In old days, the revitalization of economy and growth was considered to be conquering some new land and extracting some new resources in the area. But the in present days, the meanings of revitalization of economy have changed its meanings to the community growth within the land with defined boundaries. If the community growth is avoided in terms of correct economic planning then it will lead to depletion of resources or community problems which will need a long term sustainable planning to overcome these resource depletion and community problems. The revitalization need according to Cunningham (2005) is based on the three crises which are: Increasing population constraints, available infrastructure corrosion and contamination crises which is responsible for shift of mindset of the world to restorative development from the frontier development. The Clipper Bay is the area which has a population of 5000 has got the economic potential to achieve the growth from the three generation and it is because it has a good means of livelihood in fishing and a rich heritage that is still kept alive the natives of the Clipper Bay community. Decidedly a monetary arrangement of $50 Million should be used in conceivable progression organizes which have practicality and fine to lift the workforce offering opportunities to extending people. The approach of reestablishment can baffle and dumbfounding in the meantime eating up a colossal measure of time however goes with the advantages of more social cooperation, developed environment, incorporated relaxation decisions, extended group pride, quickened cost livelihoods, expanded tourism, extended adjacent organizations and culture legacy resistance.
Steps of Development Approach:
Dynamic and stable gatherings need to restore their economy through developing new notice ranges, turnpikes, paths and information wanders, trade strategy for increasing, propelling neighborhood associations and progression of culture to update life quality and travel economy to rapidly advancing world. (Barber, 2003)
The most ideal approach to manage revive the economy was to mastermind stepwise with commitment of adjacent gathering and other critical social affairs for appealing and supportable results. A productive masterminding has taking after fixings to be done and upheld:
It is assumed that the total cost of setting up new industry is $7 and the industry that already exists will not need first five steps but only would need last two steps for the economy revitalization while the new industry which is farming will need to complete all the seven steps for growth of the economy. If a labor is skilled in fishing then he can earn ten units in every one hour and a person who unskilled in farming after training can earn five units in an hour when it is analyzed with the CBA shows:
From the above table we can say that with the fishing industry the Clipper Bay local community can earn more than what they can earn through farming industry, which has been promoted and used during the tourism planning.
The Clipper Bay air is especially broadened as on one hand an ocean having obligation of marine ways of life, even as on other hand an extent of timberland to comfortable the untamed ways of life and standard resource. In this way the cognizant supportability tourism thought used to be gotten for the progression of the group which was previously an incorporated system (Leipzig Charter, 2007).
As demonstrated by utilizing Dave Stein (2005) for revival of the financial framework the four phases should be built up over the manufactured side, work, social legacy and the typical viewpoint defending of the staff.
Step 1: Manmade restoration: This recovery incorporates the system recovery (elective, change, and upgrading), new improvement, legacy recovery and vital convention headway. This remaking will fuse the improvement of late avenues, developments, relaxation houses and shoreline regions redesigning and team parks to draw in the vacationer and to display the dominating necessities to their stay in the Clipper Bay (Brown, 2004).
Step 2: modifying the Livelihood: The premise recovery will itself be the following step nearer to the occupation revamping of the Clipper Bay men and ladies workforce. The new structure will be an open entryway for adjacent sustenance and work of art merchants to build up their associations and win additional income, from the tourists what's more through made premise the Clipper Bay may be identified with better markets.
Step 3: Culture and heritage promotions: The social happy of the Clipper Bay individuals group in summer and the uniqueness of the nearby ladies weaving-close by particular religious and formed practices may be produced inside the accompanying step. For which wide showcasing of the bubbly and neighborhood specialty might be needed to attract extra voyager, assistants and buyers. (Bramwell and lane, 1993)
Step 4: Preservation of Natural resources: A modest tourism method is lacking without the protection of ordinary legacy and property. That is the basic and chief walk of the in control viable tourism. According to Tanja Mihalic (2013) the responsible tourism has three statute segments depicting in a model given:
The model is controlled by the Frey's thought (1992) which proposes as structure for skillful tourism system together with steps given: Pre-conventional considering that, consideration of natural process, making customary game plan and execution of the approach.
The fundamental planning for infrastructure involves the roads, electricity, hotels, dispensaries, watch towers and signaling building, parks and other supportive structures for tourism. The GIS or Geographic Information System supported by the STIP will be used for the infrastructure planning which involves three major steps in where the GIS approach is used in two steps. This model is discussed below:
The tourism practicality is nonviable without the change of superstructure. Gartner (1996). As demonstrated through Ivanovic (2008) the structure workplaces at tourism aim are known as superstructures, which have been made at shoreline feature of Clipper Bay to rouse the shoreline constitution. The key work environments of shoreline superstructure coordinated developing rooms, showers, keep rooms, Watch towers for security and take care of, dispensary and some new sustenance areas.
The general tourism show in light of cognizant viable procedure had the going with super portions:
Stakeholders are divided into following three groups:
In a sustainable tourism the supplier are the partner mannequin lies in the center workforce of partners which reliable with reference has the life and criticalness property in the tourism activities. On this arrangement the Clipper Bay adjacent gathering and close-by gathering had been providers contributing in reasonable execution of the arrangement. The providers outfit work, offerings and items through honest to goodness contracts or by method for regular provider modes. In Clipper Bay the providers fused:
The need of economic growth and revitalization depends on three crises or Cs given: Constraints of growing masses, corrosion of accessible premise and crisis of pollution which has exchange global attitude from edges headway to critical improvement. The Clipper Bay territory was having masses of 5000 from three periods has money related capacities for advancement in perspective of the occupation mean i.e. calculating and rich legacy which had been spared alive by means of local people of group. Definitely a money related arrangement of $50 Million must be used in reasonable advancement organizes which have reasonability and quality to raise the staff offering conceivable outcomes to growing masses. The top of the line approach to handle recharge the financial atmosphere used to be to arrange stepwise with relationship of neighborhood gathering and diverse relevant social events for alluring and reasonable results. A stunning organizing was finished with taking after fixings to be finished and upheld: skills industry, shared inventive and insightful, provincial organization, Partnership, Public commitment, group and game plan base masterminding. Calculating was at one time the abilities business for the revival of the monetary framework. The Clipper Bay environment was once staggeringly a considerable amount of as on one hand an ocean having obligation of marine ways of life, even as on various hand has an extent of woods to make certain the untamed ways of life and regular resource. Nearby these strains the careful practicality tourism thought was grasped for the progression of the group with the goal that you can be a coordinated technique. The fundamental structure organizing incorporated the lanes, lodgings, force, dispensaries, hailing and watch towers, parks, developing and other tourism strong structures. The prospect of Geographic information approach (GIS)- maintained reasonable tourism premise orchestrating process (STIP) used to be taken after for structure masterminding consolidated three statute ventures in which two phases make utilization of the GIS technique. Uncommon partner models in utilitarian tourism has been offered with the guide of examiners among which a standout amongst the most partner show parceled them into three unmistakable get-togethers of essential, focus and helper accomplices. Sellers in reasonable tourism relate show exists in the middle social event of accomplices which according to reference has the energy and significance outstanding inside the tourism wanders. In this affiliation the Clipper Bay close-by staff and neighborhood association are suppliers contributing in supportable usage of the affiliation. The suppliers give work, organizations and devices by method for master contracts or by method for regular provider modes. Correct monetary, socio-social and natural results incorporate the advancement of financial atmosphere, system, headway of social legacy, work openings, income innovation, change, and incalculable additional close by unpleasant impact of disease, staff unsettling affects, custom risk, opportunity to local legacy and untamed ways of life.
IntroductionDBS Bank is a public limited company which was set up in July 1968 by the Government of Singapore (DBS Bank, 2016). The multinational banking and financial services corporation is headquartered in Marine Bay, Singapore (DBS Bank, 2016). DBS, initially The Development Bank of Singapore, was started with the main aim of encouraging the growth and development of manufacturing and processing industries in the country (DBS Bank, 2016). The Bank was to provide loans and financial aid to the industries. Currently, the bank is the leading financial service group in Asia with the larger customer base being Singapore (over four million customers) (DBS Bank, 2016). It is greatly extending its presence to Southeast Asia, Greater China, and South Asia.
Company BackgroundClaiming to be born and bred in Asia, the company has grown to be the largest, safest, and, therefore, the best banking institution in the entire Singapore and Southeast Asia (DBS Bank, 2016). The institution has positioned itself, in the Asian banking industry, to capture the opportunity in the entire region. The company has over 280 branches in 18 markets spread in the entire continent (DBS Bank, 2016). The company’s amazing success is attributed to its leadership and the good relationship it has with its primary stakeholders (DBS Bank, 2016). The company’s management is committed to equitably protect the interest of all the stakeholders and the business itself. The company’s good management was recognized in 2014 Singapore Corporate Awards, where it won the Best Managed Board for companies’ award. The company also values its employees (DBS Bank, 2016).
Country BackgroundSingapore is considered to be the top two safest emerging markets, alongside Hong Kong, in Asia. As a result, more international investors are moving into the country. This is encouraging the development of banking industry (Espinasse, 2014). The country is offering a cost-competitive appropriate business environment. The country is characterized by an effective regulatory environment, highly skilled pool of financial professionals, and a good infrastructure (Espinasse, 2014). Singapore being surrounded by other good merging market with supplementary factors of production, such as cheap labor, gives it a strategic location. The role of the Singapore to finance local and regional growth to facilitate activities such as trade, infrastructure development, and corporate financing proves a great opportunity to the country’s banking industry (Espinasse, 2014) .
PESTEL AnalysisPESTEL analysis is a tool used by marketers and investors to analyze and monitor Macro-environmental factors affecting business operation. PESTEL is an acronym Political, Economic, Social, Technological, Environmental, and Legal (Choudhry, 2010). These summarize the entire external marketing environment. The following is the PESTEL analysis for DBS bank (Ruckemann, 2013).
Political factorsThe political stability in Singapore has created an environment of a quite low political risk (Menon, 2013). This kind of environment has encouraged more local and international investment in the country. Increase in business activities is encouraging the Development of Banking industry. DBS being one of the major players in the industry enjoys the development of the industry.
Singapore has highly growing merging market. Highly profitable larger business organizations are coming up (Menon, 2013). As a result, the government might increase the tax rates.
Economic factorsSingapore is experiencing increasing labor cost. This might affect the company by taking away the cost advantage. Singapore dollar is strengthening in the currency market (Menon, 2013). This might make it more expensive for DBS to do business in countries and continents such as Europe, Africa, and South America. The high and still developing per capita in Singapore is likely to expand the potential market for the higher-end consumers of the services provided by DBS (Menon, 2013). Labor shortage in Singapore is likely to trigger further increase of the labor cost in the country hence disadvantaging companies such as DBS bank.
Social FactorsThe culture of hard work and materialism desire among the Singaporeans could encourage the further improvement in the living standard (Menon, 2013). Increasing living standards in the country could encourage the business activities in the country including banking activities (Menon, 2013). This could benefit banking institutions including DBS Bank. High level of education in Singapore is likely to create a pull of skilled labor for business organizations such as DBS Bank.
Technological FactorsOne of the key drives to the economic development in Singapore is increased connectivity and improved communication system (Siaw et al., 2004). The country has a widespread IT infrastructure. This encourages e-commerce which banking industry depends on greatly (Siaw et al., 2004). DBS Bank exploits this opportunity to increase its connectivity with the stakeholders. DBS Bank is the leading business organization to effectively implement the use of Infocomm Technology which has increased ATM network efficiency and customer satisfaction in general (DBS, 2016).
Legal FactorsDBS Bank is in a highly regulated sector. The government of Singapore has several business laws and regulations which aim at protecting the rights of all the players in the banking industry (Bowhill, 2008). Due to the rapid growth in economy which is as a result of increasing business activity in the country, the government is likely to increase the level of litigation to the both public and financial sectors (Ruckemann, 2013). By planning to expand the area of operation beyond the boundaries of the countries it is operating in currently, DBS Bank is likely to face increased business laws and regulations.
Environmental Factors The activities in the Banking industry have relatively the lowest negative impact on the natural environment (Bowhill, 2008). However, as a big institution, which is ethically required to encourage environmental responsibility within the community where it is operating. Currently the country is under a serious problem of environmental pollution due to industrialization which is going on. The country’s mangrove forest is under a great threat as 30% of it has been depleted.
Porter's Five Forces AnalysisPorter’s five is a tool used to identify and analyze five competitive forces that basically shape every industry. This can help in identifying the strengths and weaknesses. These forces are Supplier power, Buyer power, Competitive rivalry, Threat of substitution, and Threat of new entry (Hill et al., 2010).
Competitive RivalryThe current business environment is characterized by stiff competition. Every firm in every industry is struggling to secure a better position in their industries. Banking industry is one of the industries characterized by stiff competition (Hill et al., 2010). The intensity of competition depends on the number of firms in an industry that is the more the number of firms, the more the competition.
Bargaining Power of SuppliersThe suppliers bargaining power is affected by the ratio of suppliers and firms depending on the suppliers (Hill et al., 2010). If suppliers are many and the firms are few, the bargaining power of the supplier becomes low. If the number of suppliers is few, their bargaining power tends to be high. The bargaining power of the suppliers affects production cost.
Bargaining Power of CustomersThe bargaining power of customers depends on the number of suppliers, offering substitute products in an industry, and the number of consumers. If there are many substitute products in an industry, the bargaining power of the customers increase since they have several alternatives (Hill et al., 2010). The loyalty of customers to specific brands in an industry also plays a role in their bargaining power. If customers are more loyal to a brand, it becomes less likely for them to shift to other substitute products from other brands.
Threat of New EntrantsThe threat of new entrants is affected by the type of entry barrier in an institution (Hill et al., 2010). The barriers might be posted by legal laws and legislations, financial requirements, or other operation factors such as the ability to develop a strong customer base. If barrier to entry into an industry is many and stronger the threat of new entrants becomes less potential investors are able to overcome the barriers and enter into the market (Hill et al., 2010). If the barriers are few, there is a likelihood of more firms entering into the industry hence increasing the threat of new entrants due to increased competition.
Threat of substitute productsThe threat of substitute products is caused by the number of substitute products from other industries (Hill et al., 2010). Increase in the substitute products from other industries increases the elasticity of the demand for products since consumes get more exposed to alternative products (Hill et al., 2010).
Porter’s Five Forces Analysis for DBS Bank
Competitive rivalryAsian Banking industry is very competitive. There are more firms in the industry which are trying to secure a better position in the industry (Kawai et al., 2012). Every bank is, therefore, trying to lure the customers to their side so as to beat competition. More banking institution from Europe and America are also extending their services to Asia hence providing more competition to DBS Banks (Kawai et al., 2012). DBS Bank, however, has adopted strategies which helps it to acquire and maintain the loyalty of its customers. The strategy includes offering lower financing, offering better investment services, and higher rates (Kawai et al., 2012). The company also carry out business integration such as merger and acquisition to expand its operation size so that it can survive the competition in the industry.
Bargaining Power of SuppliersThe primary resource for firms in the Banking industry is capital. The major suppliers of capital to banking firms are majorly four, that is; Mortgages and loans, customer deposits, Mortgage-baked securities, and loans from other financial institutions (Menon, 2013). DBS Bank is appropriately utilizing the four supplier hence necessary resources to carry out their services. The bargaining power of suppliers, however, ranges from medium to high since there ae more banking firms in the industry.
Bargaining Power of BuyersThe major factor affecting the power of buyers in banking industry is the higher switching cost. Most customers have a specific banks which they trust with their banking needs, mortgage, checking, and savings. Switching for another bank by such kind of customers might be very costly (Kawai et al., 2012). DBS Bank has taken this advantage to regulate the bargaining power of its customers.
Threat of New EntrantsBanking industry is experiencing extremely high threats of entry. It is estimated that the over 300 new banks open each year. This is despite the barrier to entry caused by different factors such as high cost of opening and many government laws and regulation. Asia, especially, Singapore is one of the regions which experiencing such a threat. The currently existing firms, led by DBS Bank, uses business integration such as merger and acquisition as a strategic measure to control the threat. DBS Bank acquires small Banking firms so as to turn their existence in the industry its advantage.
Threat of Substitute ProductsThe threat of substitution for banking industry are from no-financial competitors such as fixed income securities, insurance, and mutual funds. There are is a very limited threats of substitution for deposits and withdrawal services for the firms in the industry. Payment method substitute is also a threat to the banks including DBS Bank. For example, Large electronic companies, Car companies, and Jewelers tends to offer higher purchase payment for high valued items services which requires a lower interest rates compared to Bank rates. This discouraging taking loans from banks.
Strategic Recommendations for DBS
DBS should explore more emerging marketsDBS Bank is currently considered the largest and the best Banking institution in Singapore and Southeast Asia. This implies that the company is well positioned in the Banking industry of these regions (Kozak et al., 2009). However, the company should continue extending its operation beyond the Singapore and Southeast Asia boundaries. There are other emerging markets such as China and Japan which has a rapidly growing Banking industry, the company can increase its presence in these regions by locating more of its branches in these areas (Kozak et al., 2009). China, for Example, has the largest population among the countries in the entire world. The company has a greatly improving economy characterized by improving living standards. This region, therefore, proves a better environment for a banking institution such as DBS Bank (Kozak et al., 2009).
DBS Bank Should take part in more business integrationsDBS Bank is known for its active involvement in business integrations especially acquisitions and merger. The company ties to acquire smaller companies in the industry so as to increase its size and revenue (Ernst et al., 1994). The company should increase its involvement in such integrations. Integration with smaller institution in the industry can help the company to easily find its way in other emerging market (Ernst et al., 1994). For example, if the company acquires or merge with smaller institutions in china, it can easily penetrate into the country’s Banking industry (Ernst et al., 1994). This can help DBS Bank to expand its operation to regions which are more appropriate for banking industry.
DBS Bank should diversify its products and servicesDiversified products and offerings is one of the strengths of DBS Bank which has made it to acquire the best position in the Singapore and Southeast Asia banking industry (Gurusamy, 2009). However, this is a good strategy which the company should put more effort in so as to encourage its continuous growth. Offering diverse Products and offering can enable the company to meet the diverse test, fashion, and preference of various consumers (Gurusamy, 2009). This can enable the company to improve its sale hence its revenues.
DBS Bank should legally acquire employees from the neighboring regions with cheap pool of employees.Singapore has shortage of labor which has resulted into high cost of labor (Jeffreys et al., 2009). Some of its neighboring countries such as china, however, has a pool of cheap labor. The company can acquire labor from such regions in order to facilitate more production and reduce the cost of production. This can help the company to improve its profits hence revenue.
ConclusionDBS Bank has achieved a lot since it was formed. This achievements are as a result of proper management, which has built a good relationship between the company and its stakeholders, as well as good strategic management which has enabled the company to acquire and protect a better position in the banking industry in Singapore and Southeast Asia. However, due to rapidly changing business environment in the entire world, the company needs to adjust its developmental strategies so as to better and maintain its position in the industry. The above strategies can be employed by the company to enable it to improve its operations and its relationship with the stakeholders.
Below is a sample done by us. The task was to analyse these academic journal.
According to the journal article Strategic management accounting and strategy practices within a public sector agency, it is revealed that the empirical research of SMA (SMA) has not paid sufficient attention to methods where strategizing takes place (Cuganesan, Dunford, & Palmer, 2012). Besides, research of the concept of SMA has previously overlooked the significance of strategy within the public sector and the consequent specificities within the context likely to challenge the current knowledge of the approaches that constitutes SMA. The role of SMA is conducted through a longitudinal study of Alpha.
The journal article has established the purpose of SMA practices to surpass the recognised roles of decision influencing and decision facilitation. A primary contribution is the provision of specific ways through which management accounting constitutes strategising using particular organisational practices. Further, the findings revealed that SMA approaches used in strategising by entities within the public sector are used to offer an important counterpoint to the orientations in private sector. However, the author outlines clear directions that can rebalance the SMA study agenda. Lastly, a limitation is that due to the nature of Alpha operations, confidential information is not evaluated.
The Journal article stated that Alpha was established to battle organised crime at the national level. The portfolio of activities associated with security of the society required Alpha to collaborate and operate alongside with other the law enforcement institutions (Cuganesan, Dunford, & Palmer, 2012). Alpha used various agencies containing particular investigatory interest and function. Therefore, Alpha was the main component of the broad network with multiple partners with different interests on organised crime. Additionally, the diversity and number of network partners that Alpha coordinated with resulted in complexity within the organisation network. Alpha adopted a SMA approach to address the complexity network.
Inadequate clarification concerning the role within a complex network environment characterised with packed work menu steered with strategic directions and diverse interests became challenging for Alpha because of the consequently decreased budgetary allocation. Nonetheless, Alpha indicates various operations and activities that target organised and serious crime need to be revisited to reduce crime rates. It is revealed that people manage their resources more efficiently when there is a scarcity of resources. Therefore, limited resources translate into a form of deciding factor for individuals to interpret their priorities and strategies within an organisation. Alpha experienced some pressures from the diversity in stakeholder interests that influence the strategic process through the institutional arrangement.
In Alpha scenario, their strategy offered formal recognition and reaction to the challenges faced by the organisation. The journal article focuses on the distinct abilities of Alpha that reinforce its function through an extensive network. Main benefits declared for strategy summarised the clarity associated with Alpha function and the close integration within network alongside a more aligned and focused organisation. Another benefit for Alpha is the idea of sustainable future that involves improved relevance and reputation, and an enhanced acknowledgement of their network partner requirements (Cuganesan, Dunford, & Palmer, 2012). By acknowledging their partner’s needs, it gives them a clearer view of the organisation goals.
The article indicates the importance of an organisation need to understand the way resources are consumed through the SMA. By understanding, the availability of resources in capability areas helps the manager to improve its decision making. As a result, the governing committee can focus its priority more effectively on reaching its organisation goal. With the help of ‘Value chain cost’, the management can ensure that all operations would progress smoothly. Also, an improved strategy can help to identify if any value is added to their networks partners.
The Journal also mention on using monitoring and controlling practices to control its network partners. Alpha did it by surveying all the stakeholders. Survey data helps Alpha to build strategies aligning to their network partner’s needs.
In conclusion, the major contribution of the journal article is how SMA benefits an organisation, and it’s partners. The results surpassed the process of well-established decision facilitation and decision-influencing roles of the SMA. Besides, the journal article built its findings based on existing interests on ways SMA revealed the different scenarios that could occur. Lastly, the SMA approaches were found useful in counteracting the complex orientation within the organisation by providing forward-looking indicators. Alpha offers rich insights and data in the function of SMA. However, more comparative case studies need to be conducted across multiple organisations to establish whether the benefits of SMA is valid for other organisation.
Malaysia is a country that occupies Malay Peninsula as well as Borneo Island. This nation is known for beaches, mix of Malay as well as rainforests. The capital city is known as Kuala Lumpur, which is a home of colonial buildings. Malaysia has a newly industrialized market economy and is also know n to be the biggest producer of palm oil, tin and rubber (Lim, Barlow, & Thoburn, 1980). The Malaysian economy is considered to be the fourth after populous Philippines, Thailand and Indonesia. Based on GDP per capita, Malaysia is the 3rd richest nation in Southeast Asia. Malaysia is one of the top 10 economy in ASEAN (Min, 2016).
Production output performance analysis
Malaysia GDP per capita
This is considered to be the measure of the total output of the nation that takes GDP and divided it by the number of people in the country. The per capita GDP is normally useful when comparing with the other nation because it indicates the relative performance of the nations. The GDP per capita in Malaysia was 10876 USD in the year 2015. The per capita GDP in Malaysia is equal to 85% when compared to the world’s average. In the year of 2006 till the year 2015, the GDP per capita for Malaysia is 4909.30 USD from reaching an all-time high of 10876 in the year 2015 and recorded low of 8245.98 USD in the year 2006 (Begum, Sohag, Abdullah & Jaafar, 2015).
The per capita GDP is found by dividing the nation's GDP, adjusted by the total populace and by inflation. The graph above provides the current assessment for Malaysia and the past releases.
The gross domestic product (GDP) is considered to be one of the main indicators used to estimate the state of a country's economy. Other than showing the size of the economic, GDP also shows the total dollar worth of all goods and services produced. The GDP in Malaysia was valued at 296.22 billion US dollars in the year 2015. In addition, Malaysia GDP is 0.48% of the world economy (Trading Economics, 2016). Gross Domestic Product in Malaysia around 296.67 USD Billion from 2006 till 2015, reaching an all-time high of 338.10 Billion USD in 2014 and a record low of 162.42 Billion USD in 2006 (Begum, et al., 2015).
The GDP helps to measure of national income as well as output for a given nation's economy. The gross domestic product is equal to the total expenses for all final goods and services produced within the nation in a specified year (Jomo, 2013). The chart offers Malaysia GDP - real values and was last updated on December of 2016. GDP drop was also cause by the global collapse in crude oil prices (Chong, 2016).
Malaysia GDP Growth Rate
In Malaysia their Gross Domestic Product extended 1.50% in the third quarter of 2015 during the preceding quarter period. In the world, Malaysia is considered to be have of the fastest growth rate in 7 quarters. GDP Rate of growth in Malaysia is around 1.20% from 2006 until 2015, attaining an all-time high of 5.50% in the third quarter of the year 2002 and a registered low of -5.90% in the first quarter of 2006 (Begum, et al., 2015).
Malaysia has been considered to be the rapidly economy in Asia. This nation is a middle-income nation that began its transformation since the year 1970s from production of raw materials to an evolving multi-sector economy (Dr & Toukan, 2014). The Malaysian government is continuing efforts to promote domestic demand to dissuade the economy off of its dependence on the exports. However, the exports specifically the electronics remain the most important driver of the economy.
Government measures adopted to achieve production output
Fiscal Policy Transitions
Diversify and widen the Economy-In reaction to the reality of declining reserves, Malaysia should diversify its collection of economic development to the investments that expand its growth possibilities like regulatory framework, human capital, industrial growth and infrastructure. Develop Public Administration: Future financial policy must consider possible room for trimming operating expenses and reduce the nation’s footprint in the business sector in order to open a path for the improved private investment.
Fuel Subsidy Validation
Improve the Communications Plan: create a communication plan that expresses the expenses of fuel subsidies in several mediums for example radio and television with specific consideration to Sarawak and Sabah. Instantaneously Upsurge Values & Targeted Transferences: The government should strive to increase cash allocations for the poor timed with the intensification in values. Offering targeted transfers discourses the loss aversion bias that makes subsidy justification difficult (Jomo, 2013).
Values are long lasting beliefs about what is important. Values are paramount to the study of the organisational behaviour and the pushing force affecting human decision because values have a significant influence on the perceptions and motivation of the people at work. Human personality and personal values are a very influential in affecting human behaviour.
Values are so much embedded into the people that they look up to from people’s behaviour and their attitudes. Personally, I have many values. However, the most important values are related to my family, my race and my memories.
Family is something I value the most. Family is my life because no matter what happens, my family would always support me. Without family, I would not have what I have now. My family taught me that no matter how sour life is, I should never give up, as my family would always be there to support me. They taught me many important values about life that I would carry with me for the rest of my life. Regardless how many good friends you have, they will never be there to support you forever. However not everyone has a perfect family; therefore, I must learn to appreciate what I have now. Not everyone is as lucky as I am, having a family that cares that look out for you in difficult times.
Race is another important value to me. My colours describe me. I am born Asian. Commonly people stereotypical Asians as smart people and because of such belief, I am always under the pressure of being smart. My parents are not highly educated like me, for my mum didn’t attend school due to culture influences, and for that reason, she wants me to have a good education for a better future. My mother would always tell me to study hard, and that education is vital. This is why I value my family so much; it is because they always point me towards the right direction.
Ethnicity causes people to have different perception and value of life. My parents have high expectations of me and those expectations become my expectations. This makes me want to improve further in life. Ethnicity also covers culture and religion. Despite many superstitions in my religion, I still believe in some of them because I was brought up in a superstitious environment and I find some of them very intriguing. As of my Heritage, I love the culture behind it. What interested me the most is the people of my culture, because it show us of why people act nowadays due to the teachings of the past. We should value the fact that we have more literate and educated people compared to other countries, and what I value more is that me being able to communicate in more than one language, giving me an extra advantage in life. I would’ve never been able to understand the meanings of the Chinese literature if I did not pick up Chinese. I am euphoric for what I have learned because of my ethnicity, and I value all traits that I possess.
Lastly are my Memories, they are unique to each person; hence, one must value their memory. I appreciate my memory as reminds me of the events that happen to me in my life. Without my valuable memories, I would not be able to be who I am today. The best thing is that no one can take away your memory. Life would be meaningless without a memory of people and things that are most precious to you. Memories are of importance value to me in life as I depend on the happier days to get through the sadder times of life. If I’m angry or depressed, I will look back into the positive times, and that would make me feel better.
In conclusions, everyone values some things in their life. My values help me develop myself for what I am today. Family is the most important, ethnicity is just what comes after, and memories are things that I would never trade away. My Life would be empty if I had no values, and I’m sure it’s the same for everyone else. Values are essential to a person’s life development.
The discourse about social cohesion in Singapore has rarely been in discussions due to its diverse social integration and multicultural society. Multiple races living together divides and creates divisions in society started to feature in the discourse (Hassan, 2013). Combined with the growing economy, increasing disagreement with the authorities and fast paced urbanisation, Singaporeans fear that social cohesion would be weakened (Hassan, 2013) (Hulse & Stone, 2006).
According to studies, the socially cohesive community is needed to achieve social sustainability (Magis & Shinn, 2009). There are many social issues are discussed under the concept of social sustainability and often defined about social cohesion, capitalism and inclusion, all of which indicate closer and longer term relationships among people of a community to achieve common goals and social harmony (Brameley & Morgan, 2009).
Social capital is regarded as an integral element of social cohesion as it is considered as the social resources inherent in the social networks and structures. Social networks and structures enable people to achieve shared and individual goals (Putnam, 1995). Putnam argues that social capital is the most efficient policy for policy makers to implement for a more cohesive country.
Countries with higher levels of cohesion tend to have bigger communities, better education system, better welfare, lower crime rates, booming economic prosperity, as well as longer longevity (Baron, Field, J., & Schuller, 2001).
Researchers also believed that social capital could be used as preventive or curative measures to resolve community problems, Problems such as social exclusion and neighbourhood arguments (Putnam, 1995).
Low-income communities are commonly know to be lacking in social cohesion. This is because low income communities are likely to involve higher rates of unusual behaviours as it reinforces a community's sense of belonging(Friedrichs & Blasius, 2003). Similarly, public housing tenants feel ashamed of their disadvantaged economic conditions, will have negative views toward their neighbours in the same block and have no interest in resolving community issues peacefully. Such actions are indicative of a lack of social bonding between communities (Han, 2010).
The image of community is also likely to be aggravated (Baliey, Haworth, Manzi, Paranagamage, & Roberts, 2006). Moreover, the hostile physical environment of disadvantaged communities seems to weaken residents' community attachment (Forrest & Kearns, 1999).
Research on housing and urban planning has emphasised the importance of government policy in building socially equal communities (Hulse & Stone, 2006). Historically, there have been numerous attempts to achieve certain social goals as part of the outcomes of planning and design of neighbourhoods.
According to a study done by Seo (2013) on 'Social Cohesiveness of Korean public housing communities' it has highlighted that social cohesion between residents in disadvantaged communities is affected by the physical environment around them. Furthermore, the study uncovered how the design, planning and management of the enivornnment promoted social cohesiveness.
Singapore currently has 50,000 rental flats, with 7,000 more to be built by 2015 (Housing Development Board, 2013). The purpose of the Public Rental Scheme is to meet the housing needs of poorer households. As of March 2012, 3% of the Singapore's total population were living in HDB which is also referred to public housing (Legislatively Council Secretariat, 2013). Lawhon (2009) believed that the layout of the district would improve the chances for face-to-face interaction to build up relations.
Singapore reduces social problems by mixing low-income rental housing with the owner-occupied housing of different sizes, and building public estate near to condominiums and landed housing areas (Wu, 2014). However, the proportion of residents living in rental flats exists along a continuum with higher proportions in richer regions such as Bukit Merah, Kallang and Geylang and lower portions in areas such as Seng Kang, Pasir Ris and Punggol (Department of Statistics, 2013) (Housing Development Board, 2013).
The Sample Household Survey conducted in 2008 showed high levels of social capital, community bonding and satisfaction among residents of public housing and this confirmed the presence of active cohesion between communities in Singapore (Housing Development Board, 2010).
After understanding the international and Singapore approach to social cohesiveness in disadvantaged communities and Singapore's public housing situation, There are some research gaps to be questioned. Firstly, there is a lack of historical data on the social cohesiveness of residents living in public housing. Secondly, there is a lack of understanding of how the physical environment of public housing affects the social cohesiveness of Singaporeans. Lastly, there is a lack of research on the impact of the physical layout of neighbourhoods of public housing.
In conclusion, the underlying factors that would influence the relationship between the physical environment and social cohesiveness in Singapore are still inconclusive due to lack of information.
As such, our proposed is to address the problems mentioned above gaps to provide recommendations that would enhance the development of communities, especially among economically disadvantaged communities residing in public housing.
PESTLE Analysis for Singapore Airlines
Every industry bets heavily on legislative and regulatory changes, so does airline industry. Even though the airline industry has become deregulated but it’s still heavily controlled by the authorities. Hence we may still expect sometimes government policy plays a significant role in the development of the industry and may impact industry profitability and competition landscape. Therefore, when the airline industry is embracing the market liberalisation, each player in the industry should be clearly aware of the political force or policy makers due to their constant, lasting influence on this industry. For instance, because of the oil price slump in past two years, the airline industry has been facing mounting pressure from the government to unwind fuel surcharges. Another example is
ASEAN‘s recent move to open its air space to all its members, meaning airlines of ASEAN’s member country will face new opportunity and freedom to fly within this region. However, the competition level will increase.
Economic factors affect airline industry to a great extent because the aviation sector is closely linked to national, regional and international economic development. Gross domestic product (GDP) growth, interest rates, business cycle’s and crude oil prices always have a significant impact on almost every industry, including airline industry. Research conducted by the International Air Transport Association (or IATA) revealed that disposable incomes growth which closely follows GDP growth is the primary demand driver for the travel by air. A forecast released by the International Monetary Fund (IMF) suggests that world GDP will grow 3.4% (inflation-adjusted) in 2016, higher than the 3.1% growth estimated for2015. On top of that, IATA forecasts passenger travel demand will continue to grow6.9% in 2016 compared to 6.7% growth projected for 2015.
Social environment also has a significant impact on the airline industry. Because every consumer is a social human being, whose behaviour is influenced by social norms and unspoken rules of a particular group. Studies have suggested different demographic groups tend to have different consumer habits. For example, millennial generation behaves quite differently from baby boomers. With millennial generation entering their peak income stage, studying their travel preferences will help airlines pinpoint their particular demand and develop appropriate product and service for them.So categorising different generations, examining demographic and sociological attributes are of important significance for airlines.SIA needs proactively review the social attributes as it may present future opportunities.
Technological advancements could be a double-edged sword. On the one hand, technology advancement is a major driver in improving airline efficiency, lowering operation costs, enhancing overall customer experience, personalising customer service. On the contrary, the technology could pose a threat to airlines which could change the way how we live, work and interact with people. For example, Skype web-meeting is becoming prevalent now which could potentially lower the demand for a face-to-face meeting, meaning business travel demand could be reduced.
Due to low significance in Legal and Environmental factors, the author opts to skip the discussion on them.
Limitation of the PESTLE
PESTLE is a comprehensive tool that helps the author to understand the external environment that Singapore Airlines is operating in, but like many other models, it has limitations.Because the external environment is fluid, data mining is very time-consuming and subjective, and because of author’s limited ability and resources constraints, the data collected may not be updated, and relevant, which could cause the analysis is not accurate