World of Business (print and online) is an international business magazine owned and run by Stimulus Research Services. In today’s world where brevity and variety rule the publishing sector, World of Business impeccably caters to both. The magazine provides a niche and a knowledge-based outlook towards different sectors of the international business world.
Besides the publication, Stimulus Research Services also hosts events, conferences and workshops on a global platform. The magazine features stories, articles, interviews, guest columns, analyses, reviews, reports, advertisements and much more, encompassing a wide variety of domains of the mammoth global business world.
Derived from the Latin word ‘advertere’,which means ‘to turn towards‘, the term ‘advertising’ in the literal sense means ‘to turn people’s attention towards a product or service throughmedia’. In the context of marketing, advertising is seen as a means of communication through which a business product or service is sold or promoted. Not only a promotional tool, advertisingcan be seen as a significant catalyst to understand market trends and reaching out to people using the most appropriate medium to ensure maximum visibility of the product or service.
Advertising is generally done through various media. Some of them are newspapers, radio, television, billboards, mailers and digital billboards. However, the choice and selection of the advertising medium largely depend on the product and the impact it can have on the target audience.
On the global front, advertising has ushered a new era of economic progress.The impact of advertising directly influences the company’s image and its product’ssales. Being persuasive and compelling in nature, it helps in creating a positive image of the product or service in the mind of the consumer. This ultimately leads to an increase in sales and revenues of the company. Thus, it won’t be wrong to say that advertising not only plays a crucial role in moulding public perception about the product and the company as a wholebut also plays a dominant role in the business marketing structure.
The share of the entertainment sector in the world economy is huge. Today, entertainment has become an indispensable part of our lives. From blockbuster movies to popular music, from online gaming to blogging, from theme parks to discotheques, entertainment has become the most crucial aspect that guarantees happiness and solacewhen it comes to refreshing our minds and satiating our souls. The entertainment industry, which is often referred to as the show business, largely banks on mass media companies for its control, production and distribution. Mass media refers to media through which entertainment is propagated to the masses; these include cinema, television, radio and theatre.
However, mass media distribution varies according to the economic development of a country. For example, better internet speed and networkfacilitateeasy provision of services by Netflix, which is more popular in the West compared to other countries. With global media houses forming joint ventures, entertainment has reached the next level. This is one big reason popular reality shows and sitcomsnow have local versions in different countries. Despite globalisation and international popularity of entertainment services, developed economies are performing better when it comes to offering different forms of entertainment to the masses.
Money makes the world go round. This age-old phrase definitely holds true for the financial sector of any country. It is the financial structure that forms the foundation of a developed or a developing economy. Thus, it won’t be wrong to say that at the helm of a country’s economy lies the financial industry, which keeps the market alive.
According to the website streetdirectory.com, a financial service is any service or product of financial nature provided by the financial institutions operating in the market. Such a service is governed by a measure maintained by a party or a public body exercising a regulatory or supervisory authority delegated by the law. Financial services in the economy are offered by various institutions, including insurance companies, credit card companies, accountancy companies, angel investor companies, banks, etc.
As the world is getting drastically prone to deadly viruses, drug-resistant bacteria and natural catastrophes, the health care industry is witnessing a boom and an urgent need for new, well-trained professionals. There is also a dire need for the development of path-breaking medicines and vaccines across the pharmaceutical industry. In this context, the most surprising change has been witnessed with the evolution of amputee prosthetics, which has made the world easy for dependent patients who can now do their day-to-day chores with ease and without assistance.
With privatisation seen during the early 90s, the healthcare industry saw a rise in the number of private hospitals and clinics. The same period also witnessed a surge in the medical costs, which became a matter of concern for the common man. The world, as we know of today, is undergoing a revolutionary change in the health care sector, which is further leading to a dramatic shift in the operating, clinical and business models. The governments, private players, stakeholders and NGOs are doing their best to deliver efficient, effective and equitable medical care to all.
The hospitality industry includes sub-categories and services like hotels, tourism, travel, food, etc. This giant industry falls under the services sector and contributes a major share in the global economy. With rapid globalisation and digitalisation, this industry has reached its pinnacle in recent years. Owing to its vastness and broad scope, defining this industry becomes difficult at times.
The industry can be broadly classified into two categories: entertainment (clubs, bars, restaurants, etc.) And accommodation (serviced apartments, resorts, inns, hotels, camp grounds, etc.).The industry has got the tourism support (in the form of airlines’ cabin crew, travel agents and tour guides), the IT support and the corporate entertainment support. These support systems have greatly helped the hospitality industry to grow by leaps and bounds, adding more sub-categories to its vast domain.
Human resource is one of the major constituents of the hospitality industry. Just like the industry, human resource is categorised into different segments and the quality of workforce plays a decisive role in the long-term stability and functioning of any hospitality brand.
When you face an unexpected financial emergency or suffer an expected loss, you immediately feel the stress and the need to get a quick monetary assistance. During this difficult time comes into picture insurance as a saviour. Insurance can be seen as a protection against any unforeseen loss. A definite amount, i.e. lump sum (premium), is generally paid to the insurance company to get the protection, i.e. money (cover), in case of any loss. There are certain terms and conditions that are applicable to every insurance policy and the money can be claimed by the insured only if those conditions are duly met.
Different insurance policies cover different domains of life, such as a policy for one’s health, a policy for one’s vehicle and a policy for one’s property. On a global platform, insurance companies are adjusting to the onslaught of the economic crisis. International insurance companies, which once resorted to saving expenses and conserving capital, have today started investing in the world market. This can be considered a positive step in the lucrative insurance sector.
The tourism industry across the globe has been consistent in terms of growth and diversification and therefore is one of the fastest-developing industries. With the rapid development of infrastructure and the exploration of new destinations, the tourism industry has witnessed immense growth in recent years and is yet to meet its full potential. The socio-economic development of the tourism industry can be attributed to urban development, growing technology and increasing investments.
The business generating from the tourism industry has left some of the big sectors of the economy like automobiles, exports, etc. behind. Developing countries are heavily relying on the revenue generated from the tourism industry. Tourism today has been industrialised, and both developed and developing nations are tapping the potential in this sector to produce economic and employment benefits in their economies. The contribution of tourism in the economic well-being of any nation depends on what it has to offer to its public. The United Nations World Tourism Organization (UNWTO) assists countries in making their tourist destinations sustainable in the ever-complex national and international markets. As a UN agency dedicated to tourism, the UNWTO believes that developing countries, particularly, stand to benefit from sustainable tourism, and as a promoter of tourism, it strives to make this a reality.
The tourism sector has always been influential when it comes to impacting the travel industry. Tourism has boosted the revenue of the travel industry across the globe in recent years and it is assumed that the travel industry will record a massive growth during the period 2014–19. It is expected that countries in the Asia-Pacific region will perform better compared to other countries of the world. The travel industry, which is under a major change because of the growing mobile technology and competitive travel services offered in the market, will further get revamped with changing booking patterns and consumer behaviour.
Global tourist arrivals are expected to increase between 2014 and 2019 in the Asia-Pacific region and tourist trips might get propelled because of medical tourism and business tourism.
If we take the global industry in the purview, we can see that currency exchange also plays an important role here. It is observed that people travel to countries that have a strong currency. Developing countries, on the other hand, need to fix their basic economic needs first to attract tourists.