The Contributions of Adam Smith and John M Keynes to the Study of Economics :: Adam Smith, John M Keynes

Adam Smith was the founder of economics, as we know it today. His thoughts have shaped modern ideas about the market economy and the role of the state in relation to it. Smith laid the intellectual framework that explained the free market (which still holds true today) and laissez-faire. Both are connected with the underlying theme of economic growth. Smith's analysis is not confined to showing the interrelation between the different elements of a continually maintained system. It also explains how the system can generate the continual accumulation of wealth. And since, according to Smith, this process is most successful when left to the play of natural forces, his analysis leads him to urge governments to let well alone. Laissez-faire government believes commerce and trade should be permitted to operate free of controls of any kind; there should be no tariffs or other barriers. The direct translation from the French language is â€Å"leave alone to do†, which is self-explanatory. He is most often recognized for the expression "the invisible hand," which he used to demonstrate how self-interest guides the most efficient use of resources in a nation's economy, with public welfare coming as a by-product. It simply encourages businesses to provide what consumers want and at the same time it discourages government involvement. He believed that the only responsibilities of the government should be to define property rights, set up honest courts, impose minor taxes and subsides to compensate for well defined and narrowly specified â€Å"market failures†. To underscore his laissez-faire convictions, Smith argued that state and personal efforts, to promote social good are ineffectual compared to unbridled market forces. Adam Smith explained that a monopoly charges any price that it chooses, robs consumers and makes countries less efficient and poorer. Competition, he said, means that businesses try to charge the lowest price possible, so consumers get maximum value for money. If they can buy more, they support more jobs in the economy and the country grows richer. Without the police stopping competition, he said, monopolies cannot survive for long. Around the world today, government monopolies and other bad practices are under major assault from Adam Smith's ideas. Adam Smith believed that strong government was a great necessity, particularly to create and enforce laws and to ensure justice. He believed in a democratic partnership between government and the people, but knew that each should do what it does best - businessmen should not control the justice system, nor should government try to run businesses.

Introduction to Marketing Research

Introduction to Marketing Research As to its definition, Marketing Research is the process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors you face. It serves marketing management by providing information which is relevant to decision making. The manager or other individual initiating the research must provide guidance to the researcher in the form of a research brief. This document should state the purpose of the research, its objectives, the time by which it must be completed, the budget to which the researcher must work in developing the research design and the timing and frequency of any interim reports which the researcher is expected to make. The Marketing research Process. Marketing research is gathered using a systematic approach. An example of one follows: 1. Define the problem. Never conduct research for things that you would ‘like' to know. Make sure that you really ‘need' to know something. The problem then becomes the focus of the research. The objective of the research should be defined clearly. To ensure that the true decision problem is addressed, it is useful for the researcher to outline possible scenarios of the research results and then for the decision maker to formulate plans of action under each scenario. The use of such scenarios can ensure that the purpose of the research is agreed upon before it commences. For example, why are sales falling in New Zealand? 2. How will you collect the data that you will analyze to solve your problem? Do we conduct a telephone survey, or do we arrange a focus group? Marketing research can classified in one of three categories: †¢Exploratory research †¢Descriptive research †¢Causal research These classifications are made according to the objective of the research. In some cases the research will fall into one of these categories, but in other cases different phases of the same research project will fall into different categories. †¢Exploratory research has the goal of formulating problems more precisely, clarifying concepts, gathering explanations, gaining insight, eliminating impractical ideas, and forming hypotheses. Exploratory research can be performed using a literature search, surveying certain people about their experiences, focus groups, and case studies. When surveying people, exploratory research studies would not try to acquire a representative sample, but rather, seek to interview those who are knowledgeable and who might be able to provide insight concerning the relationship among variables. Case studies can include contrasting situations or benchmarking against an organization known for its excellence. Exploratory research may develop hypotheses, but it does not seek to test them. Exploratory research is characterized by its flexibility. †¢Descriptive research is more rigid than exploratory research and seeks to describe users of a product, determine the proportion of the population that uses a product, or predict future demand for a product. As opposed to exploratory research, descriptive research should define questions, people surveyed, and the method of analysis prior to beginning data collection. In other words, the who, what, where, when, why, and how aspects of the research should be defined. Such preparation allows one the opportunity to make any required changes before the costly process of data collection has begun. There are two basic types of descriptive research: longitudinal studies and cross-sectional studies. Longitudinal studies are time series analyses that make repeated measurements of the same individuals, thus allowing one to monitor behavior such as brand-switching. However, longitudinal studies are not necessarily representative since many people may refuse to participate because of the commitment required. Cross-sectional studies sample the population to make measurements at a specific point in time. A special type of cross-sectional analysis is a cohort analysis, which tracks an aggregate of individuals who experience the same event within the same time interval over time. Cohort analyses are useful for long-term forecasting of product demand. †¢Causal research seeks to find cause and effect relationships between variables. It accomplishes this goal through laboratory and field experiments. 3. Select a sampling method. Do we us a random sample, stratified sample, or cluster sample? The sampling frame is the pool from which the interviewees are chosen. The telephone book often is used as a sampling frame, but have some shortcomings. Telephone books exclude those households that do not have telephones and those households with unlisted numbers. Since a certain percentage of the numbers listed in a phone book are out of service, there are many people who have just moved who are not sampled. Such sampling biases can be overcome by using random digit dialing. Mall intercepts represent another sampling frame, though there are many people who do not shop at malls and those who shop more often will be over-represented unless their answers are weighted in inverse proportion to their frequency of mall shopping. In designing the research study, one should consider the potential errors. Two sources of errors are random sampling error and non-sampling error. Sampling errors are those due to the fact that there is a non-zero confidence interval of the results because of the sample size being less than the population being studied. Non-sampling errors are those caused by faulty coding, untruthful responses, respondent fatigue, etc. There is a tradeoff between sample size and cost. The larger the sample size, the smaller the sampling error but the higher the cost. After a certain point the smaller sampling error cannot be justified by the additional cost. While a larger sample size may reduce sampling error, it actually may increase the total error. There are two reasons for this effect. First, a larger sample size may reduce the ability to follow up on non-responses. Second, even if there is a sufficient number of interviewers for follow-ups, a larger number of interviewers may result in a less uniform interview process. 4. How will we analyze any data collected? What software will we use? What degree of accuracy is required? Before analysis can be performed, raw data must be transformed into the right format. First, it must be edited so that errors can be corrected or omitted. The data must then be coded; this procedure converts the edited raw data into numbers or symbols. A codebook is created to document how the data was coded. Finally, the data is tabulated to count the number of samples falling into various categories. 5. Decide upon a budget and a timeframe. 6. Go back and speak to the managers or clients requesting the research. Make sure that you agree on the problem! If you gain approval, then move on to step seven. 7. Go ahead and collect the data. 8. Conduct the analysis of the data. 9. Check for errors. It is not uncommon to find errors in sampling, data collection method, or analytic mistakes. 10. Write your final report. This will contain charts, tables, and diagrams that will communicate the results of the research, and hopefully lead to a solution to your problem. Watch out for errors in interpretation. Sources of Data – Primary and Secondary There are two main sources of data – primary and secondary. Primary research is conducted from scratch. It is original and collected to solve the problem in hand. -Secondary research, also known as desk research, already exists since it has been collected for other purposes. Marketing research by itself does not arrive at marketing decisions, nor does it guarantee that the organization will be successful in marketing its products. However, when conducted in a systematic, analytical, and objective manner, marketing research can reduce the uncertainty in the decision-making process and increase the probability and magnitude of success.

Love Is A Beautiful Thing - 2016 Words

Ohemaa Asantewaa Ofori-Addae ENG 112 Love is a beautiful thing and whilst others are waiting to be in love, to be loved and to have a feeling of that special desire or passion that is not the case for Laura Kipnis. Laura Kipnis in her story, â€Å"Against Love†, proves to us that love has being overrated and the deception in marriage. The life lesson I learned is that not all that glitters is gold. It shows that there are so many things that happens behind closed doors in marriage but just that we see the beautiful and nice ones every day. In Laura Kipnis’s story she talks about love, marriage and infidelity in her story. She elaborates and explains love in her own point of view and what goes on in certain marriages. She does not talk about the good love or the beautiful marriage that exist but tells the truth. Kipnis acknowledges the fact that there are indeed some good marriages out there, but her main point is marriage has taken nice people and turned them in dictators and household tyrants. Thu s, Kipnis tries to say love is controlling and that passion and devotion cannot last forever (unlike the hope of marriage). First of all, there are some excerpt in Laura Kipnis story, â€Å"Against Love,† which depicts the life lesson being taught. Example of the life lesson in â€Å"Against Love† is, â€Å"Saying no to love isn t simply heresy; it is tragedy -- the failure to achieve what is most essentially human. So deeply internalized is our obedience to this most capricious despot that artistsShow MoreRelatedLove Is A Beautiful Thing1448 Words   |  6 PagesLove is a beautiful thing. It makes people happy. It can change you, and show you things that you never knew about yourself. It lifts you up, knowing there is always someone who will stand by your side through anything. It brings people together, and makes the world a better place. Some people may disagree; they might think love is just a fantasy. Either way, it is a fantasy that everyone deserves to dream o f and experience in all its glory, whether straight, lesbian, gay, bisexual, or transgenderRead MoreSocrates and Love Essay912 Words   |  4 PagesIn the Symposium, written by Plato, Socrates and others engage in a dialogue in the home of Agathon on love. Instead of singing the honours (94) of love like the other participants, Socrates uses a retelling of a discussion that he had with a woman named Diotima to tell the audience of what he perceives to be the truth of love. He first speaks to Agathon in order to be on the same wavelength with him. Socrates asks Agathon a series of questions - which leads to Agathon being thoroughlyRead MoreSocrates View Of Love Essays1049 Words   |  5 Pages A Different View of Love We have heard definitions of love through our lives that have been passed on for decades. Some of us have felt love, and some of us have been in love. But no one ever seems to question what love is, as if it is something that just plainly is. People tend to just go with it, and think that what they are feeling is really complete and substantial love. In Plato’s The Symposium, the reader is confronted with some very different views of love as brought to us by Agathon,Read MoreLove Is The Beautiful And Sublime Love977 Words   |  4 Pagescourse of the semester, I was able to draw up my own concept of love. My concept of love includes that there are two different types of love and this idea is taken from Kant’s idea of love being beautiful and sublime and the fair sex and noble sex. The other author that presents two different types of love is Augustine, he presents the bodily and spiritual love and with these two concepts of love I was able to develop my own concept of love, that there are two different types one internal and one externalRead MoreSocrates Speech On Love1439 Words   |  6 Pagesclearly a central figure, admired by the other guests. Socrates begins by presenting his argument that if love is nothing, then it is of something, and if it is of something, then it is of something that is desired, and therefore of something that is not already possessed, which is then usually beautiful and good. Human beings begin by loving physical beauty in another person, then progress to love of intellect and from that level to see the connection among people and ultimately, the lover of beautyRead MoreThe 21st Century : The Era Of Perfection901 Words   |  4 Pagesâ€Å"Learning to love yourself will be the hardest thing you’ll ever do in life†. The 21st century, the era of perfection. The era where you are told how to look or else you are not considered beautiful to the world. The era where people like myself go through extremes to be beautiful even just feel beautiful. The extremes that I took were, looking for â€Å"love† anywhere with anyone, not caring about my health, and putting my academic career in danger, all of that just to be and feel beautiful. Every storyRead MoreLove and Beauty1208 Words   |  5 PagesLove is neither wise nor beautiful, but the desire or pursuit of wisdom and beauty. Love is expressed via propagation and reproduction, as in the exchange and development of ideas. Socrates in the Symposium best expresses this belief. Socrates view of Love and Beauty was that one is the pursuit of the other, and that other is the greatest of all knowledge. Love is a driving force, a compulsion forward to a goal. Much as a moth is drawn to light, for its heat, people are lured to Beauty by LoveRead More Islam Essay1036 Words   |  5 Pagesand Love Love is an important aspect of Islam. In the Sufi Path of Love, written by Rumi, Love is the central theme. Rumi speaks alot about love and its branches and ramifications. According to Rumi, Love ddominateds most of the Sufi way of life. In a translation of Sufi Path of Love written by William C. Chittuck, Sufi says: quot;No matter what I say to explain and elucidate Love, sh ame overcomes me when I come to Love itself. Love cannot be contained within our speaking or listening/ Love isRead MoreEssay on The Love Goddess: Freya Aphrodite1283 Words   |  6 PagesA love goddess is a deity associated with sexuality, love, fertility, beauty, and in some occasion’s death. These goddess are common in mythology and may be found in many polytheistic religions. Although there are vast differences among these goddess’, since they have to serve each particular culture’s needs, there are also many similarities that can be drawn to them. There are two love goddess’ that are believed to have many similarities, they are the Greek goddess Aphrodite and the Norse goddessRead MoreThe Samurais Garden and The Fault in Our Stars Essay1051 Words   |  5 Pagesthan others, but have such a beautiful personality that it really does not matter what they look like. It goes the same for if people are beautiful on the outside then they definitely won’t be beautiful on the inside. Then, th ere are some people that are just all around beautiful no matter what. Those are the kind of people that would be there for anyone who would need help. Beauty is as well as not only about looks, but as well personality. People with the most beautiful personalities are the ones

What Is a Thiol Group

Definition: A thiol group is a fuctional group containing a sulfur atom bonded to a hydrogen atom. General formula: -SH Also Known As: sulfanyl group, mercapto group Examples: The amino acid cysteine contains a thiol group.

Human Resource Management - 4255 Words

Human Resource Management is an essential part for any organization. Moreover, development of this department is the first step, the ground on which the future of the company depends. It is essential for every single business unit and especially for such international company as Coca Cola. It is people, not technology who create the company. Human Resource Management at Coca Cola Company has many advantages as well as disadvantage. It is the global company and it is impossible to create certain policies or procedures applicable in all divisions of the company, cultural and political differences need to be taken into account. Human Resource Management- is used to describe the function that is concerned with people-the employees. Human†¦show more content†¦The human resource manager, as well as any manager, is expected to play a crucial role in improving the skills of employees and the firm’s profitability. In essence, HRM is now viewed as a â€Å"profit center† and not simply a â€Å"cost center†. The strategic importance of HRM means that a number of key concepts must be applied. †¢ Analyzing and solving problems from a profit-oriented, not just a service-oriented, point of view. †¢ Assessing and interpreting costs or benefits of such HRM issues as productivity, salaries and benefits, recruitment, training, absenteeism, overseas relocation, layoffs, meetings and attitude surveys. †¢ Using planning models that include realistic, challenging, specific, and meaningful goals. †¢ Preparing repots on HRM solutions to problems encountered by the firm. †¢ Training the human resources staff and emphasizing the strategic importance of HRM and the importance of contributing to the firm’s profits. The increased strategic importance of HRM means that human resource specialists must show that they contribute to the goals and mission of the firm. The actins, language, and performance of the HRM function must be measured, precisely communicated and evaluated. Recruitment is the process of identifying that the organization needs to employ someone up to the point at which application forms for the post have arrived at the organization. Selection then consists of the processes involved in choosing from applicants a suitable candidate toShow MoreRelatedHuman Resources Management : Human Resource Management1140 Words   |  5 Pagesa business efficiently? Human Resource Management (HRM). Human Resources is the solid foundation that practically oversees the entire organization, whether its managing employees to surveilling the progress of every single department. There are six principle functions that Human Resource take into account: employee relations, recruitment, compliance, compensation and benefits, training and development, and safety (policies/regulations). Over time Human Resource Management has taken a new role intoRead MoreHuman Resources Management And Human Resource Management2123 Words   |  9 PagesIntroduction The study of human resource management becomes a major topic of the science of management at the beginning of 20th century and keeps attracting researchers’ attention (Merkle, 1980). The new models of human resource management derive from the advance of management theories and the accumulation of practices and experiences. With the development of global economy, the economic situation of each country deeply affects the world and becomes closely connected. In addition, the needs of customersRead MoreHuman Resources Management : Human Resource Management1138 Words   |  5 PagesHuman Resources Management Hilti continues to grasp on success and expand globally, but their path weren’t always well defined. The company began in 1941 and historically they’ve kept to traditional strategies when it came to recognizing human resource requirements. In the early 2000’s, the company established a new set initiatives, aimed at doubling revenue and operating profits. Hilti also recognized that this type of growth would require invigorating ideas to employ human resourcing requirementsRead MoreHuman Resource Management And Human Resources Management941 Words   |  4 PagesHuman Resources Management is one of the most important aspects of any organization, whether it be non-profit, not for profit, or profit. Human Resources Management is what makes it possible for a manager to be able to focus on their work and tasks at hand and not have to deal with lots of unneeded interpersonal activities. They are in charge of correctly evaluating the candidates that the managers will have to work with for the duration of the candidate’s stay. They are responsible for makingRead MoreHuman Resources Management : Human Resource Management835 Words   |  4 PagesHuman Resource Management â€Å"They humanize the brand and help workforce communities thrive† (Who). A human resource management position may be the job for you. Every business and enterprise has a human resource manager, including Starbucks, Disney and even Apple. This job includes planning and coordination, organization, consulting employees and to oversee the work and employees. All the schooling and stress that comes along with this occupation pays off in the end with an enjoyable job. HumanRead MoreHuman Resources Management : Human Resource Management1398 Words   |  6 Pages Human Resource Management Overview Tanya Phillips Dr. Andrea Scott, PhD HSA 320, Strayer University October 31, 2016 Human Resources Management Overview Human resources (HR) is the different kinds of clinical and nonclinical responsibilities for public and individual health involvement. The benefits and performance the system can deliver depends upon the knowledge, skills and motivation of those responsible for providing health services. Human resource managers don’t directlyRead MoreHuman Resources Management : Human Resource Management2534 Words   |  11 PagesIn most cases managers look at human resource management as an expense to a company rather than a source of benefit to the company however, research has proved that human resource management practices can be of greater value. Valuable decisions such as whom to recruit, what package to offer, the training necessary for the new recruits and how to assess employee performance directly affects the employee motivation and as such do affect the ability of the employee to provide products which the consumersRead MoreHuman Resources Management : Human Resource Management95 8 Words   |  4 PagesHuman Resource Management Overview As we all know when it comes to every business and organization that is out there, they all need help from Human Resources to continue to help the company grow. What is human resource management? Well Human Resource Management is the overall process that deals with how Human Resources manages their employees as well as different issues that can come across within the organization. Human Resource Management are in charge of different tasks including recruiting asRead MoreHuman Resources Management : Human Resource Management820 Words   |  4 PagesHuman Resources Management Proper Planning is one of the most important aspects of human resource management. Without proper execution of plans, the particular needs of an organization that are the responsibility of human resources will not be reached, and therefore, will fall short of what is necessary for meeting the goals of an organization (DeCenzo, Robbins Verhulst 2013).There are many facets a human resource manager must be familiar with in order to run an organization. The functions of humanRead MoreHuman Resource Management : Human Resources Management1264 Words   |  6 Pagesand research with my family, I decided to go into human resource management, specifically in a hospital. Many people questioned and often said â€Å"Why human resource management?† My answer, I chose human resource managers because I believe they are a vital part of a hospitals success. They make the plans, they direct the staff and they coordinate how people work together and where they need to be. Throughout this paper , I will describe human resource managers- what they do, what are the requirements

My Leadership SMART Goal

Question: Discus about the effective leadership that is engaged in both personal leadership behaviors and professional leadership behaviors. Answer: Introduction: Effective leadership is an attribute that is engaged in both personal leadership behaviors and professional leadership behaviors. All nurses develop recognition of the need of the patient for liberal and right for privacy, and they assess the patient's level of readiness to get an understanding of their relationship. In this context, the "delivering patient-centered care" of IOM will be discussed in order to understand the development of professional leadership regarding "SMART-formatted goal (Kerry Mullan, 2014). SMART Goal Format: Specific Those registered nurses who are involved in the critical care departments, the patients and the family members of the patients. The goal of such a nurse should be to bring out the dying patient out of danger and offer a comfort level. The goal can apply immediately after the patient is admitted to the hospital. Measurable - The role of such a nurse is to follow up directly with the doctors and work in collaboration with the nursing team and the pharmaceutical department. This can be brought about by the significant education tools and act as an effective caregiver. Attainable - The goals can be attained by collaborating with the other nurses and especially with the doctors using various educational tools and assessing different types concerns related to the caregiver. Realistic Yes, the goal selected is realistic and also obtainable. Saving and providing comfort in the life of the critical patient is a challenging but a significant job in the life of such a nurse. Dedication, collaboration, and care could help to achieve success. Time bound The time required to develop the leadership in this field will require at least a year. In order to be competent in this field one year duration is must to be acquainted with the task of the critical care (Alexandrou Swaffield, 2014). Literature review: In one of the literature review reveals that Leadership and followership competencies are a serious capability for nurses. According to Huber (2013), Nursing turnover continues to impose major challenges at every level of health care. Another study states that Longitudinal research is required to generate new proof of the relations between nurse turnover and linked costs, and the affect on the health care team and patients. In one of the literature review, it was explained that "structural empowerment and social capital are valuable resources for staff nurses that promote work effectiveness and high-quality patient care. The review of a recent study provides an insight into the fact that "transformational nursing leadership brings about managerial change and provides vision, financial and human resources and time that authorize nurses to comprise evidence in practice (Hamric et al., 2013). Plan of action: "A change management or action plan should show all the planned change activities against the project milestones." The first step of the action plan is to identify the goal. In this case, the goal is providing patient-centered care. This involves making a list of all the tasks required in order to deliver each objective, and if, necessary, all the actions required for each task. The second plan of action will be to identify the resources and people involved in the plan of action. Such as the doctors, other nurses, pharmaceuticals all will act in collaboration by identifying the specific role of each other. Thirdly, the time must be taken into consideration. It is important to identify the key objective and time required in completing the patient recovery process. Fourthly, the process needs to be measured regularly. The action plan should be reviewed by the leadership quality and group performing together on a normal basis to make sure the patient is properly cared or recovering. It will also permit new risks to be recognized and handled. Lastly, risk problems need to be recognized. The action plans normally after identification involves administration of medication consulting the doctors, receiving pre-operative and home instructions and monitoring of the condition, recording of the fluctuations in results, watching for complications, discharging the patient, etc. (Symonds Tapps, 2016). Conclusion: On the basis of the patient-centered care, the nurse needs to work according to the plan of action based on the SMART-format goal. The conclusion that can be drawn based on this context is that the ongoing effort provided by the caregiver should be effective and in collaboration with other health care professionals will lead to the development of an atmosphere that could be conductive to the patient to foster their growth. References: Alexandrou, A., Swaffield, S. (Eds.). (2014).Teacher leadership and professional development. New York, NY: Routledge. Hamric, A. B., Hanson, C. M., Tracy, M. F., O'Grady, E. T. (2013).Advanced practice nursing: An integrative approach. Elsevier Health Sciences. Huber, D. (2013).Leadership and nursing care management. Elsevier Health Sciences. Kerry, V. B., Mullan, F. (2014). Global Health Service Partnership: building health professional leadership.The Lancet,383(9929), 1688-1691. Symonds, M. L., Tapps, T. (2016). Goal-Prioritization for Teachers, Coaches, and Students: A Developmental Model.Strategies,29(3), 34-38.. Yoder-Wise, P. S. (2014).Leading and managing in nursing. Elsevier Health Sciences.

International Market Campaign for Global Marketing- myassignmenthelp

Question: Discuss about theInternational Market Campaign for Global Marketing. Answer: Introduction Global marketing is one of the subjects that have gotten a lot of concern from both the business scholars as well as researchers. Marketing managers serve crucial roles as far as international marketing is concerned as they have to do prior research on the market patterns and other variables. Marketing a product of a particular company to other countries in the international market must always be accompanied by research on variables that may affect the global marketing campaign of that product to the proposed country. As a result, therefore, marketing managers are charged with the duty to ensure that such information is collected and availed to the company so that informed decisions can be made. The purpose of this study is to give a report concerning the marketing of Australian Ugg Boots in China as the hired marketing manager of the company by its CEO. This report will discuss the variables that may affect the international marketing of the Australian Ugg Boots. These variables are economic, political, social, financial and technological. The report will give a brief overview and background of the product as well as the selected country and then discuss how these variables may affect the sale of this product in that given country. Background information on the product Ugg boots are both sex boots originating from Australia that is made up of sheepskins by the Australian Ugg Boots Pty Company. Initially, the retailers of these boots sourced them from different manufacturers and sold them to customers directly. However, after some time the suppliers began reducing selections as well as selling the products abroad something that negatively affected the sellers(Kumar, 2017). The move left the sellers with no choice other than accepting any quality because there was no variety to choose. However, these sellers felt that it was time to reclaim their quality and innovation in their industry and therefore decided to own theirs without looking back or quitting the business. This company selects components that are of the highest quality including quality threads, natural sheepskins as well as hard wearing soles. Background of China The peoples republic of China famously known as just China is located in East Asia and it covers 960, 0000 square kilometers. Its capital city is Beijing, and the largest city is Shanghai. It is the most populous country in the world with a population of 1.404 billion people(Joshi, 2016). China is associated with the origin of many elements related to the modern world such as the compass, gunpowder, credit banking, paper, and money. Currently, China is undergoing the second industrial revolution after the abandonment of the rigid communist rule. It now has the worlds fastest growing economy and has set a space exploration programme with the intentions of setting up a station in space by the year 2020. Factors that may affect the international marketing campaign of the product As mentioned earlier in this report, taking a product into the international market is usually challenging and affected by some variables. These variables that may affect the international marketing campaign of Australian Ugg Boots in China are discussed below: Economic and financial variables Economic factors affect the launch of any product to a new country in some ways. The ability of the citizens of China to buy the Australian Ugg Boots will depend on the economic status of China. Currently, the per capita income of a whole household in China is estimated to be 711.35 USD(Al-Dmour, 2015). This fact means that the financial stability of many of its citizens is low. Again, most of the people living in the rural areas are not economically stable. As a result, this fact might adversely affect the international marketing campaign of these boots in China. Therefore, people may opt to spend the littlies amount of income they get on basic needs. The class or social status of most of the population will also affect the sale of this product. However, since these boots are considered as footwear for any social class, this aspect would not have much impact on the success of the international marketing campaign. Another economic factor is payment method(Ahmed, 2014). Considering China, debit and credit cards, travelers' cheques, as well as other online payment options, are some of the payment methods used. This fact implies that the sale of this product will not be barred by lack of appropriate payment methods Political factors Political factors significantly affect international marketing. Some countries have strict trading policies and bureaucracies towards foreign investment, something that scares away foreign investors. China is one of the nations that values international trade(Jahanmir, 2017). On the same note, it has a free trade agreement with Australia and something that will positively affect the sale of this product in China(Awan, 2014). In cases where a government restricts free trade or has unfavorable trade policies like Thailand, it becomes difficult for foreign companies to sell their products there. In most cases, some countries come up with strict trading policies with the intention of protecting the domestic companies from unfair competition as well as guarding the countrys balance of payment. However, this has not been the case in China(Galan Ladero, 2015). Research shows that Chinas economy is rapidly growing even without trade restrictions. Absence trade restrictions will positively impact the idea of the sale of the Australian Ugg Boots in the country. Socio-cultural variables The social behavior and culture of a country affect international trade so much. Research has to be done to reveal whether the consumption of the product intended for sale in that country conforms to the culture and the patterns of life of the country in question(Dunning, 2016). Marketing managers who do not do prior research on the culture and social norms of the country targeted may fail the company when supplies start flowing into a country without purchases. The language problem is one of the critical factors affecting international trade. Depending on the dialect of different countries, different words mean different things(Vahlne, 2017). For instance, the first time coca cola was introduced into China it was translated as female horse stuffed with wax. This wrong interpretation will always bring a negative impact to the sale of the products in that given country(Elias, 2014). It has to be appreciated that the widely spoken language in China is Chinese and therefore any adverts concerning the products will do better if they are translated into that language so that all the people can completely understand the product. Country's taste and preference also dramatically affect international trade. For instance, some countries like India have a negative perception of the consumption of meat. However the people of China do not have superstitions or negative cultures concerning wearing of boots, two things should be considered. Firstly, most people in China love either open shoes or closed shoes that do not cover most of their leg(Ainin, 2015). That means that these specifications have to be met. Secondly, the people in China have considerably small feet as compared to people from other parts of the world. Therefore, the boots must be designed in a way that they suit the China market. Consumer habits also affect international trade. A marketing manager has to research whether decision making in the country is individual or peer-influence. That will dictate to whom the product will be directed. It will also suggest the importance of the use of opinion leaders to successfully introduce the product(Tadasse, 2015). Luckily, in China decision making is individual and thus people can make a personal decision on whether to buy the product or not based on their judgements. Technological factors Technological factors have a significant influence on international marketing. Advancement in modern technology and virtual connectivity has enabled companies to develop robust supply chains that have eased the distribution of products globally(Yule, 2016). New technologies have increased productivity and lowered the cost of production so that more products are produced at a reduced cost. It has also led to time-saving in manufacturing where the items generated per unit time increase. China is one of the countries that are experiencing industrial growth and advancement in modern technologies in production and distribution as well as supply chains and logistics. Having this information, Australian Ugg Pty has a reason to smile because of the assurance that the recent advancement in technology will positively affect the international marketing campaign of their product in China. Conclusion Many factors affect the international marketing campaign of a product to a new country. Wise is the marketing manager who conducts prior research to know how some of these factors may affect the whole process of launching the product. While a product may be having a significant public command in the host country, it should be appreciated that different countries have different cultures, tastes, preferences, and policies that differ to those of any other country. This fact justifies the importance of market analysis before joining the global market. References Ahmed, S. (2014). 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