An Analysis of Saigon Morin Hotel in Hue City Thorough 7ps in Marketing Strategies

TITLE An analysis of Saigon Morin Hotel in Hue city thorough 7Ps in marketing strategies INTRODUCTION The ability to market a hotel in the appropriate way to the appropriate market is essential to the success of the business. For this to succeed, those in key roles need to understand the product that they are selling and the market to which it is being sold. Managers maximize their returns through understanding the market they are operating in and applying those marketing techniques that can best attract guests. Hotels are a service industry. Hotel products have the following characteristics: inseparability, intangibility, perishability, and variability. As society has changed, with people having more disposable income and more free time, there has been a growing awareness and desire by a greater number of people for service-orientated products such as hotels. Along with this growth, understanding is needed for the products that are being marketed. Since the early 1960s many marketers have been using the â€Å"4Ps† marketing mix: (1) product, (2) price, (3) promotion, (4) place. Consideration is given to the change that would result from varying the product, price, promotion, and place in achievement of the organization goals. However, use of the 4Ps is limiting when considering a service orientated business such as a hotel as it does not adequately reflect the complexity of the product. In response to the limitations of the 4Ps marketing mix, Booms and Bitner (1981) proposed a 7P marketing mix. These 7Ps included the 4Ps, adding People, Process, and Physical evidence. STATEMENT OF PROBLEM Marketing mix plays an important role in enhancing business efficiency of enterprises. Nowadays, it does apply to not only the material products but also the services, lodging service for example. The marketing mix has affected dramatically customer satisfaction, cutting edge of competitiveness of service enterprises†¦ Saigon Morin Hotel is well-known as the leading hotel in Hue. However, it has been strived to overcome threats coming from the market. Above all, they are faced to the new potential competitors, such as Celadon Hotel, La Resident Hotel, Hue Green Hotel, etc†¦ PURPOSE In order to enhance the business efficiency of Saigon Morin Hotel, the study was carried out on the efforts putting the marketing mix into practice from the customer viewpoints, from which solutions was made to improve the marketing mix for the hotel businesses. The aim of my research is to assess the implementation of marketing-mix product stay at Hotel Saigon Morin, which focused analysis of state marketing-mix elements of the hotel, identifying constraint. The purpose is to propose solutions to improve marketing-mix policies contribute to resolving the issues. METHODOLOGY Research of my topic will require the collection of many statistically figures and hard data. For this reason, I will collect a good part of the data from online sources and files. The theoretical framework is based on â€Å"Principles & Practice of Marketing† book by Jim Blythe. This framework illustrated the outline of marketing planning process for service organizations. However, the phase of formulating marketing objectives and strategies will be focused. When researching the Saigon Morin Hotel, I will depend highly on files and documentation of statistical figures as well as my ability to collect information from managers and employees via the interview process. A good part of my research period will be spent in Hue city interviewing Saigon Morin Hotel customers and non Saigon Morin Hotel consumers alike to gain differing perspectives on the hotel industry. Interviews will be conducted with the help of my uncle who is currently working for Saigon Morin Hotel. I plan to spend time in this hotel interviewing customers and employees of the hotel to understand how this hotel has personally affected the people. Furthermore, I plan to spend a brief period in this hotel interviewing the Sales and Marketing manager in order to understand how the people at base of this hotel industry have been impacted by the global expansion of this hotel. Lastly, observational skills will be essential in all stages of my research in order to gain a first-hand perspective of the role that 7Ps plays in the success of the hotels and analyze how 7Ps affected in the operation of this hotel industry. LIMITATIONS This research has numerous restrictions that must be taken into account for including: a short time frame, my level of experience, my skills in research methods, language barrier. I remain optimistic that all the limitations foreseen can be overcome. DESCRIPTION OF THE HOTEL Built in 1901 by French, the Morin Hotel is one of the oldest hotels in Vietnam. Survived through many wars, this is more than a hotel. It is a part of the history of Hue city in the last 100 years. Now lovingly restored to its century-old glory, Saigon Morin is once ready to live up to its reputation as the choice of celebrities, intrepid adventures and businessmen. The Hotel offers everything a discerning traveler would expect form a world class hotel without sacrificing the old world charm that made the Morin Hotel legendary. CUSTOMER SATISFACTION According to the statistics, customers staying in Saigon Morin Hotel stated that 88% people are willing to recommend this hotel to others. What is more, the level of this hotel among 123 people is listed below: Excellent: 52 people Very good: 45 people Average: 15 people Poor: 7 people Terrible: 3 people Ms. Phika from UK said â€Å"Great Hotel in Hue. We stayed in a deluxe river view room. There are marble floors in the hall and bath, the rest is hardwood and it is creaky†¦ no sneaking quietly to the bath at night. The room was bright, the lighting good with one window wall with a view of the Perfume River. The plumbing is very modern and cool. The king size bed is comfortable and elegant looking when you arrive. The pillows to sleep on were huge and gave neck pain the next day, so I ended up sleeping on a smaller decorator pillow. The staffs are very helpful and kind. The included buffet breakfast has a good selection and lunch is good at $9 U. S. for pizza/soup or sandwich. The fitness area really needs a better lay out! Right now the bathrooms are in the restaurant, the equipment in an open area and a shower outside with a curtain. You would have to dry off and dress in the shower. Other than that, it is a wonderful five star hotel and we certainly would use it again. † Ms. Susan Skate from Florida, America said: â€Å"Loved this hotel! I've been all over the world on business, and I've rarely had a bigger or more beautiful room, complete with lovely seating area with French doors opening onto a balcony that overlooked the riverfront street below. Staff was friendly, food excellent and the halls were lined with vintage photos of the colonial days of Hue, perhaps Vietnam's most beautiful city. If you're here on business, internet connections were good, though allow time to see this fabulous city! † RESEARCH RESULTS 1. Characteristics of the hotel guests source Customers primarily Saigon Morin Hotel is the tourists that require high quality good service and high affordability. Situation of customers and fluctuations target market of the hotel were studied through data in the period 2002-2004. Market primarily Saigon Morin Hotel is international guests. International visitors in 2002 accounting for 94. 6% of total visitors in 2004 accounting for 92. 7%. Particularly in 2003, the proportion of international visitors was reduced to 86. 5% due to the impact of the Sars epidemic. Most come from France, America and Japan. Total number of visitors from these three markets account for more than 50% of international tourists and visitors from other sources in this market also tends to increase over the years in the period. Based on these statistics, the project has identified target market is the French market customers. Two very large market potential for hotel focus is directed to the American market customers and customer markets in Japan. 2. Fluctuation on the number of guests to the hotel – the seasonal Observation chart shows the fluctuations of the number of visitors over the months in 2002 and 2004, we easily recognize the seasonal computer products stay in the hotel's Saigon Morin. High season welcoming guests of the hotel is between October and March next year. At this season, booking a large volume, while the capacity of the hotel reception is limited, therefore, the planning reception guests are considered the most important work. In the summer, although the peak season for domestic tourists but Saigon Morin Hotel start season away customers because the weather is too hot at this time – type the harsh summer climate is not suitable for travel habits calendar of most tourist Europe, America. Review the implementation of marketing-mix elements of the hotel Topics conducted evaluating the implementation of marketing-mix elements based on the reviews of customers about the marketing policies of the hotel. Likert scale used to measure customer perception of marketing policy of the hotel. Assessment of clients felt made based on statistical frequency and point average (see table 1) Group 1: Average Scores on the satisfaction of customers with Product stay hotel |The criteria |Mean frequencies and statistics | | |n |Mean |Standard Deviation | |1 – Product Policy | | | | |Trademarks |125 |4. 7 |0. 96 | |Professional |125 |4. 09 |0. 74 | |Enthusiasm |125 |4. 22 |1. 28 | |Advantage position |125 |4. 46 |0. 85 | |Beautiful scenery |125 |4. 45 |1. 84 | |Comfort level |125 |4. 01 |1. 2 | |Sanitation |125 |3. 91 |1. 56 | |Safety |125 |4. 18 |0. 71 | |Food supplements |125 |3. 40 |1. 93 | |2 – Price Policy | | | | |Calculated satisfactorily |125 |3. 5 |0. 53 | |Competitive |125 |3. 72 |0. 98 | |Flexibility |125 |3. 27 |0. 64 | |Information for visitors |125 |3. 36 |0. 1 | |3 – Distribution Policy | | | | |Communication Arts |125 |3. 97 |1. 13 | |Identify and meet needs |125 |4. 10 |1. 28 | |Practices professional welcome guests |125 |3. 90 |0. 94 | | Gadget information |125 |3. 3 |0. 68 | |4 – Promotion Policy | | | | |Methods promote |125 |3. 74 |1. 12 | |Content Information |125 |4. 26 |0. 98 | |Effective |125 |4. 18 |0. 76 | (Source: The total number of sample surveys. Apr point Likert: 5-Very satisfied, 1-Dissatisfied). ? * D? i v? i chinh sach s? n ph? m, di? m trung binh c? a cac tieu chi du? c danh gia kha cao, For policy products, the average score of the criteria are evaluated fairly high, above 4 points. However, the needs of customers around the fact that so very diverse in some criteria are relatively large standard deviations. ? For pricing, the average score in the range from 3 to 4 points and standard deviation of the statistics does not show that most large customers are not really happy with the pricing of the hotel. Considering on the market aspects these results show the status of supply and demand larger customers to accept higher prices. Here, again explained the strategic pricing Skimming price of the hotel. ? For distribution policy, customers were able to evaluate better identify and meet customer needs by staff in the hotel. This is actually a strong point of the hotel because of the ability to identify and meet the needs of customers will stimulate more customer needs a new higher level, more diversified. ? For policy promotion, customers appreciate the content information of the hotel product. With the significant (? 0. 05), the average standard deviation is 4. 26 and 0. 98 has shown the influence of information content of the advertising message to the detailed evaluation of customer policy in promoting the hotel product. 3. Analysis of factors affecting the policy development for the product marketing mix-stay hotel By using the factors selected for study evaluation of marketing polic ies of the hotel as independent variables affect the overall assessment of policy marketing-mix of customers, we use the model feedback Stepwise Regression for the rules selected variables affect the feelings of many customers. With a variable selection criteria for inclusion in the model is the probability of F ? 0. 05 and statistical criteria to make a variable from the model is statistical probability of F ? 0. 10; through the steps of current, Stepwise Regression method of selecting the factors have significant impact felt by customers for each marketing policy of the hotel. Regression models obtained from the specific results of data processing as follows: ? 2. 3. 1 K? t qu? phan tich cac nhan t? ?nh hu? ng d? n chinh sach s? n ph? m c? a khach s? n The analysis of factors affecting the policy of the hotel roduct Four-step implementation, the Stepwise Regression method selected four factors are related linearly to the customers feel about the policies of the enterprise product, the brand, safety, professionalism and advantages the location of hotels. ? The analysis of factors affecting the pricing of the hotel Two steps of implementation, Stepwise Regression method of selecting two factors have a major impact on customer evaluations of the hotel pricing is calculated by the price and adequate information about the ability to price policies hotel customers. The analysis of factors affecting the distribution policy of the hotel Regression Stepwise regression method was chosen two elements are related closely (linear relationship) with detailed reviews of customers about the distribution policy of the hotel is its pure in professional welcome guests Practices and the level of utility system needs to receive bookings for guests. Here are two factors that customers place the greatest concern expressed about the level of satisfaction in marketing distribution policy-mix of the hotel. The analysis of factors affecting the promotion policy of the hotel From the results on the treatment Regression Stepwise regression models, has identified two factors of group policies to promote products is related linearly to detailed reviews of customers about the marketing-mix policies. Thus, if the h otel focuses on content selection to promote an effective way to increase customer reviews a review on the content level of customer satisfaction marketing-mix policies of the hotel will increase 0. 207 points. Similar explanation, we will see the impact of the selection methods to promote products to the effectiveness of marketing-mix policies of the entire company. People refer to the customers, employees, management and everybody else involved in it. It is essential for everyone to realize that the reputation of the brand that you are involved with is in the people's hands. To be able to understand those characteristics it is necessary to comprehend the basic human characteristics of needs, wants, and demands. People, including employees, stakeholders, and guests, are the core component of the hotel industry. A key part of marketing a hotel to the guest requires an understanding of the needs, wants, and demands of the potential and returning guest. ? Needs – human beings have many basic needs including food, clothing, safety, feeling of belonging, and so on. When these basic needs are not met the person takes one of two actions: (1) looks for an object that will satisfy the need, or (2) tries to reduce the need. These are influenced by individual personality and culture. ? Wants – communication of needs – wants are viewed as things that will satisfy needs. Demands – buying power of wants – people have many wants, but may only have limited ability to purchase; when a person has the ability to purchase a want it becomes a demand. The decision to purchase a hotel product normally begins with a need and is affected by some type of stimuli, for example a television commercial, a newspaper advertisement, or the Internet. In many situations the development of a need is a subtle process. Although it may be observed that some people suddenly express that they need something, often this is the outward expression of a developing inner feeling of need. Training has to be on a wide perspective as, even nowadays, there is a big demand of basic training skills, the hotel industry will need, in the near future, a big number of well-trained staff at all levels of the structure, from top management to basic staff like waiters, etc. It refers to the methods and process of providing a service and is hence essential to have a thorough knowledge on whether the services are helpful to the customers, if they are provided in time, if the customers are informed in hand about the services and many such things. The development of needs in the consumer is a major component of marketing success. In the selection process, customers make repeated decisions as they continually attempt to satisfy their perceived needs. Potential customers looking for a hotel room make a number of decisions when choosing where to stay. The process that they go through in the selection of a product is important for hotel management to understand. Management should know (1) that a particular hotel will be evaluated differently by different guests, (2) where a particular guest is satisfied with one hotel that they may be dissatisfied with another, and (3) the perceptions of guests change over time and with experience. The decision process by potential guests is a complex process. All consumers are the same, they are influenced by numerous factors such as personality, culture and so on. When their needs are put into a condition where they can be communicated they then become wants. There are the things that a person perceives as having the power to satisfy their needs. This is the beginning of the search process, and the selection of alternatives that would have the ability to satisfy the needs. Although a consumer may identify many needs and wants, not all of these are converted into a demand for a product. As a result of limited ability to purchase, only a few of the needs and wants may be converted into demands. The ability to purchase relates to the many factors that make up the individual, which include such things as age, income, life experience, gender, previous purchase experiences, etc. An important part of the marketing process is therefore to understand those characteristics that make us individuals and to try to recognize this in such a way that there is a large enough market to successfully target. This process is called market segmentation. To adapt all organizational processes, public and private, in order to become highly competitive in the markets. 4. Other problems exist in the policy-mix Marketing By studying the status of development and implementation of policies for marketing mix products stay hotel, the project has discovered a number of problems exist as follows: First, the policy of the hotel product still matters inadequacies, not bring high satisfaction to customers. The most noteworthy point is the system of complementary products of the hotel also monotonous and lack of tourists has found that demand true. Second factor in the pricing information of the product has not stay just lack sufficient flexibility has become a problem hindering attraction of the hotel guests. Thirdly, marketing plan of Saigon Morin Hotel was a matter of professionalism in the process of distributing products to the market (actually done work and selling) of the hotel still many problems to overcome. Finally, the existence of the work is to promote and advertise products. Besides the way of marketing effectiveness, creating a good impression to customers, policies to promote products of the hotel is still a gap between supply and demand. 5. The solutions to improve the policy mix in Marketing-Hotel Saigon Morin †¢ A good quality service when it meets the needs and expectations of customers. Therefore, the policy development products, hotels have researched the ability to match the product to market, especially the target market. †¢ For high culture and art of receiving and processing feedback from customers. Upon receiving the feedback from customers, the receiving departments must explain how, skillfully handled in the shortest time. †¢ Hotels have agreed a methodology than science products, has had to rely on the specific objectives of the hotel as input costs, power use prevention and plans for sales but also to based on factors beyond the control of seasonal businesses such as computer, the competition in the market. †¢ In reality, there are some guests are not as profitable but higher for hotels large effect in promoting the image and enhance the prestige of the hotel. In this case, the hotel should not be too focused on sales targets which must seize the opportunity to perform activities public relations (PR – Publish Relation). †¢ Hotels must continue to improve the system of distribution channels. Special consideration must be to develop more representative offices in the domestic market and a source of major customers such as Japan, America, Germany †¦ †¢ Activities to promote, promote products must consider two issues mainly the content and methods to promote products. Depending on the object receiving the broadcast messages must be designed to match and bring the most effective. CONCLUSION AND RECOMMENDATION The hotel industry is highly competitive and the right knowledge about customer values and demands is essential to differentiate from competitors and gain sustainable competitive advantage. Implementing traditional marketing strategies is often no longer enough to achieve this goal. Relationship marketing has increasingly become more important, as this concept suggests more focus on retaining the customer and creating a win- win situation with a long- term perspective. In traditional marketing there is more focus on acquisition. Most importantly a good balance between acquisition and retention directed to the right segments is essential for future success. Marketing-mix of the overall effort of the business, it is not just built for a tangible product, but also often made for products and services such as product staying. Elements of the marketing-mix is as extremely important role in directing the business operations of the hotel stay and raise the competitiveness of the hotel market. Study of components marketing-mix policies of the Saigon Morin Hotel, we found that, besides the outstanding marketing can be effective for products of the hotel, there are still some problems exist as a system of complementary products also monotonous, lack of product has its own characteristics and meet the demands of the customer (product), pricing policy of the hotel still lacks flexibility, the valuation information to customers lack sufficient (Price), the procedure has not reached professional levels of expertise (distribution) and methods to promote the product not really effective, it is still a gap between supply and demand (Promotion). This reality requires the hotel to soon have the marketing policy adjustment in order to comply with the requirements of the market in the near future. Nh? ng v? n  d? du? c nghien c? u va trinh bay trong d? tai nghien c? u nay s? khong danh gia h? t t? t c? nh? ng n? l? marketing ma khach s? n dang theo du? i, cung nhu nh? ng gi? i phap d ? xu? t khong ph? i la hoan toan uThese problems are studied and presented in this research project will evaluate all the marketing efforts being pursued by the hotel, as well as proposed solutions are not entirely advantages Vietnamese. These elements are the marketing-mix tools, the specific objectives to help the hotel achieve common goals and strategic long-term, thereby, creating sustainable growth in the market. OUTLINE OF CONTENT 1. Introduction 2. Methods 3. Research Limitations 4. Description of the hotel 5. Customer satisfaction 6. Research Results 7. Conclusion and Recommendation

Web Site Structure

The purpose of this paper is to discuss and compare three Web site structures from the student textbook â€Å"New Perspectives on the Internet† by Schneider and Evans. This student will identify the preferred structure and why; provide two Web site locations with URL addresses, and discuss advantages to Cascading Style Sheets in the creation of a web page. A hierarchical structure is where the â€Å"pages are linked going from the most general page down to more specific pages†¦In a hierarchical structure, users can easily move from general to specific and back again.† (Schneider/Evans. 2006. p. 65). A linear structure is where â€Å"each page is linked with the pages that follow and precede it in an ordered chain.† (Schneider/Evans. 2006. p. 64). Linear structure does allow for augmented pages â€Å"in which each page contains an additional link back to an opening page.† (Schneider/Evans. 2006. p. 65). The third type of structure is called Mixed structure where â€Å"the overall form is hierarchical, as users can move from a general introduction to individual†¦however, links also allow users to move through the site in a linear fashion. (Schneider/Evans. 2006. p. 66). A Mixed structure provides the up and down and side to side movement within a site. The preference of this student would be Mixed structure and Hierarchical structure as these two types of structures provide maximum movement throughout a Web site. Formatting links, home pages and paths are unique to each Website; but, however, are similar depending on structure. A web site that this student enjoys to peruse is the National Geographic Web site, with the URL located at http://www.nationalgeographic.com. This site appears to be styled in a hierarchical structure, as it allows general to specific inquiry. It also allows the movement of backward and forward. Another web site of interest to this student is Facebook, with the URL located at http://www.facebook.com. This web site is designed on the linear structure with augmentation. Facebook pages are linked with pages that â€Å"follow and precede it in an ordered chain.† (Schneider/Evans. 2006. p. 64) Because Facebook does support an augmented style, links to outside sources and other available pages are available to the user. This design, however, from the user opinion, is lacking in personality and compatibility with the user. The design appears to be generalized, and simplified, allowing for many users in many locations and of many cultures. It is, therefore, very generic. Both Web sites provide home page links; but, because of the differences in structure, movement within each web site page is different. After some research in Cascading Style Sheets (CSS), this student has discovered several advantages in creating web pages. âž ¢ Cascading Style Sheets are written outside of the HTML codes and are therefore easy to access, change and manipulate. âž ¢ Cascading Style Sheets provide the designer the ability to change one section within the one sheet and having all similar sheets change as well in numerous locations. In closing, Cascading Style Sheets are a must in the creation of a web site. They provide ease of movement; top to down, back and forward and specific movement side to side. This ability provides a user-friendly web site. Depending on the information provided by the Web site and the audience to which it is geared, determines how the structure of the web site is designed.

Asda Marketing Plan

To combat this, the report suggests that ASDA looks to change its strategy to focus more on a sustainable supply-chain, potentially one which is focused on UK food and products. While this may lead to higher prices from the retailer, it could improve its image when it comes to sustainable food retailing, and so warrant higher prices to consumers, especially if the introduction of local products develops an emotional attachment for customers. Introduction The following assignment will consider ASDA, considering the external environment in which the business operates as well as its ethical consideration, determining whether the current strategy should be maintained or whether a change is needed, with the assignment then making recommendations. Company Overview ASDA is a UK-based grocery retailers owned by U.S. listed Wal-Mart Stores Inc. ASDA has been part of the UK’s ‘Big 4’ retailers in the UK grocery sector, also compromising of Tesco, Morrison’s and Sainsbury’s, however it recently moved from 3rd from 2nd place on the list, being overtaken by Sainsbury’s after disappointing sales. The latest report from Kantar Worldpanel (2016) put’s ASDA’s market share at 15.3%, behind that of Sainsbury’s after suffering a 4.7% fall in sales, compared with a 0.7% fall in Sainsbury’s, and a 1.6% rise in sales at Tesco. To many UK consumers, ASDA has developed on the back of price competition, with the retailer being heavily focused on being the UK’s best value supermarket. Due of its focus on price, ASDA in the past could have been seen to ignore ethical consideration, with some of the top places seen with premium retailers such as Marks Spencer, who use their premium pricing to better consider the quality/ ethics behind their supply chain. Market Environment However, it is this strategy which has been a downfall for the retailer, especially when put against competition from the expanding ‘discounter’s’, namely Lidl and Aldi (Ruddick, 2014). These retailers have aggressively expanded into the UK market on the back of offering low prices to consumers, with their focus on ‘prime-match’, similar of marketing conducted by ASDA against the other ‘Big 4’[1]. Given this, Aldi managed to record sales growth of 10% over the same period, beating all competition and increasing its market share to 6.2%. At the same time, Aldi also announced that it looks to take its store tally from 450 to 1,000 by 2022; Lidl also announced plans to open 40-50 new stores in the UK each year, noted by Gale (2016). This move in the market has been supported from a new business model and changing consumer habits. Discounters have benefitted from economies of scale, reducing the scale of choice to offer just one option; in tu rn allowing them to increase sales of that product and reduce the production costs. At the same time, these discounters have also expanded on a no-frills approach to stores, moving away from the ‘Superstore’ concept which became popular with Tesco and ASDA. This comes at a time when consumers have also looked to move away from superstores, preferring little-and-often shops to better budget. There also seems to a reduction in customer loyalty as consumers look for the best value. Marketing Situational Analysis Building on the above, a SWOT analysis is shown below; Strengths  ·UK wide presence with 525 stores.  ·Still the UK’s 3rd largest grocery retailer – potential to increase share.Weaknesses  ·Recent marketing seems to have placed it in the ‘discount’ category when it comes to grocery stores – potentially restricting sales of some of its higher-value items. Opportunities  ·Recent improvement in UK economic fundamentals – coupled with rising wages may increase consumer disposable income.  ·Fall in ?GBP has put some spotlight on UK food/ products to escape price rises.Threats  ·Competition remains the biggest threat to ASDA, especially with discounters such as Lidl/ Aldi quickly expanding their store network, as well as expanding their marketing activities, with a focus on value. Ultimately, the analysis is suggesting that the main weakness in marketing lies within this continued focus solely on the price. This has come under pressure given new entrants into the market, with the discounters of Lidl/ Aldi coming into the market with business models which mean they can potentially undercut ASDA on prices. This is the main threat to the business, with ASDA still seeing a fall in sales, even with the recent buoyancy in UK retail sales. However, there are potential opportunities for ASDA to diversify, expanding its marketing to cover issues within sustainability and UK produce; improving the ethics when it comes to food sourcing, and issues such as food security and locality[2]. Objectives In the past, ASDA’S objectives have been focused on customer value, however given an expanding ‘discount’ sector, the retailer is now under more pricing pressure to maintain customers. With this, there is the expectation that the retailer may need to diversify, essentially look to attract more customers back to its stores. The objective for ASDA is to tempt customer’s back into its store; or tempt new customers back. Given continued expansion of Lidl/ Aldi, it could be expected that the new strategy will need to focus more on attracting new customers, be it from retailers such as Sainsbury’s. Strategy Segmentation To support its strategy, ASDA will look to segment the market into different consumers, based on demographics, location, income etc. Given marketing campaigns undertaken by the business, it would appear that ASDA has segmented the market; looking to appeal to those families of lower incomes. Its focus on being the cheapest is indicative of its primary target market. Because of this, the business has become somewhat specialised on this business model, a focus on low-cost, which in turn could impede quality. It has positioned itself in the low-cost end of the market, however given new entrants and intensified competition, is now finding it hard to compete and develop with new competition (Peter, 2011)[3]. The business model helped ASDA over the years of recession given constrained consumer income, however as economic conditions have improved, consumers have essentially traded-up. This has provided support to other retailers such as Sainsbury’s, and Waitrose which position themse lves at the higher end of the market. With this, ASDA may feel that its business is currently positioned to narrow, targeting a consumer base which is shrinking which competition is increasing. There are two ways in which the retailer can broaden its consumer base, either through changes to marketing which will target a new market, or by differentiating the product to appeal to a broader base of consumers, noted in Armstrong et al (2012)[4]. Tactics Action Given the above, the main tactic for ASDA s to re-position itself in the market, remove this constant focus on price and look to focus more on ethical issues such as sustainability, which in turn may suggest quality. To do this, the retailer has a number of actions: ASDA will move to focus on local; putting its focus on supplying more UK produce in-stores, having dedicated aisles in superstores to local producers. The benefit here will not only be from higher sales of these goods, put also of the positive PR which could arise through supporting local farmers, and local communities. This is essentially classed as differentiation; the retailer will be introducing new products to do so. ASDA will also look to introduce convenience aisles into superstores. This will be seen as segmentation,[5] looking to attract a new set of customers to its stores who may have previously left as they prefer to do ‘little-and-often’ shops. This can be marketed by ASDA to target these specific customers. Budget This section will now discuss the budget for such a change in strategy. The main costs to the business will be seen as the marketing. For instance, when it comes to the ‘convenience aisle’, it could be noted that the infrastructure is already there; the stores will simply have to shuffle around stock to create the new aisle. When it comes to introducing the new products, the costs may be more down to developing the local links, with the suppliers themselves bearing the costs associated with producing the goods. Rather than a major financial cost, the introduction of more local products may be more time consuming for ASDA, given that they will need to ensure that the new products are in-keeping with the goals of the business, both in terms of pricing and quality (Ferrell, 2012)[6]. Marketing will be done through all ’traditional’ channels given the mass-market appeal of ASDA and the fierce competition within the UK grocery sector. While this would involve a higher cost than say digital marketing opportunities, it would be hoped that print advertisements and TV commercial will draw more attention, and so inform more customers. However, digital marketing could also be used, especially when it comes to advertisements through social media, and targeted banner ads which can be used online. Control Control remains an important consideration, both in terms of ensuring a level of consistency in the marketing message as well as also monitoring the return on investment (hereafter ROI). When it comes to consistency, while marketing could change to reflect changes in the marketplace, the business must look to maintain its ‘core’ message. For instance, while the focus on new marketing campaigns may be on local produce, the core message remains with the slogan ‘Save Money, Live Better’. Too much of change may lead to current customers becoming detached with the business and its values. Control will also come with ROI. Essentially, all businesses need to ensure that their marketing spend is generating business. New, digital marketing allows businesses to track this, with businesses able to use tools such as Google Analytics to view web traffic etc. (Chaffey, 2012)[7]. Traditional marketing may be harder to manage in terms of ROI, given that it is harder to distinguish how a certain poster/ TV commercial may have driven demand. However, if ASDA move forward with a unified campaign, so changing all marketing to reflect a single message, then the business can understand the potential ROI of the campaign. Recommendation/ Conclusion To conclude, ASDA has in the past focused its marketing plan on price, looking to drive consumption through low prices. This is itself would not be considered ‘ethical consumerism’, given that some of the lower prices products could be viewed as a damage to the environment. However, this strategy has now placed ASDA into a market segment which is seeing more competition, at a time when the size of the market may be slowing, given improving economics in the UK[8]. To combat this, ASDA has an opportunity to diversify its product range into a more ‘premium’ space; be it the expansion of their ‘Extra Special’ range, or through the introduction of more local products and brands (Perreault, 2010)[9]. The focus on UK produce could provide ASDA with a ‘Unique Selling Point’; which could allow the business to justify higher pricing, noted in Fifield (2012)[10]. This may also improve the organisations ethical position as it suggests that ASDA is considering sustainability in its wider supply-chain; given that more food is local, opposed to international, reducing the ‘distance’ of the supply chain, potentially being seen as more environmentally friendly. However, at the same time, the retailer must be wary that any change to its pricing may impact on its core customers. In the end, this may further impact on market share, however this is seen as a potential risk of an opportunity. The recommendation for ASDA is that is moves forward with a change in marketing, highlighting developments in both local sourcing as well as convenience. However, ASDA must look to control this movement, and potentially monitor the opportunity. This could be done through monitoring sales of, as well as monitoring footfall into stores. References Armstrong, G., Kotler, P., Harker, M., Brennan, R. (2012). Marketing: an introduction. Pearson Prentice-Hall, London. Chaffey, D., Ellis-Chadwick, F. (2012). Digital marketing, London, Pearson Higher Ed. Ferrell, O. C., Hartline, M. (2012). Marketing strategy, text and cases, London, Nelson Education. Ferrell, O. C., Fraedrich, J. (2015). Business ethics: Ethical decision making cases, London, Nelson Education. Fifield, P. (2012). Marketing strategy, London, Routledge. Gale. (2016) [Online]. How long will Aldi and Lidl’s onslaught last?, Available at http://www.managementtoday.co.uk/long-will-aldi-lidls-onslaught-last/future-business/article/1386497, Accessed 17.12.2016. Kantar Worldpanel. (2016) [Online]. UK Grocery Market Share, Available at http://www.kantarworldpanel.com/global/grocery-market-share/great-britain, Accessed 17.12.2016. Perreault, W. D. (2010). Essentials of marketing: A marketing strategy planning approach, London, Pearson. Perreault Jr, W., Cannon, J., McCarthy, E. J. (2013). Basic marketing, London, McGraw-Hill Higher Education. Peter, J. P., Donnelly, J. H. (2011). Marketing management: knowledge and skills: text, analysis, cases, plans, London, Pearson. Ruddick, G. (2014) [Online]. It may already be too late for Tesco and Sainsbury’s, the rise of Aldi and Lidl looks unstoppable, Available at http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/10974773/It-may-already-be-too-late-for-Tesco-and-Sainsburys-the-rise-of-Aldi-and-Lidl-looks-unstoppable.html, Accessed 19.12.2016. Wood, S., McCarthy, D. (2014). The UK food retail ‘race for space’and market saturation: A contemporary review. The International Review of Retail, Distribution and Consumer Research, 24(2), 121-144. Asda Marketing Plan To combat this, the report suggests that ASDA looks to change its strategy to focus more on a sustainable supply-chain, potentially one which is focused on UK food and products. While this may lead to higher prices from the retailer, it could improve its image when it comes to sustainable food retailing, and so warrant higher prices to consumers, especially if the introduction of local products develops an emotional attachment for customers. Introduction The following assignment will consider ASDA, considering the external environment in which the business operates as well as its ethical consideration, determining whether the current strategy should be maintained or whether a change is needed, with the assignment then making recommendations. Company Overview ASDA is a UK-based grocery retailers owned by U.S. listed Wal-Mart Stores Inc. ASDA has been part of the UK’s ‘Big 4’ retailers in the UK grocery sector, also compromising of Tesco, Morrison’s and Sainsbury’s, however it recently moved from 3rd from 2nd place on the list, being overtaken by Sainsbury’s after disappointing sales. The latest report from Kantar Worldpanel (2016) put’s ASDA’s market share at 15.3%, behind that of Sainsbury’s after suffering a 4.7% fall in sales, compared with a 0.7% fall in Sainsbury’s, and a 1.6% rise in sales at Tesco. To many UK consumers, ASDA has developed on the back of price competition, with the retailer being heavily focused on being the UK’s best value supermarket. Due of its focus on price, ASDA in the past could have been seen to ignore ethical consideration, with some of the top places seen with premium retailers such as Marks Spencer, who use their premium pricing to better consider the quality/ ethics behind their supply chain. Market Environment However, it is this strategy which has been a downfall for the retailer, especially when put against competition from the expanding ‘discounter’s’, namely Lidl and Aldi (Ruddick, 2014). These retailers have aggressively expanded into the UK market on the back of offering low prices to consumers, with their focus on ‘prime-match’, similar of marketing conducted by ASDA against the other ‘Big 4’[1]. Given this, Aldi managed to record sales growth of 10% over the same period, beating all competition and increasing its market share to 6.2%. At the same time, Aldi also announced that it looks to take its store tally from 450 to 1,000 by 2022; Lidl also announced plans to open 40-50 new stores in the UK each year, noted by Gale (2016). This move in the market has been supported from a new business model and changing consumer habits. Discounters have benefitted from economies of scale, reducing the scale of choice to offer just one option; in tu rn allowing them to increase sales of that product and reduce the production costs. At the same time, these discounters have also expanded on a no-frills approach to stores, moving away from the ‘Superstore’ concept which became popular with Tesco and ASDA. This comes at a time when consumers have also looked to move away from superstores, preferring little-and-often shops to better budget. There also seems to a reduction in customer loyalty as consumers look for the best value. Marketing Situational Analysis Building on the above, a SWOT analysis is shown below; Strengths  ·UK wide presence with 525 stores.  ·Still the UK’s 3rd largest grocery retailer – potential to increase share.Weaknesses  ·Recent marketing seems to have placed it in the ‘discount’ category when it comes to grocery stores – potentially restricting sales of some of its higher-value items. Opportunities  ·Recent improvement in UK economic fundamentals – coupled with rising wages may increase consumer disposable income.  ·Fall in ?GBP has put some spotlight on UK food/ products to escape price rises.Threats  ·Competition remains the biggest threat to ASDA, especially with discounters such as Lidl/ Aldi quickly expanding their store network, as well as expanding their marketing activities, with a focus on value. Ultimately, the analysis is suggesting that the main weakness in marketing lies within this continued focus solely on the price. This has come under pressure given new entrants into the market, with the discounters of Lidl/ Aldi coming into the market with business models which mean they can potentially undercut ASDA on prices. This is the main threat to the business, with ASDA still seeing a fall in sales, even with the recent buoyancy in UK retail sales. However, there are potential opportunities for ASDA to diversify, expanding its marketing to cover issues within sustainability and UK produce; improving the ethics when it comes to food sourcing, and issues such as food security and locality[2]. Objectives In the past, ASDA’S objectives have been focused on customer value, however given an expanding ‘discount’ sector, the retailer is now under more pricing pressure to maintain customers. With this, there is the expectation that the retailer may need to diversify, essentially look to attract more customers back to its stores. The objective for ASDA is to tempt customer’s back into its store; or tempt new customers back. Given continued expansion of Lidl/ Aldi, it could be expected that the new strategy will need to focus more on attracting new customers, be it from retailers such as Sainsbury’s. Strategy Segmentation To support its strategy, ASDA will look to segment the market into different consumers, based on demographics, location, income etc. Given marketing campaigns undertaken by the business, it would appear that ASDA has segmented the market; looking to appeal to those families of lower incomes. Its focus on being the cheapest is indicative of its primary target market. Because of this, the business has become somewhat specialised on this business model, a focus on low-cost, which in turn could impede quality. It has positioned itself in the low-cost end of the market, however given new entrants and intensified competition, is now finding it hard to compete and develop with new competition (Peter, 2011)[3]. The business model helped ASDA over the years of recession given constrained consumer income, however as economic conditions have improved, consumers have essentially traded-up. This has provided support to other retailers such as Sainsbury’s, and Waitrose which position themse lves at the higher end of the market. With this, ASDA may feel that its business is currently positioned to narrow, targeting a consumer base which is shrinking which competition is increasing. There are two ways in which the retailer can broaden its consumer base, either through changes to marketing which will target a new market, or by differentiating the product to appeal to a broader base of consumers, noted in Armstrong et al (2012)[4]. Tactics Action Given the above, the main tactic for ASDA s to re-position itself in the market, remove this constant focus on price and look to focus more on ethical issues such as sustainability, which in turn may suggest quality. To do this, the retailer has a number of actions: ASDA will move to focus on local; putting its focus on supplying more UK produce in-stores, having dedicated aisles in superstores to local producers. The benefit here will not only be from higher sales of these goods, put also of the positive PR which could arise through supporting local farmers, and local communities. This is essentially classed as differentiation; the retailer will be introducing new products to do so. ASDA will also look to introduce convenience aisles into superstores. This will be seen as segmentation,[5] looking to attract a new set of customers to its stores who may have previously left as they prefer to do ‘little-and-often’ shops. This can be marketed by ASDA to target these specific customers. Budget This section will now discuss the budget for such a change in strategy. The main costs to the business will be seen as the marketing. For instance, when it comes to the ‘convenience aisle’, it could be noted that the infrastructure is already there; the stores will simply have to shuffle around stock to create the new aisle. When it comes to introducing the new products, the costs may be more down to developing the local links, with the suppliers themselves bearing the costs associated with producing the goods. Rather than a major financial cost, the introduction of more local products may be more time consuming for ASDA, given that they will need to ensure that the new products are in-keeping with the goals of the business, both in terms of pricing and quality (Ferrell, 2012)[6]. Marketing will be done through all ’traditional’ channels given the mass-market appeal of ASDA and the fierce competition within the UK grocery sector. While this would involve a higher cost than say digital marketing opportunities, it would be hoped that print advertisements and TV commercial will draw more attention, and so inform more customers. However, digital marketing could also be used, especially when it comes to advertisements through social media, and targeted banner ads which can be used online. Control Control remains an important consideration, both in terms of ensuring a level of consistency in the marketing message as well as also monitoring the return on investment (hereafter ROI). When it comes to consistency, while marketing could change to reflect changes in the marketplace, the business must look to maintain its ‘core’ message. For instance, while the focus on new marketing campaigns may be on local produce, the core message remains with the slogan ‘Save Money, Live Better’. Too much of change may lead to current customers becoming detached with the business and its values. Control will also come with ROI. Essentially, all businesses need to ensure that their marketing spend is generating business. New, digital marketing allows businesses to track this, with businesses able to use tools such as Google Analytics to view web traffic etc. (Chaffey, 2012)[7]. Traditional marketing may be harder to manage in terms of ROI, given that it is harder to distinguish how a certain poster/ TV commercial may have driven demand. However, if ASDA move forward with a unified campaign, so changing all marketing to reflect a single message, then the business can understand the potential ROI of the campaign. Recommendation/ Conclusion To conclude, ASDA has in the past focused its marketing plan on price, looking to drive consumption through low prices. This is itself would not be considered ‘ethical consumerism’, given that some of the lower prices products could be viewed as a damage to the environment. However, this strategy has now placed ASDA into a market segment which is seeing more competition, at a time when the size of the market may be slowing, given improving economics in the UK[8]. To combat this, ASDA has an opportunity to diversify its product range into a more ‘premium’ space; be it the expansion of their ‘Extra Special’ range, or through the introduction of more local products and brands (Perreault, 2010)[9]. The focus on UK produce could provide ASDA with a ‘Unique Selling Point’; which could allow the business to justify higher pricing, noted in Fifield (2012)[10]. This may also improve the organisations ethical position as it suggests that ASDA is considering sustainability in its wider supply-chain; given that more food is local, opposed to international, reducing the ‘distance’ of the supply chain, potentially being seen as more environmentally friendly. However, at the same time, the retailer must be wary that any change to its pricing may impact on its core customers. In the end, this may further impact on market share, however this is seen as a potential risk of an opportunity. The recommendation for ASDA is that is moves forward with a change in marketing, highlighting developments in both local sourcing as well as convenience. However, ASDA must look to control this movement, and potentially monitor the opportunity. This could be done through monitoring sales of, as well as monitoring footfall into stores. References Armstrong, G., Kotler, P., Harker, M., Brennan, R. (2012). Marketing: an introduction. Pearson Prentice-Hall, London. Chaffey, D., Ellis-Chadwick, F. (2012). Digital marketing, London, Pearson Higher Ed. Ferrell, O. C., Hartline, M. (2012). Marketing strategy, text and cases, London, Nelson Education. Ferrell, O. C., Fraedrich, J. (2015). Business ethics: Ethical decision making cases, London, Nelson Education. Fifield, P. (2012). Marketing strategy, London, Routledge. Gale. (2016) [Online]. How long will Aldi and Lidl’s onslaught last?, Available at http://www.managementtoday.co.uk/long-will-aldi-lidls-onslaught-last/future-business/article/1386497, Accessed 17.12.2016. Kantar Worldpanel. (2016) [Online]. UK Grocery Market Share, Available at http://www.kantarworldpanel.com/global/grocery-market-share/great-britain, Accessed 17.12.2016. Perreault, W. D. (2010). Essentials of marketing: A marketing strategy planning approach, London, Pearson. Perreault Jr, W., Cannon, J., McCarthy, E. J. (2013). Basic marketing, London, McGraw-Hill Higher Education. Peter, J. P., Donnelly, J. H. (2011). Marketing management: knowledge and skills: text, analysis, cases, plans, London, Pearson. Ruddick, G. (2014) [Online]. It may already be too late for Tesco and Sainsbury’s, the rise of Aldi and Lidl looks unstoppable, Available at http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/10974773/It-may-already-be-too-late-for-Tesco-and-Sainsburys-the-rise-of-Aldi-and-Lidl-looks-unstoppable.html, Accessed 19.12.2016. Wood, S., McCarthy, D. (2014). The UK food retail ‘race for space’and market saturation: A contemporary review. The International Review of Retail, Distribution and Consumer Research, 24(2), 121-144.

Managerial Effectiveness and its impact on organization Dissertation

Managerial Effectiveness and its impact on organization - Dissertation Example Thus, managers should be highly capable of responding to various role expectations and behaviours for them to accomplish managerial effectiveness (MacMahon and Murphy, 1999). Change is a permanent feature of most of the workplaces. The occurrence of change has become a great challenge for companies in achieving long-term success and survival, thus, the need for highly capable and competent managers. To efficiently and effectively select managers who are competent enough to face organizational issues can be one of the most important measures that a company can take in response to changing environment. This may be carried out by continuously enhancing their skills and knowledge to keep up with the rapid pace of change (Martynov, 2010). Essentially, while organizations ensure that the most competent employees are recruited and trained, developmental efforts are constantly done to further enhance the effectiveness and overall quality of their managerial workforce. Managerial effectivenes s has been described through various perspectives during the past years as many have attempted to generate a single definition for this concept. Background of the Study In the hotel industry, successful managers possess a wide range of skills together with specialized knowledge, all of which are directed towards accomplishing enterprise objectives. Various studies have reported that managers who work in the hotel industry should demonstrate an appropriate attitude and be aware of hospitality systems; completely understand service quality; be capable of evaluating the quality of work to continuously provide satisfactory services; be able to create a dynamic work environment; establish open and strong interpersonal communications with other organizational members; be capable of assessing situations and developing cost-effective strategies to increase profits; control ambiguous circumstances, and effectively manage operations (Soehanovic, Zougaj, Krizoman, and Glavica, 2000). Generally , hotel managers are expected to create favourable relationships with employees and guests while running productive operations and achieving organizational goals. The current study, therefore, focuses on the necessary skills and behaviours of managers in the hotel industry in order to accomplish managerial effectiveness and lead their businesses to success. The framework applied in the work of Chauhan, Dhar, and Pathak (2005), emphasizing managerial effectiveness through functional and personal effectiveness, will be used in the current research. Problem Statement The research will focus on studying the managers working in the hotel and the real estate industry to observe, analyze and make recommendations in relation to the most viable and suitable style of managing organizational concerns. In ever-changing work environment due to several internal and external factors, it is of utmost necessity that the managers be flexible and patient in dealing with the workforce and making sure t hat the organizational vision and objectives are successfully achieved. The Problem Statement that will be explored in the context of this study will be as follows: What styles and practices should the managers working in the Hotel and real estate industry adapt so that level of employees’ performance can be enhanced? Research Questions On the basis of above mentioned research topic some research questions will be formulated and worked upon. In the entire research, an attempt is

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Article Review for Benefits of offering childcare in the workplace for employees - Essay Example The main purpose of the research is to discover the relationship between providing childcare in the workplace and employee productivity. It is a well-written, well organized article with a meaningful research aim, relevant to the field of workplace childcare. However, there is a definite need for a summary review of the literature to provide a current context for the research which examines the need for childcare in the workplace. The author uses a narrative method to describe all the issues that surround the provision of childcare, and also cites examples to illustrate the effects of some of these issues. There is, however, a tendency to mention general points, and the author does not quote from any previous academic research. The article is not sufficiently justified either by statistics or evidence from a questionnaire or survey. There are no facts or figures, and there is no quotation from secondary studies. The author uses a number of points to prove the aforementioned premise. There is, for example, a great benefit for mothers who have babies and very young children. These women can return to work earlier and maintain close contact with their children in their lunch breaks. The children are close at hand, and so this means that there is less absenteeism, because workers can check on their children throughout the day if they are worried about them. Another factor to consider is the issue of lateness. Employees who have to drive their children to a childcare center far away are often late for work. Having a childcare facility in the workplace is much better. Parent and child arrive at the same time and they only have one journey together. There are some disadvantages for the employer in having a childcare center. It is expensive to run, and there are also maintenance costs. Insurance can be expensive for employers. Overall, however, the benefits for employers and employees are greater than the

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Research Methods for Professional Practice - Essay Example Throught this paper, there will be clear and evident focus on research based practice. The paper will analyse the data analysis element of research methods in relation to the two articles. I chose data analysis because it provides a vital base to the decision making process. Data analysis is the crucial element in a research process since mere data collection is not important to a researcher. Research is mainly aimed at helping people make informed decisions in different fields. The current blooming interest in evidence informed health and education promotion is part of an on-going strategy to base professional practice and policy on sound research evidence (Ritchie, 2002). Many evidence based research types can inform practice or policies. For example, narrative, conceptual, and statistical data methods can inform practice. Often, studies take the form of evaluations which determine the effectiveness of policies or studies which collect the views of people about an intervention, acceptability of a policy or their needs and requirements. Moreover, conducted and designed research provides vital and significant information covering a wide array of issues which are vital to people in practice. In today’s era, knowledge about the research process is mandatory in the healthcare industry. Consequently, midwives and nurses need to comprehend the research findings. Moreover, they should grasp the implications of research methods in transforming the health care industry. Non statistical methods were employed in analysing the collected data. Descriptive statistics were categorized and analysed based on various categories. Comparison techniques were used in the descriptive analysis process. The information got from the nurses and midwives was related to the study hypothesis and research question. According to Buetow (2010) one of the most reliable and accurate way of determining

Geography The discussion in this class goes around (How Societies Assignment

Geography The discussion in this class goes around (How Societies Change) - Assignment Example ld lost his motors workshop which was operating quite soundly and he was hoping to employ two people but lost it to the tornado and many others like him have suffered a lot. The geographic location of the town became a hindrance in the peaceful life of the town but nature cannot be fought and people just have to wait until the disaster is over. â€Å"Lifeline connects state known as shifting sands (The New York Times, 2012).† Another geographic challenge faced by the US authorities as published in The New Times on 5-Mar-12, Hatteras’ lifeline the only bridge known as â€Å"Highway 12† connecting the small island with the world was trashed by hurricane Irene. The local authorities built the bridge afresh but nature seems to oppose the construction, winds and waves are still causing it harm spreading fear that it might not sustain and collapse again. This place is also stricken by its geographic location with a deadly ocean around it. These natural disasters can destroy lives and property while humans can do nothing to control them. Man seems powerless in front of such disastrous geographic changes. These disasters prove lethal to the economy and the infrastructure of the state, reconstruction cost millions and people having lost their precious properties are under heavy stress by the effects they encounter. Although people have settled down in these places and have adopted their lives following the geographical dangers of the place yet when it strikes the people can do nothing but watch helplessly at the poor state they are left in after the disasters. Economic situation is crushed and people seem crushed to poverty. Without homes they have to spend their days out on the streets and sleep under open sky or in their cars instead of their cozy beds. Life seems to be sucked out of them. With businesses destroyed it becomes a challenge for the people to re-establish themselves and the jobless people live a life of refugees in their very own city. With no money,

Research Portfolio Essay Example | Topics and Well Written Essays - 1000 words

Research Portfolio - Essay Example 81). Due to the increased level of global trade, the foreign exchange, market has grown since as early as 1980 to present. It is estimated that on average, global foreign exchange turnovers have increased from $1.7 trillion in the year 1998 to $3.98 trillion in the month of April, 2010 (Weithers, 2012, pp. 221). Amidst all this growth, the foreign exchange market has had its challenges and emerging issues which affect its operations and growth. One of the major challenges facing international trade is global and regional recessions such as the global credit crunch and the EU financial crisis. Economic openness or regions also highly impact the forex market. Some of the emerging issues in the foreign exchange market include financial instruments such as in spot transactions, forwards, swaps, future and options. Hedge funds have also developed with the growth of the forex market. The following project will be investigating the contemporary issues in the foreign exchange market and thei r effects Research questions First, what are the emerging financial instruments in the foreign exchange market and their effects on the market? Second, what are the effects of regional and global recessions on the foreign exchange market? Third, what is the relationship between economic openness of economies and the foreign exchange market? Fourth, what are the major determinants of the exchange rates in the global market? Fifth, what are the challenges in the foreign exchange market? Data To answer the first question, I will collect data from existing literature about developments in financial instruments in the dynamic foreign exchange market. These include turn overs in the options and future markets. Google scholar has credible sources on information. World Bank’s website (data.worldbank.com) has reliable data on facts such as volumes of forex exchange trade, economic openness of countries and variables which could indicate intensities of regional and global recessions. T hese include GDP and Public Debt levels of countries studies. Data will be collected over the period from 1990 to 2010 from countries most actively involved in the foreign exchange market such as the UK, Japan and the US Proposed methodology A correlation coefficient will be calculated to determine if there is any relationship between emerging issues, such as options, futures, economic openness and business cycles, and the development of the global foreign exchange market. I will use a regression model to estimate the effect of the former variable (emerging issues such as options and futures turnovers, economic openness and business cycles) on the later variable (global foreign exchange market turn overs). Emerging issues are the independent variables while the global foreign exchange market is the dependent variable. The following model will be estimated F = C + a*O +b* Fu + c*Eo + d*Bc Where; F – foreign exchange market turnover C – Constant O – Options turn o vers Fu – Futures turn overs Eo – Economic openness index Bc – Business cycle indicator References DeLong, G., Smith, R.C., Walter, I., (2012), Global Banking, Oxford: Oxford University Press. Weithers, T, (2012), Foreign exchange: A practical guide to the fx markets volume 309 of wiley finance, New York: John Wiley & Sons. Effects of banking market structure on firm performance Financial institutions such as banks are important elements of economic and social

Financial Analysis of Marvel Toys Pvt. Ltd Research Paper

Financial Analysis of Marvel Toys Pvt. Ltd - Research Paper Example It intends to expand business to other EU countries. For this purpose, it is planning to build a larger and modern warehouse and distribution facility which would cost around $10 million and would be completed by June, 2013. This cost includes machinery worth $2 million. It also plans to renovate its existing warehouse for $200000. The projects, to be completed by January, 2013 could increase 25% revenue. For this new project, capital is planned to be acquired through a local UAE bank. The current document dwells into the complete financial analysis of the organization. The financial analysis includes: 1) Cash Flow analysis 2) Ratio analysis and 3) Analysis by a long term creditor 4) Examining the collateral security to be offered by the firm in case loan is granted for the firm. 5) Conclusion The cash flow analysis details about the cash generated through various activities of the firm like operating, investing and financing. Operating cash flows elucidate the increase and decrease in cash pertaining to income statement. Investing cash flows depict increase and decrease in assets while financing activities revolve around dividend and other payments to stock holders. If the cash flows are positive and growing year on year, they are considered to be favorable for any creditor. The ratio analysis is extensively studied through a variety of ratios. The meanings of those ratios are explained for comprehensive understanding of their purpose. They are then compared to previous year and industry average to ascertain their degree of favorability and non-favorability of ratios. Recommendations are made to improvise the ratios in the long run. The only area of concern identified was that of interest expense servicing which could be easily done by increasing sales through upgraded warehouse. Once the analysis is completed, as a banker, we can analyze the outcomes. For analysis, we need to arrive at the requirements of criteria for firm’s suitability to be bestowed with a long term loan. The requirements are the positive cash flows, favorability of crucial ratios, a discussion of property which would be available as security, credit history of the loan taking firm and perfect documentation giving all relevant details. Positive cash flows are examined by the cash flow analysis. The crucial ratios namely debt-equity ratio, return on capital employed and proprietor ratio are calculated to know whether a long-term creditor would be interested to extend finance for Marvel toys. It is understood that these ratios are favorable and the firm is qualified for further finance. Land and buildings which were valued conservatively at $50 million could be offered as collateral security for further finance and overdraft. The credit history is always positive as the firm has never exceeded its overdraft limits. The only requirement which the firm would need to perform is to file documentation giving details of expected revenue from such investment so that the bank authorities would be convinced to extend the required loan and overdraft for the firm. Introduction Marvel Toys Pvt. Ltd which imports and exports toys from China to UAE are now planning to build new warehouse of larger capacity and also renovate its existing warehouse. It plans to expand its business to cater to total EU customers. It wishes to

American Indian Essay Example | Topics and Well Written Essays - 250 words

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Induction and training Essay Example for Free

Induction and training Essay Inductions for staff are a huge concern for many organisations because it provides them with information about their duties and responsibilities. However it is procedure an employee experiences when beginning a new job. It also assures them how important and effective customer service is in the travel and tourism industry, however it also enables them to adapt into the organisation quicker as it will help them gain knowledge and be more familiar with the facilities at the organisation. Induction and training also discusses all the procedures which the staff need to know which about and what is compulsory in a work environment. Thus induction procedures are carried out in many different ways; this varies from company to company. However there are certain items which need to be discussed by law for instance health and safety, first aid and which way the fire exits are. Some company also have the disciplinary procedures which is also a very compulsory factor for many organisations. Booklets and leaflets are also given out at inductions including all the reasonable precautions however this is also carried out verbally as well as just being written down. On the other hand many organisations like their staff to be fully familiar with the history of the organisation and other major information about the company and again this varies from company to company. Training is another way to improve the skills and knowledge and make employees more familiar with their job roles and what they are responsible for; this will also help them gain a better understanding about the company and how to take care of its customers needs. It is vital for staff to provide good service so when training is being taken at a work place it is mainly because it benefits the organisation in many different ways, when someone is being trained to do a certain job they are being taught how to handle things, for instance customers and their needs. If an organisation has fully trained staff it benefits customer service in many ways for example satisfied customers, increased sale, repeat business, better public image and edge over the competition. We all know excellent customer service brings higher sales and raises profit which benefits the organisation and the external customers as well as the internal customers. However training new employees would also help them feel more motivated about their job, as well as help them be more familiar with the organisation itself. On the other hand when employees are being trained they are also being taught how to deal with external and internal customers in an appropriate way, for instance the other members of staff who may be working with you. However when employees adapt into the working environment they also need to adapt with the people that are there as well as the organisation which they work for to make it a nice environment to work in, so basically if employees get on well with other members of staff their will be happier staff and in result of that there will be better business and more happier and efficient workforce for the staff. Thus, training may also help employees build up their self confidence in other words it may help them get to know other members of staff ; starting a new job may be quite nerve racking. However some employees starting a new job may lack of self esteem because there not sure what the should and shouldnt be doing, and they may also be scared that if they did something wrong they may be laughed at, however an a induction may change that because it will make them more relaxed and more motivated about their new work place. However it also helps staff to absorb the information and adjust the information faster on those areas they are being trained on, this is good news for the external customers because a happy workforce leads to team work and greater efficiency, and this then eventually leads to excellent customer service. Training staff also makes a good working atmosphere for them as they will get on with the their colleagues more so this will make the workplace a friendly workplace, however also may improve job satisfaction as this will help employees love their job and take pride in it, this leads to improved chances of promotion of the company. Training would also look into how to communicate with customers as well as understand their needs, Good customer service is more than just selling products to customers, and it takes motivation and skill in how you deal with them. All employees in the travel and tourism industry need to know how to communicate with their customers appropriately, and how to use different skills in different situations whatever job you do because you dont know when you might be expected to deal with a customer and because you cannot walk away from it. Training gives guidance and teaches different types of communication as well as builds up enthusiasm. The Marriott Hotel At the Marriott Hotel customer service is extremely crucial like it is for any other companies in the travel and tourism industry; there are many principles of customer service at the Marriott which is why it is compulsory for hotel to train their staff up to a certain standard. Thus, although it may mean that it costs the hotel up to à ¯Ã‚ ¿Ã‚ ½2000 to go through recruitment for each employee they train it is still worth the money. At the Marriott they believe that training and induction are preparing staff to provide good customer service. However this is beneficial to the organisation because it improves job knowledge and builds confidence this would result to more motivated and happier working staff which means employment cost will be reduced. Induction at the Marriott At the Marriot hotel there is a 3 day induction procedure which is an initial training procedure. Initial training which is provided by the organisation to new members of staff, as the hotel believes that recruiting new members of staff is quite a big investment for the Marriot. However this is a very long period for training process for the hospitality industry. Thus, the initial training takes place at the hotel itself and they use up their own facilities and conference rooms. The Marriot takes a high interest in providing high standards which is why they dont mind whatever it costs to train their staff; as they strongly believe that the this training also benefits the organisation as well as the employees. The initial training covers a wide area of knowledge to cover by the employees which involves many factors form providing information, health and safety, company history, manual training, control of substances and so on. The hotel believes telling the new staff about the companys history as it will make the employees feel apart of the organisation because they know everything about it, however it would also make the staff feel extremely motivated and happy. However it is also very important for staff to be familiar with the organisations history because it looks extremely professional when staff has the information about the organisation as they may be asked questions in relation to the organisation by the visitors, and if they struggle to give answers it may make the organisation lose its credits. Staff must also go though the general information about the hotel for instance the managers name and the procedures of how to handle a complaint, at the Marriott they may have a certain way of handling a certain compliant because the customer would not care how long the member of staff has been working there whether its just for 3 days or six months they have paid and they except answers and good service. The Marriott trains their new employees incredibly well up to a pace where it allows the employees to comprehend and well and understand the work up to a standard as well as recognise the importance of it. However induction at the Marriott has many areas to cover, and one thing the hotel takes into serious account is providing the new employees with general information on the hotel, for instance what the organisation does, all though this may be obvious it is still mandatory for staff to be familiarised with this sort of information. Thus, during these inductions employees are also made to be familiar with their role in relation to the hotel. On the other hand, by law it is officially permitted employers should provide their new employees with the terms and conditions which involve with the job, in many cases this is a written statement. At the Marriott they believe providing their new employees with this sort of information may be a really good idea as this will give them a good taste of the companys scheme. However this involves things such as the hours of work, such as the working hours and the flexi-time system and the pension scheme if necessary, this is so employees are familiar with the major policies. Thus, inductions also include other various areas as well such as holidays, absence sickness reporting procedures and so on, however they also go through the any uniform standards as this also relates to health and safety as well as personal hygiene. On the other hand the Marriott believes that employees must be taught and told how to wear their uniforms correctly, because visitors judge the whole organisations by how the staff present themselves, at the Marriott they dont want their staff coming to work looking like that have just been down the fashion aisle, as the Marriott only likes the professional look, which is why they tell their new employees to keep it simple. However keeping the uniform simple doesnt just mean wearing the uniform correctly it also means that they do not want their staff in to much make up and big jewellery. Another area which is very important as the Marriott is the food and safety procedures Thus, at the Marriott they also provide other trainings such as the learn model which teaches the staff how to handle complaints and acknowledge it effectively. At the Marriott the learn model is important as it makes the guests feel they are most welcome at the hotel, the may also feel as though they are being valued so they may go away and then come back, repeat customers. LEARN model Listen Empathise Apologise React Notify On the other hand there is also the guest model; this procedure teaches how staff should treat guests. Greet the guests Use the guests name Establish guests needs Show interest in the guests Thank the guest Conclusion I think it is most fundamental for the employees at the Marriott to receive that sort of induction and training as it will keep up the professional image which the hotel has already succeeded in. I suppose this kind of induction policy at the Marriott permits the staff to receive comprehensive training and it will also help them boost their eagerness on their particular job they are doing and it will also make them feel more motivated. On the other hand I also think that induction policy will also allow staff to strengthen their communication skills, because they may also learn different methods and techniques when it comes to selling a products or even presenting it. Better communication skills also permit an individual, a sales person in this case to adapt and identify an excellent sales presentation for different types of customers; however this would again result in excellent customer service. At the Marriott, they rely on their staff bring out the best of their customers by providing a good service and projecting a professional image. This is because at the Marriott they are keen on receiving good attitudes from their customers, as this will result in happy staff as well as happy customers. On the other hand employees who offer good product knowledge are the ones who are motivated about their job, because they can advise customers as they have been trained to do so. Probationary period at the Marriott The probationary period at the Marriott is a three month process; however this process starts after the induction programme. Though the probationary period allows staff to pick up many skills and knowledge about their jobs and in many cases it may also be useful in the future if that employee is considering another job in that same direction. However the probationary period permits staff to work under many different conditions. It is short-term, temporary contract which allows the employers and the Marriott to consider and assess closely how the employee is getting on with the job, if they are managing it well. On the other hand it also involves personal judgements of the staff employing the employee as they decide whether they are capable of doing this job and establish whether or not they should offered the job. Conclusion I believe that the probationary period at the Marriott benefits the hotel a lot as they are spending a lot of money on recruiting and training many different people. However the probationary period helps them ensure that they have hold of the right people as it provides a good indication to both the staff member and the organisation on how the staffs is finding the job. On going training at the Marriott Every organisation believes it is mandatory to train employees legally; training needs to be motivational and engaging as this will help new employees handle responsibilities proficiently and adapt to the environment faster. On the other hand training would also increase knowledge and contribution in the workforce. Conversely there are also many health and safety laws related when it comes to training staff and at the Marriott Hotel. They are very aware of these strict regulations which are why the Marriott has a training policy which makes sure that new employees are trained clearly and instructed well to their duties. The Marriott has a specific standard operating procedure which ensures that employees are taught how to work safely up to a certain standard, the Marriott standard, however this strict regulation runs across the globe in every Marriott Hotel there is. At the Marriott, employees are made aware of all the risks and hazards they may come into contact with, they are told how to deal with these situations and are also made aware about the emergency procedures. Health and safety training mostly take place during working hours and during these lessons employees are adequately supervised. During training at the Marriott it is emphasised to the staff that good customer service is one of the main aims of the organisation. However throughout the training role play situations are introduced where the staff are put into the customers shoes or given a part to play. Like any other organisations the Marriot believes every customer deserves first class service and has two main aims which are making profit and providing excellent customer service, which is why the role plays are really effective. This is really a good idea because it gives the new staff a good flavour of what their job roles are like. On the other hand throughout the role plays it also allows the staff to realise how it is like to be a customer on the receiving end of service provided by the staff and judge whether that is a bad or good service. However the intense training procedure goes on forever, throughout their whole career, because the Marriott believes the more training an employee receives the better they will be at the their jobs. At the Marriott the on going training procedures which start as soon as the employee starts the job, there are two levels of induction. On the other hand there is also another level, making it 3 levels al together, however level 3 much more advanced and is provided for certain job roles, for a particular employee. On level 3 there are many different types of trainings which contribute to an individuals development of their job, so this level may vary from employee to employee as they all have different job roles However level 1 takes for 90 days as soon as the employee is on the job, this is al about the health and safety regulations. On the other hand level 2 is what the do for the first 180 days which is just provided to people who do room operation which is to help them increase knowledge on their job. However I think the passport to success training procedure at the Marriott is very effective at as it allows the new employees to adapt quicker and maintain a higher standard of work performance. On the other hand it may also allow staff to gain a good understanding of all the factors which may affect work performance and if they are trained will enough to avoid these or deal with then this would benefit the organisation very much. However the passport to success is a very optimistic idea as it allows employers to split up the training levels and provide those to the individuals who it may apply to most and more targeted at their job. I believe this training will increase enthusiasm, motivation and satisfaction for the individual. At the Marriott there is also another 20 day period orientation which monitors how well the employee is doing at their job and how they are progressing. However this is a unit and it is targeted at particular employees as it allows the manager to interview them. This interview by the manager is done again after 2 months, during this interview the manger takes into consideration whether the objectives are met by this particular employee. I believe this is very effective as this allows both the employee and the manger to indentify any necessary development needed for the individual for instance the employee might be having a rough time with other co-workers or they might be finding a certain part of their job difficult to do. However it also makes the employer feel they are being taken into thought and what they feel is right can make a difference, there again this increases job satisfaction. At the hotel there is training involved which involves staff with daily short takes. This procedure takes up to 15 minutes and is done every month; however this is done by everybody in the department and is called the short take training. However this training varies form department to department so for instance in the food department they will go over the food and hygiene, health and safety and finally how to serve the customers. On the other hand in the housekeeping department staff will be taught how to iron, how to do the beds, how to clean and how to maintain certain parts of the room. Although these tasks may sound very basic it allows the staff to expand their abilities on doing things and engage into doing effective management. However the short take training is prepared by the Human Resource department at the hotel, Te HR has facilitation role in relative to the inductions and training which goes on at the Hotel. The HR provides the tools which may be needed in training; they also support individuals on achieving the most as they do the performance review process on each of them. The HR keeps all the records of their staff and support them in relation to each individuals aims. It is very important for the HR to keep these reports of their staff of all training because it will have the evidence of what each individual staff have been trained and what needs to repeated. I believe that this is very relevant to the consult workers as they be more aware of the conditions which they staff are in, on the other hand it is also very effective and considerate.It is very considerate because sometimes training need to be repeated time to time and keeping track of that on a data security system in the HR would be extremely helpful At the Marriott the hotel is very keen in keeping their old staff rather than recruit new ones all the time which spend an awful lot of money on and take into serious account. However the hotel believes if a member of staff isnt still progressing well after all the training they have received other the forts 3 months they should not be thrown out the job. The hotel provides these weak staff with a buddy to mentor that weak individual for up to a certain period. On the other hand another time an individual who is provided with a buddy could be because they had been given a compliant letter. I believe that this would be very helpful and effective. This will allow the weak staff to watch and learn, this may also give them a chance to become accustomed more into their job as they will be watching others and from there they can be more familiar with what may be right and what may be wrong. The Marriott looks in for the best for each and every employee and do things which will benefit both the employee and the organisation. The hotel also provide their managers and assistant managers with training, they also pay for most of their employees to go to university and become more successful at their current job or what they might want to do in the future. The hotel is very fond of university graduates. Benefits of training Training staff helps improve their skills and also increases the efficiency of the organisation, in this case the Marriott Hotel. Training allows employees to develop a picture of the skills and talents needed at the workforce. It introduces improved job satisfaction by from employees as it allows them to feel more become accustomed with their job. On the hand staff will feel more secure and will find their jobs easier to do, they will also enjoy their work and feel more motivated which will then lead to more sense of pride and increase self confidence. However training staff would also make a more pleasant place to work for them and would co-operate with their colleagues more and work well together, however they be friendly and be polite which would make them be supportive and this would be result a happier staff and a happier work force. Training staff brings out the best in them, it allows staff to provide higher principles of their work performance; it enables them to understand and appreciate their job and job roles. On the other hand when there is a group of staff in department who are trained there is always a lot of team spirit, because training allows them to work with co-workers and they get to cooperate wit them. Training ensures that objectives are met and that each employee gains the best knowledge of their work role and understands it clearly; on the other hand, it prepares and equips the employees up to a certain standard which will make them capable of working and achieving their goals and work objectives, personally and potentially. I imagine that training staff well is the best way to maintain the professional image of an organisation as it will provide good quality service. The Marriott hotel appears to be the most successful in that as they provide their employees with all the different types of f training there is in the book. Which they also believe is the solution to good service. Where there is good service there is a big number of customers, good service benefits the customers as this makes them happy and more relaxed. And they will be more satisfied with the products and services they have paid for and the way they have been treated. Customers are the most fundamental when it comes to running business and as they will be paying the prices, so to please them I believe training is the only answer. Training helps staff gain, refine and update knowledge and improve their proficiency in the work place leaving them to be successful in all the work roles without getting a complaint or without feeling like they dont know what to do. Staff providing efficient and effective service Benefits to the Organisation The hotel is extremely competitive like every other organisation and it does its best to win business. If at an organisation the employee provides efficient and effective service the organisation would benefit from that in many ways. The Marriott Hotel would boost the image of the organisation because the staff would have a better job knowledge and provide better service; the better service the more the hotel meets its requirements, in other words the Marriott standards. At the Marriott hotel costs up to à ¯Ã‚ ¿Ã‚ ½2000 to go thought the recruitment for one employee. Training at the Marriott does cost a lot of money and it is also time consuming but the Marriott hotel doesnt mind because they know at the end it is them who it would benefit the most in the long run. To gain public relation is huge factor to be considered by an organisation, public relations help create a good image for the organisation. good induction training programme will increase the number of motivated employees, and they may also be aware of a more effectual response to training, staff wont walk out of the job as they will feel they enjoy doing their job as well as being satisfied. On the other hand it will improve communications and relationships generally towards their managers. Benefits to the Organisation and shareholders The organisation shareholders are the ones who benefit the most because there will be more sales and increased market share which will result in making more money because there will be repeat business and recommendations. On the other hand good services always lead to repeat business, and old customers continue to return. Customers usually trust organisations where they have received good service and build up loyalty towards them and recommend it to people elsewhere so they may also become customers. However it may cause an edge over competition as other organisation may start to compete wit them so the receive the same amount of customers By providing excellent service an organisation will have better chance in maintaining existing customers and also attracting new ones. Training staff is a huge advantage to the hotel as the organisations image improves when dealing with customers, the organisation benefits most when there is good service which introduces more money to the company, more customers may also start to use the hotel. Benefits to the staff I think training helps staff become more competent and more flexible when doing their jobs, it increases their motivation and job satisfaction and they come to a stage where there is possible changes to be made in their job roles they adapt to that fast as they have been trained to do so. There may also be fewer accidents in the work place as they are trained to handle things and also shown how to do so. however I believe that once the staff are fully trained they may leave that job and go look for a better job which may pay them slightly more, because I think at the Marriott staff are over trained for their particular job. Benefits to the customers The benefit of training is that it allows employees to provide excellent customer service and also creates a very professional image of the organisation which then brings in new customers. However a good customer service provided by members of staff at the Marriott will always keep their customers happy and more satisfied. . On the other hand they may also feel contempt as well as pleased with the services provided as well with the products on which they are spending their money on. However if this kind of high-quality service carries on customers will always return. They will also be bringing new customers along wit them as they well pass on the good things to other people telling them what a good time they had at the hotel. In other terms this is also known repeat business. Overall Conclusion Overall I believe training staff should be considered a very is a significant aspect for all organisations if they are willing to succeed and do well in the long run. I feel training helps preserve new customers as well as the old ones to the organisation and this allows organisation to build their businesses well. However I feel that the Marriott hotel has become extremely conscious and aware of all the benefits training will bring to their business and that they are focusing well on that. Bibliography www.acas.gov.uk This was an extremely good site, it had all the laws and policies run by the government regarding induction and training procedures. I found the site very useful . www.cipd.co.uk www.businesslink.org www.businessballs.com www.cipd.co.uk www.tda.gov.uk www.cobent.com www.ncvo-vol.org.uk/ www.qaa.ac.uk Books Induction training- By Michael Meighan This explained a lot about what happens in inductions and training, this was very helpful as it had the information I was looking for. Induction Pocketbook (Management Pocketbooks) by Ruth Sangale This book was not as useful as it only contained basic information which I was already very familiar with but just needed some holes filling in, so it was helpful in some ways. How to Design and Deliver Induction Training Programmes (Practical Trainer) by Michael Meighan- This was very supportive as it explained in sections of what needs to be done at trainings and the importance of it. I would really recommend this book to anybody who is thinking to run a business and wants to be successful doing it as it was very accommodating