Cross Cultural Management Essay Example | Topics and Well Written Essays - 750 words

Cross Cultural Management - Essay Example (David, 2002, ch2 p29) Just a hundred years back, Britain was a country on which the sun never set. The English language, British customs, traditions and food habits have now become an integral part of life in all her former colonies-all these being integrated into, and modified by local customs. The British character and customs at home, have also been, in their turn, influenced by this close interaction with other cultures. Officially, Britain is a Protestant state, i.e the British monarch is Protestant. The origin of this dates to the 16th century, when King Henry VIII divorced his queen, Catherine of Aragon. As the Pope in Rome did not recognise divorce, Henry declared the English Church free from the control of the Pope. Thus the Reformation of the Church in England was mainly based on the whim of a monarch. Henry then married Anne Boleyn (the second of a succession of six wives that he eventually managed to have!) Queen Elizabeth II, the present monarch is a direct descendant of Henry and Anne. This fact makes it a political necessity for the monarchy in England to officially be Protestant, as otherwise (if it reverted to being Catholic) the current monarch would become the descendant of an illegitimate child (the illustrious Queen Elizabeth I) of Henry's! While the 'official' religion in Britain is Protestant-Christian, the country is a multi-cultural one. "About 8% of the population of Britain (4 .6 million) today are people from other cultures and ethnicities"(Biddle). This includes religions other than Christianity and peoples other than Whites. A living example of the integration of other cultures into British life is the Notting Hill Carnival, which is Caribbean in origin. (Biddle) Coming to some common superstitious beliefs of the British: black cats are considered lucky, and greeting cards often have pictures of them; likewise, a four-leaf clover is considered a lucky find. A horseshoe over the door attracts favourable luck. But it has to be kept facing upwards, to prevent the luck from being drained out from below. Similarly there are actions that attract bad luck-walking under a ladder, spilling salt (you must throw some of the spilt salt over your shoulder to avert bad luck, breaking a mirror (an action that dooms you to seven years of bad luck, no less!) or passing someone on the stairs. (Biddle) The number thirteen is also considered unlucky (many buildings/ hotels do not have a thirteenth floor-the fourteenth floor comes after the twelfth!), and the thirteenth of a month, if it comes on a Friday, is considered an unlucky day. Coming to some social niceties-it must be remembered that the British are rather formal in their interactions. If you are invited to someone's home for dinner, it is considered 'polite' to arrive around fifteen minutes late, unless your invitation says 'sharp' (e.g. "seven sharp") (Biddle) You may receive an invitation to "drop in anytime." You are not expected to take that literally. You must call up a person before visiting. If you receive an invitation that says RSVP, you must reply stating whether you plan to attend or not. If you go to someone's home for a meal, a small gift of flowers or chocolates is considered polite though not mandatory; a thank you note or phone call afterwards is expected. (Biddle) British people can be a bit reserved unless you have been introduced to them. Striking up conversations in public transport (trains) is unusual. If you

Marketing Plan of Fairmont Empress Hotel Assignment

Marketing Plan of Fairmont Empress Hotel - Assignment Example The marketing team has analyzed the market segmentation and is committed to improving the consumer perception of the brand. The company hopes to increase the market share by a minimum of 20 percent in two years. The management has invested in talent reward management and competitive remunerations to reduce staff turnover rates. The strategic and management team of Fairmont Express Hotels and Resorts is also committed to the overall wellbeing of the local communities through CSR.     The Fairmont Express Hotels and Resorts are located in multiple cities across North America and many parts of the world. They include New York in the US and British Columbia in Canada. The facility offers breathtaking views of natural beauty and rich heritage owing to the fact that it is roughly a century old. This has early the hotel respect and customer perception of high standards. The hotel offers convention rooms, culinary experiences, a variety of foods and family vacation facilities among other s. The management has had to keep evolving to meet the changing demands of the growing market. The hotel has over hundreds of refurbished rooms which are fitted with modern technological features. The brand is established to give a high-end luxury impression to the market. Market situation The role of hospitality the world economy has been on the rise. The industry has been one of the most profitable with unprecedented growth rate. However, the market situation indicates that the market can perform better. Economic decline has had a negative effect on the market performance with the hotel and tourism industry being coerced to scale down. The hotel industry is faced by acute staff shortage during the peak seasons (Wood & Brotherton, 2008). Therefore, the industry is using incentives and reduces staff turnover rates and to ensure that they remain competitive. Hotel industries should segment markets into consumer groups that are homogeneous. Hotels like Fairmont Express target their ma rket segments carefully through identifying the differentiating advantages that attract each segment (Wood & Brotherton, 2008). This includes offering competitive prices and choosing qualified personnel. Implementing marketing segmentation demands proper strategies. Model hotels have to implement market segmentation in complex organizational environments minimal resources and customer legacy (Shoemaker et al, 2007). Market segmentation addresses the market situation directly since its one of the most basic marketing concepts. The hospitality industry is divided into leisure and travel. Research shows that growth is forecasted to drive the hotel industry to reach $640 billion in the coming years. The economic stability in North America has been attributed to the success of the hotel industry in American and Canadian hotels. The market situation has been boosted by the significant growth as a result of a slight decline in the cost of travel (David, 2005). Changing lifestyle and availa bility of leisure time as an integral part of life has increased the market share.  Ã‚  

JJ Supermarket, NZ: An Analysis

JJ Supermarket, NZ: An Analysis J J worked locally owned in New Zealand to buy product. Store under license agreement with the permission of the group continued to sell a few vendors worldwide. It is operated by Jayesh Patel and Janaki. Store has many parts to it, such as food, snacks, butchery, and a variety of wine and beer. Moreover, all this abundance lotto shop and Western Union. In order to receive the best products in the area and the operating system money in the community to help the local people. Each month, the store owner makes love to charity a community group or person. Business hours: 7 day a week 7:00am to 10:00pm Assessment Part 1 Determine the resource needs for purchasing and supply.      Ã‚   When workers and goods on time and the time necessary to understand, what is to be sent. Particular work places and ways to discern if to take stock, to buy the paint and responsibilities of the users within. As soon as he left the firm is in harmony with the right way. Users Item Quantity J J Supermarket Just juice orange 2.5L 3 Boxes Orange pine Juice 2.5L 3 Boxes Bluebird cheddar 100g 6 Boxes Whiskas chicken 6Boxes Whiskas Turkish mince 6Boxes Whiskas beef lamb 6Boxes muesli with apple 3 Boxes olive oil 550ml 3Boxes Arnotts nuts 290g 5 Boxes HB round tea 290g 6Boxes Sunlight dishwasher/wash refill 700ml 2Boxes BBQ Chips 160g 5Boxes Ding dong nuts 110g 6Boxes Ding dong snack 110g 11Boxes Tomato sauce 370gm 3Boxes Chocolates 45gm 3Boxes Rubbish bags 55 pack 3Boxes Identify the need for data from qualitative and quantitative, and technical information and work together to use. Item Qualitative quantitative Technical Performance Orange juice Just juice 3 Boxes 2.5l Non artificial colors or preservatives Orange pine juice Just juice 3 Boxes 2.5l No sugar cheddar Blue bird 5 Boxes 110g Good Packing Chicken gravy Whiskas 2Boxes 6 pack big storage Chicken turkey Whiskas 2Boxes 6 pack big storage Beef lamb Whiskas 2Boxes 6 pack big storage Apple Muesli Forex 3 Boxes 150g fresh seal olive oil Home Brand 3 Boxes 500ml Less cholesterol Ginger nuts Arnott 4 Boxes 250g No sugar Bisk round tea Home Brand 5 Boxes 250g No sugar Plastic cups Supermarket standards 1000 pieces 300ml each Protected Paper bags Supermarket standards 3 Boxes Recycled paper Durable Dish/washer refill Sunlight 2 Boxes 600ml Tough on pan, soft on hands Chips kettles nuts Signature Range 4 Boxes 150g Wholegrain chips snack mixed nuts Ding Dong 10 Boxes 100g With freshness seal Snack mixed Ding Dong 10 Boxes 100g With freshness seal Tomato sauce Home Brand 4 Boxes 375gm No added color chocolate Nestle 3 Boxes 50 pack Coca plan Garbage bags black sack 2Boxes 45gm Heavy duty Determine the resource requirements, which allow achievement of organizations objectives and plans with maximum benefit to the organization. Objective Idea Cost/benefit Professional Service Collection of grocery items first class service Range Daily use items choices for goods customers can buy as per their taste To satisfied customers aspects Provide all demanded services Customers buy their items. Convenient store Customer can buy all their house hold items at one place No need to rush at other places Easy to approach Local customers can visit easily Less vehicle required open 7 days To give service early morning and late night and 7 days a week Can do shopping any time Run specials Cheap items for customers Customers will do more shopping Evidence that the agreed purchasing needs are fully documented and defined the technical, quantity, quality, delivery, commercial, and cost requirements. The process and store this document is sent to the workers, where you write is important and necessary to write a letter back issues. This is an example of the form used to buy: JJ Supermarket 7/100 Howden road Philips place, Manukau Auckland. Phone no: 093744060 Fax no: 09374846 VENDOR NAME Name: Company name: Street address: City, zip: Phone: Item Description Qty Unit Price Total Subtotal $ Tax rate Tax $ Other $ Total $ Authorized by Date: Provide evidence sources of supply to secure through product-market search and investigation. JJ Supermarket and locally operated and owned supermarket. Shops operating in license and franchise operation of the group controlled by wholesalers Limited. Wholesalers and branches enterprises Ltd, which is part of Woolworths Limited. Therefore, the design of the show about Wholesalers come twice a week in a fairly large. Assessment Part 2 2.1 Develop norms and standards for the supply of materials, plant or equipment by technical experts and users are effectively facilitated. Purpose J J is a supermarket loyalty and superior product quality and business integrity. We want to make sure that the conditions are right for our chain, that workers are treated with dignity and to make our way to environmental responsibility and ethically guided. To maintain relationship with suppliers and helping those goals, the supermarket agreed to Code of Conduct the company products and suppliers to select appropriate supports before code. The failure of the property and the possession or use of such information could lead to us being rejected. We understand the business should be well and respect the laws of the countries in which it operates. Policies and procedures Supplier code of conduct These products Code of Conduct outlines the high standards of ethical restraint, than the law or at least recognize the individual or company performance. It is important to feed our partners to understand the role they play in ensuring the satisfaction of our customers and consumers, and we see our friend food as a special group to fulfill our responsibility as the following: To sustain the highest standards of competence, integrity, and service to the franchise community. 1. To promote an ethical and professional manner of products and services. 2. To make a broader understanding and promote public respect and confidence in the franchise. 3. Be linked to any reports of the spread of the Council Advisory Committee genres care franchise license at a great meaning and significance Moral Code 4. Responsibility for measuring, monitoring, reporting and verification of compliance with the code. 5. Store can control their distributors or third parties find an agreement with the thoughts and hope. Grocery reserves the right to terminate an agreement with any baggage that fails to comply with our standards or failure to correct the issue was not consistent. Quality Quality control-general It is the responsibility of the site and provides products and higher devices. Quality control program is part curved. 1. Work management 2. Good medicine 3. Performance 4. Loyalty to principles established identification Quality control non-food Suppliers must comply with strict standards for suppliers of non-food supermarkets anytime. Supermarket reserves the right to perform quality audits and inspection of establishments that supply supermarkets products that are not branded or customized brand. Product inspection and acceptance The goods must be inspected by the supermarket. The status of the invalid component is waiting for quality control. This can lead to arrears if not solve the problem. General Policies Inauguration of work Sometimes, in order to convince the supplier cannot predict the order. This kind of prophecy for design purposes. Printing documents with the market, so the supplier must have a valid document before buying the goods delivered or the production of products. Risk management If required, the supplier will provide all the certificates required for the insurance in the supermarket. Hold the general business responsibility of the manufacturer, including the insurance product liability and the completion of the operation. Subcontracting Often, food orders from wholesalers supermarkets. Therefore, subcontracting is approved in writing. According to the contract, or when the raw material supplier should not be an unknown dealer market. Product withdrawal J J also has a supermarket procedure to remove the product if necessary. That action can be taken in consultation with law guarantees consumers or only about commercial law. Supermarket of these activities and expects full co-operation to any product provider is involved in this activity. Non-conformance to purchase document. All goods and services should be required, such as schedules, quantity, specifications, range of items and supermarkets in the series and approved samples of the report. Non-compliant products or services may be rejected, and all costs are equally applicable, such as the cost of storing and handling goods, and so on. Use of Logos, Trademarks, promotions The supermarket has its own logo, trademark. It should only be used by authorized personnel. Supermarkets check the rights of trademarks and designs. They cannot be copied from anywhere. Business Processes and Procedures Draw some of the most common activities in daily life needs. Authorize to determine the requirements of each product or service provider. Raw materials and supplies The supermarket is not responsible for the supply of raw materials or other merchandise suppliers to make orders. The request or qualification shall be written by the authorized applicant. Invoice detail minimum data required The following data mention on invoices. Name of Suppliers address Bill to name and address of Supermarket legal entity Invoice number Invoice date Invoice amount Description of product Terms of the order It is required that shipment should meet all the terms of order such as 1. The number should turn right 2. Good condition 3. The order must be delivered on time 4. The order must be delivered in the correct position Response system All candidates must comply with all the rule and legislation mentioned above. Late entries Registrations will not be accepted after the deadline of the offer Applicants prospects Supermarkets do not cover any cost of claims applicants for expressions of interest. Selection of successful applicants Just offer valued after the three successful candidates will be contacted to submit a final offer. Quires Quires should be accepted by email and phone. 2.2 Describe the specifications and standards for the description of the material, facilities or equipment in sufficient technical detail and precision to enable the construction or to provide basic performance parameters at minimum cost. Item Description Orange juice Orange juice is 99% juice and no added preservatives and is high in vitamin c content. Just Orange pine juice Orange and pine juice is 99% juice non-preservatives and less sugar and high vitamin A and C. Whiskas Chicken gravy Poultry, meat, wheat protein, natural flavor, gum, sodium, salt, minerals vitamins, sodium alginate, color, taurine, dl-methionine, sufficient water for processing. Whiskas Chicken turkey Poultry, meat by products, wheat protein, natural flavor, guar gum, sodium, salt, minerals vitamins, sodium alginate, color, xanthan gum, taurine, dl-methionine, sufficient water for processing. Whiskas Beef lamb Poultry, meat, beef, wheat protein, natural flavor, guar gum, sodium, salt, minerals vitamins, sodium alginate, color, xanthan gum, taurine, dl-methionine, sufficient water for processing. Apple Muesli Ground rice wheat flakes, rolled oats, apple puree, sunflower oil, salt, vitamins, minerals, traces of milk soy. Home brand olive oil Olive oil is a natural light and fresh taste. It contains the plant sterol. With a high smoke point, is engaged for all types of cooking, including baking, roasting and frying. Arnott nuts Wheat flour, ginger, invert syrup, vegetable fats, sugar, milk solids, salt, yeast, raising agents, flavor, acidity regulator. Home brand round tea Wheat flour, sugar, milk solids, oats, golden syrup, vegetable oil, cocoa powder, raising agents, flavors, milk solids, colors. Home Brand Plastic cups Home brand cups are used for cold drinks. The cups should have the JJ logo on it. Home Brand Paper bags Home brand bags are used in packaging for foods; they are to be produced from recycled paper with the JJ logo. Sunlight Dish/washer refill Sunlight dish / dishwashing liquid specifically designed to be gentle with your hands while washing the dishes, let your dishes sparking clean. Signature Chips kettles nuts Potatoes, sunflower oil, vegetable oil, sugar, salt, vinegar powder, corn starch, yeast extract, nuts. Ding Dong mixed nuts Corn, peanuts, green peas, broad beans, iodized salt, sugar, protein, wheat flour, spices. Ding Dong Snack Corn, green peas, broad beans, iodized salt, sugar, protein, wheat flour, spices. Home Brand Tomato sauce Concentrated tomatoes, sugar, salt, food acids, natural flavors and spices. Nestle KitKat chocolate other chocolates Sugar, full cream milk powder, wheat flour, cocoa butter, vegetable fat, yeast, raising agent, salt, flavor, contain milk, soy and wheat. Black sack Garbage bags Garbage bags are used to properly dispose of rubbish. Black sack bags are made of heavy duty plastic with a typing clip. 2.3 The use of methods of simplification, the reduction of the variety and value analysis. Avoids above specifications, which increases the costs without increasing its value. 1. Cost per item 2. Skip to end things 3. Return Policy for more information standards 4. Delivery times 5. The warranty on the market 6. The experience of Oakland 7. Quality Control Certificates 8. Security certificates Hygiene 9. The experience of the staff reporter 2.4 Define the acceptance criteria set out in the specifications and standards to ensure Compliance with the requirements and measurable deliverables. Item Compliance with quality quantity requirement of super value Franchise Compliance with Food Hygiene Regulations 1975 Just Orange juice Juice purchased under fair trade standard, come in desired 2.5l bottle and product of New Zealand The bottles are tight sealed and Stored in a cool dry area. Just Orange and pine juice Juice purchased under fair trade standard, come in desired 2.5l bottle and product of New Zealand Bottles are tight sealed and Stored in a cool dry area. Blue Zigzags cheddar Chips purchased under fair trade standard, come in desired 100g pack and product of New Zealand Packs are tight sealed and Stored in a cool dry area. Whiskas Chicken gravy Cat food purchased under fair trade standard, come in desired 6 boxes and product of New Zealand Tins are tight sealed and Stored in a cool dry area. Whiskas Chicken turkey mince Cat food purchased under fair trade standard, come in desired 6 boxes and product of New Zealand Tins are tight sealed and Stored in a cool dry area. Whiskas Beef lamb mince Cat food purchased under fair trade standard, come in desired 6 pack and product of New Zealand Tins are tight sealed and Stored in a cool dry area. Fare Muesli with apple Forex Muesli purchased under fair trade standard, come in desired 3 pack and product of New Zealand Packs are tight sealed and Stored in a cool dry area. Home brand olive oil Home brand olive oil purchased under fair trade standard, come in desired 550ml and product of New Zealand Bottles are tight sealed and Stored in a cool dry area. Arnott Ginger nuts Arnott Ginger nuts purchased under fair trade standard, come in desired 290g pack and product of New Zealand Packs are tight sealed and Stored in a cool dry area. Home brand Bisc round tea Home brand Bisc round tea purchased under fair trade standard, come in desired 290g pack and product of New Zealand Packs are tight sealed and Stored in a cool dry area. Home Brand Plastic cups They are developed with the appropriate dimensions and include the JJ logo The cups are stored In store room Home Brand Paper bags Home Brand bags are made for JJ using recycled Bags are durable. Sunlight Dish/washer refill Sunlight Dish/washer purchased under fair trade standard, 700ml bottle and product of New Zealand Bottles are tight sealed and stored in a cool dry area Signature Chips kettles nuts Signature Chips kettles nuts purchased under fair trade standard, come in desired 160g pack and product of New Zealand Packs are tight sealed and Stored in a cool dry area. Ding Dong snack mixed nuts Ding Dong snack mixed nuts purchased under fair trade standard, 110g pack and product of NZ Packs are tight sealed and Stored in a cool dry area. Ding Dong Snack mixed Yes, Ding Dong snack mixed purchased under fair trade standard, 110g pack and product of New Zealand Packs are tight sealed and Stored in a cool dry area. Home Brand Tomato sauce Home Brand Tomato sauce purchased under fair trade standard, come in desired 370gm bottle and product of New Zealand Bottles are tight sealed and stored in a cool dry area Nestle KitKat chocolate Nestle KitKat chocolate purchased under fair trade standard, 45gm 3 pack and product of New Zealand Packs are tight sealed and Stored in a cool dry area. Black sack Garbage bags Black sack Garbage bags purchased under fair trade standard,55 pack and product of New Zealand Bags are good in quality Assessment Part 3 3.1 Requests for quotations or request for expression of interest to determine the appropriate acquisitions range of potential suppliers of goods or services. If necessary, support the evaluation of data providers needed and a short list Request for Expression of Interest for Provision Suppliers for supermarket store- 20/03/2017 JJ SUPERMARKET located at MANUKAU AUCKLAND requires the services of experienced and reliable suppliers to provide a variety of accessories. To view a detailed source provider The completion of the terms and conditions that require an electronic copy: J[emailprotected] The following are requirements should be mentioned before posting an Expression of Interest: Minimum Requirements 1. Experience / performance; 2. The qualified and experienced 3. The performance of services, 4. A contract to perform financial capacity proposed. 5 As the labels application must be sent are mentioned: EOI JJ SUPERMARKET 20/03/2017 To: The Manager 7/100 Howden road Philips place, Manukau Auckland. Phone no: 093744060 Fax no: 09374846 _________________ Before the closing date of 30/03/2017. Applicants applying under the valid time frame will be notified on the evaluation of the rate and the terms completed. 3.2 The evaluation methods used to determine the suitability and capacity of Potential suppliers to meet the needs of the organization and satisfaction of Criteria The following are two tables showing the possible food/nonfood suppliers for JJ Supermarket store. Potential Food Supplier Bidvest Serviced Foods Prolife Foods 1. Product or service range Standard Vast Limited 2.Bbusiness capacity Capable Capable Capable 3. Financial Soundness Stable Strong Managing 4. Delivery Timeliness Punctual Punctual Punctual 5. Food Hygiene Standards Certified Certified Certified 6. Previous Experience Partial Potential Non-Food supplier Packaging house products Uni-pak Product and service range Standard Standard Limited Business capacity Capable Capable Capable Financial soundness Strong Strong Stable Quality control Approved Approved Approved Previous experience On request Delivery timeliness Punctual Punctual Slow

Administration & department

Administration is that part or department of an organisation that is responsible in realising the organisation’s objectives and ensuring the best services. It is also responsible for ensuring that what was put down by the management is accomplished.It is therefore the duty of any department to define and put down effective entities in an organisation to realize management dreams and desires. I will be discussing some of the major objectives in an organization and how they achieve satisfaction in realization of an organization’s dreams. I will discuss three areas; Separation of duties, Employment policies and practices and security management planning.Separation of dutiesSeparation of duties can be defined as breaking down responsibilities in an organisation to show specific controls to different employees. It will be rather difficult to carry out fraudulent activities if at all a single procedure with several steps are carried out by so many people rather than a single person.One way of achieving separation of duties is by having an organizational chart.It is very important that there exists an organizational chart in any organization. This is because every employee is supposed to know and take care of his or her own responsibilities. A place in the organizational chart will help the employees in knowing whom they are supposed to report to and who reports to them.A clear separation of duties, achieved through drawing down an organizational chart, helps in diversification of duties makes employees aware of each other’s responsibilities. Another approach to separation of duties in an organization is the procedure manual. A procedure manual can be defined as a document that consists of the various positions in an organisations and how they should be performed.Employment policies and practices.Any organization or industry is eligible to realizing its dreams. One such dream is offering the best services. Employees are not only manpower in the or ganization but also part of the skills necessary for realizing its dreams. It is therefore very important that employees are employed based on some procedure.It is the duty of an organization to carefully scrutinize employees before hiring them. This is to ensure they are qualified and have no record of any questionable activity.It is the duty of the administration in any organization or industry to create an atmosphere that will be desirable and positive to its employees. Employees should be promoted on the basis of their performance and not seniority.It is the duty of the administration in any management of an organisation to make sure employees are being trained not for what they currently do but for possible positions they are eligible to fill in an organization.  By doing this, cases of fraud will be minimal. This is because the administration will have engaged its employees as part of the solution rather than them being part of the problem.The employees will therefore less l ikely involve themselves in cases of fraud. Instead when such cases occur there are high chances of detection and reporting to the administration by the employees. Employees are a good source of such information because they tend to know about each other so well than the administration or management in any organization.Security management planningAn organization faces different scenarios at different times. They vary from sometimes violent and rapidly changing scenarios. These scenarios are some of the risks faced by security by any administration in an organization.An effective security management system put in place will be able to confront such risks. It should therefore have some characteristics. That includes a dynamic security system inclusive of a framework of guidelines that will be able to provide consistency for future decisions. Dynamically a management system can be broken further to different entities. That is scenario analysis and strategy, planning, working and finall y evaluating a security scenario.Security management can also be viewed as an incremental process. This is because not so much can be predicted prior to an insecurity incident occurring. Security management is a process can be described as partial and selective.It is therefore necessary that an administration set a careful security management plan and a step-by-step procedure so that it can be able to make incremental changes in managing its security.Reference:Razek, Joseph R; Brandt, Lyloyd; Sullivan, Jacqueline. Mar/Apr 1991. Protecting Your Organization’s Assets: A Primer on Internal. Pg 27.www.jha.ac/articles/060.pdfPankau, Edmund J. Nov 1995. Inside Job. Pg 32

Facts about crude oil - Free Essay Example

Sample details Pages: 6 Words: 1794 Downloads: 7 Date added: 2017/06/26 Category Economics Essay Type Analytical essay Level High school Topics: Inflation Essay Investment Essay Did you like this example? Crude oil is the term used for unprocessed oil and it is also known as petroleum. Crude oil is a fossil fuel that is naturally derived from decaying plants and animals. The various elements or compounds with which crude oil is made are carbon, hydrogen, sulfur, nitrogen, oxygen, etc. Don’t waste time! Our writers will create an original "Facts about crude oil" essay for you Create order Crude oil differs in color from plain to tar black and this is because of its constituency. Hydrocarbon is the main element that contains a lot of energy and that is the reason why crude oil is used in producing many forms of energy like gasoline, diesel and others. Hydrocarbon is considered as excellent element because it is used in many forms. Like if we chemically treat the hydrocarbon in different ways many things can be made out of this like synthetic rubber, nylon, etc. It is believed that due to its high energy density, plenty availability etc, crude oil has become the worlds most impressive source of energy. It is estimated that the present utilization of crude oil is about 90 million barrels per day. Studies reveal that proportion of oil is plummeting as petroleum recovery is getting intrinsic. Because of these increased in consumption level, the reserves would be gone and may lead to global energy crisis. Not only this, crude oil releases carbon dioxide when they a re burnt and which has bad impact on the environment and which led to global warming. TRENDS IN CRUDE OIL Nowadays crude oil has been capturing many news headlines worldwide whether high or low. Crude has been throwing its sense of importance to the consumers globally for the past years. In the past many economies had failed to face crude oil price shocks of 1974 and 1979. Most economies both developed and developing had knowledge and are prepared to face these shocks. Between 2001 and 2004, crude oil was in the range of $US 20 and $US 40 a barrel and it rises to $US 70 a barrel in 2006. The crux was basically the reason of rise in prices of oil which was the mismatch between the demand and supply of refinery products. It was recommended to increase the output if the prices continues with this range and they did the same in 2006 and due to this the crude oil prices have touched the years low and had come down to 30% of its high. HOW TO DETERMINE GOLD PRICE MOVEMENTS? Gold is odd as commodity in that operates a little differently than the other commodities because of its lower demand for industrial products. As opposite to other metals like silver and copper, golds demand is not the primary factor in its price movements with Indian weddings being one of the areas where gold is demanded. There are of course other things like regular jewelry and some industrial uses but those uses are not related to the use of other uses like industrial purposes. One must look to certain point to find out or analyse where the price of gold will move and one area could be inflation. Another element that must be watched is government interference where it can have direct impact on gold price movements. When thinking of gold as a wealth building tool, its more difficult to make happen than other precious metals, although those committing themselves to know the gold market and gold companies making money. But as have seen its primary purpose is safety and inf lation hedge. And the major factor which may also be seen is that to watch how much money Federal Reserve or whoever it is that prints money in your country is printing. At last to say that by definition, inflation in printing money and the effects of undervaluing of currency and the resultant inflation is what gold investors need to watch more than anything else. CORRELATION BETWEEN GOLD AND OIL The only way which rises scope for gold is the price of oil rising to standard levels Its partner i.e. oil is linked to gold whether it is in bad situation or good situation and they are trading within a well defined range and are related to each other. This happens as the price of oil rises, the price of gold follows the same route. The recent trend on the both of the commodities gives a clue for the future direction of the prices of gold which is regarded as a safe investment in uncertain times. Although the relation of gold and oil is interrupted and is done occasionally. Focusing back that is thousands years ago, gold which is the most precious metal among other metals has a long history as a store value of time. As the techniques to refine crude oil was first developed in the year 1850, oil has become one of the important commodities since then. It has been seen that as oil is more expensive among other energy commodities, it pushes up the price for the energy and thereo n money flows to the safety of gold as a hedge against inflation. The closer correlation between the rising price of gold and oil provides the answer to the future direction of the gold price. Inflation is the single biggest threat rising in the shadows of global economy replacing the credit requirement or credit crunch as the most serious threat to economic stability. The economies of India and China are still growing fast but not as fast as they were earlier. Rising inflation has cut consumer demand for gold in India by half as consumers wait for the price to fall to more affordable levels. This was a part of trend that has seen consumer demand for gold fall globally. So the question arises : with plenty of gold and oil already in the system why are price rising if real demand is falling? Speculative demand for oil and gold goes some way to explain the years increase in prices. But this is not the only factor, the other factors could be the political and economic factors tha t threatened the world into global crisis. Earlier there was the threat to supply. Attention has been focused on events with investors seizing opportunities when the supply of oil and gold is threatened. Another factor is the increasing tension developing in US. More expensive energy will act to slow growth worldwide as inflation rises and government tighten fiscal policies in the hope of controlling inflationary pressures. There is expectation to see gold and oil continue to break records this year with nightmare scenario of $200 a barrel looking ahead more likely to increase. If this happens, gold as a hedge against ensuing inflation will also be pulled upwards to record highs. The long term average old to oil ratio is 15 barrels of oil to one ounce of gold. An ounce of gold at current price will buy the customers around 7 barrels of oil. With oil moving relentlessly towards $140 a barrel, makes a powerful case for investing in gold right now. It has been seen since that gold and oil have a positive correlation. When oil prices rise, there is upward pressure on inflation. This enhances the use of gold as an inflation hedge. IMPACT OF OIL GOLD PRICES ON STOCK MARKET Impact of oil gold prices on the stock market is inversely proportional. A shoot in the prices leads to fall in the stock market. And a decrease in oil gold price on an average leads to higher stock market return. So the effect of both the prices are predictable in the stock market. The effect is profound when it increases 50% to 100% annually. The reasons being: Any movement in the prices results in uncertainty in the stock market. Higher the oil and gold, higher the transportation for oil and higher the maintenance for gold. For eg. A decrease in the prices by 10% in US will result in the expected return to double up on the stock market in the following month. Though the stock market moves in the opposite direction with respect to oil and gold prices, it is basically a one way traffic. The stock market returns has no impact on the crude oil and gold prices. The entire stock market does not get equally or at the same time affected by the fluctuation in oil prices. The US industrial sectors get most affected with the rise in oil prices. It has been advisable to hold on to energy stocks shift focus from the mass market to general retailers. This is the reason why mass market retailers ought to be avoided with respect to stock investments. IMPACT ON COMMODITIES MARKET There are certain inputs which impacts the economy of the world as a whole like the price of oil. The certain elements that make up the basis for analyzing the global economy. The cost rises for transportation companies if the oil prices increases and thereby reducing their profit margins and inturn forcing them to increase their prices, similarly affecting all other companies that rely on them to transport products and people. By contrast, most energy companies benefit from higher oil prices because of increased demand for substitute energy sources like ethanol etc. The time period of my analysis part was bad time for most energy companies. Hence it has been proved that the oil prices are positively related to commodities market. LIMITATIONS OF THE STUDY The analysis was on monthly basis. And there were lot of fluctuations in the prices of the commodities. Because of that it was difficult to come to a particular situation. Secondly, the paper would have been more attractive if we were allowed to use the chart and diagrams for analysis part. CONCLUSION The term paper discusses the correlation between the oil prices and gold prices and that has been done on monthly basis and their impact on both commodities and stock market. The study reveals about the trends in crude oil prices from the past few years. It also shows about the correlation and it has been observed that the oil prices and gold prices are positively correlated overall but if we see on monthly basis then it has been seen that sometimes it is positively related and sometimes negatively correlated but mostly positive. Not only this, the paper also reveals their impact on commodities market and it has been analyzed that the prices of crude oil is positively related to commodities market but negatively to stock market. It has been observed that the change in the price of oil and gold has no impact on the stock returns. Thus it is advisable for the consumers to invest in the commodities by analyzing the entire market and calculating the returns thereof. BIBLIOGRAPHY https://ezinearticles.com/?Impact-of-oil-prices-on-the-stock-marketid=1418330 https://www.wtrg.com/prices.htm https://futures.tradingcharts.com/hist CO.html https://tfc-charts.w2d.com/chart/CO

The Metamorphosis By Gregor Samsa - 954 Words

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Carl Menger s Principles Of Economics - 1344 Words

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