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INTRO

Girl With a Pearl Earring does demonstrate the limitations of poverty on a person’s life, however it also demonstrates that money is not the only factor that can limit their choices. Girl With a Pearl Earring also establishes that the wealthy may also have some limitations in life. While Griet is limited by her family’s lack of money, her role as a woman in society, her low socials status as a maid and her own expectations, our wealthy protagonist Vermeer also has limited choice about his art making, his need to support such a large family and his debts.

Griet is limited by her family’s lack of money




Griet is a young woman confined by her family loyalty, her low social status and family’s new descent into poverty. As her father has just lost his job, the family now lacks the income to put food on the table. This new level of poverty for Griet’s family forces her to have to take a job as a maid to the Vermeer’s because “we need the money”. There is no other option for Griet’s family and they must rely on Griet to get this job to provide enough food for their survival “we have no choice”.

Griet is limited by her role as a woman in society

Being a woman in 17th Century Delft was another factors that were limiting Griet’s options. Unlike her brother Frans who was able to learn to become a skilled trades person, Griet’s only option to provide for her family was to become a maid.

Her unrealistic love of Vermeer was also tainted by her role as a woman in the society at that time. As a woman she would have only destroyed herself, and further limited her options by becoming intimate with Vermeer. The market gossip threatens to destroy any young woman, as seen through the story of the maid in the red dress.

Griet is limited by her low socials status as a maid

Its true that Griet is forced to become a maid because of her families lack of income and once in the Vermeer’s household has little to no power, due to her status as maid.

Griet’s limited power as a maid at the Vermeer’s house would seemingly limit all her options in life, as she fears she may never get out of her role as a maid.

Griet is limited by her own expectations

Griet places unrealistic expectation upon herself, by assuming that she can stay unattached and unmarried to Pieter.

Griet is also limited by her expectation that Vermeer would be able to have a relationship with her. She limits herself and ultimately threatens her relationship with Pieter by holding on to the hope that Vermeer feels that same passion she feels.

Vermeer limited by about his art making

Vermeer’s passion for his art making is limited by the expectations of his family. Both Maria Thins and Catharina demand that he paint faster to provide for their family. Vermeer limited by his need to support such a large family

Vermeer limited by his debts

Vermeer is indebted to Van Ruvjen and has no option but to paint Griet and ultimately ruin her life. He is indebted to the baker and must paint his daughter.

Catharina Limited in her inability to see what both Vermeer and Griet can see in the art world

While Griet has a natural understand and deep artistic perception, Catharina cannot see these things. She displays little interest in the wheel colour of vegetables, when they first meet Griet. Catharina cannot understand why Griet would need to ask if she was allowed to clean the glass. Catharina is kept out of Vermeer entire love because a part of her can understand his art world.



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It can be said that the term ‘human resources management’ became popular in the UK at the latter half of the eighties and at the beginning of the nineties. It has been applied to a diverse range of management strategies and has sometimes been used simply as a more modern term for personnel, employee or industrial relations.

It’s importance lies in its association with a strategic, integrated and highly distinctive managerial approach to the management of the people. The distinctiveness lies in labour being seen as an asset and resource and not as a cost. The strategy is to try to develop this resource to it’s maximum so that emphasis is on the individual employee and on his/her motivation, training and development.

Human Resources Management is defined as proactive rather than reactive, system-wide rather than fragmentary, treats labour as social capital rather than as a variable cost, is goal-oriented rather than relationship oriented, and ultimately is based on commitment rather than compliance.

The key themes upon which Human Resources Management is based include Human Relations psychology, Strategic Management theory, and the doctrines of quality and flexibility. The relative emphasis that is accorded to each of these themes can give rise to different ‘variants’ of Human Resources Management. In particular, it is possible to identify two extreme positions. These are Instrumental and Humanistic. Instrumental approaches draw upon the rational-outcome model of strategic management to view Human Resources Management as something which is driven by and derived directly from corporate, divisional or business level strategy, and geared almost exclusively to enhancing competitive advantage. Humanistic approaches, on the other hand, utilise ‘process’ theory to emphasise the reciprocal nature of the relationship between strategic management and Human Resources Management and the latter’s role in ensuring that competitive advantage is achieved through people but not necessarily at their expense.




One positive consequence of several new approaches to human resourcing has been to force managers to address the basic concepts and values that they routinely use in the evaluation of personnel processes, thereby encouraging a clearer understanding of the overall human resource system. Such an understanding is closely linked to the success with which the performance of human resources can be evaluated. Such evaluation has tended to take two forms a concern with systems of performance management, and the use of flexible working patterns and organisational structures.

However Human Resources Management is not perfect when you ponder on the point of view of the business goals and interests. It’s extremely hard for a company to achieve maximum profits and efficiency if it takes too much at heart the wellbeing and interests of its employees. This problem can be defined as an ‘integration’ issue where we distinguish the external fit of Human Resources Management with the organisation’s broader business view and the internal consistency of the policy goals of Human Resources Management itself. This is particularly problematic in highly competitive or recessionary conditions where the needs of the business are likely to undermine any internal Human Resources Management issues. For example, if shedding of labour should occur this would challenge, if not destroy, an organisation’s Human Resources Management image of caring for the needs and security of it’s employees.

The fundamental problem with Human Resources Management is that in most cases Human Resources issues are subordinate and secondary to business strategy. It is not simply that the search for profit overrides the policy goals of Human Resources Management, but arguably that Human Resources Management is pursued only in the belief that by raising employee’s commitment, flexibility and quality of their work the bottom line will be improved.

The contradictions within Human Resources Management are most apparent at the level of actual practices, with simultaneous advocacy of workforce attributes such as individualism and teamwork, commitment to a job and flexibility and development of a strong culture and adaptability. In identifying the tension between individualism and teamwork, for example, what these cases demonstrate is the need for a redefinition of Human Resources Management, for despite any surface similarity with the textbook checklists of Human Resources Management policies these cases could certainly not be described as operating a form of ‘development humanism’. The internal contradictions, which plagued Human Resources Management, are well illustrated by the issue of employee commitment. For proponents of Human Resources Management, commitment represents a key dimension because it’s sometimes assumed that highly committed workers are more productive.

Conflicts are apparent too where organisations have attempted to introduce more flexible working arrangements and performance-related pay. The problems with flexibility began partly from the tensions between different sources of flexibility. While soft forms of Human Resources Management encourage employee development through the learning of a broader range of skills, hard forms of Human Resources Management advocate the securing of greater variability in the volume of labour, therefore providing management with greater scope to match labour input to demand fluctuations. In addition, however, conflicts exist within each of the major sources of flexibility. For example, the danger exists of securing high levels of functional flexibility at the cost of other organisational objectives such as stability, continuity and cohesion. Likewise forms of numerical flexibility potentially clash not only with the objective of securing employee commitment but also with establishing and sustaining high quality output and group cohesion.

Performance-related pay, to emphasise the more purposeful and ‘object achieving’ focus of Human Resources Management, would seem not only to have failed to yield high levels of commitment in many organisations, but also to have perpetuated a longstanding tradition in wage and salary administration of ‘muddling through’. While a strategy for reward may need to be part of a wider human resources development strategy, reward in itself is not sufficient to promote human resource contributions to corporate improvement. More importantly, however, individual reward systems could well act to undermine co-operation, teamwork and even individual motivation. And these are all key elements of Human Resources Management.

These and other conflicts and contradictions evidenced by the different contributions underline the problematic status of Human Resources Management as a coherent concept. Rather than seeing this as an excuse for abandoning the notion of Human Resources Management altogether, however, the evidence presented would seem to support a more careful circumscribing of Human Resources Management, and a clearer definition of its status as a set of management practices. In doing so, the relationship between Human Resources Management and the longstanding core issues of labour management like issues of power, control, conflict, resistance, dependence, consent, etc. Human Resources Management is one of a series of approaches management may take to secure the levels of compliance and co-operation it requires. Different sets of circumstances will influence the adoption of one approach over others, while changing circumstances will encourage a shift from one to another and possibly the creation of new practices and approaches.

The central objective of Human Resources Management policy is to secure the commitment of employees to innovation and commitment of employees to innovation and continual improvement of product quality. Some measures of employment security and considerable investment in training and development are seen as essential supports for management effort in this area. Equally, the recruitment and retention of competent and committed staff is supported by competitive pay and reward structures which are perceived as fair. At the level of the workplace, these strategies require significant change in management behaviour. The crude assertion of managerial prerogative, associated with short-term low-cost approaches, is eschewed in favour of employee involvement in problem solving and fostering of a climate of operation and trust.

Human Resources Management has been dependent upon the changing economic circumstances of the past decade. It grew in the boom of the last half of the past decade, when attachment, commitment and development were the watchwords. It faced it’s sternest test in the severe recession of the first half of the nineties with its emphasis on restructuring, downsizing and a big reduction in both employee and managerial confidence in the prospects for renewed growth. For this reason Human Resources Management is now tinged with suspicion and a certain hostility as to its role in organisations. The difficulty for Human Resources Management is to establish its credentials as a central part of employee management in economic conditions that make the expansionary and development aspects of the approach extremely difficult to sustain.

While Human Resources Management has proved possible for traditionally conceived industrial relations and personnel management procedures to have endured economic cycles, even though the managerial strategies underlying them reflected the realities of the labour market, Human Resources Management has still to demonstrate that it has the robustness to move beyond generalised managerial prescriptions as a sustainable model of management. In this sense, this decade will be the testing ground for the idea of Human Resources Management as a consistent and integrated approach, as opposed to a fragmented and opportunistic set of interventions.

Industrial Relations Theory and Practice, Michael Salamon

Reassessing Human Resource Management, P. Blyton and P. Turnbull

Principles of Human Resource Management, David Gloss

A Handbook of Personnel Management Practice, O. Aikin

Personnel Management HRM in action, D. Torrington and L. Hall

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• With the takeover of DMJSL, the organizational culture is going through a dramatic change. Implementing the change requires strong leadership skills, where DMJSL have decided to follow the Path-Goal Leadership model.

Path-Goal Leadership Theory

• Based in part on the expectancy theory of motivation, Path-Goal leadership theory was initially articulated by Robert House in the 170’s. The theory that a subordinate’s ability to perform certain work tasks in proportional to the amount of direction and clarification of the paths that lead to the goals of organization.

• This means that if an employee is given clearly articulated instructions and demonstration of what to do, then the chance the employee will succeed is greatly enhanced.




• Path-goal theory argues that a subordinate’s motivation, satisfaction and performance are dependent on the leadership style chosen by their superior.

• Based upon Robert House’s theory, the two primary findings are that if a subordinate has a habitual job then a high level of initiating structure will result in a decrease in employee satisfaction.

• On the other hand, an employee has a highly ambiguous role with the organization then a high level of initiating structure by the leader, would lead to high levels of employee satisfaction.

• Therefore, according to this theory, the success of any organization is dependent on its leaders.

Communication Plan

• Communication means information being transmitted and being understood by other.

• Communication serves four major functions with the organization, which consist of Control, Motivation, Emotional Expression and Informational.

o In Control Function, organizations have the authority and formal guidelines that employees are required to follow.

o In Motivational Function, involves clarifying for employees what is to be done, how well they are doing and what needs to be improve.

o In Emotional Expression, it gives employees the ability of expression of emotions and fulfillment of social needs.

o Informational Function, where it provides the information that individuals and group need to make decisions by transmitting the data to identify and evaluate choices.

Employee Empowerment

• The merger has created a sense of low morale because the former DMJSL employees can no longer take the initiative to solve problems without the approval of upper management.

• This dis-empowerment has also cause lower self-esteem and morale, where they feel that their opinion does not matter.

• This matter is something that Mergers Inc. needs to resolve.

Performance Expectations.

• Re-establish performance goals and expectations in order to align them with Mergers Inc.

• Managers will meet with each employee to set personal performance goals.

• Management must clearly communicate to the employees that rewards are contingent on performance.



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At the core of successful marketing is a professional approach to segmentation, targeting, and positioning.

Describe using examples how this process might be undertaken. What are the characteristics of a successful market segment? What are the keys to effective positioning?

In virtually any market, if different segments can be clearly identified, specific products with specific marketing programs can be developed to meet both the physical needs of customers and also the emotional needs that customers attach to products and services. Effective marketing programs are built on a platform provided by the marketer’s tools of market segmentation, target marketing, and product positioning; the three decision processes are closely linked, having strong interdependence, and all must be implemented if a firm is to be successful in managing a product-market relationship.

Market segmentation is the process by which a market is divided into subsets of customers with similar needs and characteristics that lead them to respond in similar ways to a particular product offering and marketing program. It is important as most markets are heterogeneous in terms of benefits anted, purchase rates, and process & promotion elasticities so the response rates to products and marketing programs will differ. The critical issue is to find an appropriate segmentation scheme that will facilitate target marketing and product positioning.




Markets can be segmented on the basis of demographic factors (who the target customers are) including age, sex, household lifecycle, income, occupation, education, and race/ethnic origin. Geographic factors (where the customers are) including region, city, population densities, and climate can also be used. Furthermore behavioural factors (what the customers do) can be used in the segmentation process where the benefits sought and the choice criteria used are evaluated. Thus the market segmentation procedure involves surveys on customer motivations, attitudes, and behaviour, followed by an analysis of the appropriate factors that should give a profile of consumers and the level of attractiveness of the market. Ideally the segmentation process should work from the bottom-up.

For the segmentation process to be successful it must be able to identify one or more relatively homogeneous groups with regard to their wants and needs where;

1. the size of each segment is large or profitable enough to serve,

. the size, purchasing power, and profiles of each segment can be measured,

. each segment will respond differently to different product offerings and marketing programs,

4. the segments represent markets that can be reached and served effectively, and

5. one or more of the segments represent markets that the company can attract and serve.

Target marketing involves an evaluation of the relative attractiveness of various segments (in terms of factors like market potential, growth rate, and competitive intensity), and the firm’s mission and capabilities to deliver what each segment wants. This enables the firm to decide on which segment(s) to serve; this is a strategic decision and should fit in with the overall business goals.

As most firms no longer aim a single product and marketing program at the mass market they must develop a market-attractiveness and competitive-position matrix to evaluate the segments as potential target markets. The targeting of markets involves a five step process

1. the selection of factors which can measure market attractiveness and competitive position,

. the weighing of each factor to reflect their relative importance,

. assessing the current position of each segment relative to each weighted factor,

4. projecting the future position of each segment based on expected environmental, customer, and competition trends, and

5. choosing which segments to target based on the data generated.

While most successful entrepreneurial ventures target narrowly defined market segments as this policy increases the odds in their favour by concentrating on the most suitable market segments and by conserving their limited resources, this is not always the best strategy, particularly for established firms having substantial resources. In general there are five patterns of target market selection

1. single segment concentration where only the most suitable product and market is chosen,

. selective specialisation where certain products are targeted in specific segments,

. product specialisation where one product is targeted at all the relevant segments,

4. market specialisation where a full range of products is targeted at a particular segment, and

5. full market coverage where the full range of products is targeted to all relevant segments.

Product positioning entails designing product offerings and market programs that collectively establish an enduring competitive advantage in the target market by creating a unique image, or position, in the customers mind. The success of any product offered to a given target market depends on how well it is positioned within that market segment, i.e. how well it performs relative to competitive offerings and to the needs of the target audience. Thus positioning is basically concerned with differentiation as it refers to both the place the product occupies in customers minds relative to their needs and competing products, and also to the process that companies use to create this position. The positioning process involves

1. the design of the offering and the image so that it occupies a distinctive place in the mind of the target market,

. the creation of a customer focussed value proposition which looks to answer the question as to why should customers buy the product, and

. aligning internal resources to achieve positioning objectives in recognition of the fact that the positioning decision is a strategic one for the whole firm.

The whole process is designed to establish competitive advantage, and the difference that a firm want to establish is usually in both physical and perceptual terms; the latter is also important as customers often evaluate products and services in terms of what they do (as opposed to what they are) in a rather subjective manner.

There are typically seven steps in the positioning process

1. identify a relevant set of competitive products serving a target market,

. identify the set of determinant attributes that define the “product space” in which position of current offerings are located,

. collect data about customers perceptions for products in the competitive set to determine the attributes and score these products on them,

4. analyse the current position of products in the competitive set using a positioning grid, i.e. a product-positioning analysis,

5. determine customers most preferred combination of attributes, i.e. a market-positioning analysis,

6. consider fit of possible positions with customer needs and segment attractiveness, and

7. write a positioning statement or value proposition to guide the development of a marketing strategy.

Most successful products are positioned based on one, or at most, two determinant attributes; the use of more than this is likely to be confusing to customers. For a positioning process to be successful other pitfalls must also be avoided including underpositioning (vague presentation of the brand by trying to be too many things to too many people), overpositioning (being too closely inked to one segment of the market, e.g. Horlicks), confused positioning (where too many claims are made for the offering), and doubtful positioning (where there are doubts that the product can deliver on the claims made). The determinant attributes are then transformed by companies into value strategies, which include performance leadership, operational excellence, and customer responsiveness. Most firms aim to be the best at one of these values, which are closely linked to the customer aspiration observed in the market-positioning analysis, and adequate at the other two; this means that continuous improvement must be maintained in the key attribute while some resources will be allocated to try and improve the adequacy demonstrated by the firm in the other attributes. Attribute (value) leaders are easily recognised by customers where firms with organisational excellence known for “a great deal” or “trouble free basic service”, firms with performance leadership known for being “always at the cutting edge” or having “a high price, but being worth it”, and firms with customer responsiveness known for “really understanding the business” or being a “close business partner”. The value strategy that a company chooses will affect all aspects of the business including how the organisation operates (top down versus autonomy), how core processes are carried out (standardised versus market sensing), and the economic driver behind the business (scale versus speed). Firms using the operational excellence strategy include Ryanair, while IT firms are typical examples of those following the performance superiority approach.

Thus the characteristics of a successful market segment is that it provides access to growth opportunities, while the keys to effective positioning is to create differentiation and optimise resources behind a successful launch.



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Table of Contents

1 Introduction Australian Economy

1.1 Real Gross Domestic Product

1. Inflation




1. Employment

1.4 Current Account

1.5 Exchange Rate

Monetary Policy 5

.1 Objectives of Monetary Policies 6

. Demand for Money 8

. Supply of Money 10

.4 Money Equilibrium 11

.5 Effects of Money Supply (Demand) 11

.6 Keynesians Vs Monetarists 1

Monetary Policy Framework 16

4 Monetary Policy Implementation 18

5 Open Market Operations 1

6 Fractional Reserves

References 5



1 Introduction Australian Economy

The Australian economy strengthened as 001 progressed, in sharp contrast to the weakening seen in most of the rest of the world. Gross Domestic Product (GDP) grew by 4. percent through the year to the December quarter 001. Unemployment remained low and signs of improvement were visible in the December quarter 001, while ongoing inflation remained within the Reserve Bank of Australia’s target range over 001. (Asia-Pacific Economic Cooperation, 00)

1.1 Real Gross Domestic Product

Real GDP increased .6 percent in 001 (in year average terms) following growth of .1 percent in 000. The slowing in the rate of growth in the first half of 001 reflected the abatement of transitory factors such as the Sydney Olympics stimulus and the introduction of The New Tax System (TNTS). In the second half of 001 Australia’s growth rebounded strongly, despite weakness in the world economy. Nonetheless, over 001 Australia was one of the strongest developed economies. (Asia-Pacific Economic Cooperation, 00)

1. Inflation

The Australian Consumer Price Index (CPI) increased by .1 percent through the year to the December quarter 001. Various one-off factors added to inflation over that period. The price of meat, seafood, fruit and vegetables increased substantially through the year. In addition, some price effects have resulted from the events of September 11, the collapse of a major Australian insurance firm (HIH) and the second largest Australian airline (Ansett). These upwards price movements were offset somewhat by a significant decline in petrol prices over the year due to a fall in global oil prices. (Asia-Pacific Economic Cooperation, 00)

1. Employment

Employment grew by 1.0 percent in 001, while the unemployment rate increased steadily over most of the year to peak at 7.0 per cent in October 001, before declining slightly to 6.7 percent in December 001.

Wages, as measured by average weekly ordinary-time earnings for full-time working adults and average weekly earnings (all employees), rose 5.7 percent through the year to the December quarter 001. In contrast, the wage cost index rose by .4 percent through the year to the December quarter 001. (Asia-Pacific Economic Cooperation, 00)

1.4 Current Account

The current account deficit fell to A$17.7 billion or .6 percent of GDP in 001, down from A$6. billion or 4.0 percent of GDP in 000.

Exports at current prices increased 8.5 percent in 001, while export volumes increased 0.76 percent in 001. Imports increased 1. percent at current prices in 001, while import volumes fell 4.6 percent in 001. The terms of trade increased 1.6 percent in 001, following a 5.4 percent rise in 000. The trade balance improved by A$10. billion in 001 to record a trade surplus of A$. billion. (Asia-Pacific Economic Cooperation, 00)

1.5 Exchange Rate

Since 18, Australia has had a floating exchange rate. The Reserve Bank of Australia may undertake foreign exchange market operations when the market threatens to become excessively volatile or when the exchange rate is clearly inconsistent with underlying economic fundamentals. These operations are invariably aimed at stabilizing market conditions rather than meeting exchange rate targets.

During 001, the Australian dollar appreciated (in nominal terms) 4. percent against the Japanese yen. It depreciated 8.5 percent against the US dollar and . percent against the euro. The Australian dollar also fell against the currencies of Australia’s other major trading partners, which contributed to a .1 percent fall in the trade-weighted index. The exchange rate depreciation in 001 improved Australia’s international price competitiveness, cushioning the adverse effect of the global downturn on economic activity. (Asia-Pacific Economic Cooperation, 00)



Monetary Policy

The Reserve Bank of Australia (RBA) is responsible for formulating and implementing monetary policy. The Boards obligations with respect to monetary policy are laid out in the Reserve Bank Act. Section 10() of the Act, which is often referred to as the Banks charter, says

It is the duty of the Reserve Bank Board, within the limits of its powers, to ensure that the monetary and banking policy of the Bank is directed to the greatest advantage of the people of Australia and that the powers of the Bank ... are exercised in such a manner as, in the opinion of the Reserve Bank Board, will best contribute to

(a) the stability of the currency of Australia;

(b) the maintenance of full employment in Australia; and

(c) the economic prosperity and welfare of the people of Australia.

Since 1, these objectives have found practical expression in a target for consumer price inflation, of - per cent per annum. Monetary policy aims to achieve this over the medium term and, subject to that, to encourage the strong and sustainable growth in the economy. Controlling inflation preserves the value of money. In the long run, this is the principal way in which monetary policy can help to form a sound basis for long-term growth in the economy.

Monetary policy decisions involve setting the interest rate on overnight loans in the money market. Other interest rates in the economy are influenced by this interest rate to varying degrees, so that the behavior of borrowers and lenders in the financial markets is affected by monetary policy (though not only by monetary policy). Through these channels, monetary policy affects the economy in pursuit of the goals outlined above. (http//www.rba.gov.au/MonetaryPolicy/about_monetary_policy.html, 00)

.1 Objectives of Monetary Policies

In Australia, the objectives of monetary policy are formally established in the Reserve Bank Act (15). This sets out three objectives

· The stability of the currency of Australia;

· Maintenance of full employment in Australia; and

· The economic prosperity and welfare of the people of Australia.

The first of these, the stability of the currency, is generally interpreted to mean price stability; that is, a stable value of the Australian dollar in terms of its purchasing power over goods and services. An important development in recent years is that this objective, and its relationship to the other two, has been made more explicit with the adoption of the Banks inflation target. This has been included in the Banks public statements for a number of years and was formally set out in the Statement on the Conduct of Monetary Policy, issued by the Treasurer and Reserve Bank Governor in August 16 and updated in July 00.

There are a couple of important points to note about the operational meaning of the inflation target and its relation to the other objectives. First, unlike the specifications in some other countries, Australias inflation target is not thought of as a hard-edged band within which the inflation rate is to be confined in every period. The edges of the band are not like an electric fence that triggers sudden dramatic action only when the edges are reached. Rather, the target band is an expression of the average to be achieved over a period of years. As such, there is sufficient flexibility for policy to take account of short-run developments in employment and economic growth. In other words, there is some scope for policy to play a role in stabilizing short-run business cycle fluctuations. In the longer run, as the statement sets out, the main contribution that monetary policy can make to growth and prosperity is to keep inflation low.

The second point concerns the measurement and definition of inflation. The initial formulation referred to underlying inflation, but following changes to the construction of the CPI in 18 it was agreed between the Bank and the Treasurer to focus on the headline CPI. This did not entail any change in the practical operation of policy, but was designed to make the inflation objective clearer to the public. Over time, measures of underlying inflation and the CPI move closely together, though the headline CPI is more volatile (Graph 1) as it is more affected by temporary factors, such as changes in petrol prices. The medium-term focus of the inflation target provides the Bank with the flexibility to look through temporary fluctuations in the CPI.



. Demand for Money

The demand for money refers to the desire to hold money to keep wealth in the form of money, rather than spending it on goods and services. It is usually to distinguish three reasons why people want to hold their assets in form of money. (J. Sloman, 000)

· Transaction Motive � Money is the medium of exchange required for conducting transactions and people are required to hold balances of money in cash or in sight accounts.

· Precautionary Motive � Individuals will hold additional money as a precaution to unforeseen circumstances.

· Speculative or Assets Motive � Certain firms and individual who speculate in bonds and shares will hold idle money in expectation that the prices of bonds and shares may fall. Money when used for this purpose is a means of temporarily storing wealth.

The transactions plus precautionary demand for money is termed L1, in graph . ‘L’ stands for liquidity preference, which is the desire to hold assets in liquid form. Money balances held for these two purposes are called active balances. The frequency people are paid, effects L1, the less frequent they are paid, the greater level of money balances they will hold.

The rate of interest also affects L1. At high interest rates, people will spend less and save more of their income. The effect is likely to be bigger on the precautionary demand where high interest rates may encourage people to risk tying up their money. The elasticity of L1 with respect to changes in the interest rates will also depend on how money is defined. A rise in the interest rates may encourage people to switch from holding cash to keeping more money in interest bearing accounts. (J. Sloman, 000)

The speculative demand for money is termed, L, in graph . Money balances held fro these purposes are called idle balances. The major determinant of L is expectations of changes in the earning potential of securities and other assets. The greater the earning potential for non-money assets, the less will be the demand for money. (J. Sloman, 000)

Graph 4 shows the total demand for money balances, L, plotted against the rate of interest. The curve is known as the liquidity preferences curve. Any factor, other than the change in interest rates, that causes the demand for money to rise will shift the L curve to the right. (J. Sloman, 000)

. Supply of Money

In graph 5, the money supply is exogenous. It is assume to be determined by the government by its choice of the level and method of financing the PSBR. Keynesians assumes that higher interest rates will lead to higher levels of money supply as shown in graph 6. The reasoning is that

· Increase in supply may occur as a result of banks expanding credit in response to the demand for credit. Higher demand fro credit will drive up interest rates, making it more profitable fro banks to supply more credit.

· Higher interest rates may encourage depositors to switch their deposits from low interest accounts to higher interest paid accounts. Money is less likely to be redrawn and banks may hold less liquidity and decide to increase credit, thus increasing the money supply.

· Foreign investors may be attracted by high interest rates thus increasing the supply.

.4 Money Equilibrium

Equilibrium in the money market will be where the demand fro money, L, is equal to the supply of money, Ms. This equilibrium will be achieved through changes in the rate of interest and exchange rate. In graph 7, equilibrium is achieved with a rate of interest, re, and quantity of money, Me. If the rate of interest were above re, people would have money balances surplus to their needs. (J. Sloman, 000)

A shift in either Ms or L, will lead to a new equilibrium quantity of money and interest rates at a new intersection of the curves. In practice, there is no one single rate of interest. Different assets have different interest rates. Equilibrium in the money market therefore will be first where the total demand and supply of money are equal. This is achieved by adjusting the average interest rate. (J. Sloman, 000)

.5 Effects of Money Supply (Demand)

Changes in money supply or demand will affect national income via changes in interest rates in a three-stage process. In graph 8, a rise in money supply (Ms) will lead to a fall in interest rate, (r) This is necessary to restore equilibrium in the money market.

In graph , the fall in r, will lead to a rise in investment and other forms of burrowing, (I). Since burrowing money will be cheaper and investments will costs less.

In graph 10, the rise in investment will lead to a multiplied rise in national income (Y) and aggregate demand. (J. Sloman, 000)

Equilibrium in the money market is where the supply and demand for money is equal. It can be achieved by changes in the interest rates. The interest rates transmission mechanism works by Rise in money supply causes money supply to exceed demand, interests will fall, and investments will increase and in turn will cause a multiplied rise in national income. However as national income rises, the transactions demand for money will rise and preventing large fall in interest rates. (J. Sloman, 000)

.6 Keynesians Vs Monetarists

In Australia, with floating exchange rates, for which policy is guided by domestic economic objectives, monetary policy could be described as the management of short-term interest rates by central banks in pursuit of the domestic policy objectives, usually defined in terms of inflation and economic growth.

There are certainly some differences in the way the objectives are formulated, but these are more variations on a theme than fundamental differences of approach. (http//www.rba.gov.au/Education/monetary_policy.html, 00)

Monetary policy is the subject of a lively controversy between two schools of economics, monetarist and Keynesian. Although they agree on goals, they disagree sharply on priorities, strategies, targets, and tactics.

The goals of monetary policy as agreed by both monetarist and Keynesian are

First, no business cycles, instead, production�as measured by real (inflation-corrected) gross national product�would grow steadily, in step with the capacity of the economy and its labor force.

Second, a stable and low rate of price inflation, preferably zero.

Third, the highest rates of capacity utilization and employment that is consistent with a stable trend of prices.

Fourth, high trend growth of productivity and real GNP per worker.

Monetary policies are demand-side macroeconomic policies. They work by stimulating or discouraging spending on goods and services. Economy-wide recessions and booms reflect fluctuations in aggregate demand rather than in the economys productive capacity. Monetary policy tries to damp, perhaps even eliminate, those fluctuations. It is not a supply-side instrument. Central banks have no handle on productivity and real economic growth.

The second and third goals frequently conflict. Should policymakers give priority to price stability or to full employment? American and European monetary policies differed dramatically after the deep 181-8 recessions. The Fed fine-tuned a six-year recovery and recouped the employment and production lost in the 17-8 downturns. Keeping a watchful eye on employment and output, and on wages and prices, the Fed stepped on the gas when the economic engine faltered and on the brakes when it threatened to overheat. During this catch-up recovery the economy grew at a faster rate than it could sustain thereafter. The Fed sought to slow its growth to a sustainable pace as full employment was restored.

Expansionary monetary policy, both agree, increases aggregate spending on goods and services�by consumers, businesses, governments, and foreigners. However, will these new demands raise output and employment? Or will they just raise prices and speed up inflation?

Keynesians say the answers depend on circumstances. Full employment means that everyone (allowing for persons between jobs) who is productive enough to be worth the prevailing real wage and wants a job at that wage is employed. In these circumstances more spending just brings inflation. Frequently, however, qualified willing workers are involuntarily unemployed; there is no demand for the products they would produce. More spending will put them to work. Competition from firms with excess capacity and from idle workers will keep extra spending from igniting inflation. (Tobin, 00)

Monetarists answer that natures remedy for excess supply in any market is price reduction. If wages do not adjust to unemployment, either government and union regulations are keeping them artificially high or the jobless prefer leisure and/or unemployment compensation to work at prevailing wages. Either way, the problem is not remediable by monetary policy. Injections of new spending would be futile and inflationary. (Tobin, 00)

Keynesian Monetarist

Money stored as wealth. Financial institution is not a good substitute.

Speculative demand for money is dominant. Speculative demand for money is insignificant.

By changing supply of money, interest rates do not change much. By reducing small supply of money, interest rates will change drastically.



Monetary Policy Framework

The Governor and the Treasurer of Australia agreed that the appropriate target for monetary policy is to achieve an inflation rate of - per cent on average, over the cycle, a rate sufficiently low that it does not materially distort economic decisions in the community. The inflation target is thus the centerpiece of the monetary policy framework. It provides discipline for monetary policy decision-making, and serves as an anchor for private sector inflation expectations.



The inflation target is defined as a medium-term average rather than as a hard-edged target band within which inflation is to be held at all times. This formulation allows for the inevitable uncertainties that are involved in forecasting, and lags in the effects of monetary policy on the economy. Experience in Australia and elsewhere has shown that inflation is not amenable to fine-tuning within a narrow band. The inflation target is, necessarily, forward-looking, as evidenced by the operation of monetary policy since its introduction. This approach allows a role for monetary policy in dampening the fluctuations in output over the course of the business cycle. When aggregate demand in the economy is weak, for example, inflationary pressures are likely to be diminishing and monetary policy can be eased, which will give a short-term stimulus to economic activity. (http//www.rba.gov.au/MonetaryPolicy/about_monetary_policy.html, 00)



4 Monetary Policy Implementation

Banks Domestic Markets Department has the task of maintaining conditions in the money market so as to keep the cash rate at or near an operating target decided by the Board. The cash rate is the rate charged on overnight loans between financial intermediaries. It has a powerful influence on other interest rates and forms the base on which the structure of interest rates in the economy is built. The close relationship between the cash rate and other money market interest rates can be seen in Diagram . Changes in monetary policy mean a change in the operating target for the cash rate, and hence a shift in the interest rate structure prevailing in the financial system.

The Reserve Bank Boards decision to change interest rates is announced in a media release, which states the new target for the cash rate, together with the reasons why the Board has taken the decision to change it.



The Reserve Bank uses its domestic market operations (sometimes called open market operations) to influence the cash rate. On the days when monetary policy is being changed, market operations are aimed at moving the cash rate to the new target level. Between changes in policy, the focus of market operations is on keeping the cash rate close to the target, by managing the supply of funds available to banks in the money market.



The cash rate is determined in the money market as a result of the interaction of demand for and supply of overnight funds. The Reserve Banks ability to pursue successfully a target for the cash rate stems from its control over the supply of funds which banks use to settle transactions among themselves. These are called exchange settlement funds, after the accounts at the Reserve Bank in which banks hold these funds.

If the Reserve Bank supplies more exchange settlement funds than the commercial banks wish to hold, the banks will try to shed funds by lending more in the cash market, resulting in a tendency for the cash rate to fall. Conversely, if the Reserve Bank supplies less than banks wish to hold, they will respond by trying to borrow more in the cash market to build up their holdings of exchange settlement funds; in the process, they will bid up the cash rate. The actual level of the cash rate, which results from the Reserve Banks market operations, as well as the target rate are shown in Diagram .

(http//www.rba.gov.au/MonetaryPolicy/about_monetary_policy.html, 00)



5 Open Market Operations

The RBAs open market operations are designed to ensure that the actual cash rate remains close to the target rate. On a day-to-day basis, deviations in the cash rate around the target are determined by the supply and demand for exchange settlement (ES) funds. These funds are held in accounts at the RBA by banks as well as a number of other institutions, and are used by these account holders to meet their settlement obligations to each other and to the RBA. The daily aggregate net settlement obligation between ESA holders and the RBA can be very large. This is mostly because the RBA acts as banker to the Commonwealth. Expenditure by the Commonwealth results in funds flowing into ES accounts, while the payment of federal taxes has the opposite effect. Similarly, purchases of Commonwealth Government Securities (CGS) from the Government by investors reduce ES balances while redemptions of such securities increase ES balances. The daily aggregate net settlement obligation between ESA holders and the RBA also reflects transactions by the RBAs other customers (mostly other official institutions) and by the RBA itself. The latter include the purchase of currency notes by banks from the RBA (which reduce ES balances) and transactions undertaken by the RBA with market participants (including the unwind of repurchase agreements � see below � arising from previous operations).

The RBAs domestic market operations determine the aggregate supply of ES funds and are designed to ensure that supply equals demand at the target cash rate. If the supply is too high, holders of ES funds will wish to lend their excess funds in the overnight market, putting downward pressure on the cash rate. If the supply is too low, they will wish to borrow, putting upward pressure on the rate. The RBAs open market operations, together with other elements of the framework used for the implementation of monetary policy in Australia, have proved very effective when measured by the stability of the cash rate around the target. Over the 00/0, the average absolute deviation of the cash rate from its target was less than one basis point.



Despite the broadening of the range of domestic securities in which the RBA is willing to deal, the strong growth in the RBAs balance sheet coupled with greater seasonal concentration of flows between the RBA and the private sector has meant that the RBA has had to augment its open market operations with foreign exchange swaps. Such transactions may be unwound within a very short period or rolled forward on a short-term basis.



6 Fractional Reserves

Commercial banks are required to keep a proportion of their deposits as reserves. The RBA has the power to change reserve requirements on bank deposits within legislatively set bounds. Superficially, reserves are required for safety, to meet emergency cash needs. However, safety is not the motivation for reserve requirements. Requires commercial bank reserves on deposit at the RBA, allows RBA to control the money supply and related monetary conditions by changing reserve requirements.

If reserve requirements were to be reduced, the excess in commercial banks would most likely be lent out and will reduce interest rates, supply of money will also increase and level of economy can be stimulated. A curious aspect of fractional reserves system is that every dollar of excess reserves can create more the 1 dollar change in the money supply.



Any interjection of reserves into the banking system has a multiple impact upon the money supply. The RBA must factor this multiple into its calculations when implementing monetary policies. Estimating this multiple is imprecise because of the unknowns and will add to the difficulty of implementing policies. (M. Livingston, 1)





References

1 Asia-Pacific Economic Cooperation, “Economic Report Australia”, Economic Outlook, 00, http//apecsun.apecsec.org.sg/member/memberecreport/aus.html

00, http//www.rba.gov.au/MonetaryPolicy/about_monetary_policy.html

Tobin, J. “The Concise Encyclopedia of Economics”, The Library of Economics and Liberty, 00, http//www.econlib.org/library/Enc/MonetaryPolicy.html

4 Sloman, John. “Economics”, 4th Edition, Prentice Hall, 000

5 Livingston, Miles. “Money and Capital Market”, nd. Edition. Kolb Publishing Company, 1.



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American Bancorporation/Wheeling National Bank.

Written Analysis

American Bancorporation was established over 5 years ago in 166 for the purpose of providing an association of community oriented banks and companies with a concentration in commercial banking. American Bancorporation is a registered bank holding company with its headquarters residing in Wheeling, West Virginia.




As of December 1, 18, the company owned one affiliate bank, Wheeling National Bank, which provided full service to all of its customers by offering services at twenty full service offices located in Hancock County, Wetzel County, Ohio County, West Virginia, and Belmont County, Harrison County, Guernsey County, Jefferson County, and Franklin County, Ohio. Not only does American Bancorporation have twenty full service offices, but also operates four non-bank subsidiaries including American Mortgages Inc. which deals directly with mortgage loans. American Bancdata Corporation which provides electronic data processing services to the company and Wheeling National Bank, American Bancservices, Inc., which provides the companyfs transfer agent services, and American Bancorpration Capital Trust I, a Delaware statutory business trust.

The research collected by our dual partner team was from the years of 14-1, covering a 5-year period. After analyzing the data, Jeff and I determined that the bank has proven to be efficient, productive, profitable, and a sound investment. From 14 to 18, we saw Net Income drastically increase from (#fs in thousands) $1,66, to $5,0 which is a positive sign for the corporation, because not only is it showing growth, but well management and use of its assets. We also determined that the book value per share increased $.5 from $8.7 in 14 to $11.65 in 18. Not only did the stock value increase attractively, but also, Earnings Per Share almost tripled in the past 5 years from $0.56 in 14 to $1.66 in 18. Positive increases in earnings per share is always an attractive advertisement tool for future investors. With deposits continuously growing over the 5-year period from (#fs in thousands) $,41 in 14 to $41,40 in 1, we can easily assume that customers are confident with the bankfs performance and are willing to trust AMBC with their financial securities. After performing as many operations as our books and mind allowed us to, we determined that this bank has performed well over the past 5 years and shows minimal signs of weakness.

In conclusion, American Bancorporation or Wheeling National Bank is a sound bank that has operated efficiently and effectively from 14-1. After reviewing many of the financial statements, I would suggest that this bank is a high quality investment.



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Introduction Picture this, you’re driving and the person in front of you is completely oblivious to what’s going on, and your thinking, what is this person doing. You pull up next to them and look, and see that they are engaged in a full conversation on their cell phone. Then all of a sudden you look in your review mirror and this person behind you is about to rear end you. What do you know, the person is on the cell phone too. Or maybe this, you’re driving by yourself and you’re listening to your music and your cell phone rings. You go to reach for your phone, in your pocket or purse, and then you look up and “Oh my God, that was a close call.” Your heart is racing and you’re really scared cause you almost ran off the side of the freeway. Believe it or not, this happens everyday, and is only growing.

Thesis The use of cell phones while driving should be banned due to their dangerous potential.

Blame

Claim 1 With the growth of cell phones they are becoming more popular then ever.




Warrant 1 In the year 000, cell phones hit their prime. Everyone around either wants a cell phone or is purchasing them. There are the simpler cell phones to the high tech phones. However, instead of a cell phone being a luxury, it has now become a necessity.

Ground 1 “Cell phone use is growing at a rate of 40% a year, and is likely to top 80 million users by next year.” (Concern voiced over phoning while driving, Drew Sullivan.)

Ground “There are currently 88 million cell phone users in this country alone. There are 40,000 new subscribers everyday. The rate of subscribership exceeds the birth rate. A prevention magazine survey in 15 reported that 85% of cell phone owners use their phones while driving at least some of the time.” (An Investigation of Wireless Communications in Vehicles, Fran Bents.)

Ground “Today, cellular telephones are owned by more than 50 million Americans and new technological breakthroughs have seen a migration from analog to digital architectures along with the recent introduction of “ Personal Communication Services (PCS)” as a competitor to the cellular market.” (An Investigation of the Safety Implications of Wireless Communications in Vehicles.)

Claim Cell phones do cause a distraction.

Warrant Now that more and more Americans have cell phones, the distraction of using cell phones while driving is rising. There are more phones marketed, and more people buying them and becoming distracted.

Ground 1 “A survey by Prevention Magazine indicated that 18% of respondents believed that their use of cellular telephones is distracting while they were driving, while 85% of the respondents use their cellular telephone while driving at least occasionally. It also indicated that 70% of the drivers found cellular telephone use to be the same or more distracting than tuning a radio.” (An Investigation of the Safety Implications of Wireless Communications in Vehicles.)

Ground “There are major causes; number one is visual. Looking away from the roadway would be an example of this. Number two, is mechanical, such as dialing a number or looking for your phone. This can also be associated with a visual distraction. The third is cognitive; an example of this is being “lost in though.” We have all had the experience of traveling from point A to point B and then realizing that we aren’t sure how we got there.” (An Investigation of Wireless Communications in Vehicles, Fran Bents.)



Ground “The inattention and distraction created by the use of a cellular telephone while driving is similar to that associated with other distractions in increasing crash risk.” (An Investigation of the Safety Implications of Wireless Communications in Vehicles.)

Claim With the growth of technology, cell phones have been made with more distracting features.

Warrant The world in the eyes of mass communication has change though out the years. The technology of many things has gotten more elite and interesting for the world today. For instance, cell phones now have features that make it able to check emails and stocks, send faxes, and surf the web.

Ground 1 “Already growing at a rate of 40% per year, the use of cellular communications is likely to increase as wireless Internet access, fax machines, and televisions are introduced. According to National Highway Traffic Safety Administration, 85% of all cellular customers are using the devices while driving.” (Cell Phone Use While Driving Increases Crash Risk, Gay Frankenfield.)

Ground “As the use of in-vehicle wireless communications technology increases there will be an associated increase in related crashes if little changes.” (An Investigation of the Safety Implications of Wireless Communications in Vehicles.)

Ground “ This trend is such that cellular communications can now be the focal point of a truly “mobile office,” including e-mail, fax and Internet services in addition to telephone, voice mail, and paging capabilities from any location.” (An Investigation of the Safety Implications of Wireless Communications in Vehicles.)

Harm

Claim 4 Cell phone use while driving can lead to more accidents and the rate of crashes has gone up.

Warrant 4 The use of cell phones while your driving is dangerous. Because Americans are in denial of the distraction, the rate of nearby crashes and crashes has gotten higher.

Ground 1 “According to a survey by Framers Insurance Group, 87% of adults believe that using a cell phone while driving impairs a person’s ability to drive.” (New survey shows Drivers have had ‘Close Calls’ with cell phone Users, Farmers Ins.)

Ground “While only % of drivers said they had been in an accident in which one of the drivers was using a cell phone, more than 40% reported to have had close calls or near misses with a driver who was on the phone.” (New survey shows Drivers have had ‘Close Calls’ with cell phone Users, Farmers Ins.)

Ground “According to the National Highway Traffic Safety Administrations, 78 people died nationally in 17 in accidents in which cell phones or hand-held radios were a contributing factor.” (Concern voiced over phoning while driving, Drew Sullivan.)

Ground 4 “A 17 study, reported in the New England Journal of Medicine indicates that drivers are four times more likely to have automobile accidents while using cellular phones. The study also revealed that the risk was the same when drivers utilized

“handsfree” phones. They also stated that using a cell phone with driving is equal to drinking and driving. The study cited the risk of collision quadruples when talking on a cell phone.” (Cell Phone Use While Driving Increases Crash Risk, Gay Frankenfield.)

Claim 5 Even if you think your more responsible then others, crashes while talking on the cell phone, can happen to anyone.

Warrant 5 No matter your age, or your life status, car crashes can happen to anyone. We are invincible, or so that’s what we think. A fatal crash or a fender bender can happen to us all and just the little distraction can do, like talking on a cell phone.

Ground 1 “In Roberts, Smith Barney, a stockbroker, was driving and talking on his cell phone one Saturday evening while on his way to a non-business related dinner. En route to the restaurant, his car hit and killed a 4-year-old motorcyclist, a father of two.” (A Risky Call, Heather Alston.)

Ground “Older drivers will often find it more challenging to operate cellular telephones that tend toward small displays and controls designed to specifications drawn from a younger population.” (Age related decrements in automobile instrument panel task performance, Hayes.)

Ground “I watched my daughter die, says Patrica Pena, her daughter was killed in her car seat when the car in which she was riding was truck by a motorist using a cell phone.” (Cell Phone Use While Driving Increases Crash Risk, Gay Frankenfield.)

Transition As you can see, cell phones are very dangerous to everyone. It only takes one look down, and then your life can be a lot harder then before. If you can think of everyone else and yourself, maybe you will think again before you reach down for that cellular phone.

Solution

Claim 6 There are many ways to help and prevent the accidents that are happening with the use of cellular phones while driving.

Warrant 6 We can help with the rate of accidents, by simply following the rules. They are not laws yet, however if we can make them laws now, we can save many Americans today. With just a little help and understanding from others, we can make cell phones while driving safer.

Ground 1 “In a new report on wireless communications, the National Highway Traffic Safety Administration encouraged state and local officials to begin tracking cell phone use in related traffic warnings, citations, and crash investigations.” (Cell Phone Use While Driving Increases Crash Risk, Gay Frankenfield.)

Ground “ Motorists may want to pull over or use hands-free technology, and should avoid emotional or stressful conversations.” (Cell Phone Use While Driving Increases Crash Risk, Gay Frankenfield.)

Ground “Parkes in 1 introduced the concept of an ‘intelligent answerphone’ as a system that would divert, record, and interrupt messages appropriately based on sensed driving conditions.” (An Investigation of the Safety Implications of Wireless Communications in Vehicles.)

Claim 7 There should be a ban on using cell phones while driving.

Warrant 7 Without a cell phone to distract you, you can concentrate more while driving.

Ground 1 “ If people can’t talk on their phones they can focus on the traffic and thus the cell phone related accidents would decrease.” (Further on the road tests of driver interference, Green.)

Ground “ In November, Japan became one of 14 countries banning handheld phone use while driving. Accidents caused by the use of mobile phones dropped by 75% the next month.” (An Investigation of Wireless Communications in Vehicles, Fran Bents.)

Conclusion The available evidence is accurate to support the conclusion that the use of cell phones while driving is dangerous and does cause accidents. It appears reasonably plausible, particularly in light of the trends in the data, the growing complexity of the technology, and the inherent distraction potential of using such devices from a moving vehicle. Thus, many may feel a loss in freedom, however a little restriction can help many and go a long way. So just remember, when you pick up that cellular phone in a car, make sure you are aware of how dangerous it can be.



Sources

Alston, Heather. A risky call, Dec. 1.

Bents, Fran. (17) An investigation of wireless communications in vehicles.

Frankenfield, Gay. Cell phone use while driving increases crash risk.

Green, Hoekstra. (1). Further on-the-road tests of driver interfaces.

Hayes, Kurokawa. (18). Age-related decrements in automobile instrument panel task performance.

Sullivan, Drew. Concern voiced over phoning while driving.

Farmers Insurance Study. New survey shows drivers have had ‘close calls’ with cell phone users.

An investigation of the safety implications of wireless communications in vehicles, Nov.17.



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“The Risk of Experience”

We know that in our business, the product is sold and consumed at the same time, (unlike retail business, the customer pays for the food and pays for it at the same time)

However, regardless of a hotel’s class or category, it is evidently common that the room rates, yields and Gross Operating Profits constantly fluctuate. This fluctuation if not controlled forces the management to reconsider service levels and cut corners to achieve targeted profits. This so called “repositioning” results into inconsistency of service standards, food production and leads to increase in service errors, widening the discrepancy in the promised and actual product quality.

Repositioning of service levels change the customer’s value perception and thus gives the market an opportunity to seek discounts.




This process of declining value can be found in almost all class of hotels, regardless of their affiliation. When the hotels either chain affiliated or independent compete in the market place, they tend to enter in a cut throat price war and discounting becomes part of their day-to-day sales strategy. At the same time the hotels do not realize that their property is moving away from the customers set of choices, forcing the management to re-price premium products with lower rates.

At that time, the management often starts studying competition and try to copy the packages, promotions and offers. All this happens without realizing the need of a well thought clear value proposition. In this cut and paste process, stand alone independent hotels suffer the most. And gradually it becomes difficult to maintain year round profitable business. Whereas, the full service hotels speedily reduce their room rate to capture the lower market tiers.

We as professional managers know, but do not admit, that when our customers perceive higher “Risk of Experience” they push our room rates further down. And demand rates which we agree to maintain market share.

In my opinion, customer’s “Risk of Experience” is everything. This perception drives the market share upward or downward and can only be minimized if not eliminated via a well-chosen Value Proposition.

Unfortunately not many hotels have done so; however foodservice industry has such examples like McDonalds, KFC and Outback Steak House where the Value proposition is so strongly knitted around the entire business that customers themselves feel the tangibility of intangible value of the product. Why these foodservice businesses do not under price their products? Isn’t McDonalds aware that a new KFC outlet has just opened next door? Instead, McDonalds comes up with “McChicken Burger” and “McNuggets” attracting KFC’s clientele. McDonalds knows that its product line is perceived as consistent in quality and therefore uses innovation to re-enforce its value proposition.

Hopefully, one day the Hotels too would start realizing the need of a unique value proposition, which can minimize its guest’s perception of risk.

The point is who would dare to break through the mediocrity and redirect the operation to only serve the needs of a well chosen market.

What can be done?

A direction to create true Value for your customer and win

As the competition grows so as the opportunity! Don’t be delusional! This may not be true if a hotel cuts corners and increases customer’s “Risk of Experience” every time the market shrinks.

It is proven that the competition will not provide any opportunity to mediocre; no matter what kind of opportunity rises it will be captured by the market leader, unless the core decision makers strictly follow the principle of business management driven from best suited Value Proposition.

Not every value proposition suits every hotel business; neither every market opportunity fits into every hotel’s profile.

Value Proposition Management is the tool which enables a hotel business to thrive at the justifiable costs, with more returns than expected.

No two hotels or resorts are ever alike, so as the Business or Marketing or even the Cost and Expense plans. The one, which works for your competitor, could lead to disaster if your hotel attempts to follow without looking into your intangible assets and physical strengths.

A Company with a well defined value proposition and its adoption as the “core vision” is more likely to gain a substantial lead within its own chosen market, therefore would always be the leader. In todays competitive market a master of non and jack-of-all-trades suffers.

You have seen McDonalds, proudly announcing “billions of burgers sold”, do they make the best burger in the world? No! But they lead the market wherever they are, and they do it through specializing in their own value proposition, excelling in it, and expanding and maintaining their product line. Needless to say that McDonalds become unconditional choice for a budget minded customer looking for a fast bite.

The key is to create and implement business rules driven from customer’s set of buying rules. These rules must reflect a single value proposition in every aspect of corporate culture, hotel operation and marketing scenarios. Should involve all levels of organizational hierarchy and cover from restaurant menu design to the quality of bathrobe.

Remember! The profit is the key of expansion, not the customer. Those days are over when the Hotels were dominating work styles of its customers. Now, the real customers are much simpler, well traveled, work longer hours or at their own pace. This new market does not have time to accept service flaws, expect fast answers and is very demanding in all aspects of their needs.

This new market expects product features in conjunction with its work habits without perception of risk and frustrating delays. The best characteristic of today’s new market is it does not go out of a pre-set frame of buying rules.

Rule #1 Match your set of business rules with the customer’s buying rules.

I am not saying that the Hotel has to discount room rates to meet with customer’s buying rules; this would frustrate the owners and would send a wrong signal to the market. Today’s new customer is very precise when it comes to Value assessment, although the price plays a major role, but there is more in it! Systems like Corporate Classics or Preferred Loyalty programs commonly being used in Hotel Chains from Holiday Inn, Shangri-La, and Hyatt do not provide the required returns on investment; minimizing Risk of Experience is the foremost rule proven to capture market share and is guaranteed to produce profits for your operation.

My fellow hoteliers my think generic marketing campaigns bring results, these used to work when not much was available to compete with, and so as the customers had their own all time favorite “spots”.

Now this customer’s loyalty hardly exists for the conventional player.

Unfortunately, the conventional players do not realize the paradigm shift within their markets. How many of us may overlook and will not learn from our competitor when it added a video conferencing facility which moved up the several points, pushing yours down the list. Or another hotel spent thousands of dollars more on its Chef, to expand its menu selection to include Japanese specialties and now has year- round favorable business from JTB.

Perhaps till today some of us are still keeping an eye on the conventional set of business rules, rather than on their market’s changing set of buying rules.

I suggest being careful when you make your next corporate plan. Observe realistically your customer’s set of buying rules, compare with your set of value proposition then if you find the crux of both matching, transform your corporate policies and operational system through revising your standard operating procedures, tailoring each one around the chosen value proposition.

Rule # Your plan should be easy to understand at rank and file level enabling them to measure their performance by end of each day.

Don’t overwhelm management with pages of meaningless documents that some of us think would impress the reader. Statistical information driven from Business Performance Review is much important because your teams need to know where they had been, and where they should be in a specific time frame. Once the goal is set, use of a Balance Scorecard will help in setting the strategy.

Choosing the right value Proposition requires understanding of its three founding value disciplines

Customer Intimacy

Defined as Higher operating costs, higher employee per room ratio, service offered on one-to-one basis, custom made solutions to the employees and customers, each demand being met individually.

This discipline requires an upscale product and complementing service levels and offers higher returns on investment. Giving the hotel best actual revenue share with best gross operating profit, through unbelievable number of loyal customers coming back year after year, this discipline is well adopted by companies like Ritz Carlton, and also being now tried by Boutique Hotels, but resulting into lesser success in means of ROI.

Intercontinental Hotels, Crown Plaza, Hilton and several other compatible hotel brands also claim to offer value driven from Customer intimacy, but not all are successful. The reason is simple; not being able to create a solution providing � employee satisfying work environment where delegation, training and human resource development is necessary.



Product leadership

Defined as The hotel with reflection of innovative thinking, always researching and developing products, leading the market with most advanced features among all competitors. Constantly adding in-room features, state of the art guest servicing techniques, ready to obsolete and replace own innovation with a further developed product defines this discipline.

High R&D costs, with corporate management working on innovative products while the operations management is consistently offering innovative solutions exceeding the expectation of its market. This discipline also generates high profit, with less variable expenses and more fixed costs. The guests are served by highly motivated and innovative team, each team is managed by a team-leader fully trained in satisfying the queries, knows how to handle unexpected and can offer alternate solutions in no time. This discipline enables the hotel to maintain its leadership and motivate its customers to buy products on highest possible price tag. On the other hand, customer do not stay loyal to one innovation. They know that they might get an introductory flyer within next few months introducing a newly added in-room feature, and that it may enhance their next experience.

Operational Excellence

Defined as consistency in product quality and presentation. The businesses working on this principle successfully deliver the product on a firm quality standard again and again. Thus minimizing the perception of risk in customers mind and assures value. Market for such businesses expect Fast and efficient service with no frills and thrills. Radisson’s first in the market travel agent commission program was built on the same principle and did provide assurance to the travel agent of prompt commission payment, the same process was then copied by some well known GDS reservation service providers.

This means returning customers would increase; operations will have lower costs with almost negligible wastage of resources, property will have enhanced sale volume, resulting into higher revenue and market share with possibility of capturing a leading position in the marketplace.

This value discipline requires taking control of each task in the process of customer experience � right from reservation to city ledger. Businesses incorporating Operational Excellence tend to focus on elimination of human error, and if there is an error then generous compensations are offered.

Operational Excellence needs automation throughout the property, reducing the chances of human error to minimum; The Hotels which excel in this discipline ensure that all decisions right from selection of employee up to producing menu items fall through strict quality control process.

In early 70s the idea behind budget accommodations was to capitalize on operational excellence and serve the on-road salesmen traffic.

Formation of a Value Proposition

Each one of the above disciplines represents a specific market. Therefore, the first step before choosing the discipline is to choose the customer in view of your property’s profile. Then choose the discipline which will maximize ROI.

If a hotel is in formation phase or restructuring its market position, changing the value discipline can be disastrous, the management can overcome this through reinforcing financial resources and shifting the responsibilities horizontally, retraining and improving the delegation factor across the organization.

Finally, this would enable the business to lead the market, exceed customer’s expectation, with best market share.

Similar to any other service industry, value in hotel business should be measured from “customer’s perception of risk”. Lesser the risk, more the value will be.



In a conventionally managed hotel where the most negligible service flaw keeps coming back through guest feed back and the management overlooks it every time. What will happen? This will begin the cycle of revenue losses and higher costs � may be through loss of customer or most likely through discounts which your sales manager has to offer on already discounted rates to keep the client. No mater what you offer to compensate - the guest will perceive higher risk in choosing your hotel next time. And once the perception of risk goes up, it spreads out like a wild fire and in no time changes the entire market’s perception.

Every hotel wants to create a perfect model of service, not allowing the customers to leave unhappy, paying much attention to details, stressing on training and retaining “good” employees. But forgetting that in our business the product is delivered and consumed at the time of purchase, both, the employee and the customer perceives certain percentage of risk at the time of service delivery and its consumption. A well-chosen value proposition is the only key to reduce the perception of risk both internally and externally. This will minimize the chances of discrepancy between committed and delivered product quality, and create your team’s and client’s confidence in the product value.

I have worked with Hotels where marketing and sales teams were always under-pricing their own product, at times even the promotional packages were further discounted.

A well-chosen value proposition discourages conventional sales tools and techniques like under-pricing, discounting and falsely committing to services which may not be feasible to offer due to cost constraints. Instead, choosing a Value proposition and creating products around it will give your operation a balance between cost and profitability.

It will also enable the teams to make a fast, accurate and win-win decision. Whether it is a routine or a custom made solution, if it is within the parameters of chosen value proposition; it will perfectly serve your customer’s needs.

Choosing a well-defined Value Proposition and incorporating it through out the corporate culture creates this natural flexibility which enables the business to adopt the change in market trend faster then the competitor, without compromising on profits.



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