Strategic Management and Business Policy Essay Example | Topics and Well Written Essays - 2500 words

Vital Management and Business Policy - Essay Example A Pro-mission article expresses that individuals with instruction who need to turn into a business visionary, face the challenge f claiming or controlling a business since they utilize their insight to guarantee promising business openings (Anonymous, 2005). It is surely known that individuals who have knowledgeable aptitudes gained from tertiary instruction, become business visionaries to transform their fantasy and vision vigorously. Information picked up by training comprises f direction, and not to guide you throughout everyday life. Most replacements who bring this into contemplations have more extensive perspectives and more data on the best way to prevail throughout everyday life. Despite the fact that what training from class may not be valid, or mean anything towards their view, it is exclusively up to the individual him/her self to utilize the procedures that they have learned through instruction. In 1913, Henry Ford, the author f 'Passage Motors' pre-owned his informed information for mass delivering vehicles, which expanded creation enormously, just as diminished the expense per vehicle by 66% (Jones, et al, 2000). Henry Ford presented the 'traditional logical hypothesis' (built up by Frederick W. Taylor) towards his assembling organization. With the utilization f this hypothesis in which he executed, he tested to find the most productive way that every laborer acted in their one particular assignment (Jones, et al, 2000). Albeit each procedure was tedious, creation for vehicles developed, and costs were chopped down which made Henry Ford a colossal achievement individual inside the vehicle creation industry. With such an imaginative thought which Henry Ford actualized, through the utilization f the 'traditional logical administration hypothesis', Henry Ford became one f the greatest business visionaries in the history f vehicle producing. Another extraordinary business person who utilized his informed abilities significantly is Stewart L. Tubbs. Tubbs is the writer f the book Authority: Communication, Innovation, and Change. Tim McGraw Quotes He was the dignitary f the College f Business at Eastern Michigan University. He got his doctorate in correspondence and hierarchical conduct from the University f Kansas. His graduate degree in correspondence and his four year college education in science are from Bowling Green State University. He has finished postdoctoral work in the executives at Harvard Business School, the University f Michigan, and Michigan State University. (McGraw 2002) In spite of the fact that Tubbs is just a creator for the McGraw distributer, is had numerous examples of overcoming adversity f how he turns into the individual he is at present. Tubbs has utilized his broadly accomplished aptitudes and been named exceptional educator multiple times, just as being an extraordinary researcher twice. He has likewise talked with more than 500 organizations have has accomplished more than he ever could want (McGraw 2002). Alongside instructive purposes, they can broadly utilize taught abilities picked up by scholastic classes/structures, so as to help their choices wherein they make to turn into their own business person. In Tubbs case, Tubbs took his insight to seek after his objectives throughout everyday life.

10 New Findings About the Millennial Consumer

10 New Findings About the Millennial Consumer Today, millennials make up one of the largest living generation. According to Goldman Sachs, there are 92 million millennials (people born between 1980 and 2000) in the United States.It is estimated that this year, millennials will outnumber the baby boomers generation, making them the largest living generation.Aside from being the largest generation, more and more millennials are getting into their prime earning and spending years (estimates show that millennials in the US will have a purchasing power of over $1.4 trillion by 2020), and it is no wonder that majority of the conversations around marketing, product strategy and customer experience are centered on millennials.In addition, millennials are the current trendsetters across various industries, from food to fashion and travel, and they wield a lot of influence over the older generations (baby boomers and generation Xers).Any company that wants to remain in business must fiercely fight for a piece of the millennial pie.However , there is one huge problem.The shopping and buying habits of millennials are totally different from those of past generations.If you want to successfully market to millennials, you need to have a good understanding of their buying processes.Only then can you effectively cater to their needs.In today’s article, we are going to take a look at 10 things that define the millennial consumer. These are: MILLENNIALS ARE NOT INFLUENCED BY ADVERTISINGTraditional advertising does not seem to work on millennials. It’s not that millennials are not buying things â€" they are. What has changed is their buying process.According to a study conducted by the McCarthy Group, more than 80% of millennials do not like or trust traditional advertising. They believe that it is mere spin that is only meant to get them to purchase, even if it is not authentic.Even worse, if you are relying on traditional advertising, your message might not be even be getting to millennials.Millennials have ditched tradi tional media such as TV, radio and newspapers in favor of streaming services like YouTube, video-on-demand platforms such as Netflix, podcasts, and social media.This further makes traditional advertising less effective to millennials. A study conducted by comScore found that the effectiveness of TV ads increases with age, with millennials being the least affected by TV ads. The effectiveness of TV ads with age. Source: RevinateSo, what should companies do instead?When figuring out what to buy or where to buy it, millennials rely on the advice of friends rather than advertisements.They seek the opinions of other people who have used the products before in a digital version of word of mouth.Millennials also don’t mind viewing ads from their favorite digital personalities.This means that businesses that want to effectively reach millennials should focus on alternative means of marketing their products, such as influencer and micro-influencer advertising.MILLENNIALS WOULD RATHER BUY A CAR AND LEASE A HOUSE Source: Goldman SachsFor the baby boomers, buying a home was a major financial milestone.Without a home to call their own, many baby boomers felt that they had not achieved much in their lives. Millennials are turning this perspective on its head.According to a survey carried out by millennial branding in conjunction with Elite Daily, 59% of millennials would rather lease a house than purchase one. At the same time, 71% prefer buying a car to leasing one.Millennials’ aversion to buying homes can be attributed to a number of things. First, millennials are the most educated generation, therefore they are saddled with greater student loan debt than any other generation.Second, they came of age at a time when there was a restricted labor market and increased unemployment, which means they earn less compared to previous generations, even though the cost of living has been steadily increasing.At the same time, the effects of the 2008 financial recession made the qualifications for mortga ges stricter.Saddled with student loan debt in a restricted job market, it is almost impossible for majority of millennials to meet the increasingly stricter qualifications of securing a mortgage.In addition, millennials are getting married and starting families much later in life. According to a poll conducted by Gallup, while millennials still have marriage and family as one of their goals, they do not give it the immediacy of previous generations. They want to figure out what they want out of life first before settling down.All these factors contribute to millennials put off buying a house until much later in life. On the other hand, renting a house is a great and convenient option for them.Renting is affordable, it allows them to live wherever they want and leave as they please (it does not tie them to one place), and most of the effort and costs that come with maintaining a house are left to the landlord.At the same time, millennials are choosing to buy cars because cars are wa y cheaper than houses and makes it possible for them to move around conveniently.MILLENNIALS CONSULT BLOGS BEFORE MAKING A PURCHASEMillennials grew up at a time when there was better access to information than ever before. Instead of relying on advertisements to decide whether a product is worth buying, they use a myriad of ways to research the product and make sure they are getting the best price before buying.They will check out reviews of your products by bloggers to make sure they won’t regret making the purchase.According to a survey by Go Banking Rates, 23% of millennials say that they like researching a product before making the purchase decision.The fact that they are constantly connected to the internet through their smartphones also means that they will go online to research the product and compare prices even when they are standing in the store, something known as showrooming.As a marketer, you can take advantage of this by embracing content marketing. This is where you produce lots of engaging and valuable content about your products and services in a manner that does not come across as advertising.In other words, you should provide lots of free but useful content that shows that you are capable of solving their problems, but without pushing for a hard sell.In addition, you can partner with bloggers within your field to review your products from a user’s perspective.MILLENNIALS VALUE AUTHENTICITY OVER CONTENTMarketing to baby boomers often required infomercial like advertisements, inflated claims about a products features or benefits and wowing them with cool images or videos.However, this doesn’t cut it when it comes to millennials.They are not moved by flashy advertisements or huge promises.They can see right through that. Instead, they want brands to keep everything authentic â€" their messages, customer interactions, everything.And here is the thing about authenticity â€" it cannot be faked. If you try faking it, they will see right throu gh you and abandon your brand.Just how important is authenticity? Well, according to a survey by Stackla, 90% of millennials claimed that brand authenticity is important to them. 30% of the millennials claimed that they had stopped following a brand on social media because they felt the brand was not authentic.The worst part is that once consumers start perceiving your brand as inauthentic, they are not going to trust anything coming from your brand, be that your products or your content.The best way of dealing with this is to embrace user-generated content. Content about your brand that is posted by your followers and customers is perceived to be authentic and genuine because these people have nothing to gain from it. In other words, they have no incentive for lying.Brands should also do away with celebrity influencer marketing, because it also screams inauthenticity. For instance, consider a situation where a smartphone brand hires to renowned musician to market their latest phone .Millennials know that the musician does not give a hoot about that particular smartphone brand. The celebrity probably even use a different phone themselves. Millennials are unlikely to trust such kind of advertising.However, micro-influencer advertising can be effective in this case. This is where the brand approaches someone with a decent following on social media (rather than a celebrity) and who is known for their interest in that niche.For instance, in the above example, the smartphone brand might make their message more authentic by working with popular tech bloggers than a popular musician.FUTURE INHERITANCE WON’T CHANGE MILLENNIALS’ PURCHASING BEHAVIORThe baby boomers generation (parents to millennials) have started retiring and passing over their wealth to their millennial children.In the coming years, a large portion of millennials will receive large sums of money from their parents.A survey by Accenture estimates that about $30 trillion will be transferred to millenn ials in a few years’ time, increasing the purchasing power of millennials even further.Majority of businesses expect that millennials will increase their spending once this massive wealth comes under their control.However, this transfer of wealth might not have a huge impact on the spending habits of millennials.According to the same survey, 57% of millennials claimed that they are unlikely to change their spending habits and buying behavior even after they receive their inheritances.MILLENNIALS WANT BRANDS TO ENGAGE THEM ON SOCIAL PLATFORMSTraditionally, business was a one way interaction.The business determined the products to be sold, the messaging used to sell the products, the ads to be used and so on.Customers played a very passive role in the grand scheme of things.All they did was to receive what came from the business, without much choice when it came to providing feedback to the business.Then came social platforms and all that changed. Social platforms provided customers with a voice to let businesses know what they thought about products, advertisements, and so on.Millennials no longer want to be passive participants in business interactions. They want to be active participants. They want businesses to talk to them, listen to them and form relationships with them.As the first generation to be completely digital native, millennials have gotten accustomed to using social platforms for almost everything â€" from keeping up with the lives of friends, to getting in touch with childhood friends, finding love, buying and selling products, championing for political causes, looking for rental houses, job hunting, you name it.It therefore follows that they would also use social platforms as a platform for engaging with brands.In the past, some businesses might not have paid much attention to social media.As millennials become the largest generation and get into their prime spending years, your brand cannot afford to ignore social media, unless it does not w ant to survive.MILLENNIALS WANT TO CO-CREATE PRODUCTS WITH COMPANIESThis is more of a continuation of the previous point. Traditionally, companies came up with products and brought them to market with the hope that customers would buy the products.This placed the customers in a passive position. They had no choice or say in the products available. If they didn’t like a product, the most they could do is to find an alternative product.Millennials, however, do not want to take the passenger’s seat at the back. They want to take the co-driver’s seat and help with the navigation. They want to be part of the action, rather than spectators.According to a survey carried out by Edelman, over 40% of millennials from all over the world want to be able to influence the products of their favorite brands.It is good to note that co-creation in this sense does not simply mean providing feedback for existing products.It means they want to be able to share new product ideas and ways of making products even better. What’s more, they want the assurance that their input will actually be listened to.In other words, they want to become an integral part of the product development process.Fortunately, the fact that millennials want to be co-creators is a good thing for brands. According to research from Cognizant, brands are more likely to produce high performing products when they directly involve customers in their innovation processes.Not only does this route lead to increased innovation, but the brand is also assured that the new products are tailored to the exact needs and preferences of its customers.MILLENNIALS ARE USING MULTIPLE TECH DEVICESAs digital natives, millennials are comfortable with all kinds of tech devices, and majority actually use two or more tech devices every single day.According to a millennial consumer study by Millennial Branding, almost 90% of millennials use to or three devices every single day.While millennials are likely to have multiple devices , they type of devices and gadgets is also changing. For instance, compared to older generations, millennials are the least likely to own a TV, and even less likely to have a cable subscription.Instead, they prefer consuming their media through computers, tablets and smartphones. Even for those who have TV sets, they mostly use them with on-demand subscription services like Hulu and Netflix, or with video game consoles.This shows that while millennials are consuming more media than previous generations, they are doing it in a completely different way from older generations.Any business that wants to appeal to millennials must meet them where they feel most comfortable â€" on digital platforms.This means marketing to them on digital platforms and providing a digital buying experience.However, the fact that they use multiple tech gadgets means that business cannot rely on only one platform.Millennials want the convenience of interacting with brands on whatever platform makes most sens e to them at the moment, and brands therefore need to provide a seamless experience across multiple platforms.For instance, instead of simply having a website, a brand should have a website that is optimized for both PC and mobile, as well as a mobile app.Millennials are also likely to jump on any new trend that comes up, and therefore brands also need to be able to quickly adapt to and engage millennials on new platforms as they are released.MILLENNIALS ARE LOYAL TO BRANDSIf you ask most people, they will tell you that millennials have the least brand loyalty. However, countless surveys conducted on millennials show otherwise.Actually, more than half of millennials claim that they very loyal to brands that they purchase from currently.With so many brands to choose from, and with all these choices just a click away, you might be wondering how millennials can be so loyal.One of the major factors that is contributing to high levels of brand loyalty among millennials is social proof.So cial proof is a psychological concept that puts forth the argument that the behavior of humans will be influenced to a great deal by the behavior of people around them.This phenomenon was first observed in the real world, but like many other psychological concepts, it has manifested itself in the virtual world as well. Since most millennials rely on social media to research products before buying, they have more information about what people close to them â€" friends, family, relatives, and acquaintances are buying.As a result, they are more likely to buy from the same brands that their close networks are buying from and remain loyal to these brands. This shows how important social media is when it comes to selling to millennials.At the same time, it is good to note that brand loyalty does not come that easy to millennials. Baby boomers remained loyal to brands because their parents bought from the same brands.Millennials, on the other hand, are only loyal to brands if they feel the brands are treating them right. They want to feel that they are valued as a customer, and they want a shopping experience that is tailored to their unique needs and wants.One way for brands to increase the loyalty of millennials is to offer loyalty programs.Unlike the tried and tested loyalty programs where customers who are loyal to the brand receive discounts, loyalty programs meant for millennials should put more focus on experience.For instance, loyal customers could receive perks such as early access to new products, early access to offers and discounts, free shipping, and so on. Such a loyalty program builds an emotional connection between the customer and the brand, which is critical if you want to cultivate loyalty from your millennial customers.MILLENNIALS EXPECT BRANDS TO GIVE BACK TO SOCIETYLike I mentioned earlier, millennials came of age at a time when things are not at their best.They are knee deep in student loans, the job markets are sluggish, the cost of living is steadily rising, and so on. This leaves majority of millennials strapped for cash.They cannot afford to make charity donations to causes they support like their baby boomer parents were able to. At the same time, they still want to feel like they are involved in something that helps make the world a better place.Under such circumstances, millennials are choosing to make the world a better place by patronizing and working for brands that value giving back to society as part of their mission.According to Nielsen’s 2015 Global Corporate Sustainability Report, 66% of those who took part in the survey (all generations) reported that they had no problem paying extra for a brand that was more socially conscious.At the same time, 73% of millennials reported the same thing. However, millennials don’t simply want brands with CSR as part of their mission. They want to patronize brands that actually follow through on this mission.WRAPPING UPMillennials will soon be the biggest living genera tion, the generation with the biggest influence and the generation with the strongest purchasing power.This means that any business that wants to thrive today and in the coming years (until generation Zero take over) needs to market itself to millennials.At the same time, the purchasing behaviors of millennial consumers are very different from those of the generations that came before them.If you want to effectively market to millennials, you have to understand what makes them different from previous generations.After reading this article, I hope you have gained some useful insights to help you understand the millennial consumer and how to market to them.

Post-humanist And Vitalist Posthumanism - 709 Words

Vitalist posthumanism on the other encompasses various philosophical orientations and philosophers, including the feminist theorist, non-representational theories, and more than human geographers who take inspirations from the deconstructive posthumanism but rather analyze humans’ well-being in a different ontology which Lorimer refers to as nonessentialist, vitalist ontology (Lorimer, 2009). Notable scholars who inspired this strand of posthumanism include Isabelle Stengers, Gilles Deleuze, Bruno Latour, and among other equally important scholars. The main argument of this strand of posthumanism especially from the work of Bruno Latour and his contemporaries is that, humans have never been modern and challenged the dualism perpetuated by†¦show more content†¦They are averse to the centrality position accorded humans and their consciousness over other beings. This aversion or challenge to the centrality of humans in geographical analysis as emphasized by humanistic ge ography is conspicuous when Latour states that â€Å"challenging the idea that humans occupy a separate and privileged place among other beings has been the central goal of a now familiar posthumanist agenda in geography† (cited in Anderson 2004, p.4). The third similarities shared by the deconstructive and vitalist posthumanism is that both strands shared a similar epistemological perspective. They both shared a seemingly analogous epistemology and that is an epistemology that is grounded in situated knowledge and not the kind of epistemology advanced by the humanistic geography which is constructed on the solitary human subject (Lorimer, 2009). By situated knowledge, it denotes a knowledge that is explicit to a situation, hence not having a universal applicability. Differences between Deconstructive posthumanism and Vitalist posthumanism Despite the commonalities between the deconstructive and vitalist humanisms discussed in the previous section, there are some differences that can be deciphered between these two strands. First and foremost, both strands differ from an ontological standpoint. Whilst vitalist posthumanism has a comprehensible ontology, the deconstructive posthumanism are anti-ontological in their approach (Lorimer, 2009). Secondly, the

What Are They Doing Home So Early - 1014 Words

Fuck, what are they doing home so early?† My dog, Rosco, barked and propped his shaggy paws up onto the window sill, tail wagging with an energy which I could never fathom exerting for anything or anyone. The blue Honda pulled in, immediately followed by my father’s shiny Tesla. I hoped that he would get me a nice car for graduation because, at the time, things like that mattered to me. Quickly, I moved from the sofa and turned off the T.V. before slipping into the slatted coat closet. In hindsight, it was a stupid place to hide. But, I had stayed up all night to play Fallout, so I wasn’t exactly thinking straight. What a shit day to skip school. I heard the keys on my father’s massive keyring jingle as he searched for the proper one and†¦show more content†¦Through the thin slits in the closet door, I could see my father drop the man’s arms and walk into the kitchen. Rosco continued to play with his new friend. His friend did not play back. The sound of drawers opening caught my attention and I could hear the low grumbling of my father, cursing my mother for her unintuitive organization of the various kitchen supplies. â€Å"Bottom drawer, next to the freezer,† she yelled, somehow sensing his difficulty from the bedroom. He cursed her again and shut the door, coming out with a thick roll of semi-clear plastic sheeting. As if setting the table for an impending feast, my father began to drape the plastic over the long wooden coffee table. Then he lifted the man, who seemed to still be breathing, atop the sheeting and covered the floors, taping the seams with focused precision. After completing the strange task, he bound the stranger’s arms and roped him to the table-top. â€Å"Alright, is he ready?† â€Å"Dammit woman, you’re always rushing me.† â€Å"Oh? Well, I’m so sorry,† she hummed, walking into my view, dressed in something straight off of a Victoria’s Secret mannequin. My mother hovered over the man for a moment before sitting on his stomach, crossing her arms impatiently and turning to the kitchen where, I could only assume, my father was presently standing. More fumbling around, drawers opening and closing, myShow MoreRelatedShould School Day Start Later? Essay1395 Words   |  6 PagesStart Later Even though that schools are starting too early and students aren t getting enough sleep. Schools should start later because teens can get more sleep and teens can get their work on time., That schools should start later so students can learn better. because Teens are falling asleep in class because they are getting to school early. and Schools are starting too early and should start later. Students need more sleep in the morning so that when they get to school they can listen more toRead MoreThe Impact Of Pre K Reform On The Issue Of School Readiness1481 Words   |  6 Pagesthese various schools in Texas. 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Article 37 Play It Safe With These Free Spin Bonus...

Article 37 – Play it safe with these free spin bonus gambling strategies Depending on your outlook slot games will either be an open delight or a guilty pleasure, but whichever way you view them there is no denying that the online realm has made such games more fun than ever. Part of why slots appeal so much is because of the glamorous and often embellished stories that go along with the games. We have all heard the tall tales of players going all or nothing on the slots and winning big, but in reality tall tales is often all that these stories are. If you want to be a major success at online slots you need to understand that you need more than just luck. You need knowledge and flexibility to really be successful. Thankfully, when it†¦show more content†¦The problem is that some casinos and some games are more ruthless than others when it comes to such. It all means that you should feel comfortable where you’re playing and truly understand what odds and risks lay in front of you. While there is no denying the game itself and its features will determine how successful you, there are several elements within yourself you need to consider before you play. Everyone signs up to an online casino with a bankroll in mind, this means that you need to set your limits before you start wagering. The easiest way to control your gambling is to set a ‘loss border’ and a ‘target-winning amount’. The ‘loss border’ relates to how much you can honestly accept to lose when gambling on the slots, while the ‘target winning amount’ relates to the amount of money you’d be happy to walk way with. Calculate both figures based of the odds and payouts of the game in question and do your best to stick within these boundaries. Looking deeper into the games themselves and how they operate, you shouldn’t play under the premises that you are simply waiting on a payout. Online games don’t ‘charge up’ like the old land-based machines used to. Every spin is completely autonomous, which means is doesn’t how much money you plough into the game, the winning percentage will never change. When it comes to fun, very little else can outdo the exhilaration and excitement of spinning the slots. Problem is that for all the fun it presents on the

Based on the case, as governor of California, what types of power is Schwarzenegger likely to have free essay sample

Schwarzenegger began weight training at the age of 15. He won the Mr. Universe title at age 20 and went on to win the Mr. Olympia contest seven times. Schwarzenegger has remained a prominent presence in bodybuilding and has written many books and articles on the sport. Schwarzenegger gained worldwide fame as a Hollywood action film icon. Case 1: Arnold Schwarzenegger: Leader of California? 1. What words would you use to describe Arnold Schwarzenegger’s personality? Do any of these fit into the Big Five taxonomy of personality? How might these personality traits influence Arnold Schwarzenegger’s leadership skills? How might these traits have help Schwarzenegger get to where he is now? Schwarzenegger’s characteristics will describe as: Internal: He bears his father bad treatments. My hair was pulled. I was hit with belts. So was the kid next door. It was just the way it was. Many of the children Ive seen were broken by their parents, which was the German-Austrian mentality. We will write a custom essay sample on Based on the case, as governor of California, what types of power is Schwarzenegger likely to have? or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page They didnt want to create an individual. It was all about conforming. I was one who did not conform, and whose will could not be broken. Therefore, I became a rebel. Every time I got hit, and every time someone said, you cant do this, I said, this is not going to be for much longer, because Im going to move out of here. I want to be rich. I want to be somebody. [ He is affected by his family. They make he with strong expressive by his parents were very strict to take out his mind to be more and more rich. That is the first step to him contributed his dream at that moment. External: He is considered cheerful, good-humored and exuberant at school. He based on outside environment, his ability and favorite (interested in sport, especially in bodybuilder), to set a short goal – to be the Mr Universe in Europe. That already prepares for the long time goal The Mr. Universe title was my ticket to America – the land of opportunity, where I could become a star and get rich. (Source: http://en. wikipedia. org/wiki/Arnold_Schwarzenegger) Forward to his goal and try his best to get the best practice that leads to the good result, achieve the prize (second in the Mr. Universe competition, not having the muscle definition of American winner Chester Yorkton). Schwarzenegger know how to integrate all things as goal setting, leadership, power and influence, and personality to catch the success. He sets the clear and specific objectives with step by step: Win the Bodybuilder prize ? come in US to be an famous actor? be an governor in US government machine. 2. Based on the case, as governor of California, what types of power is Schwarzenegger likely to have? What types of influence tactics does Schwarzenegger appear to use? 3. How would you describe Schwarzenegger’s leadership style using the leadership theories covered in this textbook? What details of the case lead you to these conclusions? Is Schwarzenegger’s leadership style likely to be effective? Why or why not? 4. Applying concepts from goal-setting theory, explain how goal have influenced Schwarzenegger’s progression to the governor’s seat. What aspects of the case suggest that Schwarzenegger is committed to the goals that he has set for himself? 5. Are there any â€Å"dark sides† to Schwarzenegger’s charisma and leadership skills? What might these be, and how might they affect his relationships with others and his ability to govern? 6. How might Schwarzenegger’s personality and leadership style help or hinder his ability to effectively negotiate with other parties such as the teachers’ union?

Research on Price Elasticity of Demand for Telecom Essay Example

Research on Price Elasticity of Demand for Telecom Essay Research on Telecommunications pricing Research on Telecommunications pricing Prepared By: Mina Ibrahim Prepared By: Mina Ibrahim Contents Contents1 Executive Summary2 Theoretical Background3 The Theory of Price3 The Demand Function3 The Demand Function for Telecom industry4 The availability and price of Substitutes amp; Complements4 Research Background6 The Egyptian Scenario6 The Egyptian Company for Mobile Communications (Mobinil)7 Important Milestones7 Mobinil Market Position9 Research Analysis and Results10 Quantity Demand Analysis10 Cross Demand Function11 12 Regression Analysis13 Research Conclusion16 Executive Summary Telecommunication is a fast growing industry which is promising its investors secured and growing revenue due to its important in every person’s life and day to day activities. In particular, mobile telecommunications has been a new entrant to the industry. Starting in late 1990s mobile telecommunications achieved a huge growth in a small period of time. The ability to perform calls in any location to any required destination has been accepted and motivated by the users. The advance in technology has made the mobile products highly available to the public with different price ranges that vary based on the functionality and features produced. On important aspect we will be discussing in this document is the minute rate pricing schema adopted by various operators in Egypt. Pricing has been and will be one of the most important aspects in any business and especially for service providers such as telecom operators. We will write a custom essay sample on Research on Price Elasticity of Demand for Telecom specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Research on Price Elasticity of Demand for Telecom specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Research on Price Elasticity of Demand for Telecom specifically for you FOR ONLY $16.38 $13.9/page Hire Writer There are two major categories in which pricing can depart from marginal costs as per Armstrong (Armstrong, 2001) 1. The problem caused by fixed and common costs, setting all the prices equal to the marginal costs will not allow the operator to break even 2. Pricing is usually determined in some ad hoc manner and may not reflect the costs at all, depending on that profits from one market may subsidize the other The second point is mainly evident in different pricing schemes applied in the Egyptian market. The literature will be discussing various factors affecting the pricing and will be proposing a way in order to effectively determine the pricing that will achieve profit maximization by increasing the gap between the marginal costs and the marginal revenue. Figure 1 Profit Maximization Theory Theoretical Background The Theory of Price The theory of price is an economics theory that provides the optimum price for a certain good or a service based on the supply and demand forces. In hat theory, each force is studied in details and various factors are combined through regression analysis in order to find the optimum price in which supply and demand are equal to reach the market equilibrium. The Demand Function Demand is the quantity of a certain commodity the consumer is willing to buy at a certain price in a certain period. The demand function of a certain good or service is the relationship between the price of the good or service and the amount of it that consumers are willing and a ble to purchase at that given price. Mathematically the demand function can be stated as follows Dx= f(Px, Ps, Pc, I,T) Where Dx = Demand for commodity X Px = Price for commodity X Ps = Price for Substitutes goods of X Pc = Price for complementary goods of X I = Money Income T = Qualitative factor of taste In the mobile communications market substitutes can be described as fixed line communication and voice over IP communication through the internet such as Skype amp; Magic Jack On the other hand complementary goods are replacements of the mobile calls such as short text messaging (SMS) and Blackberry messaging (BBM). Taste is another important factor that affects demand on the mobile phone usage. A recent incident occurred with one of the largest mobile operators in Egypt Mobinil, in which the former CEO and board member Naguib Sawiris has posted an offensive cartoon on his twitter account, which criticize one of the Islamic beliefs. This incident has caused a boycott of Mobinil service by many people. A 4 per cent decline was incurred in its share price during trading in Cairo. The Demand Function for Telecom industry The availability and price of Substitutes amp; Complements Fixed Line As discussed in the theoretical part, mobile phones have come to substitute the fixed line industry as they provide a very important feature which is not found in the fixed lines which is the portability feature. The below figure shows the rise of the number of subscribers for both the mobile market and the fixed line market Figure [ 2 ] Mobile Operator Total Number of Subscribers and Penetration Rate Figure [ 3 ] Fixed Line Subscribers and Penetration Rate We can see clearly how the penetration rate and growth rate for mobile subscribers has exceeded by far the rates for fixed line subscribers. These figures suggest that phone users in Egypt see the mobile telecommunications as a strong substitute to fixed line phones. We can clearly notice this as mobile phones has been in the hands of the rich and the poor; from a famous business man who uses the phone for important conference calls and emails to the poor grocery man who uses his phone as part of his on-going business receiving requests for delivery items. The pricing schemes as well has its factor of having the mobile communications as a stronger substitute, below figures shows the fixed line pricing schemes Figure [ 4 ] Fixed Line Pricing Schemes The rates has been less by far in mobile to mobile communication, where rates has been as low as 15 pt. which is half the price of fixed to mobile price. Internet Voice over IP, The technology used to transmit voice conversations over a data network using the Internet Protocol. Such data network may be the Internet or a corporate Intranet, or managed networks typically used by long and local service traditional providers and ISPs that use VoIP. VoIP Applications include * PC to PC VoIP * PC to Phone VoIP * Phone to Phone VoIP * Prepaid cards Phone to Phone VoIP The third option is considered as one of the greatest substitute for the telecom industry, several phone applications have been spread that include the functionality of performing VOIP calls, example for such applications include Skype, Viper, and Tango that are widely spread on all types of smart phones. Although VOIP calls are considered cheap, they do not offer carrier grade quality; quality depends on connection and state of Internet traffic. Receivers of calls may blame their network operators (not VoIP operator) for the occasional poor quality. Research Background The Egyptian Scenario Mobile phone services where introduced to Egypt about 10 years ago. Since then the mobile phone service has grown enormously with having the subscriber base covering more than 2 thirds of the Egyptian citizens People use the mobile phone service for various reasons, either for mobile calls or for broadband services. The communication sector achieved a growth rate of 14. 1% and 14. 2% in the FY2006/07 and FY2007/08, respectively. In addition, the sector contribution to the overall real economy kept improving, reaching 3. 5% in FY2007/08, compared to 3. 2% in FY2006/07 and 3% in FY2005/06. Figure [ 5 ] Communications Growth The mobile market in Egypt is currently composed of three players, namely Mobinil, Vodafone and Etisalat. The duopoly of Mobinil and Vodafone ended by the entrance of Etisalat after winning the third mobile license bid in July 2006, with a total consideration of LE16. 7bn. It is worth mentioning that Mobinil, the first mobile operator in Egypt, commenced operation in May 1998, followed by Vodafone, which started rendering mobile services at the end of the same year. The entrance of Etisalat in the Egyptian telecom sector changed the market structure and intensified the competition among the existing market players. In response, mobile operators reduced their tariffs on the different price plans and were motivated to introduce multiple packages, as well as improving their service quality, including network coverage and voice quality, in order to keep their market shares and maintain their growth trends. The Egyptian Company for Mobile Communications (Mobinil) The Egyptian Company for Mobile Services (ECMS), launched in May 1998, provides a wide range of telecommunications services. ECMS operates under the brand name â€Å"Mobinil†. It is owned by France Telecom Group (FT), Orascom Telecom Holding (OTH) and public market equity investors. FT and OTH have respectively 36. 34% and 34. 66% economic interest in ECMS. The remaining 29% of shares are publicly traded on the Egyptian Exchange. Mobinil offers its customers 3G services and EDGE technology for high speed download, Internet communication, and high capability browsing. It is also working on the deployment of HSPA+ technology. Figure 6 ECMS Company Shareholder Structure Important Milestones Telecommunications Market is a very dynamic and competitive environment, and over the last five years Mobinil has passed by several milestones which have significantly shaped Mobinil’s performance and position at the moment. Figure 7 Important Milestones in Mobinil History In 2007, Etisalat official launch announcement was on 30th of April. Along with announcing the 3G services launch in Cairo. Being the sole 3. 75G network in Egypt has given Etisalat its edge in the market providing faster connection utilizing a distinguished infrastructure notably a NGN over the first IP backbone solution in the country. Although the incumbent is still new in the market, network coverage has extended to make sure there is coverage in all major cities including Cairo, Alexandria, Zagazig, Tanta, Sharm el Sheikh, Luxor and many more. A management decision has been taken not to go for the 3G services, which has been proven to be a bad decision, especially with the deteriorating ARPU the company was achieving by that time, and the Market Share shrinking it was suffering from to both Vodafone and Etisalat. In 2008, Mobinil has officially announced the start of its 3G operations and the launch of the Largest and Newest mobile network in Egypt on the 1st of September, after teaming up with the global telecommunication manufacturers Nokia Siemens Networks and Huawei for the 3G roll out. In 2009, Mobinil dispute began as a disagreement between two of the company’s major shareholders, France Telecom and Orascom Telecom, about the implementation of an agreement they signed in August 2001 as partners in Mobinil’s holding company. Fifty-one percent (51%) of Mobinil’s shares is held by a holding company which, in turn, is co-owned by France Telecom and Orascom Telecom. France Telecom holds 71. 25 percent of the holding company’s shares while Orascom Telecom holds 28. 75 percent of the shares. Orascom also holds a 20 percent direct stake in Mobinil. The remaining 29 percent of Mobinil’s shares are traded freely on Egypt’s stock exchange. Overall, France Telecom controls approximately 36 percent of Mobinil’s shares while Orascom Telecom controls about 35 percent of the company’s shares. The dispute between France Telecom and Orascom Telecom centered on differing strategies for Mobinil. Orascom Telecom favored greater investment in Mobinil than France Telecom. The two shareholders also differed over Mobinil’s budget and expenditures, its marketing strategy, and the start up of its 3G services. 2] In 2007, Orascom Telecom took the dispute to the International Court of Arbitration at the International Chamber of Commerce in Geneva. In 2010, Egyptian Company for Mobile Services (Mobinil) has announced its acquisition of LINKdotNET, the leading private-sector Egyptian internet service provider, from InTouch Communications S. A. E. , a subsidiary of Orascom Telecom Holding (OTH), in a landmark deal wh ich will improve customers’ access to a wide array of integrated communications services, will create high value for shareholders, and will benefit Egypt’s telecom sector and the country’s overall economy. At a press conference on 4 July 2010, headed by representatives from Mobinil and LINKdotNET, Mobinil announced the signing of a share sale and purchase agreement with InTouch Communications, a wholly owned subsidiary of OTH for the purchase of 100% of LINKdotNET and Link Egypt (LINK). The enterprise value is USD 130 million. In 2010, France Telecom and Orascom Telecom Holding have presented a joint plan to resolve their long running and acrimonious dispute over the ownership of Egyptian mobile network, Mobinil. The agreement, which has been signed on 15th of April, has effectively brought to an end all disputes in relation to their joint investment in Mobinil. In a statement, FT said that the two groups will continue their partnership on a renewed basis going forward, implementing a revised shareholder agreement but with no change to the existing ownership structure or their shareholders voting rights. In 2011, 25th of January 2011 Revolution took place following a popular uprising that began on Tuesday, 25 January 2011 and is still continuing as of December 2011. The uprising was mainly a campaign of non-violent  civil resistance, which featured a series of  demonstrations, marches, acts of  civil disobedience, and labor strikes. Millions of protesters from a variety of  socio-economic  and religious backgrounds demanded the overthrow of the regime of  Egyptian President  Hosni Mubarak. Despite being predominantly peaceful in nature, the revolution was not without violent clashes between security forces and protesters, with at least 846 people killed and 6,000 injured. The uprising took place in  Cairo,  Alexandria, and in other cities in Egypt, following the  Tunisian revolution  that resulted in the overthrow of the long-time Tunisian president. On 11 February, following weeks of determined popular protest and pressure, Mubarak resigned from office. Egypt after 25th Jan Revolution has shown a great initiative to be better from all aspects, surprisingly; Egyptians have shown a great social accountability and awareness, after suffering from a very long period of suppression, however the current instability and uncertainty is badly affecting all the industries including the telecommunications. In 2011, Criticism and calls for boycotting were raised tremendously in a response for Mobinil’s founder Naguib Sawiras who has posted some caricature, which has been accused of offending Islam. This has really affected Mobinil severely especially with the MNP availability in Egypt, causing a hundreds of thousands of subscribers’ migration to competition. Mobinil Market Position Mobinil is the oldest and largest operator in Egypt in terms of number of subscribers. Mobinil has maintained market share leadership up until 2011 with almost 32. m subscribers at Year End 2011 close to some 50% of the market. However, it lost the market share leadership to Vodafone in 2011 due to various events, some related to the management structure at that time and other related to the dispute between the two holding companies; Orascom Telecom and France Telecom which had it’s impacts on company flow and management decisions. In addition to the direct competition Mobinil faces from the other two mobile operators, Mobinil is also facing competition on indirect fronts such as fixed lines, payphones, and Internet connectivity. A monopoly on fixed lines remains with Telecom Egypt as the sole provider, which is still a public entity despite its partial liberalization at the end of 2005. Research Analysis and Results Quantity Demand Analysis Since more than 75% of the revenue comes from the prepaid segment and the trend – both in terms of number of subscribers and revenue- is moving in the direction of the prepaid services, we decided to conduct a demand analysis on the prepaid market. Also it is worth to mention that prepaid segment constitutes more than 96 % of the subscriber base making them the most efficient contributors in the economic analysis and demand analysis The figures for the total minutes and the total revenue were obtained for the last three years period, the figures can be referenced in the appendix, the average price per minutes was assumed to be the total revenue divided by the total minutes performed by the subscribers and the demand was mapped to the number of minutes. The below graph shows the price demand curve for the prepaid segment in Mobinil, during the last three years and due to the harsh competition, Mobinil had to drop the average price per minute and accordingly we can notice that as the price decrease the demand has increased since people started to perform more minutes. Figure 8 Price Demand Curve for Mobinil In real life the price demand curve can be noticed clearly, back then at the start of the company, the price per minute was too expensive, average 40 piasters per minute, and the subscribers at that time were performing minimal calls which were done for the sake of emergency of important work. A phenomena back then was raised which was giving missed calls in order to pass greeting, this phenomena resulted in a high call attempts per second that required a lot of capacity extensions, decreasing the price resulted in the decrease in this phenomena were people started doing calls instead of missed calls, this can be illustrated in the increase in both minutes and revenue showed in Figure 8, the below figure shows the decrease of the call attempt per second per subscribers over the period in study. Figure 9 Average Call Attempt per second per sub Cross Demand Function During our analysis, and referring back to the theoretical section, the complementary products was considered as the SMS part which complements the voice call while the supplementary products were considered as the skype and viber calls. An assumption was made was the revenue from the GPRS was considered as a reflection for the price of skype and viber calls, since these calls are made through the data network GPRS connectivity, subscriber would pay for the data session for this call since calls from Skype to Skype or Viber to Viber are for free. Below graphs shows the change in demand versus the price of complementary goods. Below graphs shows the change in demand versus the price of supplementary goods. Regression Analysis As stated in the theoretical section, the demand function is affected by various factors, including the price of the product, price of substitutes and the price of complementary goods. The impact of various factors on the price elasticity of demand is determined through regression analysis which constitutes the impact of each factor of the product demand. Below is the regression analysis output | Coefficients| Standard Error| Intercept| 181,047,973| 7,686,663| Average Price Per Minute (Px)| -209,067,710| 17,507,478| Average Price of Data (Ps)| -2,391,333| 8,670,406| Average Price of SMS (Pc)| -169,109,146| 24,772,181| Below is the best line fit according to the model used Accordingly the price elasticity of demand can be calculated by the below equation Short run price elasticity of demand = The slope of the price * (Average price / Average quantity) The short run price elasticity of demand would equate to 0. 44 Short run cross elasticity of demand = The slope of the price * (Average price / Average quantity) The short run CED for substitutes would equate to 0. 01 The short run CED for complements would equate to 0. 35 Checking the regression statistics below the following is noticed Regression Statistics| Multiple R| 0. 640469195| R Square| 0. 410200789| Adjusted R Square| 0. 406604453| Standard Error| 22321565. 66| Observations| 496| High Standard Error This is due to the fact that other factors affect the demand on voice calls such as the factor of income and taste, referring back the data used in the analysis dated from 2009 – 2012 in which the range of income per person has ranged significantly. We can identify the income per person from the Per capita income or average income or income per person is a measure of mean income within an economic aggregate, such as a country or city. Below figure shows an increase in the per capita income over the years in study. Since the income elasticity of demand affect the product elasticity, this measure could be affecting the price elasticity of demand and accordingly would result a more accurate calculation of the price elasticity of demand. High R Square In statistics, R Square is the proportion of variability in a data set that is accounted for by the statistical model. In our case R Square is equal to 40 % , a high value meaning that means that the fit might not be good enough to represent the real case. One of the main reasons that might result such high value of R Square is the contribution of brand name and taste in the demand of the subscribers on voice calls. Especially in country like Egypt, people tend to change their demand habits based on their emotions or relationship with a certain company or a certain brand. Mobinil brand has always enjoyed a deep relationship with the Egyptian people, being the pure Egyptian telecom company founded by an Egyptian business person rather than other Multinational companies which were either British (Vodafone) or Emirates (Etisalat). However, actions made by top executives like the Naguib Sawiris twitter scandal may result a change of taste of Subscribers were more than million subscriber decided to port out to other operators after this incident. Since the statistics ranged from 2009 to 2011 containing both the deep relationship and confidence gained by Mobinil and its subscribers during 2009, to the relative change of taste due to the twitter scandal in 2011 and that’s why the goodness of fit is expected to be poor. Research Conclusion Currently Mobinil operates in in-elastic region of price elasticity of demand (PED lt; 1) which means that it should increase the price to obtain higher revenue. However due to intensive market competition and the fact of having Etisalat doing extensive price reduction for the price per minute; backed up with financing from the gulf operations, Mobinil is forced to reduce its price to maintain its market share and avoid churn of subscribers. Accordingly, Mobinil should not be the firm to start lowering the prices, in order not to reduce its revenue, however it should be a market follower rather than a market initiator in areas of price reduction. Mobinil should also focus on providing better quality service which would entice upper segment of the community who would be concerned with quality of service rather than the price of service. [ 1 ]. (Footnote continued)