Assignment 2: Critical Evaluation and Literature Review
Introduction
In this article, the topics discussed by four lecturers will be analyzed. These contents
will be constituted of the digital economy by Professor Mark Thompson, social
network by professor Kevin McMeeking, managing people with international
organizations by Dr. Grasuham Perkins, and subliminal advertising by Dr. Alex
Thompson. This essay intends to promote my deep learning through in-depth
understanding and reflection on the four topics of discussion, which help me build a
new knowledge system and thinking structure, as well as achieving a higher level of
cognition of the development status of the subject contents.
As we all know, the global economy has promoted the comprehensive and
large-scale international development of plenty of enterprises, the development of
the worldwide digital economy, the application of social networks, the management
of personnel capital, and the effectiveness of advertising (Huws, 2014). This post is
roughly divided into five parts for discussion and research, including four themes and
outcomes on the summary.
The first perspective will focus on how technology continues to deepen the
penetration of traditional industries under the digital economy, to give birth to a
series of new economic models and new forms of business. Then, describing these
business models how to change people's lifestyle. Most importantly, this
investigation could be useful to me as a learner of exploring the study of the digital
economy model, such as the prosperity mechanism and development status
problems brought by the digital economy.
The second perspective will take Bitcoin as an innovative product combining
monetary economic theory with modern network information technology to analyze
its existing value and security risks. In other aspects, I will explore and analyze the
potential value of Bitcoin application and future business opportunities based on the
current market situation.
In the third and fourth portions, for the third section, I will refer to the organizational
management and cross-cultural management strategies of multinational enterprises
and show how human resource management can achieve successful scale economy
management by adopting relevant strategies. Regarding the fourth angle, it will
involve how advertising as a form of cultural propaganda affects people’s perception
of some things. As Alex mentioned in class, the hidden power of advertising can
influence people's thoughts, feelings, and actions without them knowing it. Later,
elaborating how to put the customer under the perception, which helps with
subconscious marketing in advertising design and so on.
In the final vision, I will summarize the knowledge that I have gained from analyzing
the contents of the four lecturers' narratives. And debating why the themes facilitate
my cognitive processes and so forth.
Topic One: The rise of digital economy-Professor Mark Thompson
Introduction:
Mark Thomson's presentation highlighted that the digital economy has improved the
efficiency of capital markets through big data development and network
infrastructure. The importance of Britain's first "mechanized" industrial revolution in
pioneering the world's technological advances. As well as how does the rise of the
global digital economy affects all aspects of the economic and social life of human
beings. Concerning the development status of digital trade in the world, Mark
Thompson mentioned that digitalization is the main feature of the ongoing fourth
industrial revolution. Digital trade has greatly reduced the cost and time of the trade,
which not only enabled the continuous emergence of new trade products but also
changed the mode and scale of trade in almost all industries (Bukht et al., 2017).
Such as the blockchain, value chain, and the supporting role of the internet. This
means that it will become a new driving force for international trade.
Analysis:
As far as I am concerned, the digital economy has promoted the development of
industries in the era of sharing. This creative promotion is represented by the
internet and value chain, new industries have been innovated through the sharing of
data. For example, Amazon, Taobao, and other e-commerce platforms. The
successful application of these platforms requires the assistance of internet data to
increase information sharing (Bukht et al., 2017). According to data, more than 50
percent of the global trade in services has been digitized (Bieron et al., 2016).
Research shows that digital trade mainly affects the structure of the market economy
by accelerating technological progress (improving digital efficiency), reducing costs,
changing the pattern of market competition, and other ways (Bieron et al., 2016). I
also learned that digital trade creates many new jobs. The emergence of new
economic systems is increasingly creating a wide range of jobs and employment ways.
The concept of choosing a career is changing among young people. Boston
Consulting Group estimates that Alibaba's retail platforms have created 30.83 million
new jobs, which includes Taobao sellers and delivery workers (Zeng, 2018).
Furthermore, the rise of short videos such as Youtube and Douyin has boosted the
web celebrity economy and provided more employment options for people.
The internet is leading the transformation and development of the global
consumption system and payment system (Manyika, 2011). I have found that the
internet greatly reduces the cost of trade by reducing information barriers and
expanding the range of tradable goods (Bieron et al., 2016). The production process
can be divided into more links, which provides a guarantee for different economies
to enter new production activities and rapidly improve their productivity (Yadav,
2014). More and more intermediate products can be widely involved in the process
of the global value chain for multiple cross-border trades (Yadav, 2014). (Manyika,
2011) suggest that opening up appropriately the market for information services and
encourage people to participate the internet more deeply in the value chain of
manufacturing. This will help promote balanced global economic development.
When it comes to blockchain, Swan(2015) mentioned that blockchain and the energy
internet have promoted the establishment of market-based and financialized
platforms. Mark Thompson also referred to the use of blockchain technology can
establish a fair and open market mechanism, at the same time, it can well serve the
transaction of other financial products. DeFilippi (2017) believes that blockchain is
conducive to "promoting the exchange of value without the need for the third party".
The trust and distrust characteristics of blockchain technology also make blockchain
regarded as an alternative scheme for today's platform-oriented sharing economy
(Becketal, 2016). I also learned that blockchain technology continues to expand the
scope of services, such as living payment, medical care, traffic seizure, weather, and
so on. Blockchain technology continuously accelerates the networking process of
government affairs and meets the requirements of data trust sharing and exchange,
identity authentication, and other requirements in the current digital government
affairs construction (Swan, 2015).
However, Mark Thompson told us that as for the digital economy, whether it is the
blockchain or the value chain, there are certain risks. He reminded us that the
application of blockchain in the financial field often involves the transaction of digital
assets, which is directly related to the personal interests of users, and it is also an
easy target for greedy attackers. In addition, Mark Thompson emphasized that in the
blockchain system, there is no centralized database. Each node keeps all the
information of the blockchain, and its rights and obligations are equal. So every data
password is easy to copy and causes the risk of information leakage. Furthermore, in
the value chain, expect the risk of data leakage (Nofer et al., 2017). The information
asymmetry is ubiquitous. However, due to the new functions of the internet, such as
the separation of time and space, anonymity, and virtuality, some online transactions
are riskier than traditional transactions (Nofer et al., 2017). So it is very important to
use some measures and laws and regulations to protect network security. As for the
prevention system, an international internet cooperation platform should be
established, it is a benefit for forming joint supervision and coordination mechanism
(Gereffi, 2005). Most importantly, strengthening internet regulation and coordination
will help promote the convergence and integration of domestic information
technology standards with international standards, these ways contribute to
optimizing the efficiency of global resource allocation (Nofer et al., 2017).
Conclusion：
To sum up, Mark Thompson’s lecture showed us that the digital economy is the
product of the integration of energy, information physics, and the market, which will
profoundly affect all aspects of market production, transmission, storage, and
consumption. His lecture gave me a deep understanding of the value chain and the
significant role of blockchain on the internet. For me, the most meaningful aspect is
that blockchain solves the problem of consistency in distributed networks,
overturning the knowledge that traditional technical architectures rely on trusted
third parties for management control of large-scale organizations (Nofer et al., 2017).
It also makes me realize that the emergence of the internet has a certain impact on
the traditional trade model. Having learned from the lecture, I now realize that in
today's society, with the developed internet era, governments must improve the
digital economy supervision system and strengthen information security in the era of
sharing.
Topic Two: Bitcoin-Dr Jack Rogers
Introduction:
After the lecture on the digital economy model analysis, this topic mainly investigates
Bitcoin. Research shows that Bitcoin is a pure P2P virtual currency, which can meet
the needs of decentralization, strictly control the speed of money supply, estimate
the total amount of money in circulation, and effectively curb inflation (Mantzourou,
2015). From the perspective of innovation, the brand-new issuing technology and
transaction mode of Bitcoin have exerted a profound influence on the mechanism of
currency and financial market, forming an independent monetary system (Böhme et
al., 2015). However, Dr. Jack Rogers reminded us that there are certain risks
associated with using bitcoin. Charles Arthur, an editor of The Guardian, believes that
Bitcoin with its wildly fluctuating price (Slattery, 2014). This reflects an important
flaw in the currency. Based on Dr. Jack Rogers' speech, this paper will analyze the
values and security of Bitcoin’s issues.
Analysis:
Bitcoins are virtual currencies that can be exchanged for digital money by offering
goods or services. In this way, it becomes the medium between the two sides of the
transaction (Stokes, 2012). Currently, some stores or individuals offer their products
on websites, while some brick-and-mortar stores also accept bitcoin as payment.
Such as Ottonormalo in Germany and Hudson Eatery in the American city of Uyo
(Stokes, 2012). According to a report released on the valuation of Bitcoin, the
advantages of its design make it possible to develop into a major payment method
for e-commerce and become a strong competitor to traditional currency exchanges,
with great investment value (Jaag et al., 2017). The value of Bitcoin lies that when a
country has a financial crisis, war, and other crises, the value of its currency will be
affected, while Bitcoin will not be affected (De et al., 2016). For example, the
connection between Bitcoin's surge and the war in Syria. As long as people cannot
live without the Internet, then it will not lose its value (De et al., 2016). As Dr. Jack
Rogers said, the virtual currency can also be free of various taxes and fees, and the
total amount of storage is unchanged, avoiding inflation. So it was once hyped by the
media its role. My study found that the users' privacy concerns are a security issue
for Bitcoin (Conti et al., 2018). The inventor Ben Cong, designed the commercial
financial transaction system for users using Bitcoin anonymously, and the legal
problem of this anonymity is that it may be used by some users for illegal financial
activities, such as money laundering (Chowdhury, 2019). According to a study, I have
found that the Bitcoin system tried to block this vulnerability, and while Bitcoin
transactions remain anonymous, there is a permanently complete and encrypted
history of the number of Bitcoin transactions (Conti et al., 2018). From Dr. Jack
Rogersd's class, I also learned about that the blockchain field emerging with the
increasing popularity of Bitcoin, and the financial creation generated by its smart
contract technology. Such as IBM, MasterCard, Alibaba, etc. These models create an
immutable global database that can store ownership of anything, a more efficient
global payment system without middlemen (Chowdhury, 2019).
Dr. Jack Rogers told us that Some of the misinformation about Bitcoin has been
hyped by the media as a way to get rich quickly and as a vehicle for criminal
transactions. In fact, it poses a huge threat to society. For example, it is reported that
in 2014, there was a case in China where someone embezzled 5 million yuan and
used it to buy Bitcoin, and stored the Bitcoin in a virtual wallet registered overseas.
After arriving abroad, he sold the Bitcoin to an overseas Bitcoin platform, converted
it into Hong Kong dollars, and finally into RMB, and he successfully cleaned the fund
(Pieters et al., 2015). Criminals use the model of money laundering to exchange
virtual currency for actual goods in online shopping malls, to realize value-added
services (Pieters et al., 2015). Some users take advantage of a loophole in which
virtual currencies can be invested in cash or anonymously. The government cannot
identify the source of the funds, transactions are quick and easy, and the funds are
highly liquid (Bryans,2014). There are restrictions on the exchange between virtual
currency and real currency. It has a large cross-regional scope, and different countries
and regions have various regulatory systems, so some criminals take advantage of
legal loopholes to make a fortune (Bryans,2014). According to financial theory, the
exchange price of financial assets represented by stocks in the capital market reflects
their intrinsic value, and the transaction price fluctuates around their accounting
value (Malkiel and Fama, 1970). The normal distribution test is carried out on the
price deviation rate between different trading platforms. When the price deviation
rate does not obey the normal distribution with the mean value of 0, the analysis
shows that there is a price bubble in Bitcoin (Sifat et al., 2019).
Conclusion:
With the vigorous development of global Internet technology and the combination of
the financial market industry, the internet finance industry has become an
indispensable part of the global economic system. Based on Dr. Graham Perkins'
presentation, I learned that the value of Bitcoin is reflected in the avoidance of
various transaction taxes and the impact of inflation. However, the transaction held
by Bitcoin has the advantages of anonymity, speed, and low cost, which provides
great convenience for money laundering criminals to carry out illegal activities
(Bryans,2014). Such actions endanger global financial stability and violate the
interests of the people. Therefore, it is an important step to create and improve the
technology to prevent the risk of money laundering in internet finance.
Topic Three: Managing People within International Organisations-Dr
Graham Perkins
Introduction:
In the last topic, I elaborated on various views on Bitcoin, and this topic focused on
the management of international organizations. With the acceleration of the process
of economic globalization, it has become a trend for enterprises of many countries to
develop internationally. However, the enterprises engaged in transnational
operations have cultural differences due to different national cultural differences.
Denison(2004) believes that the strategic pattern of an organization directly
determines the practice of human resource management. Rosenzweig（1991）put
forward the theory of cross-cultural management, believing that the decision-making,
organization, system, and process of enterprise internationalization. As well as the
role of managers, who should transform and adapted across cultures, and developed
the localization strategy of international enterprises. The effective utilization of
human resource management in multinational enterprises is to make use of
organizational management and unique capabilities of enterprises to make
large-scale growth and improve the quality of enterprises (De et al., 2012). Having
learned from Dr. Graham Perkins' lecture, I have a deeper understanding of the
importance of implementing cross-cultural management methods and organizational
strategies in the process of internationalization of human resource management for
enhancing the international competitiveness of enterprises.
Analysis:
Dr. Graham Perkins’ presentation emphasized that multinational corporations need
to implement management practices according to national regulations. The
presentation also showed that international enterprises compete with other
enterprises in different cultural environments, especially the local enterprises in the
host country. Cultural differences have certain risks to the realization of business
results and business goals (Schwartz et al., 1981). For cross-cultural and expatriate
staff management, employees have different cultural backgrounds to participate in
enterprise management of the power and duty (De et al.,2012). At the same time, in
order to manage the staff effectively, I also learned that providing an amicable
business environment for different cultural background staff, who can speak freely in
an equal and friendly atmosphere (Tiwari, 2013). thus staff can dilute ethnic
consciousness, cultivate global business concepts, realize the members of the real
integration of different cultures (De et al., 2012).
In the first place, there are existing various human resource management around the
world. For example, the US and Japan's management policies. Dr. Graham Perkins
pointed out that in the United States, the government does not interfere with
corporate employment, people can choose their work mode. In my research, I found
that after the financial crisis, with the rising unemployment rate, multinational
enterprises in the United States attached great importance to the creative training of
workers and invested a lot of money (Parry et al., 2014). Managers believed that
talent development is the highest return on investment. In Japan, the employment
system mostly adopts the lifetime system, the training program of Japanese
enterprises is more direct work needs or business training (Zhou, 2020). The
common denominator of multinational companies in these two countries is that
before sending employees to work in other countries, they will conduct language
training and deliver cultural issues of other countries to ensure that employees do
not touch the local legal and cultural touchpoints of other countries. The research
shows that before multinational enterprises achieve a good internationalization
process, which needs to have a good fit and flexibility between the operation of
international human resource management and the corporate strategy of
multinational enterprises (Zhou, 2020). The more suitable between environment and
organizational elements, the more effective organizational behavior will be
generated at multiple organizational levels (Chandler, 1962). Dowing (1993)
proposed a model of strategic human resource management. He believed that when
the external environment of a multinational company changes, it will affect the
internal strategy of the organization and the adjustment of employees. Through
mutual coordination and integration, the organization could quickly adapt to the
changes in the environment.
For multinational companies around the world today, with the expansion of overseas
branches, the success or failure of the enterprise is more dependent on expatriates
who promote the process of globalization (Doz, 2017). The inadequate career
management of expatriates will directly lead to the failure or low efficiency of
expatriates (Doz, 2017). Therefore, it is very indispensable for multinational
companies to carefully choose the career management of expatriates. As Dr. Graham
Perkins said, the selection criteria of expatriates should take into account the
relevant personnel's professional ability, cross-cultural adaptability, family factors,
and language ability. I also learned that many expatriates are trained before they
leave their home country. For example, stress management training can help
expatriates to further develop their abilities, so that they will be more patient and
more efficient to deal with some uncertainties in international assignments (Zhou,
2020). Cultural sensitivity training, in order to analyze local cultural characteristics,
training employees so that they can understand how local culture determines the
behavior of local people and master local cultural traditions (Zhou, 2020). Employees
can cope with the influence of different cultures more efficiently.
In addition, when it comes to setting salary standards, human resource management
departments should coordinate the salary of expatriates in different positions to help
expatriates work effectively for the enterprise (Ferner, 1997). Schuler pointed out
that the human resource department could be accepted by the members of the
organization when the management of expatriate personnel was combined with the
operational strategic needs of the organization, and the managers and employees
could participate together( Brisco, 1995). In my opinion, many multinational
companies send their staff to other countries in order to expand their reputation and
achieve greater benefits. From Dr Graham's lecture, I learned that in order to avoid
the failure of expatriate assignment, multinational companies should establish a
complete system for selecting expatriate personnel before considering expatriate
assignment. For example, Honda Motor Co., Ltd. of Japan investigates candidates'
abilities related to overseas assignment business through questionnaires and
interviews before launching its overseas assignment business (Yokoyama et al,. 2018).
In the months before the assignment is completed, the company will help the
expatriate to consider career arrangements. Due to Honda's formulation and
improvement of the expatriate development strategy, almost all the expatriate staff's
performance has reached the job expectations (Yokoyama et al,. 2018).
Conclusion：
Overall, Managing international organizations is a matter of taking into account many
factors. Multinational companies need to constantly improve the standards of
expatriate adaptability, especially the development of employees' cultural
adaptability. The training work before the implementation of the task must make the
language standard plan, the response plan faces the difficult problems, etc. An
appropriate compensation system in multinational companies can help expatriates to
complete their work efficiently.
Topic Four: Subliminal advertising-Dr Alex Thompson Introduction:
With regard to the last research topic, I would like to elaborate on the study of
subliminal advertising. It is found that subliminal advertising has a significant
influence on consumers' purchase intention and purchase action (Tsai et al., 2007).
Advertisers use the subconscious power of consumers to associate products that
need to be sold with emotional power. Most experiments have shown that potential
advertising messages convey product consumption information by influencing
people's perception, a behavior known as "subliminal perception" (Tsai et al.,2007).
The lecture knowledge that was passed on by Alex is that subliminal advertising can
make people accept new information, and it is communicable. For example, product
marketing, publicity mode, religious belief, public welfare, and so on will all be
transmitted to people's potential consumption thoughts (SoFi & Nika, 2013).
Analysis:
For me, the most meaningful experience of this lecture was to learn that subliminal
advertising instills in people's subconscious, constantly tired and stimulation through
the product concept, so as to induce the buying behavior of people (Tsai et al., 2007).
Compared with the traditional mode of advertising, the effect of subliminal
advertising is more significant, which is another new media environment
development trend (Tsai et al., 2007). My study found that when people watch
subliminal advertisements, their brains would produce a "projection effect", which
means that their emotions, beliefs, and personality traits are directly reflected in
their evaluation of something without any restriction on their state (Verwijmeren et
al., 2011). The products used in the context of the advertisement will form a
shopping idea in the audience's mind (Theus, 2013). When people are buying
products, the image of subliminal advertising repeats itself. For example, the
Coca-Cola Company showed that on an active screen, the messages "please eat
popcorn" and "Please drink cola" appear every 5 seconds at a rate of 3L/SEC.
(Packard & Miller, 1957). Later, Coca-Cola's sales industry aroused consumers'
interest in purchasing. What's more, band-aid advertising gives brand owners a huge
space to play. In the creation of advertising copywriting, brand owners enrich the
content of copywriting and increase the interest in brand design (Jones,2017). This
result can improve the audience's attention and image of the brand. However, the
current Band-Aid advertising can only be used for viewing, and people can't click
online to learn about the product information. Therefore, product advertisers use
short videos, such as YouTube, Douyin, and other live broadcast platforms to deliver
the implicit role of the product to the audience（Jones,2017）. As researchers pointed
out that in subliminal advertising, products are not appearing in the form of "highly
condensed", but are blended with other details, which replace the original core
concepts and elements of the product and directly enter the audience's ideology
through the media (Wilfong, 2002).
As Alex mentioned, cluttered ads represent an expression mechanism that stands out.
For example, the origin of the name of elevator music, because it was once used to
calm nerves in skyscrapers (when elevators were still a new invention). I realized that
in a sense, subliminal advertising is mandatory. The music on the elevator calms the
nervous state of the office workers every day, and it is also used as a way to improve
production efficiency and relax the perception of workers.
According to relevant data from the United States, 72% of consumers' purchasing
behaviors are dominated by hazy desires, while only 28% of consumers' purchasing
behaviors are directly affected (Oliver, 2014). Advertisement induces the potential
demand of consumers and is a creative method to mobilize consumers' desire and
demand. For example, people buy books not only for acquiring knowledge and
enriching experiences but also for relaxing and seeking peace (Li et al., 2009). The
famous actors in the 2004 Chinese film "Flying Eagle" were all using the latest Nokia
models, and the final hope was that consumers would unknowingly accept Nokia's
products (Li et al., 2009). Furthermore, I have learned from the lecture by Alex is that
subconscious advertising, just like hidden factors, can create relevant connections
between products and pictures and convey people's unconscious values.
Subconscious transmission affects consumers' purchase intention. Therefore, ASCI
stipulates that in the design of advertising strategies, participants need to control this
influence, mainly for the protection of consumer rights and interests(Sofi et al., 2018).
In addition, advertisements should convey fairness, positive energy, sincerity and
responsibility, and prevent harmful products from being publicized to the public (Sofi
et al., 2018).
Conclusion:
Through the analysis of Alex's speech, I understand that the potential advertising
planning is different from the traditional advertising model. The products in the
subconscious advertisement will only appear as a secondary part, which makes
people accept the advertising information when they are watching the content, to
form the purchase motivation. With the development of new media, the ways of
advertising implantation have become various. The appearance of products will
better appear in the audience's sight. Advertisers will instill the product concept in
the audience's mind, which can constantly accumulate and induce consumers to
purchase (Sofi et al., 2018). This is a new development trend under the new media
environment.
Outcome: A critical reflection on Four topics:
In general, through the four lectures by Mark Thompson, Jack Rogers, Graham
Perkins, Alex Thompson respectively, I realize that how does the creation and
construction of the internet promote the digital economy model and the application
of Bitcoin. The technological revolution represented by computers and networks has
promoted the kinetic energy of the information era (Huws, 2014). In addition, I also
have learned the management models, which were applied by international
enterprises in the management of expatriates according to different cultures and
languages, and the way that the human resource management department trains
relevant personnel in the identification and risk control management, and so on.
Finally, through studying the subconscious advertisement, I understand how to
combine the product with the ideology of the advertisement creation, which can
indirectly convey rich information to the audience, and generate a positive emotional
response (Sofi et al., 2018). The reflections on the content expounded by the four
lecturers are that I learned to combine the knowledge of four lectures, the most
meaningful experience for me is that I can think deeply analyze the value of different
market economy forms and the existence of security risks.
From my perspective, nowadays, the application of the internet facilitates our life,
but we should be more careful to use it to prevent information leakage and touch the
bottom line of financial laws. The human resource management department should
weigh the advantages and disadvantages to improve the mode of a management
training system.
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