Bandung - Promotion Strategy Essay Example | Topics and Well Written Essays - 1000 words

Bandung - Promotion Strategy - Essay Example The report focuses on attracting the Australian outbound tourists and hence data concerned with their characteristics and preferences have been evaluated. Endowed with natural beauty, Bandung is the third city in the world with art decoration architecture. SWOT and PEST analysis attached in the Appendices indicate that Bandung offers tremendous potential to receive more visitors. However, the destination lacks marketing and promotion strategy as well as the infrastructure necessary for the growth of tourism. 2. Marketing Research Marketing research is critical to any decision or strategy in business as it provides relevant, accurate and timely (RAT) information (Aaker, Kumar & Day, 2001). For every decision relevant information is essential and these can be obtained through marketing research. Thus marketing research has been defined as an information input to decision and not simply the evaluation of decisions made. Again, gathering information through market research is not suffici ent; intelligent use of market research is the key to success. Marketing research plays a vital role in destination marketing strategy. It helps to position the tourism destination and positioning for such products is more than just image creation. A destination is a brand, a combination of all products and services, and experiences provided locally. Positioning helps distinguish similar tourism destinations which facilitates the process of selection for the tourists. Therefore, any tourism destination has to be analyzed based on the Six As framework which includes Attractions, Accessibility, Amenities, Available packages, Activities and Ancillary services (Buhalis, 2000). While the destination management is complex the tourist perceives of the destination as a brand and before visiting they develop an image and a set of expectations based on information gathered from the press, the media, word-of-mouth, and common beliefs. They â€Å"consume† a destination as a comprehensive experience (Aaker, Kumar & Day, 2001) and hence it becomes essential to gather information and project the destination based on the Six A’s framework. This is known as marketing research process. The marketing research strategy determines how the information will be gathered. Secondary data is readily available on any destination through different sources such as government statistics, airlines and hotels. Secondary data helps segment the target market and devise the marketing strategy. Thus, secondary data on Bandung as a destination and on the prospective visitors has been gathered and the key findings presented below. 3. Key Findings Currently Bandung receives the highest number of tourists from Malaysia followed by Singapore and China. Bandung being a low-cost destination, mostly the lower to middle-income groups comprise of the visitors. Based on age demographics, secondary research demonstrates that the young adults and the older adults form the main visitor segment wh ich mainly comprises of young singles and young couples or full nest. The purpose of visit is either for a vacation or to visit friends and relatives. While the male tourists focus on sport activities, the female tourists prefer shopping or cultural activities. Overall, the tourists are intellectually curious and hence try to explore new areas and engage in novel activities. Very few tourists demonstrate inclination for nature-based tourism while the destinati

Nobel prize winner Franco Modigliani Essay Example | Topics and Well Written Essays - 1250 words

Nobel prize winner Franco Modigliani - Essay Example Instead, he opted to study law because that was the most famous field of education during that time in Italy. While studying law, he won first prize in an essay competition that was on economics; and this laid foundation for him to pursue economics in future. However, he had known that economics would not provide much opportunity for him in Europe because of fascist movements. Modigliani left Italy because of the fascist movements and the pact between Hitler and Stalin. From Rome, he moved to Paris and then to the United States just before the World War II began. He left for the United States to pursue his studies on Economics after realizing that his efforts in Europe would be futile due to political turmoil. He joined the New School for Social Research in New York that provided him the scholarship to study. There, he completed his PhD in social science in 1944 and worked as assistant professor in mathematical economics and econometrics in 1946. Between 1946 and 1960 he was associat ed with University of Chicago, University of Illinois, Carnegie Institute, Harvard University and Northwestern University. In 1948, he was awarded the Political Economy Fellowship of the University of Chicago. ... iting professor, Modigliani also worked on various other important and futuristic aspects of international finance, international payment system, impact of inflation, into various fields of finance such as credit rationing, the term structure of interest rates and the valuation of speculative assets. Modigliani, along with his student Richard Brumberg in 1954, formulated the life-cycle hypothesis of saving that was later developed by Modigliani and Albert Ando in 1963 with the use of many empirical studies. Modigliani’s work on this hypothesis was revisited again in 1980. This hypothesis debates upon Maynard Keynes’ General Theory or the consumption theory that directly relates current consumption with current income. Contrary to Keynesian theory, the life-cycle theory postulates that individual consumption in any time period depends on: resources available to the individual; the rate of return on his capital; and the age of the individual (Dwivedi, 159-160). On broader level, this hypothesis relates to the national economy in the way that national saving is directly linked with national income and mass of national wealth will be in proportion with the length of life span of working. This hypothesis made along with Brumberg was not empirically proven, and hence did not gain significance until Modigliani proved this hypothesis along with Ando and other associates. Modigliani’s hypothesized that in general, individuals tend to keep their expenditure and lifestyle constant, irrespective of their varying levels of income. This means, individuals tend to save more money when their earnings are higher and save less when their earnings drop. When their income is higher, they tend to spend more without assessing potential risks in future to their incomes; however, if