Background Of The Industry Economics Essay

Background Of The Industry Economics Essay Since the middle of the twentieth century, many economic goes ups and downs, the pioneer of the world have seen many fundamental and far-reaching changes within society. The obvious view is the amelioration in economic wealth, has considered the improvements in standards of living for the ensemble of people living and working in these countries. These alterations have enhanced the improved productivity and redistribution of the workforce. Leisure and Hospitality industry has become part of integral industries that helps to improve in economic wealth, not only in Malaysia but in most countries. It can regard as a complementary of tourism industry. As it is an income generator by using sources of country to attract foreigners to come over and flourish other industries too. For instances, tourists who fly over Malaysia will have an opportunity to fumble a new investment and attempt to involve it, this might help our economy grow well because of the inflow currency injection. But first, what exactly is leisure and hospitality industry? This sector is made up of two parts, which are the arts, entertainment and recreation sector and accommodation and food service sector. The  arts, entertainment, and recreation  sector include a vast range of constructions that operate facilities or services provided to cater variety of cultural, entertainment, and recreational interests of their patrons, examples like theme park, shopping mall, theme museum. (Leisure and Hospitality Industry)For the most part, it is built luxury-based, evade from the fundamental needs.  While the accommodation and food services  sector comprises constructions providing customers with lodging and preparing meals, snacks, and beverages for consumption, examples like famous food, hotel with different rated and superior services.This service-based industry thrives on the leisure activities of patrons. This kind of business that the hospitality industry garners is momentary, but it accounts a la rge sum of its revenue. Therefore, with the subtle leisure and hospitality industry will push the tourism industry up. (What Is the Hospitality Industry?) Leisure and hospitality industry had indirectly developed in so many aspects too such as land, country, other businesses and it also decrease the unemployment rate too. For the land development, hospitality experts did a good job of flourishing some unused spaces and built a glamorous building on it to accommodate tourist that need place to stay and obtain income from that way. With the phosphorous of hospitality industry, there have few rates of hotels for tourist to choose whether which will appropriate for them. For examples, Genting Highland Malaysia has a few different rate of hotel in the small same site to let the tourists have as much as choices to select their apposite hotels. For the development of other businesses, such as food, stores, theme parks and shopping malls will glowing too due to the intrude of leisure and ho spitality industry. In contra versa, tourists maybe interesting in food or theme park or cultures of a country and tend to come over for that specific intention, this will also enhance the leisure and hospitality industry. For an actual example, Singapore recently has constructed a new theme park, Universal Studio and Casino have attracted a lot of foreigners spend their time in that country to regale themselves. Exceptional service is usually very important for. Customer satisfaction like what they purposely come for, usually leads to consumer loyalty, which helps to ensure the success of a company in the hospitality industry.

Define and analyse the key features of global brands. What strategies Essay

Define and analyse the key features of global brands. What strategies should global brands adopt to be successful internationall - Essay Example The paper comprehensively explores the features of global brands along with the strategies adopted by successful global brands. 2. Features and strategies of successful global brands Various lists of top global brands have been accomplished. Companies such as Coca Cola, Sony, Microsoft, Google and IBM have since long been ranked as the top global firms. Managers are, therefore, confronted with the question of what features distinguish successful global brands from the rest? According to one study, various factors have been identified. Firstly, almost all successful global brands have dominant sales positions in their home market (Quelch, 1999). Even though these companies may be popular internationally, it is the home market sales that form their backbone. Secondly, global brands, by definition, are recognized in almost every part of the world and have at least some sales in these areas (Quelch, 1999). In other words, global brands achieve a â€Å"geographical balance† as far as their sales are concerned. ... Next, global brands must have consistency as far as their brand image and positioning is concerned. In other words, they must be perceived in a similar way by customers and must not have conflicting images in customers’ minds. For instance, Disney connotes identical family values across the globe (Quelch, 1999). Furthermore, most successful global brands have the same brand name as their corporate name. Although exceptions exist, this strategy allows such firms to gain greater awareness and stronger and consistent brand identity across the globe. However, global corporate giants such as Unilever and P&G could practically not use a single brand name owing to the myriad of brands under their umbrella. Next, most global brands are known for making something or being associated with a single product category. For instance, Microsoft is best known for its Windows software, Coca Cola has been associated with the Coke beverage and Phillip Morris has been associated with cigarettes. E ven, companies such as Samsung that have diversified their product offerings may stand holistically for product categories such as electronics. Finally, the country of origin effect plays a crucial role in making brands global (Pharr, 2005). Brands such as Mc Donald’s or Marlboro, for instance, reflect the American lifestyle and customer values of Americans. These values in turn drive greater brand loyalty towards the brand. This is exactly where global brands become recognized by virtue of their association with customers of a particular (home) country. For instance, Japanese electronics, French perfumes and German cars all enjoy country of origin effect (Quelch, 1999). Consistency in brand image of global brands is quintessential to deliver a coherent marketing message across the

China and Inexperienced Industrial Revolution Essay - 1

China and Inexperienced Industrial Revolution - Essay Example Coal was at the time a better form of heat production. It gave constant, reliable amount of heat without giving out a lot of by-products as a waste (McCloskey 2010). The changeover was due to great innovation from individuals and group of people who skilfully devised ways to make work easier and create a better life for everyone (Chai 2011). Most of the innovations were involuntary and automatic, but additionally, there were others that founded through a series of experiments and exploit of science (Duiker and   Spielvogel 2011). This revolution, that is an industry based, commenced in Britain and a few years later it stretched to the United States of America, as well as Western Europe (Chai 2011). It grades one of the most significant turning points in the account of the history of the whole world. Nearly all aspects of the everyday life of the inhabitants of the planet were greatly influenced in one way or another (Nolan 2008). The thing that was mostly experienced was the sharp growth of the human population. The society at this period was exceedingly rural in nature. The revolution changed this to a much modern and urban society for most of the nations at that time (Beele 2002). Many countries experienced this mode of change that spread from the center of origin in Britain. China has had a dynamic economy in terms of its economy in the recent years (Nolan 2008). But why did it delay in achieving better industrialization that other states in Europe and other countries in the regions of the world were developing in the period? This paper is going to assess the reasons why China did not experience ‘industrial revolution’ between c. 1700 and 1949. According to Bayo r (2011), there was a delay in the industrialization in China until later in the century. In order to curb these problems, the country decided to raise its investment significantly together with the signing of a huge number of deals that included overseas companies that offered their services in the construction of some of the chief amenities for compound fertilizer manufacture, steel production and oil mining and processing in the refinery plant.These factors - availability of raw materials in Europe, a lot of richness acquired from the colonies, the widespread trade around the world, the presence of a unwavering form of government that offered support to the effectiveness of real establishments and was optimistic in scientific progress - made the European countries gain an upper advantage in revolutionising earlier in the century. China was not able to compete with these countries owing to the conditions which it was in that period.