Money Management Midterm-1 Essay Example | Topics and Well Written Essays - 1500 words

Money Management Midterm-1 - Essay Example It is imperative to note that, the insurance companies are obliged to make regular and lifelong payments until the holder dies (Brealey & Myers, 1997). Consider the formula of calculating life annuity returns Payout= P*R*(1+R) exponent N/ (1+R) Whereby P is the principal, R interest rate and payout refers to the periodic payment. Take a percentage interest of 6% and use the annuity calculator for easy calculation. For a single life annuity, fixed amount to be paid is 3,333 per month. This adds up to EUR 39,996 annually. Therefore, annual periodic payment would be: A = EUR 39,996 Now I believe that I would need more money than EUR 39,996 annually. There would be different factors that would reduce the value of EUR 39,996 at that time like inflation. Therefore, when I retire and I think EUR 45,000 should be a valuable amount that I would need every year to spend my life happily. In order to have this amount every year, the interest rate should be 7% as calculated using Goal Seek option in Microsoft Excel. The life expectancy and retirement age considered in this context is 70 and 55 years respectively. PART II- SHARE ANALYSIS This part intends to examine and analyze two companies from the investment analysis. Various financial ratios will be applied to analyze the performances of the company. The implication created by the ratios will be used to recommend a suitable company for investors to invest. The two companies intended for analysis for this report are Lockheed Martin Corporation and Altera Corporation. Lockheed Martin Corporation Background information about the company Lockheed Martin is a global leader in providing aeronautics and defense security services. The company is the world’s largest federal contractor of the agency with unique product portfolio. Headquarter of the company is situated in Bethesda, Maryland in Washington Metropolitan Area. The company is present in more than 75 countries. The company has partnership with more than 300 indust ry players across the globe. It employs around 120,000 employees worldwide who include 80,000 scientists, engineers and IT professionals. This research establishes that, Lockheed reported $46.5 billion revenue in 2011 through its portfolio that includes aeronautics, electronics system, IT and global services, and space system. Net Income of the company is $2.65 billion in 2011. Presently, its share price is $93. Financial Ratios of Lockheed Martin Earnings per Share The Earnings per share shows how much return a shareholder is earning for each share (Friedlob and Plewa, 1996). The earnings per share of the Lockheed Martin were 7.81 in 2011. However, the average 3-year EPS growth rate of the stock is zero. Price Earnings Ratio Price Earnings ratio is the calculated by the following formula. Price earnings ratio = the market price per share/ annual earnings per share. A higher P/E of the stock implies that, investors are paying more for earning every dollar consequently; the share bec omes more expensive compared to the

Is case study a good way to analyze financial dissertation topic Essay

Is case study a good way to analyze financial dissertation topic (about risk reduction using derivatives) - Essay Example The paper tries to answer this question, and present the suitable research method if there is one that is better suited than the case study method. In particular, the paper addresses the following questions: One, does the case study design for the research apply for undertaking a financial dissertation involving the reduction of risks with the use of derivatives? Two, if the answer is yes, why is this so, and if not, why is this so? Three, if the answer is yes, what are the recommendations for the utilization and deployment of the strategies for research and the methods of research tied to the case study research design/method? Four, if the answer is no, what would be the most appropriate research design, and why is this the most appropriate? As a continuation to question four, what would be the recommendations for the utilization and deployment of the research methods and strategies tied to the most suitable research design/method identified as being more suitable than the case stud y method? II. ... Derivatives to hedge risks and to manage the risks would naturally lend itself to quantitative research methods. How does the case study method fare in this respect? We get from the literature that the case study method is essentially a qualitative research method. By qualitative is meant that the case study method excels where the dissertation involves situating the research topic in a certain sociological or network context. By this is meant that subjective people and relational factors are important considerations. The definition below captures some of the flavor and some of the relevant contexts for the proper use of the case study method, and it is noteworthy that this definition below makes references to organizational contexts, social contexts, subjective user contexts, and other relational contexts (Jones 2000): Case studies are particularly valuable for understanding complex phenomena in context, and according to Yin (1989) when â€Å"users’ intentions, technology us e patterns, and social impacts – cannot be clearly separated from the social, technological, and organizational contexts in which they occur.† Interpretive field studies are often based in turn on the â€Å"soft case† study approach, described by Braa and Vidgen (1997) as a research framework for organizational study in information systems research. They demarcate between methods appropriate for prediction, understanding, and change; and soft cases are adopted when the research intent warrants understanding phenomena. Recognizing that many studies address more than one of these intents in varying degree, research approaches are mapped to the outcomes desired by the research intents. For predictive outcomes, reduction approaches are used; understanding necessitates an interpretive approach;

The History Of Travel Agencies

The History Of Travel Agencies Travel agencies exist mainly as intermediaries among suppliers of travel services such as carriers and hotels, and customers. Travel agencies do not deal with tangible products but with information where it is different from other distributors in many industries (Cheung Lam, 2009). As for the travel agent it is best defined as an individual who undertakes a work for another individual, who is being the principal. The principal in such an affiliation not only sets the aims of the work, such as selling tickets, however can also control the means and way in which the work is completed (Cheung Lam, 2009). Cheung Lam (2009) added that modifications in the business over the past ten years have affectedly changed the environment and significance of info in the travel industry and, subsequently, the role of travel agency. Lately, the technology advancement has brought changes in tourism industry. Why did the Internet so affectedly affect the travel industry? What impact do the changes have on travelers? (Harrell Associates, 2002). The Internet has revolutionized the method in which customers make their travel choices (Anon, 2012). Customers nowadays have several additional selections because the Internet offers providers additional chances to generate direct customer relations and allows a varied range of pricing (Harrell Associates, 2002). The Internet offers an influential atmosphere for the conception of virtual representations of tourism destinations permitting indirect experience that really exceeds the potentials of traditional travel agents (Bogdanovych, Berger, Simoff Sierra, 2005). Currently the Internet is the perfect connection among customers and dealers, over hundreds of websites, travelers have sufficient information for their travel preparation (Ortega, 2008). According to Travel Indus try Association of America (TIA) over 75 million online travelers used the Internet for their travel planning such as to look for places to stay, rental car prices, also searching for maps and driving directions, searching for airfares and schedules and other information about tourist destinations (Ortega, 2008). According to Ortega (2008), he said that the travel planning and booking on the Web are among the greatest popular online activities in best important e-commerce markets and online travel sales are rising at an explosive amount (over $115 billion this year) in the US, Europe and the Asia-Pacific regions. Therefore, because of the growing of the e-commerce in the tourism industry, the tourists have numerous selections provided by the Internet to obtain online, in the ease of their houses or offices, touristic services and products (Ortega, 2008). Furthermore, the Internet assists to locate low prices in tourist services such as air tickets and hotel rooms. In conclusion, it offers tourists a remarkable total of information to make an exclusive trip. According to Vrana (2010), she claimed that a main forte to travel agencies is the capability to offer personal information and assistance to tourists endlessly, along with consultancy service for corporations and will keep on secure if their advice-offering ability remained supported by the existence of the Internet. Even though there are many online travel services, a traditional travel agent is as far a vital part of the trip as ease is to traveling! (Will, 2012). The travel industry is comprised of over a dozen related industries: airlines, restaurants, hotels/motels, travel agencies, gift shops, auto rentals, and a host of other businesses that may not be even recognized their dependence on travel and tourism since travelers are usually indistinguishable from local customers (Cheung Lam, 2009). Will (2012) also stated that, the part of a travel agent has remained growing with the eras and currently most people are reliant on them for fulfilling most of their travel plans so tha t they can rest calmly and just relish their trip. This study aims to examine the factors involves in sustaining travel agencys operation in order to survive in this tourism industry and evaluate their performance or sales of travel agency that can affected by the uses of technology such as Internet. 1.1 RESEARCH ISSUES Tourism has become the second largest economy contributor after manufacturing. One of the factors that contributes to the boom of tourism market is the advancement of technology. Travel industry are comprises of variety related industries, such as airlines, travel agencies, restaurants, hotel/motel and more (Cheung Lam, 2009). More or less, each of the related industry will get at least a little impact from the technology advancement, notably these travel agencies. There is some research that indicates that tourism product is popular to be bought through online (Nysveen Lexhagen, 2001). Online tourism has grown rapidly as the consumer nowadays are using the advancement of technology to acquire information and also purchasing tourism products and services (Dixit, Belwal Singh, n.d). There are many reasons why consumer tends to choose Internet as one their medium in purchasing tourism product and services. One of it is Internet are giving them cost-saving convenience (Cheung Lam, 2009). Cost-saving convenience means that there are no efforts required for the consumer to spend their time and money to seek for information needed about a certain package. Some of the consumers also choosing Internet rather than looking for travel agencies because of the flexibility that Internet has to offer. The consumer are seeking flexible tourism product to suit their travel needs (Harris Duckworth, 2005). Based on their research, the consumers buying pattern recently has change rapidly to independent travel from the typical package holiday. To support this statement, they are adapting a research done by Mintel, in UK independent travel has conquered the travel market in 2004 with 55%. The other reason why consumers tend to choose Internet over travel agencies is because of online experience has greater potential in visualizing travel destinations (Bogdanovych, Berger, Simoff Sierra, n.d). They also stated that online technology offers 3D interactive tours that can deliver clearer image on the destination. Interactive videos can also be shown online without interrupting other customers. Based on a study done by Daugherty, Hairong Biocca (2005) which they wanted to get consumers reaction on the product presentation method. The two choices are indirect experience (virtual presentation), and direct experience (direct product manipulation). The results proved that, product knowledge and decision quality made by the consumer are both significantly higher when they are exposed to interactive 3D products than to static products presented in a form-based way. Despite from all the factors, travel agencies which are at stake need to survive in order to sustain their spot in the travel industry. They have to differentiate themselves more than what technology advancement has to offer. Based on the statement of research problem, we want to conduct a research on how travel agencies can sustain their operation. There are a few factors that make travel agencies can sustain themselves in tourism industry in Malaysia. These factors can determine the sales of the travel agencies because the trade travel agency community has sustained substantial losses due to the mutual effect of the growth of Internet (Cole, 2009) 1.2 STATEMENT OF RESEARCH PROBLEM Generally, in real world, an increasing competition from other channel had caused the number of traditional travel agents nearly decrease (Buhalis, 2003). The Internet is changing the industrys structure and the consumers behavior. Widely used of technology in tourism industry has affect the operation of the travel agencies in Malaysia. The usage of Internet by travelers has decreased the number of travel agencies sales in Malaysia. Besides that, Internet also has caused the high street travel agencies to close, thus creating job losses within the businesses (Anon, 2010). Many studies have looked into The Internet Travel Industry: What Consumers Should Expect and Need to Know, and Options for a Better Marketplace (Harrell Associates, 2002), Travel Agents vs. Online Booking: Tackling the Shortcomings of Nowadays Online Tourism Portals (Bogdanovych, Berger, Simoff Carles Sierra, n.d), Evaluating the Adoption and Use of Internet-based Marketing Information Systems to Improve Marketing Intelligence : The Case of Tourism SMEs in Jordan, AL-allak, 2010), Attitudes Towards Internet Use Among Travel Agencies In Greece (Vasiliki, Costas Savvas) and Travel Agents Fight A Losing Battle With the Internet (World Airline News, 2008). Unfortunately, there is no specific study that evaluates or observes on the factors that lead to the methods of sustaining the travel agencies operation in Malaysia regarding on the technology advancement. 1.3 RESEARCH OBJECTIVES 1) To identify the factors that capable to sustain the operation of travel agencies in Malaysia 2) To identify whether the performance or sales of travel agency are affected by the uses of technology such as Internet or not. 1.4 RESEARCH QUESTION 1) What are the factors that can sustain the operation of travel agencies in Malaysia? 2) Does the performance or sales of travel agency are affected by the uses of technology such as Internet? 1.5 CONCEPTUAL FRAMEWORK Independent variables Dependent variable Sustainability factors: à ¢Ã¢â€š ¬Ã‚ ¢ Human Touch à ¢Ã¢â€š ¬Ã‚ ¢ Negotiation Power à ¢Ã¢â€š ¬Ã‚ ¢ Interpersonal Skills à ¢Ã¢â€š ¬Ã‚ ¢ Niche Market Travel agencys operation Figure 1: Proposed framework for the study 1.6 SCOPE OF THE STUDY The scope of the study is using the travel agencies around the Klang Valley area. All the travel agencies that took part in this study offers wide-range of services and products in their company. These travel agencies have been selected according to their location that located in Kuala Lumpur and Selangor. Most of the travel agencies are located in Kuala Lumpur. 1.7 SIGNIFANCE OF THE STUDY This study will basically benefit few categories of organizations that play important key roles in the tourism industry. Firstly, the government bodies such as the Ministry of Tourism, Tourism Malaysia and travel agencies in Malaysia. Secondly, this study will benefit the educational institution especially academicians and students in the tourism line. Therefore, it is hoped that this study can act as a guide and reference in future studies. There might be some filed in this study that is not investigate thoroughly due to constraint of time and funding and therefore it is welcome for any future researcher to examine those intended field. 1.8 LIMITATIONS OF THE STUDY For this study, we were using online survey. In order to deliver the questionnaires, we need to use an email. We took the email address of travel agencies from MATTA website, MOTOUR website and also their own website, however, some of the emails are not valid. This problem leads to the difficulty in collecting the information and giving us some difficulties in processing the result. Other than that, some of travel agencies did not give cooperation to us. They were not answering the questionnaires even though we already stated that all information are confidential and only use for study purposes. Lack of the cooperation and resources limit the researchers to gain extra information to enhance the study. 1.9 SUMMARY This chapter has presented the background of the research and research problem, outlining the research objectives and questions relevant to the research topic. This chapter also covered the scope of the study together with the importance in conducting the research. CHAPTER 2 LITERATURE REVIEW 2.0 INTRODUCTION This study aims to discover the factors that can make the travel agencies in Malaysia sustain its operation in this tourism industry. In order to achieve the objectives of the study, literatures regarding the sustainability factors will be examine. 2.1 HUMAN TOUCH According to a professor of psychology, Dacher Keltner from a University of California, Berkeley, he says that, touch is our richest means of emotional expression. The researcher found out that, touch interconnects in ways that words cannot (Moll, 2012). In retail store settings, concisely touching customers has been shown to rise the consumers shopping times, store valuations and purchase volumes (Lynn, Le, Sherwyn, 1998). According to Jochman (2009) in his article title The Benefit of Human Touch, he said that the quantity of body contact plays an important role in peoples physical growth and mental as infants and in our happiness as an adults as shown by the scientists. Human touch has experience of working with banks, credit unions, insurers and other financial service providers to increase awareness of how service excellence can have a dramatic impact on their bottom line (Anon, 2012). A service representative asking the right questions and being sensitive to a customers needs can make all the difference between the sale of a financial product and the loss of that business to a competitor (Anon, 2012). In the years of computer-generated workplaces, where e-mail, teleconferencing and fax machines increase, something is missing that American business people need to close a deal the human touch (Seaberry, 2000). In other words, handshake and looking at each others eyes are still needed by the business people. According to James J. Green (2012) in his article, he said that the personal touch-the person-to-person touch-that you offer to your clients the one that distinguishes you. He added that talking to your peers, in person, provides you with perceptions that you cannot get electronically. Individuals play an important role in any business relationship because it is actually managed by individuals (Nguyen Nguyen, 2011). In manufacturer-distributor relationships, personal interactions talk about the communication at the individual level between distributors and manufacturers vital contact people (Ulaga, 2003). Furthermore, research has shown that personal interaction can play a critical role in distributors valuations of suppliers performance (Ulaga, 2003). As said by Kaufman (2012), automation is vital for growing and speeds up service in many industries. However, he added that when individual care or courtesy is required, customers require contact with real people. Once human energy fl ows and connects, good things can get completed and you can increase customer experience to your advantage (Kaufman, 2012). Scholars in marketing and organizational behavior are present giving increasing attention to the personal interaction among the customer and the employee on the frontline of service businesses (Mattsson, 1994). The personal interaction is recognized to be one of the important subjects in business and industrial marketing, both in terms of practice and theory (Mainela Ulkuniemi, 2012). Mainela and Ulkuniemi (2012) also stated in their journal that, personal interaction is also required to exchange social values and it may weaken the involvement of price in determining the behavior of the two parties. According to Pinnington and Scanlon (2009), business relationships are actually managed by individuals and there is extensive personal interaction in any business relationship (Pinnington Scanlon, 2009). Research has shown that a lot of companies are moving from transactional separate relations to relational ones (Nguyen Nguyen, 2011). In addition, Tho D. Nguyen, Trang T.M. Nguyen (201 1) said that, committed relationships are among the most durable because they are difficult for competitors to comprehend, to duplicate, or to relocate. Thus, scholars and practitioners have agreed that two-way relationships between buyers and sellers represent a source of competitive advantage (Nguyen Nguyen, 2011). Travel agent might look similar to a profession of the past, just like elevator operators and milkmen, however they are not merely hanging on, certain of them are successful. In actual fact, the February/March topic of Shop Smart magazine has a story on travel agents, saying that they are a lot better than online travel services (Williams, 2008). In the article title Travel agents: Hong Kongers prefer the real thing, Hong Kong travelers blame the online trend and continue to choose for humans when booking vacations (Li, 2012). Li (2012) also said that, Hong Kong is not a huge city; it is appropriate for people to make straight contact with travel agents as they are the expertise and backing that an offline travel adviser can convey additional value to the holiday. Travel agents will make sure that you will have an incredible experience on your trip. They are excited and will show their enthusiasm in helping you, their clients, have the best vacation possible (Bow, 2012). Travel profe ssionals are individually invested in seeing your trip come to be a success trip. This personal interaction with existent, live agents undermines the frequent dull experience of doing it yourself online (Bow, 2012). As soon as you book a trip or a holiday with a travel agent, you create a personal as well as a business rapport with that travel agent. If something goes incorrect, your travel agent is your personal representative who has an entrusted concern in resolving the problem to your satisfaction (Morris, 2012). According to Geoff Williams (2008), if you are afraid that you will need to change your flight or your travel plans at the last minute, a travel agent might be capable to talk to an airline directly and will save you away from those worries and stresses. Even though growing numbers of people turning to technology, specialists on both sides of the bureau are saying that there will always be a space for the human touch (The Syedney Morning Herald, 2007). Wherever travel agents remain incomparable is in their capability to offer a personal service. Naisbitt (2001) refers to it as high-touch, the antidote to high-tech. Moreover, it is becoming increasingly evident that agencies will need a high-touch high-tech strategy to satisfy the customers of the future (Naisbitt, 2001). A website cannot provide what the travel agent can offer such offering help, advice and also that personal touch to your travel planning experiences (McNally, 2007). According to the technology advisor Mary O Haver, the experience that travel agent has is part of the personal touch that travel agents can offer. Besides that, according to Hoffman (2012) who is an online travel expert and managing director of the worlds largest online travel agency, expedia.com.au, peo ple will always like to walk into a store and get personal service. He also said that, the more complex the trip, the more cooperative an experienced agent will be. He continued that, an agent can guide an inexperienced traveler over foreign travel or travel to exotic destinations. When travel in less developed tourism destination, the travel agents may have more knowledge of travel about that destination (Morris, 2012). Complicated arrangements like various destinations on one ticket or group travel might turn into difficult and an agent with experience can help (Morris, 2012). According to Olmsted (2012) in his article, between the several main advantages of high-powered agents carry to the table is individual connections and influence. If you have problems while you remain away, your travel agent is there to help you in resolving your concerns. If you make a booking with a travel agency, you are less likely to experience flight, city, or accommodation changes by the tour company, as they know the agent will be there to stand behind you (Travel Cafà © Inc, 2012). If you have at present reserved your trip but before you go to travel you want to adjust some details, your travel agency can assist you by get all the required steps complete, leaving you without the difficulty and confusion (McNally, 2007). Travel agencies take care of all travel particulars form reserving tickets to booking hotels that can give the tourist sufficient time to plan the travel (McNally, 2007). According to Donvan Lieberman (2011), the human touch that makes travel agencies different is when something goes wrong with our trip; we have someone to call or refer to solve the problem. Compared to persons who booked their accommodation or flight tickets online, there was no one for them to refer to help them resolve that situation. Secondly, according to them, travel agents are giving services by giving real information or their personal experience on the destination spots they send people to. They can also give travel tips that maybe useful where we cannot get them from online information. If a person booked online, if there is any mistakes happen during their bookings, they will have to carry the burden for themselves. But, using by the travel agents, they will do anything in order to personalize the needs and wants of their customer (Travel Cafà © Inc, 2011). Besides that, the travel agents are giving their specialized expertise that an individual does not have, or might fo rget during a trip. For example, visas, insurance, currency exchange and also custom regulation of a destination (Cole, 2009). Travel agents can help you to arrange and organize any compulsory official papers that you possibly will need in order to travel outside of the country (McNally, 2007). Rand McNally (2007) added that, travel agents know the necessary documents that you may need for your traveling such as visa and they can direct you to your local passport office too. Furthermore, travel agent can give extra services that an individual cannot get from online booking. One of the example is they have the ability to source and different travel experience and help to book hard booked restaurant (Talwar, 2011). Other than that, when you call with any problems during your trip, an online travel agency is not going to pick-up the phone but then a travel agent will remains to give you that personal care even though you are away (McNally, 2007). Building that personal relationship pro vides you the assurance that you can reliance on your agents expertise and no matter the situation, they will be around to assist you to find a resolution (Bow, 2012). Additionally, if you should have any enquiries after booking your trip, you know exactly how to contact your travel agent and can escape the uncertain FAQ section on a website (McNally, 2007). The services that serve with the human touch and worth deal will make the travel agency retain in the business. According to Geoff Williams in his article, he said that as soon as the tourism space getting bigger, you are going to have a choice in the middle of a thinking, helpful individual and a capable unfeeling internet site that does not surely care if you travel on Saturn whereas your baggage bursts into flames on Mercury. As for that, who are you going to trust? Smart Money magazine summarized the whole thing moderately well on the cover of the June 2007 edition. FORGET ONLINE! TRAVEL AGENTS GET BETTER DEALS. 2.2 NEGOTIATION POWER In general, negotiation mean bargaining process between two or more parties seeking to discover a common ground and reach an agreement to settle a matter of mutual concern or resolve a conflict (Business Dictionary.com). According to Fisher Ury in their book Getting to YES: Negotiating Agreement without Giving In, negotiating is a basic way in getting what you want from other people (1981). While in Oxford Dictionary, negotiation means discussion is aimed at reaching an agreement. In Women Are Getting Even (WAGE) website, they interpret negotiation as conversation between two parties in order to make an exchange. According to Rusk (2006), the meaning of negotiation is discussion intended to produce an agreement. It also can be referring as common solutions that used to make a decisions and settle down the problems (Moore, 2012), a process which is two or more parties attempt to agree on the rate of goods and services that they exchange (Robbins Judge, 2003). Conflict and negotiatio n are a fact of everyday work-life, yet it often produces anxiety (Cutts, 2012). The UK Border Agency has announced that there are still technical problems with online booking service (Kelly, 2012). This statement shows that sometimes online booking faced a problem such as lost record (Kirschbaum, 2009), security issues (Fane, 2010) and technical issues (Scoot, 2012). There are problems that faced by customer when they used online booking system. Despite the fact that all the respondents (except for one) use computers almost every day, 14% believe that booking online is not securing in general (Bogdanovych et al, 2006). Conflict happen because of these problems. Conflict happen when people did not agree with the issue, it will create a friction or tension between that individual or groups (Nahavandi, 1999). Negotiation is a process that examining the facts of situation, exposing the interest of both parties involved and bargaining to solve the conflict as many as possible (Moore, 2012). Negotiation permeates the interaction of almost everybody in the organization (Robbins Judge, 2003). According to Lucas (2008), conflict might occur because of differing perception, inadequate or poor communication and also contrary expectations. These problems often happen when dealing with customer especially in travel agency. In tourism industry, negotiation is an important process to gain a mutual agreement of something, especially for the travel agencies. It is crucial for them to confirm what their customer wants and need. Through negotiation conflict between travel agency and customer can be reduced. Negotiating through areas of conflict can often lead to win-win situations agreeable to parties, reducing ill felling and conflict (Queensland Government, 2011). Travel agents have the negotiation power because they have maximum choice to offer to their clients (Travel Cafà © Inc 2011). This means they have variety of choices that they can get from their travel suppliers and they can give us the best deal with best value of possible. Online booking lack of firsthand knowledge and rarely gives customer opportunity to speak with someone knowledgeable about service that they are booking (Morelock, 2012). The clients and travel agents can assists us to get what we need in our vacation and help us to get the best offer. Online booking allows customer to make all travel plans on the Internet means they can do it any time of the day or night at home or while theyre on their lunch break at the office (Oakley, 2012). It is true when we are doing booking online we can make a booking everywhere and anytime, where it will be more convenient to us, but we cannot negotiate the price of the tourism product that we wish to book. If we are negotiating with travel agents, we have the chance to get lower prices as possible. Price negotiation usually occurs during purchasing of materials or supplies (Francois, 2012). For example, if a travel package to Cameron Highlands costs about RM300 for two nights, the clients can negotiate to get the lower price and finally they will get the offer around RM250 only. With negotiations, both parties will receive their own benefits and it is a win-win situation (Rusk, 2006). When customer asks an agent to negotiate, means customer are essentially asking the agent to subsidize t heir vacation (Brock, 2009) but through online system, customer had no change to negotiate with an agent because the price is fixed. The Marriott International, Hilton Hotels, Sheraton Hotels Resorts and others was charged in San Francisco Federal Court on charges conspired to use their market dominance to fix the hotel prices with travel websites like Travelocity, Booking.com and Expedia, a subsidiary of Priceline.com From this case we can see that customer cannot negotiate the price because the price is fixed. The aim of the negotiations is to decide the price that is acceptable for both parties (Francois, 2012) From price negotiation process it becomes bargaining process. Negotiations commonly follow a process of positional bargaining (Cutts, 2012). Oxford Online Dictionary give two interpretation of bargaining, the first is an agreement between two or more people or groups as to what each will do for the other. The second is a thing bought or offered for sale much more cheaply than usual or expected. There are two types of negotiation which are distributive bargaining and integrative bargaining (Robbins Judge, 2003). Distributive bargaining also called claiming value, zero-sum or win-lose bargaining is a competitive strategy that is used to decide how to distribute a fixed resource such as money (Spangler, 2003). Honeyman (2012), interpret integrative bargaining as one of platform which party try to understand interests of another party, on the expectation that it will helping the opponent to create solution as responsive its own concerns. According to Tewart (2012), many times people say they dont like to negotiate (bargaining) yet, they still shop around and never pay full price. The word bargaining here does not only mean price negotiation, it is a much differentiated and broader term (Management Study Guide, 2012). Customer also can bargain to build his or her own trip with or without help from a customer care executive (Agarwal, 2012), asking whether travel agency offer travel insurance (trip Travel Responsibility Informed Protected, 2012) and a customer can seek redress under certain circumstances commonly referred as the right to repair, replacement or refund (Government of South Australia, 2011). These are things that customer can always bargain with travel agencies. The freedom for the customer is restricted when they make booking through online system. Customer cannot confirm their specific requirement when make the online booking through the hotel reservation system (Vyas, 2010). For example, when they make booking through hotel reservation system and they have something that they dont understand, there is no place for them to raise the questions. According to Lloyd, booking online doesnt have individual to deal with booking process, it leaf to customer to read and understand the complicated terms and conditions. One of the advantages of booking direct with the hotel, by phone or email, is that customer can request a specific room of the hotel and they cannot normally do that online or with an agent (Trend, 2010) According to Tewart (2012), most people act in their best interest and most people who say they dont like negotiating, actually still want to. This statement shows that customers still love to negotiate and online booking system prevent them from doing it. Negotiation is needed in order to secure the resources required for successful project completion (Evans Lindsay, 2008). Through negotiating win-win solutions with customers, it will not only give your company the best chance to succeed but will also create relation between customer and your company for future sales opportunities (Douglas, 2003). Negotiation also can increase clarity about the problem, can lead to innovative breakthroughs and new approaches, involvement in conflict can sharpen approaches to bargaining, influencing, competing and also can focus more attention on basic issues and lead to solution (Wertheim,1996). Solving problems that arise in negotiations is an integral part of collective bargaining. The first task is to recognize what is the problem that occurs and the secondly, is to decide what strategy should be taken to solve the problem (Anon, 2012). According to Goodale (2007), negotiation is one of the most important parts in business as well as one of the most interesting parts of professional purchasing

The Diary of Anne Frank Thanks to the Nazis :: Anne Frank

The Diary of Anne Frank   Thanks to the Nazis The Diary of Anne Frank Journeying back to the early nineteenth century, when Nazi forces occupied Germany during World War II, the lives of those living in this territory was spent in constant fear and anxiety. The Diary of Anne Frank leads readers through the harsh times of a family trying to escape imprisonment in concentration camps by Nazi soldiers, where death was almost certain. Born on June 12, 1929, Anne Frank was a German-Jewish teenager who was forced to go into hiding during the Holocaust. She and her family, along with four others, spent 25 months during World War II in an annex of rooms above her father's office in Amsterdam, the Netherlands. During the two years in hiding which Anne refers to as "a time when the ideals are being shattered and destroyed, when the worst side of human nature predominates, when every one has come to doubt truth, justice and God (pg.327)." Anne kept a diary that was given to her by her father, Otto Frank, on her birthday. Between June 1942 and August 1944, from Anne's thirteenth birthday until shortly after her fifteenth birthday, Anne recorded her feelings, her emotions, and her thoughts, as well as the events that happened to her. "†¦[I]deas, dreams, and cherished hopes rise within us only to meet the horrible truth and be shattered†¦yet in spite of everything I still believe that people are rea lly good at heart (pg. 327)." The diary is an accurate record of the way Anne grows up and matures, in the unfortunate situation she found herself. Given the circumstances in which the novel is written Anne gave a very vivid description of her surroundings and the feelings she encountered throughout her ordeal. The novel displays the grief and frustration that is experienced throughout the time spent in hiding. The emotions of the situation are captured in the text and gives validity to the pain and frustration encountered. Despite the amusing and enlightening side of the diary, that documents the process of her adolescence, it also provides a vividly terrifying description of what it was like to be Jewish hiding during the time the Nazis sought to kill all the Jews in Europe. After two years of living in the "secret annex", behind a bookcase, and having to be extremely quite during the day so that the workers in the office and warehouse below could not hear them the family was captured.

American Association for Medical Assistants

AAMA Mission Statement The mission of the American Association of Medical Assistants is to provide the medical assistant professional with education, certification, credential acknowledgment, networking opportunities, scope-of-practice protection, anAAMA/MSMA Code of Ethics & Creed AAMA Medical Assistant Code of Ethics The Code of Ethics of the American Association of Medical Assistants shall set forth principles of ethical and moral conduct as they relate to the medical profession and the particular practice of medical assisting. Members of AAMA dedicated to the conscientious pursuit of their profession, and thus desiring to merit the high regard of the entire medical profession and the respect of the general public which they serve, do pledge themselves to strive always to: ender service with full respect for the dignity of humanity; respect confidential information obtained through employment unless legally authorized or required by responsible performance of duty to divulge such information; uphold the honor and high principles of the profession and accept its disciplines; seek to continually improve the knowledge and skills of medical assistants for the benefit of patients and professional colleagues; participate in additional service activities aimed toward improving the health and well-being of the community. ——————————————————————————- AAMA Medical Assistant Creed I believe in the principles and purposes of the profession of medical assisting. I endeavor to be more effective. I aspire to render greater service. I protect the confidence entrusted to me. I am dedicated to the care and well-being of all people. I am loyal to my employer. I am true to the ethics of my profession. I am strengthened by compassion, courage and faith. AAMA/MSMA Mission Statement AAMA Mission Statement The mission of the American Association of Medical Assistants is to enable medical assisting professionals to enhance and demonstrate the knowledge, skills and professionalism required by employers and patients; protect medical assistants' right to practice; and promote effective, efficient health care delivery through optimal use of multiskilled Certified Medical Assistants (CMAs). AAMA Services Introduction Publications Certification and Recertification Continuing Education Right-to-Practice Monitoring Member Discounts Group Insurance Annual Conference Networking Opportunities Join Now and Start Making a Difference The key to enjoying the advantages of AAMA membership is belonging. Find out how to become a member. The entire enrollment process takes just a few minutes, but you'll reap a lifetime of benefits. Employment of medical assistants is expected to increase much faster than the average for all occupations as the health services industry expands due to technological advances in medicine, and a growing and aging population. It is one of the fastest growing occupations. Your numbers are growing. The demand for your unique expertise is increasing, as are the complexities of your profession. The American Association of Medical Assistants (AAMA) is here to keep you abreast of changes in the health care delivery field, to protect your right to practice, and to help make your job easier. We're growing with you. Thousands of medical assistants join the AAMA each year. The AAMA is the only association in the world devoted exclusively to the medical assisting profession. Since its inception in 1955, membership has expanded to over 325 local chapters, spanning 43 states. AAMA members are your peers and colleagues. They comprise practicing medical assistants, medical assisting educators, students, and others interested in the profession. In addition, scores of physicians serve the AaMA at the chapter, state and national levels. When you join the AAMA you are investing in your career and your future. And, you are strengthening an association that has your professional interests at heart. Publications that Tap the Knowledge of Experts AAMA members automatically receive a subscription to CMA Today, the association's bimonthly publication, which provides educational articles, current medical news, health policy updates, and association happenings. Members also receive discounts on the AAMA's self-study courses, written on topics pertient to medical assisting. Certification and Recertification: To Demonstrate Knowledge of the Profession The AAMA Certifying Board awards the prestigious CMA (AAMA) credential to graduates of CAAHEP- or ABHES-accredited medical assisting programs who have successfully completed the CMA (AAMA) Certification Examination. The examination is administered by the highly respected National Board of Medical Examiners. It is mandatory for a CMA (AAMA) to recertify every 60 months to demonstrate knowledge and keep their CMA (AAMA) current. The recertification requirement can be met by examination or through continuing education. A CMA (AAMA) employed or seeking employment must have current certified status to use the CMA (AAMA) credential in connection with employment. Continuing Education: Strengthen Professional Skills and Advance Knowledge Local chapters and state societies of the AAMA sponsor seminars and workshops on the latest administrative, clinical and management topics. On the national level, AAMA offers CMA Today continuing education articles, conference workshops and self-study courses. All offer the opportunity to earn AAMA continuing education units (CEUs) for recertification credit and professional growth. Right-to-Practice Monitoring The AAMA's legal counsel works diligently to protect the medical assistant's right to practice. Member Discounts Attractive member rates are available for workshop and seminar fees, self-study courses, credit cards, loans, conferences, and more. Group Insurace Members receive special rates for professional liability, life, cancer expense, disability income, catastrophic health care, accidental death and disability insurance. Annual Conference The AAMA conference is packed full of continuing education workshops that carry CEU credit for topics targeting aspects of the profession and appealing to the medical assisting clinician, administrator, manager or educator. Networking Opportunities Participation in the AAMA provides members with the opportunity to share and learn from peers right in their own community and nationwide.

Future of the US Healthcare System and the Effects on the Practice of Hand Surgery.

The authors of the report stated in the paper that no commercial party will benefit from the results of the report. This gives the reader an idea that the results of the report are unbiased and are not for the benefit on one party alone. Although the entirety of the paper is straightforward with regards to the current status of the healthcare system in the country, the suggested solutions were still broad and indefinite. Current problems in the healthcare system in the United States were examined in the recent report.Possible solutions to the identified problems were proposed as to also address the pressing need to have equal access to proper and quality healthcare. Sixteen percent (16%) of USA's GDP is allotted for healthcare expenditures, unfortunately this is not directly related to quality and equality of access in comparison with other countries. With this regard, many proposals were made to improve the system. In addition, healthcare professionals believe that hand surgery has a lot to offer in providing answers to the identified problems.The history of the healthcare system was also presented to give a background on the system. The system of having a universal system was initiated by President Roosevelt in the 1930s, which evolved from a primarily nonprofit system to one that recognized the great opportunity for profit. Through the years, there was an exponential increase in healthcare costs attributed to ‘defensive medicine' and advancing diagnostic and pharmaceutical technology. With these problems, the authors of the report advise that the future of health care system in the USA may be leaning towards a more cost-effective system.Policy makers would like to take advantage of existing programs such as Medicaid or Medicare to expand the coverage of healthcare. It is foreseen that either (a) private insurance companies will no longer be on business and the government will be the one responsible for health care distribution for all or (b) private co mpanies will remain to be existent to give the public the choice on which health care provider they prefer. After reading the article, one is still left questioning what really is next for the health care system in the country.The undesirable reality has already been exposed and most people already know the disadvantages of the current system. The proposed new system of abolishing the private insurance companies to make way for the government to handle health care is a little too unrealistic. The country is being ran by the capitalists and removing these big companies will cost the country jobs and millions of dollars of losses. The author also had some points that campaigning and pushing through with the slogan â€Å"healthcare for all† is impossible.I personally think that this statement is untrue since a lot of nations have already implemented this as in the case of England and Cuba. Overall, the report is comprehensive and informative enough to be read and evaluated by pr oper authorities. They can review this and provide considerations for future policies to address the problems and improve on the existing healthcare system. Pushman, A. G. & K. C. Chung. â€Å"Future of the US Healthcare System and the Effects on the Practice of Hand Surgery. † American Association for Hand Surgery 2009 4:99-107.