Branch Analysis of Macao's Tourism Industry
Branch Analysis of Macao's Tourism Industry Airline Industry Table of Contents Preface 4 Chapter 1. Introduction to Macau Airline Industry -1 Definition -2 Memorabilia -3 Airlines in Macau -4 Departure and Arrival 5-7 Chapter 2. Current Trends 2-1 Cargos 2-2 Visitors 2-3 Airlines 2-4 Macau International Airport 2-5 A5 2-6 CEPA 8-11 Chapter 3. Analysis of Macau Airline Industry 3-1 Air Cargos 3-2 Commercial Flights 3-3 Visitors and Spending 2-17 Chapter 4. Suggestions and Conclusion 8-19 Bibliography 20 Table of Charts and Graphics Table 1-1 Memorabilia of Macau Airline Industry Table 3-1 The volume of air cargo in Macau 6 2 Table 3-2 Job Vacancy of Transport and Communications Table 3-3 Job Vacancy of Gaming Table3-4 Average Salary of Transport and Communications Table3-5 Average Salary of Gaming 3 3 3 3 Table3-6 The numbers of commercial flights 4 Table3-7 Gross domestic product (GDP) Table3-8 The numbers of visitor arrivals and spending Table3-9 Total spending of the visitor 5 6 7 Preface After the hand over on 20th December 1999, the economy of Macau started to step into a new phrase. Especially after the liberalization of gaming, a lot of big scale companies started their business in Macau. At the same time, tourists from different countries are rushing to this tiny city - Macau because they are attracted by the casinos
Nike Cost Analysis
Cost Analysis Cost Analysis Miss Moe Pwint Lwin Faculty: Mr. Amit Sharma ECONOMICS ECO 301 Assignment 3 COST ANALYSIS OF NIKE People produce and sell goods for the profit they are getting out of the production. Business is only profitable when it covers the expenses of production and provides the increase in wealth of an investor(s) making the investments. Production is the output of business. Productivity takes this output, and measures it against the inputs used to create it. These inputs are the four factors of production-land, labor, capital and enterprise Depending on the product they are selling, entrepreneurs need to choose the most efficient way to make their products. Their choice is influenced by the type of product they are making, and the output they require. Job Production occurs where a single product is made to customer requirements. This kind of production is best suited for making cars or airplanes. Batch production involves making similar items in set numbers such as fashion clothing. Mass production creates large numbers of identical, standardized products. This production method is suitable for business which produces daily consumable products. Just in time production reduces the costs of stockholding, by any delivery problem can halt all production. This is suitable when the product is bulky and a large storage space is needed for long term
Consumer Buying Behaviour.
Table of Contents Memo....................................................................................................................................i Executive Summary..........................................................................................................ii .0 Introduction 2 2.0 Types of Buying Decision Behaviour 3 2.1 Complex buying behaviour 3 2.2 Dissonance-reducing buying behaviour 4 2.3 Variety-seeking buying behaviour 5 2.4 Habitual buying behaviour 5 3.0 The importance of understanding consumer buying behaviours 6 3.1 Develop a more effective and efficient marketing strategy 6 3.2 Form a healthy relationship between buyers and sellers.........................................7 4.0 Conclusion 8 References 9 Question 11: Consumer Buying Behaviour .0 Introduction Understanding consumer buying behaviour is crucial for successful marketing. Consumer buying behaviour is defined as the buying behaviour of final consumers, individuals and households who purchase goods and services for personal consumption (Kotler, Brown, Adam and Armstrong, 2001: 858). Consumer buying behaviour can be classified into four groups: complex, dissonance-reducing, variety-seeking and habitual buying behaviour. These buying decision behaviours vary in terms of the involvement levels and the perceived differences between brands (Lawson, Tidwell,
Manufacturing Strategy.
Manufacturing Strategy ASSIGNMENT 1 Content Content.................................................................................................2 Introduction.........................................................................................3 Investment Department........................................................................3 Sales and After Sales Department..........................................................5 Design Department..............................................................................6 Process Planning Department...............................................................7 Production Planning Department............................................................7 Good Inwards and Material Stores Department......................................8 Purchasing Department..................................................................... 10 Quality Assurance Department........................................................... 11 Production Control Department ..........................................................12 Production Department...................................................................... 13 Tool Stores Department..................................................................... 14 Final Quality Assurance Department................................................... 15 Finished Part Stores
free trade
If free trade is so advantageous to everyone, why have many countries attempted to increase protection for their own industries and farms in recent years? Free trade is the situation where there are no restrictions on trade between nations, such as tariffs, import quotas and other barriers. According to Mankiw (2004: 183), free trade definitely increases the total social welfare but also creates the winners and losers. The significance is that the gains of the winners exceed the losses of the losers, thus the total surplus for one country still increases (ibid.). However, the debate of whether to support free trade has not stopped. People who support free trade consider it will maximise the total welfare while others argue that it may threaten the national economy, especially in developing countries, since the world marketplace is not as perfect as the supporters have estimated. They also claim that appropriate protection could keep the social stability and maximise national income. This essay will examine the main reasons of protectionism from four arguments: infant industry, strategic trade theory, job crises and unfair competition. Protectionism is the process of government economic protection for domestic industries by establishing trade barriers or subsidising domestic producers (Bannock, et al. 2003: 314). The old argument for protectionism is the 'infant
National income measure of welfare?
Why might rises in national income be deceptive as indications of increases in material prosperity? National income is an indicator of a nation's production, usually calculated as Gross domestic product (GDP). Although the rate of change in GDP can be used to measure economic growth, it is not necessarily a good indicator of a society's well being. This is for a number of reasons. One of the main reasons a rise in national income can be deceptive as an indication of material prosperity is inflation. If inflation rates are high in the UK, the chances are that the GDP figures will rise as the UK is an economically healthy country. The rise in national income due to inflation does not mean significant improvements in the population's well being because although they are spending more money, they are receiving the same product or service. A good example of this is public transport in London. A single adult bus fare in 2003 was 70p. Now in 2006, it has more than doubled to £1.50. The proportion of rise in price is far lower than the improvement in the quality of service, and it can be argued that the service is even worse now! However, some inflation is due to genuine developments in the quality of the produced goods and this could lead to an exaggeration of inflation. Production does not fundamentally mean consumption. For example, if millions of pounds are invested into the
Throughout the 1990's the United States economy was consistently on the rise.
Throughout the 1990's the United States economy was consistently on the rise. Average wages were increasing while workers had a confident sense of job security, both of which laid the foundation for soaring domestic consumption rates that further solidified the well being of the economy. With the declaration of war with Iraq now almost an inevitability consumer confidence and spending rates have begun to decline, which is bad new for businesses and the economy as a whole. During the 1990's businesses were able to sell goods at lower costs due to the massive amounts of goods that were being consumed by U.S. citizens, and also the fact that raw materials, cotton, oil, etc., that producers imported were bought at cheaper prices because of the strength of the U.S. dollar. Now that the costs for raw materials are increasing, businesses have no choice but to raise their prices, which eliminates the "bargain" prices consumers have become accustomed to. According to the law of demand, which states that as prices fall demand will rise, as long as prices continue to rise consumer demand will fall. With stagnant wages and feelings of job insecurity consumers are less likely to start spending more due to both future planning and incurred debt. These factors along with a heightened consumer price index, an average measurement of consumer goods and services, have taken the previous role
What is economic efficiency?
What is economic efficiency? Economic efficiency can be defined as when an economic system is doing well, thus using scarce resources in the most effective way in order to meet the highest level of wants. If resources are being used in the best possible way, then this implies that three different types of efficiency are being achieved - productive efficiency, allocative efficiency and parato efficiency. Productive efficiency is using the least possible amount of scarce resources to produce a particular product, or producing the maximum quantity at the lowest possible cost. E.g. Providing a bus service with the lowest possible costs, i.e. the cheapest buses, petrol etc. This can be shown on a graph of total cost curves for a firm or industry. Production must take place at the lowest point on the lowest possible cost curve, so the maximum quantity is being produced using the lowest possible cost techniques, as shown below. The curve (cost) rises after the lowest point because as more products are produced, the maximum is being stretched therefore more employees / machines / time are needed, increasing the cost. Productive efficiency is also said to occur where MC=AC, as shown on the following graph. Although to achieve full economic efficiency, it is not enough to simply produce goods and services at the lowest possible cost. Allocative efficiency is producing the
Explain why a firm may not be able to achieve technical efficiency through maximising the productivity of labour.
Technical Efficiency 3 a) Explain why a firm may not be able to achieve technical efficiency through maximising the productivity of labour. Technical efficiency is defined as obtaining the greatest possible production of goods and services from available resources. In other words, resources are not wasted in the production process. In terms of labour this would imply that labour output is maximised and none of their potential for output is compromised. Essentially they produce at their highest productive point, somewhere along the production function line shown below. The production function is defined by Q = f (K, L). In orthodox economics it is assumed that every firm desires technical efficiency and it is mainly the firm's allocative decisions that are studied. Heterodox economics argues that it is not always the case that firms achieve technical efficiency, especially in the case of labour. To begin, the production function cannot be calculated, as it is difficult to assign a value to labour productivity whereby that is the maximum that can be produced. The productivity of labour is assumed to have a finite value but perhaps it can continue increasing to the point of exhaustion or death. Similarly if we know the productivity of one labourer it does not imply that every other employee will have the same productivity value. Essentially the contract between a capitalist
"Mass production is the curse of management thinking and workers' lives"
"Mass production is the curse of management thinking and workers' lives" Introduction: The aim of this report is to critically examine the factors that have lead to the belief that mass production has had an adverse effect both on workers and on management thinking. This objective will be attained through the use of insights from the perspectives of reputable management theorists such as Fayol, Maslow, McGregor and Barnard and from the point of view of the workers. However, before exploring these perspectives it is first necessary to define the key characteristics of mass production and its origins. Mass production is the name given to the method of producing goods in large quantities at low cost per unit. This system consists of three elements: accuracy, continuity and speed. These three elements can be realised by the use of: mechanisation and automation, division of labour, specialisation of labour, interchangeability of parts and assembly lines. Although the ideas of mass production are over 400 years old, dating back to the first use of the printing press, it was Ford who in 1913 put theory into practice with the production of his famous "Model T". This new development in management meant that ten years later Ford would hold 50% of the world's total output and sell 1.7 million cars every year. Thus, mass production had made Ford's company a unique commercial