Stages of Alzheimers Utilizing Machine Learning Techniques

Stages of Alzheimers Utilizing Machine Learning Techniques Abstract: Alzheimer’s disease (AD) is the general type of dementia that affects the elderly population globally. An accurate and early diagnosis of Alzheimer is crucial for the treatment of patients suffering from AD. In this paper, two different classifiers, SVM (Support Vector Machine) and an ANFIS (Adaptive Neuro Fuzzy Inference System) have been employed to classify patients between AD control, mild control and normal control. The system employed MRI (Magnetic Resonance Imaging) data obtained from the ADNI dataset of 150 subjects consisting of 75 normal controls, 50 mild controls and 25 AD controls. Initially, image processing techniques like segmentation and feature extraction are applied on these MRI images to enhance the classification accuracy. The segmentation is performed using k-means clustering and a GLCM (Gray Level Co-Occurrence Matrix) are used to extract the 2D features of the left ventricle of the brain. The extracted features are then utilized to train the classifiers and the results obtained from both classifiers are then compared. It is shown that the classification accuracy of ANFIS is more when compared to that of SVM classifier. Keywords: Alzheimer, MRI (Magnetic Resonance Imaging), ANFIS (Adaptive Neuro Fuzzy Inference System), SVM (Support Vector Machine). 1. Introduction Alzheimer’s disease is a neurodegenerative syndrome [1] of the brain tissues that results in progressive and permanent loss of mental function. The disease generally starts with mild indications and ends with severe damage in brain. The pathophysiology of the disease is associated with the damage and death of the neurons, originating in the hippocampus region of the brain that is involved with learning and memory, then atrophy impacts the whole brain. According to epidemiological information Alzheimer affects approximately 26 million people all over the world. In order to give proper care to AD patients, it is vital to measure the amount of atrophy present in the cerebral cortex during the initial stages of AD. The early detection of these diseases can greatly enhance diagnosis. But, diagnosis of this disease depends on the history, neuropsychological tests and clinical assessment. However, the clinical assessment is biased and the neuropsychological test does not provide high accuracy for early stage detection of the disease. In addition to neuropsychological analysis, structural imaging is greatly utilized in order to provide support to AD diagnosis. The whole brain approach utilized for describing the brain atrophy might be capable of differentiating between AD and MCI (mild cognitive impairment) patients. Recent researches [1, 2] show that the analysis of brain scan images is more consistent and subtle in identifying the presence of Alzheimer’s disease than the conventional cognitive assessment. In this circumstance, several machine learning approaches have been presented in order to perform neuroimaging analysis for classification of AD. In addition, all these approaches require training sets that is well categorized structure in order to classify each new subject that belongs to the test set. Recently MRI data have become center of several machine learning techniques for classifying subjects as CN vs. AD or CN vs. MCI. The focus of this paper is to classify between the different stages of AD utilizing machine learning techniques. Here, all the MRI brain scan images are segmented using k means clustering and the 2D shape features of the ventricles are obtained using GLCM based feature extraction. Then the extracted features are utilized for classification. First, an SVM based classifier is employed to classify the test data into three categories: normal, mild and AD. Second, an ANFIS based classifier is utilized for classification. Finally, the results of the two classifiers are compared and have been shown that ANFIS classifier outperforms SVM classifier. 2. Related Works Alzheimer’s disease (AD) classification is vital for early detection and diagnosis of the disease. Several studies explored machine learning techniques and artificial intelligence for detecting the cerebral changes and differentiate between normal aging and AD patients [1-3]. In [4] a support vector machine (SVM) based machine learning approach has been utilized for automatic classification entire brain anatomical MRI data to differentiate between elderly control and AD control patients. In this study, 16 patients with AD control and 22 patients with elderly control were used. Depending upon the gray matter characteristics extracted from region of interest (ROI), the SVM algorithm is used for classifying the subjects and the arithmetic procedures are based on bootstrap resampling in order to ensure the strength of the results. In [5] a local patch based subspace ensemble approach has been proposed that constructs several different classifiers depending on the various subsets of local patches and they are combined for robust and more accurate classification. Here, every brain image is segmented into number of local patches and the subset of patches is selected from the patch pool and a sparse representation based classifier technique has been used in order to construct a weak classifier. The multiple weak classifiers are then combined for making final decision. [6] A framework for classifying Alzheimer’s disease utilizing ADNI dataset is presented. The framework fuses overlap based and registration based similarity measures that are enhanced employing a self-smoothing operator. These enhanced metrics are then employed for the classification of Alzheimer disease. In [7] an automatic classification system for recognizing AD in MRI (structural Magnetic Resonance Imaging) has been developed. The system utilizes visual content description of anatomical brain structure (hippocampal region) and fuses two biomarkers CSF and hippocampus in order to enhance the classification accuracy. It is shown that the classification accuracy is more in case of fusion than when utilizing CSF volume or visual features separately. In [8] support vector machines (SVM) were assessed to determine whether data combined from various scanners would provide effective classification. Here, a linear SVM has been employed to classify GM (grey matter) portion of T1 weighted MR image. The results show that about 96% of clinically verified AD patients were accurately classified exploiting the entire brain image. [9] Classified between healthy, MCI and AD patients with the help of support vector machine (SVM). The author also analyzed the accuracy of classification when several a natomical brain regions and various image modalities are combined. Therefore, global and regional grey matter, regional asymmetry coefficients, Ti- quantitative MRI data and regional with matter volumes are combined. It shows that an accuracy of 88.3% in case of CTL vs. AD and 81.8 % in case of CTL vs. MCI was attained. In [10] a binary SVM has been proposed to classify patients between mild cognitive impairment and elderly control subjects from MRI images. This approach utilized a Java Agent DEvelopement Framework (JADE) in order to reduce the computation time. 3. Materials and Methods In this section, the data set and methods utilized in this study as well as the description of the proposed framework depicted in fig 1 are presented. 3.1 Subjects The data employed in this study were obtained from ADNI (Alzheimers disease Neuroimaging Initiative) database [11]. ADNI utilizes biomarker measures and neuroimaging in order to track the changes taking places in the brain of the subjects under study for diagnosing AD at an early stage. Fig 1 Block Diagram of the step involved in the classification of stages of AD 3.2 Image Preprocessing The collected T1 weighted MRI images were free from noise, missing data and outliers. In preprocessing step all the MRI brain images are segmented into VM, GM, CSF and Ventricle tissues that represent vital information about brain degeneration disease. A clustering based segmentation approach has been employed for this purpose. The k means clustering is exploited in order to extract the VM, GM and CSF features the entire MRI brain image. It partitions the data points into k clusters [12] based on the inherent distance between the data points. The intent is to minimize inter cluster variance. For a healthy MRI brain image, k is usually three (corresponding to grey matter, white matter and CSF). After segmenting the MRI brain images into GM, WM and CSF, morphological operations are applied to obtain the binary ventricle tissue. Here, morphological operators such as erosion and dilution are applied. 3.3 Feature Extraction In order to accurately classify AD patients ventricle shape features are extracted. In this work, the 2D shape features are extracted from the ventricles based on Gray-Level Co-occurrence Matrix (GLCM) feature extraction. This method computes the co-occurrence matrix of each image present in the database by calculating how frequently pixel x with certain intensity value take place in relation with other pixel y at a specific orientation ÃŽ ¸ and distance d. The eleven features calculated from every co-occurrence matrix, generates set of feature vectors. These feature vectors include contrast, homogeneity, energy, correlation, mean, variance, rectangularity, elongation, circularity, area and perimeter and listed in table 1. Table 1: Extracted Features

The Social Construction of Gender and Sexuality Essay -- Gender, argum

According to Johnny Weir, â€Å"Masculinity is what you believe it to be... [it is] all by perception, [I believe] masculinity and femininity is something that is very old-fashioned... [there is a] whole new generation of people who aren’t defined by their race or their sex or who they like to sleep with.† This statement exemplifies the definition of gender as a concept; gender is the expectations of a sex according to the culture of society. Sexuality, within this definition of gender, reflects society’s expectations, which are created in relation to the opposite sex. The variances between cultures means that gender expectations change within different cultures. These expectations put pressure on each member of society to conform and abide by the folkways of their own culture. The creation of gender expectations by society creates a restricting definition of gender roles and sexuality that vary from culture to culture. Society created the role of gender and created an emphasis on the differences between the two genders. Alma Gottlieb states: â€Å"biological inevitability of the sex organs comes to stand for a perceived inevitability of social roles, expectations, and meanings† (Gottlieb, 167). Sex is the scientific acknowledgment that men and women are biologically different; gender stems from society’s formation of roles assigned to each sex and the emphasis of the differences between the two sexes. The creation of meanings centers on the expectations of the roles each sex should fill; society creates cultural norms that perpetuate these creations. Gender blurs the lines between the differences created by nature and those created by society (Gottlieb, 168); gender is the cultural expectations of sexes, with meaning assigned to the diff... ...le or female actually identifies with their prescribed role depends on the socialization process and the way they identify with society’s expectations of them. The social construction of gender and sexuality all rely on the measure that people believe there is a difference between the two sexes, once this emphasis is taken away, is when gender roles will no longer play an integral role in the structure of society. Works Cited Gottlieb, Alma. "Interpreting Gender and Sexuality: Approaches from Cultural Anthropology." Exotic No More: Anthropology on the Front Lines. Ed. Jeremy MacClancy. Chicago: University of Chicago Press, 2002. Kilbourne, Jean. Killing Us Softly. Media Education Foundation, 2010. Lancaster, Roger N. Life is Hard, Machismo, Danger, and the Intimacy of Power in Nicaragua. Berkeley and Los Angeles: University of California Press, 1992. The Social Construction of Gender and Sexuality Essay -- Gender, argum According to Johnny Weir, â€Å"Masculinity is what you believe it to be... [it is] all by perception, [I believe] masculinity and femininity is something that is very old-fashioned... [there is a] whole new generation of people who aren’t defined by their race or their sex or who they like to sleep with.† This statement exemplifies the definition of gender as a concept; gender is the expectations of a sex according to the culture of society. Sexuality, within this definition of gender, reflects society’s expectations, which are created in relation to the opposite sex. The variances between cultures means that gender expectations change within different cultures. These expectations put pressure on each member of society to conform and abide by the folkways of their own culture. The creation of gender expectations by society creates a restricting definition of gender roles and sexuality that vary from culture to culture. Society created the role of gender and created an emphasis on the differences between the two genders. Alma Gottlieb states: â€Å"biological inevitability of the sex organs comes to stand for a perceived inevitability of social roles, expectations, and meanings† (Gottlieb, 167). Sex is the scientific acknowledgment that men and women are biologically different; gender stems from society’s formation of roles assigned to each sex and the emphasis of the differences between the two sexes. The creation of meanings centers on the expectations of the roles each sex should fill; society creates cultural norms that perpetuate these creations. Gender blurs the lines between the differences created by nature and those created by society (Gottlieb, 168); gender is the cultural expectations of sexes, with meaning assigned to the diff... ...le or female actually identifies with their prescribed role depends on the socialization process and the way they identify with society’s expectations of them. The social construction of gender and sexuality all rely on the measure that people believe there is a difference between the two sexes, once this emphasis is taken away, is when gender roles will no longer play an integral role in the structure of society. Works Cited Gottlieb, Alma. "Interpreting Gender and Sexuality: Approaches from Cultural Anthropology." Exotic No More: Anthropology on the Front Lines. Ed. Jeremy MacClancy. Chicago: University of Chicago Press, 2002. Kilbourne, Jean. Killing Us Softly. Media Education Foundation, 2010. Lancaster, Roger N. Life is Hard, Machismo, Danger, and the Intimacy of Power in Nicaragua. Berkeley and Los Angeles: University of California Press, 1992.

Case Analysis for Cirque du Soleil Case Essay

1. Describe how the touring show life cycle is supported by IT. While reading the case, you can access Cirque’s website and see actual applications (e.g. casting, ticket sales, and Cirque Club). According to this case, every step of the touring show life cycle is supported by IT. With regard to creation stage, IT plays an important role to improve this process. There is an application whose name is Open Eyes developed by IT. All of Cirque’s employees could access to Cirque’s Intranet and share interesting or surprising discoveries to others. Moreover, sharing this kind of information is significant to Cirque du Soleil because it keeps Cirque du Soleil staying top of the newest artistic rends. With regard to design stage, there are several applications created by IT to make those activities of design stage more effective and convenient. A costume application can save a lot of different measurements to costume patterns for every artist and keep this information in a database. The more important point is that this application connects with other applications to manage diverse sides of costume-making process. With regard to preparation stage, there is a Kin-Cirque application developed by IT to help artists practice reinforce their training experience. Physical fitness specialists could know how every artist’s physical condition develops. In addition, Kin-Cirque application connected with other applications to provide the exact physical measurements and needs of artists to equipment department. Then the equipment department can complete their jobs more easily. With regard to the diffusion of Cirque shows, IT has great influences on improving customer’s experience. There is an official website created by IT. People can access to this website from various parts of world. Especially the online forum where people can find special promotion, press galleries, and employment opportunities and so on was built up by IT. What is more, customers can purchase show tickets, select the seats, get the direction and so forth through an online box office. With regard to logistics stage, an e lectronic document management system and linguistic software are created by IT. They can coordinate and calibrate more than 150000 terms which depict countless equipment used at Cirque. Also they are stored in the Cirque’s databases. In addition, â€Å"IT roadcases† and VoIP technology which help Cirque du Soleil reduce a great  amount of time of touring infrastructure were developed by IT. Finally with regard to resource management, IT is widely applied to increase efficiency. IT developed an application which can assist the casting department to manage the artist bank and projects that could be old one, present one and future one. Applicants could submit their videos or performances via this application to conduct the recruitment process and their application materials would be stored in the databases. And that the Virtual Talent Scout was developed in Sep 2007. The pool of talent was enlarged by the Virtual Talent Scout. This increases Cirque’s abilities to deal with artist injury, increasing demand and accidents. In a word, to a large extent the whole touring show life cycle is supported and ameliorated by IT. 2. What was the level of alignment at Cirque du Soleil in 2008? According to the introduction of the case, the level of alignment at Cirque du Soleil is quite high in 2008.   First of all, the touring IT experts work closely with each other, even they are not in the same location. Everyone in the IT team performed as an integral and can resolve a big problem effectively and corporately. Secondly, there are a lot of servers all over the world. Employees can be easy to access to the applications and communicate with others, company, related department and so on very well. In short, in 2008 people at Cirque du Soleil can work together tightly and complete a great number of successful performances around the world. So it is a very high level of alignment at Cirque du Soleil in 2008. 3. What was the level of tension between the business needs and IT capacity? Through reading the whole case, I think the level of tension between the business needs and IT capacity is low. Because IT has improved the whole touring show life cycle and make the business effectively. Moreover, the most important point is that IT has help Cirque du Soleil to increase its customers and reduce the time of setting up the touring infrastructure which means cost of time. According achievements of IT, I could say there was a low level of tension between the business needs and IT capacity. 4. What are the key requirements, in terms of the IT architecture, of the support provided by IT at Cirque du Soleil? IT group needs to integrate the data from diverse activities. The design, ongoing improvement, growth of business, applications should meet the company’s business requirements. Moreover, IT group needs to do their best to make Cirque du Soleil operate efficiency  through information integration and management. Of course, IT group should maintain the databases and ensure all information is updated.

Tips for Moving Back in With Your Parents After College

Sure, moving back in with your parents may not have been your first choice for what to do after you graduated from college. Many people, however, move back in with their folks for a wide range of reasons. No matter why youre doing it, there are some steps you can take to make the situation easier for everyone. Set Reasonable Expectations True, you may have been able to come and go as you please, leave your room a disaster, and have a new guest over every night while you were in the residence halls, but this arrangement may not work for your folks. Set some reasonable expectations — for everyone involved — before you even step through the door. Set Some Ground Rules Alright, you may have to have a curfew so your poor mother doesnt think something terrible has happened to you if youre not home by 4:00 in the morning — but your mom also needs to understand that she cant just barge into your room without any notice. Set some ground rules as soon as possible to make sure everyone is clear on how things will work. Expect a combination of a roommate relationship and a parent/kid relationship. Yes, youve had roommates for the past several years, and you may view your parents as similar to them. Your parents, however, will always view you as their child. Do your best to keep this in mind as you figure out how things will work once you move back in. Sure, it seems ridiculous for a roommate to want to know where youre going every night. But your parents probably have a legitimate right to ask. Set a Time Frame Do you just need someplace to crash between when you graduate from college and when you start graduate school in the fall? Or do you need somewhere to live until you can save enough money on your own to get your own place? Talk about how long you plan on staying — 3 months, 6 months, 1 year — and then check back in with your parents once that time frame is up. Discuss Money, No Matter How Awkward No one really likes to talk about money. But addressing the topic with your parents — how much youll pay in rent, for food, to get back on their health insurance plan, or if the car youve been borrowing needs more gas — will help prevent a ton of problems later. Have Your Own Support Networks Ready to Go After living on your own or in the residence halls during college, living with your parents can become very isolating. Do your best to have systems in place that provide you with an outlet and support network that is separate from your parents. The Relationship Is Give and Take — Both Ways Yes, your parents are letting you stay at their place, and yes, you may pay rent to do so. But are there other ways you can help, especially if money is tight for everyone? Can you help around the house — with yard work, fix-it projects, or technical support for the computers they can never get to work right — in ways that will make your living relationship much more symbiotic? The Person Who Moves Back Is Not the Same Person Who Left Your parents may have a very specific — and outdated — idea of who is moving back in with them. Take a deep breath and do your best to remind them that, while you left the house as an 18-year-old college freshman, you are now returning as a 22-year-old, college-educated adult. Now Is the Time to Build Your Own Life — Not Pause It Just because you are at your parents place, waiting until you can move out on your own, doesnt mean your life is on pause. Volunteer, date, explore new things  and do your best to continue learning and growing instead of just waiting for your first opportunity to move on to somewhere else. Enjoy Yourself This may seem completely unthinkable if moving back in with your folks was the last thing you wanted to do. However, living at home can be a once-in-a-lifetime opportunity to finally learn your moms secret fried chicken recipe and your dads amazing way with woodworking tools. Live it up and take in as much as you can.

Effects Of Stress On Children Suffering Of Posttraumatic...

Section B: 1. Considering the trauma Tony had faced at 8 years old and especially taking into consideration the injuries of his family that occurred from their house burning down we can relate it to the difficulties Tony is now facing. Of this incident, Tony can no longer remain on his own, as he tends to be irritable and hyperactive as well as experiencing difficulty during the night as it often contains frightening nightmares of being trapped. Therefore, this has the result to Tony refusing to sleep on his own he must be accompanied by both parents. However, based on these emotional difficulties Tony has been experiencing he is experiencing a Posttraumatic Stress Disorder (PTSD). In reference to his terrifying nightmares of feeling†¦show more content†¦In regards, of Tony’s emotional difficulty in terms of suffering from PTSD this can contribute to further emotional or psychiatric difficulties. Firstly, this can result of one to also experience a generalized anxiety which r elies on a heavy concern of worrying of events and activities which could trigger for Tony as he already can not tolerate being alone. Next, can also contribute to separation anxiety, which tends to describe youths who suffer from a significant amount of anxiety when separating from a parent as noticed in Tony’s circumstance he can’t sleep without both parents being present. Also, another factor could result of panic which consist of a sense of fear or terror (Wicks-Nelson Israel, 2013). In association to Tony, we already witness horrifying nightmares about being trapped. However, depression is often as well an associated symptom, which consist of a person undergoing a very dark moment conflicting ones ability of functioning which can be highly reflected upon Tony as he has been referred to as not doing well. Lastly, ADHD is also a concern that consist of one who to have difficulty sustaining focus, and leading one to be fidgety where this has been apparent in Tony a s he has been

Essay on Analysing the Recent Economic Recession and Its...

The business cycle is the short-run alternation between economic downturns and economic upturns (Investopedia n.d.). A recession is an economic downturn and happens in every country and some recessions are worse than others and the output of GDP and employment are falling farther and faster. The great depression lasted from 1929-1933 and was a deep prolonged downturn in the business cycle before a recovery/expansion of the business cycle occurred and GDP and employment started to rise (Krugman Wells. 2012). The next recession lasted from 1981-1982 and was comparatively smaller than the first (Krugman Wells. 2012). More recently in 2001 a slump in the economy was noted and was followed by the great rescission of 2007-2009 (Krugman †¦show more content†¦An examples of the circular cash flow model is demonstrated in figure 21-6. â€Å"Firms produce output and then pay income to households and households then use this income to buy goods expenditure† (Pettinger. n.d.). Unemployment Rate Labor Force Participation Rate Labor force is the amount of people who are employed and currently have a job and the people who are unemployed and currently do not have a job (Krugman Wells. 2012). The labor force participation rate is calculated with people sixteen years of age and older that are employed, while the unemployment rate is measured by the percent of the total number of people sixteen years of age and older who do not have a job (Krugman Wells. 2012). The United States assigns the Bureau of Labor Statistics (BLS) with the task of tracking the employment and unemployment rate of the labor force in the United States (BOOK). The BLS breaks down the unemployment and labor rate much farther than just how many are working and not working and breaks the cart down to race, age, gender, and level of schooling from no high school diploma to bachelors degree and higher for the year along with many other statistics and ways to track the populations work force (U.S. Bureau of Labor Statistics. n.d.). The BLS breaks down the labor force also by including discouraged workers, who are people that are not working but could work and have givenShow MoreRelatedThe Recent Performance Of The Uk Economy, Post Recession, And Inflation1806 Words   |  8 Pagescycle, such as recession and inflation. To do this, economists employ economic indicators. These indicators are trends, which are based upon statistics collected regularly on different aspects of the economy, for example, employment, income, and prices. In this report, I will aim to critically evaluate the recent performance of the UK economy, post-recession, and how this has affected employment and productivity. I will be paying close attention to the main economic indicators and analysing these in termsRead MoreEssay On The Corporate Tax1432 Words   |  6 PagesCut Necessary? The recent passage of tax reform by the US Senate raises the spectre of the statutory corporate tax rate falling to 20% from 35%. Republicans justify the measure by claiming that the statutory rate is too high and, furthermore, they assert that lowering its level will induce US corporations to feel less inclined to use overseas tax shelters. The reality is, however, that corporations seldom pay the statutory rate. Since the beginning of the post-Great Recession recovery, the effectiveRead MoreThe Effects Of Oil Prices On Economic Activity1525 Words   |  7 PagesRecent decline in oil prices has generated a wave of public controversy about the possible consequences for oil exporters. This paper will examine the relationship between oil price dynamics and macroeconomic indicators in oil exporting countries such as Canada, Russia, Norway, Mexico and UK. The hypothesis of oil price effects will be tested by adopting the Vector Autoregression (VAR) framework, which has been widely used to examine the effects of changes in oil price on economic activity in otherRead MoreLadbrokes Business Model1607 Words   |  7 Pagescancelled fixtures is cited as the largest detrimental externality on Ladbrokes earnings (EGR Magazine, 2007) and recent in-house restructuring has led to certain posts being re-evaluated, such as that of CEO Chris Bell in January 2010 (The Telegraph, 2010). But as a PLC, Ladbrokes also has the same regulated financial job structure as other publically traded companies, and I will be analysing some of these roles today. The global economy could also be a detrimental factor, which could result to LadbrokesRead MoreKarl Marx And The Marxist Theory Of Political Economy1100 Words   |  5 PagesEconomics often detaches from analysing people and the social relationships between them to instead focus on mathematical modelling. In the contemporary world, economists failed to predict numerous crises, the most recent being the Global Financial Crisis of 200 6. Such failures coincide with the deteriorating belief in governments, leading to the rebirth of the use of Marxist thinking. â€Å"Sales of Das Kapital, Marx s masterpiece of political economy, have soared ever since 2008, as have those of TheRead MoreA Brief Note On The Uk Supermarket Industry1575 Words   |  7 PagesThis report will be conducted as follow, first a brief introduction of the analysed industry; the UK supermarket industry with a concise facts about the size of this industry in the UK, then analysing the macro environment of the UK supermarket industry by using the PEST framework that analyses the Political, Economical, Social and Technological factors, which has a direct impact on the UK supermarket industry. After that the micro environment of the UK supermarket industry will be analysed in depthRead MoreOrganizational Structure, Culture And Other Business Practices1288 Words   |  6 Pages When analysing corporate social responsibility (CSR) it’s a concepts of business practice which involving initiatives that benefits society that business operating in. In terms of business practices in the financial industry CSR contributes to sustainable development by delivering economic, social and environment benefits for all stakeholders within the company. CSR is a very broad concept where it address many topic such as economic development, human rights and environmental effects. With currentRead MoreTesco s An Online Retailing Service1630 Words   |  7 PagesTesco Mobile and blinkbox video on demand service. However with the recent years there has been talks about Tesco and their financial profits falling down by 92% (Ruddick, 2014). So the main focus of the report will be that I will analyse the strength, weaknesses, threats and opportunities of Tesco and come up with a recommendation at the end for Tesco to improve. Additionally I will be analysing about Tesco Polit ical, Economic, Social, Technological, Environmental and Legal factors. The end of theRead MoreIncrease in the Unemployment Rates in the U.K.2322 Words   |  10 Pagesï » ¿The UK’s unemployment rate reached its highest peak in 2011 at just under 2.7 million during the recent recession which economists are calling the Great Recession (BBC News, 2014). Since, however the fall in the rate of unemployment has not been as sharp as many predicted, concerns have been raised over whether unemployment levels in this single period may have a long lasting effect. The issue of hysteresis within the UK and the persistence of unemployment is what this paper will focus on, as wellRead MoreStrategic Management : Global Coffee Chain Starbucks1506 Words   |  7 Pagesindustry. (Market Line, 2014) It has not always been plain sailing for Starbucks however with the astronomical effects of the economic crisis during 2007-08 leading on to areas of serious concern throughout the company, the r esult of which led on to drastic measures being taken both strategically and operationally. (Lee, 2008) In light of the organisational concerns throughout the company in recent years, what does the future hold for Starbucks and what are the organisations strengths and weaknesses strategically

Progress or Collapse The Crises of Market Greed

Question: Describe about the Progress or Collapse: The Crises of Market Greed? Answer: Introduction: Founded in 1984, Virgin Atlantic has grown to become one of the largest airline companies in England (Virgin Atlantic 2013). The company currently operates as a joint venture with the Singapore Airline, which owns 49% stake. Even though the company was started to provide flights between London and Falkland Islands alone, the increased demand for the airline services forced the company to increase its travel destinations. Today, the airline provides air transport to different destinations around the world, including Europe, Asia, Africa, America and Australia using a mixed fleet of Boeing and Airbus. Part One (1A) Objectives of Virgin Atlantic Airways (VAA) As one of the fastest growing airline companies in the world, the key objective of Virgin Airways is to become the most preferred airline of choice across the continent. In this regard, Virgin Atlantic has put his focus in providing an airline that is not only cheap, but also creates comfort to its clients. According to the CEO of the company, one of the main aims of the company is to provide its clients with quality services that they cannot get elsewhere (Virgin Atlantic 2013). These include good customer service, inexpensive charges for flights and good flight experience among other services that their clients might need. Like many other airline, Virgin Atlantic also aims to become a profitable airline. Even though the company has been reporting huge losses in the past few years, the company believes that it would soon start registering profits. In 2013 financial year, for instance, Virgin Atlantic reported a loss of 128.4 million. However, the company believes that by improving t he quality of service delivery as well as expanding its program coverage, the company will become the airline of choice to people across the globe. In return, this will make the company profitable. In addition, Virgin Atlantic aims to become an example to other airlines in the industry by setting standards for them to emulate. This includes flying airlines that are green and fuel efficient. So far, global warming is one of the major environmental issues affecting the world. Therefore, Virgin Atlantic aims to set an example by providing green airlines. In fact, the company is already in the process of going green. In 2006, the company announced it plans to invest 1.7 million the production of renewable energy. As earlier mentioned, the aim of making such a huge investment is to lower level of carbon emissions that cause global warming effect currently felt in different parts of the world. The purposes and objectives of Virgin Atlantic are different from those of the British Red Cross. Formed in 1870 the purpose of the British Red Cross is to provide humanitarian assistance in disaster stricken areas in the U.K (Laking 2011, p. 3). This is a direct contrast the purpose of Virgin of providing air transport services to different destinations around the world. Britain, as other parts of the world is prone to disasters. Therefore, in the event that disaster strikes in the UK, such as a fire break out, the British Red Cross normally comes in to provide evacuation assistance. In addition, it ensures that people injured during a disaster receive first aid treatment and rushed to the hospital. Further, British Red Cross also provides food assistance to the hungry in the UK In this regard, it becomes apparent that the purposes of the two organizations contrast with one another. Secondly, whereas Virgin Atlantic aims at making huge profits, British Red Cross main aim is to ensure that people receive humanitarian assistance free of charge (Laking 2011, p. 3). As a non-profit making organization, British Red Cross does not provide services with the aim of profit as Virgin Atlantic does. This is attributable to the fact that British Red Cross gets funded through donors and well wishers. However, both Virgin Atlantic and the British Red Cross aim to ensure that their clients receive quality services. As earlier mentioned, Virgin Atlantic is working tirelessly towards ensuring that traveling using its airline services receive lucrative travel experience. British Red Cross, on the other hand, also aims to ensure that British nationals affected by a disaster receive quality care (Laking 2011, p. 6). These include faster response to disasters and other areas of in need of emergency services. AC 1.2 Responsibilities of VAA towards its key stakeholders: Stakeholder Objectives of Stakeholder Strategies to obtain this Customers Customers expects the company to provide them with quality and affordable flight services and good customer experience provide customers with lucrative air travel at an affordable cost the company offers exceptional customer experience charges is cheaper compared to other airlines in the industry Employees/Staffs Their objective is to attain adequate management support and empowerment to work independently Management motivates and empowers employees to participate in the decision-making process Adequate employee benefits Investors Their objective is to ensure that a company protects their investments (Moscaritolo 2014, p. 5). fulfils contractual obligation of protecting the investment that shareholders have put in the company determined to turnaround the company by posting huge profits in the future AC 1.3 Organizational Responsibilities: Responsibility Why it is a responsibility? Strategies obtained Equal Opportunity It states that every individual is equal and that the company has equal responsibility to each of the stakeholders Effective law and policies to impart equal opportunity to every stakeholder Social contribution The society expects Virgin Atlantic to act ethically and under corporate social responsibility initiatives to protect the environment. The company is undertaking a number of corporate social responsibility initiatives aimed at improving the lives of people in society. As part of corporate social responsibility, Virgin Atlantic is actively involved in environmental conservation initiatives aimed to make society a better place to live. The company also announced its plan to invest $400 million to build the largest bioethernal refineries in the world. In 2006, the company announced a plan to invest 1.7 billion on renewable energy (Moscaritolo 2014, p. 5) Customer preferences Customers satisfaction is the greatest essence for any business organization Customers decide profitability or loss of an organization Cost-effective services Excellent customer services Beneficial offers Health safety It is the foremost objective and responsibility because it ensures safety aspects of every individual AC 2.2 Impact of fiscal monetary policies upon VAA The recent financial crisis of 2007/2008 did have a ripple effect on the US economy. In fact, economists claim that the UK is still suffering from the effects of the recent global financial meltdown that affected almost all sectors of the economy in the UK The manufacturing industries in the UK were among the worst hit sectors of the economy that registered a decline of 7% between 2008 and 2013. Unemployment rates also increased to 8.1% in 2011 (Moulds and Inman 2013, p. 6). The airline industry was among the worst hit industries. According to Steve Ridgway, the CEO of Virgin Atlantic Airways, no single airline is immune from recession. He made this statement in reference to the fact that Virgin Atlantic, like other airlines, such as the British Airways suffered from recession. For instance, Virgin Atlantic was forced to downsize due to the recession by laying off about 600 workers in order to cut down cost. The recession also affected Virgin Atlantic Airways in that had to cut the pay of some of its employees to reduce cost. In addition, the company shareholders were also severely affected by the drop in the share prices. In fact, the CEO of the company Steve Ridgway reveals that shareholders received very little dividends on their investments because of the recession that affected the airline industry. The most surprising thing, however, is that the UK government failed to offer any assistance to the airline industry during the recession. These fiscal and monetary initiatives have had a huge impact on Virgin Atlantic operations. For instance, the qualitative easing policy initiative have encourage consumer spending in this country. This impacted positively Virgin Atlantic Airways by making money available to passengers to spend on air transport. The increased number of passengers on VAA has increased the revenue of the company. As a matter of fact, VAA experienced a decline in the number of UK passengers using the company airline services during the recession due to lack of money. However, the company has been experiencing an increase in the number of passengers since the BOE introduced the QE monetary policy. The monetary and fiscal policies initiated by BOE have also improved economic growth, as well as reducing inflation rates in the country. Most airline companies, including VAA experienced a rise in the cost of service delivery due to the increase in the cost of fuels during recession. In fact, VAA has attributed the losses it has made in the recent past partly to the rising cost of fuel. However, the situation has changed significantly in the company since the UK government initiated the fiscal and monetary policies. According to Whish (2008, p. 56), the fiscal and monetary initiatives have contained inflation, which has resulted in a reduction in fuel prices in the country. The reduction in fuel prices has been a reprieve to VAA since this has significantly reduced the cost it incurs in buying fuel, which has also translated to a reduction in the cost of operations. AC 2.3 Impact of UK/EU competition regulatory policies on VAA Fiscal and monetary initiatives have had a huge impact on Virgin Atlantic operations. For instance, the qualitative easing policy initiative have encourage consumer spending in this country. This impacted positively Virgin Atlantic Airways by making money available to passengers to spend on air transport. TheCompetition Act 1998, Enterprise Act 2002 and Article 101/102 of the EU legislations are the most important statuteslegislations. These laws prohibit agreements or practices that restrict free trading and competition between business entities. The Enterprise act 2002 as well as article 85 or 86 of the EU legislation were actually enacted for promoting free competition as well as preventing development of monopolies. Thus, the UK/EU competition as well as regulatory policies would benefit VAA performances as the policies usually create an environment whereby free competition is permitted. For instance, lack of the policy might create an environment that promotes monopoly, which would be disadvantageous to VAA. Therefore, the UK/EU competition as well as regulatory policies would create an environment to favor all market players within the airline industry in Europe. AC 3.2 Forces of demand and supply upon pricing decisions sales of VAA Pricing and sales decisions of any company operating in a competitive market are depended on the forces of demand and supply. VAA is one of the airline companies that operate in a very competitive environment. This implies that, in order for the company to gain competitive advantage, it must consider the forces of supply and demand in the industry (Johnson, Scholes and Whittington 2010). Some of the airline companies that VAA competes with include the British Airways, Ryan Air and Easy Jet just to name but a few. Therefore, in making pricing decisions, VAA must consider the supply factor. According to the law of supply, an increase in price in the market results in an increase in the quantity supplied, ceteris paribus. Therefore, in making a pricing decision, VAA will have to consider the supply element. As such, before fixing a price for its airline tickets, VAA will have to consider the number of airlines in the industry. This is attributable to the fact that charging high prices f or tickets in a market with many airlines will make VAA lose the passengers using its airline services to its rival firms, such as British airways, Easy Jet and Ryan Air among other airline companies. Therefore, it would be prudent for VAA to set ticket prices competitively after taking the supply of airline into consideration. This implies that, VAA will have to set ticket prices not too high or too low in comparison to other firms' ticket prices in the airline industry. At the same time, VAA must consider the demand factor in the market before setting prices for air tickets and other services. According to the law of demand, the higher the price, the lower the demand while the lower the price the higher the demand. This implies that it would be prudent for VAA to charge higher prices for its airline tickets when the demand for its airline services is high. This is because the high demand will mean few airline tickets (Johnson, Scholes and Whittington 2010). As such, the many passengers who wish to fly on VAA airline will be scrambling for the few available tickets making it easy for VAA to charge highly for the tickets. However, when demand for its airline declines, VAA will have to lower its ticket prices in order to attract more passengers to travel on its airline. Therefore, taking into consideration the forces of demand and supply will certainly be very crucial in making pricing and sales decisions. Impact of business environment on behavior of VAA: The way the business environment affects the behavior of VAA can be evaluated using PEST analysis tool. PEST is an acronym that stands for political, environmental, social and technological factors that affect a firm. Politically, VAA operates in an environment full of government interventions. For instance, the company's operations are affected with the taxes imposed by different countries on landing and packing (Moscaritolo 2014, p. 5). At the same time, some countries where the VAA operates are facing political instabilities. These among other factors impact negatively on the company's operations. Regarding economic environment, the operations of VAA have been impacted negatively in the past by increases in the cost of fuels, recession, high insurance and security costs, as well as increased rate of unemployment. These factors are partly responsible for the declined profitability of the company in the recent past. Regarding social environment, the operations of VAA are affected by the cultural aspects, career attitudes, as well as seasonal offers. Since the socio-cultural influences value from one place to another, VAA constantly evaluates the customer attitudes in different parts of the world before beginning to fly its airplanes these regions. Technology is another factor that affects VAA's strategic planning initiatives. Therefore, to keep up with the technological advancement, VAA has implemented the internet for distribution and cost synergy. In addition, the company also offers online ticketing services, as well as e-marketing. In addition, most operations of the company have been computerized to increase efficiency in service delivery. Cultural factors: Culture is a major factor that affects the airline industry. Virgin Atlantic is one of the airlines that have been confronted with cultural influences. For instance, the company has always found it had penetrating into some Asian countries due to cultural influences, such as religion and the fact that it is a British company (Moscaritolo 2014, p. 5). At the same time, the company is sometimes forced to abide by the cultures adopted in certain countries in order to get landing license. Impact of international trade: Virgin Atlantic Airways has been greatly benefiting from the aspect of international trade. Being a firm that offers the service of air transport to various destinations across the globe, the company is likely to benefit from varied approaches of international trade as it would give it the opportunity to explore innovative markets to bring about growth as well as profitability (Johnson, Scholes and Whittington 2010). Presently there exist some potential markets to bring about expansion of the company operations. Hence, international trade would definitely make it possible for the company to enhance its own market share within new markets where it has yet not ventured. The company would even benefit from various approaches of international trade by means of brand awareness as well as networking. There are several people who have not heard about the company. Nevertheless, international trade is said to offer the company some explicit opportunities to create its brand awareness. Besides , international trade would lead to enhancement of imports as well as exports amidst nations by providing VAA with a business opportunity. Impact of Global Factors: Multinational companies, such as VAA are normally confronted with another of factors, including political, economical, sociological, technological, legal and environmental factors. Political: VAA is hugely affected by the taxes levied in different countries where it operates for landing and fuel. Economical: Globally, the interest rate fluctuation normally affects the company's pricing decisions. At the same time, the global prices of oil also affect the VAA's profitability as was evident during the recent recession that caused global increase in prices of oil. Social: The operations of VAA are also affected largely by social factors. For instance, the company is required by law to abide by certain safety measures both on the ground and on board (Moscaritolo 2014, p. 5). At the same time, the increase in population, as well as ageing populations also affect the activities of the airline. For instance, an increase in baby boomers implies that there are many people with disposable income, which increases the company's profitability. Technological: Research shows that as the technological advancements experienced in the recent past has impacted hugely on the activities of VAA. For instance, the company has had to computerize its operations to increase efficiency. Currently, VAA offers online ticketing services with the help of technology. At the same time, the company engages in e-marketing for its products and services. Today, the company uses various social media platforms to create brand awareness and engage with its customers. This has helped improve the relationship between the VAA and its customers. Legal: Some of the legal aspects within various nations are said to affect the company operations. The firm has revealed that nations maintain strict laws thereby making the operation difficult. For instance, some nations put restrictions upon landing time that impacts negatively upon the operations of airlines within such nations. Environment: The aspect of global warming is considered to be a key environmental issue that affects the world today. Thus, airlines companies must reduce the level of fuel emissions for mitigating the global warming issue. In compliance with the legal law, the company is in the process of implementing a raft of initiatives, involving investments within renewable sources of energy for reducing the level of emissions from its airplanes (Moscaritolo 2014, 5). However, this is associated with a cost since the airline is forced to spend huge amounts of money upon the project. Impact of the European Union Policies on VAA: A reduction within international border of trade as well as agreement would certainly benefit the company greatly. It is due to the fact that such type of barriers would usually make the trade amidst countries quite difficult. Thus opening up trade amidst nations would mean that the company would get more and more customers willing to travel by airlines, thereby resulting in enhanced sales as well as profit. The harmonization of technical as well as safety standards abided on varied products (Johnson, Scholes and Whittington 2010). Therefore, harmonising the standards will make the work of VAA easy. Exercise duties and fiscal barriers normally make the operation of VAA difficult. This is because the company has to comply with one after the other. Therefore, closer harmonization of excise duties and VAT will make the work of VAA easier, as well as increase faster compliance. Economic systems (LO2.1) Generally speaking, economists recognize three fundamental economic systems that determine what goods to produce, how it is produced and to whom the goods or services in question are produced. The three economic systems include free market, command and mixed market economies. The three types of economic systems differ from each other with regard to the manner in which economic decisions are made. Free Market Economy: A free market economy is one of the most common types of economic systems in operation in many countries across the globe. In this type of economy, key economic decisions are made by individuals themselves (De Vogli 2013, p. 6). This implies that there is no government control over the economic decision that an individual makes. As such, in a free market economy, consumers are free to purchase the goods of their choice without interference from the government or other external forces. Similarly, in a free market economy, corporations are free to make their own economic decisions. In this regard, firms are free to produce goods of their choice without interference or being told by the government. This implies that firms are allowed in a free market economy to produce goods and services, which they believe will attract a large number of consumers. This implies that if a firm chooses a wrong product to produce, it may be forced out of business due to lack of customers to buy the product s. However, if a firm chose the right product or service to produce in such a market, it sells well and makes profits. A free market economy is also characterized with high competition. In fact, economists believe that a free market economy is perfectly competitive due to the existence of many autonomous buyers and sellers. The competitiveness in a free market economy is also exuberated by the fact that there is free entry and exit of firms. This is attributable to the fact that such a market has no barriers to entry and exit of any firm (De Vogli 2013, p. 6). Therefore, firms are forced to compete fiercely for the consumers available in the market while consumers also compete among themselves for the products and services on offer. A free market economy is also recognized by the pricing mechanism. Since the market is perfectly competitive, prices in the market are mainly dictated by the forces of demand and supply. This implies that no single firm has the power to control the prices in the market. As such, it is normally known as a price mechanism market. A majority of major economies in the world, including the United States, Germany and Japan is all free market economies. Command Market: Command or planned economy is also another economic system mainly adopted by emerging economies (Shapiro 2007, p. 26). As the name implies, within a command economic system, it is assessed that the government is said to control the three economic decisions, including what to produce, how to produce and whom to produce the goods and services. As such, unlike in a free market economy, whereby a company is usually free for producing goods as well as services, command economy does not allow it to occur. Instead, the government is said to dictate the firms what they must produce, irrespective of whether the goods will be sold or not. This is attributable to the fact that the government owns all the country's factors of production. Shapiro (2007, p. 27) noted that the only factor of production where the government has no total control in a command economic system is the labor. However, the government has some degree of control over workers. Within a planned economy, no free enterprise exis ts as is the case within free market economies. In fact, in a planned economy, the government, consumers and employees all work for a common good rather than for self interest as evident in communist countries, such as in the former Soviet Union. Unlike in a free market economies where competition is high, there is very little or no competition in a planned economy. As a result, there is no price mechanism in a command economy. This implies that, unlike in a free market economy, where forces of demands and supply determine the prices of goods and services, price mechanism does not exist in a planned economy. As such, prices of goods and services are set by authorities. Some of the practical command economies in the world include China and South Korea. Mixed Economies: As suggested by the name, a mixed economy refers to an economic system whereby the extremes of both the free market as well as command economies exist. As a mixed economy combines the characteristics of both the economies, the theory fails to answer the economic questions of what to produce, how to produce and whom to produce. This is due to the fact that mixed economy is a complement of both the economies. Hence within a mixed economy, some factors of production are owned by the national government whereas some are owned privately. This denotes the absence of absolute ownership of factors of production by either individuals or individuals. Within the economic system, self-interest is partially a motivational factor of the economy. It denotes that consumers can freely maximize their welfare just like within a free market economy (Shapiro 2007, p. 31). However, the government is also said to play a significant role to fulfill good objective. As referred to competition, the private sector of mixed economy may be quite competitive. The government Control reduces the competition to a great extent. Also within a mixed economy, the mechanism of pricing operates within the private sector. But, the efficiency of price mechanism is based upon the degree of market competition. In the United Kingdom, the government is said to normally provide programs like that of education as well as NHS quite fr ee at the point of use. Also, the government at times imposes some charges for providing services, such as lunch. Effectiveness of allocation of resources: Depending upon the way the economic systems would allocate resources, it would become apparent that a free market economy is said to allocate resources more effectively than the mixed economies. As stated previously, within a free market economy firms are quite free to produce goods of choice without interruption from government (Shapiro 2007, p. 36). In addition, resources are privately owned by individuals. This refers to an efficient manner of allocating resources as compared to mixed resources. The fact that individuals have the power of allocating resources on an individual basis is effective since an individual either buys or sell goods, which one wants. This is not usual within command economy whereby the government is said to control the manner of resources allocation. Furthermore, the fact that in a command economy the government has absolute control of how resources are allocated, this is susceptible to abuse (Whish 2008, p. 52). This is because authorities might favour som e areas resulting in unequal distribution of resources. The same applies to a mixed economic system, which does not allocate resources effectively due to government control over some sectors of the economy. Therefore, it's certain that a free market allocate resources more effectively than the other two economies. Determination of prices output decisions in a perfect competitive market: Basically, firms operate in different types of markets that dictate how prices and outputs decisions are made. The different markets include a perfectly competitive market, monopoly, monopolistic competition and oligopoly. In this regard, the pricing and output decisions are made in accordance with the nature of the market. Pricing output decisions in a perfectly competitive market: Generally the pricing as well as output decisions are based upon the way a market is deemed competitive. This is applicable to a perfectly competitive market, whereby the pricing as well as output decision taken in accordance with the market attributes. A perfectly competitive market refers to the type of market where several buyers as well as sellers exist (De Vogli 2013, p. 13). Within this type of market, the products sold are quite identical in nature, thus form many substitutes. Also no barriers to entry and exist of firms exist within the market. Thus due to the competitive nature of the market, the prices at which goods are usually sold are well determined by the market forces of supply as well as demand. This is said to imply that sellers or firms possess no control over prices of goods as well as services within the market. For instance, in a perfectly competitive market, no single company can dictate the prices of products as well as services due to the existence of several sellers who offer substitute products (Whish 2008, p. 56). This implies that, if one firm decides to increase the prices of goods, consumers would simply move to other sellers who supply the same goods at a low price. This makes firms that increase their prices to lose their market share. Gasoline market is a classical example of a perfectly competitive market where the pricing and output decisions are determined by the forces of demand and supply. This implies that, a single firm in a gasoline market has very little control over the prices to charge. As such, as long as the station is busy getting customers, there is no reason for such a gasoline station to lower prices. However, if the gasoline station increases its gasoline prices by say 5 cents a gallon, this will result in the gasoline station losing its customers to other gasoline stations selling gasoline at a cheaper price than the station. The pricing and output decisions in a pure monopoly are quite different with that in a perfectly competitive market. To begin with, a pure monopolistic market is one where there is only a single producer of product or services, but with many consumers. As a result, there is no competition in a pure monopoly (De Vogli 2013, p. 19). This implies that the monopoly produces the goods at its own pleasure. At the same time, the goods supplied by a monopoly have no close substitute. Unlike in a perfectly competitive market where there is free entry and exit, in a purely monopolistic market, entry is blocked and the monopoly focuses mainly on the maximization of profits. Since only one firm exists in the market, prices of goods and services are not determined by the forces of demand and supply. Instead, the monopoly has absolute control over the prices in the market due to lack of substitutes for the product or service in the market. At the same time, monopolist has no ability to sell as much as it desires at the prevailing market price. Rather, if a monopolist intends to sell a large quantity of goods, it must lower prices. Shapiro (2007, p. 70) attributed this to the fact that for a monopolist has a downward-slopping as the firm sells to the entire market. In addition, for a monopolist who wants to maximise profits, then firm must continue producing the good as long as the marginal cost is less than marginal revenue. Public utilities are a good example of pure monopolies. A monopolistic competition refers to a market structure with relatively a large number of firms producing products which are similar but not identical (De Vogli 2013, p. 22). This type of market is almost similar to a perfectly competitive market in the sense that there are many firms in the industry with each producer selling a small part of the goods supplied in the market. Like in a perfectly competitive market, there is free entry and exit of firms in a monopolistic competition. In addition, buyers in a monopolistic competition market are believed to have perfect information regarding the prices of goods and services in the market. Generally, a monopolistically competitive firm is a price maker (Shapiro 2007, p. 76). This is attributable to the fact that, even though there are many small firms in the market, the products dealt with are not identical. However, the pricing decisions of such firms are made depending on the short or long-run prevailing conditions. In this regard, in the short run, a monopolistic completion is similar to a perfect monopoly. However, the firm is only able to maximise its profits where marginal revenue is equal to the marginal cost. However, at the point where average total cost equals the price, a monopolistically competitive firm will only earn normal profit. This is different will the long-run where a monopolistically competitive firm does not earn economic profit, rather earns just a normal profit. As profits in the short-run attract new firms in the industry, this increases competition resulting in increase in average cost. Oligopoly by definition refers to a market structure dominated by few firms (Shapiro 2007, p. 81). This may result from collusion between firms in order to minimise competition so as to increase prices charged to consumers. Since there are few firms in the industry, the action of one firm is normally followed by other firms in the industry. The media industry, such as television firms is a classical example of an oligopoly. In the UK, for instance, any move made by BBC News broadcast station influences the decisions made by other firms. Regarding pricing decisions, an oligopoly is a price maker. This implies that any firm in the market is able to determine a price. This is particularly so with regards to the most dominant firm or price leader. In this regard, in the event that one firm reduces fees charged for a given service, other firms are likely to follow a similar move in order to remain relevant. Failure to lower price as does the price leader makes a firm lose market share sin ce consumers will shift to the firm charging low fees for the product or service (Shapiro 2007, p. 91). However, a firm operating in an oligopolistic market usually finds it difficult increasing its prices. This is because any increase in price means that consumers have alternative firms to turn to for services or products. In most case, only the dominant firm sets prices, which other firms in the industry are forced to follow. References De Vogli, R 2013, Progress or collapse: The crises of market greed. Routledge, London, UK. Johnson, G.,Scholes, K., Whittington, R 2010, Exploring Corporate Strategy, viewed 13 Feb. 2014 www.bbc.co.uk/news/business. Laking, A. T 2011, Elementary manual of First Aid - British Red Cross Society. Read Books Design, Manchester, UK. Moscaritolo, A 2014, Virgin Atlantic testing Google Glass to make flying sexy again. PC News, 11 February, p. 5. Moulds, J., Inman, P 2013, UK economy should avoid triple-dip recession, OECD forecasts. The Guardian, 28 March, p. 7. Shapiro, M. M 2007, Foundations of the market price system. Ludwig von Mises Institute, London, UK. Virgin Atlantic 2013, World-first low carbon aviation fuel to be developed for Virgin Atlantic, viewed 13 Feb. 2014 https://www.virgin.com/travel/world-first-low-carbon-aviation-fuel-be-developed-virgin-atlantic. Whish, R 2008, Competition law (6th Edn). Oxford University Press, New York, NY.