Wednesday, July 31, 2019

Modeling and Remodeling Theory Essay

Nursing as a discipline follows certain rules or general procedures in their practice. Usually, the nursing process involves five phases starting with the assessment of the patient’s condition, followed by a diagnosis meant to identify the health problem of the patient. Afterwards, a planning phase would ensue wherein the nurse and the patient would discuss the possible course of action with respect to the patient’s condition. When an agreement was made, the process would proceed to the implementing phase in which goal/s would be set and achieved. The final phase known as the evaluation phase happens when the goals are being achieved to identify whether the plan was successfully followed or to identify why the goals were not achieved in case of failure. Overall, the whole nursing process had been known as ADPIE. It was regarded as a step-by-step approach in the nursing profession aimed at solving the patients’ problem (Keogh and Richards, 2008). Nursing, like other body of knowledge, encounters several forms of knowledge. Haynes and colleagues cited Carper’s fundamental patterns of knowing to summarize what knowledge are incorporated in the nursing process. According to Carper, it involves empirical knowing which is observable and uses scientific data, information and processes. Next on Carper’s list was aesthetic knowing, which reflects the claim about nursing as a form of art that involves empathy, care and compassion (Haynes and colleagues, 2003). Another type of knowing is ethical knowing, that deals with decision-making regarding morality such as what the right thing to do and what must be done? The last type was personal knowing which involves the personal values and beliefs that can help nurses grasp meaning and create decisions required in their profession. When Erickson and colleagues devised the Modelling and Role Modelling Theory of nursing, they took into consideration what nurses do and how they do it (Haynes and colleagues, 2003). They incorporate various philosophies and approaches into their theory which results into a more integrative approach. It resolved the conflict between nursing as a science or an art by infusing them into a single paradigm. The MRM theory was affected by prominent thinkers such as Maslow who identified human needs, Piaget with his idea of psychosocial development, Erickson, Winnicott and colleagues and their concept of loss and Selye and Engel who identified the individual’s responses to stress and its causes. From their ideas, Erickson and colleagues came up with the Adaptive Potential Assessment Model or APAM (Alligood and Tomey, 2006). In this model, nurses would first engage in modeling the client’s world by understanding the client’s experiences through the client’s perspective. This will be followed by role-modeling wherein the nurse would create plans and design possible interventions depending on the client’s unique needs. Role-modeling requires the â€Å"acceptance of the client while promoting development based on the client’s own model (Alligood and Tomey, 2006)†. Adaptation concerns how the client reacts to stressors. The APAM model distinguished three states in the process of adaptation: arousal, impoverishment and equilibrium. The APAM model helps the nurses to predict the â€Å"client’s potential to cope and mobilize self-care resources in response to stress (Alligood and Tomey, 2006)†. Self-care, typically involves making use of the patient’s â€Å"knowledge, resources and action† to improve his condition (Alligood and Tomey, 2006). MRM theory makes use and reflects Carper’s fundamental patterns of knowing. It promotes the role of the nursing as an art while utilizing scientific and social theories that expand the role of nurses by giving them authority to interpret and analyze the patient’s condition based on personal knowledge. The plan and implementation depends on the nurse’s relationship, acceptance and impression of the client. Overall, the MRM theory modified the nursing process by assimilating the patient’s needs and reaction into the nursing process.

Tuesday, July 30, 2019

Digi Situational Analysis

Situational Analysis Company Profile Analysis DIGI is the first telecommunication to operate and launch a full digital cellular network in Malaysia on 24 May 1995. Besides, DIGI were also become the first to offer GPRS (2. 5G) and later EDGE (2. 75G) in 14 May 2004 in Malaysia. DIGI is a mobile communication services provider in Malaysia. DIGI has provided service to individuals, businesses and other operators which owned subsidiary, DIGI Telecommunication SDN BHD. There are two packages option offers by DIGI to mobile subscribers is prepaid plan and postpaid voice plan.DIGI has provided variety mobile communication service including SMS, mobile broadband and international roaming and calling and WAP services. According to DIGI the first quarter of 2012 of Non-Audited financial statement, their total net operating revenues increase from RM 1,443,428 thousands to RM 1,575,055 thousands, which increases with 9. 12%. DIGI has approximately RM 4. 9 billion with a subscriber base 0f 7. 7 million. Since year 2005, DIGI has returned in excess of RM6. 8 billion in cash to their entire shareholder, it shows a result that DIGI has a strong capital discipline.Moreover, year 2007, DIGI continues perform well which they improve on their commercial focus and it results their annual revenue growth in excess of 5% between year 2007 and 2010. Product Analysis DIGI is simple to pronounce and spell, which it makes people easy to recall. DIGI has distinguishes itself from the mobile services industry by its distinctive brand name. DIGI are using yellow, white and black color to packaging its own product. The combination of this color can connect or develop target audience of the generation who are vibrant, fresh and ambitious.DIGI is a Telecommunication company, so it has provided different type of mobile and internet services. All these services are including SMS, data plans, prepaid and postpaid voice plans, international roaming and calling and WAP services. For their prepaid v oice plan, DIGI latest prepaid voice plan is called DIGI Easy Prepaid. This package is very effective today, this is because it can enable DIGI user to enjoy 24 hour free calls, SMS and free log into Facebook (zero Facebook). DIGI user can interact with their 3 DIGI Buddyz by free calling or free SMS in 24 hour. There are 80% of mobile subscribers in Malaysia are prepaid users, so DIGI s leading this prepaid market by enhance the value in this segment by increase customer needs and richer mobile features that can made DIGI users can truly appreciate. Besides, DIGI also reward their prepaid user by 10 free SMS when customer reloads as little as RM10. Besides, DIGI also provide postpaid plan to DIGI customers. The package that offers by DIGI is DIGI Smart Plan. This package enable customer to enjoy the unlimited internet access services. By the same token, DIGI also offers the Iphone, Samsung and tablet plan to their customers. Now, DIGI has also offers free Nano sim card to the new D IGI users.Moreover, DIGI also launch their Turbo 3G service on year 2009. The DIGI Turbo 3G is located at most urban and populated area in Malaysia. This 3G service is available for prepaid and postpaid voice plan and also for the broadband. IMC Objective Strengthen Image The objective of DIGI is to develop and strengthen the images of their brand towards the youth and business markets. There is fierce competition on the telecommunication market nowadays. With strong images the company is able to have strong awareness in the mind of consumers and can distinguish themselves over competitors.Higher recognition of the brand through good images could provide loyalty of customers toward the DIGI. For the year 2011, DIGI has invest RM9 million to create their brand advertising campaign and positioning DIGI is an contemporary, innovative, lifestyle centric and quality services that would satisfy their customer’s needs. DIGI is tending to offers the better quality of product and serv ices to increase the customers’ mobility. Through the advertising, DIGI evolves with time to interact with customers and it show DIGI is understand the lifestyle need of DIGI customer. Increase SalesThere are another important objective for DIGI to achieve is the sales and revenues. This is because only revenue or profit allows a company to operate its business well. To achieve this goal, DIGI is keep improving their coverage network and quality services. Besides, DIGI also develop a customer service which with quality and efficient. DIGI product and services is user friendly and it is highly personalized. Through the advertising, DIGI is telling the customer they are improving their coverage and services, it will build trust and confident of customer toward DIGI. So, it will help DIGI to increase sales and revenue.

Monday, July 29, 2019

Option Pricing Model in Valuing a Company in the Context of Pfizer Dissertation

Option Pricing Model in Valuing a Company in the Context of Pfizer - Dissertation Example His constant guidance and positive attention helped researcher to concentrate more on the research topic. The researcher would also like to thank his other professors for acting as a support system when required along with helping and guiding when needed and required. The support and cooperation of the University in allowing access to the library helped in referring to different study materials that further help in understanding the research topic in a sound manner. The researcher would also like to thank his family for being there as a strong support system often guiding and supporting along with enhancing the level of motivation and excitement through kind and positive feedback. The researcher feels blessed to have friends who not only shared their views and opinions on the research topic bust also brainstormed to add more value to the research topic. Overall, the researcher would like to acknowledge the efforts and support of everyone playing an important role in the entire resear ch process. Without the support and cooperation of above mentioned people, the research would have been an aimless journey lacking depth and understanding. The researcher expresses his deep gratitude for all the support and guidance along with being thankful to everyone for being so kind and supportive throughout the research journey. TABLE OF CONTENTS Chapter 1.Introduction 4 1.1 Introduction to the Research Topic 4 1.2 Research Aims and Objectives/ Questions 5 1.3 Scope of the Research 6 1.4 Rationale for the Research Topic 7 1.5 Limitations of the Research 8 1.6 Methodology 9 1.7 An Overview of Pfizer 10 1.8 Summary 11 Chapter2.0 Literature Review 12 2.1 Introduction 12 2.2 An Overview of Options 12 2.3 Types of Options 14 2.4 Factors Affecting Options 16 2.5 Application of Option Pricing Model 18 2.6 Option Pricing Model in Real World 19 2.7 Option Pricing Model and Historical Data 20 2.8: Summary 21 Section 3.0 Research Methodology 22 3.1 Introduction 22 3.2 Research Philosophy 22 3.3 Research Approach 23 3.4 Data Collection Methods 23 3.5 Data Analysis Methods 24 3.6 Ethical Considerations 24 3.7. Strengths of the Methodology 25 3.8: Limitations of the Methodology 25 Chapter 4.0 Findings and Analysis 26 4.1 Introduction 26 4.2 Value based Management 26 4.3: Economic Value Added 28 4.4: Market Value Added 29 4.5: Option Pricing Models 30 4.6: General Findings 32 4.7: Summary 34 Chapter 5.0 Conclusion and Recommendations 35 5.1 Introduction 35 5.2 Conclusion 35 5.3: Recommendations for Future Research 36 5.4: Recommendations for Pfizer 36 5.5: Reflection 37 5.6 Summary 37 BIBLIOGRAPHY 38 CHAPTER-1.0: INTRODUCTION 1.1: Introduction to the Research Topic Business environments have always been unpredictable and hard to understand and therefore, it becomes important to understand the intricacies of business environments and financial concepts that will help in understanding the growth and development of organsiations. In finance, the time value of assets and o rgansiations is calculated through the analysis of intrinsic and extrinsic values that vary in a great manner (Aswath, 2008). In finance, the concept of â€Å"Option† is defined as a derivative financial instrument specifying a contract between two parties for a future transaction revolving around an asset at a reference price (Aswath, 2008) In today’s time, the concept of option pricing has emerged as a safeguarding tool for a number of organsiations willing to

Sunday, July 28, 2019

Jaguar Land Rover Case Study Example | Topics and Well Written Essays - 500 words

Jaguar Land Rover - Case Study Example Having said that different models of Jaguars are manufactured in different areas such as Birmingham, Liverpool and Solihull all in United Kingdom. Being the major wealth generator for UK there were 78 percent of Land Rovers exported to 169 countries and about 70 percent of Jaguars were exported to 63 countries and through importers and franchised dealers sales are being made. Around September of this year when Jaguar Land Rover stopped the operations in one of its two West Midlands plants but still committed to keep the Merseyside plant open. This would mean job losses will only happen to West Midlands. Reason being was to save money and not to create more jobs as the management is trying to avoid any redundancies. Hearing the news on one of the West Midlands plant closing came not a surprise to everyone as this was already anticipated several years back since opening 3 sites on current volume will really cause the Company lose some money due to below capacity operations. However, projections for 2010 chopping of another plant is a work in progress wherein one plant is seeing to shut mid-2010, either Birmingham or Solihull. Moreso, this is one way to cut the cost dramatically.

Saturday, July 27, 2019

CONSUMER BEHAVIOUR (EXAM PREPARATION) Essay Example | Topics and Well Written Essays - 750 words

CONSUMER BEHAVIOUR (EXAM PREPARATION) - Essay Example It generates a complete consumption experience that makes customers engrossed in their shopping endeavor. There are various experiential retailing environments determining consumer behavior; however, in this paper, selected environment is a flagship brand store, specifically, Abercrombie & Fitch corporations. The paper illustrates how a flagship brand store like Abercrombie fit in an experiential environment. As economy and innovation increases, retailers are changing the flagship brand store into innovative criteria like the themed retail brand environments (Kozinets et al. 2002). The paper analyzes Abercrombie & Fitch Corporation as one of the experiential retailing environment. The analysis concerns the approaches the corporation uses to influence consumer behavior. Abercrombie & Fitch Corporation is a themed retail Brand Corporation that creates sexiness as the symbolic dress code for young adults. The young adult customers are lured into Abercrombie & Fitch stores because of the store’s sex attraction (Pahler 2009). It has created a body symbol that promotes and implies erotic and sexual lifestyles. The symbolic meaning of the store coincides with the targeted consumers, young adults’ population, who are attracted by sexy attires. It is a store competent of sustaining the highly challenging fashion customs. However, the store’s implied lifestyle has its ramifica tions. It is seen as too offensive and even unpleasant. However, the store-targeted consumers identify with store’s objective. The store’s culture is shown through the seductive and enticing exhibitions of models in their clothing (Pahler 2009). Because young adults are considerably more suggestible than the older population, the store targets this consumer group with their sexual promotions. The symbolic meaning of Abercrombie and Fitch clothing store is an attraction option for young adults with sex affiliations and great

Friday, July 26, 2019

A Research on Communication Technologies and Their Applications Essay

A Research on Communication Technologies and Their Applications - Essay Example This usage may include meetings, trainings and other organizational activities. Cliftons (2012) rightly argue that videoconferencing â€Å"overcomes the problems inherent in communications between regional business centres as well as enabling [the management] to keep in touch with key people whilst away from their office.† It is a matter of in-depth research to determine the exact nature of this technology, explaining the principle behind its operation and conferencing process. An excellent resource for videoconferencing as is the case for almost all things, people, places, and so forth is, of course, Wikipedia. This website has detailed information on this technology. However, it is widely recognized that the site is unreliable and is not often recommended by academic institutions as a resource. Nonetheless, the website proved an effective starting ground that informed this researcher’s efforts at investigating videoconferencing technology. The information provided in the website offered insights as to what specific aspects of the technology should be examined and documented. The preliminary research enabled the identification of at least two types of videoconferencing platforms. There is the case of the software designed as standalone application used to communicate with others over the Internet using computers, camera and other tools. For example, there is Windows Live, Yahoo Messenger and Skype. These are popular examples of softwares developed for videoconferencing. Users can download these applications for free or for a fee and they can use it to communicate with others through the web. Using Internet connections, videoconferencing software is installed in the personal computer and it could allow users to make video and/or audio calls with others who have installed the same application in their computers. Skype is capable of accommodating up to ten participants in an audio-video conference. The conference takes place real-time. Some of these tools can accommodate two or more participants, hence, successfully achieving the nature of the conferencing concept. The second type of videoconferencing tool includes those designed to work on Internet browsers. These are systems called web applications and are built by web developers and embedded in web sites. Internet users can login to these browser-based video conferencing platforms. These are also called video chat rooms over the Internet. For example, www.videoconference.com is a straightforward website that lets visitors create video chat rooms easily and immediately. A user can create a video conferencing room and can inform those he or she wants to talk to and directs them to the web address where the video conferencing is to take place. During the 1990s, videoconferencing was an expensive affair and that organizations and individuals were averse to spending huge amount on the technology (Webopedia 2012). Today, however, they are sold cheaply and most of them are offered for free. This fact, in addition to its capabilities outlined above, makes videoconferencing a popular and beneficial tool both for personal and business use. Of course, as with the case of other Internet technological applications, it is dependent on the Internet bandwidth, which may be slow in other countries. This could prove problematic in using the technology to communicate with people from such areas. Geostationary Satellites According to the website, www.reformation.org,

Battle of Fredericksburg Essay Example | Topics and Well Written Essays - 1250 words

Battle of Fredericksburg - Essay Example It started December 11, 1862 and ended four days later. The importance of the battle for both sides is paramount. The outcome, for instance, could prop up the Lincoln administration’s campaign for public support, which has suffered a great loss in public confidence owing to the failure of the Union forces to crush the Confederate army and defeat General Lee once and for all. On the other hand, for the Confederacy, the battle, though did not have any significant strategic import, achieved a psychological boost that trumpeted the might and capability of their forces. According to Eckenrode and Conrad, the battle is the culmination of the peak of the confederate strength in the course of the Civil War.1 How Fredericksburg came to be the battleground for this winter war was explained by Longstreet and Piston who wrote: Before the end of November it became evident that Fredericksburg was to be our winter station and the scene of a severe battle before it could be relieved†¦ To wards the latter part of the month General Jackson was called down and assigned position on the right near Hamilton’s Crossing and the Massaponax. ... Under cover of this fire, the Yankees attempted to construct two pontoon bridges opposite the city, but were repeatedly driven off by our sharpshooters in the rifle pits along the shore and in the houses.3 In the beginning the battle was expected to be a victory for the Union forces because they outnumbered Lee’s men. Under the command of General Ambrose Burnside, the Union army was 120,000 strong. General Longstreet wrote about the fateful day before the assault took place: â€Å"The flags of the Federals fluttered gaily, the polished arms shone brightly in the sunlight, and the beautiful uniforms of the buoyant troops gave to the scene the air of a holiday occasion rather than a spectacle of a great army about to be thrown into the tumult of battle.†4 But the attempt to rebuild a destroyed bridge necessary to cross into the city cost the Union Army a month, allowing Lee’s Confederate forces to receive reinforcements such as James Longstreet’s 41,000 men who began fortifying Marye’s Heights, which overlooked a wide canal and drainage ditch that the Union troops had to cross; â€Å"Stonewall† Jackson’s 39,000 soldiers who were positioned in Longstreet’s right flank; and, Lee’s 90,000 assembled army, who with the time wasted by the Union forces rebuilding the bridge, was able to secure the heights that covered most of the ground river. As events unfolded, the tides were turned and the expedition became a debacle for the Union army. The difficulty of the assault was recounted no less than General Burnside who later wrote about the bloody ambush: The stone wall [commanded by Longstreet’s men] proved too strong for the valor of our troops. Never did a hotter fire greet an advancing party. The plain in

Thursday, July 25, 2019

Analysis of Indian hotel industry and Hotel Blueberry international Research Paper

Analysis of Indian hotel industry and Hotel Blueberry international - Research Paper Example In terms of five star high standard hotels, there is limited competition among the suppliers as there are limited substitutes of Spa and other five-star hotel services. On the other hand, the two star and three-star hotels have several options of suppliers who used to provide services in low cost. Therefore, it is feasible that threat of suppliers’ bargaining power is moderate for Hotel Blueberry International. Buyer’s Power The metro cities and developing towns of India are very much competitive for the two and three-star hotel industry. Blueberry is entering in this kind of market segment. The target market will be very much price-sensitive and hence the newly developed hotel has to face high bargaining power of customers. Threat of Substitute In India, the substitute of low-cost two and three-star hotels are several guest house, motels and dormitories. If price-sensitive people find that the price of hotel room night crossing their budget then they can switch to those substitutes. Therefore, it can be feasible that the threat of substitute is moderate for Hotel Blueberry International. Several international hotel chains are entering in India and are tying up with the Indian hotels in order to reduce the initial cost. Moreover, high brand image and customer brand loyalty of The TAJ, HHI, Leela Palace and ITC will make the thing difficult for the new entrants who are thinking to enter in this competitive industry. Therefore, it is feasible that threat of new entrants for Hotel Blueberry International is high. ... If price-sensitive people find that the price of hotel room night crossing their budget then they can switch to those substitutes. Therefore, it can be feasible that the threat of substitute is moderate for Hotel Blueberry International. Threat of New Entrants Several international hotel chains are entering in India and are tying up with the Indian hotels in order to reduce the initial cost. Moreover, high brand image and customer brand loyalty of The TAJ, HHI, Leela Palace and ITC will make the thing difficult for the new entrants who are thinking to enter in this competitive industry. Therefore, it is feasible that threat of new entrants for Hotel Blueberry International is high. Industry Rivalry Indian low cost hotel industry is full of several potential two and three star hotels. Moreover, day-by-day due to economic slowdown and price hike in several products has made the people very much price sensitive. Therefore, it is feasible that threat of industry rivalry is high for the H otel Blueberry International. General Environment The general environment analysis will determine the impacts of external environmental factors on the Indian hotel industry. Political Several environment related regulations has restricted the business operation of this industry in India. Several difficulties in getting travel visas to India can affect the industry. Moreover, several terrorist activities and political dilemmas may create a negative impact on Indian hotel industry. Economical India is economically developing country and the Indian hotel industry is contributing a major role on the country’s GDP growth. Tourism and Hospitality sector of India is very much potential business sector. India was among those few countries that have

Wednesday, July 24, 2019

Procurement Routes in the Construction Industry Assignment

Procurement Routes in the Construction Industry - Assignment Example This process follows a number of steps but depending on the urgency of the required goods or services, some organizations may choose to make their procurement routes less lengthy and less tedious. Conventionally, procurement entails everything that is done within the complete acquisition of goods and services i.e. from preparation and dispensation of a requisition form through to the receipt of goods or services and the approval of the invoice for payment (White, 1996: pp. 242-3). Procurement often follows ten major steps: planning for purchase of goods or services, determination of the specific standards desired in the goods and services, development of finer specifications on the goods and services, doing extensive research on possible suppliers and selecting one supplier, conducting value analysis, determining the financing of the purchase e.g. whether to take a loan or use money in the company's bank account, negotiating the price, making the purchase, administration of the supply contract, controlling inventories and stores to guard against diversion and finally, the eventual disposals if any. Generally, the process is lengthy because of need for quality goods and/or services from competitive suppliers at competitive prices. The rules governing the process need to be followed strictly because the process o procurement has been identified as the key and major gateway for embezzlement and misappropriation of company funds and other corrupt deals. Each industry has its own procurement regulations and the whole process of procurement is structured to fit the nature of the industry's operations. For example, if an industry requires goods and services to be delivered urgently, then the process is likely to be made short. Taking the construction industry as our working example, this paper seeks to highlight the process of procurement in this industry with special emphasis on the particular types of procurement routes in the construction industry. The construction industry deals with the provision of a number of goods and services. It deals with the building of new structures such as schools, churches, factories, apartments, houses, offices, factories, roads and even bridges. Apart from building of the aforementioned structures, the industry also engages in preparation of the building or construction site, modification and annexing of existing structures and the maintenance and repair of the already existing structures. Therefore, the constructors are usually contracted to carry out any of the activities. The contract may involve the design alone, the design and building or even the management of the construction process carried out by other constructors. The way of contracting these constructors to carry out any of the services may be termed as routes of procurement. There are three main routes of procurement: Traditional Procurement also called conventional procurement, Design and Build Procurement and Management Procurement . Traditional Procurement also called conventional procurement is a very common procurement route for most small and medium sized projects such as the construction of a school. The client in this kind of procurement route first contracts consultant(s). The consultant(s) design and lay down all the exact specifications on how the construction is supposed to be carried out. After the consultants have completed their job, the client then proceeds to contract a

Tuesday, July 23, 2019

Aviation Inspection and Maintenance System Research Paper

Aviation Inspection and Maintenance System - Research Paper Example 996), since the beginning of the FAA regulation scheme, FAA maintenance personnel have been required to be certificated in order to perform various tasks in keeping aircrafts under repair and airworthy. Moreover, there are other mechanics that are granted inspection authorization by FAA to perform required inspections on all aircrafts operating in the national airspace (Eichenberger, 1996). Furthermore, federal aviation regulations have been put in place to regulate maintenance and inspections and define operating limitations for aircrafts having different kinds of certifications (FAA, 2008). The federal aviation regulations provide five regulation options that should be adapted by all the aircrafts operating in US airspace. These are the continuous airworthiness inspection program, inspection program used by air taxi operator, inspection program used by air travel club, a manufacturer’s inspection program and any other inspection program developed by the owner and approved by the administrator (King, 1986). According to Patankar and Taylor (2004), to reduce the aviation risks, aviation maintenance strategy should optimize the contribution of people and information through technical support. However, Garland et al. (1999) indicate that human factors such as the individual differences of aviation inspectors have a very great influence on the process of inspection and maintenance of aviation facilities and equipment. Several factors resulted in occurrence of this accident. One of the key factors is the failure of an air traffic control system to facilitate the dissemination of key, available wind information to the air traffic controllers and the pilots due to poor maintenance. In this case, both the pilot and the traffic controllers were not aware of the presence and effect of the gusting wind that was being experienced at the airport. It is clear that if the two were aware they could have chosen to delay the flight or could have chosen another runway and the

Monday, July 22, 2019

Perfect competition and demand curve Essay Example for Free

Perfect competition and demand curve Essay COMPARE(SIMILAR) similarity. The cost functions are the same. [16] Both monopolies and perfectly competitive companies minimize cost and maximize profit. The shutdown decisions are the same. Both are assumed to have perfectly competitive factors markets. compare monopoly and perfect competition is the four characteristics of perfect competition: (1) large number of relatively small firms, (2) identical product, (3) freedom of entry and exit, and (4) perfect knowledge. * Number of Firms: Perfect competition is an industry comprised of a large number of small firms, each of which is a price taker with no market control. Monopoly is an industry comprised of a single firm, which is a price maker with total market control. Phil the zucchini grower is one of gadzillions of zucchini growers. Feet-First Pharmaceutical is the only firm that sells Amblathan-Plus, a drug that cures the deadly (but hypothetical) foot ailment known as amblathanitis. * Available Substitutes: Every firm in a perfectly competitive industry produces exactly the same product as every other firm. An infinite number of perfect substitutes are available. A monopoly firm produces a unique product that has no close substitutes and is unlike any other product. Gadzillions of firms grow zucchinis, each of which is a perfect substitute for the zucchinis grown by Phil the zucchini grower. There are no substitutes for Amblathan-Plus. Feet-First Pharmaceutical is the only supplier. * Resource Mobility: Perfectly competitive firms have complete freedom to enter the industry or exit the industry. There are no barriers. A monopoly firm often achieves monopoly status because the entry of potential competitors is prevented. Anyone can grow zucchinis. All they need is a plot of land and a few seeds. Feet-First Pharmaceutical holds the patents on Amblathan-Plus. No other firm can enter the market. * Information: Each firm in a perfectly competitive industry possesses the same information about prices and production techniques as every other firm. A monopoly firm, in contrast, often has information unknown to others. Everyone knows how to grow zucchinis (or can easily find out how). Feet-First Pharmaceutical has a secret formula used in the production of Amblathan-Plus. This information is not available to anyone else. The consequence of these differences include: * First, the demand curve for a perfectly competitive firm is perfectly elastic and the demand curve for a monopoly firm is THE market demand, which is negatively-sloped according to the law of demand. A perfectly competitive firm is thus a price taker and a monopoly is a price maker. Phil must sell his zucchinis at the going market price. It he does not like the price, then he does not sell zucchinis. Feet-First Pharmaceutical can adjust the price of Amblathan-Plus, either higher or lower, and so doing it can control the quantity sold. * Second, the monopoly firm charges a higher price and produces less output than would be achieved with a perfectly competitive market. In particular, the monopoly price is not equal to marginal cost, which means a monopoly does not efficiently allocate resources. Although Feet-First Pharmaceutical charges several dollars per ounce of Amblathan-Plus, the cost of producing each ounce is substantially less. Phil, in contrast, just about breaks even on each zucchini sold. * Third, while an economic profit is NOT guaranteed for any firm, a monopoly is more likely to receive economic profit than a perfectly competitive firm. In fact, a perfectly competitive firm IS guaranteed to earn nothing but a normal profit in the long run. The same cannot be said for monopoly. The price of zucchinis is so close to the cost of production, Phil never earns much profit. If the price is relatively high, other zucchini producers quickly flood the market, eliminating any profit. In contrast, Feet-First Pharmaceutical has been able to maintain a price above production cost for several years, with a handsome profit perpetually paid to the company shareholders year after year. * Fourth, the positively-sloped marginal cost curve for each perfectly competitive firm is its supply curve. This ensures that the supply curve for a perfectly competitive market is also positively sloped. The marginal cost curve for a monopoly is NOT, repeat NOT, the firms supply curve. There is NO positively-sloped supply curve for a market controlled by a monopoly. A monopoly might produce a larger quantity if the price is higher, in accordance with the law of supply, or it might not. If the price of zucchinis rises, then Phil can afford to grow more. If the price falls, then he is forced to grow less. Marginal cost dictates what Phil can produce and supply. Feet-First Pharmaceutical, in comparison, often sells a larger quantity of Amblathan-Plus as the price falls, because they face decreasing average cost with larger scale production. * The single seller, of course, is a direct contrast to perfect competition, which has a large number of sellers. In fact, perfect competition could be renamed multipoly or manypoly, to contrast it with monopoly. The most important aspect of being a single seller is that the monopoly seller IS the market. The market demand for a good IS the demand for the output produced by the monopoly. This makes monopoly a price maker, rather than a price taker. * A hypothetical example that can be used to illustrate the features of a monopoly is Feet-First Pharmaceutical. This firm owns the patent to Amblathan-Plus, the only cure for the deadly (but hypothetical) foot ailment known as amblathanitis. As the only producer of Amblathan-Plus, Feet-First Pharmaceutical is a monopoly with extensive market control. The market demand for Amblathan-Plus is THE demand for Amblathan-Plus sold by Feet-First Pharmaceutical. * Unique Product * To be the only seller of a product, however, a monopoly must have a unique product. Phil the zucchini grower is the only producer of Phils zucchinis. The problem for Phil, however, is that gadzillions of other firms sell zucchinis that are indistinguishable from those sold by Phil. * Amblathan-Plus, in contrast, is a unique product. There are no close substitutes. Feet-First Pharmaceutical holds the exclusive patent on Amblathan-Plus. No other firm has the legal authority to produced Amblathan-Plus. And even if they had the legal authority, the secret formula for producing Amblathan-Plus is sealed away in an airtight vault deep inside the fortified Feet-First Pharmaceutical headquarters. * Of course, other medications exist that might alleviate some of the symptoms of amblathanitis. One ointment temporarily reduces the swelling. Another powder relieves the redness. But nothing else exists to cure amblathanitis completely. A few highly imperfect substitutes exists. But there are no close substitutes for Amblathan-Plus. Feet-First Pharmaceutical has a monopoly because it is the ONLY seller of a UNIQUE product. * Barriers to Entry and Exit * A monopoly is generally assured of being the ONLY firm in a market because of assorted barriers to entry. Some of the key barriers to entry are: (1) government license or franchise, (2) resource ownership, (3) patents and copyrights, (4) high start-up cost, and (5) decreasing average total cost. * Feet-First Pharmaceutical has a few these barriers working in its favor. It has, for example, an exclusive patent on Amblathan-Plus. The government has decreed that Feet-First Pharmaceutical, and only Feet-First Pharmaceutical, has the legal authority to produce and sell Amblathan-Plus. * Moreover, the secret ingredient used to produce Amblathan-Plus is obtained from a rare, genetically enhanced, eucalyptus tree grown only on a Brazilian plantation owned by Feet-First Pharmaceutical. Even if another firm knew how to produce Amblathan and had the legal authority to do so, they would lack access to this essential ingredient. * A monopoly might also face barriers to exiting a market. If government deems that the product provided by the monopoly is essential for well-being of the public, then the monopoly might be prevented from leaving the market. Feet-First Pharmaceutical, for example, cannot simply cease the production of Amblathan-Plus. It is essential to the health and welfare of the public. * This barrier to exit is most often applied to public utilities, such as electricity companies, natural gas distribution companies, local telephone companies, and garbage collection companies. These are often deemed essential services that cannot be discontinued without permission from a government regulation authority. * Specialized Information * Monopoly is commonly characterized by control of information or production technology not available to others. This specialized information often comes in the form of legally-established patents, copyrights, or trademarks. While these create legal barriers to entry they also indicate that information is not perfectly shared by all. The ATT telephone monopoly of the late 1800s and early 1900s was largely due to the telephone patent. Pharmaceutical companies, like the hypothetical Feet-First Pharmaceutical, regularly monopolize the market for a specific drug by virtue of a patent. * In addition, a monopoly firm might know something or have a piece of information that is not available to others. This something may or may not be patented or copyrighted. It could be a secret recipe or formula. Perhaps it is a unique method of production. * One example of specialized information is the special, secret formula for producing Amblathan-Plus that is sealed away in an airtight vault deep inside the fortified Feet-First Pharmaceutical headquarters. No one else has this information. CONTRAST Arguably, perfect competition has the advantage of promoting consumer sovereignty, in the sense that the goods and services produced are those that consumers have voted for when spending the pounds in their pockets. When consumer sovereignty exists, the ‘consumer is king’. (However, the extent to which consumer choice exists in a perfectly competitive world would be extremely limited. All the firms in a particular market would sell identical goods at an identical price, namely the ruling market price. ) Firms and industries that produce goods other than those for which consumers are prepared to pay, do not survive in perfect competition. By contrast, a monopoly may enjoy producer sovereignty. The goods and services available for consumers to buy are determined by the monopolist rather than by consumer preferences expressed in the market place. Even if producer sovereignty is not exercised on a ‘take-it-or-leave-it basis’ by a monopoly, the monopolist may still possess sufficient market power to manipulate consumer wants through such marketing devices as persuasive advertising. In these situations, the ‘producer is king In contrast to perfect competition — and once again assuming an absence of economies of scale — monopoly equilibrium is both productively and allocatively inefficient. Figure 6. 6 shows that at the profit-maximising level of output Q1, the monopolist’s average costs are above the minimum level and that P MC. Thus, compared to perfect competition, a monopoly produces too low an output which it sells at too high a price. The absence of competitive pressures, which in perfect competition serve to eliminate supernormal profit, mean that a monopoly is also likely to be X-inefficient, incurring average costs at a point such as X which is above the average cost curve. A monopoly may be able to survive, perfectly happily and enjoying an ‘easy life’, incurring unnecessary production costs and making satisfactory rather than maximum profits. This is because barriers to entry protect monopolies. As a result, the absence or weakness of competitive forces means there is no mechanism in monopoly to eliminate organisational slack. 62 Marginal revenue and price In a perfectly competitive market price equals marginal revenue. In a monopolistic market marginal revenue is less than price. [17] * Product differentiation: There is zero product differentiation in a perfectly competitive market. Every product is perfectly homogeneous and a perfect substitute for any other. With a monopoly, there is great to absolute product differentiation in the sense that there is no available substitute for a monopolized good. The monopolist is the sole supplier of the good in question. [18] A customer either buys from the monopolizing entity on its terms or does without. * Number of competitors: PC markets are populated by an infinite number of buyers and sellers. Monopoly involves a single seller. [18] * Barriers to Entry Barriers to entry are factors and circumstances that prevent entry into market by would-be competitors and limit new companies from operating and expanding within the market. PC markets have free entry and exit. There are no barriers to entry, exit or competition. Monopolies have relatively high barriers to entry. The barriers must be strong enough to prevent or discourage any potential competitor from entering the market. * Elasticity of Demand The price elasticity of demand is the percentage change of demand caused by a one percent change of relative price. A successful monopoly would have a relatively inelastic demand curve. A low coefficient of elasticity is indicative of effective barriers to entry. A PC company has a perfectly elastic demand curve. The coefficient of elasticity for a perfectly competitive demand curve is infinite. * Excess Profits- Excess or positive profits are profit more than the normal expected return on investment. A PC company can make excess profits in the short term but excess profits attract competitors which can enter the market freely and decrease prices, eventually reducing excess profits to zero. [19] A monopoly can preserve excess profits because barriers to entry prevent competitors from entering the market. [20] * Profit Maximization A PC company maximizes profits by producing such that price equals marginal costs. A monopoly maximises profits by producing where marginal revenue equals marginal costs. [21] The rules are not equivalent. The demand curve for a PC company is perfectly elastic flat. The demand curve is identical to the average revenue curve and the price line. Since the average revenue curve is constant the marginal revenue curve is also constant and equals the demand curve, Average revenue is the same as price (AR = TR/Q = P x Q/Q = P). Thus the price line is also identical to the demand curve. In sum, D = AR = MR = P. * P-Max quantity, price and profit If a monopolist obtains control of a formerly perfectly competitive industry, the monopolist would increase prices, reduce production, and realise positive economic profits. [22] * Supply Curve in a perfectly competitive market there is a well defined supply function with a one to one relationship between price and quantity supplied. [23] In a monopolistic market no such supply relationship exists. A monopolist cannot trace a short term supply curve because for a given price there is not a unique quantity supplied. As Pindyck and Rubenfeld note a change in demand can lead to changes in prices with no change in output, changes in output with no change in price or both. [24] Monopolies produce where marginal revenue equals marginal costs. For a specific demand curve the supply curve would be the price/quantity combination at the point where marginal revenue equals marginal cost. If the demand curve shifted the marginal revenue curve would shift as well and a new equilibrium and supply point would be established. The locus of these points would not be a supply curve in any conventional sense. [25][26] The most significant distinction between a PC company and a monopoly is that the monopoly has a downward-sloping demand curve rather than the perceived perfectly elastic curve of the PC company. [27] Practically all the variations above mentioned relate to this fact. If there is a downward-sloping demand curve then by necessity there is a distinct marginal revenue curve. The implications of this fact are best made manifest with a linear demand curve. Assume that the inverse demand curve is of the form x = a by. Then the total revenue curve is TR = ay by2 and the marginal revenue curve is thus MR = a 2by. From this several things are evident. First the marginal revenue curve has the same y intercept as the inverse demand curve. Second the slope of the marginal revenue curve is twice that of the inverse demand curve. Third the x intercept of the marginal revenue curve is half that of the inverse demand curve. What is not quite so evident is that the marginal revenue curve is below the inverse demand curve at all points. [27] Since all companies maximise profits by equating MR and MC it must be the case that at the profit maximizing quantity MR and MC are less than price which further implies that a monopoly produces less quantity at a higher price than if the market were perfectly competitive. The fact that a monopoly has a downward-sloping demand curve means that the relationship between total revenue and output for a monopoly is much different than that of competitive companies. [28] Total revenue equals price times quantity. A competitive company has a perfectly elastic demand curve meaning that total revenue is proportional to output. [29] Thus the total revenue curve for a competitive company is a ray with a slope equal to the market price. [29] A competitive company can sell all the output it desires at the market price. For a monopoly to increase sales it must reduce price. Thus the total revenue curve for a monopoly is a parabola that begins at the origin and reaches a maximum value then continuously decreases until total revenue is again zero. [30] Total revenue has its maximum value when the slope of the total revenue function is zero. The slope of the total revenue function is marginal revenue. So the revenue maximizing quantity and price occur when MR = 0. For example assume that the monopoly’s demand function is P = 50 2Q. The total revenue function would be TR = 50Q 2Q2 and marginal revenue would be 50 4Q. Setting marginal revenue equal to zero we have 1. 50 4Q = 0 2. -4Q = -50 3. Q = 12. 5 So the revenue maximizing quantity for the monopoly is 12. 5 units and the revenue maximizing price is 25. A company with a monopoly does not experience price pressure from competitors, although it may experience pricing pressure from potential competition. If a company increases prices too much, then others may enter the market if they are able to provide the same good, or a substitute, at a lesser price. [31] The idea that monopolies in markets with easy entry need not be regulated against is known as the revolution in monopoly theory. [32] A monopolist can extract only one premium,[clarification needed] and getting into complementary markets does not pay. That is, the total profits a monopolist could earn if it sought to leverage its monopoly in one market by monopolizing a complementary market are equal to the extra profits it could earn anyway by charging more for the monopoly product itself. However, the one monopoly profit theorem is not true if customers in the monopoly good are stranded or poorly informed, or if the tied good has high fixed costs. A pure monopoly has the same economic rationality of perfectly competitive companies, i.e. to optimise a profit function given some constraints. By the assumptions of increasing marginal costs, exogenous inputs prices, and control concentrated on a single agent or entrepreneur, the optimal decision is to equate the marginal cost and marginal revenue of production. Nonetheless, a pure monopoly can -unlike a competitive company- alter the market price for its own convenience: a decrease of production results in a higher price. In the economics jargon, it is said that pure monopolies have a downward-sloping demand. An important consequence of such behaviour is worth noticing: typically a monopoly selects a higher price and lesser quantity of output than a price-taking company; again, less is available at a higher price. [33] Sources of monopoly power Monopolies derive their market power from barriers to entry – circumstances that prevent or greatly impede a potential competitors ability to compete in a market. There are three major types of barriers to entry; economic, legal and deliberate. [6] * Economic barriers: Economic barriers include economies of scale, capital requirements, cost advantages and technological superiority. [7] Economies of scale: Monopolies are characterised by decreasing costs for a relatively large range of production. [8] Decreasing costs coupled with large initial costs give monopolies an advantage over would-be competitors. Monopolies are often in a position to reduce prices below a new entrants operating costs and thereby prevent them from continuing to compete. [8] Furthermore, the size of the industry relative to the minimum efficient scale may limit the number of companies that can effectively compete within the industry. If for example the industry is large enough to support one company of minimum efficient scale then other companies entering the industry will operate at a size that is less than MES, meaning that these companies cannot produce at an average cost that is competitive with the dominant company. Finally, if long-term average cost is constantly decreasing, the least cost method to provide a good or service is by a single company. [9] Capital requirements: Production processes that require large investments of capital, or large research and development costs or substantial sunk costs limit the number of companies in an industry. [10] Large fixed costs also make it difficult for a small company to enter an industry and expand. [11] Technological superiority: A monopoly may be better able to acquire, integrate and use the best possible technology in producing its goods while entrants do not have the size or finances to use the best available technology. [8] One large company can sometimes produce goods cheaper than several small companies. [12] No substitute goods: A monopoly sells a good for which there is no close substitute. The absence of substitutes makes the demand for the good relatively inelastic enabling monopolies to extract positive profits. Control of natural resources: A prime source of monopoly power is the control of resources that are critical to the production of a final good. Network externalities: The use of a product by a person can affect the value of that product to other people. This is the network effect. There is a direct relationship between the proportion of people using a product and the demand for that product. In other words the more people who are using a product the greater the probability of any individual starting to use the product. This effect accounts for fads and fashion trends. [13] It also can play a crucial role in the development or acquisition of market power. The most famous current example is the market dominance of the Microsoft operating system in personal computers. * Legal barriers: Legal rights can provide opportunity to monopolise the market of a good. Intellectual property rights, including patents and copyrights, give a monopolist exclusive control of the production and selling of certain goods. Property rights may give a company exclusive control of the materials necessary to produce a good. * Deliberate actions: A company wanting to monopolise a market may engage in various types of deliberate action to exclude competitors or eliminate competition. Such actions include collusion, lobbying governmental authorities, and force (see anti-competitive practices). In addition to barriers to entry and competition, barriers to exit may be a source of market power. Barriers to exit are market conditions that make it difficult or expensive for a company to end its involvement with a market. Great liquidation costs are a primary barrier for exiting. [14] Market exit and shutdown are separate events. The decision whether to shut down or operate is not affected by exit barriers. A company will shut down if price falls below minimum average variable costs. Monopoly versus competitive markets While monopoly and perfect competition mark the extremes of market structures[15] there is some similarity. The cost functions are the same. [16] Both monopolies and perfectly competitive companies minimize cost and maximize profit. The shutdown decisions are the same. Both are assumed to have perfectly competitive factors markets. There are distinctions, some of the more important of which are as follows: * Marginal revenue and price In a perfectly competitive market price equals marginal revenue. In a monopolistic market marginal revenue is less than price. [17] * Product differentiation: There is zero product differentiation in a perfectly competitive market. Every product is perfectly homogeneous and a perfect substitute for any other. With a monopoly, there is great to absolute product differentiation in the sense that there is no available substitute for a monopolized good. The monopolist is the sole supplier of the good in question. [18] A customer either buys from the monopolizing entity on its terms or does without. * Number of competitors: PC markets are populated by an infinite number of buyers and sellers. Monopoly involves a single seller. [18] * Barriers to Entry Barriers to entry are factors and circumstances that prevent entry into market by would-be competitors and limit new companies from operating and expanding within the market. PC markets have free entry and exit. There are no barriers to entry, exit or competition. Monopolies have relatively high barriers to entry. The barriers must be strong enough to prevent or discourage any potential competitor from entering the market. * Elasticity of Demand The price elasticity of demand is the percentage change of demand caused by a one percent change of relative price. A successful monopoly would have a relatively inelastic demand curve. A low coefficient of elasticity is indicative of effective barriers to entry. A PC company has a perfectly elastic demand curve. The coefficient of elasticity for a perfectly competitive demand curve is infinite. * Excess Profits- Excess or positive profits are profit more than the normal expected return on investment. A PC company can make excess profits in the short term but excess profits attract competitors which can enter the market freely and decrease prices, eventually reducing excess profits to zero. [19] A monopoly can preserve excess profits because barriers to entry prevent competitors from entering the market. [20] * Profit Maximization A PC company maximizes profits by producing such that price equals marginal costs. A monopoly maximises profits by producing where marginal revenue equals marginal costs. [21] The rules are not equivalent. The demand curve for a PC company is perfectly elastic flat. The demand curve is identical to the average revenue curve and the price line. Since the average revenue curve is constant the marginal revenue curve is also constant and equals the demand curve, Average revenue is the same as price (AR = TR/Q = P x Q/Q = P). Thus the price line is also identical to the demand curve. In sum, D = AR = MR = P. * P-Max quantity, price and profit If a monopolist obtains control of a formerly perfectly competitive industry, the monopolist would increase prices, reduce production, and realise positive economic profits. [22] * Supply Curve in a perfectly competitive market there is a well defined supply function with a one to one relationship between price and quantity supplied. [23] In a monopolistic market no such supply relationship exists. A monopolist cannot trace a short term supply curve because for a given price there is not a unique quantity supplied. As Pindyck and Rubenfeld note a change in demand can lead to changes in prices with no change in output, changes in output with no change in price or both. [24] Monopolies produce where marginal revenue equals marginal costs. For a specific demand curve the supply curve would be the price/quantity combination at the point where marginal revenue equals marginal cost. If the demand curve shifted the marginal revenue curve would shift as well and a new equilibrium and supply point would be established. The locus of these points would not be a supply curve in any conventional sense. [25][26] The most significant distinction between a PC company and a monopoly is that the monopoly has a downward-sloping demand curve rather than the perceived perfectly elastic curve of the PC company. [27] Practically all the variations above mentioned relate to this fact. If there is a downward-sloping demand curve then by necessity there is a distinct marginal revenue curve. The implications of this fact are best made manifest with a linear demand curve. Assume that the inverse demand curve is of the form x = a by. Then the total revenue curve is TR = ay by2 and the marginal revenue curve is thus MR = a 2by. From this several things are evident. First the marginal revenue curve has the same y intercept as the inverse demand curve. Second the slope of the marginal revenue curve is twice that of the inverse demand curve. Third the x intercept of the marginal revenue curve is half that of the inverse demand curve. What is not quite so evident is that the marginal revenue curve is below the inverse demand curve at all points. [27] Since all companies maximise profits by equating MR and MC it must be the case that at the profit maximizing quantity MR and MC are less than price which further implies that a monopoly produces less quantity at a higher price than if the market were perfectly competitive. The fact that a monopoly has a downward-sloping demand curve means that the relationship between total revenue and output for a monopoly is much different than that of competitive companies. [28] Total revenue equals price times quantity. A competitive company has a perfectly elastic demand curve meaning that total revenue is proportional to output. [29] Thus the total revenue curve for a competitive company is a ray with a slope equal to the market price. [29] A competitive company can sell all the output it desires at the market price. For a monopoly to increase sales it must reduce price. Thus the total revenue curve for a monopoly is a parabola that begins at the origin and reaches a maximum value then continuously decreases until total revenue is again zero. [30] Total revenue has its maximum value when the slope of the total revenue function is zero. The slope of the total revenue function is marginal revenue. So the revenue maximizing quantity and price occur when MR = 0. For example assume that the monopoly’s demand function is P = 50 2Q. The total revenue function would be TR = 50Q 2Q2 and marginal revenue would be 50 4Q. Setting marginal revenue equal to zero we have 1. 50 4Q = 0 2. -4Q = -50 3. Q = 12. 5 So the revenue maximizing quantity for the monopoly is 12. 5 units and the revenue maximizing price is 25. A company with a monopoly does not experience price pressure from competitors, although it may experience pricing pressure from potential competition. If a company increases prices too much, then others may enter the market if they are able to provide the same good, or a substitute, at a lesser price. [31] The idea that monopolies in markets with easy entry need not be regulated against is known as the revolution in monopoly theory. [32] A monopolist can extract only one premium,[clarification needed] and getting into complementary markets does not pay. That is, the total profits a monopolist could earn if it sought to leverage its monopoly in one market by monopolizing a complementary market are equal to the extra profits it could earn anyway by charging more for the monopoly product itself. However, the one monopoly profit theorem is not true if customers in the monopoly good are stranded or poorly informed, or if the tied good has high fixed costs. A pure monopoly has the same economic rationality of perfectly competitive companies, i. e. to optimise a profit function given some constraints. By the assumptions of increasing marginal costs, exogenous inputs prices, and control concentrated on a single agent or entrepreneur, the optimal decision is to equate the marginal cost and marginal revenue of production.

Sunday, July 21, 2019

Government responsibility towards the Moari

Government responsibility towards the Moari Task 1 The government has been able to understand the social policy responsibilities that it has towards Maori  with respect to Article 3. By giving citizenship privileges to Maori, Article 3 forbids prejudice and needs the Government to be pro-active in decreasing social and financial differences between Maori  and the non-Maori. This does not mean that Maori  have continued the social policies what are proposed by the government, but arguments have not been essentially focused on matters with regard to Treaty interpretation. The primary Treaty arguments in the area of social policy gradually relate to the explanation and implementation of Article 2. Petitions by Maori  in this area are for superior sovereignty or tinorangatiratanga. Such petitions are founded on Article 2. The Government has not acknowledged the usefulness of Article 2 in the field of social strategy and Maori  claims for sovereignty have been refuted. However, it is necessary to analyse the implementation of Article 2 to social policy by laying emphasis on two fields of social policy, namely the health segment along with the Department of Social Welfares Iwi Social Services procedure. It is evident that the Governments attitude to Treaty matters in the social policy field is presently vague and erratic. This might appear to be perplexing, not merely to Maori, but even to workforces of Government organisations that work in the region. Such a situation involves a great deal of danger for the Government, owing to the fact that where the Government does not take a distinct initiative, it might find the steps being initiated by the courts or even by the Waitangi Tribunal. The Government would have to decide between ignoring the concerns or choosing a pre-emptive position, after discussing freely with Maori  concerning their hopes for social services policy progress. -Partnership: Social service organisations must ensure that the needs of Maori are taken into account when interacting with Maori or when creating policy that could affect Maori. -Protection: Social service organisations must keep resident’s information confidentially. -Participation: Maori can access and participate in all social services. -Permission: Maori can be permitted to participate in their cultural and traditional activities. Task 2 1) Aotearoa New Zealand Society Aotearoa New Zealand is composed of various ethnicities. All social services must be constructed accessible to all ethnicities. Social workers have to understand and respect multicultural needs when working. 2) Te Tiriti o Waitangi Social service providers and social workers must be well-acquainted with the four principles in Te Tiriti. 3) Te Reo, Tikanga, and development of Iwi and MÄ ori Social work practice must be provided MÄ ori following their customs, values, and the rights under Te Tiriti. 4) Gender and sexuality Gender or Sexual discrimination is not permitted by The Human Rights Act. Social work practice must be provided without prejudice or bias. 5) Human development process through the life span Human development may cause changes. Social workers have to consider the culture to understand the changes. 6) Social Policy in New Zealand Social policy can be impacted and changed by the government. Social work practice has to follow the changed policy. 7) Aotearoa New Zealand social services New Zealand social services accept and respect multi culture. 8) Organisation and management in the social services Organisation and management in the social services have a wide level. 9) Research methodology in the social services Research methodology in the social services should reflect variable needs of people when performed. 10) Users of the social services Social service providers have responsibility to inform clients of their rights. 11) Law and social work There are lawful duties that enact the social work practice. Legal procedures provide guidelines for the client to be safe. 12) Personal development Social work practice plays important roles in improving social worker’s development. 13) Social work ethics Social work ethics impact on the social work practice to be professional. 14) Models of practice, including Iwi and Maori models of practice Maori health model are based on Te Whare Tapa Wha (four cornerstones of Maori health). 15) Working with particular client groups Social work practice must be appropriate to any particular client according to their own needs without prejudice or bias. 16) Cross cultural practice Cross cultural practice identify which factors are prohibited to the clients by their culture when providing services. 17) Current issues in social work practice Social workers need to be well informed of recent information and issues regarding social work practice. Task 3 The first situation involved working with the socially exploited women of the Maori community, many of whom were victims of domestic violence. Dealing with this particular situation required the employment of the Social Learning Theory of social work. This theory is based on Albert Bandura’s viewpoint, according to which learning takes place through reflection and imitation. Different behaviour will linger if it is reinforced. In accordance with this theory, instead of merely listening to a new instructions or guidance and using it, the guiding process would be made increasingly beneficial if the new actions are demonstrated as well. In the case of dealing with socially exploited women from the Maori community, the integration of this theory involved working alongside women who have been able to recover from the trauma and violence that were subject to. This can be supplemented with the provision of real-life accounts of the lives of women who have been able to get back to lif e after experiencing such exploitation. The victims would then be able to relate to their situation in a better manner, thus bringing about more effective results, within a comparatively shorter time period. (Orange, 2011) The next situation was the case of working for the benefit of those residents who suffer from psychosocial developmental issues. This involved the integration of the Psychosocial Development Theory, which is an eight-level theory of individuality and psychosocial development expressed by Erik Erikson. Erikson was of the belief that everyone needs to pass through eight phases of growth all through their life cycle, namely hope, will, purpose, competence, fidelity, love, care, and wisdom. Every stage is then split up into age groups from early stages to older grown-ups. People who have been subject to any kind of social oppression and exploitation would need to be treated in a specific manner by the social services workers, so as to help them overcome those hurdles and emerge free from such drawbacks. In the execution of the duties that were necessary in both these fieldwork cases, there were a number of core values that guided the entire procedure. These included service, social integrity, self-respect and worth of the individual, value of human relations, honour, and capability. The needs of the individuals being treated were, and continue to be, of utmost importance all through the procedure that involves guiding and inspiring them to gather the necessary courage to soar above their situations and emerge victorious. It is also important to ensure that the dignity and respect of the victim be upheld at all times, so as to ensure them that they have a chance to regain their hold over their lives and live it to the fullest, accomplishing the aims and ambition that they have been cherishing. These core values are reflective of the essence of this social work service that ensures compliance with the latest policies and policies that pertain to this field of work. Task 4 First Instance: This instance involved a client named C, who was 25 years old. She and her husband were supposedly having frequent arguments owing to his drinking habits. Unable to cope with his alcohol abuse and often violent and abusive behavior, C began to show signs of depression. It was at this point that she sought help with us. The Crisis Intervention Model was applied here, wherein C provided me with all the relevant details pertaining to her situation and the way things used to be before she started showing signs of depression. I had to be sensitive to the delicate aspects of this situation, which required me to make apt use of the core values of self-respect and worth of an individual. I also had to ensure that her dignity was upheld all through my sessions with her. Dealing with C required me to gain her trust by engaging in informal conversations with her, after which I had to present her with practical ways of coping with the stress of her relationship, while seeking way s to counsel her husband on his drinking problems. C has been receiving help and guidance for the past four months. Second Instance: This instance involved a 16-year-old boy named K, who was involved with drugs and alcohol since the age of 14. The boy had been abandoned by his parents, who were also drug-abusers and alcoholics, after which he maintained no contact with him and lived with his friends. K has been using a number of drugs, and has recently started using crack. He has been using inhalants since he was 13 years of age and has been consuming alcohol in considerable amounts on a regular basis. However, he recently felt the need to seek help for his condition, due to which he decided to seek help from our social services centre. The Rational Choice Theory was then used to deal with his situation, wherein every action taken by an individual is viewed as rational, which requires the decision to be made after the calculation of the risks and benefits involved with it. This kept his dignity and self-respect in mind and ensured that my actions did not demean him in any way. K then needed to be guided in his choices and counselled regarding the consequences of his lifestyle choices. K has been receiving guidance and counselling for the past six months. Apart from these two long-term instances of relationships with clients, there have been a number of similar situations, most of which have involved women who have been subject to domestic abuse, and children who are dealing with alcohol-abuse, drug-abuse, and abusive parents. Several instances of children suffering from trauma, owing to traumatic childhood experiences have also been handled. Such instances required the team to ensure that the dignity of the client is maintained, irrespective of what their background might be. Task 5 My experiences thus far have brought about considerable changes in several aspects of my life. The first change would be that of understanding the essence of social service is the core values that it strives to uphold at all times. Irrespective of the situation that the client is going through, the primary task of the social worker is to ensure that the dignity and respect of that client is reinstated at every step. The next effect that the new learning had on me was that of helping me to gain a deeper understanding of the diversity of human issues, each of which have to be handled in a precise, systematic manner. (TeKaiÄ whinaAhumahi, 2000) These experiences will be of immense help to me in my future social work practice as they have given me the much needed exposure to the wide range of situations that social workers have to deal with on a daily basis. Since my practice has essentially been with cases of women and children, it would be of benefit to me in dealing with such cases in my future practice. As a social worker who is skilled to work alongside Maori, I needed to gain a sound understanding of both the governmental and individual significance of Rangatiratanga to Maori consumers in the 21st century and the community accountability linked to it. My practice has helped me understand that a MÄ ori viewpoint takes into consideration that any client communication is mindful of whanau, hapu, iwi. Attitude is an important aspect that I needed to develop. This is in relation to the applicant’s skills to recognise consciousness of their own limits (cultural prejudices, lack of information and comprehension) and to cultivate honesty to cultural multiplicity and a readiness to study from the rest. It required an established pledge to the continuing progress of an individual’s cultural consciousness and procedures along with those of co-workers. (Durie et al, 2012) Skills are another necessary aspect that I had gained along the way, which involved the incorporation of understanding and approaches necessary to allow workers to relate bi-culturally, guide clients to match up their own aims and desires, and to guide social workers to get rid of all kinds of discrimination. Ability to engage in social work with Maori  groups thus necessitates that the social worker: takes part in culturally appropriate manners in an inclusive way; expresses how the broader perspective of Aotearoa New Zealand both traditionally and presently can influence practice content, presents useful sustenance to Tangata Whenua for their endeavours, possesses an understanding of the Treaty of Waitangi, Te Reo and tikanga, and endorses Mana Whenua and benefits in their zone. All in all, the experience gained by me thus far in my experience will be beneficial to me in gaining competence in the future. (O’DonoghueTsui, 2012) Sungkuk Hong 13020801

Case of Cu Chi Vietnam

Case of Cu Chi Vietnam Abstract As Pine and Gilmore (1998) coin the concept of a new economic era: the experience economy when customers are looking for exceptional and unforgettable experiences, it is obvious that tourism, like many other industries, is incessantly getting involved in experience economy and must generate more experience products. Many countries throughout the world have targeted tourism as a driving-force for development, and Vietnam is not an exception. However, there is lack of academic research on the relationship of the experience economy and the tourism development in Vietnam. Therefore, the purpose of this paper is to study the case of Cu Chi, where experience economy has changed a war-devastated area in Southern Vietnam into a popular tourist destination. Hence, the objective of this paper is twofold: to investigate the affect of experience economy on Cu Chi, and to identify the experience products of this destination. Based on the findings, some practical approaches for tourism sustainable development planning of Cu Chi are then proposed. Introduction In the experience economy, Pine And Gilmore (1998) reveal a new era of economy in which people are attracted by meaningful experiences and intangible things instead of tangibles like years before. This experience economy is growing very fast thanks to the great need of customers for affective memories, sensation and symbolism which combine to create a holistic and long-lasting personal experience. New marketing approaches also shift from product attributes and quality to experiences that dazzle customers senses, engage them personally, touch their hearts and stimulate their minds (e.g. Schmitt, 2003; Gentile, Spiller and Noci, 2007). Therefore, Pine and Gilmore (1998) suggest businesses or destinations should add extra value to their offerings in order to provide unforgettable, satisfactory experiences to their customers. If companies can create personal experiences to customers, they will have sustainable competitive advantage (McCole, 2004; Prahalad and Ramaswany, 2004; Shaw and Iv ens, 2005). The experience economy also employs the concept of the Creative Class, which has been named by Richard Florida in his book The Rise of the Creative Class (2002). The Creative Class are not restricted in any set plan, but they have freedom to perform a more flexible one. This distinction still makes up the core meaning of the experience economy: The industry grows by a flexibility dictated by the interests and curiosity of its customers. Like other countries throughout the world, Vietnam has targeted tourism as the main industry for economy thriving. Across the country, many destinations was renovated and developed in order to attract international and domestic tourists. Cu Chi, a suburban district of Ho Chi Minh City in South Vietnam, which was well-known for fierce battles between Viet Cong (Vietnamese Communist) guerilla forces and U.S Army during the peak-period of Vietnam War (1961 1972), has become a popular sight-seeing. Cu Chi is a great example about how a ravaged area has been revitalized with strong elements of an experience based industry. Nevertheless, with the rapid growth of tourists coming to this district, it is necessary to apply proper planning for tourism sustainable development in Cu Chi. The Four Dimensions of the Experience Economy and Tourism Tourism industry has come into a new era of high competition and challenge to create distinguishing characteristics of tourist experiences (Perdue, 2002). This industry is an example of the growth of experience economy shown in earlier literatures (Cohen, 1979). What tourists get is experiences characterized by unique, emotionally charged and of high personal value (McIntosh and Siggs, 2005). Sternberg (1997:954) further argued that tourists are tourists because they want to compensate for their secular, disenchanted mundane lives through a temporary exposure to the other to the adventurous, foreign, ancient, or spectacular. Tourism establishments make it their business to shape, package and sell such experiences. Many literatures have tried to identify tourist experiences from a number of perspectives (Jackson, White and Schmierer, 1996; Prentice, Witt and Hamer, 1998; Li, 2000). The personal and affective dimensions of tourists experiences in natural and heritage environments have been revealed in many studies (Schanzel and McIntosh, 2000). Tourists experiences of high-risk adventure and leisure activities have also become the main topic of other researchers (e.g. Arnould and Price, 1993; Celci et al., 1993). These academic works have founded the significance and relation of understanding tourists experiences. There are four dimensions of experience which relate to tourism, which are: Education: Pine and Gilmores (1998) explored that customers are motivated to learn something new because an education experience actively engages their mind and intrigues them. Consumers also take an important part in co-determining their experience. By getting an educational experience, consumers can improve their knowledge and skills. Within tourism context, the desire to self-educate is a key motivating factor to travel (Prentice, 2004). Escapism: Tourism offers abundant chances for escapist experiences. Holidays are ways for escape aids, problem solvers, suppliers of strength, energy, new lifeblood and happiness (Krippendorf, 1987: 17). Tourists can get away from the daily routine of life by travelling (Uriely, 2005). Cohen (1979) also points out travelers are inspired to seek for a self-centre elsewhere away from everyday activities. Therefore, they are in search for satisfying and authentic experiences (Turner, 1973). Entertainment: Entertainment is considered as the basic and traditional form of experience, consumers get involved in entertainment passively. Pine and Gilmore (1998) note that companies are now stages used to delight and entertain patrons. Many tourist destinations are well-known for the level, variety and quality of their offers because entertainment intrinsically remains a fundamental part of the tourism product (Hughes and Benn, 1995). Esthetics: This dimension concerns how consumers interpret the physical environment around them. There are three aspects of physical environment categorized by Bitner (1992): ambient conditions; spatial layout and functionality; and signs, symbols and artifacts. In the literature of tourism and hospitality, Bonn et al., (2007) referred that the physical environment of tourist attractions is the key role in regulating visitors attitudes, future patronage intentions and readiness to recommend. Experience production Events, which are intentionally designed to bring meaningful experiences to the guests spending time there, are means of experience production (Boswijk, Thijssen, Peelen, 2007). In the case of Cu Chi, living underground in the tiny tunnel network or having meals like guerillas, the value of the experience is the essential part. Experiences have gradually become the hottest commodity, and this phenomena takes place in the minds of individuals, not only for rich people, but in various form of consumption and behavior (Boswjik Thijssen, 2007). Since the characteristics of experiences are personal, intangible and continuously ongoing, it is problematic for markets to satisfy those demands (ODell, 2005). There are also debates on in which conditions experiences can occur. Florida (2002:166) argues about the Creative Class lifestyle as a passionate quest for experience (2002: 166), they fill their lives up with intensive, high quality, multidimensional experiences. The Creative Class are keen on active rather than passive experiences, they prefer the consumption of experiences to traditional goods and services (Florida, 2002; George Henthorne, 2007). Due to the appearance and growth of The Creative Class, experience production becomes the main concern of many tourist destinations all over the world. This paper relates to Cu Chi context and describes how experience is produced at this place as well as its influence on the larger settings. Cu Chi in Vietnam War The history of foundation Cu Chi Tunnel is 70 km from Ho Chi Minh City in the Northwest where its earliest tunnels were established in 1948 at two villages Tan Phu Trung and Phuoc Vinh An. In the beginning, they were short and simple complexes for hiding documents, weapons, keeping Viet Cong officers operating in enemy rears. Subsequently, the tunnels were expanded to many neighborhood villages. From 1961 to 1965, the main structure of the tunnel called the Spinal Tunnel was finished in the area within five northern villages of Cu Chi District. Rooted from this frame, branch tunnels connected with the Spinal Tunnel and made them into intercommunicated tunnel systems. In order to facilitate the guerilla war, Cu Chi Tunnel was expanded rapidly to counter attack the invasion of Americans. In the peak period of Vietnam War (1966-1972), America Army performed various strategies by determination to eliminate the revolution forces of Cu Chi: 1. Using water to break down the whole network, 2.Deploying the sewer-rat a rmy to attack the tunnel, 3. Utilizing mechanical vehicles to demolish the structure, 4.Using Becgie dogs to attack guerrilla forces, 5. Seeding grass to destroy terrain. They also deployed the best divisions (Division No. 1, Red Eldest Brother, Division 25 Tropical Light etc) supported by tanks, armored cars, and artillery as well as air forces to wipe out the whole district. However, the American suffered serious damages in Cu Chi and failed to achieve their goals to stop Viet Cong. The tunnel network proved its amazing vitality while its branches stretched to everywhere within area. By 1967, the whole system reached the total lengths over 200 km. Tunnel dredging became a movement of Cu Chi people at that time with the involvement of olds, young, women and men for fighting against America Army. More surprisingly, after the war, there are many documents exploring that Cu Chi people only use primitive equipments such as hoes and bamboo-plaited dustpans to build up a great underground village with hundreds of km of crossing tunnels in earth womb. The whole network was constantly improved under the top-secret circumstances; guerilla forces must carry and hide thousands of soil metric meters to other places. Many methods were applied such as pouring down to flooded bomb holes, embanking into ant hills, pouring to fields and plant above. to clean the tracks th at could lead to the assaults of America army on the tunnel. From the Cu Chi Tunnels, Viet Cong could operate large-scale and sudden counter-attack which became frequent threats to enemies during the war. Tunnels structures The underground network of Cu Chi tunnel is a complex twisted in earth womb withmany long, short branches rooted from the Spinal tunnel and intercommunicated to each terrain. When being attacked, guerilla forces can escape through many outlets of branches leading to Saigon River. There are different layers of tunnels from 03 meter to 06 meter depth which can keep Viet Cong safe from cannons and weights of armored cars, the deepest parts can even stand for small bombs. The height and width of the Cu Chi tunnel is merely 50 cm, therefore, the common way for moving underground is creeping. Entrances and exits of the network are carefully camouflaged where some defense-points established to stop enemies or chemicals sprayed by enemies. For ventilation, air holes are set up to the ground under cover via many secret doors. A deadly ground was settled surrounding the tunnel network; it included antitank mines, traps, platforms for shooting helicopters in order to prevent enemies approaching closed. Between the tunnels, there are compartments for daily activities with storage of weapons, grains, foods, drinking water. People could cook secretly underground by Hoang Cam stoves which were designed for hiding smoke in soil. There are also subterranean medical stations, offices of leader, and meeting rooms for performing music and art. Thanks to its undestroyable system, Cu Chi tunnels could stand until spring 1975, when the country was unified and Vietnam War came to an end. Cu Chi as a tourist attraction After Vietnam War, Cu Chi district is the most devastated area of Southern Vietnam with scattered community; the life quality of Cu Chi people is also much lower in comparison with that of its neighborhood regions. Since the renovation policies of Vietnam government in 1986, Cu Chi has been targeted as the main tourist attraction of Vietnam where unique goods offered to tourists: war experiences. It can be considered as product or service innovations of Cu Chi due to changes directly observed by the customer and regarded as new; either in the sense of never seen before, or new to the particular enterprise or destination (Hjalager, 2010:2). The innovation of the whole area Based on the war remnant of Cu Chi, since 1990 this area has been gradually renovated which is called Cu Chi Tunnels Historical Monument Area. In this process, the authorities have tried their best to keep original actualities in order to offers chances of visiting and researching to international and domestic tourists. The liberty area of Cu Chi, where was once called iron land of guerilla forces in war period, is reappeared while five staged-locations is reinstated to depict Special War and Local War of American Army. Underground, there are 09 tunnel stratum spaces making up the motherland supernatural meditation symbol. To meet the needs of tourists coming to this destination, Cu Chi Tunnels Historical Monument Area has been constantly upgraded and it currently includes two subdivisions: Ben Duoc Tunnels Historical Monument Area: 75 km from Ho Chi Minh center within the total square of 89 hectares of Phu Hiep and Phu My Hung village. The main attractions of this area are: Tunnel area for visiting includes 02 bases with 15 hectares The Martyr Temple of 07 hectares The Liberty Area rebuilt of 50 hectares The National defense sport shooting-gallery of 03 hectares Ben Dinh Tunnels Monument Area: Within the total square of 06 hectares of Ben Dinh and Nhuan Duc Village deployed as follows: Statement hall and operation area of 01 hectare Sport ground, orchard and rest houses of 01 hectare Base for sightseeing tunnels of 03 hectares Rebuilding historical services of 01 hectare Combat villages a special form of tourism The objective of the model of Combat villages is to produce real war experience for tourists. In combat villages, there are typical houses representing daily life in war. All houses are decorated exactly the same way in the past with shelters, traditional furniture such as bamboo table, stone mortar. Statues are designed to rebuild lively sceneries such as secret meeting of guerrillas, teachers giving lectures to children under war conditions etc. In some houses, there are actors and actresses playing activities such as milling flour, making alcohol or baking. Tourists can take part in these actions or stay at houses for lively experiences. The tour guides in guerilla clothes are in charge of interpreting the meaning, history and function of the whole system. After traveling on the ground, tourists continue to collect new experiences by getting in the tunnel. Inside the tunnel, tourists may be impressed on how Cu Chi guerrillas can lived underground for many years and most of travele rs are keen on studying about unique ways for survival in severe conditions of war period. Surroundings the tunnel are plentiful material evidences such as armored tanks, bulldozers, helicopters, canons, bombs and so on collected from America Army. Tourists are embedded in the war experiences as well as having a chance to self-educate about the history of the war and the value of peace. The shooting area offers excited experience to tourists where all kinds of guns used by Cu Chi guerillas in the past are presented. Tourists can try different types of weapon and if they can hit the target, they are awarded special local gifts, for instance, bandanna, broad-brimmed cap The destination also provides abundant tourist services: traditional-cuisine restaurants, accommodation, camping area, conference facilities, boat excursion on Saigon River, electric car services for sightseeing, souvenir shops with gifts made from remaining war scraps, such as cartridge, gun fragment, guerilla uniformsThe whole area is highly-commercialized, and with the number of approximately one million tourist arrivals in 2007, Cu Chi seems to succeed in attracting both international and domestic tourists when presenting such special experiences as Berridge (2007:14) argued: At the root of this point is the idea that an event, for some stakeholders but not all, is an activity that is, at that point, meant to be unique and memorable Suggestions for sustainable tourism development planning in Cu Chi There are obvious evidences showing this long time war-suffered district has been revitalized and rapidly developed thanks to tourism industry. Nevertheless, it is necessary for the management board to apply some practices for sustainable tourism development planning at the destination. The UN report: Managing sustainable tourism development (Commission, 2001: 50) has been referred for proposing the following guidelines: The people of Cu Chi should take the main role in maintaining control over tourism development. At present, this tourist destination is under the management of Ho Chi Minh City Military Headquarters, which are state officials, while the local people get involved trivially in the development process of tourism. I believe that the experience economy can only flourish when there is establishment of functional and professional relationships at several levels in Cu Chi. The benefits must be distributed broadly and equally as well as planning requires local community input. Staff, the community and the tourists need more than Value for money. As many researches have pointed out that the best investment for a sustainable lifestyle of local community is to set up a fair distribution of benefits. This principle is also true for the case of Cu Chi. By giving them better opportunities of employment, education and training, Cu Chi people can enhance their skills and better control over their own lives. From the tourist viewpoint, it is important to bring travelers closer into the local community as well as satisfy their expectations and provide a high quality tourist experience. Currently, there are indications of unsustainable development of Cu Chi, for instance, many local products sold to tourists are wild animals, this kind of goods must be prohibited and the eco-friendly ones should be encouraged. Also, while local businesses try to maximize their pro fit and satisfy the increase of tourists demand, the waste treatment system has still not been established in this area. Marketing for sustainable tourism must be in harmony between the needs of the visitor, the place and the community. Experience economy basing on the tourism industry significantly depends on the choices and decisions of tourist entrepreneurs, the tourists and the authorities. Therefore, the objective of tourism marketing is to improve the process of conceiving and developing those specific tourism products, which better corresponding to different tourist categories needs (Muhcina, 2008). In this sense, Cu chi needs harmonious policies to promote tourism products and to satisfy the actual and future tourists needs, by using the natural environment elements in an equilibrated way. The surrounding region of Cu Chi with great landscape can be a solution for diversifying and offering various potential ecotourism products. Conclusion According to World Travel and Tourism Council in 2007, tourism industry is forecasted to generate double income within the next 15 years. Experience economy born by this industry can bring opportunities to developing countries in the process of development. In the case of Cu Chi, this destination has been surprisingly benefited by its war remnants as many people have said that they even can sell a war. The whole district has been revived and become a competitive destination with growing income and status. Nevertheless, there is a double-affect of this type of destination development. It offers new chances to the local community while simultaneously causing potential risks for the area, its people and resources. Hence, to achieve the objective of sustainable tourism development, Cu Chi must improve the quality and uniqueness of experiences providing for customers along with setting up a plan of development that takes local setting into consideration. This destination should not only s tick to the experience of the past war but also needs to prepare better for the future. The forthcoming stage of tourism development in Cu Chi should be considered as a new opportunity, not merely challenges, as Jensen declared in his book-Dream Society (2007:24): If you see the future as an obstacle, you are walking in the wrong direction. Bibliography Arnould, E. J. and Price, L. L. (1993) River Magic: Extraordinary Experience and the Extended Service Encounter, Journal of Consumer Research, 20(1), 24-45 Berridge, G. (2007). Events Design and Experience, Event Management Series, Oxford: Butterworth-Heinemann. Bitner, M. J. (1992) Servicescape: The Impact of Physical Surroundings on Customers and Employees, Journal of Marketing, 56 (2): 57-67 Boswijk, A., Thijssen, T., Peelen, E. (2007). The Experience Economy: A new perspective. Pearson Education Benelux Bonn, M. A., Joseph-Mathews, S. M., Dai, M., Hayes, S. and Cave, J. 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(1999) The Experience Economy: Work is a Theatre and Every Business a Stage. Boston, MA: Harvard Business School Press Prahalad, C. K. and Ramaswamy, V. (2004) Co-Creation Experiences: The Next Practice in Value Creation, Journal of Interactive Marketing, 18(3): 5-14 Prentice, R. C., Witt, S. F. and Hamer, C. (1998) Tourism as Experience: The Case of Heritage Parks, Annals of Tourism Research, 25(1): 1-24 Prentice, R.C. (2004) Tourist Motivation and Typologies. In: A. Lew, M. Hall, and A.M. Williams, eds., A Companion to Tourism. Blackwell, Oxford: Blackwell, pp. 261-279 Rydland, C.M. (2009) The experience: Domino or Dynamo. Luleà ¥ University of Technology Schanzel, H. and McIntosh, A. J. (2000) An Insight into the Personal and Emotive Context of Wildlife Viewing at the Penguin Place, Otago, New Zealand, Journal of Sustainable Tourism, 8(1), 36-52 Schmitt, B. (2003) Customer Experience Management: A Revolutionary Approach to Connecting with Your Customer. New Jersey: Wiley and Sons Shaw, C. and Ivens, J. (2005) Building Great Customer Experiences. New York: MacMillan Sternberg, E. (1997) The Iconography of the Tourism Experience, Annals of Tourism Research, 24(4): 951-969 UNEP, WTO. (2005). Making Tourism more sustainable, A guide for policy makers. United Nations Environment Program and World Tourism Organisation. Online references Cu Chi Tunnel. Retrieved May 25th, 2010, available from http://www.cuchitunnel.org.vn World Travel and Tourism Council (WTTC). Retrieved May 25th, 2010, available from http://www.wttc.org

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Question: Dissect the Financial and Accounting Issues in XYZ Company. Answer: Presentation: This report has been set up to disse...