STA Travel Business Strategy

STA Travel Business Strategy STA travels primary aim is attract young and active as well as adventurous consumers anywhere around the world. A sensible business strategy might be to offer what the customer want when they need it, By operating more than 400 retail agencies around the world STA continues to take more risky environment and would planning to expand into new markets to further its reach in to the student travel world. As many of organizations, STA travel managers give the impression that upgrading or changing components of information system will positively impact a business strategy. Therefore it takes advantage to expand it market by developing staff training mechanisms on networking system and modernizing its electronic communication with their customers. STA provided BLUEe which is a single booking system pointed to every purchase in STA travel by offering features on network, infrastructure, finance and operating system. Furthermore STA make available to their customers a highly interactive webs ite which attributing video reports STA customers about their travel destinations and freely downloading facilities the second life client or mainland as an advantage to becoming a playing member. It is important to balance the strategy triangle. By making any changes in the information strategy or organization strategy in first then the triangle getting out of balance and will be have an effect on other involving areas too. By considering on that view point when STA building their virtual world they do changes in business strategy like making staff are more productive and making widest possible work place opportunities. As well as STA travel is trying to attract more customers by holding expensive resources, using expertises knowledge and international programs in their group service division. By building these changes they trying to make connection between managers and their travelers. STA travel build a contract to develop their marketing attendance on second life through the computer simulated virtual world. As a well run organization the business strategy of the STA makes the rest of the organizational and informational strategy is not appear a big different. Organisation Strategy When considering the STA travel organisation design, STA had grown-up and spread out its global reach through a chain of mergers. To responsive to their globally distributed and various cultural consumers that the STA organised around responsiveness and would be including elements of autonomy, empowerment and authority as close to the action as possible. If organisation needs to have responsive, it would not work to have centralized decision making authority. Because it takes long time to get information up and decisions back to the field. The travelling process organised through the market analysis and service histories. Also they do series of organisational process (such as STA travel second life, by building a virtual world) and make sure customers the STA travel is able to actually ready to provide their booking service when customer need their service. STA designed web portal attract more travellers in to business and provide more information by downloading second life client software guide. From this second life web site STA travel offer their potential players to free download game and through the online the software connected to the grid computer servers and it is hosting one small area of many islands and the mainland. The new organisation structure in STA is centralized and provide more flexible infrastructure. Accordingly it has most advantageous of environment for monitor and implement new process. STA travel implements shared services measurement for certain processes and functions. And also STA provide level of structure when they making any decisions (CODA Group, p.3) In STA second life travel locations structure organisation would include; Dedicated portal and orientation island this will provide easy ways students to joint their second life and learn to find the way to the virtual world Virtual dorms helps to have private meetings and get together. Virtual travel destination provide experience in Mayan ruins, Asian temples and French cafes. STA travel main office provide the tour package information Produced Live weekly events and tours Sandbox provide practice to build own their virtual world. Information Strategy STA travels information strategy supports its business strategy through the innovation and openness. It has decentralized information strategy in each business unit and each unit responsible for their own IT operations. Currently STA has consistent and cost effective IT base that provide facilities to maintain of their world around operations. (Savvis ,2009,p.) Its web portal attract potential travellers by permitting their customers to downloads their client software and maintain online travel arrangements to suit the needs of the business. Their web sites provide mechanism to connect to their world wide travellers, to take their bookings, to provide services when the traveller needs more information regarding any destination and link to other branches. In STA most counties web pages consist look and feel and each country marketers feel free to design their marketing campaign using methods attach to internet. Fir instance, the US office run a virtual marketing campaign for spring break called body shots. To get more advantage they advised it on face book and Myspace too and also they offer facility to their customers to contact them through emails. STA taking the advantages of the through their new web technology such as they used to advertise, set up discussion groups and entertainment , use tools like second life to promote its services. Furthermore, STA travel information strategy support to their business strategy by helping to meet their business objectives of revenue generation as well as increasing referral income and improving online business sales conversion rates. Moreover, STA travel accept to work with IBM global Business Service and build up long term business plan with them to develop their business strategy. Also they help to STA travel to implement a global electronic commerce technology system to control STA across multiple web sites as the same time they offering the elasticity to adopt their local content. By having support from IBM and Open Text, STA travel keep up their latest online tends to get more benefit on their global business. The STA travel increasing their sites demand by offering new facilities, such as user generated travel log access and personal recommendation. Very speedily they rolled out new online services to thirteen countries. They can easily and quickly make the updates and changes in the web sites. Because the template or code of the web site updates are implement only once to the master project. (Open Text, 2009) It is good having virtual staff with proper information technology knowledge according to their whole system changes, because it will be more efficient and lead to increase their production and business operations. The STA travel flexible information structure supports the innovation and creativity to its business strategy. 2. According to porters value chain model STA travel also do some activities that create, deliver and support the organizations service. The real world From the beginning STA travel attract their customers through the retail travel agencies. Most of these agencies located in the near or on the campuses. When they started to run their application through internet they met new online competitors. For a instance, student universe and student city and less focused online travel agencies like Travelocity and Expedia. However porters value chain model suggests that competition can come from lowering the cost to perform activities and adding value to product or services. To be approachable to their global and culturally different customers STA travel gives more independent, responsibility and authority coverage. STA travel branches in each country have a power to maintain their own travel sales and marketing arms. north American STA division owned highly interactive web site which providing video reports about their travel destinations. As we can also think that there is tremendous relationship between STA travel business and information strategy. Because of the information system completely support what STA travel trying to accomplish in their business plan. Such as STA travel provide flexible and reliable information on a worldwide scale through their web site. They introducing different cultures, provide the experiencing with variety people and places around the world, make study groups, works and entertainment facilities. STA travel business model build up to meet the individual customer requirements through their on line booking and information system. STA travel expecting feed back about their quality vision from customers. Also they visible in the value chain on the product and service selling point, the place the where the travelers buying their tickets, in the airline operating point. STA always able to provide best value for their customers and had world class finance foundation in the financing system. (CODA Group, p.) The virtual world The work package as described in the contract with Electric Sheep Company (ESC) will develop virtual marketing on second life. This package given more attention to the island by designing high visibility site regarding on second life, producing the island and manage the events. Also by using electronic performers firm organized to marketing in virtual environment. From the second life web site players can download the client game software. Once in the online the client software connected to a grid of computer servers, each hosting area contain many islands and mainland which present in the second life. Machinima competition among current residents of second life is important point in the virtual world value chain because machinima is a style of movie making by using avatar as members of the cast and then using those entire make a film mix with virtual world context too. Selected videos provide within second life with their service information. STA travel provides opportunities to players to make up initial design of their online persona their avatar. From this mechanism players can see back of their avatar, nearby people, signs and buildings. And For new players system provide basic tool including instant massage and chat capabilities for communication with each other. In the contract mentioned that island include the STA mall and presenting free or with payment virtual goods which providing from second life trades, community lounge area, exhibition area for holding the events, STA information centre, various online initiatives and information about their travel partners. Further more plan to provide mix of tours of second life, live music from local musicians as well as tutorial sessions. 3. STA is a larger globally expanded student travel agency, presently attracting more than 6 million travelers world widely. It provide reasonably price as well as wide spread services to their customers. Such as financing air and train tickets, booking facilities for travelers accommodations, work and tours and study programmers. Furthermore they provide subsidiary services relating to their main services. Such as shopping discount cards, travel insurance, electronic visa processing system and discounted cell phone services too. Additionally, STA travel organization locates their retail agencies around the world and operates numerous call centers and stylish web site which make easier access to their world wide customers when their bookings and online travel research and customer support service. (Savvis ,2009,p.) STA travel is more competitive, well leading sales organization. By presence in second life, STA travel arranged more web base analysis and activities than earlier life. By providing free downloading client software to second life or occurring facilities to visit mainland. Because of more entertainment and new technology they use STA able to achieve more customer satisfaction and attraction. Second life strategy generates numerous destination islands to attract more customers and holding machinima competition among the second life clients. Machinima the movie making style make films by using avatar as cast members and with the context of virtual world. The main idea is to boast second life members who already make virtual world. STA travel used some of selected movies to provide information regarding existing visiting places and more details about those packages. The orientation island is another important element in the second life strategy. Most of the organization makes it to promote their island but it is main barrier to newcomers. For the eve ry newcomers orientation island provide lessons in communication, mobility and also avatar outfitting. However, it is difficult to maintain and attract return visitors in Destination Island. Newly, STA introduce new social community service to their customers such as share stories and questions with each other in the world. In the second life strategy STA travel try to maximize their online campaign by keep an eye on all activities on web applications. Additionally, make the improvement in visitors online visit by using analytics web tools and given that broader approaching to business performance. 4. As mentioned in case, still STA travels does not sign contact and its work package explain that commitments to develop virtual market in the second life. The Electronic Artists, a specializing company in marketing virtual environments will be going to create web blog. However keep the machinima completion with other second life residents. It is good idea making movie in the context of virtual world and planning to attract more clients and by using best selected movies to provide same real world services to second life. By taking advantage in virtual STA in second life customers can save time and money taking information from web portal before actually they make any tour. other interesting point in here is the earlier visit traveler can make an web account by placing their own tour experiment in second life and have a discussion group and also they can make feed back about STA travel campaign. STA virtual world applications help to predict customer behavior by providing Enjoyment attractions. 5. When considering the STAs virtual world, there are several threads we can face, such as use of new technology, IT support, business development, arising legal security issues, grown up content and discussion group and cost.For the large scale of virtual world need speedy computer processor and video cards with steady network. Therefore players want to familiar with the new technology parts and need to have knowledge in IT environment. STAs virtual world completely run by the grid computer server therefore it is essential for the IT support to maintaining and running the STAs virtual world. by considering current and future business development it is essential to take expertises support in their IT strategy and wants to handle the system carefully. Another challenge STAs virtual world has to face with the personal information safety and data protection. Players mostly concerns security issues given by the vendors before they enter to the second life. When bearing in mind the content o f the virtual world, concerns of the legal issues important point to vendors, for an instant gambling. When providing software guide about the virtual world it is vital to think about time they have to spend. Most of players expecting shot time leaning curves. STA needed carefully planned about their investment for lon term virtual world development.( Penfold, 2008,p.) The SWOT analysis used to concerns the strengths, weakness, opportunities and threads for STA virtual world in second life. Strengths Providing better travelling experience with enjoyment is main advantage I can see in the STA virtual world in second life. Pdf6 Considering the network services it is providing quicker, easier online facilities such as through the web portal they can access user travel logs and private advice. STA own independently running web sites all around the world. (Open Text, 2009) Weaknesses main disadvantage is the cultural differences they have to face with when they expanding globally. Technology difficulties are the next weakness that the STA has to familiar in their virtual world in second life. Because the there are able to occurring functionality difference from site to site. and also to provide learning-edge services to younger generation is more costly. (Open Text, 2009) Opportunities STA virtual world in second life adding variety of interactivity and enjoyment opportunities for their clients life. Social interaction and group communication is another opportunity can be able to access. ( Penfold, 2008,p.) During the team players communication virtual world helping them by providing instant feedback, can be set up trust through several communication paths and enable to remove boundaries in geographic and culture differences. Can offering a chance to improve their member attraction by providing playful environment. (Owens,Davis,Murphy,Khazanchi Zigurs, 2009) Threats when considering further more, the time limits, new technology support and available resources are main challenges in the second life. ( Penfold, 2008,p.) It is challenging to find new technology well-known and educated audience in each location. In addition, it is not easy task to control content of individual sites and always to keep STA travel organizations information current. (Open Text, 2009) 6. It is not true that attendance of STA virtual world cannibalizing its real world presence. STA virtual world just only taking more advantages in business strategy than real world by improving their earlier web based technology capabilities. For a instance the machinima style just has step further technology advantage only the content or the services by using it same as STA provided in their real world, providing existing visiting places information and information reflect to how to travelers get there. Because of virtual world capabilities providing more facilities to collaborate and interact its more attractive with second life members. Furthermore in the virtual world student can easily and quickly give feedback on their experience and to make upgrades and changes in the web sites is quicker than eailer. (Owens, Davis, Murphy, Khazanchi Zigurs, 2009) The virtual world development and vividness of environment have some similarities to the real world web. In the virtual business in second life have joint technology like stream media, 3D together with grid computing and all are apply in to the virtual world structure. Therefore in conclude can suggest development of the virtual business strategy is parallel to the earlier web base business development have in the real world. And these business relationships more effectively help to the virtual world developments. (Wei, 2007,p.) 7. To get better answer for this question I suggest it is important to go beyond with the benefits severing by STAs virtual world in second life. Second life is likely a virtual world society. Virtual world has brightness environment and new technology ability to make available occasion to build social interactions and partnership with other team members. Also virtual world and its technology ability support teams to take challenges in IT field. This technology facility is unique advantage in the virtual world. By using STAs virtual world technology capabilities quickly members can have face to face group discussion using their avatar in virtual space. Members can modify, design and build their avatars like to produce direct trust. Another advantage and possible chance that people can taken from current virtual world technology is can share virtual objects and documents in between virtual world and other software tools too. And new technology expertises expect that this opportunity will be explore within the virtual competitors. (Owens,Davis,Murphy,Khazanchi Zigurs, 2009) Furthermore, virtual world provide more cost effective platform to discover STAs travel destinations. For the newcomers they provide a flexible introductory programmers and chances to have an experience in virtual world and offering student support for innovation and research on traveling destination. Another point we need to bare in mind that most of second life competitors having the benefit from virtual world technology. Virtual world is not just a fun space it have potential improvement in educational programmes too. ( Penfold, 2008,p.) By considering above facts I suggest that STA management may taken this action by bare in mind that their main target audience is younger generation and usually students like to move to virtual world in second life fun to use, make more interest in learning and have an interactive experience. In addition, uses and technology capability provide in the virtual world in the second life be able to carry on wider grow globally. Because currently, most of the young people use virtual technology to learn, entertain and work as also build up more social interaction. More over, nowadays among the younger generation the time virtual world is becoming a more common place for communicating with each other including instant massage, chat facilities and email service in the virtual space. (Penfold, 2008)

BP Management Planning

Direction We strive to be a safety leader in our industry, a world-class operator, a responsible corporate citizen and a great employer. We are working to enhance safety and risk management, earn back trust and grow value. Keeping a relentless focus on safety is a top priority for us.Good management of risk helps to protect the people at the frontline, the places in which we operate and the value we create. We understand that operating in politically-complex regions and technically- demanding geographies, such as deep water and oil sands, requires particular sensitivity to local environments. We continue to enhance our systems, processes and standards, including how we manage contractors. ( Bp † ‘ , 2012) Situational Analysis Mitigate and eliminate situations that put the company at risk. Goal transparency is key to building trust and relationships.Simplify goals so interpretations are clear Have a broader presence in the communities we serve. Communicating is key to buil ding trust and relationships. Alternatives Mistrust by the community Lack of generated revenue Increased injuries to our team Lack of knowledge regarding BP Misconceptions regarding BP Possible increase revenue by the competition Goals Recognize potential for our presence to impact the lives of indigenous communities. Sensitivity to community displacement as a result of our company projects. Complete Revenue transparency with governments, nongovernmental organizations and international agencies.Manage environmental sensitivities and the potential impacts on communities. Create a culture of Safety. Oversight Day-to-day risk identification and management occurs in the group operations and functions, with the approach varying according to the types of risk we face. Oversight and governance occurs at board, executive and function levels to help foster effective group-wide oversight, business planning and resource allocation, intervention and knowledge sharing.

Critical Review of Macbeth by William Shakespeare Essay

Introduction Not only is Macbeth by far the shortest of William Shakespeare’s great tragedies, but it is also anomalous in some structural respects. Like Othello (1604) and only a very few other Shakespearean plays, Macbeth is without the complications of a subplot. (Bradley, 1905) Consequently, the action moves forward in a swift and inexorable rush. More significantly, the climax the murder of Duncan takes place very early in the play. As a result, attention is focused on the various consequences of the crime rather than on the ambiguities or moral dilemmas that had preceded and occasioned it. Overview In this, the play differs from Othello, where the hero commits murder only after long plotting, and from Hamlet (1600-1601), where the hero spends most of the play in moral indecision. It is more like King Lear (1605-1606), where destructive action flows from the central premise of the division of the kingdom. Yet Macbeth differs from that play, too, in that it does not raise the monumental, cosmic questions of good and evil in nature (Shakespeare, 1992). Instead it explores the moral and psychological effects of evil in the life of one man. For all the power and prominence of Lady Macbeth, the drama remains essentially the story of the lord who commits regicide and thereby enmeshes himself in a complex web of consequences. When Macbeth first enters, he is far from the villain whose experiences the play subsequently describes. He has just returned from a glorious military success in defense of the crown. He is rewarded by the grateful Duncan, with preferment as thane of Cawdor. This honor, which initially qualifies him for the role of hero, ironically intensifies the horror of the murder Macbeth soon thereafter commits. His fall is rapid, and his crime is more clearly a sin than is usually the case in tragedy. It is not mitigated by mixed motives or insufficient knowledge. Moreover, the sin is regicide, an action viewed by the Renaissance as exceptionally foul, since it struck at God’s representative on earth. The sin is so boldly offensive that many have tried to find extenuation in the impetus given Macbeth by the witches. However, the witches do not control behavior in the play. They are symbolic of evil and prescient of crimes which are to come, but they neither encourage nor facilitate Macbeth’s actions (Wills, 1994). They are merely a poignant external symbol of the ambition that is already within Macbeth. Indeed, when he discusses the witches’ prophecy with Lady Macbeth, it is clear that the possibility has been discussed before. Nor can the responsibility be shifted to Lady Macbeth, despite her goading. In a way, she is merely acting out the role of the good wife, encouraging her husband to do what she believes to be in his best interests. She is a catalyst and supporter, but she does not make the grim decision, and Macbeth never tries to lay the blame on her (Wills, 1994). When Macbeth proceeds on his bloody course, there is little extenuation in his brief failure of nerve. He is an ambitious man overpowered by his high aspirations, yet Shakespeare is able to elicit feelings of sympathy for him from the audience. Despite the evil of his actions, he does not arouse the distaste audiences reserve for such villains as Iago and Cornwall. This may be because Macbeth is not evil incarnate but a human being who has sinned. Moreover, audiences are as much affected by what Macbeth says about his actions as by the deeds themselves. Both substance and setting emphasize the great evil, but Macbeth does not go about his foul business easily. He knows what he is doing, and his agonizing reflections show a man increasingly losing control over his own moral destiny. Although Lady Macbeth demonstrated greater courage and resolution at the time of the murder of Duncan, it is she who falls victim to the physical manifestations of remorse and literally dies of guilt. Macbeth, who starts more tentatively, becomes stronger, or perhaps more inured, as he faces the consequences of his initial crime. Conclusion The play examines the effects of evil on Macbeth’s character and on his subsequent moral behavior. The later murders flow naturally out of the first. Evil breeds evil because Macbeth, to protect himself and consolidate his position, is forced to murder again (Harbage, 1963). Successively, he kills Banquo, attempts to murder Fleance, and brutally exterminates Macduff’s family. As his crimes increase, Macbeth’s freedom seems to decrease, but his moral responsibility does not. His actions become more cold-blooded as his options disappear. Shakespeare does not allow Macbeth any moral excuses. The dramatist is aware of the notion that any action performed makes it more likely that the person will perform other such actions. The operation of this phenomenon is apparent as Macbeth finds it increasingly easier to rise to the gruesome occasion. However, the dominant inclination never becomes a total determinant of behavior, so Macbeth does not have the excuse of loss of free will. It does however become ever more difficult to break the chain of events that are rushing him toward moral and physical destruction. As he degenerates, he becomes more deluded about his invulnerability and more emboldened. What he gains in will and confidence is counterbalanced and eventually toppled by the iniquitous weight of the events he set in motion and felt he had to perpetuate. When he dies, he seems almost to be released from the imprisonment of his own evil. References Bradley, A. C. (1905). Shakespearean Tragedy. London: Macmillan. Harbage, Alfred. (1963). William Shakespeare: A Reader’s Guide. New York: Farrar, Straus & Giroux. Shakespeare, William. (1992). Macbeth. Alan Sinfield (ed. ). Houndsmills, England: Macmillan. Wills, Garry. (1994). Witches and Jesuits: Shakespeare’s â€Å"Macbeth. † New York: Oxford University Press.

William Shakespeare s King Lear - 922 Words

Insanity occupies an essential place in William Shakespeare’s King Lear, and is associated with both disorder and hidden wisdom. As King Lear goes mad due to dementia, the turmoil in his mind mirrored the chaos that has descended upon his kingdom. He initiated the unnatural sequence of events when he proclaimed that he desires to relinquish his duties as a monarchy and conferring them onto his children. At the same time, Lear’s dementia provided him with important wisdom by reducing him to his bare humanity and stripped him of all royal pretensions. King Lear is challenged by two bodies: the celestial body which presented him as a ruler and is connected to god, and the terrestrial body which presented Lear as a father figure. As a man of enormous power, status, wealth, responsibility, and social complexity, Lear faced a terrible isolation from his family and nature itself, thus he suffered from the stripping of his entire identity and goes mad as a result. Although Lear himself is very powerfully aware of his importance, he intended to transfer the power of his throne onto his children, and spend the rest of his life free of the responsibilities which come with the position of a king. But in surrendering his birthright position, Lear has no intention of ceasing the treatment of being a king. He is unwilling to alter his identity when he claimed that he should be the only one to retain the name and supremacy of a king. His decision to divide the kingdom between his threeShow MoreRelatedWilliam Shakespeare s King Lear1564 Words   |  7 PagesWilliam Shakespeare is universally known for his literary output both in poetry and drama. Whether through his laugh-invoking comedies or his heart-wrenching tragedies, Shakespeare’s plays have changed the course of literature. Many of his plays about love are widely praised by all, but Shakespeare s King Lear differs from the rest due to its definition of love. 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Memory and the Brain Essay - 1001 Words

How does memory work? Is it possible to improve your memory? In order to answer these questions, one must look at the different types of memory and how memory is stored in a persons brain.Memory is the mental process of retaining and recalling information or experiences. (1) It is the process of taking events, or facts and storing them in the brain for later use. There are three types of memory: sensory memory, short-term memory, and long-term memory. Sensory memories are momentary recordings of information in our sensory systems. They are memories evoked through a persons five senses: sight, smell, sound, taste, and touch. Although sensory memory is very brief, different sensory memories last for different amounts of time. Iconic†¦show more content†¦Some scientists believe that parts of long term memory are permanent while others will eventually weaken over time. (3) Long term memory can be divided into three sections: procedural memory, declarative memory, and remote memory. Procedural memory includes motor skills such as learning how to ride a bike or how to drive a car. Such memories are slow to acquire but more resistant to change or loss. (4) Declarative memory is used to remember facts, such as names, dates and places. It is easy to learn but also easy to lose. Finally there is episodic memory, which is the record of events that a person stores throughout his or her experience. Recent studies show that these event s, as soon as they occur, are sent to a temporary part of the brain called the hippocampus, and that over time they are moved to the neocortex for permanent storage. (5). When speaking about memory, one needs to look at the parts of the brain that are involved in memory storage. The hippocampus is a place in the brain that is used to transfer memories from short-term to long term memory. (1) It also helps store spatial memories with the thalamus. 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Hydraulic Fracturing An Ethical Approach - 1168 Words

Hydraulic Fracturing: An Ethical Approach Hydraulic fracturing in combination with advancement in directional drilling has made it possible to economically extract oil and gas from unconventional resources. The growth in U.S. oil and gas exploration and production made possible by the increase in use of hydraulic fracturing, has raised concerns about its potential to impact human health and the environment. Concerns have been raised by the public about the effects of hydraulic fracturing on quality and quantity of drinking water resources. The hydraulic fracturing water cycle includes five main activities: the withdrawal of ground or surface water needed for hydraulic fracturing fluids; the mixing of water, chemicals, and proppant on the well pad to create the hydraulic fracturing fluid; the injection of hydraulic fracturing fluids into the well to fracture the formation, the return of injected fluid and water produced from the formation to the surface; and the reuse, treatment and d isposal of wastewater generated at the well pad, including produced water (U.S. EPA, 2015). With the water cycle being so massive and prolonged, the presence of potential negative impacts is greatly increased. 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Business Economics Worldwide Instantly

Question: Describe about the Business Economics for Worldwide Instantly. Answer: Part 1 Opinion Piece Since June, 2015, the oil price fell below $70 from $115. It is the lowest level since 2009. The high value of U.S Dollar against the Euro was one of the main causes which led to the sharp drop in the price of crude oil all over the world (Kilian and Murphy, 2014). Another leading driver of decline in price drop of oil was The Organization of the Petroleum Exporting Countries(OPEC), which refused to stabilize the oil markets. Oversupply of crude oil and also Iran Nuclear Deal made the oil price go down. In 2015, the demand for crude oil rose instantly worldwide, due to decrease in its price (Baumeister and Kilian, 2016). Since the last five years, shale oil productivity has risen to 50%. Along with decrease in oil product prices, increase in the level of income was also a main reason for rising U.S oil demand. This economic theory is supported by the Law of demand, which states that if all the factors affecting demand remain constant and the price of a commodity rises, the demand for it will decrease (Baumeister and Peersman, 2013). In contrast, if the prices of the commodity decline, it will lead to rise in demand for that commodity. Thus, there is an inverse relationship between demand and price of a commodity. In context of U.S oil, the demand for crude oil rose due to decrease in its price. It is further explained with the help of following diagram: As per economic theory, when the change in price of a commodity brings a little impact on its quantity demanded, it is called inelastic demand. In the last six months of 2015, the price of crude oil fell by 30%, which led to rise in its demand by 2% (Singleton, 2013). There exists a smaller change in demand for crude oil as compared to change in its price. Thus, oil demand in US is having inelasticity of demand. It is calculated as below: Change in quantity demanded of oil percentage change in oil price = 2% 30% = 0.067, which is 1 So, price elasticity of demand for crude oil is less than unitary. It suggests that although the price of crude oil is declining by 30% but is demand is not responding substantially equal to or closer to the fall in price. No, I do not agree with the opinion expressed in source 1, on the price elasticity of demand. As per economic theory, the demand of a commodity is also affected by various determinants other than price of that commodity. These factors include change in the level of consumer income, change in the preference of consumers, and availability of substitute (Esfahani et al., 2014). Decrease in the price of oil does not necessarily means that there will be increase in its demand. The demand for oil depends on various factors affecting it other than its price. In the short run, the demand for oil in US may have increased due to fall in its price but in the long run oil price may not have any major impact on its demand if other factors prevail (Dube and Vargas, 2013). It is observed that in the recent years the supply of oil in US has increased more than required which also led to decline in its price. Since, due to oversupply of crude oil in last two years, its price fell down day-by-day and its demand rose substantially. It has caused an imbalance in the supply and demand for oil (Knittel and Pindyck, 2016). So, on the basis of above analysis, I would like to advice oil producer to increase the price of crude oil, in order to balance the supply of oil with its demand. Decrease in the oil price has reached to $37, which was the lowest ever since 2011. Increase in the price of crude oil would enable its producers to control the supply which will result in decrease in oil supply for consumers (Fattouh et al., 2016). As a consequence, there will be a sharp increase in the demand for crude oil, which will ultimately lead to the increase in revenue for crude oil producers. It is depicted with the help of following diagram: Change in quantity demanded in response to change in price level Price elasticity of supply indicates the variation in quantity supplied of a commodity in response to its price. On the basis of source 2, it is found that there has been an unexpected increase in US shale oil supply, since the last few years (Dreger ey al., 2016). In the year 2008, the price of crude oil suddenly raised up to $145, which led to extraction of shale oil in US. As the supply of shale oil by US increased, the crude oil price began to decline gradually. In December, 2008, the oil price fell below $30.28. It indicates that changes in the market have a significant impact on the price of US crude oil. Thus, price elasticity of shale oil supply is elastic, that is, more than 1. Part 2 Supermarkets Price War According to the economic theory, an oligopolistic market where a very few firms operate for gaining larger market share. These firms are interdependent on each other because the action of one firm may affect the position of another one (Trevena et al., 2016). Also, the firms also have the power to set prices rather than taking prices. On the basis of above economic theory, it can be said that a supermarket industry is an oligopolistic market. Coles and Woolworths are the leading examples of Supermarket industry of Australia. These two firms in supermarket industry sell products which are mainly differentiated by promotional schemes and advertising expenditure (Lee et al., 2016). Coles and Woolworth occupy a major portion of market share and they also have an effective control over price and supply of their products. From the figure, it is evident that the market share of Coles is 37% and that of Woolworths is 43%. The larger market share makes them dominant and provides power to rule Supermarket industry of Australia. There also exist barriers which prevent new firms to enter into the market. New firms became unable to reach the production scale and profit margin of Coles and Woolworths, and consequently shut down within a few years (Hattersley, 2013). The two firms compete with each other using price and discount war in order to gain competitive advantage and customer loyalty. This price competition affects the profitability of their business and makes them to re-design their strategies. No, it is not in the interests of Coles and Woolworths to have a price discount war. This is because, both the companies operate in an oligopolistic market structure and also they both are interdependent on each other. If they compete with each other using price discount war then it may adversely affect the profitability of both of them. Also, according to the kinked demand curve, increase in price of a commodity above a certain point leads to decrease in revenues of the firm in the long run (Richards et al., 2012). This is because; other competitors in the industry would not change their product prices and it would bound Coles and Woolworths to lose some market share for their rivalries. A better strategy for Coles and Woolworths is to make a settlement on the prices and to identify Nash equilibrium so that they can decide a fix price of their products. It will be beneficial for both of the firms to compete on product quality and diversification rather than on price (McCarthy, 2014). Moreover, they can form a cartel so as to resist the entry of new firms in the market. One of the major theoretical tools which can be used to evaluate market competitive behaviour is Game theory. Game theory works better in an oligopolistic market where two or more firms operate in the industry. Kinked demand curve Economic theory describes a market structure as a monopoly when there is only a single seller or supplier in the market and there is no availability of closer substitute of the product (Knutson et al., 2014). In such a market, the seller is not the price taker but the price maker and other firms are restricted to enter into the industry due to various legal and technical barriers. Coles and Woolworths have established a monopoly in the Australian vegetable market due to which farmers are facing difficulty in staying in the business. As per source 1, an increased production cost and lack of compensation in return, most of the farmers are not willing to grow vegetables any more. Coles and Woolworths use their market power which reduces the profit margin of vegetable growers. Various items have been discounted by the companies up to 50%. It makes the growers financially unable to grow new plants in their specified budget. According to source 2, the market share of vegetables in the industry is only 13%, which is very less in comparison to other commodities. It is creating pressure on the vegetable sector of Australia and vegetable growers are finding it hard to survive in the business. The falling prices of Coles and Woolworths due to the price discount war would negatively affect the individual vegetable producer. It is because, the producer may continue to grow vegetables up to a certain level but after that if his profit margin will not increase and cost will starts rising up, due to which the production level will decline in the long run and he will stop growing vegetables in future (Sutton-Brady et al., 2015). Although the fixed cost will remain constant but the variable cost may rise, if the farmers continue to produce vegetables. Because, the farmers will not able to match with Coles and Woolworths output level, it can create diseconomies of scale for small farmers and they will be forced to exit the market. Yes, it is true that if individual farmers in Australian vegetable industry made significant improvements in their technologies, they could overcome the increasing price issues and stay in business in long-run. This is because if the farmers adopt latest technologies, it would lead to efficiency in production along with decrease in cost of production in the long-run (Sutton-Brady et al., 2015). It will then help them to gain economies of scale and constant returns to scale. The revenues from the sale of production will increase and thereby all over profits of the farmers will be maximized if the capital investment is made in the form of introduction of technology. Conclusion From the first part 1 of this assignment, it is concluded that a sharp drop in crude oil price in United States of America has in the second half of 2015 has put a significant effect on the entire global economy. Although, decrease in oil price has raised the purchasing power of consumers but at the same time, it has lowered the cost of living of people. Above discussions also reflect that oil producers have suffered a huge loss due to lower prices. This unexpected price fall has slowed down the economic activities in affected countries and thereby, the entire economic growth. On the basis of part 2 of this assignment, it is concluded that, Woolworths and Coles are the top leading companies in the supermarket of Australia. Also, they are closer competitors of each other and thus, together they form an oligopolistic market structure in Australia. It is observed that price discount war among both the companies has resulted in financial burden on the farmers of Australian vegetables market, due to which they were forced to exit the market. It is also seen that many growers started producing milk for less money and they work for more hours than required. References Baumeister, C. and Kilian, L., (2016) Forty years of oil price fluctuations: Why the price of oil may still surprise us.The Journal of Economic Perspectives,30(1), pp.139-160. Baumeister, C. and Peersman, G., (2013) Time-varying effects of oil supply shocks on the US economy.American Economic Journal: Macroeconomics,5(4), pp.1-28. Dreger, C., Kholodilin, K.A., Ulbricht, D. and Fidrmuc, J., (2016) Between the hammer and the anvil: The impact of economic sanctions and oil prices on Russias ruble.Journal of Comparative Economics,44(2), pp.295-308. Dube, O. and Vargas, J.F., (2013) Commodity price shocks and civil conflict: Evidence from Colombia.The Review of Economic Studies,80(4), pp.1384-1421. Esfahani, H.S., Mohaddes, K. and Pesaran, M.H., (2014) An empirical growth model for major oil exporters.Journal of Applied Econometrics,29(1), pp.1-21. Fattouh, B., Poudineh, R. and Sen, A., (2016) The dynamics of the revenue maximizationmarket share trade-off: Saudi Arabias oil policy in the 201415 price fall.Oxford Review of Economic Policy,32(2), pp.223-240. Hattersley, L., (2013) Agri-food system transformations and diet-related chronic disease in Australia: a nutrition-oriented value chain approach.Agriculture and human values,30(2), pp.299-309. Kilian, L. and Murphy, D.P., (2014) The role of inventories and speculative trading in the global market for crude oil.Journal of Applied Econometrics,29(3), pp.454-478. Knittel, C.R. and Pindyck, R.S., (2016) The simple economics of commodity price speculation.American Economic Journal: Macroeconomics,8(2), pp.85-110. Knutson, R.D., Palma, M.A., Paggi, M., Seale, J., Ribera, L.A. and Bessler, D., (2014) Role of trade in satisfying US fresh fruit and vegetable demand.Journal of International Food Agribusiness Marketing,26(4), pp.326-343. Lee, A.J., Kane, S., Ramsey, R., Good, E. and Dick, M., (2016) Testing the price and affordability of healthy and current (unhealthy) diets and the potential impacts of policy change in Australia.BMC public health,16(1), p.1. McCarthy, B.L., (2014) Sustainable food systems in Northern Queensland.Journal of Economic and Social Policy,16(1), p.0_1. References Richards, C., Lawrence, G., Loong, M. and Burch, D., (2012) A toothless chihuahua? The Australian Competition and Consumer Commission, neoliberalism and supermarket power in Australia.Rural Society,21(3), pp.250-263. Singleton, K.J., (2013) Investor flows and the 2008 boom/bust in oil prices.Management Science,60(2), pp.300-318. Sutton-Brady, C., Kamvounias, P. and Taylor, T., (2015) A model of supplierretailer power asymmetry in the Australian retail industry.Industrial Marketing Management,51, pp.122-130. Trevena, H., Thow, A.M., Dunford, E., Wu, J.H. and Neal, B., (2016) Protocol for a cluster-randomised trial to determine the effects of advocacy actions on the salt content of processed foods.BMC public health,16(1), p.1.