Comments & Analysis This article analysis’s the way of coping with the economic crisis on government and company managerial level in the hospitality industry of Croatia, with regards to 2009 economic crisis.In deep economic crisis as it was in 2009, which has had a significant impact on the hospitality industry market and financial position, only synchronized actions of government and companies’ management may generate positive results in crisis prevention and especially in a phase of coping with the crisis. Empirical survey shows that top managers of Croatian hospitality companies’ management may generate positive results in crisis prevention and especially in a phase of coping with crisis.The survey should be done on the same sample of hospitality companies in order to reveal which company has succeeded to recover operational performance in a shorter period. Parallel, the research should aim to r eveal which group of crisis management measures generates the fastest recovery of companies operating performance in a post crisis period. Article Summary-5 Carmen Babaita, Marilen Pirtea, Andreia Ispas (2010). Professional tourism – before and after economic crisis in the hotel industry from Timisoara, Romania. WSEAS Transactions on Business and Economics. 7, pp. 10Key Point-1 This article demonstrates information on the concept of proficient tourism and its associated terms and how the global economic crisis has affected this valuable segment financially, particularly in tourism industry. The research was conducted in two periods: before and during the economic crisis and targeted 13 hotels of 3 and 4 stars from the hotel market in Timisoara. The study projected a series of related research regarding the tourism and services from the hospitality field, which was in the position of finding new ways to attract and retain business customers.Also according to authors Hotels sur veyed in 2009-2010 except for a 4 Star Hotel said they were affected by the financial crisis. Key Point-2 According to the article, the competitive advantages for Romania as tourist destination were unusual destination markets; location in Central-Eastern Europe, the existence of large international hotel chains; knowledge of English by a large part of the young population; upcoming professional specialization of the Romanian companies with the opportunity to become trusted partners for any global organizations, also placed in Romania.Taking into account the addition of the professional travel motivation in the definition of tourism and tourists, there were numerous clashes of opinion, having prevailed the opinion that professional tourism produces the same economic effects at the destination of the traveler or visitor as the recreational tourism; these effects can be: an increasing or a stimulating economic activity, an increased turnover of firms specialized in tourism benefits an d an increased revenue from tourism balance. Comment and analysisAccording to the above study, it can be analyzed that the economic crisis had a major affect on the hotel market activity in Timisoara. The hotel management has always been in a position to find intellectual and resourceful solutions to attract customers, which are scarce and more demanding. Accommodation are still limited, their number is significantly lower to the accessible needs. Starting a project with European funds that include design, site plan of new hotels, even hotel chains, could be the key to improve job prospects, the number of events, business tourists coming to western markets.

A Peaceful Woman Explains Why She Carries a Gun by Linda...

The article I read is called â€Å"A Peaceful Woman Explains Why She Carries a Gun.† The author of this article is Linda M. Hasselstrom, a talented and highly respected poet, writing teacher and essayist. As a daughter growing up in a rural cattle ranch, she received a master’s degree in journalism and now ran her own ranch in South Dakota. As a freelance female author, she travels alone a lot. In the article, the author had a credible argument to explain why she chose to carry a gun. Hasselstrom had a solid ethical appeal in this controversial matter because she used credible personal situations to support her decision. Also, her argument had logic explanation based on her many dangerous personal experiences. In addition, the general audiences of this article are the women society. In the article, the author mainly explains several reasons and describes her dangerous personal experiences why she made the decision to carry a gun and how it makes the author feel safe wit h it. She wrote the article to those women that who has or has not had experience of sexual assault; or for those women who are not able to protect themselves from either dangers or crimes. In paragraph 3, the author used an idea about â€Å"just because I am a female, I have to be extra careful† to introduce her decision about carrying a pistol as a woman. Also, the purpose of this article is to explain why the author made the decision to own a gun and the necessity of carrying a gun as a woman. In paragraph 14, theShow MoreRelateda peaceful woman explains why she carries a gun Essay807 Words   |  4 Pagesï » ¿Linda Hasselstrom Is a Peaceful Woman Now days world is not safe. According to the CDC, â€Å"non-contact unwanted sexual experiences† are the most prevalent form of sexual violence in the Unites States. Every 2 minutes, someone in the U.S. is sexually assaulted. According to the online studies by Stop Street Harassment, 99% of respondents said that they had been harassed at least a few times. â€Å"A Peaceful Woman Explains Why She Carries a Gun† by Linda Hasselstrom exemplifies a use of havingRead MoreEssay on â€Å"A Peaceful Woman Explains Why She Carries a Gun†661 Words   |  3 PagesIn the article â€Å"A peaceful Woman Explains Why She Carriers a Gun,† the author Linda M. Hasselstrom has a credible argument for carrying a gun. Hasselstrom has a solid ethical appeal and her argument had logic based on her many dangerous personal experiences. Although her article is credible, she uses many fallacies to make it seem that if women have a gun they can protect themselves from men . Ms. Hasselstrom has ethical appeal because she used credible personal situations to support her authorityRead MoreA Peaceful Woman Explains Why she Carries a Gun900 Words   |  4 Pages　　A Peaceful Woman Explains Why she Carries a Gun 　　 Linda M. Hasselstrom wrote the article â€Å"A Peaceful Woman Explains Why she Carries a Gun,† she has a credible argument for carrying a gun because she has experienced many dangerous sexual assaults. Hasselstrom is a journalist who has gun ownership. The audience of this article is the women who want to protect themselves. In the article, Hasselstrom describes many sexual assaults, and she shows that women are always the victims. After that, HasselstromRead MoreLinda Hasselstrom s A Peaceful Woman2044 Words   |  9 PagesAn Analysis of Sexual Harassment Through A Critique of Linda Hasselstrom’s â€Å"A Peaceful Woman Explains Why She Carries a Gun† In â€Å"A Peaceful Woman Explains Why She Carries a Gun† by Linda Hasselstrom, the author illustrates the difficulties women face in today’s society (354-358). Sadly, Hasselstrom writes about many times when men harassed her sexually, physically, and mentally (354). She describes one situation in which she and a friend were staying at a campground, sleeping fifteen feet awayRead MoreLost in the Big City735 Words   |  3 Pagesamount of cars flowing through the streets and honking their monotone horn. Never- ending noise generated by rest of the things around me. So many different surround you as you work. In the city it may not be a wise idea not to ‘travel alone† (Hasselstrom 354) in these crazy city, because you never know what or who you may encounter on these streets. Looking down, all I can see is the movement of a mass of people carrying bags, and dragging rolling backpacks. As I walked down the stagnant streets

Nelson Rockfeller, Last of the Liberal Republicans

Nelson Rockefeller served as governor of New York for 15 years and became an influential figure in the Republican Party before serving as vice president under President Gerald Ford for two years. As the presumed leader of the northeastern wing of the party, Rockfeller ran for the Republican nomination for president three times. Rockefeller was known for a generally liberal social policy coupled with a pro-business agenda. The so-called Rockefeller Republicans essentially faded into history as the very conservative movement exemplified by Ronald Reagan took hold. The term itself fell into disuse, replaced by â€Å"moderate Republican.† Fast Facts: Nelson Rockefeller Known For: Longtime liberal Republican governor of New York and heir to the Rockefeller fortune. He ran unsuccessfully for president three times and served as vice president under Gerald Ford.Born: July 8, 1908 in Bar Harbor, Maine, a grandson of the world’s richest manDied: January 26, 1979 in New York CityParents: John D. Rockefeller, Jr. and Abby Green AldrichSpouses: Mary Todhunter Clark (m. 1930-1962) and Margaretta Large Fitler (m. 1963)Children: Rodman, Ann, Steven, Mary, Michael, Nelson, and MarkEducation: Dartmouth College (degree in economics)Famous Quote: Ever since I was a kid. After all, when you think of what I had, what else were there to aspire to? (on seeking the presidency). As the grandson of legendary billionaire John D. Rockefeller, Nelson Rockefeller grew up surrounded with extravagant wealth. He became known as a supporter of the arts and was highly regarded as a collector of modern art. He was also known for a gregarious personality, though his detractors claimed his habit of exuberantly greeting people with a loud Hiya, fella! was a carefully calculated effort to appeal to ordinary people. Early Life Nelson Aldrich Rockefeller was born July 8, 1908, in Bar Harbor, Maine. His grandfather was the richest man in the world, and his father, John Rockefeller, Jr., worked for the family business, Standard Oil. His mother, Abigail â€Å"Abby† Greene Aldrich Rockefeller, was the daughter of a powerful U.S. senator from Connecticut and a noted patron of the arts (she would eventually be a founder of the Museum of Modern Art in New York City). Growing up, Nelson was apparently afflicted with dyslexia, which was not fully understood. He had trouble reading and spelling throughout his life, though he managed to do reasonably well in school. He graduated from Dartmouth College with a degree in economics in 1930. He married soon after college, and began working for his family at Rockefeller Center, which had recently opened as an office complex. New York Governor Nelson A. Rockefeller (1908 - 1979, seated) with his first wife, Mary Todhunter Clark, and children, Mary, Anne, Steven, Rodman and Michael. Keystone / Getty Images Early Career Rockefeller obtained a real estate license and began his career by leasing out office space in Rockefeller Center. He also supervised some of the decor. In a famous incident, he had a mural painted by Diego Rivera chiseled from the wall. The artist had included the face of Lenin in the painting. From 1935 to 1940 Rockefeller worked for a Standard Oil affiliate in South America and became interested in local culture to the point of learning Spanish. In 1940 he began a career of public service by accepting a position in the administration of Franklin D. Roosevelt. His job at the Office of Inter-American Affairs entailed providing economic aid to Latin American countries (which was a strategic effort to thwart Nazi influence in the Western Hemisphere). Bettmann / Getty Images   In 1944 he became the assistant secretary of state for Latin American affairs, but resigned a year later, when his aggressive personality rubbed his superiors the wrong way. He later worked briefly in the administration of Harry Truman. In the Eisenhower administration, Rockefeller served as the undersecretary of HEW for two years, from 1953 to 1955. He then served as an adviser to Eisenhower on Cold War strategy, but left the government, hoping to get involved in politics elsewhere. Running for Office Rockefeller decided to run for governor of New York in the election of 1958. He secured the Republican nomination, partly because state party officials liked that he could finance his own campaign. It was widely assumed the Democratic incumbent, Averell Harriman, would be reelected, especially running against a novice at electoral politics. Showing a surprising flair for campaigning, Rockefeller energetically approached voters to shake hands and eagerly sample food in ethnic neighborhoods. On Election Day 1958, he scored an upset win against Harriman. Within days of his election he was being asked if he intended to run for president in 1960. He said no. November 9, 1966 - New York: Governor Nelson Rockefeller, who is Governor, according to amended campaign sign overhead, rejoices in his re-election early November 9, 1966.   Bettmann / Getty Images His terms as governor would eventually be known for ambitious infrastructure and transportation projects, a commitment to increasing the size of the state’s university system, and even a commitment to the arts. He would go on to serve as New York’s governor for 15 years, and for much of that time the state seemed to operate as a laboratory for governmental programs, often inspired by groups convened by Rockefeller. He typically convened task forces of experts which would study programs and propose governmental solutions. Rockefeller’s penchant for surrounding himself with experts wasn’t always viewed favorably. His former boss, President Eisenhower, was said to have commented that Rockefeller was too used to borrowing brains instead of using his own. Presidential Ambitions Within a year of taking office as governor, Rockefeller began to reconsider his decision not to run for president. As he appeared to have the support of the moderate to liberal Republicans on the East Coast, he considered running in the 1960 primaries. However, realizing Richard Nixon had solid support, he withdrew from the race early. In the 1960 election he supported Nixon and campaigned for him. According to an anecdote recounted in his 1979 obituary in the New York Times, in 1962 he was asked, while looking at the White House from his private plane, if he ever thought about living there. He replied, â€Å"Ever since I was a kid. After all, when you think of what I had, what else were there to aspire to?† Vice. Pres. Richard Nixon (R) with Nelson Rockefeller (L) September 01, 1960.   Joseph Scherschel / Getty Images Rockefeller viewed the presidential election of 1964 as an opportunity. He had solidified his reputation as the leader of the â€Å"eastern establishment† Republicans. His obvious opponent in 1964 primaries would be Senator Barry Goldwater of Arizona, the leader of the conservative wing of the Republican Party. A complication for Rockefeller was that he had been divorced from his first wife in 1962. Divorce was unheard of for major politicians at the time, yet Rockefeller hadnt seemed to be harmed by it when he won reelection as governor of New York in 1962. (He married for the second time in 1963.) It’s difficult to quantify how much impact Rockefeller’s divorce and new marriage had on his presidential prospects in 1964, but it’s likely it had an effect. When the 1964 Republicans primaries began, Rockefeller was still considered a favorite for the nomination, and he won the primaries in West Virginia and Oregon (while Goldwater won in other early states). The deciding contest promised to be the primary in California, where Rockefeller was believed to be the favorite. A few days before the June 2, 1964, voting in California, Rockefeller’s second wife, Margaretta â€Å"Happy† Rockefeller, gave birth to a son. That event suddenly brought the issue of Rockefeller’s divorce and remarriage back into the public eye, and it has been credited with helping Goldwater win an upset victory in the California primary. The conservative from Arizona went on to become the 1964 Republican nominee for president. When Rockefeller rose to speak at the Republican National Convention that summer to advocate for a platform amendment repudiating the conservative John Birch Society, he was loudly booed. He refused to support Goldwater in the general election, which Lyndon Johnson won in a landslide. Rockefeller, shown addressing the GOP State Committee, is seeding delegate strength among committee members on June 25, 1968.   Bettmann / Getty Images As the election of 1968 approached, Rockefeller tried to enter the race. That year Nixon represented the moderate wing of the party, with California governor Ronald Reagan favored by the conservatives. Rockefeller gave mixed signals about whether he would run until that summer’s convention approached. He finally tried to round up uncommitted delegates to challenge Nixon, but his efforts fell short. Rockefeller’s presidential runs had a lasting impact on the Republican Party, as they seemed to define the profound split in the party as the conservative wing was becoming ascendant. The Attica Crisis Rockefeller continued on as governor of New York, eventually winning four terms. In his final term a prison uprising at Attica came to permanently scar Rockefeller’s record. The prisoners, who had taken guards as hostages, demanded Rockefeller visit the prison and oversee negotiations. He refused, and ordered an assault that turned disastrous when 29 inmates and ten hostages were killed. Rockefeller was condemned for his handling of the crisis, with his political opponents claiming it demonstrated his lack of compassion. Even Rockefeller supporters found his decision difficult to defend. Rockefeller Drug Laws As New York endured a heroin epidemic and a crisis over drug use and associated crime, Rockefeller advocated for tougher drug laws with mandatory sentences even for dealing small amounts of drugs. The laws were passed and over time were seen as a major mistake, greatly increasing the states prison population while not doing much to curb underlying problems of drug abuse. Subsequent governors have removed the most severe punishments of the Rockefeller Laws. Vice President In December 1973 Rockefeller resigned from the governorship of New York. It was assumed he might be thinking of running for president again in 1976. But after Nixons resignation, and Gerald Fords ascension to the presidency, Ford nominated Rockefeller to be his vice president. President Ford holds the report on the Central Intelligence Agency presented to him at the White House by Vice President Nelson Rockefeller, chairman of the blue ribbon panel that made the investigation.   Bettmann / Getty Images After serving as vice president for two years, the conservative wing of the party, led by Ronald Reagan, demanded that he not be on the ticket in 1976. Ford replaced him with Bob Dole of Kansas. Retirement and Death Retired from public service, Rockefeller devoted himself to his vast art holdings. He was working on a book about his art collection when he was stricken by a fatal heart attack on the night of January 26, 1979 at a townhouse he owned in Manhattan. At the time of his death he was with a 25-year-old female assistant, which led to endless tabloid rumors. Rockefellers political legacy was mixed. He steered New York state for a generation and by any measure was a very influential governor. But his ambition for the presidency was always thwarted, and the wing of the Republican Party he represented has largely disappeared. Sources: Greenhouse, Linda. â€Å"For Nearly a Generation, Nelson Rockefeller Held the Reins of New York State.† New York Times, 28 January 1979, p. A26.Nelson Aldrich Rockefeller. Encyclopedia of World Biography, 2nd ed., vol. 13, Gale, 2004, pp. 228-230. Gale Virtual Reference Library.Neumann, Caryn E. Rockefeller, Nelson Aldrich. The Scribner Encyclopedia of American Lives, Thematic Series: The 1960s, edited by William L. ONeill and Kenneth T. Jackson, vol. 2, Charles Scribners Sons, 2003, pp. 273-275. Gale Virtual Reference Library.

Essay about Life Hated Mary Grace - 1006 Words

Small drops of rain fell from the gray clouds outside the funeral home window. How fitting. This is the perfect weather for a funeral, isn’t it? Gloomy, dark, you name it. It didn’t matter though. No one was affected by the sound of the rain. Nobody cared. Everybody, including me, was too busy missing Margaret Grace. If only Margaret Grace was still here. She loved the rain because there would always be a rainbow after. She was a happy person. Wow, I have to use the word â€Å"was† now, don’t I? Her smile used to spread like wildfire; everybody else would smile too. She had a natural glow. Every time she walks into the room, all the attention would be directed to her. She was loved by everyone, judging by the amount of people who came and†¦show more content†¦The biggest change was her smile. Before, her smile would be on her face all the time, but then her stunning smiles would appear less and less. Soon, there wasn’t a smile at all. Every time I visited her at the hospital, I would find her looking out the window. It’s the same view everyday, so I don’t know why she keeps looking out there. Nothing changes outside that window for the most part. I would visit her five times a week, and each time I see her, sadly, she looks more and more dead, which is clearly not a good thing. Her skin started to become translucent, her breathing became raggedy as if it hurt, her limbs were becoming thin and bony as if she didn’t eat, and it was as if that only her body was alive, not her soul. She let the illness come and take her; she let herself become the illness. At that point in time, a smile was very rare, so I tried to tell her the funniest stories and cheerful stories from school. Every time her soft, tinkling laugh filled the air—which wasn’t often—I would feel as if there would be hope that she would come back to school with good health and be herself again, but that was just a wish of mine. There was one day in particular that I will never forget. It was a rainy Wednesday and as usual, I would go to the hospital and visit her. Usually, when I knock on the door and open it, she’s looking outside the window. That certain day, however,Show MoreRelatedAmelia Earhart : Why Is Earhart So Important?1745 Words   |  7 PagesAmelia Mary Earhart Why is Amelia Earhart so important to women? What did she do that was so incredible and inspiring? What happened to Amelia Earhart? Answers have been sought for years and many theories have been written. Amelia was the was the first woman to fly solo across the Atlantic ocean and attempt a flight around the globe. Despite her childhood struggles and financial problems, she continued to reach her goals and be successful. 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The common aspect of â€Å"nurture† is where outside influences determine what we will be like society being an example, while â€Å"nature† is basically that genetics determine the outcome of how people turn out. There is an easy argument for the case of â€Å"nurture†, but just becauseRead MoreA Brief Note On Francois And Amato Movement1437 Words   |  6 Pagesattention. William shrugged. â€Å"Oh well, not my problem,† he said to himself. William walked downstairs and outside onto a flagstone patio. A table was set with a white tablecloth and fine China. Propane heaters around the table chased away the chill. Mary, Catherine, Susan and James were waiting for William on the patio. The girls squealed as they ran to their father and jumped into his arms. William lifted the girls off the ground and gave each daughter a bear hug and kiss on the forehead. â€Å"James caughtRead MoreAnalysis Of Mary Shelley s Frankenstein1744 Words   |  7 Pagescertain standards of elegance and beauty. 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Baldwin saw that it was impossible to the overcome hate with more hate. It was his own belief that his #8230;real life, was in danger, and not from anything other people might do but from the hatred that [he] carried in [his] own heart. The choices are simple: either attempt to change the world or change the individual. In Native Son, Bigger is so lost in his ownRead MoreLife and Teachings of Jesus1527 Words   |  7 Pagesmost important and I couldnt go through life without Him by my side. Jesus is the answer to all the problems and issues of this world. A lot of the time Jesus is either disrespected or taken for granted. Most people dont realize how our past, present, and future are affected by Him. Jesus is monumental in history through His life, teachings, and character. Birth of Jesus Jesus Christ was born in the town of Bethlehem in Judea. He was born of a virgin, Mary, who conceived Jesus through the HolyRead MoreThe Journey, By Antonia Fraser1651 Words   |  7 Pageswritten by Antonia Fraser. Antonia Fraser, writer of the best-selling book, Faith and Treason: The Story of the Gunpowder Plot, had done extensive research to help bring the life of Marie Antoinette into the light. Fraser has a unique dedication to Queens, as she has written not only about the Queen of France but also of Mary, Queen of Scots. Fraser starts the biography off with the birth of Marie Antoinette. Fraser is very kind towards the young duchess, and also describes her mother. Antoinette’s

Profit Maximization Free Essays

Firms are in business for a simple reason: To make money. Traditional economic theory suggests that firms make their decisions on supply and output on the basis of profit maximisation. However many Economists and managerial Scientists in our days question that the sole aim of a firm is the maximisation of profits. We will write a custom essay sample on Profit Maximization or any similar topic only for you Order Now The most serious critique on the theory of the firm comes from those who question whether firms even make an effort to maximise their profits. A firm (especially a large corporation) is not a single decision-maker but a collection of people within it. This implies that in order to understand the decision-making process within firms, we have to analyse who controls the firm and what their interests are. The fact that most large companies are not run by the their owners is often brought forward to support this claim. A large corporation typically is owned by thousands of shareholders, most of whom have nothing to do with the business decisions. Those decisions are made by a professional management team, appointed by a salaried board of directors. In most cases these managers will not own stock in the company which may lead to strongly differing goals of owners and managers. Since ownership gives a person a claim on the profit of the firm, the greater the firm’s profit, the higher the owners† income. Hence the owners goal will be profit maximisation. When managers† salary stays unaffected by higher profits they may pursue other goals to raise their personal utility. This behaviour strikes the critical observer regularly when for example reading or watching the financial media. Managers there often rather mention the rises in sales or the growth of their company rather then the profits. Some economists like Begg (1996) argued that managers have an incentive to promote growth as managers of larger companies usually get higher salaries. Others like Williamson (1964) suggested that managers derive further utility from perquisites such as big offices, many subordinate workers, company cars etc. Fanning (1990) gives a rather bizarre example: When WPP Group PLC took over the J. Walter Thompson Company, they found that the firm was spending $80,000 p. . to have a butler deliver a peeled orange every morning to one of their executives. An unnecessary cost clearly from the perspective of the company owners. But often it becomes difficult to identify and separate this amenity maximisation from profit maximisation. A corporate jet for example could be either justified as a profit maximising response to the high opportunity cost of a top executive or an expensive and costly executive status symbol. Baumol (1967) hypothesised that managers often attach their personal prestige to the company†s revenue or sales. A prestige maximising manager therefore would rather attempt to maximise the firms† total revenue then their profits. Figure 1 illustrates how the output choices of revenue- and profit maximising managers differ. The figure plots the marginal revenue and marginal cost curves. Total Revenue peaks at x r , which is the quantity at which the marginal revenue curve crosses the horizontal axis. Any quantity below x r , marginal revenue will be positive and the total revenue curve will rise as output goes up. Hence a revenue-maximising manager would continue to produce additional output regardless of its effects on cost. Given this information one might ask why the owners don†t intervene when their appointed managers don†t direct their actions in the interest of the owners, by maximising profits. First of all, the owners will not have the same access to information as the managers do. Where Information relates to professional skills of Business administration as well as those of the firms inner structure and its market enviroment. Furthermore, when confronted with the owners demands for profit maximising policies, a clever manager can always argue that her engagement in activities, like a damaging price war or an expensive advertising campaign serve the long-run prospect of high profits. This excuse is very difficult to challenge until it is too late. Another aspect is that managers aiming to maximise growth of their company (expecting higher salaries, power, prestige, etc. ) often operate with a profit constraint. A profit constraint is the minimum level of profit needed to keep the shareholders happy. The effects of such a profit constraint are illustrated in Figure2. Figure2 shows a total profit curve (T? ). T? is derived from the difference between TR and TC at each output level. If the minimum acceptable level of profit is ? , any output greater then Q3 will result in a profit below ?. Thus a sales-maximising manager will opt for Q3 which gives the highest level of sales at the minimum possible profit. This however would not be the profit maximising option. In order to maximise profits the manager would have to chose an output level that creates Q2, where profits are highest but sales lower then in Q3. So given this conflict of interests between the owners and the managers of a firm? What are the possible solutions available to the owners, to make their agents work in their interest? It is often suggested that an effective way to control the managers behaviour and bring it in line with the owners interests, is to make the managers owners themselves by giving them a share in the company. However, research by De Meza Lockwood (1998) suggests that even with the managers owning assets, their performance does not necessarily become more profit raising. Rajan Zingales (1998) assessed the impact of power and access to it on the behaviour and performance of managers. Their findings suggest that the power gained by access to critical resources is more contingent than ownership on managers or agents to make the right investment and decisions then ownership. They also report adverse effects of ownership on the incentive to specialise. Other ways to control managers include performance based pay, which can prove to be effective in the short-run but again, the long-run perspective of the firm may suffer, when managers neglect crucial Long-run investments into Research and Development, restructuring, equipment or advertising to raise short-run profits and hence their own salaries. In conclusion it is important to note that profit maximisation fails to demonstrate a general validity when applied as a theory of firm-behaviour. The real world businesses often operate on a multi-dimensional basis with many confronting interests and aims. As well as differing short-run and long run aims. Therefore profit-maximisation should be regarded as one possible goal of a firm but not necessarily its sole one. There is also a difference to be noted between the size of firms. A small family-run business for instance can easily adopt a pure profit-maximising approach, since the utility of its owners equals that of the labour-force and the management. In this setting, the income will equal profit. Therefore it is imperative to assess and develop a theory of firm behaviour on the different classes of firms with a perspective to their individual differences in management, ownership and market enviroment. How to cite Profit Maximization, Essay examples

Christian Ethics And Feminism Essay Example For Students

Christian Ethics And Feminism Essay In Feminism And Christian Ethics, Lisa Sowle Cahill argues that feminist ethicshas much to offer Catholicism. For one, the main issues that concern feministethics are basically the same ones that make up Catholic identity. That is, howwomen and men define themselves in society, what means are available to them forattaining their ends- in short inter personal and social relations. Second, thefounding principles that guide feminist ethics are rooted in the tradition ofnatural law, a tradition well known to Catholicism. So, while the approach offeminist ethics has been to scrutinize traditions which seek to oppress women bysupporting unequal social structures, the guiding principles behind feministethics still remain well lodge in natural law. As Cahill says, it is in thefounding principles of natural law where feminist ethics and Catholicism meet. And it is also here where lies the main contribution of feminist ethics for thefuture of Catholicism. Cahill shows us, how recent studies done on Aquinasnatural law disclose that Aquinas based his ethics on very general principles. That is to say, Aquinas understood the complexity of life, and, unlike what mostbelieve, he was cautious about generating a rigid ethics that would oppressindividuals. Aquinas believed that moral discourse to be truly ethical mustfirst and most importantly begin with an understanding of the structures ofsociety and the culture under which individuals live. Hence, Aquinas lookedforward to developing a contextual ethics, and was cautious about generating thetypes of absolutes and universal principles that were later integrated into histheology. Although, Aquinas believed that universals were still possible, henevertheless, believed that these could only come after considering everythingthat makes up human existence. Thus, given Aquinas understanding of societyas a vehicle that brings people together to strive for the common good, areconciliation is very plausible in this area. As Cahill says, natural lawbeyond all things believes in reasonableness and objectivity, which is basicallythe same understanding that guides feminist ethics. Feminists, argue forfreedom, but only in so far as the common good avoids considering socialdynamics and inter-personal relations. Apart from rejecting unequal relationsthat arise from not taking into consideration what makes up human existence,feminists, like the natural law tradition, believe that a common good is worthpursing. So, while on the outset feminists may look like as if they are breakingaway from Catholicism, they are in fact much closer to Catholicism than one maythink. As new challenges bring the Church to question its ethics and as womenand men seek new identities, feminist ethics can help Catholicism make thetransition so that the challenges of modern society can be meet. I enjoyedreading Lisa Cahills essay. She brought me to see Aquinas ethics in a newway. I believe that Cahill makes an important contribution to Christianity byshowing us that it is possible to remain within tradition all while progressing. Often I find myself thinking if Christianity will ever be able to surviveconsidering its rigid ethics. However, as Cahill so eloquently showed me, it ispossible. The renewal interest in natural law is showing us that we can continueto press forward while remaining in touch with our Christian background.