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Factors that affect the demand and supply of oil in Australia
Factors that affect the demand and supply of oil in Australia
Introduction
The supply demand curve plays assumes a paramount part in deciding the harmony cost for anything and to comprehend the oil business demand and supply curve we need to consider emulating exceptions. Oil Supply and Demand is inelastic to the transient as independent of what petrol cost the auto is not going to change to other fuel or the separation between the two spot likewise not going to diminish this comes about the utilization of oil stay same in short run so the accompanying cases are consistently treated under long haul premise. The Organization of the Petroleum Exporting Countries (OPEC) is occupied with making arrangements and balance out the oil cost on the planet i.e. represents the aggregate evaluating methodology with respect to which now and then over through interest curve versatility (Agcaoili & Rosegrant, 1995).
Supply – Demand curve
The Supply-Demand curve is fundamentally a graphical representation of supply pattern and interest pattern of item/administrations that is utilized to close the harmony cost of the food. As in balance cost is the cost where the interest and the supply curve meets i.e. the point where amount demanded is one and the same to the amount supplied. Furthermore change in the elements which specifically or by implication influence the interest and supply of the food brings about change in balance cost because of the shift in the interest curve, supply curve or both the curves (Kjärstad & Johnsson, 2009).
Shift in Demand curve
The interest curve all in all compares to the measure of some element that a purchaser needs to purchase at a certain level of cost. The build and abatement popular could originate from changing forms and tastes, earnings, value changes in reciprocal and substitute merchandise, market desires, and number of purchasers. This would result in the whole demand curve to move changing the balance cost and amount. The movement of the interest curve, by creating another balance cost to develop, brought about development along the supply curve from the crossing point of interest and supply curve previously, then after the fact the change in the interest of the merchandise
Shift in supply curve
The supply curve fundamentally speaks to the measure of a few products that the makers are ready and ready to offer at different costs. The components influencing straightforwardly or in a roundabout way in increment or decline in the supply of the merchandise i.e. at the point when the suppliers’ unit data expenses change, or when innovative advancement happens, brings about movement of the supply curve. The shift in the supply curve additionally brings about changing in the harmony cost and amount of the item. The aforementioned supply demand curve movements can be clarified better by graphs in the distinctive cases as specified underneath
Circumstances where demand curve be upward sloping
The Demand curve is generally downward sloping for the goods because it follows law of demand that states the demand for a commodity increase when its price decrease and falls when its price rises, other things remaining constant. But there are certain exceptions for law of demand that results in upward sloping demand curve.
Expectation regarding Future price – If the customer expect a ceaseless increment in the cost of sturdy item. It may begin acquiring more noteworthy measure of merchandise regardless of in its cost with a perspective to keep away from the squeeze of much higher cost in future. Correspondingly when a customer expect for abatement in future value it delayed the buy for future. Case in point, in prebudget month’s value for the most part has a tendency to climb. Yet individuals purchase more storable in suspicion of further climb in costs because of new exacts (Peersman & Van Robays, 2012).
Status Goods – The law of interest does not be significant to the items which are utilized as a ‘materialistic trifle’ for upgrading social esteem and for showing ones riches. The sum demanded for such items climb with an increment in their value and reduction with decline in there cost (Timilsina, Mevel & Shrestha, 2011). For example wares like gold, valuable stones, uncommon artworks, obsolescent, and so forth. Rich individuals purchase these merchandise predominantly on the grounds that their costs are high and purchase a greater amount of them when their costs
Conclusion
A Giffen decent may be any substandard article of exchange much low-valued than its prevalent substitution, devoured by the poor family loop as a paramount product. On the off chance that the cost of such stock raise (cost of its substitute left over unfaltering) its demand upgrade rather than fall in light of the fact that in the event of a Giffen decent, wage impact of a value suspend is more than its substitute impact. The reason is when cost of substandard item builds, wage enduring much the same, poor tenants cut the utilization of the predominant substitute so they may purchase enough amount of sub-par element to meet their principal need. Case in point when cost of potatoes (A fundamental nourishment for destitute) decrease radically, and after that this family unit may like to purchase unrivaled thing out of the cash which they can now have because of the decrease in cost of potatoes. It would expand the utilization of unrivaled products like tree grown foods, cereals, and so forth from these rebate as well as from lessening the utilization of potatoes.
References
Agcaoili, M., & Rosegrant, M. W. (1995). Global and regional food supply, demand, and trade prospects to 2010. In Population and food in the early twenty-first century: Meeting future food demand of an increasing population.
Kjärstad, J., & Johnsson, F. (2009). Resources and future supply of oil. Energy Policy, 37(2), 441-464.
Peersman, G., & Van Robays, I. (2012). Cross-country differences in the effects of oil shocks. Energy Economics, 34(5), 1532-1547.
Timilsina, G. R., Mevel, S., & Shrestha, A. (2011). Oil price, biofuels and food supply. Energy Policy, 39(12), 8098-8105.
Driverless Buses
Driverless Buses
Blue Ocean Strategy
Low costs approaches and differentiation strategy are pursued concurrently as a way of opening up or expand current market spaces and establish new demand opportunities in the blue ocean approach. The strategy is all about carving out a niche for a business in a crowded market and eliminating the competitors in the process (Agnihotri, 2016). It is predicated on the idea that the actions and opinions of industry actors may reshape market limits and industry structure. It focuses on creating uncontested new spaces in the market, renders rivalry irrelevant, captures or creates new demand, the value-cost trade off is broken, and aligns the entire system of the activities of a firm in the pursuit of low cost and differentiation.
Driverless Bus Blue Ocean Strategy
Buses that can run without a driver or teleoperation control are known as autonomous/driverless buses. Due to their novelty and movement away from traditional structures, the current transportation business model may be fundamentally altered (Kim, Yang, & Kim, 2008). Though autonomous buses appear to be a long way off, their improvements and imminent arrival are becoming increasingly apparent. A paradigm shift is expected in the next several years (Antonialli et al., 2017), as the automobile industry undergoes fundamental changes and seeks to locate itself in the right place. In this sense, self-driving buses are a part of the most significant historical transformation in society, economy, autos, and public transit in history. In the current blue ocean strategy, these driverless buses are pitted against the traditional/regular buses that confirm to traditional driving rules involving human control in almost every element of the transportation sector.
Common Trends of Competitors that the Blue Ocean Strategy is Moving Away From
The blue ocean strategy that the driverless bus concept is adapting aims to move away from traditional transportation models involving teleoperations and conductors. In the automotive sector, regular vehicles, especially buses, are in a saturated market. Regular cars are monitored by humans in all aspects of their existence. Their platform has not been altered significantly for the last century, apart from the recent introduction of fully-electric vehicles. In a sense, this is also not a major change. These regular buses require human support at all times. Regular buses require external elements including radio controls and so on. These regular buses are exposed to human error and improper response to physical hazards. Because a majority of road accidents are blamed on human carelessness (Hancock, Nourbakhsh, & Stewart, 2019), driverless buses aim to eliminate this problem. With the help of artificial intelligence and the Internet of Things, driverless buses will improve on the regular buses ideation from concept to implementation on the roads. For example, a bus shuttle used in a crowded area has to compete with other buses on the basis of human speed and other huma-led factors. However, an autonomous bus would be full reliant on in-built programming to ensure effectiveness, efficiency, and safety limits.
However, the regular buses have some notable positive elements over the driverless bus. For example, it is easier to control ticket payments for regular buses, there is a person to address issues that may arise during use, there are individuals on board to assume responsibility and authority in case of passenger or vehicle-related issues, and the role of the driver as a provider of information is retained. The blue ocean strategy pursued in the case of driverless buses aims to mitigate the disadvantages by focusing on the potential to increase punctuality and reliability, potential to minimize staff costs, potential to raise the investments in a multiplier effect (Rodriguez, 2020), and flexibility for altered timetables and routes because the schedules are not reliant o human drivers.
Factors of Competition for the Transport Industry
The most important factors affecting the competitiveness of companies in the road transportation sector are transportation costs and prices, service quality, flexibility and adaptation to customer needs, company organizational potential, human resources, safety, transportation fleet and modern technology (Ainsalu et al., 2018). However, the most prioritized factors from a business and consumer perspective include security and safety, technological compliance, user acceptance, costs, and adherence to modern regulations, legal issues and policies.
The factors to RAISE beyond the industry standards are in the value innovation comprising of buyer value and cost. Cost savings will be made through the elimination and reduction of the factors that the transportation sector competes upon. The buyer value will be lifted through creating and raising elements of the industry that have not been offered before. Factors to reduce include human resources through stand by drivers and conductors because they have high costs and will provide little profit and almost no competitive advantages (Zhang et al., 2019). Factors to eliminate include waiting times on bus stops because they are taken for granted by customers and removing the wait time will add more benefits in the long run. New factors to create include online booking options and cancelation options to add value to the current customers.
Conclusion
Future autonomous buses have the potential to improve security, reduce traffic congestion, boost fuel efficiency, and save time for both passengers and operators. There have been several research conducted on the adoption of driverless buses, and the results of these studies have revealed that entirely autonomous buses will be accessible in the near future. It will take another 30 years or more before these technologies are generally accepted by the general public, to put things in perspective. In this report, low costs approaches and differentiation strategy are pursued concurrently as a way of opening up or expand current market spaces and establish new demand opportunities in the blue ocean approach. The strategy is all about carving out a niche for a business in a crowded market and eliminating the competitors in the process. The blue ocean strategy that the driverless bus concept is adapting aims to move away from traditional transportation models involving teleoperations and conductors. The driverless concept is seen as the future of the transport industry. It will not only reduce competition but also render it irrelevant as people move and accept new technologies.
References
Agnihotri, A. (2016). Extending boundaries of blue ocean strategy. Journal of Strategic Marketing, 24(6), 519-528.
Ainsalu, J., Arffman, V., Bellone, M., Ellner, M., Haapamäki, T., Haavisto, N., … & Åman, M. (2018). State of the art of automated buses. Sustainability, 10(9), 3118.
Antonialli, F., Cavazza, B. H., Gandia, R. M., Nicolaï, I., de Miranda Neto, A., Sugano, J. Y., & Zambalde, A. L. (2017, September). Autonomous Vehicles, are they “riding” in a Blue Ocean?. In 12th European Conference on Innovation and Entrepreneurship ECIE 2017 (p. 31).
Hancock, P. A., Nourbakhsh, I., & Stewart, J. (2019). On the future of transportation in an era of automated and autonomous vehicles. Proceedings of the National Academy of Sciences, 116(16), 7684-7691.
Kim, C., Yang, K. H., & Kim, J. (2008). A strategy for third-party logistics systems: A case analysis using the blue ocean strategy. Omega, 36(4), 522-534.
Rodriguez, R. (2020). Impact of Artificial Intelligence in the Transportation Sector. Journal of Technology & Governance, 1(1).
Zhang, W., Jenelius, E., & Badia, H. (2019). Efficiency of semi-autonomous and fully autonomous bus services in trunk-and-branches networks. Journal of Advanced Transportation, 2019.
Factors That Affect the Ability of a Company to Recruit New Employees
Factors That Affect the Ability of a Company to Recruit New Employees
Student’s Name
Name of Institution
Factors That Affect the Ability of a Company to Recruit New Employees
The company’s ability to recruit a new staff revolves around an irresistible pull that is developed by that very company. The pull serves to address the recruits’ interests and offer solutions to their fears (Heneman & Judge, 2008). In fact, it makes it look like the company is not just hiring talent, but also attracting it. This paper discusses both internal and external qualities exhibited by companies that affect their recruits’ attraction process. The process of recruiting is either internal or external.
Career Development
Evidently, companies that attract internal recruitment offer training and sponsorships to their employees in order to improve their skills (Heneman & Judge, 2008) It allows the employees to grow into senior positions and earn more. This way, a company not only gets to keep the employees, but also look promising to them.
A Good Employees’ Culture is demonstrated when the employees not only feel valued or are treated so, but when the culture is made public for the audience. Company websites and social sites should have projections of a good company-employees association and also admirable employee-employee interaction (Heneman & Judge, 2008). A website should portray a company staff as a happy family, having fun not suffering from the monotony of work.
Having the Best Compensation and Benefits Schemes. When a company offers beyond average benefits and great salaries to employees, they make potential recruits feel like their company is probably the place to be. Free products sabbaticals and large bonuses that make employees feel like they make as much as the company are some of the baiting benefits (Heneman & Judge, 2008). Others are also schemes like free child care, sick time that is unlimited.
Aggressiveness
Ability to spur interests in potential recruits does not just involve sitting around and waiting for their applications, but also going out there to make them apply. This way, the company comes with obvious bait that looks best in the market if competition for particular recruits is stiff.
Popularity
A company already having an excellent reputation in their fields of expertise and is known far and wide gets the chance of choosing from the best. Running informative blogs that have big audience attraction abilities are some of the activities that a company can engage in to gain popularity. The company can also create large social networks and engage the media on a high-frequency note (Heneman & Judge, 2008). This way, interest is created in potential recruits, and they get to know all the information they would love to know about the company for they aspire to work.
Conclusion
To conclude, a company’s ability to get the best or make more by conducting near perfect recruitment processes depends on its ability to entice the labor market. The above discussed factors all play roles either in one of the internal and external recruitments or both.
References
Heneman, H.G. and Judge, T.A (2008). Staffing Organizations. New York: Irwin/McGraw- Hill.