Changing us marketing stratges by pharmaceutical companies - Free Essay Example

Abstract Pharmaceutical companies spend large sums of money in the time-consuming research and development of new drugs and the new classes of drugs. Each company marketing in the US seeks the possible payoff of staggering high profits which is possible on their patented medicines. Because of the lack of price regulation in the marketing environment in the United States, the United States has become a premium sales market targeted by all pharmaceutical companies. This explains the continued willingness of each pharmaceutical company to persist through the entire long process of idea, creation, development, testing, approval, marketing and distribution despite the high possibility of product failure. The pharmaceutical companies have had to additionally contend with more US federal FDA rules, regulation and oversight in the United States for the entire process before receiving clearance to start marketing their drug product. Other influences like HMOs and Social Security cap limits affect profitability structure. Over the last fifty years newer marketing strategies by pharmaceutical companies on prescription drugs include a directive appeal to the end consumer to increase the odds of making corporate profits and a marketing focus on social and internet interaction. Introduction Pharmaceutical companies produce specialized medical drug material designed to fill a need. These pharmaceutical companies are usually multinational operations located in key countries around the globe. Many have grown to become complete facilities that attempt to do the entire spectrum of research, develop, test and finally market the subject drug in order to reap the whole benefits possible from the entire cycle (Kaitin, 2010). The pharmaceutical industry has shown over time that they have the capability to increase consumer perceived value with their unique drug products using their own successful plans for timely marketing. But because of these old and new factors causing cumulative hurtles, a new trend in marketing in the pharmaceutical industry is now to additionally market direct to the customer, for example: TV advertising spots showing a new superior drug product which has special features making it directly appealing to a consumer. Changes in basic marketing structure tacti cs will be evaluated for the key levels of pressure from these internal and external factors as these pharmaceutical companies seek to address continuing ongoing product failure rates, increasing US regulation and the ever present potential competition from others inside their own industry. This trend has been a natural development over the last hundred years or so. This is reasonable because the same research that produces one drug may produce an entire class of drugs for market. Confidentiality, control, patents and oversight give these pharmaceutical companies the oversight. It also allows each pharmaceutical company to keep maximum control of all their connected environments. And by controlling these the final marketing each company achieve continues the cycle of giving the most control over the drug for the marketing campaign. The drug industry often competes worldwide and on different economic levels but in some specific territorial markets like the United States, pricing structures are not preset by the government and therefore the free market sets its own competitive standards for pricing giving the possibility and most often the probability of higher drug prices with the resultant bigger profit level opportunities. However these are offset by rigorous structural standard guidelines set by the FDA that must be complied with for any drug sold or marketed to the US public. In the past, drug companies in United States, marketed to doctors, hospitals, nursing homes and sometimes middleman companies as transitional handlers of the newest product. Marketing drugs in the United states has now changed as developers are now targeting consumers directly through television spots, online advertising and in print ads. The direct appeal is to make the end point consumer aware of the name of the drug and its benefits. The object is to have the consumer become familiar with the trade name, ask for the drug directly from their doctor thus boosting the initial sales of the new product and creating a ready market. Industry History Marchetti Schellens (2007) outline the structures of development showing it to be complex and expensive. Not only does the potential class or specific drug have to be discovered or created, it has to show promise for certain illness or disease, then pharmaceutical research can proceed through certain phases. Pharmaceutical companies have a history of costly product failures. Generally theres three clinical phrases and all this can take upwards of 15 years to complete. Additionally the FDA has trended over the last decade to creating higher pressures against drug companies by not approving as many new drugs for marketing. The probability odds are that any specific drug in early clinical phase has only 8% chance or less of ever becoming public (Food and Drug Administration, 2006) (Kummar, 2007). In the United States the U.S. Food and Drug Administration (FDA) has sought to control the drugs available to Americans because of the number of tragedies that have resulted in birth defects o r deaths. The most highly publicized incident was in the mid-1960s and the drug was called thalidomide which for pregnant women often resulted in severe birth defects. As an end result of public outrage creating governmental pressures, the pharmaceutical companies are overseen at all levels and must now successful clinical trials. Lamb(1998) writes that testing protocols have been standardized and once clinical trials are completed there is a analysis period with the end result being an application to the FDA called an NDA ( new drug application) which contains all the technical information. Over the last forty years (1970s -2010) and now in 2011 differential forces are in opposition to the ends of pharmaceutical companies. Environmental and safety issues, new technologies, mergers and the rise of managed care and health maintenance organizations (HMOs) have all effectively changed the environment thats pharmaceutical companies operate in. additionally in 1997 the FDA changed regulations relating to the presentation of risk level. This action in the United States opened the door for pharmaceutical companies to directly market to the public .This freedom for the pharmaceutical companies is offset by the FDA still having oversight surveillance of the specific phases and clinical approval. The FDA must approve the drug. After the drug is marketed there is oversight for continued compliance by the pharmaceutical companies to ensure a low-level of side effects during marketing. Post approval by the FDA comes solely after this period (Silverman, 2011). Pharmaceutical company spending on marketing exceeds that spent on research.[3][22] In 2004 in Canada $1.7 billion a year was spent marketing drugs to physicians and in the United States $21 billion were spent in 2002.[4] In 2005 money spent on pharmaceutical marketing in the US was estimated at $29.9 billion with one estimate as high as $57 billion.[3] When the US number are broken down 56% was free samples, 25% was detailing of physicians, 12.5% was direct to consumer advertising, 4% on hospital detailing, and 2% on journal ads.[4] In the United States approximately $20 billion could be saved if generics were used instead of equivalent brand name products.[3] Although pharmaceutical companies have made large investments in marketing their products, overall promotional spending has been decreasing over the last few years, and declined by 10 percent from 2009 to 2010. Pharmaceutical companies are cutting back mostly in detailing and sampling, while spending in mailings and print advertising grew since last year.[23] Historical Marketing Pharmaceutical companies have employed various methods of marketing their products and this idea can be understood by the phrase How would you like to be in an industry where your buyers are uninformed about your product and almost 100 per cent insensitive to its price? (The Business Edge Consortium, 2010). For many decades this was true. Around the mid 80s this started to change The result of these industry conditions was impressive profit growth through the middle of the 1980s. With significant barriers to entry, docile suppliers, powerless buyers, almost no threat of substitutes, and little rivalry, the pharmaceutical industry in the 1980s was just about as perfect an industry as one could imagine. Given its attractiveness, the industry attracted the attention of genetic and molecular biology scientists and the venture capital community, who saw its appeal and thought their revolutionary approaches to drug therapy could attract enough money to overcome the formidable entry barrier s the industry enjoyed. Thus, as scientific advances in biotechnology took hold, numerous entrepreneurial companies like Genentech and Amgen were founded to commercialize new scientific breakthroughs. Genentech, the first biotech firm having commercial success, developed a protein that broke up blood clots. Amgens famous molecular biology used recombinant DNA to produce erythropoietin, a hormone that increases the supply of red blood cells in anaemic patients under treatment for cancer and other diseases. By 2000, erythropoietin was generating $2 billion in sales and another $3 billion in licensing revenue for Amgen. Both of these new entrants fared very well in this attractive industry:Genentech went public in 1980, and by 2001 its shares had appreciated 2700 per cent since its IPO. Amgen shares, first offered in 1983, soared more than 16,000 per cent. Starting in the mid-1980s, the barriers to enter the pharmaceutical industry began to show cracks. New legislation made it easier for generic drug companies to enter the market. In the USA, the 1984 Waxman-Hatch Act, which changed the rules for generic drug manufacturers, reduced the barriers to generic entry. Instead of having to prove the generic drugs safety and efficacy, the act required companies only to prove their formulas were equivalent to that of the brandname drug. The subsequent growth in generic drugs was profound. By 1996, generic drugs accounted for more than 40 per cent of pharmaceutical prescriptions. Aside from the influx of generics, the pharmaceutical companies also saw a wave of biotechnology competitors enter their industry Genentech, Amgen and many others suggesting that economies of scale meant less than they used to, and that barriers to entry, while still high in absolute terms, were dropping, thanks in part to the availability of venture capital. Further, the biotech companies new science-focused research model, known as rational drug design, stood the traditional approach to drug discovery on its head. These drug companies worked backwards from known disease biochemistry to identify or design chemical keys to fit the biochemical locks of that disease. Traditionally they employed very effective strategies that includes educational sponsorship to cover the costs of continuing instruction for top medical personnel, sponsorship of articles in well-respected journal publications, providing free drugs samples to doctors and promotional gifts that include a corporate logo or specifics about a drug the idea behind the promotional marketing is to simply connect the new drug with an old medical symptom and encourage the writers of the prescription to fulfill the marketing cycle. Promantally pharmaceutical samples are still given out to doctors as a promotion and marketing tactic and it works (Alexander, Zhang Basu, 2008). A few generations ago these forms of marketing worked well for the pharmaceutical companies. However circumstances have changed. The FDA seeks to discourage the intimate connection between pharmaceutical companies and their pharmaceutical representatives is the connection to the doctors prescribing medicines, these days d octors see more patients and fewer pharmacy drug representatives, additionally there is a continuing trend by hospitals, doctors and pharmacies towards being conservative in their recommendations and prescriptions because of lawsuits of all kinds (Pharmaceutical Industry History, 2007). Medical drug malpractice suits in the US are rising. Fiscus (2008) writes that In the United States, the growing use of DTC advertising has raised challenges to one of the strongest defenses available to drug manufacturers against failure to warn allegations in product liability suits for prescription drugs and medical devices: the learned intermediary doctrine. Under this doctrine, a manufacturer fulfills its duty to warn by adequately informing a learned intermediary, typically a physician. Current Marketing .In 2010 the global pharmaceutical market is worth over 825 million with a large percentage of this comes from newer and mature drug products and there are over 100,000 health-related websites (The Business Edge Consortium, 2010). The statistics show that marketing by pharmaceutical companies is changing because of external pressures. There has been a dramatic rise in U.S. physicians routinely using d the web to check or research information making the relevance of digital promotion all the more important Pharmaceutical companies have risen to the changing challenge of Internet marketing and now promote and advertise doctor friendly physician and customer service online portals like PubMed, the U.S. National Library of Medicine, National, and Physicians Interactive (Kaitin, 2010). Pharmaceutical marketers are relying more on connecting digital medical information to their target audience through focused marketing, interactive social media campaigns, and cell and mobile linked advertising all targeted to connect to the 145 million + U.S. adults who go online for health answers . The old saying time is money is accurate in the case of pharmaceutical companies as it takes upwards of 15 years to develop a potential drug which only has a 8% probability of getting out of trials and going to market. Therefore it is a necessity to carefully control costs and expenses where possible. One major area of expense has been having marketing representatives which were costing out as high as15 to 20% of a pharmaceutical companies annual drug product revenues. As pharmaceutical company overall expenses and costs have additionally escalated over the last few generations there is a need to reduce expenses down where possible. So the switch from costly pharmaceutical representatives to cheaper graphic marketing is easily understood. Finkelstein (1997) wrote that Competitive and technological changes in the pharmaceutical industry-from powerful new drug chemistries to innovative RD partnerships and marketing plans-are reshaping the business strategies of many pharmaceutical and biotechnology companies Given these cost pressures it is understandable that the pharmaceutical companies are looking for better ways to market their drugs. The newest strategy is now to promote what is known as marketing blockbuster medical drugs directly to the consumer public. The idea was to empower the consumer. Right now only the United States and New Zealand allow pharmaceutical products promoted by DTC (Pharmaceutical Drug Manufacturers, 2011). When an individual consumer requests information and the medicine by name by their Doctor some of the responsibility while also applying pressure on the doctor to prescribe the new medicine. Additionally both the small and large pharmaceutical companies are now using digital media to promote their products. From TV and cable to Internet ads consumers are constantly being made aware of the virtues and minor drawbacks of a number specific pharmaceutical drugs. The reasoning behind this strategy by the pharmaceutical companies is relatively simple, if they can promote their products and make its trade name and cure synonymous with the ongoing medical complaint in the publics mind, then they can create momentum utilizing the end customer. Another reason for doing this is to get any of their major blockbuster drugs to pay for the company costs for their other company made drugs sold in smaller volumes Another reason for marketing these blockbuster drugs as to make a success of these drugs synonymous with the company name creating consumer goodwill towards the next product. The latest trend is for reduction in the number of blockbuster drugs and pharmaceutical companies delvin g back into their former research to find potential missing new specialized drugs, .this can be seen clearly by the reduction in applications to the FDA showing ever reducing numbers of new drugs. Another complication that pharmaceutical companies must contend with is the ever-growing number of over-the-counter substitutes (OTCs) that the consumers choose to purchase as an alternative. Over a period of 20 years Naprosyn was widely prescribed as an arthritis remedy but now is available as an over-the-counter drug. A whole spectrum of drugs from arthritis to antihistamines are now available without prescription providing relief to customers but adding little to the economic bottom line of pharmaceutical companies that originally developed these drugs. Another complication in drug marketing is the force exerted by HMOs on doctors and what doctors prescribe .Generally the majority of HMOs are not big on covering high prescription costs for new medicines recently brought to market. The economics are easily understandable because it is not about a single client which needs a single drug but the numbers are multiplied by the potential hundreds of thousands. Therefore HMOs seek to be conservative. And because of that they create a potential customer roadblock for pharmaceutical companies with the new drug on the market at a very high price. Because of the HMO will not cove r the price then the customer must, which generally means the consumer settles for less than the newest product. managed care organizations (MCO), compared with 5 per cent of the US population covered in 1980. These MCOs typically provided full coverage for prescription drugs. But, because of their sheer mass, these institutions had considerable bargaining power with drug companies If present industry overview is taken into consideration then the global pharmaceutical market in 2010 is projected to grow 4 6% exceeding $825 billion. The global pharmaceutical market sales is expected to grow at a 4 7% compound annual growth rate (CAGR) through 2013. This industry growth is driven by stronger near-term growth in the US market and is based on the global macroeconomy, the changing combination of innovative and mature products apart from the rising influence of healthcare access and funding on market demand. Global pharmaceutical market value is expected to expand to $975+ billion by 2013. Different regions of the world will influence the pharmaceutical industry trends in different ways. https://www.da-group.co.uk/index.php?option=com_contentview=articleid=31%3Amicro-and-macro-environmentscatid=2%3Amarketing-lecturesItemid=3 CURRENT CHALLENGES FOR THE RESEARCH-BASED INDUSTRY To understand why business as usual is no longer an option for the research-based drug industry, it is worth considering some of the myriad challenges that drug companies currently face. At the top of the list is the upcoming onslaught of patent expirations of many highrevenue- generating branded medicines. Between 2009 and 2012, worldwide sales for these products will exceed $112 billion (Table 1). Included in this list are 36 blockbusters (drugs with annual sales of $1 billion or more). Some important examples include Singulair (montelukast), with more than $4 billion in annual sales (patent expiration in 2012); Plavix (clopidogrel), with more than $8 billion in annual sales (patent expiration in 2011); and Lipitor (atorvastatin), with an industry-leading $13.7 billion in annual sales (patent expiration in 2010). Given that only 3 in 10 new products, on average, generate revenues equal to or greater than average industry RD costs,1 the loss of patent protection on these blockbuster s represents a very real threat to the industrys ability to sustain its own growth. Without question, many of the large pharma mergers and acquisitions announced in 2009 reflect the industrys desire to avoid the imminent danger of the patent cliff, rather than an interest in enhancing RD capabilities or scope. The current environment for innovation presents formidable economic, regulatory, and political challenges for the research-based pharmaceutical industry. In particular, the growing time, cost, and risk related to drug development are stubborn obstacles to filling industry pipelines and boosting the output of new pharmaceutical and biological products. Presented here is a model of an innovation network. Although structures may vary, the innovation network offers the best mechanism to ensure viability and economic success for all sectors of the pharmaceutical and biotechnology industry, as well as the uninterrupted flow of innovative lifesaving and life-improving medicines for waiting patients. The Rise of Contract Research Organizations Clinical trials are administered by investigators at hospitals, academic institutions or managed sites. The investigators find and enroll healthy and symptomatic volunteers, each of whom is required to sign an informed consent acknowledging acceptance of the drug and its potential side effects. The testing protocol and informed consent form are monitored by Institutional Review Boards (IRBs) in the sites where the trials are conducted. In essence, the IRB acts as an ethics committee to ensure the safety of patients and volunteers. Once clinical trials are completed, the data are subjected to biostatistical analysis over a 6 to 12 month period.3 If the data yield promising results, the sponsor seeks final approval though a New Drug Application (NDA). The NDA must contain all scientific information the sponsor has gathered and typically fills 100,000 pages or more.4 During the review period, the FDA assesses the safety and effectiveness of th e drug, the manufacturing process, and the risk-benefit calculus.5 By law, the FDA has 180 days to either approve the application or notify the sponsor of the opportunity to request a hearing on the merits of the application.6 In practice, however, the FDA review process takes more than two years; in 1996, for example, the mean approval time for NDAs was 17.8 months, down from over 30 months during the late 1980s.7 Following approval, the FDA may require additional post-market research. Post-market surveillance regulations require the sponsor to collect and periodically report additional safety and efficacy data.8 In addition, the FDA may request further clinical research (Phase IV) to find new uses for the drug, test dosage formulations, compare the drug to competitors treatments, and assess long-term effects.9 Finally, pharmaceutical Conclusions A continuous call for ethical standards by pharmaceutical companies that market in the United States is often put aside because company marketing and business model of making profits matter more.(Pharmaceutical Drug Manufacturer, 2011). Brezis (2008) writes that the US public will lose out in the long run because the pharmaceutical companies are more focused on marketing and profits than about public health. Drug trial deaths still happen and have been described as a trade secret. It is not just one of the big pharmaceutical companies by Johnson Johnson, Merick and others whose own safety documents raise concerns that are buried in stacks of papers while marketing continues (Brezis, 2008). But this is offset by the ability of both the doctor and patient to use the Internet to search out the detailed information and become truly informed. Each of them can then make an informed decision about the benefits and potential drawbacks of using pharmaceuticals.

Chinese America †The Perseverant Underdog Essay - 1302 Words

Since the birth of America, many different people from all around the world flocked to North America in hopes of making a good life for themselves, or their families. Many came from the west, as well as a large amount came from the east. Most of these eastern immigrants hailed from China. These people were welcomed with open arms and kindness for a short time, at least at first. Afterwards, there was a long period of racial tension, due to social differences. How did the Chinese immigrants integrate themselves into the American culture, and what difficulties did they face? One thing is sure; the Chinese have stood fast throughout history, and made their place in American society. Before arriving anywhere near the United States, the†¦show more content†¦Unfortunately, there would be people who would seek to take advantage of these immigrants, assaulting them with unfair or unsafe work conditions. They also had to contend with those who perceived them and other Asian people as a threat, to their society and their job market. (Cao Novas XIII) Eventually, the nation felt the Asian workforce was no longer needed, and thus created the Asian Exclusion Act of 1882, among a long list of various acts that would keep Asian immigrants from coming to America. Not only were they no longer allowed passage into the nation, they also struggled with the right to equality, courtesy, consideration, and dignity. They were â€Å"allowed† to work for little pay, and then were mistreated, for no real justifiable reason. Even worse, they couldn’t invite and bring over their loved ones from their homeland. Thus, many Chinese Americans who were alone remained alone. (Cao Novas XIII) Perhaps the largest source of labor for the Chinese Immigrants was the construction of the Transcontinental Railroad. It was in 1862 that Congress called a massive railroad to be constructed, linking the east to the west. Large amounts of Chinese applied for the jobs that were called for during the construction of the Transcontinental Railroad, many of them hired immediately upon arriving from China. Having a reputation for being awesome, dependable laborers, many of them were

The Meaning of La Nuit in French S

La nuit, meaning night or dark(ness), is pronounced nwee. It is a frequently used French  intransitive noun that most often describes that part of the day when its dark, but its quite common, too, to hear it used figuratively, as a symbol of something dark or fearsome. Expressions Given that night is an unavoidable fact of our lives every single day, its natural that la nuit is used in so many idiomatic expressions. Here are a few: Bonne nuit.  Ã¢â‚¬â€ Good night.Il fait nuit. — Its dark.Passer une bonne nuit — to have a good nights sleepUne nuit blanche /  une nuit dinsomnie — a sleepless nightUne nuit bleue — a night of terror / a night of bomb attacksUne nuità ©e — an overnight stayLa nuit porte conseil. — Lets sleep on it.La nuit tous les chats sont gris. (proverb) — All cats are grey in the dark.La nuit tombe.  Ã¢â‚¬â€ Its getting dark.Rentrer avant la nuit  Ã¢â‚¬â€ return before dark / nightfallÀ la nuit tombante, à   la tombà ©e de la nuit  Ã¢â‚¬â€ at dusk,  at nightfallSe perdre dans la nuit des temps  Ã¢â‚¬â€ to be lost in the mists of timeCest le jour et la nuit  !  Ã¢â‚¬â€ Its like night and day!Une nuit à ©toilà ©e  Ã¢â‚¬â€ a starry nightFaire sa nuit  Ã¢â‚¬â€ sleep through the nightLa nuit de noces  Ã¢â‚¬â€ the wedding nightToute la nuit  Ã¢â‚¬â€ all night longToutes les nuits — every nightLa nuit d e la Saint-Sylvestre  Ã¢â‚¬â€ night of New Years EvePayer sa nuit  Ã¢â‚¬â€ to pay for the nightAnimaux  de nuit  Ã¢â‚¬â€ nocturnal animalsPharmacie de nuit — all-night pharmacy, 24-hour pharmacyTravailler de nuit — to work the night shift, to work nights Parts of the Day (le Jour) Lets make the tour of one 24-hour period, beginning in the middle of the night, when  il fait nuit noire,  its pitch-black. Chaque jour (every day) as the sun starts to come up, the day begins to go  through the following stages:   laube (f) — the dawnle matin — the morningla matinà ©e — all morning, the morningla journà ©e — all day long, the day, the daytimele midi — noon, 12 p.m.laprà ¨s-midi (m) — the afternoonle crà ©puscule — dusk, nightfallle soir — the evening, nightla soirà ©e — all evening, eveningla veille  de — the eve ofla nuit — the nightle minuit — midnight, 12 a.m.le lendemain — the next day

The Impact On The Women s Suffrage Movement - 1339 Words

And the Impact on the Women’s Suffrage Movement Of all the issues that were in the middle of reformation mid 1800’s, antislavery, education, intemperance, prison reform, and world peace, women’s rights was the most radical idea proposed. The Seneca Falls Convention of 1848 was a rally held by Elizabeth Cady Stanton with the common goal to eventually achieve equal rights among all citizens. Frederick Douglass, who became an acclaimed activist in the African American Equal Rights movement, accompanied the movement. Moreover, The Declaration of Sentiments was a document that reflected the ideals of the Declaration of Independence, reiterating the sentiment from the Bible that â€Å"all men [and women] are created equal.† Concurrent to the publication of this document, for the first time, women insisted that they were men’s equals in every way. The Declaration of Sentiments was pivotal in Women’s history, although it was not given credit until the late 20th century. However, immediately after the Dec laration of Sentiments was published, women and activist groups were inspired to take action towards rights for all underprivileged American citizens. The convention took place in a small town in upstate New York, which was home to four of the five people who organized the gathering. (DuBois, 1999, p. 45) This was the first time female equality was discussed in a public place. The Seneca Falls Convention of 1848 was one of the most important events in women’s rights history. Along withShow MoreRelatedWomens Movement Impact1449 Words   |  6 PagesThe Women s Movement, including the Women’s Rights Movement and The Women’s Suffrage Movement, had a significant impact on U.S history. In order to understand if the movement met the set goals, we must look at what the value of women is today. Politically, new laws and amendments were passed to support women and their rights. Socially, women became more respected and accepted. 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Thesis About English Proficiency Among Bshrm Students

Level of English Proficiency and Communication Skills among BSHRM CSTA Students: an Assessment A Thesis Proposal Presented to the Faculty of the Colegio De Sta. Teresa De Avila Foundation Inc. In Partial Fulfillment of the Requirements of Degree Bachelor of Science in Hotel and Restaurant Management By: Wendell Galapate Mau Bryan Calimlim Alvin Pancito Robert Charles Magno Rodrigo Tinaja Jr. Heizel Bisnan Lea Sojor Jenelyn Soriano Aisha Valencia Clarisse Hipolito Ian Victo APPROVAL SHEET In partial fulfillment of the requirement for the degree of Bachelor of Science in Hotel and Restaurant Management, this thesis proposal entitled â€Å"LEVEL OF ENGLISH PROFICIENCY AND COMMUNICATION SKILLS AMONG BSHRM STUDENTS: AN†¦show more content†¦This suggests that in order to achieve an effective learning situation between a teacher and a student, the former must discover the reference points from which the learner starts and consequently, maintain a meaningful and effective endeavor to plan his efforts with consideration of some identified points in the students life and milieu. Only then can he/she be sure that the learning experience is pleasant, relevant and realistic to the learner. Since English is very much a part of the intellectual and social life of most Filipinos, It plays an important role in relation to all school activities s well as to life outside the school. It is in the vein that the English language isShow MoreRelatedFactor Affecting Public Speaking Anxiety5792 Words   |  24 PagesCHAPTER I INTRODUCTION Commonly, students refuse to do the task of speaking in public due to discomfort of being viewed upon by the classmates or the audience and does create inferiority in delivering a certain speech. Public speaking is a common source of stress for everyone especially to students who are not used to speak in front of public because of fear to be criticized by others. Many would like to avoid this situation completely, but that is difficult to accomplish. Oral communicationRead MoreOffice Administration Thesis11471 Words   |  46 PagesFACTORS RELATED TO DROP OUTS AND PERFORMANCE OF CWTS STUDENTS AT LAGUNA STATE POLYTECHNIC UNIVERSITY SAN PABLO CITY CAMPUS ACADEMIC YEAR 2010 - 2011 ------------------------------------------------- A Research Paper Presented to the Faculty of the College of Teacher Education Laguna State Polytechnic University San Pablo City Campus San Pablo City ------------------------------------------------- ------------------------------------------------- In Partial Of Fulfillment Of the Requirements

Globalization and Labor Market- Free-Samples -Myassignmenthelp.com

Question: Discuss about the Human Resource Planning on the challenges to Labor demand and supply that poses a threat by Globalization. Answer: Introduction Globalization is dominating the world and is somewhat inevitable in the current market scenario, global economy constitutes of both national and international economic institution. Globalization is channeled to labor market in various ways. Among them, one of the ways is affecting tremendously the labor demand and supply. Due to increased competition on the output market, there might be slight increase in the elasticity of labor demand via scale effect or substitution effect where a firm expands its productivity and want to set additional input. Scenario planning determines and distinguishes between long-term trend and uncertain elements. Once they are figured and put together to create different scenarios that showcase what is known and what isnt and how it going to effect the environment. In this report, we will discuss the setbacks that are affecting labor demand and supply in Australian market and Human Resource Planning focus on the scenario planning which will take account of e xternal changes in Australian market. Cause of Globalization Globalization result in promoting competition but also can be relate with non-competitive nature in the international market. Thus, a threat arises for the government facing difficulty with behavior over another country that can affect its economy. Economic growth of a country craves for more imports and expands the capacity to produce more for export. Thus generating enough saving to invest both domestically and internationally to meet demand of investment associated with economic growth. Innovation in technology such as Information technology and communication technology generates high financial and economical degree between different countries. Fall in transportation cost is the major factor in recent boom in globalization. Liberation of economic activity trade and investment both nationally and internationally. Globalization and Labor Market Condition of domestic labor market plays an important role such as job roles such as nurse, retail worker, and teacher pay roles are affected by domestic condition. Globalization has deep-rooted effect in market as it encourages substitution of labor for technology and capital in industrialized countries as it helps the highly skilled workers and not the unskilled. Outsourcing works to low wage countries. Relocating firms from high pay to low pay countries will help cut cost. Globalization effect on trade and labor market is mixed but has broader effects on business and not only just on trade price on labor market. Trade have grown in the recent decade more than economic growth giving rise to more number of multinational companies in recent times which is bringing foreign investment and international flow of capital. Impact of Globalization on Australia The impact of globalization in the Global market and in Australia can be pointed in three sources of tension. First, it reduces trade barriers and increases opportunities for high skilled labors because of investment but it also reduces opportunities for low or semi skilled labor in the market. Second, globalization creates a conflict with domestic preference of service and goods for example safety and health standard imposed by certain country on certain good will no longer stay validate as good under World Trade Organization are treated as equal no matter its nation of origin. Third, countries with most social insurance and protection with an open economy finds it hard to manage social insurance and safety nets due to globalization. Globalization can be debate over many economic and social issues. Australia particularly has always maintained openness in its industrialized economy but tried not to be tied up in fortress Australia mentality. Australia cannot isolate itself from the rest of the world in the time of globalization if they want economic development in the country. Globalization often raises concern of racism in the global scenario due to some counties extreme monopoly of isolationism and nationalism (Butler et al., 2016). Abolish of Protectionism Australia always have the monopoly of buying less and selling more to other countries and also have severe restriction on foreign investment but due to rise of unemployment and inflation it lost it competitive advantage. Thus government forces business to compete in the global market since then Australia have open doors to foreign investments as a result significant increase in the quality of lifestyle have shown in Australian. Globalization have given chance to foreign firm to set business in Australia which dragged out the inefficiency in the economy and made the market competitive and innovative thus improving the lives and lifestyle of many (Sparrow, Brewster Chung, 2016). Change in Manufacturing Base Manufacturing which need high labor intensity shifted to Low wage country due to globalization, company finds it irrelevant to hold manufacturing unit in Australia as the same work can be done easily and at cheaper rate in Low wage country due to advancement in the transportation sector thus it can be cheaply produced and supplied in the market. High wage labors in Australia have resulted into shrunk of GDP of Australia by high percentage. Australias high tech manufacturing has risen as well as have seen the rise in jobs. For example, Australia has the largest unit of Boeing manufacturing unit outside USA that is developing through RD and sales (Eaton, 2017). Growth in Service Sector Service sector of Australia have seen tremendous growth in the recent year. In the recent decade, Australian wholesale trade, financial institution, retails trade, education, healthcare and tourism communication etc. Due to Globalization and consistent growth of the countrys GDP Australia has been the benefactor. In a recent study according to Forbes 6 out of the 10 largest company of Australia are finance service and bank. This also resulted in strengthen of Property of the country, strong infrastructure, confidence of the consumers etc. Australias geography plays a major role to build a thriving relationship with Asian Market (Boella Goss-Turner 2013). Scenario Planning Scenario planning identifies organizations long-term goal and plans. It involves different aspects such as system thinking. As Australia enters the 21st century, global shift is challenging Australian business and determining Australias step in to the International market with partnership with global clients to maintain peace and prosperity so that it will enhance sustainability in the future. To discuss the current global changes facing Australia we have to look at some big problems (Kavanagh Johnson, 2017). Global Financial Instability Size, Complexity and Interconnection of financial market of privet sector challenges the ability to monitor and properly regulate by National government. To solve the problem financial stability board and Basel Committee are leading by examples keeping Australia out of recession. International agenda addressed by National government is necessary to avoid future crisis. Nuclear Proliferation Nuclear weapons avoidance agreement between US and other countries do not solve the entire problem. The destruction capabilities of nuclear weapon are incomparable. That is why Australia is trying to remain active in the arms race (Ruttan Thirtle 2014). Cyber Revolution New technology have enhanced the productivity and the prosperity of any organization with that it has also threaten the security of an infrastructure of both country and corporation thus requires constant vigilance both at home and office through cyber cell is required.Australia will remain vigilant by addressing economic and political factors, including global terrorism and poverty (Hanna Oliva, 2015). Food Security Growing population giving rise to need of food security in Australia loss of agricultural land will be a major drawback, being the largest exporter of agricultural product, Australias landscape and tropical environment helps it to produce more and more amount. In the current market of globalization, Australia will be a major and leading name in the global market and will help other countries by solving their food scarcity. Energy Security Food, Energy and Climate all the three are interrelated growing demand of energy resource in the country from major concern. Renewable energy resource is severely scare so use of natural resource is very important and prominent (Ehrenberg Smith, 2016). Climate Change Climate change is the major concern of developed countries and thus required attention both national and global action. Climate change has resulted into major economic and social trouble thus addressing the issue of climate change is important for Australia. Global Poverty Today in this world, more than a third of the population lives on less than Two dollar. Trade policy and aid are the core elements to reduce poverty globally it will result in good for global economy, regional stability and Australia (Cahuc, Carcillo Zylberberg, 2014). These are the reason that are big problem globally and requires deep attention of the country to tackle. HR should be planning scenario to solve the problem. Australia have a diverse economy and being shaped into a vibrate economy due to globalization, thus influencing all the business. Business cannot survive without implementing global perspective in the competitive market but how globalization is going to affect a business varies from sector to sector. Terrorism, Legal reason and culture could the other phenomenons that influence a business in the global world. Transportation and communication made consumers aware and selective. So far globalization have efficiently and competitively made economy for Australia which is driving the country to provide better service in both mining and service industry. Innovation and accumulation knowledge through learning is the key to success in business. References Boella, M., Goss-Turner, S. (2013).Human resource management in the hospitality industry: A guide to best practice. Routledge. Cahuc, P., Carcillo, S., Zylberberg, A. (2014).Labor economics. MIT press. Eaton, J. (2017).Globalization and human resource management in the airline industry. Routledge. Ehrenberg, R. G., Smith, R. S. (2016).Modern labor economics: Theory and public policy. Routledge. Hanna, R., Oliva, P. (2015). The effect of pollution on labor supply: Evidence from a natural experiment in Mexico City.Journal of Public Economics,122, 68-79. Kavanagh, M. J., Johnson, R. D. (Eds.). (2017).Human resource information systems: Basics, applications, and future directions. Sage Publications. Ruttan, V., Thirtle, C. (2014).The role of demand and supply in the generation and diffusion of technical change(Vol. 21). Routledge. Sparrow, P., Brewster, C., Chung, C. (2016).Globalizing human resource management. Routledge. The challenges to labour demand and supply posed by globalisation, and environmental and demographic changes, means that organisations can no longer assume that jobs will remain unchanged for long periods and that Human Resource Planning only needs to focus on internal replacement charts and succession planning. To remain relevant, HRP must focus on scenario planning which takes account of the major external changes facing Australian businesses. Discuss.

Economics Unemployment Rate and Investment Policies

Question: Discuss about theEconomicsfor Unemployment Rate and Investment Policies. Answer: This essay aims at developing understanding about the macroeconomic stability of the countries such as Singapore, South Korea and Hong Kong. The essay analyses the countries current GDP, unemployment rate and investment policies. Different authors have argued about the macroeconomic stability of the countries. Economical issues of the countries are also discussed by different authors in order to analyze the overall situation of the country. Macro Economic Stability It can be argued that the given statement is true to a large extent as the macroeconomic stability is the success factors for the countries Hong Kong, South Korea, and Singapore. There are certain factors that can be discussed for the countries macroeconomic stability by exploring this statement. According to the author Boubakri, Couharde, and Raymond, (2016); the current macroeconomic stability of Hong Kong is good. Its current GDP is 2.3% and the inflation is 4.4%. Hong Kong is the most open economy in the world. The unemployment rate is also decreased to 3.4 % in 2016 as comparison in 2015 by 3.7%. While, the author Dutt and Mobarak (2016) argue about the macroeconomic stability of Singapore that is GDP declining from 2011 to 2015 for 2.0% while the unemployment rate decreased from 2011 to 2015 to 1.9%, which is the positive part for Singapore. Its inflation rate slows down to negativity in 2015 at -15.3%. Moreover, the author Chang (2012) also describes about the South Korea econ omic and development factors which help to know more about the country. It is analyzed by the author that South Korea is one of the highly developed countries in the world in context of growth and development. This statement is supported of the author as the country is making progress in the economy but its current GDP is 2.7%. The countries inflation rate is 0.8% while its unemployment rate decreased to 3.5%. This shows the countries good macroeconomic stability. Source: Chen and Tsang (2016) Furthermore, by supporting the author Chen and Tsang (2016) Singapore and Hong Kong had certain similarities and differences as the government of Singapore is well known for the economic intervention. While on the other hand, the government of Hong Kong is well known for the free market approach. These are the differences between these countries but they also have the similarities for equal economic status. The other author suggests Rodan (2016) that these both countries are the development of particular strategy. It can also be suggested to both the countries government that they should adopt a mixture of interventionist and free market approach. Wieland, et al., (2012) author also argues about the country Hong Kong plays an important role in the world. Its key role is to serve as trade and fund flows. Hong Kong macroeconomic stability over last 40 years can be described by the real growth of Gross domestic product (GDP). The economic growth of Hong Kong increased in 1970s with the annual economic growth at 8.9%. In 1980s, Hong Kong economic development was held at 7.4%. Moreover, owing of Asian financial crisis in 1997and 1998 it slows down the global economy in 2001. There was also the outbreak of Severe Acute respiratory syndrome (SARS) in 2003. Hong Kong average annual economic growth can be evaluated between 1997 and 2002 that was 1.9%. Along with this, according to the author He, (2013) Hong Kong is also influenced by negative factors that it is shocked by the US interest rate have bigger impact on money supply. Both Singapore and Hong Kong has newly industrialized economy. Hong Kong has its own independent administration and the legal system is also independent according to the author Shiu-hing (2016). It also has various economic policies that are interest rate of Hong Kong is determined by the individual banks. It is governed under positive non interventionism and it is dependent upon international trade and finance. It is suggested by the author Fong, and Ngo, (2016) that the countrys economic strength must include a sound banking system with a strong legal system. On the other hand, Singapore has a mixed economic policy. It adopts free market policies. It also has the lowest population growth rate in all over the world comparison with other countries like Hong Kong and South Korea. The author Hill and Lian (2013) argues about the less population as it has the negative effect on the country Singapore as it faces the problem of labor. The above authoralso argues about the economic policy of South Korea, which falls in middle rank with regard to economic policy. It includes the lowest tax rates as compare to other countries. Labor market policies of South Korea have the negative effect on the country because of irregular working conditions and employment. This country basically invests on research and innovation of new techniques for the future development of the country. At the same time, the author Bruno and Shin (2014) analyses that South Korea lacks high quality basic research, which has the negative effect on the country. The author Lee and Hong (2012) supports Hong Kong free trade economic policy as there is no charge on export and import of goods. The WTO was established in 1995 which had a success on tariffs and trade. At the same time, Singapore has the fourth largest foreign exchange market. The other author Rioni (2016) argues about the countries economical issues as Hong Kong GDP slows down to 2.3% of 2015. The issues for the country such as instability in the financial markets confronted to the challenges. The other author gives suggestion to improve the existence of ethical issues in the country such as it should be pro active for facing issues. The author Cheung, Chan, and Kajewski, (2012) also argues about the foreign direct investment of Hong Kong which is highly attractive. By the survey of government towards FDI it is being analyzed that the investment estimated at US$ 1,488 billion at the end of 2014. The government also analyzed the outflows of Hong Kong and it ranked 3rd with US$175 billion in all over Asia after Japan. It is the 7th largest exporter of merchandise trade and for commercial services it ranked 14th all over the world. The main source of Hong Kong is Chinese mainland for external investment. In Asia pacific Hong Kong is important for banking and financial centre. The author Funke, Paetz, and Pytlarczyk, (2011) supports the Hong Kong as the positive impact on overall economic performance which helps in removing barriers for private enterprises. The Hong Kongs domestic product has also grown 180 times. The Hong Kong economic future also faced many challenges as the economic globalization and it also have the direct competition from the mainland china. It has trading partners such as China, United States, Japan, Taiwan, Germany, Singapore and South Korea. According to the author Morgan (2012) argued about the average economic growth during 2003 and 2006 was 6.3%. In 2009, Hong Kong economic growth fell by 2.8%. Now, current economic score of Hong Kong is 88.6 .Its global ranking is 1st. Its standard income tax rate is 15 percent and the corporate tax rate is 16.5 percent. The tax rate system of the country is simple and efficient. The current GDP rate is 2.3% and inflation is 4.4%. It has a 0% tariff rate. It is one of the most open economies in the world for trade and investment. It expanded the economy year on year by growing by 2.4% in 2015 and it forecasted by 1.5% in 2016. The conditions of the labor market are tight. Hong Kong unemployment rate was 3.4% for 2016 as comparison with 2015 by 3.7%. Its prices of the consumer are increased by 2.7% in 2016.Hong Kong is the worlds freest economy and it is also called as worlds service oriented economy. It also includes service sectors which accounts more than 90% of GDP. Hong Kong is r anked third largest source for FDI after Japan, and Chinese mainland. The author Dinnie (2015) also argued about the economic policies of Singapore as it has to move for the innovation ladder that is value added to value creating. The second challenge for Singapore is the companys future that it should use new technologies for over all development. Technology is also a challenge for Singapore. It also has the other economic challenge that is the resources of the future for the countries. Future of technology is also the challenge for the country Singapore which is argued by the author Ling and Leong (2012). kerlavaj, Song, and Lee, (2010) the author also argues about the economic strategies as the country should shift from technology towards the knowledge based economy. The research and development of should also be promoted in order for the development of the country. In the argument of the author Managi, and Sharma (2016) attracting MNCs to Singapore is an important strategy for the country. Singapore also faces the challenges for the future that is transition of growth, demographic transition, and disruption of technology and aspirations of jobs. The other author (Moscarini, Giuseppe and Fabien 2012) suggests about the improvement of old growth strategies to new strategies and the country should adapt the new technologies. It helps the country for the future economic growth and adopts the attractive jobs for the people of Singapore. It is important to adopt new technologies with the support of above author Leng (2010) Says the advancement in technology is important for new opportunit ies in the businesses. Singapore is suggested by the other author Siddiqui (2010) so as to prevent from unemployment the country should also upgrade their skills whatever skills are missing. Future skills would help in the better future for the country development. The author also argues about the government of Singapore that is it promotes high level of investments and savings which adopts the policy such as Central Provident Fund. The strategy of Singapore also exceeded growth. The government of Singapore also manages two wealth funds that are Temasek holdings and GIC private limited used for the countries reserves. In current, Singapore ranked 15th for the trading partner of USA and Malaysia is analyzed as the biggest trading partner of Singapore. It imports mainly the petroleum products, electronic components, crude oil, food/beverages and chemical. The other author argues Seth and Ragab (2012) about the corruption free government and skilled workforce has attracted investments for more than 3,000 multi-national corporations from the United States. The government also supports Singapore to invest outside the country. Indias growing economy helped Singapore as an expanding source for foreign investment. The author Downie (2016) also argues about the economical issues of South Korea such as inflation in neighboring countries as the country is 50% dependent upon the international trade. Secondly, the chinas exposure is also a challenge for the country because the china is the largest exporter of South Korean goods. This country also faces the challenges of opportunity as Singapore. It is also facing problems in the industrial societies such as there is a gap between rich and poor. The other economical issue for the country is low fertility that slows down the economic growth of the country. There are other social issues of South Korea such as welfare of the society, aging population, environment, and the comparison with other countries. The author Moon (2010) also argues about the other risks and challenges of the decrease in export, interest rate policies. Aging population is also a challenge for South Korea. Labor productivity is also the economic challenge for South Korea. The gap between SMEs small medium enterprises and large firms is included in the problem of South Korean economy. The author also discusses about the current issues for the global environment such as pollution, land and habitat preservation. Conclusion It can be concluded from the above discussion that the overall situation of the countries such as Singapore, South Korea and Hong Kong is constant due to several policies that these countries have adopted. It can be recommended that countries should adopt measures that create stable macroeconomic environment to develop the country with the strong GDP. The countries should also become pro active so as to improve the future economy of the countries. Bibliography Boubakri, S., Couharde, C. and Raymond, H. (2016) Effects of financial turmoil on financial integration and risk premia in emerging markets.Journal of Empirical Finance,38, pp.120-138. Bruno, V. and Shin, H.S. (2014) Assessing macroprudential policies: case of South Korea. The Scandinavian Journal of Economics, 116(1), pp.128-157. Chen, H. and Tsang, A. (2016) The Impact of US Monetary Policy and Other External Shocks on the Hong Kong Economy: A Factor-augmented VAR Approach. USA: Johnny Wilson. Cheung, E., Chan, A.P. and Kajewski, S. (2012) Factors contributing to successful public private partnership projects: Comparing Hong Kong with Australia and the United Kingdom. Journal of Facilities Management, 10(1), pp.45-58. 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