Financial Statement Analysis Financial Assessment And...

INTRODUCTION Different segments of the general public are keen on data about the present budgetary positions and future prospects of business undertakings. Presently the people perhaps straightforwardly identified with the enterprise, or they may be keen on securing relations with the same instantly. Their essential target is to choose whether they will keep up, reinforce, or break their current relations with the business undertakings. Various proclamations readied toward the end of each bookkeeping period to survey Financial Activities and Financial position of a worry are altogether called Financial Statements. They consist of the following: †¢ Income Statement †¢ Balance Sheet †¢ Cash Flow Statement †¢ Fund Flow Statement On the premise of the data uncovered in Financial Statements, clients of these come to think about the development, productivity, dissolvability, and monetary quality of an undertaking. Monetary Statement Analysis is an investigation which discriminatingly looks at the relationship between different components of the Financial Statements with a perspective to acquire vital and compelling data from these. It a methodology of filtering Financial Statements for assessing the relationship between the things as revealed in these. It is fundamentally a posthumous of the value-based exercises of a venture as unveiled in the Financial Statements in order to judge operational capacity, capacity, gainfulness, dissolvability, managerial effectiveness andShow MoreRelatedThe Financial Position Of Tesco And Its Future3322 Words   |  14 PagesAND COMMENT ON THE FINANCIAL POSITION OF TESCO AND IT’S FUTURE, BASED ON THE FINANCIAL AND BUSINESS INFORMATION. TABLE OF CONTENTS: 1. Introduction 2. Financial statement definition and objectives 3. Basic financial statements; Balance sheet, Income statement, and Statement of cash flows. 4. Tesco financial statements {(a)group income statement, (b) group balance sheet and (c) group cash flow statement} 5. Financial analysis; definition, users, methods limitations 6. Analysis and interpretationRead MoreA Report On The Abc Company1546 Words   |  7 Pagesdoll houses. The newly develop proposal will undoubtable bring new opportunities for the company on the configuration of increased cost and labor; conversely it will also make available additional revenue and gross profit to help reach the company future goals. This paper would provide great detail about the estimated product costs, what is needed to break even on the project, and what level of return this product is expected to provide. Body An overall risk profile of the company based on currentRead MorePfizer Case Study Essay5236 Words   |  21 Pagesamp; Business Policy (Fall 2012) Table of Contents: 1. Part One: Evaluation of the External Environment a. Introduction 4 b. Opportunities and Threats 6 i. Assessment of Societal (Remote) Environment ii. Assessment of Industry (Task) Environment iii. Assessment of Competition (Bryan Jenkins) iv. Overall Opportunities and Threats and Score 2. Part Two: Evaluation of the Internal Environment # c. Financial ManagementRead MoreCase Study : Corporate Finance And Investment Planning Essay5132 Words   |  21 Pages`A Training Report On Analysis of Financial Statements Carried at Micromax Informatics Ltd. In partial fulfilment of the requirements for the award of degree of Bachelor of Technology in Electronics and Communication + MBA For evaluation in 11th semester By Harshit Goel A2324811007 B.Tech ECE + MBA (2011-16) Under the guidance of Industry guide Faculty Guide CA. Sanjay Kumar Sah Ms. Tavishi (Micromax Informatics Ltd.) (Amity University) Amity Business School Amity UniversityRead MoreAdvanced Financial Statement Analysis - Leons vs the Brick Essay4533 Words   |  19 PagesAdvanced Financial Statement Analysis Assignment #1 Comprehensive Analysis of Financial Performance Leon’s Furniture Limited and The Brick Income Fund Comprehensive Analysis of Financial Performance Assignment #1 - Leon’s versus The Brick TABLE OF CONTENTS Page # Table of Contents †¦. Abstract †¦.. Report Outline †¦.. Introduction †¦.. Ratios – Financial Analysis †¦.. Summary †¦.. Bibliography †¦.. Appendices (A – J) †¦.. 2 3 4 5 6 23 25 26 Advanced Financial Statement Analysis ComprehensiveRead MoreAccounting as a Language of Business6003 Words   |  25 Pagescollection, compilation and systematic recording of business transactions of money, the preparation of financial reports, the analysis and interpretation of these reports and the use of these reports for the information and guidance of management.† —A. W. Johnson. â€Å"Accounting is the art of recording, classifying and summarizing in significant manner and in terms of money transactions and events which are, in part at least, of a financial character and interpreting the result thereof.† Read MoreCredit Appraisal Assessment from Bankers Point of View in India3143 Words   |  13 PagesThe area of credit appraisal and assessment is very vast and each new account poses new challenges and tests our skill. Whenever a proposal is received, what does a banker looks for in it? Answer to this question is not only very detailed but also very complex. Earlier speakers might have already covered the finer aspects of the project/credit appraisal i.e. from the selection of the project to preparation of projected financials and evaluation of the project from the angle of acceptability, moreRead MoreCredit Appraisal and Credit Risk Management13437 Words   |  54 PagesRisk is inherent in all aspects of a commercial operation, however for B anks and financial institutions, credit risk is an essential factor that needs to be managed. Credit risk is the possibility that a borrower or counter party will fail to meet its obligations in accordance with agreed terms. Credit risk, therefore, arises from the bank’s dealings with or lending to corporates, individuals, and other banks or financial institutions. Credit risk management needs to be a robust process that enablesRead MoreA Report on Sme Financing in India3287 Words   |  14 Pagesin emerging markets often rely on informal sources of capital, such as borrowing from relatives, to meet finance needs. However, when a small or medium enterprise does access formal channels, it typically looks to a bank as its primary source of financial services. Banks have begun to turn their attention toward this untapped market and their service of SMEs is a major factor in increasing SME access to finance. Although, numerous issues surface when it comes to SME lending, banks, by employing aRead MoreCredit Appraisal System9370 Words   |  38 PagesDESIGN OF THE STUDY DESIGN OF THE STUDY 1. Statement of the problem The study relates to analysis of credit appraisal system with reference to Axis Bank. Axis banks one of private sector banks in India, which provides loans and advances when it is required by individuals or companies and accepts the deposits from the public. while providing loans advances to the public it faces number of problems like : * Of interest loans * Default interest security inadequate OBJECTIVES: * To

The Glass Menagerie Illusions over Reality - 837 Words

Abandoned by her husband and left penniless, Amanda Wingfield in The Glass Menagerie by Tennessee Williams, lived in a small alley apartment on the lower middle-class section of town with her two adult children Tom and Laura, which was far cry from Amanda’s youth during the Victorian era at Blue Mountain to her present situation of poverty and uncertainty. As a single mother, Amanda was worried about her family’s financial security along with concerns about her daughter’s lack of marital prospects; for that reason, her need to enrich her life by molding the lives of her children resulted in illusions overpowering reality that also brought out destructive illusions within herself, her son Tom, and her daughter Laura. Endowed with beauty,†¦show more content†¦As the man of the house, Tom was forced to work at a warehouse that did not stimulate his intellect and was charged with finding his sister Laura a prospective husband. Amanda informed Tom that if he were to find a husband for Laura than he would be released from any family obligations; as a result, Tom invited a co-worker that Laura had known during their high school days to dinner to appease his mother and liberate himself from family responsibility in hopes an independent life. Since much of Tom’s persona and appearance reminded Amanda of the husband that left her so she continuously berated her son on a daily basis as a punishment for her husband’s abandonment. Amanda was never satisfied with her son’s lack of college education or his passion for poetry and always felt paranoid that he would one day turn out to be exactly like his father. Tom’s only escape from the constant nagging and demands was whenever he went to the movies when he imagined the freedom and adventure that was lacking in his life. He was under the illusion that all his troubles would disappear if only he left his family behind and lived a life he was used to seeing in the mo vies. He dreamt of a future void of financial responsibility to his mother and the obligation of finding a husband for his sister Laura. Laura was the sweet, innocent daughter Amanda treated as a helpless little sister because of herShow MoreRelatedConflict Between Reality and Illusion as a Major Theme of ‘the Glass Menagerie’1718 Words   |  7 PagesConflict between reality and illusion as a major theme of ‘The Glass Menagerie’ Introduction The Glass Menagerie is a dramatic play about human nature and the conflict between illusion and reality. An illusion is pretense and not reality. In The Glass Menagerie, Tennessee Williams has made use of both reality and illusion together using conflict between them. Illusion is a misinterpretation of the facts. It is an opinion based on what we think is true rather than on what is actually true. In thisRead MoreTennessee Williams and Works, a Look at Illusion vs. Reality1625 Words   |  7 PagesIllusion Vs. Reality Tennessee Williams and his works deal heavily in the contrast of illusion and reality and the characters struggle with this. Illusion vs. Reality is a major theme is mostly all of his dramatic works. The majority of these characters find themselves in a state of illusion. This was intended by Tennessee Williams to show how unavoidable and definite falling into illusion, or insanity, can be. Williams sister Rose affected him greatly when she became schizophrenic. ThisRead More Tennessee Williams The Glass Menagerie Essay1137 Words   |  5 PagesTennessee Williams The Glass Menagerie We all have illusions. We can hardly live without them. Most of the time they are harmless thoughts about things that are usually unattainable. An example would be when a person sees something that they want and then dreams of having it. Whenever someone holds an opinion based on what they think is true, or in some cases what should be true, rather than what actually is true, then that is an illusion. Illusions sometimes help people cope with painfulRead MoreThe Glass Menagerie By Tennessee Williams916 Words   |  4 Pages The Glass Menagerie Compare and Contrast The Glass Menagerie by Tennessee Williams deals with delusional characters surrounded by an unwanted reality. The story takes place in a city in the early nineteenth century. There are more modern ways of life forming all around the Wakefield’s, but not for the Wakefield’s. At the end of the play Amanda says to Tom, You live in a dream; you manufacture illusions. Amanda, Tom and Laura are all guilty of having a rough time dealing with there everyday livesRead MoreAnalysis Of The Play The Glass Menagerie 1281 Words   |  6 PagesDevin Simpson Professor Carusp The Glas Menagerie 4/29/15 Within the play The Glass Menagerie, Amanda, Laura, and Tom Wingfield all of have their own dreams that are continuously destroyed by the harshness of reality. Amanda, stuck in the ease of her youth, tries to relive her life through her daughter Laura. Being crippled both physically and mentally, Laura struggles to escape the bubble she has created around herself that her mother Amanda so strongly tries to force her out of. Tom whom, althoughRead More Symbolism in The Glass Menagerie Essay1022 Words   |  5 Pagesis an integral part of every play. The author uses symbolism in order to add more depth to the play. In Tennessee Williams’ play, The Glass Menagerie, he describes three separate characters, their dreams, and the harsh realities they face in a modern world. The Glass Menagerie exposes the lost dreams of a southern family and their desperate struggle to escape reality. Everyone in the play seeks refuge from their lives, attempting to escape into an imaginary world. Williams uses the fire escape asRead MoreEssay about The Glass Menagerie by Tennessee Williams1421 Words   |  6 PagesThe Glass Menagerie by Tennessee Williams -Joseph K. Davis, Landscapes of the Dislocated Mind in Williams The Glass Menagerie, in Tennessee Williams: A Tribute Tom and his sister Laura is symbolically the actual glass menagerie, the play belongs to neither of them. The play belongs to their mother, Amanda, as substantiated by the above quote from Joseph K. Davis. Amanda indulges herself in memories of the past and refuses to accept the present. The play is also hers because it isRead MoreSymbols in the Glass Menagerie1307 Words   |  6 PagesIn the play, The Glass Menagerie, by Tennessee Williams, Williams uses many symbols which represent many different things.?Many of the symbols used in the play try to symbolize some form of escape or difference between reality and illusion.?The first symbol, presented in the first scene, is the fire escape.?This represents the bridge between the illusory world of the Wingfields and the world of reality.?This bridge seems to be a one way excursion.?But the direction varies for each character.Read MoreThe Glass Menagerie Symbolism Essay1424 Words   |  6 PagesImagination or Illusion Can Create Big Trouble The Glass Menagerie is a five-character memory play written by Tennessee Williams in 1945. The play is introduced to the audience by Tom, the narrator and protagonist, as a memory play based on his recollection of his mother Amanda, his sister Laura, and his friend Jim O’Connor as a gentleman caller. There is a fifth character in the play, Tom’s father who doesn’t appear except in the photograph frame. Among them one of the most interesting charactersRead MoreLiterary Analysis of The Glass Menagerie by Tenessee Williams1462 Words   |  6 PagesThe Glass Menagerie by Tennessee Williams had ordinary people in an ordinary life that closely resembled the influences of Williams’ personal life while having reoccurring themes and motifs throughout the story. The play has been done by many with some variations in the scripts and setting while still clinging to the basic ideas of the original play. Amanda Wingfield was a complex character that encompassed many facets of her personality. She longed to have the life she had as a girl and young

International Management Singapore Airlines

Question: Discuss about theInternational Managementfor Singapore Airlines. Answer: Introduction Singapore Airlines is the flag carrier of Singapore. It has a hub at Singapore Changi Airport. It is considered as the national symbol and icon. It was founded in the year of 1947 and commenced operation on 1st October 1972 (Singaporeair, 2016). There are more than 60 destinations in which the company provides Airlines service. The revenue of the company is $ 15 billion (Fu et al., 2012). It has been fund that there are more than 24,350 employees working in the company. The company has various subsidies related with airlines. The SIA Engineering Company is handling repair, overhaul and maintenance across more than 9 countries (Singaporeair, 2016). The company has 27 joint ventures. It includes Singapore Airlines Cargo, Roll-Royce and Boeing. Singapore Airlines has launched Airbus A380 for customers, which is the largest passenger carrying aircraft (Singaporeair, 2016). It is ranked 15th globally in terms of revenue passengers kilometers. In the year of 2010, Singapore Airlines is ter med as the second largest airlines worth 14 billion US dollars (Singaporeair, 2016). It has been found that majority of the company share is owned by Singapore government investment and holding company Temasek Holding (56%) (Oum Yu, 2012). The company emphasizes on improving its brand reputation by promoting the female flight attendants known as Singapore Girls. In this section, a PESTEL analysis of the company has been provided, to analyze how the factors such as political, economic, social, technical, legal and environmental factors have affected the company. Political: It has been found that the National Political Frameworks have major impact on the business operation of the airline industry of Singapore. It refers to the government policies or the degree of intervention in the economy (Oum Yu, 2012). As Singapore Airlines is carrying the national flag, the government of Singapore has supported the company significantly (both financially and legally). However, there are still many barriers that the company has to face outside Singapore. For example, Singapore Airlines has withdrawn its bid for the stake of Air India (Heracleous Wirtz, 2012). It caused a heavy blow to the privatization program taken by Indian government. It is one of the major political barriers that the company has to face outside Singapore. Economic: Fu et al. (2012) mentioned that economic factors include various factors such as change of taxation rate, interest rate, inflation, economic growth and exchanges. It has been found that slight changes in all these factors can cause huge change in a business operation of a company. For example, it had been found that the company Singapore Airlines had tried to buy 24% stake of the China Eastern Airlines for approximately 7 billion Hong Kong dollars. However, this contract appeared in trouble when majority of the shareholders had criticized this deal as unfair one (Foltran et al., 2012). Social: According to Meltzer (2012), changes in the social environment and trends can affect the demand of a product and availability. It also can affect the willingness of individuals to work within a company. It has been analyzed that travelling to faraway or tropical location has long being the provision of wealthy society. However, due to the increase of disposable income during 1980s has enabled the types of travel that was out of reach previously for the middle class family. Aaker and Joachimsthaler (2012) mentioned that presently the customer preference has shifted from premium types of airline to low cost carriers. For this reason, the company has shifted its attention to increase share in low cost carriers of Southeast Asia in spite of the lack of profit (Tsai et al., 2012). Technical: Heracleous and Wirtz (2012) mentioned that, in the saturated market like haul passenger air travel, technical innovation has played an important role in the market competition. In order to increase the sales, Singapore Airlines has increased investment in Research and Development (RD). It helps the company to develop new fleets and cabin products that can improve comfort level of customers. Hall and Page (2012) stated that these carriers are the youngest fleets. They also have adopted new innovations like reclining seats, headsets and seatback entertainment system (Tsai et al., 2012). All these technical innovations have helped the company to increase customer satisfaction and brand image of the company. Legal: According to Daft and Albers (2012), change in the regulatory framework has also affected the business operation of airlines industry especially the national carriers. Different government brings different types of political outlooks and strategies that have significantly affected the airlines business. For example, due terrorist attacks, in the year of 2001, significant regulatory changes had occurred that had changed the customer screening process adopted by Singapore Airlines (Merkert Morrell, 2012). Environmental: Hall and Page (2012) mentioned that, in recent years airline passengers have become more concern about the environment friendly services. Daft and Albers (2012) stated that, this trend will grow more in future due to the national target of carbon reduction and increase of the price of energy. It has been found that most of the major global airline industries have started to take care of the green issues. They have combined their Corporate Social Responsibility (CSR) policies with their marketing plans. However, it has been found that so far Singapore Airlines is responding slowly to the eco-friendly demands of customers. In this section a Porter's Five Forces analysis for Singapore Airlines has been undertaken. It helps to understand the condition of company's competitive environment. In the year of 1985, Michael Porter had identified five factors that have impact on the performance of a company. They are such as threat of new entrants, threat of product substitution, bargaining power of suppliers, bargaining power of consumers and intensity of competitive rivalry. Threat of new entrants (low): It has been found that the long haul passenger airline is highly dominated by the Singapore Airlines. In addition, Jones (2012) mentioned that the long haul passenger airline industry is highly saturated with one or two national carriers that represent every economy. They receive fair amount of support from the national government bodies. Pearson and Merkert (2014) mentioned that congestion in the skyways is the major evidence of long haul passenger airline market saturation. For this reason it can be stated that the threat of new entrants in the long haul passenger airline is relatively low. However, the picture is slightly different in short haul passenger airline. There are several new entrants have been witnessed in recent years. For example in the Southeast Asian market where Singapore Airlines operates, Jest Star and Air Asia have entered as new competitors. Threat of product substitution (moderate): Before discussing this point, it is required to mention that the threat of service substitution is distinct for long haul and short haul airlines. In case of short haul airlines industry, the chance of service substitution is moderate. For example, availability of high speed trains in Eurasia has affected the short haul airline business significantly (Lin, 2012). Bargaining power of suppliers (High): Unlike the transportation industry, the suppliers of the airline industry have better position in the bargaining. Jones (2012) mentioned that, duopoly exists in the field of supply of Airline industry (Boeing and Airbus). On the other hand, oligopoly exists in the supply of engine (Rolls Royce, Pratt, Whitney and General Electric). As there are only few suppliers exist, they have the capability set price and delivery time in accordance to their needs. Bargaining power of consumers (moderate): It has been found that, in the airline industry the bargaining power of customers are moderate. Teo and Chang (2012) stated that the switching cost in the airline industry is considered as very low. According to Aaker and Joachimsthaler (2012), the declination of travel agents and high street airline offices and proliferation of the internet has decreased the switching cost for customers in recent years. The Singapore airline has tried to increase the switching cost for the customers by initiating different loyalty schemes. The company has developed these strategies along or conjunction with one or two strategic partners. They always encourage customers to remain loyal to their company as regular usage of service can help them to get points or air miles. These points can be exchanged for free flights or discount on flights. Intensity of competitive rivalry (high): There is an intense rivalry can be witnessed in the airline industry. Teo and Chang (2012) argued that, in airline industry, rivalry differs from route to route. For example routes like New York to London or Paris to London are well served by various airlines. In order to capture majority of the market share, airline companies have to adopt price reduction strategy. In addition, they have to make sure that quality of service still remains high. Lin (2012) mentioned that lack of punctuality in well served airlines routs can have adverse impact on the Airlines business operation. However, in recent years, Singapore airline has shown an exceptional performance and captures the Kangaroo Route (Cabon et al., 2012). In this section four strategic recommendations have been provided to the Company depending on the PESTLE analysis and Porters five force analysis. They are discussed below: Improvement of security system: It has been found that, the increased number terrorist attacks have increased the concern of customers about security system available system. For this reason, new regulations and policies have been developed by governments to improve airport security system. Hence, Singapore Airlines has to change the screening strategy used to scan the customers. Adoption of environmental friendly strategies: In recent years airline passengers have become more concern about the environment friendly services. It has also been found that, this trend will grow more in future due to the national target of carbon reduction and increase of the price of energy. It has been found that the Singapore airline is not much concerned about the environmental issues. No strategy has been adopted by the company to take care of the environmental issues like carbon foot print reduction. It can affect the business performance of the company in future. Hence, the company has to start to take care of the green issues immediately. The company has to combine its Corporate Social Responsibility (CSR) policies with its marketing plans. Emphasis on short haul airlines: It has been found that, in recent years the cost of traveling in airlines has been reducing. People are inclining more towards short haul airline. For this reason, in recent years, Singapore Airline has started to increase focus on short haul airline. However the competitive rivalry in this industry is higher than log haul airline. For example in the Southeast Asian market where Singapore Airlines operates, Jest Star and Air Asia have entered as new competitors. In addition, availability of high speed trains in the Eurasia has increased the chance of service substitution in short haul airline. For this reason, the company needs to adopt modern technologies to gain advantage in the competitive market. The company needs to cut down the cost of service while maintaining the service quality, in order to increase switching cost for customers. Providing better service continuously: The Company has successfully developed its reputation as one of the most successful airlines all over the world. In order to stay successful in this business, the company has to keep on providing best quality service to customers. For example, the company can install new space bed with 50 aircraft. In conclusion it can be mentioned that this easy is all about analyzing the present business condition of the company Singapore airline. The company was founded in the year of 1947 and commenced operation on 1st October 1972. There are more than 60 destinations in which the company provides Airlines service. It has been fund that there are more than 24,350 employees working in the company at present. The company is recognized as the second largest airline in term of revenue passengers kilometers travelled. As the company is the national flag carrier of Singapore, it acquires ample support from the government. However the company has to face various economic, political and environmental issues in recent years. It has been found that factors such as change of taxation rate, interest rate, inflation, economic growth and exchanges have affected the business operation of Singapore Airline. Different government brings different types of political outlooks and strategies that have significa ntly affected the airlines business. In addition, the increased amount of terrorist attacks has affected the business performance of the company in recent years. For this reason, The Company has to increase effort on research and development. All the issues have been identified with the help of PESTLE analysis and Porters five force analysis. Depending on the issues found form these analyses, some recommendations also have been provided to the company for future improvement. Reference List Aaker, D. A., Joachimsthaler, E. (2012).Brand leadership. Simon and Schuster. Cabon, P., Deharvengt, S., Grau, J. Y., Maille, N., Berechet, I., Mollard, R. (2012). Research and guidelines for implementing Fatigue Risk Management Systems for the French regional airlines.Accident Analysis Prevention,45, 41-44. Daft, J., Albers, S. (2012). A profitability analysis of low-cost long-haul flight operations.Journal of Air Transport Management,19, 49-54. Foltran, F., Ballali, S., Passali, F. M., Kern, E., Morra, B., Passali, G. C., ... Gregori, D. (2012). Foreign bodies in the airways: a meta-analysis of published papers.International journal of pediatric otorhinolaryngology,76, S12-S19. Fu, X., Zhang, A., Lei, Z. (2012). Will Chinas airline industry survive the entry of high-speed rail?.Research in Transportation Economics,35(1), 13-25. Hall, C. M., Page, S. (2012).Tourism in south and southeast Asia. Routledge. Heracleous, L., Wirtz, J. (2012). Strategy and organisation at Singapore Airlines: achieving sustainable advantage through dual strategy. InEnergy, Transport, the Environment(pp. 479-493). Springer London. Jones, P. (2012).Flight catering. Routledge. Lin, W. C. (2012). Financial performance and customer service: An examination using activity-based costing of 38 international airlines.Journal of Air Transport Management,19, 13-15. Meltzer, J. (2012). Climate Change and TradeThe EU Aviation Directive and the WTO.Journal of International Economic Law Merkert, R., Morrell, P. S. (2012). Mergers and acquisitions in aviationManagement and economic perspectives on the size of airlines.Transportation Research Part E: Logistics and Transportation Review,48(4), 853-862. Oum, T. H., Yu, C. (2012).Winning airlines: Productivity and cost competitiveness of the worlds major airlines. Springer Science Business Media. Pearson, J., Merkert, R. (2014). Airlines-within-airlines: a business model moving East.Journal of Air Transport Management,38, 21-26. Singaporeair,. (2016).Welcome to Singapore Airlines | Official Website.Singaporeair.com. Retrieved 26 October 2016, from https://www.singaporeair.com/en_UK/in/home Teo, P., Chang, T. C. (2012). Singapore: tourism development in.Tourism in south and southeast Asia, 117. Tsai, W. H., Lee, K. C., Liu, J. Y., Lin, H. L., Chou, Y. W., Lin, S. J. (2012). A mixed activity-based costing decision model for green airline fleet planning under the constraints of the European Union Emissions Trading Scheme.Energy,39(1), 218-226.

challenge Faced BY Modern accommodation Manager

Question: Discuss about the challenge Faced BY Modern accommodation Manager. Answer: Introduction Modern accommodation agents and companies in the contemporary global world are facing various challenges. The issues related to contemporary accommodation problems can be linked to market demands, increased competition, technological advancements and customer needs (Aurecongroup.com, 2017). Another global challenge that seems to be a major problem for accommodation agencies is the lack of sufficient availability of resources and utilization of the same resources. For instance, agencies may require adequate resources to build on the best satisfaction of their clients' needs. Accommodations department may also lack adequate support for management of their resources thus leading to mismanagement of the company available resources when resources are mismanaged especially in an entrepreneurial accommodation industry, other areas or departments within the organization are also likely to be affected since accommodation often entails several packages that are interrelated to each other. The aim of this assignment is to address factors related to accommodation challenges. The paper shall also discuss remedies for proper customer service in the accommodation industry. Out Sourcing In Accommodation Industry Outsourcing is a business strategy that entails duty or role sharing among companies or organizations. Outsourcing process occurs when an organization or an individual company takes the role of performing or providing products and services on behalf of other businesses (Wuyts, 2015).The most organization often applies the outsourcing strategy in the verge of saving costs. Outsourcing can be both beneficial and non-beneficial. Outsourcing may prove to be cost saving when properly utilized. Outsourcing Viability Outsourcing is the most appropriate measure that hotel managers can take into consideration in ensuring that their customer needs are met. Outsourcing in hotel management is viable as it is aimed towards ensuring that clients get access to quality services from experts (Johnson et al. 2014). Outsourcing makes hotel management easier as it attracts more customers to the business chain because outsourcing is more often than not based on professional rather than just poor practices (Langer, Mani, and Srikanth, 2014). Large accommodation industries should consider adopting an outsourcing practice in the management of their business. This is because outsourcing will help the hotel cooperative to develop effective customer relations, maintain stability and increase the hotel income earnings. Departments That Can Utilize Outsourcing Departments that can use outsourcing in the hotel management industry are as follows; The interior and exterior design departments; the interior and exterior design department should be outsourced to architectural design industries so as to ensure that the hotel presentation match that of the market demand. Quality interior and exterior designs are likely to attract customers. Another department that hotel managers can outsource is the employee professional development staff. Employee professional development department is the department that is aimed towards helping employees grow their career skills (Tandfonline.com, 2017). Hotel managers should outsource experienced professional experts to train their employees on hotel business management strategies. The procurement department is a crucial area that hotel manager should consider outsourcing. Outsourcing procurement services to various industries ensure the provision of better services to clients (Sparrow, Brewster and Chung, 2016). This is because procurement managers will not be limited to particular supply chain thus giving hotel managers an easy time in selecting or buying of only quality services. IT department should also be outsourced so as to ensure the efficient connection between the hotel management and customers. Benefits Of Moving To An Outsourced Organization Outsourcing is an important approach to hotel industries; hotel managers should adopt outsourcing practices due to the following reasons. First, outsourcing enables managers to focus on primary business in the given department. Managers adopting the outsourcing practice perceive it as a more appropriate practice as services can be partially shared among specific qualified individuals or company thus ensuring quality (Gunasekaran, 2015). Secondly, outsourcing is an open approach as hotel managers can choose to delegate an entire or partial duty to an individual or other organizations. Nevertheless, partial outsourcing is often more encouraged in hotel industries so as to avoid disappointments in the delivery of services (Lacity and Willcocks, 2014). For instance, a hotel that conducts or connect to their customers via online platforms should consider outsourcing more than one IT system company; this will enable the hotel managers to maintain customer communication balance in case of failures of one of the departments. Thirdly, outsourcing helps hotel managers in establishing proper on-site assistance for employees thus leading to better performance. for example outsourcing of outside professionals to enhance employees professional skills promotes better and improved performance among the trained employees. Fourthly, outsourcing help bridge employees gap within the organization while at the same time saving on the capital costs. For example, partial outsourcing of services to other agencies helps reduce the work load of employees within the hotel. Outsourcing also helps in covering up for organizations that have few employees and ensures that employees workload is not overstretched (People matters. in, 2017) Fifthly, outsourcing in the hotel industry is a sure way of fulfilling customer demands satisfaction (Research, 2017). This is because outsourcing often involves engagement of qualified personnel in given areas thus promoting quality delivery of services to clients. Finally, outsourcing ensures efficient operational services as it exposes the organization to different specialized vendor systems this allowing the hotel managers an opportunity to choose from the most preferred provider service. Drawbacks Of Moving To An Outsourced Organization The first drawback of outsourcing in hotel management is the quality alteration. Sometimes outsourcing may not prove to be the best approach for managers who wish to maintain service quality to customers. This is because partial outsourcing to different organizations may differ regarding quality thus creating a different version of a given product and service rather than creating consistency. The second drawback for outsourcing is that it may lead to employees layoff due to its cheaper costs (Dolgui and Proth, 2013). Some employees may end up losing their jobs in an instance where an organization decides to employ an outsourcing approach. For example, the hotel management online payment approach may lead to losing of jobs for cashiers and accountants. Outsourcing is also associated with labor issues in instances whereby employees from different organization lack sufficient knowledge of what is expected of them. The third drawback of outsourcing is the ignorance to legal compliance and security. Some managers often assume acquiring formal legal documentation of the outsourcing process thus leading to conflicts in cases of breach of contracts or agreement. It is important for investors to ensure that the outsourcing process is legal and that both concerned parties retain a copy of the agreement. Another outsourcing problem is that it may not solve all the customer needs especially in a situation whereby outsourcing is granted to a different nation with dissimilar interest to the organization in place (Carruth et al., 2013). For instance, giving a call center to a country that speaks the different language to that of several customers may lead to customer demand dissatisfaction. Contributing Issues to Planning and Controlling Influences of Accommodation Management Influential Planning Issues in Accommodation Management Accommodation management planning sector is influenced by three main factors which are; priority, company resource and forecasting (Smallbusiness.chron.com, 2017). Most accommodation industries often aim at generating revenues thus altering the planning process of other projects within the industry. For instance, an accommodation agency may give more priority to customer satisfaction and ignore investing in active planning processes that will enhance customer satisfaction. Lack of sufficient company resources may prevent accommodation managers from achieving their planned goals. For example, an organization may have an intention of expanding its customer capacity and capital butt lack enough financial resources to do so. Inappropriate forecasting in accommodation management makes it difficult to plan for the success achievement of the accommodation services (Pereira, 2016). For instance, a forecast in the change of the accommodation material prices may interfere with the accommodation agency planned budget. Issues Contributing To Controlling Influences In Accommodation Management Some of the issues contributing to controlling influence in accommodation management are; culture, financial administration, and customer service Culture influence on accommodation management is prevalent in global accommodation services whereby people from the diverse community would prefer other accommodation services to others due to various cultural services offered (Ali Amin, 2014). Customer service provision is a major controlling influence in accommodation management as it determines the incomes earning of an agency. Proper handling of customers enhances better accommodation agency growth while poor customer service limits an agency controlling influence for growth. Financial management determines the controlling influence in accommodation management. Proper financial management enhances the strategic development of the set goals while poor fiscal management makes it difficult for an organization to control their expenditure. Handling Customers In Accommodation Management importance Of Handling Your Customers And Your Customer Needs The first importance of handling customer and their needs is to ensure that client's grievances are heard and appropriately addressed thus ensuring customer satisfaction with the service offered to them. The other relevance of handling customer needs id to enhance the better relationship between customers and an enterprise. A well-developed customer relation promotes a company brand as it creates trust a feeling of allegiance among customers to the enterprise. Addressing customer needs and handling customers contributes to organization stability as happy customers often have a trend of coming back for better services. Therefore, addressing customer needs and managing customers in a friendly manner will contribute to the increase of organization net incomes. Handling customers with respect is also a method that an organization can use in popularizing their brand as customers are more likely to give positive feedback on the services they have received. Positive feedback, especially in business scenario, has the capacity of growing organization segmentation as positive feedback attracts more clients (Cambra-Fierro, Melero and Sese, 2015) Steps That Accommodation Managers Can Take In Ensuring That The Hotel Is Meeting Customer Needs Broadening customer management team Establishment of a customer service centers both online and offline where customers can address their concerns Ensuring that the services offered at the accommodation service fit the global standards Setting up customer friendly prices and ensuring that the services offered are worth clients money Steps That Accommodation Managers Can Take In Creating Positive Customer Experience Training employees on customer management practices Allowing customer to suggest on services they desire Observing hygiene on the accommodation surrounding Adding other services such as recreational and entertainment services to the accommodation package Inventing a promotional methodology i.e. offering price discounts on loyal customers and for every referral Conclusion Accommodation is one of the most delicate departments in the service industry, overcoming accommodation challenges needs the manager to address issues dealing with planning and proper customer management as these are the two largest contributors to accommodation challenges (Berman, 2015). 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