Please feel free to add appropriate title, I couldn't think of Assignment

The Use of Social Media and the Internet to Provide Transparency in Services - Assignment Example Thus, firms are required to maintain transparency in providing information through online portals like social media. Facebook, Twitter, and other social sites are gaining popularity among global stakeholders. Such portals are used in accessing company data, financial figures and communicating with the management (Weinberg, 2009). Contemporary businesses are facing various challenges like the financial crisis and changing customer demands. Major firms are raising funds from equity market of different countries so firms are required to select the social media channels in terms of sharing their key information (DeJong, 2014). Stakeholders are seeking for virtual access financial and administrative content before investing in any organization. Information needs are increasing in the service sectors. In such segment, customers are requiring information on various factors like service features, value-added features, and pricing of service seasons. Such information will be helping customers in making the purchase decisions (Gordon & Armstrong, 2011). From the above graph, it has been observed that the peoples of 18-24 years age are using the social media majorly. However, peoples from all age groups are using social media. They are seeking for information on the service quality or price range. In the financial service segment, peoples are concerned about the risk of investment. Financial crisis reduced the potential for return and customers are seeking for actual and unbiased reviews on various investment funds. In case of hospitality and restaurant service customers are seeking for information regarding the physical evidence, service quality and charges (Gunawong, 2014). Social media is the best source of obtaining non-manipulated information regarding customer experience. Before the social media era peoples were able to access only company websites or empirical journal articles (Purdy, 2011). However, online or internet is having certain risk involved like the hacking.

Economics in an International Context Assignment

Economics in an International Context - Assignment Example According to Paul (2012), communism refers to the political and economical development model which was proposed by Karl Marx and later on supported by Lenin. The concept of the communism refers to the final part of the human historical development, where people are in charge of both the political as well as the economical system. In his book he also mentioned that according to Marxist theory, government can be defined as an instrument of class operation. Communism promises to provide each individual their needs despite of whatever class they belong to. According to Paul, command economy can also be referred as a planned economy. It can be defined as a specific economic system where the government has the power to control most or all the associated factors related to production. It generally exists when government decides to use the central planning system to allocate resources and funds as well as determine the volume of output across the segments. (Paul, 2012, p. 15). 2. Advantage o f Planned/ Command Economy: There are various advantages associated with command economy. In command economies, the central government control what and how much of most products will be produced. By controlling as well as deciding the prices and wages the central government also able to control and monitor how much of the production is allotted to each household. According to Katkoff (1961) The central government controls production and income in command economies. Due to this feature of command economies, the price could not be resolved based on how much would be the production and how much people’s demand is, In command economies, the price of the product is to always remain stable. In most planned economies, prices are determined by the policy makers. Hence, one major advantage of implementing the planned economy is that it is helpful to eliminate the chances of inflation and price fluctuations which are the two main challenges to the capitalist free market economies. Anot her important advantage associated with planned economy is the planned use of manpower, as well as the highest rate of social development (katkoff, 1961, pp.371-372). 3. Disadvantages of Planned/ Command Economy: According to Glisenberg (2001), a planned economy is with the character of satisfaction must. But, along with this advantage it also weakens the incentive as well as inspiration for the labor Because there is a rational system of condition for wants. Asa result it is almost impossible to allow a worker’s dependents to experience the full consequences of his or her lack of efficiency in production systems. The most recent example of this lack of employee motivation and responsibility situation was observed in China but later on in 1980 the great economic reform in the country helped them to overcome the situation. During the command economy phase , allocation of goods was depending on the labor hours and individuals were not responsible for the penalty of their works. As a result , the labor efficiency was much lower in China. According to his review, another key disadvantage associated with this type of economies was there were very less chances of technological innovations because they were not motivated to do so as there would be no obvious rewards for such good performance. The lack of competition also means that there are less efficient and innovative. As the main intention is non-profit so the mindset of improving as an aim as well as an employee also reduced drastically. Sometimes there are