...As we know, not everybody may like the same thing as one another. Bob may enjoy the taste of coffee while Mary finds it awful. Everybody is different. Which connects to my next point, we must keep in mind that not everybody has the same motivation to travel. Two people can be travelling to the same destination but with different motives. Being in the hospitality and tourism industry, it is important for us to know what motivates our consumers in order to fulfill and exceed their expectations, and how to better ourselves to ensure they return home happier than before they left. The number one reason as to why consumers have a desire to travel is to fulfill a need what ever that may be. According to Maslow’s hierarchy of needs, a trip may satisfy one’s disparate need. It is important for us to recognize these needs since it will allow for a successful business. When tourism operations meet or exceed the consumer’s expectations, the particular tourism operation can expect repeat business and for the consumers to spread the word to friends and family about the great service. Also, the company will have the ability to maintain or even increase their current service charges. Take Disneyland for example, when Disneyland first opened their doors it cost a few cents to a few dollars to enter the theme park. Decades later, tickets cost nearly hundreds of dollars if not more, yet consumers are willing to pay for their service because they had a great experience, or heard about it from...
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...vision and global point of view propelled the then gloomy firm into the leader of the industry in a short amount of time. Factors in the global environment that influenced Nayar’s need to create a more innovative organization. Vineet Nayar was appointed CEO of HCL Technologies, an IT services provider at a moment when the company, although it was presenting revenue growth, it was losing market share and mindshare. Nayar (2010) mentions how the competitors were growing at a rate of 40% to 50% a year, while HCL was growing at a rate of 30%. The IT services industry was changing rapidly. Customers wanted long term partners that would provide end to end services. These factors alongside the traditional pyramid organization that HCL had influenced Nayar to transform the company into what was known in 2009 as India’s best employer. The company was able to triple their annual revenue and double their market share. Nayar embrace the culture of Employees First Customers Second, this practice was about alignment towards a common goal and making sure everyone is involved. An engaged organization is one where people are aligned towards the organization’s goal, and where management is in the business of making sure they have the tools to succeed – so the key is alignment. One way to achieve this alignment is by making the organization focus on the employee’s objective by helping the employee find the answer to the question, what is in it for me? (Leaders Magazine Inc., 2013) Nayar’s...
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...As we know, not everybody may like the same thing as one another. Bob may enjoy the taste of coffee while Mary finds it awful. Everybody is different. Which connects to my next point, we must keep in mind that not everybody has the same motivation to travel. Two people can be travelling to the same destination but with different motives. Being in the hospitality and tourism industry, it is important for us to know what motivates our consumers in order to fulfill and exceed their expectations, and how to better ourselves to ensure they return home happier than before they left. The number one reason as to why consumers have a desire to travel is to fulfill a need what ever that may be. According to Maslow’s hierarchy of needs, a trip may satisfy one’s disparate need. It is important for us to recognize these needs since it will allow for a successful business. When tourism operations meet or exceed the consumer’s expectations, the particular tourism operation can expect repeat business and for the consumers to spread the word to friends and family about the great service. Also, the company will have the ability to maintain or even increase their current service charges. Take Disneyland for example, when Disneyland first opened their doors it cost a few cents to a few dollars to enter the theme park. Decades later, tickets cost nearly hundreds of dollars if not more, yet consumers are willing to pay for their service because they had a great experience, or heard about it from...
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...Business and Law Unit 3 &9 Assignment 5 What is the purpose of promotion? The purpose of promotion is to appeal your product or service as a business to the wider public so that potential customers are aware and also this can help your business to gain more sales and revenue, promotion can also be seen as a way of penetrating the market to gain more recognition. Promotional Mix The promotional mix has six elements and I will be moving on to describe the mix being used by two businesses, the six elements are as follow include: Advertising, direct marketing, personal selling, sales promotions, sponsorship, publicity and public relations. Advertising Advertising in the promotional mix is important because it’s a way a business can advertise their specific product or service in order for them to get recognised and try achieve sales for the specific product you’re selling. Direct Marketing Direct marketing is effective in the mix because what direct marketing is that it’s selling directly to the customer through things like over the phone telephone selling or even mail order that’s what makes it direct rather than public. Personal Selling Personal selling is where there is face to face selling and this is where after the face to face confrontation the business attempts to persuade the customer to take a free trial or purchase the product. Sales Promotions Sale promotion is a method or a marketing technique used by businesses to attract a consumer into new products...
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...process the operations on 2002 and is successful has a lot of business in hotel industry. Due to customer relationship. Order fulfillment, Supplier relationship there was profit and this resulted in growth. INPUTS AND OUTPUTS The managers and employees are inputs since they are involved in lots of activities like arranging meetings and conferences, catering, technical services, banquet rooms and many more. Lots of planning is done. Information about the program, where it’s going on, details about the program in brief, food and beverages, rooms, computer services, equipment and materials and all other facilities are taken care by the managers and employees. The output of Starwood is that the meetings are planned and are executed well and satisfies the customer needs. CUSTOMER RELATIONSHIP The employees and meeting planner are the internal customer as they plan and execute their main goal is to increase profit margin by satisfying customer needs. The external customer are those who wish to have a meeting or conference and who are looking for a good services and needs. Using technology Starwood advertises and attracts travellers. The traveller is able to make decisions by staff hospitability, services that are provided and Starwood also provides incentives to frequent travellers by giving them points, gift vouchers, discounts, airline margin fares this creates loyalty. The company also provides incentives to the service managers since they brought many customers and it motivates...
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...Business and Law Unit 3 &9 Assignment 5 What is the purpose of promotion? The purpose of promotion is to appeal your product or service as a business to the wider public so that potential customers are aware and also this can help your business to gain more sales and revenue, promotion can also be seen as a way of penetrating the market to gain more recognition. Promotional Mix The promotional mix has six elements and I will be moving on to describe the mix being used by two businesses, the six elements are as follow include: Advertising, direct marketing, personal selling, sales promotions, sponsorship, publicity and public relations. Advertising Advertising in the promotional mix is important because it’s a way a business can advertise their specific product or service in order for them to get recognised and try achieve sales for the specific product you’re selling. Direct Marketing Direct marketing is effective in the mix because what direct marketing is that it’s selling directly to the customer through things like over the phone telephone selling or even mail order that’s what makes it direct rather than public. Personal Selling Personal selling is where there is face to face selling and this is where after the face to face confrontation the business attempts to persuade the customer to take a free trial or purchase the product. Sales Promotions Sale promotion is a method or a marketing technique used by businesses to attract a consumer into new products...
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...Code of Ethics, Roles, and Behaviors BUS/211 Foundations of Business NOV, 24, 2014 Joseph Clark Code of conduct will be one of the most important aspects of my company. Whether it be the entrepreneurs making decisions about what the company will be doing next to advance to the employees installed with honor, courage, and commitment to guarantee a satisfied customer. There are a few rules the managers and employees are expected to follow. The main ones being; Moral rights, justice, and utilitarian rules. The role of an entrepreneur in this company will to make sure that the main goal of the company is being carried out the way it is supposed to, and to make sure the company is expanding at a rate that will help the company, not hurt it. The role of a manager is to make sure the employees are doing the jobs they were hired to do and are conducting them self’s in the way they are expected to. The employee’s job is to guarantee customer satisfaction. They are to make sure the job is done right with minimal mistakes as possible on time with a positive and friendly attitude. Honor, Courage, and Commitment are the three core values that are installed on every marine while they are in the corps, employees in this company will be help to the same expectations. The honor to do the job right, the commitment to get the job done, and the courage to tackle and obstacle that comes in their way. The rules of the company are as explained above. If an employee cannot follow the...
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...marketing mix looks at the systems used to deliver the service. Imagine you walk into Burger King and order a Meal and you get it delivered within 2 minutes. What was the process that allowed you to obtain an efficient service delivery? Banks that send out Credit Cards automatically when their customer’s old one has expired again require an efficient process to identify expiry dates and renewal. An efficient service that replaces old credit cards will foster consumer loyalty and confidence in the company. All services need to be underpinned by clearly defined and efficient processes. This will avoid confusion and promote a consistent service. In other words processes mean that everybody knows what to do and how to do it. This element of the marketing mix looks at the systems used to deliver the service. Imagine you walk into Burger King and order a Meal and you get it delivered within 2 minutes. What was the process that allowed you to obtain an efficient service delivery? Banks that send out Credit Cards automatically when their customer’s old one has expired again require an efficient process to identify expiry dates and renewal. An efficient service that replaces old credit cards will foster consumer loyalty and confidence in the company. All services need to be underpinned by clearly defined and efficient processes. This will avoid confusion and promote a consistent service. In other words processes mean that everybody knows what to do and how to do it. process process ...
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...Critical Review of Online Discussion Through the online discussion we discussed whether "capitalism benefits everybody". Purpose of this discussion was to analyse the importance of sociological imagination and ethical reasoning for better understanding of business, society and government relationship under capitalism, it was valuable to know each other's opinions, knowledge and understanding on the topic. Sociological imagination can be defined as the social analysis of behaviour and traits of business, society and government that assist us in representing images from our previous experience and knowledge, because of each other's uniqueness it was interesting to discuss about this topic and to get a broader response. After participating in the online discussion I can define capitalism as an economic and political system in which a county's trade and industry are controlled by private owners for profit rather than by the government. There are both advantages and disadvantages to capitalism in Australia but it truly benefits everyone including the Business sector, Government and Society. Since the economic and political systems are controlled by the private sector to gain profit, it'll encourage the owners and the employees to be efficient and produce quality goods and services. This will increase GDP (Gross Domestic Product) in Australia, and therefore it will also increase the country’s economy which will benefit both the government and the society. As most of us have discussed...
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...Southwest Airlines Co. upholds. The vision, mission, and values of Southwest Airlines Co. form the key basis of its philosophy. More so as an integral part of customer care, the airline has managed to create positive relationship with its clientele over the past few years. Philosophy Southwest Airlines Co. is one of the best performing companies globally. It has a philosophy that focuses on customer care attitude rather than experience (Campbell, 2010). Through their philosophy, they believe that attitude is most important besides training on quality service delivery. From results and reports given by their customers, it is true that they have kept their philosophy. This far, they have managed to keep customer loyalty by enhancing a good relationship with customers and thus the reason clients keep going back as a result of the company quality services. Mission Southwest Airlines mission is geared toward high quality of Customer Service delivered with a sense of individual pride, friendliness, warmth, and company Spirit. With the direction of the mission, Southwest Airlines always have endeavored to give their customers the best. As a team, together they manage to meet their customers’ expectations in the friendliest way they can. Vision The vision of Southwest Airlines Co. is to expand their locations both domestically and internationally by delivering the most profitable and largest airline company capable to achieve both long and short-haul carriers efficiently and with low...
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...Chapter 1: The purpose of Business Activity The economics problem: needs and wants. Basically, all humans have needs and wants. Needs are things we can't live without, while wants are simply our desires that we can live without. We all have unlimited wants, which is true, since all of us want a new PC, a car, new graphics card, etc. that we actually do not need to live. Businesses produce goods and services to satisfy needs and wants. Although we have unlimited wants, there are not enough resources for everyone. Resources can be split into 4 factors of production, which are: - Land: All natural resources used to make a product or service. - Labour: The effort of workers required to make a product or service. - Capital: Finance, machinery and equipment required to make a product or service. - Enterprise: Skill and risk-taking ability of the entrepreneur. Entrepreneurs are people who combine these factors of production to make a product. With these discussed, lets move on to the economic problem. The economic problem results from limited resources and unlimited wants. This situation causes scarcity, when there are not enough goods to satisfy the wants for everybody. Because of this, we will have to choose which wants we will satisfy (that will be of more benefit to us) and which we will not when buying things. For any choice, you will have to would have obtained if you didn't spend that money. For example, you would have got a book if you didn't buy the pen...
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...questions in order to succeed in their business: “What business are we in? What business ought that we be in? Is anybody here not putting forth his best efforts? Has the system of reward in a company made it difficult in the past for people to work together? What will we be doing a year from now, 5 years from now, or 10 years from now? What would you mean by improvement? What do you mean by a good job?” The purpose of those questions was to change the way people think and the way people do business. This report will present Deming’s achievements in Japan and then summarize the Deming's famous 14 points presented in the video. Dr. W. Edwards Deming, the prophet of quality, introduced the concept of quality to Japanese manufacturing after the World War II period. Dr. W. Deming was always saying “We have learned to live in a world of mistakes and defective products as if they were necessary to life. It is time to adapt to a new philosophy in America.” He believed that the problem in manufacturing was neither mass production nor the workers, yet the problem was in the quality and the management. In 1950, Dr. Deming was invited to Japan in order to teach business leaders quality. He taught the Japanese people to start with the customers, find out what the customers are not satisfied with, and then find out what the customers desire. Japanese businessmen took his demonstration seriously and applied his valuable concepts in their business and manufacturing system such as Toyota...
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...infrastructure costs, and focuses on projects that differentiate their businesses instead of infrastructure. The benefits are cost saving, elasticity, scalability, storage on demand. With cloud computing there is more flexibility for a business when you want design a new product and test it. Another is that there are smoother mergers meaning end-users can readily and rapidly access cloud-based systems instead of manually coding information from one system to another. The limitations of cloud computing are security and privacy, loss of control, and cost. Security and privacy is the biggest concern about cloud computing. Due to some users may not feel comfortable handling over their data to a third party. Loss of control is because if there is problems with the cloud service the companies IT team can’t fix it just the cloud service provider only can and they don’t know how long it would be down for. The last limitations is cost and that is because in the end it is higher due to the new upgrades and new wiring that needs to be done to have cloud services. Web 2.0: Web 2.0 is a web that allows users to interact and collaborate with each other in a social media dialogue. I guess you can say that it is a loose grouping of capabilities, technologies, business models, and philosophies. The benefits of web 2.0 is web technologies have strengthened companies’ links to customers also cite blogs and social networks. They allow companies to distribute...
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...Definition and Meaning of Value Creation Value creation is the primary objective of any business entity. It is obvious that most successful organisations understand that the purpose of any business is to create value for its customers, employees, investors as well as its shareholders. Because the customers, employees and investors are linked up together, no sustainable value can be created for one unless for all of them. The first point of focus should be that of creating the value for the customer, remember, customers are always right. Value creation for customers will help in selling the services provided. This can only be achieved when the right employees are employed, developed and rewarded as well as when investors keep receiving consistent attractive returns. However, from a financial point of view, value is said to be created when a business earns revenue which surpasses expenses. Value creation simply put occurs when there is an additional value being added to the bottom line of a business thanks to the creation and use of new methods to maximize the shareholders wealth. Value creation from the customer point of view entails the provision of services that customers will find consistently useful. In today's business world, such value creation is typically based on constant process innovation as well as constantly understanding the customers needs with the ever changing business world. This can be achieved thanks to the commitment, energy and imagination of the employees...
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...of relationship, responsibilities and authorities through which specific objectives are achieved. In the context of business it is an organized group of people with a particular purpose. Forms of business organisation Almost in every country consists of two business sectors, the Private sector and the Public sector. Private sector businesses are operated and run by individuals or a group of people while public sector businesses are operated by the government. The types of businesses present in a sector can be varying. Private Sector 1. Sole Traders Sole traders are the most common form of business in the world, and take up as much as 90% of all businesses in a country. The business is owned and run by one person only. Even though he can employ people, he is still the sole proprietor of the business. These businesses are so common since there are so little legal requirements to set up: • The owner must register with and send annual accounts to the government Tax Office. • They must register their business names with the Registrar of Business Names. • They must obey all basic laws for trading and commerce. • There are advantages and disadvantages to everything, and here are ones for sold traders: Pros: • There are so few legal formalities are required to operate the business. • The owner is his own boss, and has total control over the business. • The owner gets 100% of profits. • Motivation because he gets all the profits. • The owner has freedom to change...
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