Assumptions of Monopoly Market Essay

The monopoly describes an industry by comprising a single firm. In other words, the firm and the industry are one and the same. In the absence of regulation, monopolists can exercise control over the prices they charge for products and services. Of course, in reality, it is often difficult to define industries (whether in terms of product produced or area covered), which often causes problems in defining monopolies. The three main assumptions of monopoly are: †¢ Single firm In a monopoly, there is a single firm which produces all the output of the industry. In other words, the firm and the industry are synonymous. Consequently, the demand curve the monopolist faces is in fact the same as the industry demand curve. †¢ Unique product Unlike perfect competition (where all firms produce identical products), the monopolist produces the only product. In other words, there are no close substitutes being produced by other firms. This means that consumers can only buy output from one firm. For example, traditionally in the UK before the deregulation of the 1980s and 1990s, customers could only buy gas (British Gas), telephony (British Telecommunications) and postal services (Post Office) from a single supplier. †¢ Barriers to entry One of the main reasons why monopolies arise and are sustained, is that barriers to competition exist – more specifically, barriers to entry and exit. Barriers to entry can be defined generally as anything that places a potential entrant at a competitive disadvantage relative to firms already established in the industry. Entry barriers can arise in three ways, namely government regulations (legal barriers), the technical conditions prevailing in the industry (structural barriers) and by the actions of established firms (strategic barriers). Legal barriers come in the form of various acts and regulations. They can arise because of various forms of regulation, which affect either industry structure (the number of firms in an industry) or how firms behave. Examples of legal barriers include registration, certification and licensing of businesses, patents, taxes, tariffs and quotas. Structural barriers arise from the inherent structural and technical characteristics of an industry. In other words, the extent of product differentiation, the size distribution of firms, the availability to firms of economies of scale and scope all determine the extent and nature of barriers to entry in any given industry. Finally, strategic barriers are erected by established firms to deter the entry of new firms. Such barriers include various forms of pricing and non-pricing strategies. Overall, in the case of a pure monopoly, the monopolist is effectively insulated from competition, by barriers to entry. Given that the monopolist faces a downward sloping demand curve and produces a unique product or service, it consequently has complete control over the prices it charges. Reference: http://classof1.com/homework-help/economics-homework-help/

Cadbury Communication Mix Essay

What is the communication mix of Cadbury? The marketing communications mix consists of five major modes of communication 1. Advertising – in the case of Cadbury, advertising is used to build a long-term image of the product – Cadbury must therefore through its media posture be the market champion and carry the brand message – Television is the advised primary medium of communication as it has mass reach, a favourable image, high prestige value and is attention getting – Cadbury also advertise through magazines, radio, promotions, online etc – Consumers might believe that a heavily advertised brand must offer good value – The ‘taste’ of Cadbury’s chocolate has long been the focus of Cadbury’s advertising. This has been supported by the slogan ‘a glass and a half of full cream milk in every 200 grams’, accompanied by a picture of milk pouring into the Cadbury’s Dairy Milk chocolate block. The image has become an integral part of the packaging design and has been featured in magazines, and on buses and trains, billboards, and of course television. 2. Sales promotions – Cadbury use sales-promotion tolls to draw a stronger and quicker buyer response – It can be used for short-run effects to dramatise product offers – The Go Another Cadbury promotion encourages customers to purchase  promotionally marked Cadbury products for a chance to win free chocolate bars. This is just one of the many Cadbury promtions. 3. Public Relations – The thought behind public relations, is that it provides advertising to a large audience as well as generates a welcoming community likeness about the company – Well-thought-out programs coordinated with the other promotion-mix elements can be extremely effective – Cadbury are committed to a strategy of â€Å"growing community value around the world† and are focussing on investments in the principal areas of education and enterprise, health and welfare and the environment. Cadbury recognise that prosperous, educated and socially inclusive communities are central to its success. Cadbury are proud of their investment in the community and the contribution made by employees around the world. Creating value in the community is part of their heritage and integral to achieving the core purpose of working together to create brands people love. – Some of the major events and projects that Cadbury support are the Students In Free Enterprise, Foodbank, Variety Club, Melbourne Cup Carnival, Royal Show, World’s Largest Annual Easter Egg Hunt and the three time AFL premiership champion Brisbane Lions Personal Selling – is the most effective tool at later stages of the buying process, particularly in building up buyer preference, conviction and action. Direct Marketing – use of mail, telephone, fax, e-mail or internet to communicate directly with or solicit response or dialogue from customers – in the case of Cadbury this deals more with customers such as supermarkets to help with the set up or organisation of promotions, displays or location Which media seem to be the most important and for which marketing purpose? CDM is undeniably the leader brand of not only the Cadbury’s basket but also the chocolate segment as a whole and is in a sense almost generic to the category in the country. CDM must therefore through its media posture be the brand champion and carry the brand message. With half the advertising spends of Cadbury’s, CDM must build on the brand equity through a premium marketing strategy that reflects in the media communication and positioning as well. This would translate to large and continuous brand presence. Television is the advised primary medium of communication as it has mass reach, a favourable image, high prestige value and is attention getting while having low cost per exposure for a high absolute spend. The media will go hand-in-hand with the advertising in reaching the expanding target audience the brand is reaching out to. Herein, the media must also supplement the youthful exuberance and rebelliousness of the advertising communication. Caution should be maintained not to dent brand equity while increasing penetration in smaller towns by using locally targeted media channels in a manner that will allow capitalisation of the ‘premiumness’ of the brand. A strategic brand n the Cadbury’s inventory, it is the only brand facing competitive ad spend from Nestle in its sub-category and so must build on its strengths and plug its weaknesses within its restrictions. The target audience is well defined and an entirely different gamut with regard to communication strategies including media vehicles. The primary target is school-going children and though mothers as buyers are enticed by the advertising message of ‘goodness of milk’ it is primarily the children who act as influencers and are to be spoken to through the advertising and consequently the media. The media again acting as a support of the advertising proposition and being a high-visibility strong presence and  recall value brand with the TG. A comparatively tight budget calls for media innovation, which may include reaching out directly to schoolchildren via direct marketing strategies to supplement other media channels. This can be kept in mind while considering the implementation of the media posture. Cadbury’s communication, like its brand personality is a reflection of the relationship it shares with its consumers. Cadbury’s Dairy Milk is the brand leader and in effect the mouthpiece of the Cadbury’s range, through which it successfully attempts to remain the almost generic leader of the category, defining its own territory and the segment it operates in. Media priority therefore is CDM, which is the brand image and should therefore be the prime-mover in retaining top of the mind recall through its advertising and media channels. Cadburys has identified these brand values and adjusts its advertising strategies to reflect these values in different markets. Its strategy can vary from increasing brand awareness, educating potential customers about a new product, increasing seasonal purchases, or as is currently the case in the ‘Choose Cadbury’ campaign to highlight the positive emotional value of the brand. After identifying brand values the marketing manager must match these to the specific market. For this reason it is important to identify possible segments that have specific needs, and to highlight appropriate brand values that will promote the brand in that market. The Cadbury product range addresses the needs of each and every consumer, from childhood to maturity, from impulse purchase to family treats. For example an analysis of the ‘gift’ sector highlights the importance of developing innovative products to address specific markets. Cadbury designs products to coincide with Christmas, Easter, Valentine’s, Mother’s and Father’s Day and other calendar landmarks. Cadbury use marketing strategies such as the ‘Choose Cadbury’ strategy to encourage a link between chocolate and these events ensuring there is a Cadbury chocolate product suitable and available for every occasion. The confectionery market is full of brands that need to fight for our attention. The role of advertising is to keep a brand in the mind of the consumer. We are constantly presented with countless brand images and messages on a daily basis. During the lifetime of a brand, companies will develop marketing strategies that communicate brand identity and core values to gain our attention. In order to keep its product competitive and contemporary, these messages need to change over time. Cadbury provides one of the most successful examples of how an advertising message can be modified from one campaign to the next to attribute new values to a brand giving consumers more reasons to buy Cadburys. Healthy brand equity or brand strength is critical in an impulse-driven, competitive market. Advertising plays a key role in maintaining this strength. Cadbury employs all types of advertising from the internet to posters, from TV, radio and cinema to print media. This same creative message is then communicated through point of sale, merchandising, package design and public relations. The ‘Choose Cadbury’ Marketing Strategy The ‘glass and a half ‘, corporate purple and flowing script has become synonymous with Cadbury: these design elements have been used to great effect in developing the connotation of goodness that this imagery suggests. In the 1980s another vital attribute – taste – was highlighted. Regardless of national preferences about how chocolate should taste (e.g. dark chocolate is traditionally more popular in Europe whereas Australians prefer creamier milk chocolate) the implication was clear – Cadbury offers taste and texture that appeals to all. In the 1990s further emphasis was placed on ‘taste’. The strapline ‘Chocolate is Cadbury’, which was built upon previous brand values and allowed Cadbury to stake its claim and taking ownership of the word ‘chocolate’ and the chocolate eating experience. Earlier this year, Cadbury introduced a new global marketing strategy called ‘Choose Cadbury’. This strategy came about as a result of extensive research into consumer behaviour and perception. It is a campaign that perfectly illustrates how a brand can evolve and how different messages can be  communicated without losing the core strength and brand values that are already established. The classic icons have played a major role in establishing the look and feel of how Cadbury’s advertisements should look through successive campaigns. These key ‘look and feel’ icons were heavily researched to ensure that the messages they impart are always relevant to the Cadbury consumer. In depth customer research is conducted to ‘test’ these messages. Research results confirmed that colour recognition of dark purple is strongly associated with Cadbury. Its logo is readily recognised and scores a ninety six per cent recognition level alongside other global brands such as Coca Cola and McDonalds. The glass and a half symbol, which plays a key role in the current ‘Choose Cadbury’ strategy, continues to communicate the quality and superior taste of Cadbury’s chocolate. The central message of the ‘Choose Cadbury’ strategy hinges on the established glass and a half symbol. Is the glass half full or half empty? Cadbury suggests that the glass is always half full appealing to our emotions. Therefore, in choosing Cadbury we are taking a decision to embrace the positive. This optimistic metaphor is, according to consumer testing in the UK and Australia, well understood amongst consumers. In this ‘Choose Cadbury’ campaign, the product ingredient of milk has been elevated from a practical, rational platform to an emotional one Cadbury can deliver on optimism, happiness and a feel-good factor. If a brand can do all this, the decision to purchase this brand over all other chocolate brands seems to be logical and inevitable. The ‘Choose Cadbury’ strapline is a call to action designed to motivate us. We are not expected to simply absorb the advertising message, we are being called upon to make a conscious purchase decision. We are reassured that the Cadbury product will remain unchanged, (Cadbury is Chocolate and it still tastes good), but we are given more reasons to remain brand loyal (Cadbury is Chocolate – feels good i.e. positive, uplifting, mood enhancing, providing enjoyment and happiness). At no stage in the evolution of the Cadbury brand has there been as much reliance on taking ownership of the emotional side of eating chocolate as there is now. Owning the emotional territory for chocolate helps Cadbury to  elevate its product in the mind of the consumer. With the ‘Choose Cadbury’ campaign consumers are being offered both logical and emotional reasons to buy a Cadbury product as a first option on every occasion.

Oil After World War 1.2 - 2052 Words

Oil was found at Masjed Soleyman in southeastern Iran on May 26, 1908, and three years later was piped down to a newly built refinery at Abadan on the Iranian side of the Shatt-Al-Arab, not many miles below Basra.1(Stephen, 1991) Its global importance eas immediately recognized, not just by the Admiralty in London, looking for new sources of supply for its oil-fired battleships, but in other European capitals as well leading to a brief British-German-Turkish skirmish for control of the pipeline at the start of World War 1.2(Wilfred, 2007) Oil was next found in the Persian Gulf, beginning with Bahrain in 1931; there were subsequent discoveries in Kuwait, Qatar, Saudi Arabia, the Trucial states, and Oman. By 1960 the smaller Gulf states were producing 15 percent of the world s oil, with another 10 percent or so coming from Iraq and Iran.3(Longrigg, Oil in the Middle East) By 1970 this had risen to 30 percent.4(BP Statistical Review, 2006) The story of the discovery, exploitation, and i mportance of Middle Eastern oil has been told in many different ways, and from many different points of view. For some it has been a source of Western triumphalism as in the case of the Aramco story , in which brave Texas pioneers conquer the world s last oil frontier.5(Wallace, 1971) For others, like the Arab novelist Abad Al-Rahman Munif, it is a tale of woe, as the lives of nomadic people are disrupted by the appearance of prisons and exploitative local officials.6(Cities of Salt, 1989)Show MoreRelatedEvelyn Alsultany Takes A Different Approach To The Oppression1585 Words   |  7 PagesEvelyn Alsultany takes a different approach to the oppression of Muslim women that the U.S. portrayed in the media to fuel the War on Terror and analyses that the U.S. portrayed Islam as backwards and an uncivilized culture. Alsultany analyzes published stories and news shows on CNN, NBC, CBS, and Fox after the 9/11 attacks and concludes that these news stations used women’s oppression and linked it with terrorist attacks because they conveyed that Muslim men hated the West’s cultural ideals of womenRead MoreThe Pollution Of The Middle East Cleaner876 Words   |  4 Pagesdata taken by NASA’s Aura spacecraft which records the Ozone levels such as nitrogen oxide. Nitrogen oxide emissions have dropped because of the civil war in Syria, movement of refugees, new environmental safety laws and the amounts of fossil fuels used in the Middle East. Scientists have found that 58% of nitrogen oxide emissions around the world are cause by the burning of fossil fuels. Since the Middle East has more fossil fuels, they produce more nitrogen oxide and sulfur dioxide. In places suchRead MoreThe Volatility of Crude Oil Prices895 Words   |  4 PagesThe volatility of crude oil prices have been experienced since the end of the 20th century. The March 1999 spikes were experienced due to the restriction of crude oil production and cooperation among OPEC member states, t he growth of oil demand in Asia that signified its recovery following the Asian financial crisis and decreased production from non-OPEC countries (Al-Abri, 2013). The world market reacted with a sharp rise in prices with the increase in crude oil going beyond 30USD/barrel in theRead MoreGroundwater Pollution and Drinking Water Scarcity Essay1007 Words   |  5 PagesBy means of water, we give life to everything. – Koran, 21:30 Drinking water is our most precious resource, something every human being needs to survive. Yet today over 1.2 billion people a day on average do not have access to drinking water. 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I believe that there are three main International threats to global stability, the rapid rise of extremism, international disputes over territories, and corruption. Solutions to these issues facing humankind are compulsory to avoid some expected consequence. No more than two years ago people thought of Osama bin Laden and al Qaeda organisation if we mentioned the nightmare, extremism. Instead, nowadays the new forces of evil would be the ISISRead MoreThe World s Best Quality Shipping Port1524 Words   |  7 Pagestime, Europeans started to use steam boats and ocean power has become more important and more efficient. Nowadays, most cargoes are still transported by ships for imports and out ports, and with the intimate connections, the world seems to be as one. Shipping ports around the world As one of the world’s best quality shipping port, the Rotterdam Port is located in Netherland. 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Simple, yet vital elements such as carbon dioxide and oxygen are also gathered from plants after photosynthesis. These provisioning services may be harvested by humans as in the case of crops such as corn or oranges, or by animals such as honeybees gather honey. Second, supporting services are the services necessary for the production of otherRead MoreA Brief Note On Nigeria s Healthcare System1693 Words   |  7 PagesBrits provided all necessary resources needed to improve them. a) Training of Physicians and Nurses II. An introduction into Nigeria s Healthcare system A. War i. During the World War 1, Nigeria was greatly affected because the country lost most of their medical staff and does that had been stationed there by the Europeans. ii. After the war, Europeans built numerous hospitals and schools in Nigeria but restricted who the physicians and Nurses could treat. a) Which created a lot of controversy

Yolo - 1583 Words

DEPARTMENT OF ENGLISH AND FOREIGN LANGUAGES AND LITERATURE College of Arts and Sciences San Beda College COURSESYLLABUS First Semester, AY2014-2015 San Beda College, a Catholic educational institution, is committed to the Christian formation of the Bedan Community as its service to the Church, the Philippine society, and the world. Vision : San Beda College envisions a community that is Fully Human, Wholly Christian, Truly Filipino, and Globally Competitive. Mission : San Beda College aims to form its members in Faith, Knowledge, and Virtue Core Values : Inculcate in the students the Benedictine core values of Study, Community, and Pursuit of Peace†¦show more content†¦Make a landscape of the images in the story. Draw images shown in the story. Homework Travel Tracer Quiz Individual artwork based on poems Imagery China : Ah-mah - Shirley Geok-lin Lim Pre-reading activity : Present foot-binding images of Chinese women. Poetry reading Interpretation Identify the significant human Discuss the patriarchal culture of China. Categorize the good and bad customs and traditions of China and Philippines Discussion 4 Song from Shi Ching 3 appreciation. Misogyny, Patriarchal issues, social oppression experiences infused in the selections Individual artwork based on poems Imagery Reader - Response work responses task-contrast different cultures contrasting social and cultural worlds Write ones own prayer for his country. Written reflections or Minute Paper 2,7 Shows sensitivity to human needs and social problems Think of some ways to rectify problems in human relations. India : Where The Mind Is Without Fear -Rabindranath Tagore Egypt : To Whom Should I Speak Today ? - T. Eric Peet Identify the writers convictions concerning Indias Caste System Draw out the meaning of the poem. Enumerate the reasons why the persona distrusts his fellowmen. Cite practical situations why man is considered evil. Semantic Mapping Exploring Deeper Meanings Discussion 1,2,3 2,3 Analyze and respond to arguments about racial discrimination. Record ones understanding/ knowledge by creatingShow MoreRelatedYolo832 Words   |  4 Pages‘Fight gone bad’ workout One minute each of these five exercises makes one circuit; complete  three circuits. * Consecutive high kicks on the bags (alternate legs every 30 seconds): Targets the  hips, glutes and hamstrings * Skipping (freestyle): Gets the body moving, increases stamina * Weighted jab/cross hooks combo (alternate hooks every 30 seconds): Great for toned upper arms * Speed ladder footwork: Increases agility * Burpees to toes-to-bar: Calorie burner DANCE  NUMBER Read MoreAnalysis Of The Poem Yolo 1041 Words   |  5 Pagesfew laughs, we had our tennis and lacrosse teams go into districts, shared a few laughs, and most importantly, make some lifelong memories along the way (and did I mention share a few laughs). 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The connotation of â€Å"Carpe Diem,† is supposed to be all about seizing the day and living life to the fullest, however there are many people who take this concept a bit too far. A perfect example of this is the newly created concept of YOLO. YOLO stands for â€Å"you only live once.† This seems to have given you teens to young adults an excuse to drink underage, act inappropriately, and other bad behaviors. Adrenaline junkies have performed â€Å"death defying† stunts. These are just two examplesRead MoreWhat Makes A Word?1154 Words   |  5 Pagesof this would be ‘NASA’ which is well known and is in fact shortened down from ‘National Aeronautics and Space Administration’ allowing it to be more easily recognised and regularly used as a part of the language. A newer addition to the dictionary ‘YOLO’ meaning ‘You only live once’ shows the use of modern acronyms and the rate at which social trends can shape the way different groups of people use and except the English language. 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The Conservative Values Of Their Parents - 1156 Words

teenagers retained the conservative values of their parents. This is not a logical conclusion nor is it supported by the substance of his earlier text. Oakley, unlike Pennington, appears to be writing from a religious perspective based on the title of his work, â€Å"God’s Country, America in the Fifties† which influenced his final conclusion. He cites surveys from college professors that supposedly reveal that the majority of teenagers retained conservative values. He seems naà ¯ve and out of touch with the true majority of the youth of the country during that time and only focuses on the values of college students to support his conclusion that 1950’s youth did not stray from the morals and values of their parents. His perspective seems to be written from the â€Å"white perspective† rather than an unbiased view. He continues to contradict himself when he concludes at the end of his piece that parents were still worried. If these youths had retained the ir conservative values, it would make no sense for the parents to be worried about their behavior. Pennington’s essay stays consistent throughout. He provides a more thoughtful and unbiased argument to support his conclusion that Rock and Roll and the new forms of consumerism expressed the inner conflict between conservative and rebellious forces for high school teenagers who wanted to rebel against their parents yet retain their conservative values. The tension between the generations in the 1950’s was caused by the teenagers changeShow MoreRelatedWhat is Political Socialization? Essay563 Words   |  3 Pagestheir political ideology. Political ideology is how a person expresses their values and beliefs into their political leaning (Dautrich p.270. A person can vary between liberal and conservative ideology depending on the political issues. Political ideology is shaped by a person’s life, values, and beliefs in what is called political socialization. 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Company Advertising and Online Reviews Samples for Students

Question: Discuss about the Company Advertising and Online Reviews. Answer: Company Advertising and Online Reviews Marketing involves several aspects which determine the rate at which products can be absorbed in the market. Advertisements play a significant role in pushing products in the market as it provides comprehensive information on a commodity. On the other hand, online reviews provide a valuable review on products which provides a guideline and influence on the rate at which a product might be taken in the market. Therefore, the two remain essential concepts in the marketing world which command significant influence on the probability of goods being taken in the market. However, the question on which source controls the largest influence on consumers remains in a contest. The paper provides a series of sources that can be used in arriving at a substantial discussion on the possible factors that suggest which approach can be trusted by consumers whenever planning to make purchases in the market. Annotated Bibliographies The article is written by Fonda Daren focusing on whether an individual should trust online reviews by highlighting truth on what determines the ratings on commodities. The report emphasizes the truth on what controls ratings and reviews and the extents that companies go towards clearing a bad rating or review on their products. The article cites the example of Mandana Yousefi and the facts that made her give a one-star rating on a Chinese restaurant review site based on the treatment she received. The article denotes the fact that ratings are so influential in businesses and thus raise the chances of companies using every means to inflate their scores. Further, it notes that firms may bribe review sites to erase negative comments or have the persons saying be compensated in exchange for an upgrade on the rating. Furthermore, companies competing against each other might hire review sites and individuals to render a negative review to their business advantage. The reality points towards a deafening truth in the fact that people should not fully rely on ratings to make a purchase. The research uses the example of Yelp which has been accused previously of altering reviews of producing fake information to the public for their profitable reasons. The reality is evident on the site that has a collective of 44 percent of the ratings on five star, 24 percent on four stars, and an 11 percent on 3 stars as the numbers lower with the star rating. The numbers indicate the insincerity that companies can obtain to achieve their ends in the business. However, the article concludes by setting the importance sectors where reviews assist such as thos e dealing with price comparison on given commodities. The article is informative given the in-depth nature it takes in examining the negative sides of a review and ratings in promoting products. Consumers conversant with the reality would not use the indications to make a decision on a purchase but rather rely on the advertisements where one can hold a firm liable for the provision of false information. The article provides accurate information given the facts in the examples used which are authentic and can be proven. The reality validates the information thus making it resourceful in the topic for discussion. In this case, the article remains essential in the discussion between the rate of reliability between company advertisement and reviews on the internet sites. The reality is useful in developing points for an argument against the popularity of reviews in convincing customers into making purchases. Besides, the facts presented in the article provide sufficient information towards the arguments for either side of the debate. The setback on the review can be used to provide statistics towards its challenge hence unreliable for a study. On the other hand, the benefits in some sectors can be used to point towards its reliability in promoting products and services in the society. Conclusively, the information can be used to arrive at a reasonable solution to the discussion based on the side that holds significant votes. The article can be used to argue in favor and opposition of reviews as an important factor in triggering purchase among consumers. Therefore, the article is recommendable for the discussion on the most influential means of convincing customers to purchase. The article represents the reflections and study of Cui Geng, Lui Hon-Kwong, and Guo Xiaoning who focus on the effects of online consumer reviews on new products. The article created in 2012, focuses on key terms such as customer feedback, internet marketing, product launch and development surrounding issues within effects of reviews. The article provides a study on the effect of online reviews on new product sales on electronic items and video games by consumers. It remains undeniable that consumers constantly review products and check from various sources to ascertain the rate of preference or refute on a product. The skill assists individuals in making an informed decision based on the experience of a product or service outlined by others. The study notes the importance of reviews more so to the hospitality industry where people do reviews before visiting restaurants or destinations for holidays. Besides, the article presents facts on issues surrounding new products in the market, which rely on ratings, where a good review on a product increases the ability to sell while those with even little ratings deserve a place in the society. The analysis of the article was carried out on Amazon, a significant online market for an electronic commodity on how reviews propelled sale of new products in the market. The results of the study indicate the reality that reviews have a great influence on the take up of new products in the market. The negative comments had a significant effect on the sales of the commodities marked with lower review digits registered small purchase and vice-versa. The fact confirmed the negativity bias on commodities placing the possibility of a product failure in the market owing to a few negative statements. Summarily, the article presents the basic factors that promote the use of reviews in determining the market influence on consumers. In this case, the artic le recommends for marketers to consider a rather distinctive influence on their products as bias existing might distort the promise of a product uptake in the market at its entry stage. The study is critical to the topic under study as it highlights yet another ground where reviews determine the rate of sale of products. Further, the study is authentic given the profession of the authors who in different institutions serve at academic institutions which remain responsible for academic researches. The information can be used to drive reasons for the likelihood of consumers using reviews at a higher rate compared to that of company advertisements. The facts expressed in the study match those of similar research thereby placing hopes to the reality of reviews determining product sale. The logical representation of facts in the article can be used to develop a convincing argument on the essential use of reviews among consumers. Notably, it would lead to a positive argument on reviews as a trusted source of information that can lure consumers into making a purchase. On the other hand, the article can be used to argue against the negative bias caused little faith in the product advertisement as a source charming clients into making purchases. Therefore, the study is relevant to the discussion which can separately be used to convince individuals. The reliability of the information remains authentic as the three professors hold significant faith in the product market. The information shall assist much in securing grounds and confirming on the product availability. The reviews remain open to influencing product uptake and discussing various factors surrounding economic scales of the study. The article is a creation of the study on the effect of word of mouth on sales carried out by Judith Chevalier and Dina Mayzlin in 2006. The journal examines the effects of consumers review on books and the effect on the sales of similar books. The study uses the case of Amazon and the Barnes and Noble where a high number of reviews on books exist. The study finds out an overwhelming number of reviews on the positive side as opposed to the books negativity. Further, the reviews were more on Amazon compared to those at Barnes and Noble. Notably, changes in a books review led to increased sales observed on the sites. A third observation made in the study indicates a greater impact on one-star review on sample study was greater than the impact of a five-star review. Several books had a five-star rating with a few having one-star ratings which attracted close attention to the buyers. The study on the effect of reviews to the sales of the book indicated that customers were most likely to review text on given topics rather than base on advertisements or summary statics. The article is relevant to the study of examining the competitive results from company advertisements and online reviews to the purchase and sale of commodities in the market. The author comes from a relevant background that deals with marketing and thereby provides trust in the information provided. Besides, he cites several references to the study which assist in accrediting the information provided in the case. The study captures the effect of reviews on sites where individuals purchase books online according to the review results made. Besides, the article denotes the effect of reviews in marketing by highlighting how much they convince clients into making purchases. The study is relevant to the topic for discussion as it looks to the effect of reviews on purchase which determines the competitive rate between the concept and that of company advertisement. The article shall remain valuable in forwarding arguments for or against the influence of the two factors determining the sale of communities in the market. The results of the study shall be essential to cover the concerns on word of mouth making it reliable and a significant factor towards commodity purchase. People are more inclined to focus on the negative reviews to ascertain the effects of word of mouth or reviews placed by individuals. The study is essential in raising the credibility of reviews as legit claims that outdo those of advertising which come for the purpose of selling products in the market. The study is essential in understanding the effect of reviews based on the fact that they are genuine as the reviewers stand to benefit little from the results. On the other hand, the study would help in the discussion in outlining the fact that advertising may not be 100 percent genuine since it comes from the primary individuals making products that need to thrive in the business. The genuine study on the effects of reviews shall form a special argument on the topic in an argument for the effects of reviews on a purchase of commodities. Therefore, the study remains instrumental to crediting one of the factors as superior to the other as it focuses on one of the major factors that determine the rate at which individuals can make purchases on a commodity. The results of the study are useful in providing a logical argument for the influence of reviews towards the ability and probability to buy a commodity as evidenced in the case of books purchase at Amazon and Barnes and Noble. The article was created in 2013 by Birke Daniel in trying to understand the effects of social networks and their economics towards influencing consumers on products. The study focuses on the likely effects of social networks acting as marketing avenues for products and services where people and companies advertise their products. In this case, the research reveals how consumers are susceptible to the social networks which provide an avenue for advertising products and services. The study uses the social networks analysis to explain the possible influence by friends and peers who post or share information derived from advertisements. The author uses the increased numbers of advertisements on the social media to inform of the influence it has on product consumption. Further, the article presents statistics that provide interplay between social media and the promotion of products. The study provides the reality of purchases and the power of advertising which seems to throw much weight on the probability of advertisement to influence a consumer market. The author carefully explains the roles of advertisements, given the wide presence of the social media to push products to the people. The article notes that products with a high rate of advertisement on the social media receive deserved attention leading to product consumption among the consumers. The author of the study focuses on the interdependency rate between friends and peers to determine the influence of a product up for advertisement on individuals. The book is instrumental in its use of diverse examples of websites and specific commodities to explain its aspects in marketing. The book ends up with the conclusion that advertisement by firms bears significant influence at the likelihood of i ndividuals purchasing a product. The reality from the book provides a background to study the marketing contest between the influence of reviews and advertisement on product uptake by consumers. The book provides a useful resource for the marketing professionals who understand the power of advertising. In this respect, the book is essential in handling the topic on marketing between the online reviews and the effects of advertisement on the probability of consumers purchasing products. It is evident that the statistics presented in the book are authentic given the reputation of the author. The author produces in-depth statistical information from social sites which determine product uptake strength. Further, the book is instrumental on the provision of empirical evidence on consumer influence as evidenced by its use of Wiley to highlight the arguments. The article is useful in the research on the components holding much influence on consumers given its analysis of the social network effects. The facts presented can be used to argue for company advertisement towards influencing customer purchase on commodities. The probability of individuals creating reviews on products depends on the amount of knowledge created through advertisements. Therefore, company advertisements influence purchase to great extents as the reviews come from the possible use. I find the text important towards the formation of a formidable argument for one side of the factors that influence the probability of product purchase between company advertisement and product reviews on the online sites. Therefore, the book presents facts that can be incorporated into the discussion towards arriving at solutions to the marketing topic. The book records a study and facts found on the consumer behavior surrounding the purchase of goods and services. The book drives the understanding of the effectiveness of marketing campaigns by highlighting the strategies used by producers to reach the hearts of the consumers. The book shows how marketers apply knowledge on developing marketing strategies that attract consumers towards a product uptake. Further, the book indicates the facts that lead to loyalty through referral and proper use of commodities. Notably, the book notes that consumers take up products that satisfy their needs and would in most cases not rely on reviews as long as the service provided satisfies one's demands. Furthermore, the book handles the 4ps of marketing highlighting how each works and the power it places on advertisement as a social tool towards an appeal to a product purchase. The book suggests on the creation of a powerful marketing tool by citing examples of products that have utilized the strategy towards convincing a significant number of consumers into purchasing commodities in the market. Besides, the book explores the external influences on customers whenever purchasing products ranging from cultures, social groups, and popular trends and aligns the factors to the power of marketing. The book presents various empirical data representing product uptake and trial owing to the power of marketing used in line with adherence to the four Ps of marketing. As a result, the study concludes that the extent to which companies go in developing a strategic advertisement determines the success rate of a product in the market. Products achieving the needs of consumers manage to appeal to t heir emotional, social, and economic needs. The study explains the importance of development and advertisement of products with a touch on consumers and relates the same towards a possible influence on product consumption. The book is critical to the topic of the day that analyzes the influence of products uptake on customers. The provisions for positive advertisement assist in supporting a logical proposition on the role of company advertisement on changing consumer consumption patterns. The information presented in the book comes from a logical point of view given the credibility of the author as a contributor in the marketing sector. The author uses several examples that can be proven and selects a broad research model that exemplifies the influence of social groups towards product consumption. Further, it disqualifies the influence of reviews in commanding a product purchase by insinuating the widespread use of advertisements which transfers knowledge on a product development in the market. As long as commodities meet the demands of a population, reviews have little effects towards their purchase. Understanding the nature of consumer behavior is instrumental towards understanding the influential power between reviews and advertisement and how each impacts the society. The factors presented in the report can be used in promotion of one aspect of marketing and at the same time used to discredit the influence of reviews on product uptake. The book remains instrumental in revealing the benefits of advertisement and highlighting the various forms it takes towards promoting consumer behavior. Therefore, the research can benefit comfortably through the findings in the book in promoting the discussion with informative news. References Birke, D. (2013).Social Networks and Their Economics: Influencing Consumer Choice. John Wiley Sons. Chevalier, J. A., Mayzlin, D. (2006). The effect of word of mouth on sales: Online book reviews.Journal of marketing research,43(3), 345-354. Cui, G., Lui, H., Guo, X. (2012). The Effect of Online Consumer Reviews on New Product Sales. International Journal Of Electronic Commerce, 17(1), 39-58. Fonda, d. (2016). Can you Trust Online Reviews?. Kiplinger's Personal Finance, 70(7), 62-66. Lake, L. (2009).Consumer behavior for dummies. John Wiley Sons. Fonda, d. (2016). Can you Trust Online Reviews?. Kiplinger's Personal Finance, 70(7), 62-66. Cui, G., Lui, H., Guo, X. (2012). The Effect of Online Consumer Reviews on New Product Sales. International Journal Of Electronic Commerce, 17(1), 39-58. Birke, D. (2013).Social Networks and Their Economics: Influencing Consumer Choice. John Wiley Sons. Lake, L. (2009).Consumer behavior for dummies. John Wiley Sons. Chevalier, J. A., Mayzlin, D. (2006). The effect of word of mouth on sales: Online book reviews.Journal of marketing research,43(3), 345-354.

The Services Sector as a Major Driver of UAEs Economy

The journey of United Arab Emirate’s (UAE) transformation from an oil-dependent economy into a diversified one has been long and sustained, but also successful.Advertising We will write a custom research paper sample on The Services Sector as a Major Driver of UAE’s Economy specifically for you for only $16.05 $11/page Learn More Indeed, academics and commentators are now of the opinion that UAE has succeeded in developing a self-sustaining, multi-component and diversified economy, with the capacity to generate massive capital gains independently of the old oil industry (Davidson, 2009). The UAE urge to diversify its economic base arose from the fear that overreliance on oil exports would soon render its economy susceptible to the vagrancies of global economy and other uncontrollable events, and that it was important to maintain a balance of trade and attract foreign direct investment to shield the Emirates from shaky oil prices (Karnik Fe rnandes, 2009; Davidson, 2009). Some three decades down the line, research demonstrates that UAE’s services sector has matured to become a primary constituent of the country’s economic growth. The brains behind the rapid evolution of UAE’s services industry lie in the equally rapid development of the Kingdom’s financial services sector, hotel and leisure sector, and the speedy integration of knowledge-based industries (Davidson, 2009). In the proliferation of the financial services sector, academics and practitioners note that this domain has been critical in financing huge economic investments and projects undertaken in the country (Boleat, 2005). While UAE’s Central Bank has contributed massively to the growing confidence of investors in the financial sector, the Emirates International Bank (EIB) has, since its commissioning in 1982, â€Å"†¦provided low-interest soft loans in excess of $350 million to various new business projects, especia lly those unrelated to the oil sector† (Davidson, 2009 p. 112).Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Consequently, it can be argued that the provision of soft loans by these institutions coupled with the emergence of specialist finance companies continue to contribute to the preservation of economic value of real estate and housing projects undertaken in UAE (Boleat, 2005). In equal breadth, foreign-owned financial institutions, such as HSBC, Barclays and Citibank, have been instrumental in spurring UAE’s export-import business by availing short-term capital to investors (Davidson, 2009). These dynamics have contributed to unprecedented economic growth and sustainability for UAE. Moving to the unprecedented growth of the hotel and leisure sector, it is evident that the number of business and leisure tourists visiting UAE have considerably increased ever sinc e the Kingdom became committed to developing a luxury international tourist industry since the 1990’s (Davidson, 2009). Indeed, according to this author, Dubai has emerged as a realistic alternative to the Mediterranean and Florida due to its iconic hotels and entertainment hotspots, winter sun, long and breath-taking stretches of sandy beaches, and shallow seas. Presently Dubai is not only a booming global economic hub, but also an outstanding resort destination, precisely because of top-notch luxurious hotel projects such as the high-end Jumeirah Beach Hotel and the world’s first seven star hotel Burj Al-Arab (Davidson, 2009). Available figures from the Dubai Department of Tourism and Commerce Marketing (DTCM) demonstrate that Dubai emerged the top tourist destination in terms of hotel occupancy levels and average revenue per available room for January 2012, registering a massive 86.2 percent occupancy level for the month, up from 75.4 per cent registered in January 2011 (Kapur, 2012). By 2007, Dubai was receiving an estimated 6.5 million tourists per year, up from 3.4 million recorded in 2000 (Davidson, 2009).Advertising We will write a custom research paper sample on The Services Sector as a Major Driver of UAE’s Economy specifically for you for only $16.05 $11/page Learn More Such a surge in bed occupancy and tourist numbers is not only a sure testimony that the hotel and leisure sector is contributing immensely to UAE’s Gross Domestic Product, but also serves as a vivid indicator of the Emirate’s resolve to diversify its economy from oil dependency. As postulated by Davidson (2009), UAE’s heavy investments in infrastructure and leisure, including the creation of Port Rashid, Port Jabel Ali, Dubai International Airport (DXB), Dubailand Theme Park, annual shopping festivals, and exhibition tourism, continue to attract millions of business and leisure tourists into the Kingdom. This vie w is reinforced by Scott (2012), who suggests that UAE’s infrastructure, especially sea ports and world class airports, provides easy access in and out of the country to the advantage of tourists and investors. Lastly, in the role of knowledge-based industries, it is worthwhile to note that the strategic initiatives undertaken to transform UAE into a knowledge-based economy has had positive outcomes not just for the country, but also for the region’s integration and cooperation efforts (Emirates Competitiveness Council, 2011). The Dubai Internet City opened its doors in late 2000 to avail to over 100 corporations’ the information technology (IT) infrastructure that has proved essential to the Kingdom’s economic growth. The infrastructure includes a dedicated submarine internet cable (Davidson, 2009). Interestingly, according to this particular author, â€Å"†¦by 2007 the City had expanded to house nearly 850 companies employing some 10,000 workers, and now boasts the Middle Eastern headquarters of leading technology firms including Microsoft, Hewlett-Packard, Dell, and Canon† (p. 117). The UAE is also home to Dubai Media City, a conglomeration of regional and international media brands, including LBC, Al-Arabiya service, Al-Jezeera, CNN, BBC and Reuters, among others (Davidson, 2009).Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Consequently, it is safe to argue that UAE’s financial services sector, hotel and leisure sector, and the emergence of knowledge-based industries, are vivid indicators of the dominance of the country’s services sector as a primary constituent of its economic growth and prosperity. Reference List Boleat, M 2005, ‘Housing finance in the United Arab Emirates’, Housing Finance International, vol. 19 no. 3, pp. 3-6. Davidson, C.M 2009, Dubai: The vulnerability of success, Columbia University Press, New York City. Emirates Competitiveness Council 2011, Policy in action: The UAE in the global knowledge economy, Issue 1. Web. Kapur, V 2012, Six sure signs that show Dubai’s economy is booming again. Web. Karnik, A.V Fernandes, C 2009, ‘Natural resource dependence: A macroeconometric model for the UAE’, Applied Economics, vol. 41 no. 9, pp. 1157-1174. Scott, K (2012, May 31). UAE world’s 16th most competitive economy, Gulf News. Web. This research paper on The Services Sector as a Major Driver of UAE’s Economy was written and submitted by user Ella Dyer to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.