Marketing Little Known destinations the island of Saaremaa, Estonia Essay

Marketing Little Known destinations the island of Saaremaa, Estonia - Essay Example One key question that needs to be addressed when thinking of the marketing efforts is whether to prioritize their marketing efforts at the established markets or look at newer markets such as distant European countries. As per the context established by the case, the tourism industry is changing very rapidly. The tourists are much more open to traveling to distant places to discover new and little known, but exotic destinations (Yong, 2006). Therefore, with regard to Saaremaa, the marketing efforts should be prioritized to build new markets. Europe is well known for exotic and small destinations and hence, the level of competition is high. Therefore, to attract customers from a new market, it is necessary to have a high focus on building the brand, ensuring sustainability as well as in targeting the right market segment. For example, Saaremaa is famous for its natural beauty, its rich history as well as the sweet-sour bread and beer. Hence, the brand Saaremaa for tourism should adequ ately encompass these different aspects. The initial marketing efforts can center on advertising Saaremaa to create awareness and the subsequent efforts can center on introducing specific theme related holidays such as an exotic theme that centers on the sweet-sour bread and beer in the food category or a historical theme holiday destination. Focusing on new markets will also make the destination popular among a wider set of customers who have various preferences of holidays and hence, it would open Saaremaa’s uniqueness to customers who prefer such destinations. However, it should be ensured that any steps of market expansion should not result in overcrowding. In addition, any word of mouth marketing may already work in the existing markets which will ensure that there is a steady flow of tourists from the already established markets. Therefore, prioritizing the new market will bring in customers from newer markets and at the same time, the customers from the existing market s will continue to visit because of the existing efforts and word of mouth (Holloway, 2004). 2. Should Saaremaa improve access by ferry or plan on the construction of a bridge to the mainland, as a means of expanding tourism? Or, conversely, should the island authorities aim to limit the appeal of the island in its existing isolation, by aiming to boost income from a smaller base of visitors to this island destination? One of the highlights of Saaremaa is how it is exotic and little known, but extremely beautiful and a perfect holiday get away. Therefore, on one hand it is important to build the tourism sector, it should be done in such a way that the pristine surroundings are not disturbed and the serenity of the place is not at risk because of overcrowding. Therefore, to sustain this exoticness and serenity, it is necessary to ensure that the place does not degrade in standard because of overcrowding. Overcrowding may mean more revenue because of increased crowd influx, but it als o can result in pollution, higher crime rates, more buildings and development (Doan, 2000). It can also mean that the natural beauty as well as tourist spots no longer provides peace and tranquility, thereby taking away the charm from the place. Hence, it is recommended that appeal of the island should be maintained by ensuring that there is some amount of isolation. In such cases, the challenge is how to improve the tourism industry without

Ethics and Economics Assignment Example | Topics and Well Written Essays - 1000 words

Ethics and Economics - Assignment Example Though there were several reasons for the occurrence of the incident the root cause would be the escalating greed among the people who are in power. The top executives of the investments banks and other financial institutions had repeatedly promised that the companies were stable financially (Fox, 2009). The main problems that the United States faced was the decline in the standard of the financial health, liquidity crunch and also the increasing amount of leverage in forms of home loan mortgage, the collateralized form of debt obligations, the freeze in the credit markets as well as the credit default swaps. On the 15th September 2009, Lehman Brothers reported their situation of bankruptcy to the US regulatory and compliance officials. The consequences of this were the immediate collapse of the investor confidence in the stock markets and the collapse of the securities market. This had its effect on the investors of the entire world and thus the financial condition of the entire wor ld worsened. Background of the Event The collapse of the Lehman Brothers started with the repeal of the Glass-Steagall Act in the legislature in Washington D.C. The legislation arrested the unhealthy rivalry among the investment banker and the commercial banks of the United States. The act also enabled each of the sectors of the industry to focus on their activities (Sloan and Boyd, 2008). When the Act was implemented in the US economy, the Lehman Brothers became leading player in the field of housing market. The US housing market bubble followed this incident between the years 2006 and 2008 and the company earned a lot of profit from the housing mortgage business. The stock prices of the company also showed an upward trend and had a record market capitalization figure. However, the burst of the housing market bubble was waiting. March 2007 witnessed a sudden decline in the stock markets and the defaults on the mortgage lending rose exceptionally high. A large number of hedge funds experienced loss due to the event. The company took various steps relating to investments in mortgage backed assets which were not conducive to the company as well as the investors. It did not bring into public notice the wrong steps that it took and the bleak circumstances it was heading towards. The calculatingly company made manipulation in its financial statements made false claims to the public. The accounting software that the company had been using could misrepresent the actual data and manipulate the procedure of accounting and it took place in legal terms and so it did not face any compliance problem. This continued till September 2008 when the company announced its financial distress because internally the fundamentals of the company had been destroyed completely. These series of incidents led to the Financial Crisis that the entire world witnessed. Ethical Issues behind the Collapse of the Lehman Brothers The collapse of the Lehman Brothers occurred due to a plethora of e thical issues on part of the top executives of the company. From the video it is clear that there were unethical moves on part of the executives who had led to the incident (Romereports, 2009). Michel Camdessus, the former MD of the IMF, claims that extreme greed of the top executives of the company for money has led to such an unfortunate incident. It was the result of the wrong steps that a number of people took. However, there are mainly three aspects to it. First of all, the CEO of Lehman Brothers, Richard Fuld, had repeatedly lied about the activities of the company. He believed in the business model in which aggressive leverage of the securities had to be undertaken which exposed the business to a lot of risks. The CEO should have adopted an alternative