Reflection ( R-Rent a car) buisness Essay Example | Topics and Well Written Essays - 500 words

Reflection ( R-Rent a car) buisness - Essay Example After which a careful scan of competitors around Dubai must be thoroughly made so that I can have a full grasp of how it is to compete in a dense market. It was difficult since as a new entry in this business, other companies have already the advantage of having loyal customers. Nevertheless, I was able to successfully gather enough data that can give me a complete view of the car rental industry. This also meant being resourceful by tapping networks of friends, even relatives who knows someone from this kind of business. On the second week, I doubled my efforts to get primary sources for my data. This entailed doing interviews among two rent-a-car owners so I can have some idea for the marketing strategy. I also interviewed a driver so I can anticipate possible problems in operating this business. I fully realized that this business is not about cars, it’s about giving service which is why I incorporated â€Å"pleasure â€Å" in my tag line. The succeeding week, it was time to put up advertisement on different media and that was not quite easy for a newcomer. There were many phone calls to make just to canvass the price of such ads. Also, I was not familiar with sizes, dimension and design of paid ads. Indeed, the design of the website occupied also another week of the project since many considerations must be made in the B2C marketing. The four principles of marketing are the same but one must view the ad as a browser on the internet with very little attention span. The ad must immediately grasp the attention of the potential customer. There were many skills that I have learned in accomplishing this project. The first set of skills I have developed are soft skills in negotiating, problem-solving, listening, interacting with others, diffusing tension in an argument and even teaching. These skills were learned during my interaction with people in the industry as well as people in the media. The rent-a-car business depends

The Impact of Economics on My Life as a Business Article

The Impact of Economics on My Life as a Business - Article Example In order for business people to become successful in today’s global business, each businessman should be knowledgeable in study of microeconomics and macroeconomics. For the purpose of this study, the importance of the basic principles of microeconomics such as the supply and demand of labor and products2 and how individuals, households, and firms make decisions with regards to allocating their limited resources in markets where the trading of goods and services occurs3; and the macroeconomics which focuses particularly on the external factors that could affect the variables such as the Gross Domestic Product (GDP), unemployment rate, inflation rate, and exchange rate4 will discussed in order to enable the businessmen to understand and apply the useful economic theories in their future business decision making. Businessmen should be aware that there is a significant correlation between the increase in demand for goods and services as well as with the demand for labor. In case the economy of a country is booming, the domestic demand for finished products increases. The increase in the demand for products contributes to the increase in demand for human resources (workforce). Basically, this allows the talented men and women to have the demand for a higher salary or have an option to take double jobs and longer working hours. (See Figure I – A Good Economy below) On the other hand, in case the country is experiencing economic downturn or recession such as the Asian crisis in 1997 or a tragic event such as the September 11 terrorist attack in the United States, the demand  for human resources decreases since a lot of local businesses were directly affected and eventually had to declare bankruptcy or impose a mass lay-offs in order for them to be able to sustain the business financially.