Travel & Tourism Essay Example | Topics and Well Written Essays - 3750 words

Travel & Tourism - Essay Example The travel, tourism and hospitality industry has been growing steadily at a rapid pace. Technology has accelerated growth in entirely different ways in the travel industry. With the Internet explosion, globalization and more people willing to travel, this industry has been evolving rapidly to cater to the customers. Information Communication Technologies and the Internet continue to revolutionize the industry. They are now being touted as major distribution agent for the entire sector. Companies are now utilizing this tool to expand their market and increase their market share by trying to better their relationship with the customer and manage it effectively. With the increasing competitiveness in the industry, mergers and acquisitions are leading the way consolidating the industry players. This paves the way for more aggressive and sustained efforts to upgrade and innovate, altering their entire business model as well if need be, to stay abreast of the competition. Successful organizations thus use technologies to add value to their existing products and to enhance profitability. Man has always travelled from bygone days and his curiosity of the unknown was the basis of the enormous travel industry today. Since means of communication plays a vital part in travel and tourism industry, modern communications systems, with special reference to computer technology, have changed the concept of travel and tourism marketing. The advents of travel agencies and streamlined retail marketing and sales networks have played their part in empowering this massive industry to move forward. Technological advances in household appliances and gadgets have offered great amounts of leisure. All these have influenced tourism by enabling people to travel more. Explosion of internet In 2003, corporate travel bookings made on the Internet compared to the conventional direct bookings by telephone, fax or through the traditional travel agent was at only 12 per cent. Nevertheless, research consultancy marketSHARE predicts that this number will skyrocket to 28 per cent by 2008. Recent industry research shows that over 64% of the population comprising over 38 million people in the UK became Internet users as of 2005. Over eighty per cent of the adult population in this country has now visited the World Wide Web. These figures put the internet usage in the UK and penetration percentages equivalent to key market like the US, where web users now represent over 80 per cent of the adult population, and ahead of Germany and France in Europe. Data Statistics can be viewed at the website Growth of online travel booking users A recent survey of more than 450 travellers in the United Kingdom by consulting firm Accenture, revealed that business travellers are becoming increasingly dependent on the Internet with some 53 per cent of the respondents booking their trips online, 90 per cent of them using the Internet to search flight times and availability, and two-thirds checking-in online. More spending online UK online shopping revenues increased by 50 percent last year and for the first time, more goods and services will be bought using credit card and debit cards than cash, according to a report published by the Association for Payment

The Left Digit Effect in Pricing Strategy Essay Example for Free

The Left Digit Effect in Pricing Strategy Essay Have you ever come across price tags that have 9 endings? Have you ever bought those merchandise with 9 endings thinking that was the best deal and ended up with an enormous bill? Do you notice that the 9 endings are usually printed in a much smaller size than the digits on the left? This is a result of a psychological concept called â€Å"The Left Digit Effect† in which people tend to pay more attention to the left-most digits than the ones on the right. The idea has been widely used for decades for its great impact on consumers’ shopping behavior. Nine endings can easily be seen everywhere: stationeries of $1. 99, $4. 99 in bookstores, cars of $2,999, $5,999 in a dealership, real estates of $199,999, $299,999 on the market. It is interesting how such a small change can make a price tag seem significantly lower than another one of just one cent or one dollar higher, as well as greatly affect consumers’ decision. Even the smartest shoppers can fall for this little trick. For a lot of times I found myself wondering why I bought goods of the best prices but ended up with a large bill. Later I realized that I had fallen victim of the usage of the left digit effect in pricing strategy. However, it is fascinating to learn about how the application of such a simple effect turns out to have a great impact on people’s mind without their even being aware of it. The left digit effect can be simply defined as people’s paying disproportionate attention to the digits on the left compare to the ones on the right. This results from human’s instinct of reading from left to right. Another possible reason is that the encoding processes in human’s mind start before people even finish reading all of the digits. They tend to think fast in order to move on with other things, so they underestimate the importance of the right digits and make the digits on the left the magnitude. Taking advantage of that, companies and producers apply the effect in pricing strategy. That was the point when 9 endings were brought into the market. One reason to account for such a wonder that the 9 endings are doing to businesses is the difficulty of adding up odd numbers. People are more familiarized with the decimal number system which consists of 10 numbers. As a consequence, the appearance of 9 endings in prices is a great change in people’s ability to do the math. They make it much harder to control the total spending as people are used to dealing with round numbers. For example, it is obviously easier to add 300 and 200 than 299 and 199, as the first one is 500 and the second one is 498. When not being able to add up the prices, people are unaware of their total spending. Most of the times, consumers just ignore the 9 endings rather than do the proper rounding. Even though the cents are seen but they are partially ignored because the brain starts encoding information immediately after the left-most digits are read. A theory proposed by Keith Coulter – Associate Professor of Marketing at Graduate School of Management, Clark University – said that the effect can be enhanced provided the cents are printed in a smaller size than the dollar part, so the cents are more likely to be ignored or partially ignored by fast-thinking customers. A common viewpoint of the effect’s psychological impact is that the 9 endings lead consumers to believe that goods are marked at the lowest price possible and that it is the best deal out there. When they check out, that is when a concept called cognitive dissonance takes effect. In other words, when having to decide between two conflicting outcomes, people have a tendency to choose the one that makes them feel happier about their choice. Ending up with a huge bill, they often defend themselves that it’s worth the money and what they bought was a good bargain. Also, 9 endings play an important role when it comes to price bands. One cent or one dollar drop can make the price appear in the lower price bands and therefore be seen by more potential customers. For instance, an old car of $1,999 will still be placed in $1,000-$2,000 price band though it’s just a dollar to the next price band. As a result, it can be seen by customers who want cars in the $1,000-$2,000 range, besides the ones who want cars above $2,000. However, the left digit effect has been proved to only work if the left-most digit changes. In other words, consumers become more sensitive to price changes when the one cent drop results the left digit of the prices to change. To clarify the idea, in a small survey which I carried out in Southeast campus of Houston Community College with 21 students, when being asked to choose between two pens of $3 and $3. 99, the participants showed no clear preference over which one they like better. However, when the prices were changed to $4 and $3. 99, 17 out of 21 participants reported that they would choose the second pen because â€Å"it was cheaper†. Although there was a whole dollar difference compare to just one cent after the change in prices, the participants become more sensitive about how much money they spend when the left-most digit changes. When the brain quickly scans the prices, the same left digits will make one think that there is no significant difference between them although it was the right digits that determine the difference. However, if the left digits change, even though the right digits make them just one cent different, the brain automatically defines a big gap between the two prices and therefore lead people to choose the one whose left digit is lower. The research has provided me with an in-depth view of the psychological impact of the left digit effect in pricing strategy. Before conducting the project, all I thought of the 9 endings was that they would make prices seem lower and therefore more appealing to potential customers. However, after doing a deep research on the topic, I’ve learned a lot more than I thought I would. I’ve learned that the effect originates from human’s thought processes itself: the brain starts encoding the information immediately before we even finish reading all of the digits, and that the 9 endings don’t always work but need an important condition for them to take effect: the left digit changes as a result of the one cent or one dollar drop . It also amazed me how people’s decision and shopping behavior are influenced and determined by such a small effect without their being aware of it, and how the application of such a little thing can do wonder to businesses. The left digit effect itself is linked with other interesting psychological effects that trigger me to search for more knowledge. Rather than just a surface learning, I was able to go deep into the root of the issue and learn about its true nature. However, I think the most important thing that I was able to learn from doing this research is how to look at familiar things in a daily routine from a psychological viewpoint and analyze them through that viewpoint.

Albert Einstein Essays -- biographies biography bio

"Great spirits have always encountered violent opposition from mediocre minds." "There are two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle." Albert Einstein was the first child born to Hermann and Pauline Einstein, Jewish, middle-class Germans, on March 14, 1879 at Ulm, in Wurttemberg, Germany. Albert's sister, Maria, was born in November of 1881. They remained close throughout their lives.Einstein and sister 1 The Einstein family moved to Munich in 1880 to start their own business. Albert began his secondary schooling at Luitpold-Gymnasium. In 1894, the family business failed and the family moved to Milan, Italy. Albert stayed behind in Munich to finish his education at the Gymnasium. However, Albert hated the high school he attended and a teacher recommended that he leave, as his presence encouraged students' disrespect for teachers. So, at 15, he quit school to join his family in Italy. In 1895, Albert took an entrance exam to get into the Swiss Federal Institute of Technology and failed. He studied at a Swiss school in Aurau and graduated a year later. In 1896 he returned to the Institute and graduated in 1900 as a secondary teacher of mathematics and physics. During this time he meets Mileva Maric and falls in love. He tried unsucessfully to obtain an Institute job, but failed. He eventually obtained a job at the Swiss Patent Office. The position at the Patent Office gave Albert the time to devote his thought to physics and he began publishing scientific papers. In early 1902, Lieserl, daughter of Einstein and Mileva Maric, a former fellow student, was born in Hungary. Not much is known about the life of his daughter, as she was probably gi... ...iss. In May of 1946, he became the chairman of the newly formed Emergency Committee of Atomic Scientists. Although his activity was limited by his increasing age and ill health, Einstein retained his commitment to civil liberties. By 1948, he begins to suffer problems attributed to a heart aneurysm. In 1952, Einstein was offered the postition of President of Israel, an honorific post. At peace at home in Princeton, he declined, but remained interested in public affairs. In 1955, he joined Bertrand Russell in urging scientists toward mediation between East and West and limitation of nuclear armament. Due to failing health over the previous several years and his refusal to have surgery done on his weakened heart, Albert passed away from a heart attack on April 18. His brain was donated to science, per his request and his ashes spread over a nearby river.

Circulatory Disorders- Dvt

Biology Unit 18- Assignment 4 Circulatory Disorders. Deep Vein Thrombosis (DVT) Overview Deep Vein Thrombosis, also known as DVT is a preventable circulatory disorder which occurs when a blood clot is formed in a deep vein, they usually develop in the lower leg, thigh, or pelvis, but can also occur in the arms. DVT can cause pain and swelling and can lead to complications such as a pulmonary embolism, however DVT is preventable and if diagnosed early treatable. How DVT forms (leg vein)Veins pass through the deep tissues of the legs; there are superficial veins located just below the surface of the skin and deep veins which run between muscles. These veins transport blood from the legs and feet back up to the heart. When a thrombosis (blood clot) forms in a superficial vein the condition is known as superficial thrombophlebitis, this is different to DVT and is not as serious. DVT occurs when a thrombus builds up in these deep veins which partly or completely block the flow of blood th rough the vein.Many blood clots are so small that our bodies can gradually break them down returning the flow back to normal. However when a large blood clot occurs It can completely block the flow of blood causing swelling and tenderness (although symptoms ar e not always visible). Blood clots can become extremely dangerous If a part of it breaks off and travels up to the lungs, this is called a pulmonary embolism, it is extremely dangerous and in worst cases can cause death. People At RiskAlmost anyone can contract DVT but there are factors which can significantly increase someone’s chances of developing the condition, especially if someone has one or more of these risk factors at the same time. Below are some of the factors which could increase the risk of contracting DVT: †¢ An injury to one of the deep veins caused by a fracture, severe muscle injury or major surgery. †¢ Slow blood flow caused by paralysis, sitting for a long time (especially with legs crossed, limited movement e. g a leg cast or confinement to a bed. Increased oestrogen for example during pregnancy, when using birth control pills or hormone replacement therapy. †¢ Certain chronic medical illnesses such as Cancer and it’s treatment, heart disease and lung disease. †¢ Previous DVT or family history of the disorder. †¢ Age, obesity, smoking or blood pressure. Symptoms of DVT Small blood clots which the body can gradually break down show no symptoms however large clots which partly or completely block the bloody flow cause symptoms such as swelling to the affected area, pain or tenderness, a change in colour of the skin or skin which feels warm or hot to touch.Diagnosing DVT A GP will ask about the symptoms you have and examine the area. If they think DVT is suspected a referral to a specialist is taken into action, at hospital the following tests will be conducted. †¢ D-Dimer- A test that measures the substance which develops when a blood clot bre aks down, if the test has a negative result it is unlikely that DVT is the problem. †¢ Doppler Ultrasound- A test using sound waves to look at your blood as it flows through your blood vessels, this is the best test to detect blood clots above the knee. Venogram- This is involves injecting a special dye into the suspected vein which shows up on an X-ray. Treatment When DVT is diagnosed Anticoagulant medicines are the standard treatment, these thin the blood by changing the chemicals wi thin it, they stop new clots from forming and old ones from getting bigger. Anticoagulants can’t dissolve clots you already have as your body will do that over time. Thrombolytic medicines are also sometimes used which dissolve the blood clots, although they can cause bleeding so are not usually the most common of treatments.Compression socks are also advised to be worn (sometimes for up to two years), these ease the pain, reduce swelling and help to prevent post-thrombotic syndrome Preven table Measures At Hospital: After being assessed for the risk of DVT a healthcare team will recommend various things to prevent blood clotting. If going into hospital and the patient is taking the combined contraceptive pill, using HRT or aspirin than they would be asked to stop taking these, usually 4 weeks for contraceptive pills or HRT and one week for aspirin. During Hospital :Whilst at hospital a healthcare team can do a number of things to reduce the risk of DVT such as providing anticoagulant medicines or advising the patient to wear compression stockings helping to keep the blood in your legs circulating or having the patient wear a compression device which is worn the same way as stockings but inflates at regular intervals to squeeze your legs and encourage blood flow. When leaving hospital: If continuing treatment is necessary the patient will be asked to continue wearing compression stockings or taking anticoagulant medicines. Lifestyle:We can do several things by adaptin g our lifestyle which will considerably reduce our chances such as getting regular exercise, not smoking, keeping at a healthy weight and eating healthy Travelling: When travelling for long distances it is important to perform leg exercises and keep moving if possible, by drinking plenty of water and avoiding alcohol this will decrease the chances, wearing compression stockings can also help.References Internet: Bupa. (2009) ‘Deep vein thrombosis (DVT)’http://hcd2. bupa. co. uk/fact_sheets/html/deep_vein_thrombosis. html#2 Accessed on 20/10/10 CDC. 2010) ‘Facts about deep vein thrombosis’ http://www. cdc. gov/ncbddd/dvt/508-DVTFactSheet. pdf Accessed on 20/10/10 NHS. (2010) ‘Deep vein thrombosis’ http://www. nhs. uk/conditions/deep-vein-thrombosis/Pages/Introduction. aspx Accessed on 17/10/10 NHS. (2010) ‘Deep vein thrombosis – Prevention’ http://www. nhs. uk/Conditions/Deep-vein-thrombosis/Pages/Prevention. aspx Accessed on 18/10/10 Electronic Journal: Cayley,W. (2007) ‘Preventing deep vein thrombosis in hospital inpatients’ British Medical Journal http://www. bmj. com/content/335/7611/147. full? sid=69a2603d-597a-45dd-b164-699d873e01f5 Accessed on 22/10/10 Books: Mackean, D. (2002) Gcse Biology 3rd ed. London, UK: Hodder Education Boyle, M. (2008) Collins Advanced Science – Human Biology 3rd ed. London, UK: Collins Educational Reference Evaluation: All recourses used as a reference have been carefully selected and are reliable based upon many factors including Authors credentials, recent published dates, up to date editions and scholarly publishers. After an initial appraisal I then examined the body of the source, for example the National Health Service is politically accountable to the relevant devolved government and will always hold the most up to date and accurate information.

Participatory Notes †Concept Essay

Participatory notes are issued by FIIs to their unregistered clients who want to invest in the Indian equity market but do not want to meet the disclosure requirements to do so. Thus the modus operandi they opt for is to invest their money with the fund companies (FIIs), who will invest in Indian market on their behalf. The fund company is registered with SEBI in India and issues participatory notes to these investors as a proof of their investment. Participatory notes are instruments used by foreign funds not registered in the country to trade in the domestic market. SEBI’s Concern and rulings regarding these notes: Participatory Notes have always been a bone of contention for SEBI as the identity of the investors is not known. In 2003, there was a boom in the stock market mainly due to a lot of foreign funds. This also led to a lot of volatility in the Indian market because a lot of Investment was done through Participatory Notes. So in 2003, SEBI amended regulations relating to foreign institutional investors to incorporate a new 10 point code of conduct and inserted a clause seeking disclosure of information with regard to participatory notes. The code seeks compliance to good corporate governance standards and SEBI regulations. SEBI has clarified that there is no change in the rules relating to FIIs except for the strengthening of KYC Norms. They have also given a ruling which states that from Now on, The PNs can only be issued to Registered Entities. The actual investing parties must be registered with the regulator of their country of Incorporation. In addition, to facilitate the process of transition, derivative instruments already issued and outstanding against un-regulated entities will not be required to be terminated immediately. It has been decided that the said contracts will be permitted to expire or to be wound – down on maturity, or within a period of 5 years, whichever is earlier.