Business Etiquette Essay Example | Topics and Well Written Essays - 2500 words

Business Etiquette - Essay Example Research evidence demonstrates that corporations are increasingly establishing joint ventures, building strategic alliances, and establishing direct investments. Successful and effective communication in an international business environment is necessary for business growth as Reynolds and Valentine (2011) have determined.( Lok & Crawford, 2004) Due to the globalisation of business it has become exceedingly important to have an exemplary cross and intercultural communication so as to gain competitive advantage. In current years, scholarly debates have been focusing on globalization of the economy and the diverse workforce that emphasises on appropriate business etiquette that leads to sustainable business relations across international business. Cook and Cook (2011) place premium manners of managers in public and professional while undertaking official duties. Other studies have highlighted that small business and upcoming entrepreneurs have started to invest heavily and competing in the international market. Recent developments show that many businesses are cultivating a global focus by sourcing, producing, importing, or exporting their goods and services around the globe, which makes intercultural communication and negotiation gain substantial prominence in the international business management. Further, international bus iness etiquette (the expected rules of behaviour for intercultural communication and management) has become increasingly important because of the mobility of people. Due to the different systems in politics and economy of the world, and the different history and cultural tradition. Sebenius (2002) points out that cultural difference can influence business negotiations in significant and unexpected ways. Negotiation is an important part of developing business in any market. (Xiaohua et al., 2003). The increasing globalization in the world and the increased mobility of people settling in foreign

The Greek Economy :: essays research papers fc

The Greek Economy Agriculture The Greek economy depends a lot on agriculture. One quarter of the Greek workforce is engaged in farming, and agriculture constitutes about 15% of the domestic production. Not much attention has been drawn on the agricultural sector of the economy. The farms are pretty small, the division of inheriting land has reduced the average size to 3,4 hectares (8 acres) and it is really difficult to use mechanised equipment efficiently. Yields are also low due to the dryness and erosion of the soil. Let's take a look at the yearly output of some major crops: tobacco 142000, wheat 2.6 million, tomatoes 1.9 million, oranges 780000, corn 2.1 million, sugar beet 1.9 million, grapes 1.6 million, olives 1.5 million, potatoes 850000 and cotton 222000. Livestock included some 10.8 million sheep, 3.5 million goats, 800000 head of cattle, 31 million poultry and 1.2 million pigs. Forestry and Fishing The Greek government owns the two-thirds of the forestland and has materialised her plans i.e. to replace the trees that were destroyed during World War II. About 2.9 million cu m of timber were annually cut in the late 80's and approximately the 75% of the harvest was hardwood. Fish exports are limited because of the widespread consumption of fish products within Greece. However in recent years thousands of tons of fish are exported each year, due to the ever increasing development of fish farms in the country. In the late 80's the annual catch totalled 135000 tons, from which 80% was consumed within Greece. Sponges are the main marine product exported. Mining Mining is of little importance to the Greek economy. We should mention though the annual output of minerals in tons: bauxite 2.3 million, iron ore 1.3 million and magnesite 884400. Also, about 279200 cu m of marble were quarried. Petroleum, salt, chromium, silver, zinc were also produced. Manufacturing Approximately one fifth of the Greek workforce is engaged in manufacturing, which contributes 18% of the annual gross production. The manufactured products include: food, beverages, tobacco, textiles, clothing, chemicals, cement and wine. Athens is the manufacturing center of Greece. Currency and Banking The national currency of Greece is drachma. The central banking institution is the Bank of Greece. The biggest banks of Greece are the National Bank of Greece, with 470 domestic branches and the Agricultural Bank of Greece with 420 branches. Foreign Trade Generally Greece spends each year much more on imports than it receives from exports. This "imbalance" is offset to a certain extent by tourist revenues and by remittances from Greeks living abroad. In the 80's the imports totalled 3 trillion drachmas and exports earned 1.5 trillion drachmas.

Secant Methods Application

SUBMITTED TO: sir sajid presentation on application of secant method April 16, 2013 MCS 1st sem ————————————————- ROLL # 31 to 40 SECANT METHOD * The  Secant  command numerically approximates the roots of an algebraic function,  f, using a technique similar to Newton's method but without the need to evaluate the derivative of  function. * Given an expression  f  and an initial approximate  a, the  Secant  command computes a sequence,  =, of approximations to a root of  f, where  Ã‚  is the number of iterations taken to reach a stopping criterion. The  Secant  command is a shortcut for calling the  Roots  command with the  method=secant  option Advantages of secant method * It converges at faster than a linear rate, so that it is more rapidly convergent than the bisection method. * It does not require use of the derivative of the function, something that is not available in a number of applications. * It requires only one function evaluation per iteration, as compared with Newton’s method which requires two Disadvantages of secant method * It may not converge. * There is no guaranteed error bound for the computed iterates. * It is likely to have difficulty if f? (? ) = 0.This means the x-axis is tangent to the graph of y = f (x) at x = ?. * Newton’s method generalizes more easily to new methods for solving simultaneous systems of nonlinear equations. APPLICATION OF SECANT METHOD 1. You are working for a start-up computer assembly company and have been asked to determine the minimum number of computers that the shop will have to sell to make a profit. The equation that gives the minimum number of computers to be sold after considering the total costs and the total sales is 2. Use the secant method of finding roots of equations to find the minimum number of computers that need to be sold to make a profit. Conduct three iterations to estimate the root of the above equation. Find the absolute relative approximate error at the end of each iteration and the number of significant digits at least correct at the end of each iteration. 3. Today the most important application of secant method is to predicting the earthquake performance of structures. sozen has been credited with having developed progenitor procedures. 4. Based on the sinusoidal pulse width modulation technology and regular sampling  method, the switching time point’s calculation formulas  of  tangent  method  and  secant  method  are established.This paper analyses the precision  of  switching turn-on and turn-off time point, and compare these switching time points. Calculation results show that SPWM pulses generated by tangent  method  and  secant  method  are closest to the pulse generated by natural sampling, the THD is also smaller than by regular sampling. 5. Secant method is used to determine the optimal stage. ( maximize or minimize ) the problem or solution. Example You are working for a start-up computer assembly company and have been asked to determine the minimum number of computers that the shop will have to sell to make a profit.The equation that gives the minimum number of Computers ‘x’ to be sold after considering the total costs And the total sales is: Solution Use the Secant method of finding roots of equations to find * The minimum number of computers that need to be sold to make a profit. Conduct three iterations to estimate the root of the above equation. * Find the absolute relative approximate error at the end of each iteration, and * The number of significant digits at least correct at the end of each iteration.

The Berlin Patient Timothy Ray Brown - 1431 Words

The Berlin Patient Timothy Ray Brown, gained his title as â€Å"The Berlin Patient† after being the first man successfully cured of HIV (human immunodeficiency virus) in 2008, Berlin. Brown has been battling with HIV for 11 years with antiretroviral drugs since 1995 when he was diagnosed. Then in 2006, he was being diagnosed with acute myeloid leukemia, another disease that would put his life in danger. Acute myeloid leukemia is a type of cancer that attacks the bone marrow and spread to blood.[9] To treat his new deadly disease, Brown has tried radiation and chemotherapy which both did not seem to be successful in helping him. In 2007 and 2008 he made the decision of going for a bone marrow transplant. Brown’s oncologist has chose a bone marrow donor with a genetic mutation known as delta 32 which is found in 1 to 2 percent of the people in Northern Europe. For people with the delta 32 mutation, they are very likely to be immune to Smallpox, the Bubonic Plague and resistant to HIV and A IDS. [10] Focusing on how HIV is prevented by this mutation, HIV virus usually enters a cell through the cell’s CCR5 receptor and fuse into the cell that will eventually divide itself and spread throughout the patient’s body, infecting the patient with cells that is infected with HIV viruses. With the delta 32 mutation, the entry of HIV is blocked due to their misshapen CCR5 protein. Immunity to HIV is only present to homozygous carriers for the delta 32 mutation on both genes. [11] [12] TheShow MoreRelatedVaccine For Hiv Happen On The Horizon By 2030924 Words   |  4 Pageshave been documented. One case in 2007, was a turning point for HIV research. Following a bone marrow transplant of HIV sufferer â€Å"Timothy Ray Brown†. Brown underwent the procedure after he developed leukemia and the donor of the bone marrow possessed a rare genetic mutation that caused Brown cells to become resistant to HIV. Brown received the title the â€Å"Berlin Patient† in the HIV research field (defeatHIV.org) and is the first man to have been cured of the virus. In Conclusion, with the progressionRead MoreThe Human Immunodeficiency Virus : Biology, Epidemiology, And Pathogenesis3000 Words   |  12 Pageschanged the safety practices of multiple health professions including the application of Personal Protective Equipment (PPE) and the suitable training in regards to the attitude and the behavior of health professionals when dealing with HIV positive patients [40-42]. It is important to note that HIV is not transmitted by saliva, sweat, tears, mosquito bites, or water fountains [43-45]. The Human Immunodeficiency Virus shares many of its structural and biological characteristics with other viruses fromRead MoreA Research Paper About Human Immunodeficiency Virus6608 Words   |  27 PagesU.S. Centers for Disease Control (CDC) recorded a cluster of Pneumocystis cariniipneumonia  (classified as PCP) in five homosexual men in  Los Angeles and New York. These men had symptoms of a disease that now are considered typical of AIDS. In The patients were noted to have a severe reduction in a type of cell in the blood (CD4 cells) that is an important part of the immune system. These cells, often referred to as T cells, help the body fight infections. Shortly thereafter, this disease was recognizedRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 PagesEmpire produced much larger outflows. The third main producer of refugees in the post–World War II period was the spread of communism and the cold war. Two and a half million East Germans fled to West Germany between 1946 and the erection of the Berlin Wall— and many other barriers—in 1961. Many other Eastern Europeans fled westward soon after the war. More than half a million were able to flee following the Warsaw Pact put-down of the Hungarian and Czechoslovakian rebellions of 1956 and 1968Read MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesOrganizational Behavior This page intentionally left blank Organizational Behavior EDITION 15 Stephen P. Robbins —San Diego State University Timothy A. Judge —University of Notre Dame i3iEi35Bj! Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo Editorial Director: Sally Yagan Director of Editorial Services:Read MoreDeveloping Management Skills404131 Words   |  1617 Pagesspecialties in their occupations that possess less-structured tasks. They also cope more effectively with major organizational change, downsizing, and role stress and conflict (Armstrong-Stassen, 1998; Haase, Lee, Banks, 1979; Teoh Foo, 1997; Timothy, Thoresen, Pucik, and Welbourne, 1999). It also should be pointed out, however, that individuals who are more tolerant of ambiguity have more difficulty focusing on a single important element of information—they are inclined to pay attention to a

Annotated Bibliography On Database Design - 1623 Words

CPSC 5340 Database Design Homework 3 Rikky Patel 9-27-2015 Part: 1 3.11. Suppose that each of the following Update operations is applied directly to the database state shown in Figure 3.6. Discuss all integrity constraints violated by each operation, if any, and the different ways of enforcing these constraints. e. Insert into DEPENDENT. Answer: This operation is accepted and it can be successfully inserted. g. Delete the EMPLOYEE tuple with Ssn = ‘987654321’. Answer: This operation can’t be used. Because Ssn has been used as a foreign key of WORKS_ON, EMPLOYEE and DEPARTMENT relations ad deleting records with Ssn = ‘987654321’ will leave no corresponding entry for record in WORKS_ON relation. If we want to delete this data than we need to delete it from all the tables. h. Delete the PROJECT tuple with Pname = ‘ProductX’. Answer: This operation can’t be used. Because Pnumber has been used as a foreign key of WORKS_ON relation and deleting record with Pname = ‘ProductX’ will also delete product with Pnumber = ‘1’. Since this value has been used in WORKS_ON table so deleting this record will violate referring integrity constraint. If we want to delete this data than we also have to delete data from corresponding tables. i. Modify the Mgr_ssn and Mgr_start_date of the DEPARTMENT tuple with Dnumber = 5 to ‘123456789’ and ‘2007-10-01’, respectively. Answer: This operation can be acceptable. 3.12. Consider the AIRLINE relational database schema shown in Figure 3.8,Show MoreRelatedPersonal Reflection1034 Words   |  5 Pagesproperly trained to assist my school district with programs to significantly improve the program for ELLs in my school District. The big challenges I anticipate in my Ph.D. program will be the classes of Statistics I and II, Qualitative and Quatitative Design and Measurement, and ultimately my dissertation. Nonetheless, with my work ethic and my study plan, I know I will meet these challenges. I have not developed a shift in thinking from the beginning of this course to the present. I started with theRead MoreHcs 465 (Health Care Research Utilization) Entire Class Assignme6475 Words   |  26 PagesAssignment, Annotated Bibliography Individual Assignment: Literature Review in Research: An Annotated Bibliography †¢ Resource: Literature Review in Research: An Annotated Bibliography Grading Criteria. †¢ Go to the Center for Writing Excellence. †¢ Click the Tutorials Guides link. †¢ Click the Annotated Bibliography link the under the Samples heading. You may use this format to create your annotated bibliography. †¢ Read: the Annotated Bibliography samplesRead MoreThe Effect Of Cell Phone On College Students Interaction At Dining Table1641 Words   |  7 Pagesothers. My research strategy will start with conducting a literature research on published articles that associated with the use of cell phone and human interaction. I used both EBSCOhost and sociological abstracts as my research databases. As I look throw the database with search terms â€Å"dinner table† and â€Å"cell phone use,† I barely found any articles related to the topic. After I identified some alternative search terms, I overcome the limitation of search result. Search terms such as â€Å"multitasking†Read MoreScientific Method and Health Care2524 Words   |  11 Pages | | | |Individual |Resource: Literature Review in Research: An Annotated Bibliography Grading Criteria |Wk 1 D7 |10 | |Literature Review in Research:| | | | |An Annotated Bibliography |Go to the Center for Writing Excellence. | |Read MoreManaging Information Security Risks: The Octave Approach1635 Words   |  6 Pagesenforcement. Biskup, J.; Flegel, U.; Karabulut, Y. Secure Mediations: Requirements and Design, 127-140. Database Security XII: Status and Prospects. Edited by S. Jajodia. Twelfth International Working Conference on Database Security, Chalkidiki, Greece, July 15-17, 1998. Norwell, MA: Kluwer Academic Publishers, 1999 (ISBN 0792384881). In this paper, Biskup et al discuses the the secure mediation to it risks through design and system requirements. The need for designing security mechanism for the mediatorsRead MoreAnnotated Bibliography On The Voting Booths Of America Are Empty1233 Words   |  5 PagesAnnotated Bibliography Linda Feldmann Staff writer of The Christian,Science Monitor. Why the Poll Booths of America are Empty. The Christian Science Monitor: 1. Oct 03 2000. National Newspapers Core. Web. 12 Dec. 2016. This source focuses on the decline in voter turnout over the past few decades with the lead up to the 2000 Presidential election year. Comparing elections from 1960, the various experts have not been able to pinpoint a solid reason until a several people from Harvard come up withRead MoreNurse: Research and Turnover2314 Words   |  10 Pagesto provide evidenced based care requires the ability to read peer-reviewed primary research reports and initiate recommendations in the clinical area. In the current paper the nurse will analyze 10 research report on nursing turnover. An annotated bibliography of 10 articles related to the problem will be discussed. This is by no means an exhaustive list. The research reports provide credible evidence-based practice implications regarding nursing turnover. CritiqueRead MorePCOS Essay4926 Words   |  20 PagesScholarly Journals; English Search Results: 138 Academic Search Premier 70 CINAHL Complete 13 Cochrane Database of Systematic Reviews 0 EBSCO MegaFILE 42 Health Source: Nursing/Academic Edition 14 MEDLINE with Full Text 0 Polycystic ovarian syndrome AND clomiphene Limiters: Full Text; Scholarly Journals; English Search Results: 106 Academic Search Premier 62 CINAHL Complete 9 Cochrane Database of Systematic Reviews 0 EBSCO MegaFILE 30 Health Source: Nursing/Academic Edition 9 MEDLINE with FullRead MoreWorkplace Citizenship8908 Words   |  36 PagesAdditional study resources 10 Assignments 11 Overview of assignments 11 Submission of assignments 11 Extensions late submission 12 Grading guidelines 12 Copying plagiarism 13 Assignment 1 – Learning Reflections 14 Assignment 2 – Annotated Bibliography 16 Assignment 3 – PowerPoint Presentation 20 Assignment 4 – Final Essay 22 Your feedback 25 Student Evaluation of Learning and Teaching (SELT) 25 Support services and resources 25 External student information 25 Students with disabilitiesRead MoreImpact of Ict on Society2585 Words   |  11 PagesTechnologies Impact of ICT on Society Table of Contents PART A 1 1. Introduction 1 2. The annotations 1 2.1 Scholarly journal articles 1 2.2 Conference papers 1 2.3 Newspaper articles 1 2.4 Internet sources 1 3. Conclusion 2 Annotated Bibliographies 3 PART B (Endnote) 6 4. Introduction 6 5. The Endnote advantages 6 6. The Endnote disadvantages 7 7. The Recommendations 8 8. Conclusion 9 9. References 10 PART A Introduction With era of globalization

Critical Review Of The Above Mentioned System Generated...

The critical review of the above mentioned System generated service routes case using Thomas Bertels and Arne Buthman s 10 Criteria for Evaluating Six Sigma Project, using Low, Medium and High are enumerated below: 1. Link to Strategic Imperatives This entails the act of creating short- and long-term plans to guide an organization to continued and increasing success in this highly competitive business environment. Project managers oversee specific projects ultimately designed to make progress toward strategic planning objectives. Implementing projects -- putting planned projects into action -- is important to both strategic planning efforts and project managers in a number of ways. High; This case is rated high on this parameter based on the fact that, there is a greater link to strategic imperatives; improving the route review process and route quality that the organization is determined to achieve. 2. Application of Six Sigma Tools Six Sigma is a method that provides organizations tools to improve the capability of their business processes. This increase in performance and decrease in process variation lead to defect reduction and improvement in profits, employee morale, and quality of products or services. Six Sigma quality is a term generally used to indicate a process is well controlled (within process limits  ±3s from the center line in a control chart, and requirements/tolerance limits  ±6s from the center line). High; Tools such as Process Flow Chart,Show MoreRelatedExtended Supply Chain1474 Words   |  6 Pagesalternative route(s) to prevent the company from being heavily influenced by unexpected logistics problems. At the same time, the company must know how long would an alternative route(s) take and what would it cost the company. The second step is to prioritize its suppliers based on the assessment obtained from the first step. The company should segment those suppliers by using different dimensions. For example, the company can use demand volume, logistics routes, or supplier demand to review which supplierRead MoreDescribing The Current Process From The Article. The Environmental1906 Words   |  8 Pages Describing the Current Process from the Article The Environmental Service Company which provides collection, processing, recycling and disposal of hazardous and non-hazardous materials for industrial and automotive customers is facing a freight transportation problem. The company receives 45,000 service orders a week and is falling short in providing a quality service to all its customers. There s a great variation in the time the field worker gets to a trash site and in the pickup time. TheseRead MoreInformation System Used by United Parcel Service3850 Words   |  15 Pagesï » ¿UPS 1 UPS 14 United Parcel Service (UPS) Information System Introduction In the 1907, the United Parcel Service (UPS) started out in a close-sized office located in the basement. The founders of the United Parcel Service were two teenagers from Seattle. They had one phone and two bicycles and they promised to run this service under one statement only; best service and lower rates. For more than hundred years, this formula has been used by the UPS and it is running successfully. This is theRead MoreFedex Strategic Planning6196 Words   |  25 PagesStrategic Planning and Execution at FedEx Express Jacquelyn Haas, FedEx Services Jeff McLeod, FedEx Express Rick Dezemplen, FedEx Services Rodney Conger, ESRI Abstract ESRI GIS technologies are being used at FedEx Express to solve complex business problems in both the planning and execution of the daily delivery process. The application of spatial data at FedEx is unique in that it is being used to support several mission critical, multi user applications and processes worldwide. Spatial data is beingRead MoreShaheen Air International14539 Words   |  59 Pages TABLE OF CONTENTS: EXECUTIVE SUMMARY 3 TIME LINE 3 THE COMPANY: PRESENT AND FUTURE PLANS 4 MISSION STATEMENT 5 DISTRIBUTION: NETWORK OF CHANNELS TO REACH END CONSUMER 5 DOMESTIC ROUTES 6 INTERNATIONAL ROUTES 7 PRODUCT LINE 7 PRODUCT LIFE CYCLE (PLC) 11 SERVICE FACILITIES 11 INDUSTRY ANALYSIS 12 MAJOR COMPETITORS 15 MARKET SIZE AND MARKET GROWTH 18 PAKISTAN/SOUTHWEST ASIA TRAVEL GROWTH FORECAST 20 PAKISTAN DOMESTIC MARKET CAPACITY, TRAFFIC YIELD 20 AIRLINERead MoreObjectives Of A Risk Management Plan5550 Words   |  23 Pages IS3110 Final Project By: Alfredo Ramos Osbaldo Ruiz INTRODUCTION Purpose Of A Risk Management Plan Defense Logistics Information Services (DLIS) senior Management has decided that they are going to update the former risk management plan with a new plan. This new risk management plan for DLIS will not only lessen the amount of risk for future activities, but it will also be in compliance with standard regulations such as FISMA, DOD, DHS, NIST, COBIT, and DAICAP. A risk is by definition is theRead MoreThesis on Pakistan Railways6300 Words   |  26 PagesRAILWAY    INTRODUCTION. Pakistan Railways  (reporting mark  PR) is a national state-owned rail transport service of  Pakistan, head-quartered in Lahore. It is administered by the  federal government  under the  Ministry of Railways. PR provides an important mode of transportation throughout Pakistan. Railways at a Glance Assets | | * Track --------------------- | 7,791 route km | * Stations------------------- | 559 | * Bridges ------------------- | 14,570 | * Land ----------------------Read MoreRyanair Analyses44239 Words   |  177 Pages18 24 20 23 25 27 4. The low fare airline business model 4.1. Introduction 4.2. Differences between the LFA model and the FSA model 4.2.1. The service factor 28 29 29 2 4.2.2. Turnaround times 4.2.3. Homogenous fleet 4.2.4. Point-to-point travel vs hub-and-spoke travel 4.2.5. Higher seat density 4.2.6. Choice of airports 4.2.7. Distribution system 4.2.8. Frequent flyer programmes 30 31 31 32 32 33 34 5. Analysis of the macro environment 5.1. Introduction to the theoretical frameworkRead MoreEssay on American Airlines3778 Words   |  16 Pagesï » ¿ Table of Contents Abstract 3 Situation Analysis 3 Strengths, Weaknesses, Threats, and Opportunities 4 Re-Branding 6 Pricing Strategy 8 Service Marketers 9 Future 12 Summary 12 References 13 Abstract In this case study we will review the new strategic business plan of American Airlines, and how they are responding to changes in the marketplace to compete in the modern era. We will also analyze the advantages of rebranding efforts, the effectiveness of existing practices of the airline andRead MoreResource-Based View of a Firm4400 Words   |  18 PagesRESOURCE-BASED-VIEW OF A FIRM LITERATURE REVIEW 3 Introduction- What is the Resource-Based-View of a Firm? 3 Resource-Based-View -Background 3 Resources Capabilities of a Firm 4 Firm Resources Sustainable Competitive Advantage 5 Value 5 Rareness 6 Inimitability- Is it hard to copy? 6 Non- Substitutability 7 Durability 7 Imperfect Mobility 8 Appropriability- Who captures the value the resource creates? 8 Competitive Superiority 9 The RBV of a Firms Ability to Innovate 10 Conclusion

Southwestern Airlines Free Essays

Southwest Airlines Co. (â€Å"Southwest†) is a major U. S. We will write a custom essay sample on Southwestern Airlines or any similar topic only for you Order Now airline that primarily provides short Haul high-frequency, point-to-point, and low-fare service. Southwest was incorporated in Texas and commenced operations on June 18, 1971 with three Boeing 737 aircraft Serving three Texas cities; Dallas, Houston, and San Antonio. Today Southwest operates nearly 400 Boeing 737 aircraft to 59 U. S. cities. Southwest has the lowest operating cost structure in the domestic airline industry and consistently offers the lowest and simplest Fares. Southwest also has one of the best overall customer service records. LUV is Southwest’s NYSE symbol, selected to represent the company’s home at Dallas Love Field, as well as the theme of Southwest’s employee and customer relationships Within 30 years, Southwest Airlines has become the fifth largest major airline company in America. It currently operates 520 Boeing 737s throughout the United States. The mission of Southwest Airlines is dedication to the highest quality of customer service delivered with a sense of warmth, friendliness, individual pride, and company spirit. It primarily provides short haul, high-frequency, point-to-point, low-fare air transportation service in the United States. The company essentially functions as a â€Å"point-to-point† operation rather than a â€Å"hub and spoke† service like its competitors. This provides for a unique competitive advantage, which has led this company to be a strong performer within the industry. The major success to their continued success is due to their low-cost model, as compared to their competitors, which allows Southwest airlines to differentiate itself from the competition and perpetuates its success and popularity among consumers. When we look at southwestern airlines competitive environment using porters five forces we find that the bargaining powers of Customers in the airlines industry have many options and are price sensitive. If driving is cheaper than flying southwest may lose customers. There are also over 100 carriers in the U. S. market therefore there are many options for customers. The bargaining power of suppliers: Southwest is at the mercy of the labor Unions and Gas suppliers. If these costs become too high then price raises will mandatory. The threat of new entrants: With so many major airlines going bankrupt there is a large supply of airplanes and personnel. This means that it is easier than ever to start up and airline and try and compete with Southwest. The threat of substitute products: Flying has very few substitutes in the U. S. market if you need to be somewhere in a hurry. However there are other forms of transportation including busses, trains, and cars. The intensity of competitive rivalry: There is intense industry competition. Every route is hotly contested with price wars and a grab for customers. Price margins are low, and airlines need to be able to trim costs any way they can. Southwestern airlines has got the following strengths; Southwest’s commitment to customer service has led to an excellent track record. They held the unofficial Triple Crown in customer service for three consecutive years. The Triple Crown consists in being the best in on time performance, baggage handling, and customer satisfaction. This is an amazing feat considering no other airlines have held all three components for a single month. Southwest has a major advantage over other airlines because it operates a single type of plane, the Boeing 737. This means that all their pilots, facilities, and crews are trained on any plane that Southwest owns. Southwest also operates a fleet with an average age of 7 years. This means that they have less maintenance problems, and this leads to fewer delays, and higher customer service. Sensible expansion policy. Southwest has developed a very sensible strategy for expansion, paying particular attention not to strain the balance sheet. It has also achieved a national presence through flights to 59 airports in 58 cities. Southwest has been able to become a national airline by strategic expansion to airports where there is less competition. For example, it opened a major operation at Baltimore-Washington International and therefore avoided the presence of other major airlines at Reagan National and Dulles. The continued growth of the Company is testament to the strategic direction taken by management, particularly considering the difficult business environment. Southwest relies on direct ticket booking and does not heavily utilize travel agents this is a cost saver. They also do not have full food service on their flights, leading to a faster turnaround. Southwest also has a unique open seating system, with no assigned seats the planes load faster. Due to a change in passenger profile, business class and first class seats have suffered declining demand. Many companies have been forced to introduce low-cost fare options. Since southwest has been an industry leader and â€Å"ahead of the curve† in providing low cost, standardized travel options, it has no need to change strategy, thus saving on restructuring costs. The Company also benefits from its long establishment in the low-cost airline market, allowing the Company to capitalize on significant customer awareness of the brand. Southwest has a highly efficient operation. The Company was first to introduce to the Airline industry the ten-minute turnaround (between arrival at the gate and departure). This has subsequently increased demand for short flight routes. Strong financials. Southwest has the strongest market capitalization and balance sheet of all rivals in the sector. A market capitalization of $14,022 million accounts for twice the market capitalization of the five largest rivals put together. In the current volatile market, it should allow southwest to overcome short-term downturns in demand more Successfully than the other main carriers. The continued ability of Southwest to produce positive results highlights it among rivals. 2003 saw quarter-over-quarter increases in income, representing 51 consecutive quarterly profit rises. Revenues for the full year 2003, which were $5,937 million, increased 7. 5% against 2002 revenues. Southwest does not fly into major hub airports in most cities, this leads to lower gate costs, less congestion, and quicker turnaround times. Southwest has been marketed as the low price leader, and their planes have been painted in funky colors. Southwest views its major competition as the automobile and not other airlines. Southwest airlines operate a single type of plane B737 in an all coach configuration. They do not offer meals, and do no transfer bags to other airlines leading to lower operating costs. The airline has won the Triple Crown and is setting the industry standard in customer service. Southwest has come under intense competition from United. They are not a full service airline and do not offer the amenities and services for international travelers. They also do not have a higher cost first class option on their planes. Marketing. Southwest is a low-cost carrier. They provide themselves on cost efficiencies, which enable them to offer good service at lower prices to the customer than their competitors. Their marketing strategy was to convey the message that what Southwest had to offer was of value. Southwest markets itself as the only major short-hop, low-fare, and point-to-point carrier in the U. S. airline industry. Their marketing style is known for being unconventional, unique, unpredictable, and attention-getting in order to create and reinforce the Company’s maverick and fun-loving, combative image. They continually look for ways to make their distinctive image come alive and strike a spark in the minds of the consumer. Finance. In the year 2000, Southwest reported its 28th consecutive year of profitability as well as its ninth consecutive year of increased profits. In many years, Southwest was reporting profits while many other airline companies were reporting losses. Southwest is able to maintain and increase their profit margin by keeping costs low, being highly efficient, and creatively cutting costs. One of Southwest’s most important strategies is keeping its costs low and moving customers in above-average times. In an effort to move customers along quickly, Southwest tries to avoid congested airports. Southwest also encourages passengers to make reservations and ticket purchases through their website. By serving smaller airports near major metropolitan areas and in medium-sized cities, Southwest is able to produce better-than-average on-time performance, as well as reducing fuel costs of idle planes waiting for clearance to land. Serving smaller airports also lowers landing fees and terminal gate costs. Southwest’s operative principal is â€Å"employees come first and customers come second. † Southwest employees are â€Å"hired for attitude and trained for skill. † The Company’s strategy is that it can train people to do the tasks and hold the skills that are required, but a person’s attitude is not something that can be changed. The hiring process involves an interviewing approach called â€Å"Target Selection,† which aims at matching people’s traits (or target dimensions) for performing a specific job successfully. New hires are trained at Southwest University for People. Managers trained in this program take leadership courses that emphasize a management style based on coaching and encouraging rather than supervising or enforcing rules. The Company has the lowest turnover rate in the industry, which may be partly due to the fact that 80% to 90% of supervisory positions are filled internally. However just like any organization, despite the fact that they have strengths, south west also has weaknesses which include: Little room for strategic development. The main weakness of the Company results from operating in a highly competitive market, one that is increasingly susceptible to a volatile political environment. The airline industry is highly competitive as to fares, frequent flier benefits, routes, and service. Some carriers competing with Southwest have larger fleets and a more established brand name. Many carry passengers from the major hubs in the U. S. , holding long-standing relationships with key airports. To enter these markets, the corporate strategy of Southwest will have to be adjusted. No established alliances. Certain major U. S. irlines have established marketing alliances with each other, including Northwest Airlines/Continental Airlines, American Airlines/Alaska Airlines and Continental Airlines/America West Airlines. In 2001, AMR Corp. , parent of American Airlines, completed its acquisition of the assets of Trans World Airlines. This puts enormous strain on the Company to maintain its position in the industry while running a smaller fleet. Fully valued share price. Despite Southwest holding the strongest financial position in the airline industry, the stock of the Company is considered fully valued, particularly in the short term. This will disconcert the investor searching for quick gains resulting in the potential loss of capital to its competitors. The strong financial position will apply pressure to the strategic direction of the Company, forcing the directors of Southwest to consciously pursue the same level of growth if they are to maintain investor confidence. South west airlines have got the following opportunities; Southwest’s greatest opportunity is directly related to its greatest strength: to continue to develop its low-cost position in the airline industry. Southwest must maintain an emphasis on low-cost flying, and brand association that has served it well so far. After September 11, customer numbers dwindled due to consumer fears over flying. One way the Company hopes to regain the trust of the public is through lower airfare. In 2002, no fare was more than $399. However, in August 2002, the company reduced fares even further, lowering last-minute fares while maintaining the full schedule of frequent flights in order to further stimulate travel. As of 2003 Southwest was offering fares as low as $39. The company must keep prices as low as possible in order to stimulate demands, and look to edistribute expenses through other areas. Continual streamlining and automation is necessary in order to both aid in cost-cutting and maintain the competitive advantage on which the company brand is based. Southwest has expanded ticket counters and security checkpoints and has increased its airport workforce. The boarding process has been streamlined through replacing the traditional plastic boarding card system with an automated one, and the carrier is in the process of rolling out new self check-in technology. This should result in a reduction of boarding times, and contrast sharply with those carriers that still have extensive queuing. Expand geographically. The market share Southwest holds has grown substantially, particularly since 9/11. Fifty percent of the core market is under control of Southwest and this is expanding. With the increase in the number of cities and networks to which it is linked, southwest could begin to target large city markets and with such a strong brand name, both marketing and PR costs will reduce. Furthermore, the timing appears perfect, if it wishes to capitalize on the pressure currently endured by many of the established carriers. Southwest could strengthen its position through an alliance. Many competitors have reduced share price due to poor financials. Southwest could exploit this through a merger or a favorable acquisition. This could provide an easier route into the major hubs and remove many of the challenges associated with entering new markets. A major threat comes from the unstable airline industry as the result of the 9/11 attacks. Immediately after the terrorist attacks, and in the face of falling demand for air service, most major carriers announced significant service reduction, grounded aircraft, and reduced employee levels. These events negatively impacted industry profits. Despite the absence of subsequent attacks, the political environment remains unstable, throwing into question the airlines’ ability to make long-range strategic plans. Following 9/11, Southwest was able to offset losses through lower jet fuel prices and internal cost reduction initiatives. However, there can be no assurance that Southwest will be able to continue to offset future cost increases resulting from the changing commercial airline environment. Another threat derives from the Company being subject to varying degrees of competition from surface transportation in its short-haul markets, particularly the private automobile. The short-haul air services that compete with surface transportation regard price as a competitive factor for customers. Similarly, frequency and convenience of scheduling, facilities, transportation safety and security procedures, and customer service may be of equal or greater importance to many passengers. These can limit the number of customers who choose southwest. However, southwest airlines need to put up the following strategies; it needs to launch a new promotional campaign. They need to remind customers in the California market that they are the winner of the Triple Crown, and that low cost means high service and customer satisfaction when it comes to Southwest. With lower turnaround times, and fewer delayed flights southwest has great unique selling points. They just need to remind the public about how great an Airline they are. This can be done with more TV ads, and more sponsorship of major sporting events. Southwest also needs to continue to be southwest. They have a winning business model, and have made money every year of their existence. They cannot abandon what their core competencies are. They need to keep prices where they are, or even lower prices, and they advertise that fact to the public. Southwest airlines have been able to successfully implement its fuel hedging strategy to save on fuel expenses in a big way and have the largest hedging position among other carriers. In the second quarter of 2005, Southwest’s unit costs fell by 3. 5% despite a 25% increase in jet fuel costs. During Fiscal year 2003, southwest had much lower fuel expense (0. 12 per ASM) compared to the other airlines with the exception of JetBlue as illustrated in exhibit 1 below. In 2005, 85 per cent of the airline’s fuel needs has been hedged at $26 per barrel. World oil prices in August 2005 reached $68 per barrel. In the second quarter of 2005 alone, Southwest achieved fuel savings of $196 million. The state of the industry also suggests t hat airlines that are hedged have a competitive advantage over the non-hedging airlines. Southwest announced in 2003 that it would add performance-enhancing Blended Winglets to its current and future fleet of Boeing 737-700’s. The visually distinctive Winglets will improve performance by extending the airplane’s range, saving fuel, lowering engine maintenance costs, and reducing takeoff noise. In an overall effort to improve customer’s in-flight experience, in-flight entertainment is something that Southwest is currently evaluating and which JetBlue has been very successful at already because of its introduction in its long-haul flights. In comparison, Southwest has 415 airplanes to consider and that represents an investment decision at a whole new dimension. Additionally, Southwest has to consider how things may fit into their environment. At this point, 60% of its service is still very short haul. Southwest needs to be mindful of the fact that a certain approach that has been successful for its competitor may not be necessarily work to its advantage. In summary, Southwest has long been regarded as a benchmark in its industry for operational excellence. Southwest Airlines is a fine example of a company that is committed to its core competencies – efficient operations to drive its low cost structure, outstanding delivery of customer service and innovative HR management practices. We hope this paper provided a good insight into Southwest operations, as part of its overall strategy, to achieve success and gain competitive advantage. References www. southwest. com] (Southwest airlines official web site www. mba-tutorials/marketing/southwesternairlines. html www. answers. com/topic/southwesternairlines. html Allen, Margaret. â€Å"Ground Controller. † Dallas Business Journal. August 3, 2001 Southwest Airlines: High Tech, Low Costs† – Eweek. com, April 2005 How to cite Southwestern Airlines, Papers