The Tourism Sector In Albania

The Tourism Sector In Albania Albania is a parliamentary republic, where the legislative power belongs to the Albanias Assembly and the head of the state is the President who is elected by the Assembly for a five year mandate with the right to be re-elected. The Council of Ministers is the highest executive and commanding organ which is directed by Prime Minister. According to Census 2011 preliminary results Albania has a population of 2,831,741 inhabitants in a surface of 28,748 sq km. Albania is located in the western part of the Balkan Peninsula. The country has a 750 km borderline with Montenegro to the North, Kosovo to the Northeast, Macedonia to the East, Greece to the South and Adriatic Sea and Ionian Sea (Italy) to the West. Albania has Mediterranean climate, which is characterized by hot summers and mild winters with abundant rainfalls. The period from June to September is hot, while from October to May is cool and wet. The average annual temperature varies from + 15oC in the north to + 16.5oC in the south. The hottest month is July with an average temperature of + 25oC and the coldest month is January with an average of +6oC, although the record temperature has been -34oC. For almost 45 years the communist regime, which was installed in Albania after the Second World War, left the country aside the rest of the world being part of the communist bloc of the Eastern Europe. The communist regime of Tirana even went further by isolating Albanian people totally and brought the country to collapse. With the fall of communist regimes of the Eastern Europe, Albania was the last one to join the free world. A democratic system was setup in power in 1992. Due to governments commitment to a free market economy, the country undertook a programme of reforms and made great efforts to recover from the fall of communist regime. However, the collapse of the fraudulent pyramid schemes in 1997 and the instability that followed were a tremendous setback for Albania. But the country did pursuit its way toward its dream, to be part of the European community. Till there country has made a great progress. Two big achievements are accomplished, in June 2006, the Albanian Governm ent signed a Stabilization and Association Agreement (SAA) with the European Union (EU), the first step in the EU accession process and three years later, in April 2009, Albania became a NATO member country. Now country is looking to accessing negotiations to be an EU member country. A range of reforms are progressing markedly over the last decade to Albanias economy and administration such as reforms in infrastructure development, tax collection, property law, business administration, judiciary system. The country was largely spared from the severe fallout of the 2008-2009 financial crisis since its economy is not heavily integrated into the Euro-Atlantic system. Economic progress of the country has slowed but remained positive, in each year from 2009 to 2011. The governments main task is to maintain positive economic growth while preserving macroeconomic stability. Major challenges are the difficult fiscal and budgetary environment and the crises in the Eurozone, especially in neighboring Greece and Italy (major trading partners of Albania with a large presence in the banking sector and also host to roughly one million Albanian emigrants). In 2011, GDP was estimated to have reached close to $13 billion. Major contributors to GDP according to 2010 preliminary data were: service sector with 57.6% including trade, hotels, and restaurants (20.9%), transport (6.3%), communication (3.4%), and other services 27%; agriculture 20.3%; industry 11.3%; and construction 10.7%. In 2011 unemployment officially stood at 13.3%. Half of the workforce is considered self-employed in the agriculture sector. GDP per capita in 2011 is estimated to have reached $4,560. Although GDP per capita has steadily increased over the years, the country still ranks as one of the poorest countries in Europe according to major income indicators. Albania has put in place a liberal foreign investment regime, and the government is working to improve the business climate through fiscal and legislative reforms and infrastructure improvements. Foreign direct investment (FDI) has increased significantly over the last few years and in 2010 reached $1.1 billion, up from $262 million in 2005. Since 2005, the Government of Albania has invested more than $2 billion in the countrys main road corridors, and it has pledged to continue investing heavily in improving transportation infrastructure. Electricity supply has also improved due to investments in new transmission lines and new generation sources as well as the privatization of the distribution system, which is gradually increasing efficiency. The EU remains Albanias main trading partner, providing 64.1% of Albanias imports and receiving 72.5% of exports as of December 2011. Trade with Italy and Greece continues to represent the largest share of EU trade, with a combined 41.1% of imports and 58.3% of exports in 2011. Other major trading partners include Turkey, China, and Germany. The impact of CEFTA in Albanias trade with member countries has been small. 2.1.2 Tourism in Albania The Potentials for Tourism Development in Albania Albania is a small country but a beautiful and fascinating country with substantial tourism development potential. Albania has an attractive coastline and a rich cultural and natural heritage. As Tourism Strategy on Culture and Environment  [1]  has highlighted, country has a wide range of historic, cultural and natural attractions that are of great interest to international tourists. The same assessment is made to the countrys very rich culture and heritage by Culture Marketing Strategy  [2]  document, too, stressing that Albania has a very rich, distractive, and authentic culture and heritage from the Greco-Roman, Byzantine, Ottoman and other historic periods up to the modern day. This assessment is mentioned also to verbatim comments from interviews with western tour operators and travel writers  [3]  , where one of them have citied that Albania is an archaeological site from tip to toe, going back to Illyrian settlements, Greek colonies, Roman occupation, not to ment ion the invasions from Goths, Bulgars, Byzantines, Crusaders of the Holy Roman Empire and Ottomans who all but stopped time in tracks. Evidence of these civilizations are everywhere in Albania, and its time to let the world see the great and wondrous sitesà ¢Ã¢â€š ¬Ã‚ ¦... Albania has 3 World Heritage Sites Butrint, Gjirokaster and Berat. Beaches are long and sandy with hot sunny summers with about 250 sunny days. The mountain areas offer opportunities for niche tourism activities like hiking, biking, canoeing etc. Plenty of National Parks and other natural reserves offer ecological experiences. Country offers beautiful and diverse landscapes and abundant and varied flora and fauna. Current tourism markets Since the late 1990s, after the 97 instability in the country and 99 war in Kosovo, tourism activities are increasing. As figures  [4]  show there is a considerable increasing number of international visitors after the year 2000, due to the improvement of regional and inner country political climate and enhance of the security in the country. A big impact to the increase of the flux of tourists from Kosovo has show the new highway linking Albania with Kosovo. Even this increasing numbers are impressive, the tourism sector in Albania cannot be regarded as being well developed. Infrastructure has been till late a major limitation. The government in power has evaluated the development of infrastructure as very important and is investing heavily in improvements  [5]  . Data from the table below shows that: Total foreign visitor traffic increased by 18.4% in 2010 compared to 2009 to 3,612,000 visits. Taking into consideration the crisis time this is an excellent performance for Albanian tourism. 33% were non-resident Albanians and 66.1% were foreign staying visitors in 2010. Much of the increase came from Kosovo. This is evident to see the impact that the new highway with brought to Albanian tourism, a clear indicator of strong growth created by improvements in infrastructure. According to MoTCYS data, for the year 2011 a total of some four million visitors entered in Albania. They included 2,734,000 foreign tourists and 1,267,000 non-resident Albanian nationality visitors. The figures demonstrate that the biggest increase of foreign tourists in 2010 was coming from Kosovo with 48.79% followed by Macedonia with 11.43% compared to 2009. The foreign tourists from western countries havent made such a big progress. Also, as can be seen, the number of non-resident Albanians has been increasing in 2008 and 2009, while in 2010 the figure has faced a decrease. From the table below can be seen the increasing number of visitors in July and August. Such a phenomenon is shaping drastically the seasonality of tourism in Albania. In 2010 the number of tourist that visited Albania in these two months was 55.44% compared to the number of all visitors. Also, another problem related to these figures is the high dependency in Balkan region tourist flow. This demonstrates that the tourists in July-August are coming only for sea and sand and populating only the coastal areas. Strategic directions for tourism at national level According to National Strategy for Tourism Development in Albania 2002 2012, developed with the assistance of GTZ, the main tourism products for Albanian tourism are defined sun and sea, business and special interest tourism  [6]  . While the Strategy and Action Plan for the Development of the Albanian Tourism Sector Based on Cultural and Environmental Tourism was developed within the directions and structure established by the 2002 Tourism Development Strategy 2002-2012 for Albania. This document provides a new orientation for the government to position Albania as an attractive destination for tourists seeking a unique experience which encourage them to discover Albanias culture and nature. Discovery of Albania is a presentation of a broad cross-section of Albanias history, nature, archaeology, living culture, cuisine and hospitality. The graphic below presents a simple schematic. Core and Specialised Tourism Products Source: Strategy for the Development of the Albanian Tourism Sector Based on Cultural and Environmental Tourism. Ministry of Tourism, Culture, Youth and Sports, UNDP December 2005 According to strategy document, Albanias core (primary) tourism product must be a general one that encourages visitors to discover the many facets of Albanias culture and nature. Albanias central product will be the discovery of Albania. The product is a presentation of a broad cross-section of Albanias history, nature, archaeology living culture, cuisine and hospitality. Visitors participating in this discovery will leave with a lasting impression of the diversity, complexity and beauty of culture and the land. This segment does not make a strong distinction between cultural, natural and other tourism products. Visitors in this segment tend to combine many different activities during their visits, and usually see the various natural and cultural activities as part of the process of discovering the destination. Referring to the major market segments mentioned above, the tourism resources in Albania are in favor and support the types of community-based tourism, i.e. nature-based tourism, adventure tourism and cultural tourism. Considering these tourism resources, the following types of activities can be developed: Nature: Visiting national parks and protected areas Viewing wildlife Seeing rare species Trekking, hiking Bicycle trips Education and learning Participation in local events; and River and lake exploring. Culture: Visiting cultural and heritage-related attractions Visiting museums and art centres Meeting with artists Meeting people from various ethnic nationalities Seeing local handicrafts and the process of making them Visiting scenic landmarks and religious sites Trying local food Participating in local traditional ceremonies and festivals Buying traditional crafts and local specialties. Potential to development Albania offers infinite potential to investors to take advantage of unexplored opportunities in tourism, and helping to develop this industry into a key strategic sector in the countrys economy. Albania has a young population, with a high level of instruction and able to communicate with foregners in defferent languagies. Albanian is located at short distances from the main European capital cities and albanians are friendly and very hospitable people. The improved Rinas international airport, and different ports from the north to the south easy the access to the country. The continuing improvement and development of the infrastructure in the country, is facilitating moving inside the country. Continuing improvements are being made to encourage investors to develop the infrastructure for tourism in Albania. Just like other countries in the Western Balkans, Albania has put into place legislation and investment initiatives designed to support the economic growth of the country compatible with European policies and working principles. The Albanian Government has made support of the current and future expansion of tourism a priority, with the goal of transforming the country into a Mediterranean tourist destination and placing it on the world map of tourism. In an effort to support the continuing development of the tourism industry in Albania and to make this country a tourist destination, the importance of the active engagement of the local and international Business Community and strong Partnerships between community based organizations, government and regional development agencies is a must. Internal transport is likely to remain a major limitation for tourism in the foreseeable future except perhaps for road transport along key highways where upgrading / reconstruction is already planned or committed. In the WEF Travel and Tourism Competitiveness Report, Albanias tourism infrastructure is rated in the bottom two in the region (See Table 2.2). In recent years there has been an increasing interest from incoming foreign tourists, especially with significant increasing numbers of international tourist groups generated from Croatia and Montenegro, organised in one or two days tours to Albania. Also Business and Trade tourism accounts a considerable number of foreign visitors. Neighbour countries, such as Italy, Greece especially are related to trade and business purpose of visit of their nationals. From the western tourists visiting Albania in 2006, are identified those arriving from Germany, Great Britain, Italy, Greece, USA, Canada, France, Austria, Belgium, Netherlands, Scandinavia, Switzerland, the neighbouring countries and regions (Kosovo, Bosnia-Herzegovina, Serbia, Macedonian, Bulgaria), East Europe (Poland, the Czech Republic, Hungary, Russia). Diaspora is another source for the inbound tourism, where the ethnic Albanians from Kosovo do count considerable numbers. The new road under construction from Milot (the crossroad to the highway Tirane-Shkoder) to Morini (the boarder-crossing point with Kosovo) will influence to increase the numbers of Kosovos citizens to access the Albanian coastal area. The market profile of visitors who enter to Albania by road from Muriqani and Hani i Hotit (the boarder-crossing points with Montenegro) with interest for Shkodra region for the year 2006 is as below: Foreigners who are living and working in Albania have also recently started to create an internal tourism demand. While there is no official record on domestic tourism in Albania, domestic tourism is the dominating form of tourism. This is mainly focussed on beach centred holidays. 1.3.2 National context for Tourism Development Albania has a great potential for tourism development based on its natural, cultural and human resources. The country has an attractive coastline, rich biodiversity with lagoons, lakes and the mountain areas each with unique flora and fauna, unspoiled nature and attractive scenery, cultural and historical sites and interesting traditional life-styles. The country therefore has the potential to develop the types of tourism products that are in demand from the international market in the Mediterranean region. Beside to the long and sandy beaches along the Adriatic coast and these rocky ones with crystal and clean sea waters of the Ionian coast, its natural and protected areas are basic for developing niche tourism activities such as eco-tourism and nature based activities. Such an activities can be hiking, trekking, walking, horseback-riding, river rafting, paragliding, mountain biking, climbing, canoeing, sightseeing, bird watching, fishing. Rural green and agri-tourism offers new opportunities for communities to benefit from tourism by offering visitor experiences based on traditional lifestyles. Albania also can offer cultural tourism through its archaeological sites and historic cities and villages. Albania is a short distance destination for Europe; it is within 3 hours of flying time of most major European cities and therefore is a short haul destination for the potentially huge European market, the World tourism Organisation predict that by 2020 the Mediterranean Region which includes Albania will be a hotspot for tourism, thus there is a great potential for Albania to develop and expand its tourism industry. On the other side, uncontrolled development in tourism areas has harmed the potential of these areas for tourism development. Even the measures taken by the government to legalise the illegal buildings are not considering for the moment those constructed in tourism areas, it is not clear what will be the measures taken in these areas to improve the environment by the harm of illegal buildings. Some significant measures are taken recently by the government. These measures, at the national level, encompass strategy and policy documents such as, the development of the Strategy for Cultural and Environmental Tourism in 2005 and the development of a new tourism website in 2006. A new Tourism Law (Nr.9734, dated 14.5.2007) was adopted by the parliament and a number of regulations approved by the government is thought to regulate the tourism sector development. Tourism development is the responsibility of the MoTCYS (Ministry of Tourism, Culture, Youth and Sports). NTA (National Tourism Agency) is an autonomous body outside the MoTCYS, being responsible for promotion activities through the production of promotional materials and participation in the international tourism fairs. The most attended fairs, regularly from years in Berlin (ITB) and London (WTM), and to RDA (Keln) from 2007. At the regional level, six tourist information offices are approved to be established in Tirana, Shkodra, Vlora, Saranda, Korà §a and Durres. At the national level there are operating two business Associations for Tourism Travel Agencies and one Association of Hotels. A GTZs project on Institutional building of tourism private sector in Albania is in the process for the time being with the aim to establish a strong representation for all the sectors involved in tourism, with the common interest providing services to the members as well as building relationship and cooperation with the public sector. Albanian Rourism Even the figures on tourist arrivals are growing considerably year after year in Albania, the country has remained highly dependant on summer holidays. Looking on the statistical data published recently in the websites of Ministry of Tourism, Culture, Youth and Sports (http://www.mtkrs.gov.al/) and of National Tourism Agency (http://www.akt.gov.al/akt/text.php?id=1lang=1), is easily evident that the number of visitors visiting Albania succeeded 2.5 million in 2008 and only for the period January August 2009 this figure was over passing 2.1 million. As reported by MTCYS, the number of visitors in 2008 (2.578.627 visitors) is compound as international visitors 1.330.138, from which 1.247.125 were overnight visitors and 83.013 same day visitors, and 1.248.489 visitors were Albanian nationals residing abroad. While the number of visitors for the period January August 2009 (2.111.981 visitors) is compound as 1.402.558 international visitors and 709.423 Albanian nationals residing abroad . But does this picture speak for real success in the development of Albanias tourism as a tourist destination visited by the western tourists? We have to bear in mind that the main reason for the development of tourism is attracting foreign visitors from countries with strong currencies. Tourism is considered a hidden export that brings money (hard currency) to the country. Referring to the Strategy and Action Plan for the Development of the Albanian Tourism Sector Based on Cultural and Environmental Tourism produced by Ministry of Tourism, Culture, Youth and Sports with the support of UNDP in 2005, Albania will specialize in attracting educated, independent travelers and specialized group travelers. The principal target markets will be upper-middle income individuals from Europe (primarily northern Europe and the United Kingdom) and North America. This segment represents the demographic segment with the highest willingness to pay for Albanias unique products, and whose spending patterns will most contribute to advancing development goals. Also, in this strategic document is specified that Albanias central product will be the discovery of Albania. The product is a presentation of a broad cross-section of Albanias history, nature, archaeology, living culture, cuisine and hospitality. Visitors participating in this discovery will leave with a lasting impr ession of the diversity, complexity and beauty of the culture and the land. The question is this: Are these kind of tourists visiting Albania contributing to this strategic direction? The answer is, NO.

The First Female Prime Minister of Canada :: essays research papers

Kim Campbell, Canada's first female Prime Minister, rose quickly in her political standings reaching, what she would find to be the height of her career only seven years after entering politics. It appeared like the loss of the 1993 election and the all around destruction of the Progressive Conservative party was completely Kim Campbell’s fault however actually was a joint effort by Brian Mulroney and Kim Campbell. Kim Campbell rose so quickly in her political status that she did not have the experience that most of the others MPs had at her level. The Tories were finishing their second term in power and the people of Canada were displeased with Brain Mulroney by the time of his resignation. Kim Campbell was voted in as Prime Minister by her party and was not elected by the people of Canada. During the 1993 election Kim Campbell had an American company make a commercial that mocked Liberal party leader Jean Chrà ©tien’s physical disability. Kim Campbell’s first entered politics in 1986. She first won a provincial seat in Vancouver and in 1988 she won her bid for the House of Commons. She had many good ideas, one of them being the USA-Canada Free Trade Agreement. This part of her campaign was recognized by Brian Mulroney who was the current Prime Minister. In 1989 Mulroney appointed Kim Campbell to the position of Minister of State for Indian and Northern Affairs. Later, in 1990 she was appointed Minister of Justice and a year later became the Minister of Defence. Just two years after becoming Minister of Defence and 7 years after entering politics, she ran for leader of the Progressive Conservative party and became Brian Mulroney's successor. Kim Campbell inexperience in the world of politics gave her a huge disadvantage when things started to go wrong. Brain Mulroney and the Tories had been in power for two terms, a total of 9 years. The Canadians had become tired of Brian Mulroney and his Progressive Conservative government, so when it w as announced that he would resign most Canadians were happy to see him go. However his resignation did mean the end of the Progressive Conservatives power in Canada. Canadians unhappy with what the Progressive Conservatives had done chose to elect an other party. When Brain Mulroney resigned there was, in place of a federal election, a leadership convention. The Tories just had to elect a new leader who would then become the Prime Minister.

Georgiana in The Birthmark by Nathaniel Hawthorne :: essays research papers

In “The Birthmark,'; by Nathaniel Hawthorne, Georgiana’s futile attempt to be flawless by cooperating in her own murder doesn’t make her any wiser, especially because such a sacrifice does not earn her closeness with her husband. The character of Georgiana epitomizes the virtues upheld by the conventions of her time; she is beautiful, docile and has no ambitions of her own other than to make her husband happy. In addition to this apparent perfect union is a "singular mark, deeply interwoven, as it were, with the texture and substance of her face" (Hawthorne 11). The birthmark is differently interpreted by all. Initially Georgiana thinks of the birthmark, as “a charm,'; and Aylmer knows not “whether to term [the birthmark] a defect or a beauty . . .'; (Hawthorne 11). Most persons of her own sex refers it as “the bloody hand,'; that “Quite destroy(s) the effect of Georgiana’s beauty . . .'; (Hawthorne 11). While her admirers “were won’t to say that some fairy at her birth-hour had laid her tiny hand upon the infant’s cheek, and left this impress [the birthmark] there in token of the magic endowments that were to give her such sway over all hearts'; (Hawthorne 11). Georgiana’s casual approach towards the birthmark reveals while she answers “No, indeed,'; when her husband asks her “has it never occurred to you [Georgiana] that the mark upon your cheek might be removed?'; (Hawthorne 10). Aylmer however visions the birthmark as Hawthorne s ays “small blue stains which sometimes occur in the purest statuary marble . . .'; (11). Later on “Georgiana soon learn(s) to shudder'; as her husband’s hatred towards the birthmark considerably increases (Hawthorne 12). Aylmer’s obsession soon starts reflecting in Georgiana. She at this point ignores all warnings and falls prey to her husband’s ambition of removing the birthmark, of which, he although is “convinced of the perfect practicability . . .'; (Hawthorne 13). Georgiana learns from Aylmer’s dream that, there might be a situation in the course of the operation when he might be “inexorably resolved to cut or wrench it [her heart] away'; (Hawthorne 13). Her recent interpretation of the birthmark overshadows this dream as she now even at the “remotest possibility'; wants that “the attempt be made, at whatever risk'; (Hawthorne 13). Aylemer’s dream however is not the only warning that Georgiana receives. Aylmer to gain confidence in her wife and to declare success in his new venture performs a couple of experiments, which results futile.

Reliving the Nightmare: Post-Traumatic Stress Disorder Essay examples -

Reliving the Nightmare: Post-Traumatic Stress Disorder After the terrorist attacks on September 11th, horrific images of the towers collapsing, survivors fleeing, and the rescue and recovery efforts inundated television viewers. In the weeks following the attacks, numerous news accounts reported increasing general anxiety among Americans, with many individuals reporting sleep difficulties and trouble concentrating. Additionally, much attention focused on the effects on those who directly witnessed and/or were injured the attacks, and whether they would suffer from post traumatic stress disorder, also known as PTSD (4). I will give a brief overview of the definition of PTSD, the neurobiology behind it, and what environmental factors may put certain people at heightened risk for developing the disorder. Post traumatic stress-disorder is an anxiety disorder which results from exposure to an event which threatens the physical safety of an individual (1). PTSD originated as a mental illness category after the Vietnam War, when veterans exhibited sets of symptoms that did not fit into any current illness categories. However, in previous wars soldiers had complained of "shell shock" or "combat fatigue," which researchers now believe were essentially the same conditions as PTSD (2). As many as thirty percent of Vietnam veterans and eight percent of Persian Gulf War veterans exhibited symptoms of post-traumatic stress disorder (1). Today the definition of PTSD has broadened to include not just those in combat, but people who have experienced any man-made or natural disasters, accidents, violent crime such as rape, and abuse. Symptoms may include flashbacks, nightmares, depression, anxiety, sleep problems, emotional detachment, ... ...ic events, as well as the co-occurrence of PTSD with other mental illnesses. WWW Sources 1)National Institute of Mental Health information sheet on PTSD. http://www.nimh.nih.gov/publicat/reliving.cfm 2)About.com website , On PTSD, with definitions and links to other web resources. http://mentalhealth.about.com/cs/traumaptsd/a/trauma.htm 3) Surgeon General's Report: "Mental Health- Culture, Race, Ethnicity" . A supplement to "Mental Health: A Report of the Surgeon General 1999." http://www.mentalhealth.org/cre/default.asp 4) Scientific American . Article on September 11th and PTSD. http://www.sciam.com/missing.cfm 5) Cal State-Chico website on serotonin. http://www.csuchico.edu/psy/BioPsych/serotonin.htm 6)Anxiety Disorders Treatment Target: Amygdala Circuitry" from the ADAA 18th annual meeting. http://www.nimh.nih.gov/events/pranxst.htm

Wells Fargo Analysis

MERCK & COMPANY INC.1. The marketing mix A. Product / Service Wells Fargo is an American bank that provides financial services to its customers throughout North America and Internationally. Our marketing mix starts with the description of the service mix of the firm Wells Fargo. This company gathers different ranges of services offered to the market place to meet the customers’ needs and expectations. Wells Fargo counts nine different kinds of bank services to compete in the financial industry.Ranges of services: Banking (Debit, credit card, Checking and saving account) * Brokerage (Facilitate the buying and selling of financial securities) * Insurance * Wealth management * Retirement services * Investments * Mortgages (4000 in 2009) * Consumer finance services (financial advice) * Well Fargo’s Financial Securities: Security business (merger advice, stock and bond underwriting, loan syndications, and fixed-income trading) B. Price We do not have any information about th e price of the services in the case study. C. Place Wells Fargo has a wide presence throughout the US territory.Headquartered in San Francisco, the company is decentralized to provide an optimization of the geographical coverage. Therefore, every local Wells Fargo store is like the headquarter for satisfying all their customers. The decentralization is an effective strategy when a company tries to have an effective wide presence on any market. This strategy has made the success of many of the Scandinavian organizations or institutions. Indeed, it allows any company, like Wells Fargo to get closer to its customers and be able to understand and meet better their needs and expectations.As we can see from the case, the company is doing well with its distribution and the customers service in general, it has even been rewarded Retail banker of the year according to US Banker. Consumers want and need a bank office near to the place where they live or where they work. The bank company must be strongly present in the quite big city and in the metropolitan area where the demand for the financial services is important. That is why Wells Fargo has developed a wide distribution, in the US domestic market, throughout more than 6,700 retail stores in 40 states in widely in North America.The acquisition of Wachovia is a part of a new distribution strategy to reach more consumers with an extended presence on the market. Now, Wells Fargo has branches almost all the states from the East to the West both in the North and the South. This acquisition has allowed Wells Fargo to extend its presence in the Eastern part of the US, which represents a huge part of the financial market. Indeed, Wachovia had a strong presence in the part of the US especially in Connecticut, Florida, Virginia, North and South Carolina. 6,700 Banking Stores: 3,296 US Wells Fargo Banking stores * 3,314 US Wachovia Banking stores * 90 Other financial branches Finally, in addition to the classical distribution channel, Wells Fargo use the electronic distribution with its online website where customers can be informed and have an access to some services like checking accounts, make wire transfer, plan a rendezvous with a financial adviser†¦ D. Positioning Without information about promotion, we chose to develop a part about positioning that is, in fact, a sub part of the promotion.In marketing, positioning is the process by which marketers try to create an image or identity in the minds of their target market. Positioning on the global market with a presence in Canada, in the Caribbean, Latin America and other countries, Wells Fargo is especially focused on the US national market. In 2008, after the acquisition Wachovia, a Wells Fargo’s press release said that the company was:† the most Extensive Financial Services company, Coast-to-Coast in community banking†. Wells Fargo is widely recognized in the financial industry.The company has built a very credible reputatio n with its promotional campaigns, its track records and the customer loyalty. The statistics based on the industry and government sources clearly show its size and brand image: * 41st revenue among all US companies ranked by Fortune * 17th most profitable company in the US * 33rd Largest employer in the US * 18th most respected company in the world as ranked by Barron’s * â€Å"AAA† credit-rated by Moody’s * The only standard & Poor’s AAA bank in the US * Among the top 50 companies as ranked by Diversity Retail Banker of the Year according to US Banker * Number-one commercial real estate lender * 18th among the world’s most valuable brands according to the Financial Times Wells Fargo tries to communicate to its customers, how much they are important for the company, saying that they are the center of everything they do. The mission is now to improve the quality of the services. Indeed, the company is, according to the CEO, Mr. Kovacevich, enough de veloped and enough big. The services are now provided with an easy access for the consumers.Now the direction to take is the quality provided: â€Å"We are a big company. We will continue to grow – not to become bigger but as a result of getting better†¦ Regardless of how big we are and how much territory we cover our team shares certain values that hold us together wherever we are and whatever we do†. Wells Fargo puts considerable emphasis on its culture in brand image toward the customers. It wants to be known as a financial partner, for outstanding services and sound financial advice, satisfying all of their financial needs and helping them to succeed financially.The company even considers its customers as friends. However, the company, does not only communicates to its customers but also with: * Its employees, telling them how much they are important for the company. Indeed, Wells Fargo wants to be known as a company that believes in its people as a competitiv e advantage over the competition, a great place to work, and as an employer of choice that really care about them * Its communities, promoting the economic advancement of each partners including those not yet able to be economically self-sufficient.Being seen as a community leader in economic development, in services that promotes economic self-sufficiency, education and social services is a necessity. * Its shareholders, insuring them that investing in Wells Fargo will be a great investment with financial results among the entire Fortune 500 and with the Moody’s credit-rated of â€Å"AAA† (the highest possible one) 2. Customer’s Analysis and Target Market The Wells Fargo’s target market gathers more than 25 million customers across the USA, and internationally.Demographically, the firm does not really have a specific target, and wants to provide financial services to all consumers who need either rich people or those who have financial difficulties. Geog raphically, the customers are divided up over 40 US states out of the 55. Mostly located in the metropolitan area, they are concentrated near the cost (both East and West). However, Wells Fargo, still provide its services in the less dense areas, where people need to have an access to a bank for community banking services.About buyer motivations and expectations, we noticed that customers are looking for efficient, reliable and adapted financial services and advice from the company. They expect good quality services and want from the bank the ability to meet their needs and expectations. Wherever they are, the consumers need to have an easy access to financial services in the bank office and in the Internet as well, where customers check their different bank accounts and transactions. Wells Fargo is specialized in different segments where it is one of the top companies, if it is not the top one.The most important segments are the homeowners, the small businesses, the agricultural bu sinesses, the debit card users and the prime home equity. In these segments, the company is performing very well, providing good quality services and good customer service which allow the company to constantly increase the customer loyalty, being able to keep its customers from the competitors. However, it does not mean that the others are abandoned. Wells Fargo really tries to emphasis that all customers are important, from the consumer banking over lending to the big institutional client. 3. SWOT MatrixThe SWOT Matrix is an important matching tool that us to develop four types of strategies for Wells Fargo: * The SO (Strengths-opportunities) strategies use a Wells Fargo’ internal strengths to take advantage of external opportunities. * The WO (Weaknesses-opportunities) strategies aim at improving internal weaknesses by taking advantages of external opportunities. * The ST (Strengths-threats) strategies use a Wells Fargo’s internal strengths to avoid or reduce the imp act of external threats. * The WT (Weaknesses-threats) strategies are defensive tactics directed at reducing internal weaknesses and avoiding external threatsStrengths 1. Brand Image and Culture and values (ethical behavior) 2. Credibility 3. Statistics based on the industry and the government sources show its size and strength 4. Acquisition of Wachovia: extension of the distribution channel and the number of customers 5. Decentralization strategy 6. Strong position in the markets involved in 7. Management: 8. Innovation leadership (Internet: E-commerce) 9. Market leadership in the West: the largest financial institution headquartered in the Western US that has a strong balance sheet and is able to steer through the pitfalls that plagued many of its competitors 10.The new products like the Wells Fargo Securities took from Wachovia securities business 11. Moody’s credit rate â€Å"Aaa† (the highest possible) Weaknesses 1. Decrease of the net income and ROA and ROE 2. L imited international presence 3. Bad reputation as a bank since the economic recession 4. Weakness asset quality among high real estate exposure 5. The Wachovia subprime mortgage problems 6. Overcommitted in credit default swaps 7. High amount of goodwill ($23 billion) Opportunities 1. Many banks are struggling like Citigroup with negative Operate margin (-57. 9%), Net income ($ -23. 9 Billion), and EPS (-3. 651) 2. Some Banks have recently failed and have been seized by Federal officials like Lehman Brothers Colonial Bank and Guaranty Financial group: Delinquency rates on their holdings has soared as high as 40% -> Decrease the competition 3. Grow internationally 4. Keep improving the internet uses 5. Develop new products for new businesses SO Strategies| WO Strategies| 1. Develop new internet applications and services for customers (S8, O4) 2. Increase promotions to attract more customers (S1, S2, O1, O2) 3. Open branches in foreign markets (S1, S3, O3) 4.Get closer to the custome rs needs and develop loyalty programs (S2, S5, O6)| 1. Advertising campaign to reassure the consumers (W3, O1, O6) 2. Open branches in foreign markets (W2, O3) 3. Develop alternative services to diversify the ranges and not focus and mortgages (W4, O5)| ST Strategies| WT Strategies| 1. Develop completive services and use competitive advantages to gain market share (S3, S5, T7) 2. Take advantage of the lack of regulation 3. Develop a strong customer loyalty database (S4, S5, S6, O7, O8)| 1. Develop alternative services to diversify the ranges and not focus and mortgages (W4, W1, T4) 2.Charging lower interest rates to the customers (W1, T1)| Threats 1. Continued deterioration in the housing and credit market 2. High unemployment rate 3. Tight credit 4. Many homeowners cannot make mortgage payments 5. The value of houses has dropped the amount borrowed -> great problem for owners and banks 6. The lack of regulation today has blurred the product and services bank offers 7. Competition w ith Bank of America and Citigroup 8. Superregional and International Banks are growing, they all tend to expand globally 9. Assurance rates increase 4. Industry and Competition analysisThe financial industry counted nine main players before the economic crisis in 2008, which meant height potential competitors for Wells Fargo including Bank of America, Citigroup, US Bancorp, Merrill Lynch, Morgan Stanly, Lehman Brothers, Colonial National and Guaranty Financial Group. The economic recession has eliminated the weak banks that were not doing well enough to overcome the outcomes of the economic crisis, like Lehman Brothers, Colonial Bank and Guaranty Financial Group. Furthermore, an economical selection has been made and only the best banks are still competing on this industry.The industry is currently suffering from the economic recession and all of its outcomes including the deterioration of the housing and credit market, high unemployment rate, and tight credit. That is why many bank s, especially the community banks, are struggling and some even have failed, including Colonial National, and Guaranty Financial Group. Moreover some Banks like Citigroup are not performing well by loosing money and market share. Guaranty had more than $3 billion of securities baked by adjustable-rate mortgages.The bank has seen the delinquency rates on holdings soared by 40% before the federal officials seized the bank in August 2009. As we can see from the chart, in term of revenue Wells Fargo is not the best financial service company. Until 2007; Citigroup was the leader in sales but the economic crisis and the recession that have followed this crisis has led to a sharp decrease of its sales. Since 2008, Bank of America is the leader in sales and the stronger competitor for Wells Fargo. However, its sales are fluctuating whereas the Wells Fargo’s sales show a slow but steady rise.This chart displays the evolution of the net income of the three main companies including Well s Fargo, Citigroup, and Bank of America. Wells Fargo was the last company in 2007 before the economic crisis in term of net income. However, we can see that the two competitors are not doing well enough to keep being competitive, especially Citigroup, which had a decrease of 210. 7%. All of the companies have seen its net income decreased but Wells Fargo has the slightest decrease which allow it the to have the highest net income in 2009 and shows by the way its capacity to overcome though situations. 5.Type of strategies Wells Fargo shows the desire to take part in the top financial companies in the domestic market. This is one element from their long-term strategies. This desire to compete with the market leaders such as Bank of America represent the results expected from pursuing certain strategies. According to this case, we can say that Wells Fargo is pursuing a market development and market penetration strategy, introducing present services into new geographic areas. This stra tegy, has particularly led to the acquisition of Wachovia and the extension of the Wells Fargo’s presence to the Eastern US.This market development strategy has required intensive effort for Wells Fargo in terms of investment and management. This strategy basically involves introducing present products or services into new geographical areas. Here by acquiring Wachovia, Wells Fargo can use a strong presence through the Wachovia’s distribution. The firm’s competitive position was clearly to improve compared to the market leaders. However, the company was rather successful at what it does before the acquisition, which was a primordial condition prior to such acquisition.Then but not least, it already had the needed capital and management quality to manage the expended operations. With this acquisition, the firm has a huge distribution capacity throughout all of the Wachovia’s bank offices and retail stores. Combined with the strategy of decentralization, th is will allow them to reach more consumers and increase the productivity. The year 2009 shows a quick preview about what the firm can achieve in the next years. The acquisitions or mergers are two commonly used ways to pursue strategies like market development or more generally intensive strategies including, market penetration and product development.The market penetration consists in increasing market share for present products or services in present markets through greater marketing efforts (increase number of salespersons, advertising expenditures, promotion, and publicity efforts). Then, the product development strategy seeks increase sales by improving or modifying existent products or services (it entails large research and development expenditures). A merger occurs when two organizations of about equal size unite to form one enterprise. That is what often happened in the Wells Fargo’s history and what helped the firm to grow faster and reach the size the firm had in 2 008.On the other hand, an acquisition occurs when a large organization like Wells Fargo purchases a smaller firm or a firm not doing well, like Wachovia. By acquiring Wachovia, Wells Fargo has realized some major benefits: * Provide improved capacity utilization * To gain access to new customers and products 6. SPACE Matrix The Strategic Position and Action Evaluation (SPACE) Matrix, is a marketing tool used to help the company to define the best strategy to develop according to its internal strategic position (Financial Position and Competitive Position) and the external strategic position (Stability Position and Industry Position).The four quadrants of the Matrix indicate whether aggressive, conservative, defensive, or competitive strategies are most appropriate according the characteristics of the company and its industry. Financial Position * The bank’s return on asset is 0. 44 (decrease of 72%) but superior of all competitors * The Bank’s Net income was 3. 58 Bill ion (increase of 28%) and superior of all competitors * The Bank’s revenue was 42. 84 Billion (increase of 1. 51%) compared to the industry average of 7. 98 Billion * The Bank’s earning per share 0. 912, over the main competitors and over the average industry (0. 91)Total| Rating465520|Industry Position * Deregulation provides geographic and service freedom * Deregulation increases competition in the banking industry * Economic recession * Growth potential * Financial Stability Total| 4213410| Stability Position * Banking deregulation has created instability throughout the industry * Less-developed countries are experiencing high inflation and political instability * The barriers to entry into the market is high * The competitive pressure is highTotal| -4-4-2-4-14| Competitive Position * The bank provides financial services through 6700 offices and retails stores in 40 states * Superregional banks, international banks are becoming increasingly competitive * The bank ha s a large customer base * Customer loyalty Total| -1-5-2-2-10|According to the SPACE Matrix, Wells Fargo presents an aggressive profile. The company is financially pretty strong, has some competitive advantages in a rather stable industry. The Wachovia acquisition is a great operation following the product development or market penetration strategy. 7. External Factor Evaluation Matrix (EFE) Regardless of the number of key opportunities and threats included in EFE Matrix, the highest possible total weighted score for an organization is 4. 0 and the lowest is 1. 0, and the average total weighted score is 2. 5. An organization with 4. 0 total weighted score is responding in an outstanding way to existing opportunities and threats in its industry.It means, the firm’s strategies effectively take advantage of existing opportunities and minimize the potential adverse effects of external threats. Key External Factors| Weight| Rating| Weighted Score| Opportunities: * Many banks are s truggling like Citigroup with negative Operate margin (-57. 9%), Net income ($ -23. 79 Billion), and EPS (-3. 651) * Some Banks have recently failed and have been seized by Federal officials like Lehman Brothers Colonial Bank and Guaranty Financial group: Delinquency rates on their holdings has soared as high as 40% * Grow internationallyKeep improving the internet uses * Develop new products for new businesses * New customers in the Eastern US financial market| 0. 090. 120. 050. 040. 070. 11| 342423| 0. 270. 480. 100. 160. 140. 3| Threats: * Continued deterioration in credit market * High unemployment rate * Tight credit * Many homeowners cannot make mortgage payments * The value of houses has dropped the amount borrowed * The lack of regulation today has blurred the product and services bank offers * Competition with Bank of America and Citigroup * Superregional and International Banks are growing, they all tend to expand globallyIncrease in insurance rates | 0. 100. 030. 070. 050 . 110. 060. 050. 030. 02| 222323423| 0. 200. 060. 140. 150. 220. 180. 200. 060. 06| Total | 1. 00| | 2. 80| Here we can note that the total weighted score is of 2. 80 is above the average of 2. 5, which means Wells Fargo is doing pretty well in the Financial industry, taking advantage of the external opportunities like the bad shape of the competitors and also containing the threats facing the firm like the competition with Bank of America. Of course, the firm could do better, improving its strategies to respond in better way to the threats and get a higher total weighted score close to 4. 0.According to the case, Wells Fargo should expand more its activities on the international market, and develop new financial products and services to be more attractive and competitive. Moreover, the firm must find solutions to overcome the bad state of the economy and its outcomes. 8. C. Internal Factor Evaluation Matrix This strategy-formulation tool summarizes and evaluates the major strengths and weaknesses in the functional areas of business. Like in the EFE Matrix, the total weighted score can range from a low of 1. 0 to a high of 4. 0 with an average score being 2. 5. Total weighted scores well below 2. 5 characterize organizations that are weak internationally whereas scores significantly above 2. 5 indicate a strong internal position. Key External Factors| Weight| Rating| Weighted Score|Strengths: * Brand Image and Culture and values (ethical behavior) * Credibility: Statistics based on the industry and the government sources show its size and strength * Acquisition of Wachovia: extend the distribution channel and the number of customers * Decentralization strategy * Management * Innovation leadership (Internet: E-commerce) * Market leadership in the West: the largest financial institution headquartered in the Western US that has a strong balance sheet and is able to steer through the pitfalls that plagued many of its competitors * Moody’s credit rate  "Aaa† (the highest possible)| 0. 070. 090. 110. 100. 060. 040. 090. 04| 44443343| 0. 280. 360. 440. 360. 180. 120. 360. 2|Weaknesses: * Decrease of the net income and ROA and ROE * Limited international presence * Bad reputation as a bank since the economic recession * Weakness asset quality among high real estate exposure * The Wachovia subprime mortgage problems * Wachovia is overcommitted in credit default swaps| 0. 080. 060. 080. 060. 070. 05| 212212| 0. 160. 060. 160. 120. 070. 10| Total | 1. 00| | 2. 89| The IFE Matrix provides important for strategy formulation. With a total weighted score of 2. 89, we can say Wells Fargo has a pretty strong position in the financial industry and can expect to become stronger and stronger because the firm knows how to create competitive advantages and how to use its strengths. 9.IE Matrix The IE Matrix is based on two key dimensions: the IFE total weighted scores on x-axis and the EFE weighted scores on the y-axis. The Internal External Matrix inputs are the EFE and IFE total weighted scores. As the EFE Matrix and the IFE Matrix have shown, Wells Fargo had 2. 89 for EFE and 2. 80 for IFE. In the IE Matrix, we can see the red dot represents Wells Fargo’s position on the Matrix. It is in the V cell, which suggests that Wells Fargo should use a hold and maintain strategy consisting of the Market Penetration and Product Development strategies; it should the most efficient strategy for the firm after the stage of the acquisition.However, the firm is very close to the cell I, II, and IV, which means the company’s situation can be descried as slow growth and build and where intensive strategies would be the most adaptable like market penetration and market development. 10. Grand strategy Mix The Grand strategy matrix is based on two evaluative dimensions: competition position and market growth. Wells Fargo is located in the Quadrant I of this Matrix, which means that it is in a rather excellent strategic po sition. Therefore, continued concentration on current markets (market penetration and market development) and products (product development) is an appropriate strategy. We can notice that a notable shift from its established competitive advantages would be unwise. Rapid Market Growth Quadrant I Quadrant II Strong Competitive Position Weak Competition Position Slow Market Growth Quadrant IV Quadrant III

Pharmacia & Upjohn Case Study

Kayem Foods, Inc. Case Study Kayem Foods, Inc Buzz Marketing Al Fresco Chicken Sausage STRATEGIC ISSUES AND PROBLEMS Matt Monkiewicz is the director of marketing for Kayem Foods, Inc.. Mr. Monkiewicz was put under pressure to decide whether or not to us a buzz marketing plan for their Al Fresco chicken sausage brand, which would be implemented as part of their advertising campaign for 2006. The Al Fresco chicken sausage brand was able to capture a large portion of their target market, making them the number-one brand in its target market.The dilemma that Monkiewicz faces is whether or not the increase in sales were due to the buzz marketing campaign they implemented the previous year or if other advertising and promotional campaigns were the sole reason for the increase in sales. In order to make a decision, Monkiewicz must analyze all parts of the advertising and promotional campaigns that they have previously used and decide which of these campaigns actually contributed to the sale s increase and which campaigns didn’t. KAYEM FOODS, INC. Kayem Foods, Inc. as been around for almost a 100 years and is located in Chelsea, Massachusetts. The company has historically made its fortune from selling fresh delicatessen meats, hot dogs, and sausage. Annual sales, from the fiscal year ending February 28, 2004, were approximately $140 million. The majority of their sales came from meat products that were sold under several brand names, with the majority of the meat products being that of hot dogs. They have several brand names for which their products are sold and the most well-known brand is Kayem.There has been a continually rising market for sausage. Breakfast sausage has increased by 2 percent and dinner sausage has increased by 4 percent in 2003. This is why Kayem Foods, Inc. is desperately working to find a way to capture this rapidly growing market. Kayem Foods director of marketing, Matt Monkiewicz, feels that in order to adequately capture a significant po rtion of the market they must be willing to think outside the box and possibly implement non-traditional styles of advertising. Buzz marketing does exactly what Mr.Mankiewicz is looking for in his advertising campaign, which that they have used in the previous year and it has made them the number one-selling brand of chicken sausage, however, not all of the sales force at Kayem believes this increase in sales were due to Buzz marketing. Although Kayem has been able to substantially increase the sales of Al Fresco, they still have a lot of concerns pertaining to their profit margins. In the recent years supermarkets have been able to gain industry power, when it comes to dealing with manufacturers that supply them with products.The supermarkets now demand larger discounts and coupons for their customers. There is also a force keeping prices down due to the tense competition within the industry. In the past two years Kayem’s private label activity has been operating at break-ev en and co-packs have been operating below break-even. Obviously Kayem is in business to make money and not operate at break-even. They must use an aggressive advertising technique to get their profit margin back up. INSIGHTS TO BUZZ MARKETING You can sum up the definition of Buzz marketing in just 3 words,† word of mouth. Many companies have found this advertising approach to be very profitable and appealing to their bottom line. In today’s market, especially due to the rise of social networking, many companies depend on their current customers to help spread the word of their products. Buzz marketing helps companies build brand loyalty and awareness by building a personal relationship with their consumers. Many times consumers can be more easily persuaded towards purchasing a product when it is recommended from someone they know or trust and Buzz marketing does exactly that.Kayem Foods, Inc. previously used a company called Bzz Agent to implement their Buzz marketing c ampaign. Bzz Agent currently had 60,000 agents and these agents volunteered to try the products and then would use word of mouth techniques to get these products in the hands of their friends, acquaintances, and possibly strangers. Most of the Buzz agents actually enjoyed testing new products and then talking about them to their friends, they felt some type of satisfaction for being one of the â€Å"firsts† to discover the product.Bzz Agent also found that most of their agents advertised their products in all of the social networking settings, which also helps spread the word of the products. In recent years, marketing managers have found that product endorsements were more credible when it came from a friend or acquaintance. PLAN OF ACTION Mr. Monkiewicz must decide on which advertising campaign Al Fresco will use for next year. He must decide if they will usual traditional advertising like: television, radio, magazines, and billboards.Another option for his campaign could b e Buzz marketing, which if he decided to use he must develop a better way to track the increase in sales that come from Buzz marketing. He may also decide to implement more than one style of advertising and possibly combine the different approaches together, however, Monkiewicz has only been granted a marketing budget of $185,000 so he must be fully aware of his choices. Some of his choices may also not be feasible because of their high cost. Since Monkiewicz was only allowed $185,000 for advertising campaign, he will not be able to choose the more expensive advertising options like television.What he felt appropriate options for his advertising campaign were Buzz marketing, magazines, and price-off coupons. Based off of the chart above, Better Homes and Gardens magazine will also not be an option. He is left with Buzz marketing, trade marketing, food and wine magazine, cooking light magazine, and price-off coupons. RECOMMENDED AL FRESCO MARKETING STRATEGY The efficiency of buzz mar keting is undeniable, penetrating social networks and building personal relationships with consumers. With that being said, Matt Monkiewicz should choose to implement the Buzz marketing strategy for their advertising campaign.It is also a cheap option that has multiple benefits. In order to track the success of their Buzz marketing campaign he will just simply ask his Bzz agents to have the people they reach out to, for their product, fill out an online survey. This survey will ask questions like: will they continue to buy Al Fresco products, were they satisfied and if not, why? , and also if they were able to find their products at their local super market. Mr. Monkiewicz should combine his Buzz campaign with Trade marketing, with the combination of these two approaches he will surely get the word out there and it will help to build brand awareness.He can also use the remaining, [$185,000 – ($75,000+$80,000) = $30,000], $30,000 for price-off coupons, which will further help to expand their portion of the target market. TARGET MARKET Al Fresco should keep the same target market as before. Their target market should be women that range in age from 25 to 45 years old. This is the best suitable target market for their product, considering that this is the most health conscious market out there. What Al Fresco should do, however, is use their advertising efforts to capture a larger portion of this market. MARKETING MIXProduct Strategy – Al Fresco should keep their product of chicken sausage and their current flavors. Price Strategy – One thing that Al Fresco must do is not discount their products as much. We know that the sales force for Al Fresco thought the primary reason for becoming the number one selling product of chicken sausages was because of constant discounts they were giving away to the supermarkets. If Al Fresco can cut down on their discounts and they can continue to capture the majority of the market then they will be able to se e how effective their Buzz marketing campaign was.Distribution Strategy – The current distribution strategy implemented by Al Fresco has proven to be successful so they should continue to use the same strategy, â€Å"If it’s not broken, don’t fix it. † Advertising and Promotion Strategy – Al Fresco will use the combination of trade marketing, price-off coupons, and Buzz marketing for their advertising campaign. If they can effectively implement these low cost advertising approaches then they should be able to gain back some of their profit margin that they have been so concerned about in the past couple years.

Intercultural Management Essay

In the context of globalization, international cooperation becomes more important in the business world. For many multinational enterprises and managers who are internationally active it is big challenge to handle with the problems caused by cultural differences. This module emphasizes on the cultural issues in the business world. This module consist of basic understanding of culture, theoretical models for comparison of cultural differences, awareness of cultural specific problems in international economic co-operations through short and long cases. This will help the students to understand the complexity of the globalized business word and the most appropriate approaches associated with management cross cultures and intercultural communication and negotiation. The students should be able to describe „Intercultural Managementâ€Å" as a segment of international management and understand such approaches as well in order to improve their intercultural competences. Examination: Final individual report Group presentation: Case analysis: Participation portfolio and discussion: 50% 20% 20% 10% In the context of globalization, international cooperation becomes more important in the business world. For many multinational enterprises and managers who are internationally active it is big challenge to handle with the problems caused by cultural differences. This module emphasizes on the cultural issues in the business world. This module consist of basic understanding of culture, theoretical models for comparison of cultural differences, awareness of cultural specific problems in international economic co-operations through short and long cases. This will help the students to understand the complexity of the globalized business word and the most appropriate approaches associated with management cross cultures and intercultural communication and negotiation. The students should be able to describe „Intercultural Managementâ€Å" as a segment of international management and understand such approaches as well in order to improve their intercultural competences. In the context of globalization, international cooperation becomes more important in the business world. For many multinational enterprises and managers who are internationally active it is big challenge to handle with the problems caused by cultural differences. This module emphasizes on the cultural issues in the business world. This module consist of basic understanding of culture, theoretical models for comparison of cultural differences, awareness of cultural specific problems in international economic co-operations through short and long cases. This will help the students to understand the complexity of the globalized business word and  the most appropriate approaches associated with management cross cultures and intercultural communication and negotiation. The students should be able to describe „Intercultural Managementâ€Å" as a segment of international management and understand such approaches as well in order to improve their intercultural competences. In the context of globalization, international cooperation becomes more important in the business world. For many multinational enterprises and managers who are internationally active it is big challenge to handle with the problems caused by cultural differences. This module emphasizes on the cultural issues in the business world. This module consist of basic understanding of culture, theoretical models for comparison of cultural differences, awareness of cultural specific problems in international economic co-operations through short and long cases. This will help the students to understand the complexity of the globalized business word and the most appropriate approaches associated with management cross cultures and intercultural communication and negotiation. The students should be able to describe „Intercultural Managementâ€Å" as a segment of international management and understand such approaches as well in order to improve their intercultural competences. In the context of globalization, international cooperation becomes more important in the business world. For many multinational enterprises and managers who are internationally active it is big challenge to handle with the problems caused by cultural differences. This module emphasizes on the cultural issues in the business world. This module consist of basic understanding of culture, theoretical models for comparison of cultural differences, awareness of cultural specific problems in international economic co-operations through short and long cases. This will help the students to understand the complexity of the globalized business word and the most appropriate approaches associated with management cross cultures and intercultural communication and negotiation. The students should be able to describe „Intercultural Managementâ€Å" as a segment of international management and understand such approaches as well in order to improve their intercultural competences. In the context of globalization, international cooperation becomes more important in the business world. For many multinational enterprises and managers who are internationally active it is big challenge to handle with the problems caused by cultural differences. This module emphasizes on the cultural issues in the business world. This module consist of basic understanding of culture, theoretical models for comparison of cultural differences, awareness of cultural specific problems in international economic co-operations through short and long cases. This will help the students to understand the complexity of the globalized business word and the most appropriate approaches associated with management cross cultures and intercultural communication and negotiation. The students should be able to describe „Intercultural Managementâ€Å" as a segment of international management and understand such approaches as well in order to improve their intercultural competences. In the context of globalization, international cooperation becomes more important in the business world. For many multinational enterprises and managers who are internationally active it is big challenge to handle with the problems caused by cultural differences. This module emphasizes on the cultural issues in the business world. This module consist of basic understanding of culture, theoretical models for comparison of cultural differences, awareness of cultural specific problems in international economic co-operations through short and long cases. This will help the students to understand the complexity of the globalized business word and the most appropriate approaches associated with management cross cultures and intercultural communication and negotiation. The students should be able to describe „Intercultural Managementâ€Å" as a segment of international management and understand such approaches as well in order to improve their intercultural competences. In the context of globalization, international cooperation becomes more important in the business world. For many multinational enterprises and managers who are internationally active it is big challenge to handle with the problems caused by cultural differences. This module emphasizes on the  cultural issues in the business world. This module consist of basic understanding of culture, theoretical models for comparison of cultural differences, awareness of cultural specific problems in international economic co-operations through short and long cases. This will help the students to understand the complexity of the globalized business word and the most appropriate approaches associated with management cross cultures and intercultural communication and negotiation. The students should be able to describe „Intercultural Managementâ€Å" as a segment of international management and understand such approaches as well in order to improve their intercultural competences. In the context of globalization, international cooperation becomes more important in the business world. For many multinational enterprises and managers who are internationally active it is big challenge to handle with the problems caused by cultural differences. This module emphasizes on the cultural issues in the business world. This module consist of basic understanding of culture, theoretical models for comparison of cultural differences, awareness of cultural specific problems in international economic co-operations through short and long cases. This will help the students to understand the complexity of the globalized business word and the most appropriate approaches associated with management cross cultures and intercultural communication and negotiation. The students should be able to describe „Intercultural Managementâ€Å" as a segment of international management and understand such approaches as well in order to improve their intercultural competences. In the context of globalization, international cooperation becomes more important in the business world. For many multinational enterprises and managers who are internationally active it is big challenge to handle with the problems caused by cultural differences. This module emphasizes on the cultural issues in the business world. This module consist of basic understanding of culture, theoretical models for comparison of cultural differences, awareness of cultural specific problems in international economic co-operations through short and long cases. This will help the students to understand the complexity of the globalized business word and  the most appropriate approaches associated with management cross cultures and intercultural communication and negotiation. The students should be able to describe „Intercultural Managementâ€Å" as a segment of international management and understand such approaches as well in order to improve their intercultural competences. In the context of globalization, international cooperation becomes more important in the business world. For many multinational enterprises and managers who are internationally active it is big challenge to handle with the problems caused by cultural differences. This module emphasizes on the cultural issues in the business world. This module consist of basic understanding of culture, theoretical models for comparison of cultural differences, awareness of cultural specific problems in international economic co-operations through short and long cases. This will help the students to understand the complexity of the globalized business word and the most appropriate approaches associated with management cross cultures and intercultural communication and negotiation. The students should be able to describe „Intercultural Managementâ€Å" as a segment of international management and understand such approaches as well in order to improve their intercultural competences. In the context of globalization, international cooperation becomes more important in the business world. For many multinational enterprises and managers who are internationally active it is big challenge to handle with the problems caused by cultural differences. This module emphasizes on the cultural issues in the business world. This module consist of basic understanding of culture, theoretical models for comparison of cultural differences, awareness of cultural specific problems in international economic co-operations through short and long cases. This will help the students to understand the complexity of the globalized business word and the most appropriate approaches associated with management cross cultures and intercultural communication and negotiation. The students should be able to describe „Intercultural Managementâ€Å" as a segment of international management and understand such approaches as well in order to improve their intercultural competences. In the context of globalization, international cooperation becomes more important in the business world. For many multinational enterprises and managers who are internationally active it is big challenge to handle with the problems caused by cultural differences. This module emphasizes on the cultural issues in the business world. This module consist of basic understanding of culture, theoretical models for comparison of cultural differences, awareness of cultural specific problems in international economic co-operations through short and long cases. This will help the students to understand the complexity of the globalized business word and the most appropriate approaches associated with management cross cultures and intercultural communication and negotiation. The students should be able to describe „Intercultural Managementâ€Å" as a segment of international management and understand such approaches as well in order to improve their intercultural competences. In the context of globalization, international cooperation becomes more important in the business world. For many multinational enterprises and managers who are internationally active it is big challenge to handle with the problems caused by cultural differences. This module emphasizes on the cultural issues in the business world. This module consist of basic understanding of culture, theoretical models for comparison of cultural differences, awareness of cultural specific problems in international economic co-operations through short and long cases. This will help the students to understand the complexity of the globalized business word and the most appropriate approaches associated with management cross cultures and intercultural communication and negotiation. The students should be able to describe „Intercultural Managementâ€Å" as a segment of international management and understand such approaches as well in order to improve their intercultural competences. In the context of globalization, international cooperation becomes more important in the business world. For many multinational enterprises and managers who are internationally active it is big challenge to handle with the problems caused by cultural differences. This module emphasizes on the  cultural issues in the business world. This module consist of basic understanding of culture, theoretical models for comparison of cultural differences, awareness of cultural specific problems in international economic co-operations through short and long cases. This will help the students to understand the complexity of the globalized business word and the most appropriate approaches associated with management cross cultures and intercultural communication and negotiation. The students should be able to describe „Intercultural Managementâ€Å" as a segment of international management and understand such approaches as well in order to improve their intercultural competences. In the context of globalization, international cooperation becomes more important in the business world. For many multinational enterprises and managers who are internationally active it is big challenge to handle with the problems caused by cultural differences. This module emphasizes on the cultural issues in the business world. This module consist of basic understanding of culture, theoretical models for comparison of cultural differences, awareness of cultural specific problems in international economic co-operations through short and long cases. This will help the students to understand the complexity of the globalized business word and the most appropriate approaches associated with management cross cultures and intercultural communication and negotiation. The students should be able to describe „Intercultural Managementâ€Å" as a segment of international management and understand such approaches as well in order to improve their intercultural competences. In the context of globalization, international cooperation becomes more important in the business world. For many multinational enterprises and managers who are internationally active it is big challenge to handle with the problems caused by cultural differences. This module emphasizes on the cultural issues in the business world. This module consist of basic understanding of culture, theoretical models for comparison of cultural differences, awareness of cultural specific problems in international economic co-operations through short and long cases. This will help the students to understand the complexity of the globalized business word and  the most appropriate approaches associated with management cross cultures and intercultural communication and negotiation. The students should be able to describe „Intercultural Managementâ€Å" as a segment of international management and understand such approaches as well in order to improve their intercultural competences. In the context of globalization, international cooperation becomes more important in the business world. For many multinational enterprises and managers who are internationally active it is big challenge to handle with the problems caused by cultural differences. This module emphasizes on the cultural issues in the business world. This module consist of basic understanding of culture, theoretical models for comparison of cultural differences, awareness of cultural specific problems in international economic co-operations through short and long cases. This will help the students to understand the complexity of the globalized business word and the most appropriate approaches associated with management cross cultures and intercultural communication and negotiation. The students should be able to describe „Intercultural Managementâ€Å" as a segment of international management and understand such approaches as well in order to improve their intercultural competences.