Analysis Of External Macro Environment Tourism Essays

Analysis Of External Macro Environment Tourism Essays Analysis Of External Macro Environment Tourism Essay Analysis Of External Macro Environment Tourism Essay Kotler identify that in order to fulfill peoples demands and wants, merchandises and services are exchanged in reciprocally honoring minutess, by and large but non entirely, utilizing the pecuniary system. Furthermore, Marketing is to happen out the client demands and wants and fulfill them. Pearl-continental hotels and resorts frequently abbreviated as Personal computer. It is a prima hotel concatenation in Pakistan. It is located in Karachi, Rawalpindi, gwadar, Lahore, Peshawar, Faisalabad, Bur prohibition, A ; Muzafarabad. At the get downing pearl-continental was built in Karachi in 1964 and so in 1967-68 in Lahore. All of these hotels are in tourer topographic points. When tourer enters into the state they want to see beautiful and historic topographic points of in the state. So for that ground the Pearl-Continental direction make their subdivisions near these topographic points as like one is in Bur prohibition. It is located in the Murree part which is a hilly country with bea utiful landscape where tonss of tourer, local and VIP S semen over at that place. The hotel in Karachi is a member of a prima hotel in all over the universe. These hotels are operated and own by Hasoo group, which is an Ismailia concern house in Pakistan. They besides own the Clove Creek hotel in DUBAI, Pearl-Continental hotel flat and hotel one, which is a concatenation of low cost hotel in Lahore, Islamabad, Multan, Bahawalpur and Murree. Currently, they are doing Pearl-Continental tower which is a hotel enlargement undertaking of an bing pearl-continental hotel in Lahore. The proprietors and operators of Pearl-Continental hotels and resort every bit good as conceive the undertaking by Pakistan services ltd. The tower was proposed to be 168m ( 550ft ) and have 42 floors and will be around us $ 80million. 1.1 Description of Pearl-continental: The chief aim of the Pearl-Continental is to be the leader in Hotel industry and to supply excellence service to the client which is built upon the heritage of traditional cordial reception. As I mention Personal computer provide one of the excellence services to their clients. Pear-Continental provides Luxury hotels in Pakistan which have, Swimming pools, Golf class, play evidences, Etc. The staff of Pearl-Continental is good trained and good educated and besides know the regulations of cordial reception so they serve their client in a well mode manner. aˆ? To acquire maximal growing from hotel industry. aˆ? To maintain maintain and add to its individuality aˆ? To supply and keep excellence service base upon heritage of traditional cordial reception aˆ? Provide criterion service which full fill the outlook at international degree. aˆ? Lunch new services and seek to maintain the cost lower limit. aˆ? Provide all the installations to the clients. Figure 1: Goals and objective of Pearl-continental ( Field work ) 2.0 Stakeholder Analysis Figure 2: Stakeholder Analysis, Freeman ( 1984 ) . The traditional definition of a stakeholder is any group or person who can impact or is affected by the accomplishment of the organisation s aims ( Freeman 1984 ) . The general thought of the Stakeholder construct is a redefinition of the organisation. In general the construct is about what the organisation should be and how it should be conceptualized. Friedman ( 2006 ) states that the organisation itself should be thought of, as grouping of stakeholders and the intent of the organisation should be to pull off their involvements, demands and point of views. This stakeholder direction is thought to be fulfilled by the directors of a house. The directors should on the one manus pull off the corporation for the benefit of its stakeholders in order to guarantee their rights and the engagement in decision-making and on the other manus the direction must move as the shareholder s agent to guarantee the endurance of the house to safeguard the long-run bets of each group. Main stakeholders of pearl Continental hotels and their involvement are, 1 ) Board of managers: board of managers are the one of the chief stakeholder of the Pearl-continental. Because they are straight involves in the Pearl-continental determination devising in the new launching undertakings. And in board of managers of Pearl-continental has their proprietor every bit good such as Sadruddin haswani. The chief involvement of the board of manager is to increase the net income. They keep client in head which is external stakeholder. They think that who to crush the rival. 2 ) Government: authorities is a stakeholder every bit good because they take portion in the Pearl-continental determination. Here I can give you an illustration from which you can understand the function of authorities. If Pearl-continental tiffin that we will function you alcohol in every dinner and they advertise it all over in state so the authorities will take action because it is a Moslem state and its illegal to imbibe or sell intoxicant. In another words if they want to get down a undertaking they must take program and permission from authorities otherwise they can non make it. 3 ) Customers: The Pearl-continental chief stakeholder is their clients. If they are non satisfied so their concern will halt. They must maintain client in head they knows the client pick. And the client have a large involvement in Pearl-continental cause it is a luxury hotel they enjoy their service. Pearl-continental besides knows the client demands and wants so some clip they provide assorted offer for their client. Such as free breakfast for two, free dinner for childs etc. 3.0 PESTEL analysis of external Macro Environment. Figure 3: PESTEL analysis of Pearl-continental ( Field work ) 3.1 Introduction: A concern house is an unfastened system. It gets resources from the environment and supplies its goods and services to the environment. There are different degrees of environmental forces. Some are close and internal forces whereas others are external forces. External forces may be related to national degree, regional degree or international degree. These environmental forces provide chances or menaces to the concern community. Every concern organisation attempts to hold on the available chances and face the menaces that emerge from the concern environment. The term concern typically refers to the development and processing of economic values in society. Normally, the term is applied to part of economic activities whose primary intent is to supply goods and services for society in an effectual mode. It is besides applied to economic sciences and commercial activities of establishments which holding other intents. Persons to bring forth goods and services to sell these goods and services in a market topographic point and to harvest some wages for this attempt may specify concern. Functionally, we may specify concern as those human activities, which involves production or purchase of goods with the object of selling them at a net income border . Business organisations can non alter the external environment but they merely react. They change their internal concern constituents ( internal environment ) to hold on the external chances and face the external environmental menaces. It is, hence, really of import to analyze concern environment to last and to acquire success for a concern in its industry. It is, hence, a critical function of directors to analyze concern environment so that they could prosecute effectual concern scheme. A concern house gets human resources, capital, engineering, information, energy, and natural stuffs from society. It follows authorities regulations and ordinances, societal norms and cultural values, regional pact and planetary alliance, economic regulations and revenue enhancement policies of the authorities. Therefore, a concern organisation is a dynamic entity because it operates in a dynamic concern environment. PESTEL analysis is really of import for Pearl-Continental hotels and resorts because the state of affairs is really tense in PAKISTAN. 3.2 Political: There is political instability in Pakistan which consequence the determination doing procedure of the Pearl-Continental. The authorities policies are altering twenty-four hours to twenty-four hours such as monetary values of assorted things/products than its difficult for Pear-Continental to supply same merchandise for their client in low monetary value. The authorities is non helpful in support of the concern. The policies make by the authorities is non in the benefit if the Pearl-Continental because everything is gone up and besides make job for the tourer and locals every bit good. There are ever work stoppages against the authorities policies which have a large impact in Pearl-continental concern. aˆ? Road and rail system aˆ? Political instability aˆ? Lack of good administration aˆ? Health and safety 3.3 Economic: In Pakistan the economic system is traveling down because of unstable authorities and corruptness in every field. The rising prices is traveling high now-a-days so due to which the exchange rates are traveling up besides the involvement rate is high as good amp ; it is really difficult to borrow money for new undertakings and besides the touristry industry is traveling down because of disbursals, terrorist activities, insecure environment so there is low concern now-a-days. Besides there are tonss of revenue enhancements which is additions twenty-four hours by twenty-four hours. It is really difficult for the Pear-Continental to better its concern in this state of affairs. Higher currency makes export hard. aˆ? High rising prices aˆ? Exchange rates high aˆ? Interest rates high aˆ? Economic growing depression aˆ? Taxes alterations high/changes 3.4 Social: Pakistan is a development and ISLAMIC state. So Pearl-Continental must look for the environing society. They can non sell or publicize Alcohol because it is banned and improper in Muslim states. In the Pearl-Continental society there is old, immature A ; kids. They must maintain everyone in head such as for immature they already make playing countries for immature they make swimming pool, football, golf class ETC aˆ? Can non sale intoxicant aˆ? T.V advertizement but in full fabrics aˆ? Target everyone in the society 3.5 Technological: In Pakistan there is deficit of electricity because of over population. So the Pearl-Continental demands to convey heavy generators which provide electricity to the whole hotel and fulfill the client. Needs to convey WIFI to their hotels so that clients use cyberspace anyplace in the hotel. Technology can cut down costs, and better quality. Pear-Continental could nt make chancing because it is against the jurisprudence of the state. They needs to set new level screen T.V in each and every room. They need to present a film hall in every hotel for the clients. They already have a web site but they need to better it so that client can do their reserve rapidly. aˆ? No gaming aˆ? New level screen T.V aˆ? WIFI aˆ? Upgrade web site aˆ? Introduced solar energy 3.6 Environmental: Pearl-Continental must used environment friendly merchandises such as recycle plastic bags. Besides make consciousness in their client to be environmental friendly. They need to purchase new recycling machines which recycle the waste of kitchen and lavatories. Changes in temperature cause a large consequence on touristry and agriculture. As like in summer people travel to cold topographic point but in winter they are at place. Tourism industry cause major impact on environment because people use autos, plane and ship ETC to go which polluted the environment. aˆ? Extra revenue enhancement on air travel by authorities aˆ? Introduce new workss for recycling aˆ? Change in clime aˆ? Used reclaimable merchandises 3.7 Legal: Pearl-Continental must make at that place each and every merchandise should be legal. Means they can non publicize or sale the intoxicant. They are non supposed to make chancing in their hotel. There is military operation traveling on against terrorist groups. In response these groups target such type of VIP hotels. Health and safety statute law is altering every twenty-four hours because of unstable authorities. New employment Torahs are presenting in the state. There is jurisprudence for competition so those little hotels are besides secure from large hotel like Pear-Continental. aˆ? Law and order state of affairs aˆ? Employment jurisprudence aˆ? Competition jurisprudence aˆ? Consumer jurisprudence aˆ? Health and safety aˆ? Gambling aˆ? Banned on alcoholic stuffs 4.0 Main selling issues Marketing issues: Figure-4: Chief selling issues of pearl-continental ( Field work ) There is batch of issues/problems which every organisation confronting now-a-days. I will explicate the issues/problems with the Pearl-Continental. aˆ? Monetary value: Monetary value is a major issue in marketing issues in pearl-continental is that the monetary value of everything is additions twenty-four hours by twenty-four hours so its really difficult for them to engage employees or labor on high rates. They can non get down major undertaking because of expensive labor and expensive stuffs. The monetary value of the trade goods is increasing twenty-four hours to twenty-four hours every bit good. aˆ? Political: In Pakistan the authorities is unstable. And every authorities make alterations to the Torahs such as employment Torahs, monetary value altering twenty-four hours to twenty-four hours. The state is gone expensive because of rising prices. Labour is expensive so it is really difficult for Personal computer to make building and run new undertakings. The authorities can non supply safety to the state either due to which the touristry concern is traveling down and Personal computer is losing client. aˆ? Terrorism: Terrorism is all over the universe now-a-days. But the most they affect Pakistan. Due to terrorism the Pear-Continental is unsecure and in 2009 there was a terrorist onslaught in Peshawar on an American deputation after that the Pear-Continental direction wage an excess money to do modern barriers, cheque points, dog units and excess security staff. aˆ? Environment: There is tonss of pollution in Pakistan. But the authorities is now taking action on environmental pollution. Due to which now Pearl-Continental direction needs to purchase new machinery for recycling now they needs to travel for green selling which will be a large attempt in salvaging the environment. They must do a new thing which is will should be reclaimable. aˆ? Well trained staff: Pearl-Continental got rivals. So they ever spend a batch on staff preparation. Which addition in the disbursals? They want that their staff provide proper service to the client. aˆ? Modern Technology: Pc direction needs new generators/solar system to bring forth electricity for their regular demand because there is electric short autumn in Pakistan. They need to convey WIFI so that client used their cyberspace in every corner of the hotel, new engineering visible radiations. Put cameras in every topographic point of the hotel so that they prevent and leery activities 5.0 MARKET Cleavage: Figure5: Market cleavage ( Field-work ) The procedure of spliting a big market into smaller sections harmonizing to customer/consumer demands and wants . These marketing sections can be aiming by utilizing selling mix. Market cleavage divides the distinguishable group of purchasers with different demands and wants. In market cleavage every person has different demand for each thing. Pearl Continental does non aim one large market for its hotel. Everyone can come here, but the direction of the hotel knows really good that demand and wants is different of every client. Some people came here for concern intents ( set up meeting ) and they are their regular clients every bit good, some is tourers, some people come here for passing their leisure clip with friends and household while some people came here to go to maps. So it means there is different classs of client who visit the hotel with different demands and wants. Due to this ground the hotel direction split its mark market into different sections. aˆ? Geographic aˆ? Demographic aˆ? Psychographic aˆ? Behavioural 5.1 GEOGRAPHIC SEGMENTATION Geo in writing cleavage means that when we divide our market harmonizing to geographics such identify parts, metropoliss, communities, provinces, one or more states. Pearl Continental Divide its market harmonizing to geographic cleavage. Pearl Continental has different subdivisions in different metropoliss of the state which provide different sort of service harmonizing to its geographic cleavage. 5.2 DEMOGRAPHIC SEGMENTATION Demographic cleavage means to split the market into assorted groups based gender, age, household life rhythm, household size, business, instruction, income, race, nationality and race. Demographic factors are popular bases for sectioning mark market. The ground is that wants and demands are different harmonizing to demographic factors. For every demographic variable service is different in Pearl Continental. In this hotel, you can acquire the service harmonizing to sex, race, age, matrimonial status/religion etc. Peoples belong to different age group. Similarly all other factors are besides really of import. 5.3 PSYCHOGRAPHIC SEGMENTATION Psychographic cleavage means to split clients on the base of life styles, societal category, sentiments, activities, personality and beliefs. Some Peopless are might be in the same demographic group but with the different Psychographic group. In Pearl Continental Psychographic cleavage is really of import. Social category is one of the basic features of Psychographic cleavage. In pearl continental largely services belong to societal category. For illustration this hotel offers The Golf Course Facility, Provided for concern people. This installation is largely used by concern category. Hotel besides provides different installations harmonizing to life style. Such as Dumpukht Dish in the Royal Mogul manner. So people with life style can acquire advantage of this service. 5.4 BEHAVIORAL ISSUES Behavioral cleavage includes merchandise / service consumer demands, use, and monetary value sensitiveness and trade name trueness. The above behavioral factors are used by Pearl Continental. Most of the client is sensitive and loyal to their hotel. So for that ground we discuss above every bit good that pearl Continental divide its mark market into different cleavage which is demographic, psychographic and behavioral cleavage. 6.0 Pricing schemes: Figure 6: Pearl-continental pricing schemes ( Field-work ) Price scheme is used by the companies in order to avoid loss and addition clients. Price scheme means to put monetary value of the bing product/new merchandise in new market/existing market. Pearl Continental usage different sort of monetary value schemes here I will discourse some of them. aˆ? Geographical pricing: In geographical pricing the company make up ones mind to put monetary value harmonizing to geographic location. Pearl continental besides used this scheme like in some topographic points the monetary value of the room is low and in some topographic points the monetary value of the room is high. Which in metropoliss the monetary value is low so that gain the client and crush the rivals. And on the other manus pearl continental in Bur bund charge higher monetary value because it is a tourer topographic point and tonss of VIP s visited at that place so this type of people they merely concerned about the service they usually do nt care about money. aˆ? Price price reductions and allowances: Pearl continental used price reduction policy non merely this hotel every hotel/organization used price reduction policy. Discount policy can be unsafe for pearl Continental unless carefully controlled and used as portion of overall selling. Like if you stay for four dark so we will give you breakfast and meal for free and besides will make price reduction in the monetary value of utilizing swimming pool and golf class. aˆ? Promotional pricing: Pearl continental used promotional pricing scheme to increase their gross revenues and convey more clients to the hotel. They provide inexpensive suites on large events such as EID, Christmas, Diwali etc they reduced the monetary values of the nutrient and drinks every bit good. And besides show the set monetary values in their publicity either by measure board, T.V, wireless etc. aˆ? Discriminatory pricing: Pearl continental sell its merchandise and services at two or more monetary values. Like on first of all they charge client harmonizing to their demand and desire. And on the other manus pearl Continental charge less for the same service or merchandise but if he or she wants to purchase in big measure. For illustration if a concern adult male want a room which is usually on ?200 and there is less suites left in the hotel so they might may bear down the client ?230 on the other manus if a client privation to lease two suites so they might may bear down ?410 which is cheaper than the individual room. Pearl continental used pricing scheme to derive net income and derive more clients. Because they are good cognizant of the environing environment. 7.0 Promotion mix: Pearl-continental promotes its hotels and resorts concatenation all over in the state. For publicity they use the publicity mix tools so that everyone knows them in the market. aˆ? Ad: Pearl Continental do advertisement to advance their merchandises and services which they provide. They do advertisement through T.V, Radio, Bill boards, Brochures, Print ads, catalogue, in hotel show, direct electronic mail and postings. Like they send direct electronic mail to the clients who are already register with them. aˆ? Personal merchandising: Pearl continental besides do personal merchandising means they go and visit different people face-to-face or they call them. In personal merchandising the gross revenues adult male might reply the inquiry about the hotel. And he must convert the individual to go his client. It is besides a sort of unwritten presentation every bit good. It includes staff preparation, gross revenues representative, gross revenues meeting etc. the direction besides name client by telephone who are already register with them. aˆ? Gross saless publicity: Pearl Continental do gross revenues promotion it might be through media or non-media. Pearl Continental do gross revenues publicity for a limited clip period to better consumer demand and better the product/service handiness. For this ground they provide vouchers, they arrange concerts, trade shows and exhibitions etc. they besides do purchase one get one hot repast free ( BOGOF ) so that increase their gross revenues. aˆ? Direct selling: Pearl Continental do direct selling which means they send email heterosexual to the clients about their offers, they do nomadic messages, they send promotional letters, they distribute their hotel and resort catalogue, and they besides do on-line show ads. The pearl continental used the promotional mix schemes because they need to they need to capture the whole market. That is the ground they do tonss of publicity and give price reduction and allowance to the clients. Pearl continental has its subdivision in every metropolis of the state. 8.0 Extended selling mix of Pearl Continental hotel and resort: The Marketing Mix is the set of selling tools frequently summarised as the four Postscript: The Product, its Price, Promotion and Place, that the house uses to accomplish its aims in its mark market ( McCarthy, 2001 ) . In more recent times it is more normally called the 7 Ps the 4 Ps with the add-on of Peoples, Process and Physical Evidence ( Chartered Institute of Marketing, 2004 ) . Figure-7: 3 P s of selling mix Chartered Institute of Marketing ( 2004 ) Marketing mix contain entire 7p s in which Price, Place, Promotion and Product is old one and in new construct there is 3p s which is People, Process and Physical grounds. aˆ? Peoples: Peoples are the chief component in marketing mix without people you can non run your concern. Every person has a specific undertaking in the organisation. In Pearl-continental the staffs is good trained and extremely educated. They serve the clients in a good mannered manner. Their attitude, speaking, walking, client helping is perfect that s why they have tonss of clients. That s why they defeat their rivals. aˆ? Procedure: Procedure means that how can client acquire entree to the hotel. Pearl-continental if a client wants to come in foremost they need to go through the security, than they enter in the anteroom, than into the hotel this is a sort of procedure. If you order some nutrient in pearl-continental you can hold it within a minute you do nt necessitate to wait for long clip so there is some procedure which brings the nutrient more rapidly than the other hotel. aˆ? Physical grounds: In physical grounds Pearl-continental gives their images of the hotel room, garden and nutrient Etc in their web-site. Which client can utilize it as physical grounds? When you book a room in the Pearl-continental and when you enter in the room and the room is good clean, furnished, and have latest engineering so it is the physical grounds every bit good. 9.0 Distribution scheme: Pearl-continental distribution scheme is that they have subdivisions in every metropolis particularly in tourist musca volitanss such as Murree, Abbot Abad Etc. Pearl-continental has two type of distribution scheme one is direct and the other is indirect. Direct is that when client come by his/her ego and book room Etc. And the indirect is when client makes reserve by online, through jobber Etc. Pearl-continental besides did understanding with assorted travel agents in the state and outside of the state which conveying client to hotel and in return the hotel gives them committee. Pearl-continental did understandings in assorted air-lines companies as good. So when the Pilot and Air-hostess arrive in the state so the hotel receive them and convey them to the nearest hotel subdivision and in return they took money from the air hose company. Through these schemes pearl-continental make tonss of net income. 10.0 Main merchandises and services: The chief merchandise and services of the pearl Continental hotel is cordial reception in a traditional manner and provide quality service. Pearl-continental makes their net income from nutrient, drink points and suites these are the chief merchandises. Pearl continental has a really big scope of clients which includes VIP s tourer and locals. Pearl-continental marks the concern category the most. Pearl-continental provides quality service to their clients and besides good trained staff because they need to crush the rivals such as Holiday hostel, Marriot hotel, Tajj hotel and many more. They provide assorted installations to their clients. They facilitate the clients in assorted ways such as aˆ? Florist: For the poke of client the pearl-continental brand flower store in every subdivision of the hotel. Although it is a installation to the clients but they can do net income as good. aˆ? Medical room: Pearl-continental has physician in each subdivision so that in instance of any exigency to the clients or staff so that they can handle them ab initio. aˆ? Massage/Spa room: Most of the client like to take massage or to take watering places so for that pearl-continental makes watering place suites. Which non allocated in every subdivision it is merely in specific subdivisions such as in Lahore, Karachi, Islamabad, and Peshawar. Spa/massage is a good beginning of income as good for them. Pearl-continental has tonss of more installations for clients every bit good. aˆ? Golf class aˆ? Swimming pool aˆ? Laundry services aˆ? Provide autos for rent aˆ? Pick and bead service aˆ? Barber store aˆ? Beauty barroom aˆ? Shopping ( rugs, old-timers ) aˆ? Bakery aˆ? Banking: Pearl-continental besides gives premises to Habib bank limited. Who work with in the hotel which takes attention of all banking issues of the clients. 11.0 Task=3 Stages of market research: The research method includes some phases through which we can make research. These phases depend on company/organization type so they choose the best which suits the company. Following phases of the pearl-continental hotels and resorts are explained below: aˆ? Identifying the job and demand: In the first measure the pearl-continental demands to place the job which presently organisation is confronting it and besides to indentify the client demands and wants. And for this ground they need to make probe in internal and external environment in order to screen out the job and besides the client demands and wants. Through external and internal analysis the pearl-continental can the job and every bit good as the client s demands and wants. aˆ? Deciding the research worker: When the pearl-continental identify the demand, want and job than It s of import for the hotel that who can make this research and what sort of attacks should be used to decide these issues. And in this procedure the research worker do some instance surveies in which he/she used the relevant information every bit good as secondary informations. aˆ? Deciding the methodological analysis: In this the research worker used assorted sorts of attacks such as study, interviews, secondary informations analysis etc. The research worker should utilize the appropriate methodological analysis which is relevant to the purpose and aim of the pearl-continental. Pearl-continental demands to follow specific ways/appropriate methodological analysis for look intoing the solution of the job. aˆ? Data aggregation procedure: When the research worker defines the job of the research, than the research worker developed the design of research. This design has a model of ordered actions through which the pearl-continental can accomplish their ends and aims. In this phase the research worker used the mixture technique ( e.g. interview or studies ) , trying methodological analysis etc. 1. Primary informations: Primary informations is such type of informations that is collected for the first clip and does nt be within the records. 2. Secondary informations: Secondary informations consist of attempts of old research workers. Primary information is dependable than secondary informations ( Saunders et al, 2009 ) . Primary informations can be collected by the aid of assorted tools such as interview, studies etc. The pearl-continental research workers do the study on order to roll up information from a big population. In the studies there is a sort of questionnaire in simple apprehensible linguistic communication. Than the research worker collect the study questionnaire for doing the concluding study. While the secondary information is collected from cyberspace, books, articles and diaries etc. That s why pearl-continental used the appropriate tool of informations aggregation. aˆ? Data analysis: In informations analysis the research worker analyse the information which is already collected and so the research worker start redacting it. Data analysis is really of import for the market research program. In this subdivision they edit, tabulate and record the collected informations in a proper manner. Data analysis is really of import for the pearl-continental so that they can accomplish the desirable consequence. The research worker who collects the information is might be in numeral or alphabetic signifi

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Morden Buildings Are Changing Our City Essays Morden Buildings Are Changing Our City Essay Morden Buildings Are Changing Our City Essay Modern buildings has changing the appearance of cities and towns,some people argue we should build all buildings in traditional styles to protect the cultural identity,to what extent do you agree or disagree? With the development of modernization and urbanization,houses built nowadays are gradually transforming the cityscape. Whether traditional or modern style should be considered in constructing buildings has sparked a hotly debate. Some argue that in order to conserve cultural diversity,it is necessary to design all buildings in tradition ways while the others claim modern designs are more practical. Personally,I am in favor of the latter viewpiont. First and foremost,buildings are construct to provide cozy living atomosphere,which makes their styles and exteriors less significant in facilitating dewellers. In the architects’ point of view,pricticability is the priority they need to consider when chosing a type of construction styles. Taking look around,we can find that modren style buildings are more solid and comfrotable to fulfill dewellers’ demands. Besides,they also play pivotal roles in collocting nature resource,such as some skyscrapers equipped with solar containers,collecting sunshine via their exterior meterials. Furthermore,cityscape is associated with buildings. It would be quite unharmonious if we held so much houses built in traditional styles in metropolis. What it means is that a city’s development plays a dominent role in determining the styles applied on constructions. Obviously,buildings in traditional feeling will affet or even impair metropolis’ whole images. At last,such buildings may find themselves difficult to keep up with the pace of a city’s evolution. However,the establishment of traditional-style buildings do not have to be such disadvantageous,since their existants can be reasonable and valuable in cases. Taking cultural diversity into accout,ancient-style constructions are vital than others. As a consequence,many architects are incline to construct houses with traditional styles. Nevertheless, emphasis should be placed on protecting old buildings generated in a long history rather than constructing news with traditional style. So,it would seem that there has no necessarity to make all buildings in ancient style. In conclusion, I will restate my position that a major part of buildings should consider modern styles. By means,they can not only offer superb atmosphere to residents,but also beautify our cityscape.

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Recognizing and Rewarding Employees - Essay Example There are not many workers who like to strive lacking a sporadic type of appreciation, plus in a few cases an easy verbal recognition is adequate and keenly acknowledged. Credit can be conveyed in a lot of ways. Reflect on now saying Thank you. What does this cost Praise is not expensive. It is one of the most efficient ways to support a corporation's culture, sustain its aims, and also preserve high performers. The non verbal recognition implies the recognition of an individual/team preferred behavior, attempt or trade effect that supports the corporation's aims and morals. Several studies during the past have explored that what employees wish for from their jobs is not essentially enhanced benefits otherwise more cash (Bowen, 2000, pg212). Being liberal with the verbal praise, although simply when it is earnest. Fake praise is revolting. So state sufficient regarding what the worker did to illustrate that an individual actually appreciates also utters it persuasively. Do not overlook the act of recognizing employees who do pleasing jobs. Anybody who holds out the errands passed on to them plays their role in the firm's success. Identifying superior work even if it implies usual responsibilities. Workers reaction to verbal praise will differ, founded on th

Impact of Interest Rate Liberalisation on Chinese Economy Essay

Impact of Interest Rate Liberalisation on Chinese Economy - Essay Example China is currently a key player in BRICs (Brazil, Russia, India, China and South Africa) and is a signatory of major international agreements (Peng, 2009). This has put pressure on the country to liberalize its interest rates and cause it to be determined by the forces of demand and supply. This project takes a critical look at the changes in the interest rate of China and its impact on the Communist Structures of Country viz Savings, State-owned Enterprises and other systems of the controlled economy. A controlled economy maintains pre-determined rates that are fixed by the leaders in order to attain a given target. However, with the pressure on the country to use the forces of demand and supply to fix macroeconomic policies, the Communist structures and the Capitalist world come face-to-face. This research seeks to examine the impact and implications of this conflict on structures in the Chinese economy. Also, it will examine a real case involving the impact of these static interest rates on the Bank Capital Adequacy Ratio. The inferences and conclusions of this research will provide authoritative text and information about the trends in the nation under review. Through this, other scholars and researchers would be able to build on it and benefit from it. In other words, this project seeks to bring new knowledge into the world. The aim of the paper is to examine â€Å"The Dynamics of Changes in Chinas Interest Rate Liberalisation and its impacts on the Communist Structures of the economy: SOEs, Savings and Investments and the Measures to be Taken and The Impacts on Bank Capital Adequacy Ratio†. In attaining this end, the following objectives will be examined: The hypothesis tested in the research is that: â€Å"The Chinese Economy is doing quite well under the Communist Structures. The introduction of interest rate liberalization is going to disrupt the system and lead to major adjustment problems.

Culture and the Turkish economy

Culture and the Turkish economy Introduction Peculiarities of running business and transnational communications are directly related to the culture of the country. Globalization of the economy has undoubtedly become a commonly accepted phenomenon. Even small and medium businesses, wanting or not, face problems of international business relationships: be it the purchase of equipment, materials or other trade and procurement activities, search for partners or investors, not to mention the direct competition with multinational companies in their own domestic market. Larger players of market, in connection with its inevitable saturation, are forced to think about entering the international arena. All these factors make the study of culture of business relationships and international communication increasingly relevant for managers. Awareness about the peculiarities of a particular culture, the ability to consider and use these peculiarities in practice help some companies quickly and at less cost to establish relations with partners, and others to deal more effectively with rivals. The knowledge of the features of international communication is also useful for managers working in foreign companies, since they help to better adapt to a foreign environment, understand the requirements of top-management, permissible frames of conduct and, accordingly, to move faster through the ranks. Major dimensions of culture in Turkey  and their influence on Turkish economy and business practices When building business relationships, finding partners for business, developing private business in the territory of another country, it is always necessary to take into account the totality of the rules of business etiquette and specificities of traditions of each cultural environment. Turkey has long been a secular state with European style of doing business, but it should be remembered that the influence of Islam, though not pronounced in recent times is reflected in some aspects of the Turkish business etiquette and bears a deep cultural meaning. Turkey combines European and Middle East traditions in the business culture, therefore common business etiquette here has some nuances which are useful to know for building successful and lasting business relationships. Lets consider these nuances. First, Turkey has a sufficiently well developed family-owned business with a clear hierarchy. Family traditions in Turkey are very important, both in life and in business (Burnaz, 2009). Second, different spheres of life in Turkey are influenced by religion. If the partners are religious people, one should keep in mind that Friday is a holy day for Muslims when they visit temple to pray, so no important business meetings and negotiations should be appointed on this day. Ramazan is a month-long sacred abstinence of all Muslims, during which one cannot eat, drink, smoke cigarettes from sunrise to sunset. This should be kept this in mind when planning a business lunch or dinner in a restaurant. During Ramazan it is better to appoint business meetings with Turkish Muslims after sunset, however, if it is possible to avoid them, it is better to postpone all negotiations until after Ramazan. Many Turkey residents leave on vacation in July or August, so the middle of summer is not the best time for negotiations and business meetings, while from October to May is the most active and fruitful period for Turkish business culture (Burnaz, 2009; OECD Economic Surveys: Turkey, 201 0). It should be remembered that as in any other country, courtesy and respect for etiquette in business in Turkey is especially important. Good personal relationships based on trust and mutual respect play a significant role in building business relationships with Turkish partners, therefore, before proceeding to business negotiations, it is necessary to show them openness and readiness for friendship and to emphasize the mutuality of benefits (Burnaz, 2009; Ararat, 2008, Gupta, 2009). Motivation in negotiating with the Turks should be clear and precise. It is very important in the process of business negotiations to clearly outline the advantages and profitability of a proposal for the Turkish side, although it is not the only thing a benefit may be expressed in for Turkish partners. Instead of profits it is recommended to focus often on such points of the transaction as increased authority and power. Respect, recognition and other intangible benefits may also have a positive impact on the outcome of business negotiations in Turkey (Gupta, 2009). Thus, understanding that Turkish culture is very different from European or American business culture is a big step in doing business in Turkey and with the Turks. It takes patience and time to learn all the ins and outs, but the Turks also show patience towards foreigners and willing to make allowances for any mistake or error in etiquette made by a foreigner. In general, Turkey is an attractive country to do business with the positive dynamics in the economy. Turkey managed to avoid large losses that might have occurred as a result of the global economic crisis of 2008-2009 (Turkey passes the crisis test, 2009). Having analyzed the economic development of Turkey for the period from 2002 to the present day, it can be argued that the state of the economy has become particularly favorable, due to the below factors (OECD Economic Surveys: Turkey, 2010; Turkey passes the crisis test, 2009; Turkey: Business environment at a glance, 2011; Aydin, 2006): The currency reform in Turkey, 2002; reforms in social security and health care; tax reform beneficial for entrepreneurs; TOKÄ ° Innovations (Housing Administration Projects) gave impetus to the development of national construction companies; State support for small and medium-sized enterprises, which constitute 97% of the Turkish economy; Increased economic growth in Turkey, which is largely due to the automobile industry, real estate and textile industry; Successful investments in tourism; Active development of the logistics sector in Europe; New international communications and new markets: the most promising emerging markets for Turkey are China, South Korea, India, BRIIC group, as well as markets of Pakistan and Bangladesh; Regional and social development: 40% of the EU budget is allocated to regional development and social infrastructure; Funding at the expense of TOBB (the Union of Chambers and Commodity Exchange of Turkey); Development of higher education: there are already 95 public and 45 private universities in Turkey. Apart from that, the Government of the Republic of Turkey considers foreign direct investment as the driving force of economic development and prosperity of the country. Turkey has one of the most liberal legal regimes for FDI among the member countries of the Organization for Economic Cooperation and Development (OECD). Except for some sectors, businesses that are open to the private sector in Turkey are mostly open to foreign partners and investors (OECD Economic Surveys: Turkey, 2010). Nevertheless, all investors, regardless of nationality, face a number of specific obstacles characteristic of developing Eastern countries: excessive bureaucracy, slow acting justice system, high taxes, corporate governance weaknesses, sometimes unpredictability of the decisions taken at local government level, as well as frequent changes in legislation and regulatory framework (Gupta, 2009). However, foreign investment regulation, for the most part, is transparent. Turkey supports national regime, including the purchase of real estate by foreign capital companies registered in accordance with Turkish law, and in most sectors no investment audit is provided (only notification is required). The Turkish Government supports the principle of transparency with the associated nation as a precondition for the acquisition of real estate by foreigners, and imposes a limit of 2.5 hectare of property acquired by foreign individuals. Individuals cannot own more than 10% of the land in any of the areas of industrial development (Kalafatoglu, 2010; Keyman, 2005;). The maximum share of foreign equity participation is limited to 25% in broadcasting and 49% in aviation and maritime transport. Establishment of companies offering financial services including banking and insurance, as well as oil-related companies, requires special permission from the Government of Turkey for both domestic and foreign investors. In practice, regulators do not restrict foreign ownership in the financial sector: in 2005 and 2006 a series of acquisitions by foreign persons were approved, and several foreign financial companies has been operating in Turkey for a long time (Ulusoy, 2009). The privatization process in Turkey is currently going on. The Government of the Republic of Turkey privatizes the state economic enterprises through selling lots of securities, public offerings, or a combination of both. The total amount of transactions in the Turkish privatization program amounted to 8.1 billion dollars in 2006, 4.3 billion dollars in 2007, and 6.3 billion dollars in 2008. The state continues privatization process, despite the fact that the reduction of global financial flows, which began in 2008, may entail certain obstacles (Ulusoy, 2009; OECD Economic Surveys: Turkey, 2010). Bureaucratic delays used to be significant obstacles to both national and foreign companies. However, recent reforms have simplified the process of establishment of companies, reduced the requirements to obtain permits, set a single form of registration of companies and enabled individuals to register their businesses in the Union of Chambers and Commodities Exchange of Turkey. Cross-cultural analysis: business cultures of USA and Turkey Generally, two polar opposite styles of management are distinguished, and consequently, business relation cultures: American or Western and Oriental styles. They are fundamentally different in structure of collection and exchange of information, separation and segregation of duties, degree of standardization, coordination and subordination. The American system is characterized by management based on science, individualism and personal responsibility, a clear division of labor, specialization, planning based on the analysis of large amounts of quantitative information. Oriental management system is based on collective responsibility, rotation system, long-term career planning, equation of employees to the company and its customs (Burnaz, 2009; Gupta, 2009). At the same time, in line with the Western style, there has recently distinguished a pan-European, also partly inherent to Turkey as an EU member, with a simultaneous focus on economic and social indicators, such as a guaranteed opportunity for staff development, involvement of employees in decision-making process, the emphasis on favorable climate in the company (Burnaz, 2009; Gupta, 2009). However, despite the tendency to unify business methods and communication standards, we believe that the explicit differences in business culture will remain in the future. Despite the huge variety of business cultures, there are methods to predict certain aspects of behavior of representative of a certain culture. Ones of the most applicable methods are the classification of countries according to G. Hofstedes four variative characteristics reflecting basic differences of cultural values, and contextual ranking of cultures, proposed by E. Hall (Cateora, 2000). According to these theories, the USA is a notable example of a country with a high index of individualism (IDV=91), when a separate individual poorly integrates itself into the group, and strong individualistic mentality is observed with a focus on the importance of personal life and initiative. The Turkish society is rather a society where the mentality of community relations dominates, so it is based on morality, sense of duty, predominance of the interests of the collective over the individual ones, and loyalty (IDV=37) (Table 1). Another important cultural dimension is the parameter of power (hierarchical) distance. Power distance index measures the tolerance of the society towards social inequality, i.e., unequal distribution of power between superior and subordinate members of the social system. The degree of distancing shows the relation of employees to the power of managers. Turkey has a culture with a high index of power distance (PDI=66), and power in Turkey may even be inherited. Here there is a significant difference between the members of the society who are at different social levels and difference in the privileges, which are perceived by the members of the society for granted. In countries with a low power distance index, like USA (PDI=40), the reverse pattern is observed (Table 1). The next quality largely determined by culture is the control of the level of uncertainty, which shows the extent to which members of a cultural community are programmed to freedom of action in unstructured non-standard situations. In this aspect, the USA and Turkey also hold totally different positions. As a country with high uncertainty avoidance index, Turkey (UAI=85) is less resistant to stress, more concerned with security issues and following the rules, which leads to poor perception of change and slow adaptation to new ideas. USA is characterized by culture with low UAI (UAI=46) associated with greater mobility, willingness to take risks, innovation, tendency to rely on knowledge, rather than absolute knowledge (Table 1). Moreover, the USA is rather a country described by Hofstede as the country with masculinity behavior (MAS=62), i.e. dominance, encouragement to competition, high demands, desire for career achievements and entrepreneurship, greed and passion for capital accumulation, lack of caring about others. In contrast, though attached now to the European community, Turkey still belongs to femininity pattern (MAS=45) and the prevailing values are humility and altruism, gender equality, emphasis on serving people, mutual aid (Table 1). Table 1. Indexing USA and Turkey depending on cultural values by Hofstede. Country IDV Ranking by IDV* PDI Ranking by PDI UAI Ranking by UAI MAS Ranking by MAS USA 91 1 40 38 46 43 62 15 Turkey 37 28 66 18/19 85 16/17 45 32/33 * Classification among 53 countries of the world, by 2000. (Cateora, 2000) In addition to the parameters identified by Hofstede, the predominant and characteristic of the culture type of communication is of great importance in the typology of business cultures. On this parameter, all nations can be ranked by the degree of cultural contextuality. Recent studies have revealed a high correlation between high/low-contextuality and the Hofstedes indices of individualism/collectivism, and hierarchical level of distancing (Cateora, 2000). Thus, low-context American culture shares relatively low hierarchical differences and high level of individualism. On the contrary, high-context Muslim culture is typically characterized by a significant difference between the hierarchical levels and low levels of individualism. Therefore, the majority of modern managers, employees of international companies, are more effective in countries with the low-context language, since they are relying on the reports, contracts and other acts documented in writing. But even in low-context cultures, communication is largely dependent on cultural differences (Cateora, 2000; Gupta, 2009). High-context cultures require a considerable period of time before starting the business part of the relationship, because future partners must get to know each other for joint business. For example, if one cannot find time and desire to drink coffee and talk about abstract topics, one cannot advance to the business part of the conversation (Cateora, 2000; Gupta, 2009). Another indicator is the source of power and level of authority, which is a direct consequence of the level of the hierarchical distance, as it combines the effect of the power structure in business with the status and position of manager in the community, depending on the size of the company, publicity, type of property, and cultural values. In Turkey, the decisions are mainly made exclusively by the head of the company, who prefers to deal only with senior executives of other companies. Business here is not between companies or divisions, but between individuals. The latter also means that in case of leadership changes from one side or another, the achieved agreements may lose their power, if trust relationships arent re-established between new top executives of companies. Besides, the decentralized system, common for the U.S., enables managers at various levels to make decisions relevant to their functions, which is not common for Turkey (Ararat, 2008; Gupta, 2009). Thus, the obvious conclusion is that it is necessary for the authoritarian cultures as well as companies with a decentralized power structure to correctly determine the decision-makers, while working with companies in which decisions are taken by consensus, it is important to convince each member of the committee or group. Peculiarities of conducting business in Turkey Business in Turkey is quite difficult to arrange. But the results of registration of the business in Turkey and certain investments can be easily recouped. Peculiarities of doing business in Turkey determine such things as sale and purchase, opening bank accounts, tax system, offshore, ready business, small business and profitability of big business. In general, 2011 will be very important for Turkey. In June, the general election will be held. The current government has been successful in many areas of the economy; although some serious problems still remain. Therefore, opposition political parties should form new political-economic strategies with respect to the above areas. Turkey has to achieve significant economic growth, reduce unemployment, ensure social justice, and resolve tax issues. If it is done succeeds, it will be able to join the BRIIC (Kalafatoglu, 2010; OECD Economic Surveys: Turkey, 2010). The Government of Turkey since 2001 has been implementing a comprehensive program designed to accelerate all the procedures related to investments and attract more direct foreign capital into the country. The national body, the Coordinating Council for the Improvement of the Investment Environment (YOIKK) provides methodological support in this issue. In addition, in 2004 the Investment Advisory Council for Turkey (IAC) was established, whose recommendations serve as a guide for YOIKK, and activities undertaken within the Councils recommendations are published in annual reports of the Treasury of Turkey on the activities of IAC (Keyman, 2005). The government continues to implement legislative reforms, some of which are aimed at attracting foreign investment to Turkey. The draft of National Legislative Network, a project of automation and integration completed the process of developing the technical infrastructure in 2008, designed to accelerate the execution of business cases by facilitating the transfer of documents and transcripts of court proceedings and give the opportunity to file an application online. In addition, the government simplified the access of foreign investors to justice, including legal advice and Alternative Dispute Resolution, supported by the U.S., EU and World Bank (Turkey: Business environment at a glance, 2011; Kalafatoglu, 2010). Turkey made the tax system more convenient for investors as well. In 2006 the basic rate of income tax was reduced from 30 to 20%. The government also cancelled the income tax for foreign investors who own bonds, notes and shares, preserving it for bank deposits and repurchase transactions. In 2007 tax administration established a division designed to manage taxes collection from large corporations (Keyman, 2005). However, the Government of Turkey has not yet managed to implement further tax reforms, including reducing the tax on wages, which is one of the highest among OECD members. The Turkish Government also increased the VAT on leasing transactions from 1 to 18% in 2007. Special consumption tax on alcoholic beverages in 2008 reached 275.6% with the minimum requirements for special tax based on market prices of products (Ulusoy, 2008). Turkish laws affecting the investment climate continues to develop. It guarantees freedom of transfer of profits, fees and royalties and repatriation of capital. This guarantee is reflected in the bilateral investment treaties between Turkey and the United States in 1986, and in some similar agreements, which regulate the unlimited and proper handling of all funds related to investment in a freely convertible currency in the self-regulating market (Treaties and Agreements, Turkey-United States, 1986). Turkey is a member of the International Centre for Settlement of Investment Disputes (ICSID). Turkey also ratified the Convention Establishing the Multilateral Investment Guarantee Agency (MIGA) in 1987. Turkish law provides the confirmation of international arbitration execution of investment disputes between foreign investors and the state. Turkeys is also a member of the WTO Agreement on Trade Related Investment Measures (TRIMS) (Keyman, 2005; Ulusoy, 2008). Turkey investment stimuli system was significantly improved in 2006 to support manufacturing industry, energy sector, and export. General regime of investment incentives suggests tax benefits and, in some cases, the possibility of lending. Turkish Treasury also regulates some issues regarding interest rates on investment loans for small and medium enterprises, RD projects, environmental protection, as well as projects in 50 provinces, where the annual income per capita is below 1500 U.S. dollars. For such provinces, the law provides income tax incentives, social insurance benefits, free land and reduced electricity cost up to 20-50% (Ulusoy, 2009; OECD Economic Surveys: Turkey, 2010). In RD sphere, Scientific and Technological Research Council of Turkey (TUBITAK) and Technology Development Foundation of Turkey (TTGV) deal with reimbursements for RD and capital borrowing. Projects that get such benefits include development concepts, technology research, technical feasibility evaluation, concept-to-design laboratory researches, samples study, test products production, experimental facilities construction, product testing, patent research and design problems solutions. In addition to these incentives, the Government of Turkey provides support for technological development zones, which involves the creation of infrastructure and production facilities, exemption from taxes, VAT, income taxes and revenues, and from customs duties for special IT-sector. Moreover, export stimulating program is focused on RD, market research, and participation in international exhibitions and fairs. In Turkey, no technical requirements for the beginning, implementation and expansion of investment projects are provided. There are also no restrictions to the acquisition by investors of goods from national sources and exporting specific percentage of products. Investors access to foreign currency does not affect exports. There are also no restrictions for domestic companies to own shares of foreign investors for the fact that the proportion of foreign shares will be gradually reduced or investor will transfer its technology on certain terms. There are also no conditions established by the state in terms of the permission to invest, including the location in specialized geographic areas, specific percentage of national resources for the production of goods and services, national shares packages, import substitution, export requirements, employment of the population the investor technically located in, technology transfer and financing from national sources (Ulusoy, 2008; Ulusoy, 200 9; OECD Economic Surveys: Turkey, 2010). The Government of the Republic of Turkey does not force investors to disclose proprietary information or any other kind of information different from the publicly available one during the process of obtaining permission from the supervisory authority. Companies with foreign capital are to send a report on their activities, submitted to the General Assembly of shareholders, the auditors report, and balance sheet in the Foreign Investment Department of the Treasury annually in May. Except for issues relating to openness to foreign investment and transparency of the system of regulation, Turkey provides all the rights, benefits, deductions and privileges available to national capital and companies, as well as foreign capital and companies on the basis of most favored nation regime (for selected countries). For example, American and other foreign firms can participate in publicly funded programs and programs of subsidizing research and development on the basis of national treatment. The Government of the Republic of Turkey has adopted policies and laws that, for the most part, should promote free competition and transparency in business. However, foreign companies in some sectors complain that the regulations are not transparent and understandable from time to time. One should keep in mind that Turkey is an observer, but not a member of World Trade Organisations Commission on Government Procurement. However, Turkey is an actively developing country, which tries to keep pace on all the contemporary European and American innovations. One of the most perspective areas in Turkey is internet and mobile commerce. For instance, recent researches show that mobile marketing has acquired great popularity with the development of technology SMS since 2000 in Europe and different parts of Asia. Over the past few years SMS-messages have become a major advertising channel in Turkey, and many experts even tend to view Turkey as an innovator in mobile marketing (Demirbag, 2008). The vivid example of this success is the experience of the Turkish branch of Pepsi, which in the last 3 years has been one of the most active players using mobile marketing tools. To date, according to the data of Pepsi Turkey, the level of participation in promotional campaigns conducted by the department is the highest in the category. The company uses mobile technologies, because it considers them more effective than TV tool to provide an opportunity for interactive communication with Turkish consumers. One of the campaigns introduced by Pepsi offered consumers wallpapers and ringtones, including the famous song Da Da Da. Over the course of a promotional campaign, users downloaded more than 200,000 ringtones (Tsalikis, 2009). Turkish companies (like Finansbank, BP, FritoLay) proved that simplicity and possibility of immediate gratification are of great importance for the Turkish consumer, and the mobile channel can provide this effect (Demirbag, 2008). In general, the trust of Turkish consumers continues to rise since February 2010, reaching 85.8. This is the highest level over the past 14 months (OECD Economic Surveys: Turkey, 2010). According to the report published by the Institute of Statistics of Turkey in 2010 jointly with the Central Bank of Turkey, the index of consumer confidence amounting to 85.8 points is the highest mark since February of 2009 when it amounted to 87.60% (Tsalikis, 2009). The index started to rise since November 2009, after reaching a record low value of 78.38 points. If the index exceeds 100, it means that consumers are optimistic, and if it equals to 100, it means that consumers are neither optimistic, nor pessimistic, but if the index is below 100, it indicates pessimistic consumers (Aydin, 2006). The report determines the growth of the index of consumer confidence through the increase of the purchasing power of consumers in the current and future period, the general state of the economy and employme nt opportunities in the coming quarter. Conclusion The research has shown that Turkey is characterized by the specific business culture, experiencing the influence of European Union, USA, and its Asian partners. Belonging rather to eastern patterns of business culture, Turkey differs much form the United States in the major cultural indicators, such as indices of power distance, individualism, uncertainty avoidance, and type of business behavior (masculinity vs. femininity). However, in recent years, Turkey demonstrates high indicators of economy growth, openness to reforms, laws adjustments and democratic investment policy, which makes Turkey a favorable business partner. In addition, Turkish policy and legislation on labor, health and safety do not impede investment, although legal restrictions on firing workers may create obstacles to labor-intensive activities in the formal economy. The specific tax policy sometimes hinders investment decisions, e.g. high taxation of beverages, similar to Coca-Cola, hinders investment in the sector. However, serious tax incentives for free trade zones provide incentives to invest in these zones. Similarly, incentives for investment in certain low-income provinces are designed to increase investments in these areas. Nowadays, international credit rating agencies insist that the investment level of the Turkish economy is still not high, but markets do not express much concern. Credit default swaps insuring Turkish securities against default for 5 years, are estimated at 1.84%. And while the Eurozone is struggling with budget deficits, Turkey states huge budget surplus due to the growth of tax revenues. Turkey is considered to be a country of investment grade in the market of credit default swaps after its dollar-denominated bonds started to exceed the bonds of developing countries in Europe largely due to accelerated economic growth. According to preliminary estimates of the Government, the economy of Turkey grew in first quarter by 12%, which allowed the Prime Minister of Turkey to claim that Turkeys credit rating wont be reduced in the coming 6-10 months. Generally, the country retains the trend towards improvement of economic performance, development and innovation, which opens new perspectives for foreign investment, collaboration and partnership.

Free Narrative Essays - Change :: Personal Narrative Essays

Change My whole life, I have been presented to a single element called change. Change occurs in many different forms and is carried out in many different ways. However, just recently, I have come to the realization that change can be the deepest of all subjects. I always assumed that change occured when you moved to a new town or when you lost someone close to you. Those are elements to change, yes, but change doesn't have to occur over a single dramatic event. It can just happen overnight when your brain determines it's time to do something different. For obvious reasons, people reject change. Especially people who are close to each other because they feel that this change is going to seperate them and make them not as close as they used to be. They fight the change until they force the person to change. It's sad how this works, but in reality, it's probably the single most reason why people change. The people we love, love us so much that they want us to remain the way we are forever. Forever is a long time and not one person can always stay the same. Sometimes if the people we love would just accept the change and go with it, they would understand where the change was origianlly coming from. It's dangerous to try to stop change and argue against it, especially if the person wants to change so much. The reason that somebody wants to change is usually not their choice, but a feeling that the person feels inside their head and heart. It's almost like a celestial force is making you change and you have no say in the matter but you know you have to because your mental and physical attributes are commanding you to. Maybe the change isn't the best change, but if you dig deeper, the person that you love and know isn't really changing, they are just trying to find themselves and the one thing they need the most is the support of the people who they care about the most. When the people they care about the most dismiss their change as something unimportant and try to guard down everything by rules and regulations, the person they loved begins to change out of sadness that the one group of people he or she thought would understand, really has no clue.