Bussines Accounting Essay Example | Topics and Well Written Essays - 1250 words

Bussines Accounting - Essay Example Some banks also charge a fee for overdraft facility. It should be noted that an overdraft is specifically meant for short-term requirements of a firm and it does not act as a long term capital. Sometimes the bank asks the firm to provide a guarantee and security to the overdraft availed. As discussed above that overdraft facility is primarily availed for short-term liabilities like accounts payable, so expanding the business through overdraft is not a good plan. 2. A long term loan from financial institution This is a most common way in which SME’s expand their business. As SME’s don’t have the luxury of raising money through issuing securities, the most prevalent way is to take a long-term loan from a financial institution. A business term loan is the most prevalent loan for this purpose. The bank would require financials of the firm for 3-5 years at least and with a guarantee to mark lien. A loan from bank would be passed if the current financial condition of t he firm is good and acceptable to bank and the purpose for which you are taking a loan is justified. The minimum rate at which a long-term loan could be financed is a base rate of prime lending rate. However the actual rate at which ban sanctions the loan could be higher than that depending upon the risk bank is taking in investing, the amount of loan availed and the credit history of the firm. I would suggest my friend to expand by the way of obtaining long term loan from a bank. This also provides significant tax shield. 3. A Finance Lease Agreement A lease agreement is considered as the agreement between the owner and the party intending to use that property conveying the right use of the property. Lease does not includes contracts for services, exploring and exploiting natural resources and licensing agreements for items like patents and trademarks. The advantages of leases are as follows: Immediate cash outflow is not required by the lessee for leasing the asset. A purchase opt ion allows the lessee to obtain at the bargain price at the expiration of the lease. The lessee is able to obtain 100% financing. Flexibility for use of funds for tax benefits. Leases can also be structure for allowing manipulation for calculating tax benefits at the end of the year. Though lease remains an important source of expanding through leasing property, plant and equipment but the clauses in lease can go against and it can be used for buying PPE only. It cannot be used for financing current assets of the company 4. A hire purchase agreement for the necessary non-current assets required in the expansion Hire purchase is considered as the term for a contract wherein a firm or an individual agrees to pay for the goods in installments, parts or in a percentage over the period of time. This looks somewhat like leasing for goods and services. In comes into effect when a firm cannot pay for the property at once but is agreeing to pay in installments for the same. It is recommended to go through hire-purchase for financing non-current portion of assets. 5. Formation of a Partnership Another way of obtaining finance for a firm is through formation of a partnership. Though this looks a good idea at one but lot of things are to be taken consideration off. Firstly, forming a partnership will bring money in the business which is required for expansion but it will dilute the holding of my friend. Suppose a

Customer Service Training Assignment Example | Topics and Well Written Essays - 1750 words

Customer Service Training - Assignment Example he paper will identify ways through which deficiencies would be eliminated by justifying the use of needs assessment of the company’s given employee training program. Undoubtedly, training can play a vital role for the success of an organization. Organizations (associated with customer service specifically) hold various training sessions as it is one of the appropriate techniques to meet the goals and objectives and to attain efficient production. Training session for new employees helps them to settle in the fresh new environment and get used to with the company’s policies. Furthermore, these training sessions also helps the new employees regarding the better use of technology and IT (Handy, 2008). Since customer service is a very delicate and important aspect for any business, therefore, it should be noted that the new employees must learn ways through which they can perform better. Also, it can create a steadfast team of their own that has the tendency to overcome issues and fulfill the customer requirements under every circumstance (Marquardt, 2000). The best way to hold a training session for the new employees is through needs assessment technique. There is an avid need to identify the loopholes or the actual training needs that are required by the company, and should be prioritized. For example in the present case of training new employees, there is an obvious need to address them the basic rules and policies of the company regarding customer services and how it stands out in the market. Furthermore, there are numerous tasks and functions that cannot be done without proper training or guidance, for example, the use of technology / IT in the company, etc. This approach would result in paramount returns by investing time and training on the employees by correctly identifying the basic needs, issues in customer service, and other work related queries, while it also helps inappropriately appointing the right employee at the right place (Evenson,

Data Communications and Network Technologies Essay

Data Communications and Network Technologies - Essay Example By installing a switch or bridge to connect the devices, not only this distance limitation is removed, but also the collisions effect between two transmitting devices can be reduced. Therefore, the Cat 5 cabling can cover the devices scattered all around the manufacturing building. As the cabling has to go through rooms, and owing to the heavy machinery in the building, there would be a lot of electromagnetic interference. In this case, the unshielded Cat 5 twisted pair wiring would face a lot of erroneous transmissions. For that reason, shielded Cat 5 twisted pair cable is the better option. The building could be designed such that the building wiring might travel between rooms through plenums (e.g. space between suspended ceilings or hidden walkways) or risers (e.g. hollow metal tube running through walls, ceilings or floors). Cat 5 cables can run easily through both the plenums and risers of the building. Therefore, for the given scenario, the shielded twisted pair (Cat 5) cable provides a cost effective, reliable cabling solution that also considers the factors of required data transmission rate and

The Phillips Curve and the Philippines Essay Example for Free

The Phillips Curve and the Philippines Essay According to Cristeta B. Bagsic, the Phillips Curve â€Å"depicts the trade-off between inflation and unemployment rate† (â€Å"The Phillips Curve and Inflation Forecasting: The Case of the Philippines†). Nowadays, the relationship depicted by the Phillips curve is specified in the following equation: Ï€t = Ï€e – ÃŽ ³(UR – UR*) + v where Ï€t is the inflation rate, Ï€e is the expected inflation, ÃŽ ³ is a parameter, UR is the unemployment rate, UR* is the natural rate of unemployment (NRU), and v is a supply shock variable. So while the importance of the negative relationship between unemployment and inflation was obvious enough from the beginning, it is now also apparent that there are other factors that influence the behavior of the Phillips Curve. It is beyond crucial that these additional factors be understood and measured well, if they are to be used in maneuvering developing economies such as the economy of the Philippines. Perhaps the most notable addition to the basic inflation rate-unemployment relationship is the expected inflation or Ï€e. What can be taken from the equation above is that there is a positive relationship between this expected inflation and the actual inflation rate. This is because the expectations involved are those of workers who are assumed to be anticipating rises in the inflation rate. When expecting a rise in inflation rate (for whatever reason), workers tend to withdraw their labor and demand that their employers increase their wages. Assuming that their employers subsequently comply, the workers’ buying power would increase and cause aggregate demand to increase as well. This, in turn, would cause prices to increase which would trigger a rise in inflation – precisely showcasing the positive relationship that was pinpointed (Economics Help Helping to Simplify Economics ). The next factor to be considered is the so-called Natural Rate of Unemployment. Bagsic sees this rate as the long-run unemployment rate because eventually â€Å"the difference between expected inflation and actual inflation should average to zero† (â€Å"The Phillips Curve and Inflation Forecasting: The Case of the Philippines†. When neglecting the rather volatile supply shock variable, the equation specified above will look like this as a result: ÃŽ ³ UR = ÃŽ ³ UR*  or UR = UR* which indicates that the natural rate is more or less what Bagsic suspects it to be – the unemployment rate one would expect to see in the long run. This is caused by the phenomenon already described wherein the workers’ expecting inflation unwittingly react in a way that further aggravates inflation. Also notable is how the NRU is sometimes called the NAIRU or the Non-accelerating inflation rate of unemployment as when unemployment is at this specific rate the corresponding inflation has no propensity to increase (Economics Help Helping to Simplify Economics ). The last notable factor in the equation provided is the supply shock variable v which has a significant historical background. Probably the most poignant supply shock was the 1970’s oil supply shock which is commonly thought to have triggered the unusual state of â€Å"stagflation† (high inflation and high unemployment) in several countries including the US. The exact nature of this variable is, as of yet, quite unpredictable (Amadeo). At this point, what is imperative is determining whether or not the Phillips Curve – or a variation of it – can apply to countries like the Philippines. Bagsic’s findings suggest that there is truly a trade-off relationship between inflation and unemployment in the Philippine context. Her data shows that when actual employment rates are above (below) the NAIRU, they are usually accompanied by decelerating (accelerating) inflation rates. These trends are said to be relevant to investors and policymakers to aid with investment decisions and monetary/fiscal policies respectively (â€Å"The Phillips Curve and Inflation Forecasting: The Case of the Philippines†). It is important to keep in mind, however, that the Phillips Curve is not always accurate as evidenced by cases of stagflation; the information on the current trends in the Philippines must always be up-to-date in order to maximize the benefits reaped from the model.

Rivalry Among Firms In Global Hospitality

Rivalry Among Firms In Global Hospitality The Porters 5 forces framework is an outside-in approach whereby the industry forces affecting the business performance is analysed to facilitate managers in decisions to direct their resources in achieving maximum profitability. The 5 forces identified by Porter are the horizontal competition from substitutes, new entrants and existing rivals as well as the vertical competition from the bargaining power of suppliers and buyers (Porter, 1980). In this essay, the author would like to analyse the competitiveness of the hospitality industry by critically evaluating the strength of each force individually with relevant examples and identify the most influential force. 2.1 Threat of new entrants Threats of new entrants are one of the principal forces of Porters theory of five forces (Porter, 1980). Bain (1956) who initiated the study of entry barriers identified the major barriers as capital requirements, economies of scale, product differentiation, government approval and absolute costs. These barriers create constraints for new entrants to enter the industry, creating fewer competitors therefore retaining the market shares of existing firms to achieve higher profit (Botten and McManus, 1999). International hotel chains enjoy large economies of scale (Salinger, 1990) as they have huge numbers of hotel chains and brands therefore expanding their market power. The Hilton Worldwide brand shares the same source of supply through their supply management system and customer database through their technology platform, the OnQ system across all hotel chains (Hilton Worldwide, 2012; Hilton Franchise, 2012), forcing new entrants with small scales to accept the cost disadvantage which directly affects their profits and sustainability (Pearce and Robinson, 2009). Due to the analogous product and service offerings, brand identification is the best way for hotel chains to differentiate themselves from competitors (Dubà © Renaghan, 2000; Makadok, 2010). International hotel chains has succeeded in creating brand awareness through rapid expansions of brands such as Hilton and Holiday Inn (Okumus et al., 2010) with assurance of quality as well as the implementation of different loyalty programmes, causing new entrants the challenge to overcome customer loyalty (Kandampully and Suhartanto, 2000). Capital requirement of opening a new hotel is very high. It incurs high fixed costs (Chung, 2000) for the land and the construction plus renovation of the hotel. Huge amount of start-up and running cost is also required to recruit employees and roll-out marketing activities such as the development of the hotel brand through advertising as well as research and development activities (Matovic, 2002). Huge budgets must also be allocated for maintenance and u pkeep of the hotel property (Hall, 1987). Besides structural barriers which are influenced by the nature of the industry, there are also behavioural barriers which Sigfried and Evans (1994) describe as the retaliation strategies firms implements such as patents, predatory pricing, and exclusivity agreements with suppliers and distributors. However, the liberation of trade barriers by governments due to the trend of globalisation lowers the entry barriers especially in developing countries which do not have the resources to provide sufficient hospitality services and requires foreign firms to help develop the tourism sector (Hitt and Hoskisson, 1999). Conversely certain government do limit entries and provide exclusive rights to the local firms. Weighing the facts in this study, barriers of entry to the hospitality industry is still considered relatively high, especially to the luxury segment where more investment and development of brand is required, and customers loyalty in existing luxury brands are already high which is proved by the high prices the consumers are willing to pay for a hotel room. In the budget or midscale segment, new entrants could attempt price penetration but the sustainability of the business could be unfeasible if consumers choices are dependent on the pricing only (Graf, 2011). Generally the threat of new entrant is fairly low, but could increase if there is liberal trading policies and high concentration of the industry in the particular location. But once a new entrant decides to take the high risk of entering the industry and has the ability to innovate and make differentiation in products and services, they will aggressively pursue market share to cover the high fixed cost invested (Matovic, 200 2), raising the competition level in the industry. 2.2 Threat of substitutes Porter (1980) has also identified the threat of substitute in increasing intensity of rivalry. Substitutes give consumers more options often with better prices or value in achieving the same basic needs or wants. Substitutes are often not identified as primary rivals, making them difficult to be anticipated by firms (Magretta 2012). The presence of substitutes limits the profitability of firms by placing a ceiling in prices and increase price elasticity of the hotel product (Porter, 1980). When the pricing factor is considered, threats are formed when substitutes offer lower prices for the similar product, offer better quality products with a slight increase in price and when lower quality of products is provided with a significant drop in prices (Lewis et al., 1989). Technological advancement supported by the high speed of internet has posed significant threat to the meeting and conference facility of a hotel which are the main revenue source of business hotels with the availability of teleconferencing. Many corporate companies would consider teleconferencing to be an ideal choice as it eliminates the high cost incurred for flight tickets, lodging and rental of conference facilities and equipment as well as the time consuming trips (Leocha, 2009). Other potential substitutes for the business traveller segments could be corporate guesthouses and long stay hotels (Regal Wing, 2011) whereas leisure travellers could opt for cheaper alternatives such as rented apartments, informal lodging with friends or families, RVs, camping, simple capsule hotels or make plans for overnight rides by long hour flight, train or bus. Business of airport hotels are also affected by the availability of sleeping capsules and rooms in airports (USA today, 2009) which remo ves the need of transit passengers to rent day rooms in hotels. However, threats of substitutes in upper-scale luxury hotels are relatively low because consumers of this segment demands for exceptional comfort along with exclusive service standards, amenities and recognition which typical substitutes could not meet (Griffin et al., 1997). There are many substitutes in the hospitality industry except for the high end hotels. The author concludes that the overall threat of substitute is moderate as the availability of substitutes is very dependent on the location of the hotel and consumer preferences as hotel provides more comfort, convenience and security compared to the substitutes. 2.3 Power of suppliers The power of suppliers has direct impact on the profitability of hotels as it controls the input of the hotel which is vital for the operations of any hotel and provides flexibility to a hotel to give surplus to their customers. The hospitality industry is considered a matured industry (Martel 1974) and there are many suppliers who are readily in the market (Kim and Oh, 2004; Olsen and Roper 1998). Hotel suppliers include outsourced firms providing operational services such as accounting, maintenance, security, promotion and storage (Burt and Pinkerton, 1996) or even off-premise laundry services. Real estate agencies are important suppliers when hotels are planning their pipelines and there are many which are available and competing for businesses from hotels as the investment is very huge. With active mergers and acquisitions in the industry, many hotel chains are actually affiliated with real estate companies such as Hilton Worldwide, La Quita Inn and Motel 6 being acquired by Blackstone group with active real estate businesses (Wikipedia, 2012) eliminating the need of suppliers. However, power of a particular supplier would be high if hotels are searching for unique locations. Another main input of a hotel would be the employees. With the development of hotel schools and relevant courses, many qualified personnel are available for management trainee programmes and further contribute to the hotels. Hotels are often given credit to the ability to reduce unemployment rate of an area, proving that the ratio of supplier to firm is higher (Hassan, 2000). However hotels face the issue of shortage in manpower during peak seasons due to the employment strategies of hotel establishments to have a core of full time employees and employ casual and part-time labour to meet fluctuation of demand (Lufferty, 1998). The nature of part-time employment results in high turnover rates and high training resources. A centralised supply management system and is often integrated across brands of major hotel chains, giving strong negotiation power to the hotel, making business from hotels indispensable to suppliers (Cox, 1999). With the vast growth of the information technology sector, there are many property management systems without significant product differentiation for hotel chains to choose from, thus giving hotels high buying powers. Another plus point for hotel groups is the practice of vertical integrations and the opportunity of backward integration (Lafferty and van Fossen, 2001) by owning own real estate agencies, manufacturing plants and hotel schools such as the Accor training academy. Summing up the relevant facts shows that the power of suppliers in the hospitality industry is low. 2.4 Power of buyers The hospitality industry has many buyers including corporate companies, travel agencies and individual travellers or the user itself. Price sensitivity of buyers depends on the hotel segmentation (Go and Pine, 1995). Buyers of budget hotel segments are generally more price sensitive than those of the luxury segment who appreciates higher quality of services rather than affordability. Switching cost of buyers could be increased through loyalty programmes which provide more value and benefit to buyers as a reward of repetitive patronisation (Kandampully and Suhartanto, 2000). Corporate and travel agent discounts are also given reduce the power of buyers to switch their suppliers (Jones et al, 2007). Buyer power has increase through distribution channels of hotels in the internet. It gives buyers access to information and reviews of different hotels available and compare them instantly (Law and Hsu, 2005). Gu and Canoon (1998) suggest that buyer power could be subject to seasonality depending on the availability of disposable income and leisure time or the geographical factors of the location such as weather, and hotels implement yield management to gain maximum profitability with considerations of these factors (Burgess and Bryant, 2001). During peak seasons when there is an undersupply of rooms and lower price elasticity, hotel products would be sold at rack rates, decreasing buyer power of price negotiating. In contrast with low season and periods of slow economy growth where hotels strive to fill up occupancy to achieve minimum profit to breakeven, buyer power will increase significantly with attractive packages of value and choice of accommodation in the available hotel chains (Kandampully and Suhartanto, 2000). In summary, the power of buyers in is moderate depending on different circumstances. 2.5 Rivalry among firms The level of competition within existing firms in the hospitality industry also affects the profitability of firms (Porter, 1980). Despite the uncertainty in economy, the tourism sector is showing steady growth and remains strong across the globe. It is forecasted that at the end of year 2012, there would be 1 billion international tourist arrivals globally. Growth is shown in every region, with comparison with the previous year, Asia Pacific showed the highest growth of 8%, Africa with 7%, America with 5%, and Europe with 4%, Middle East only showed growth of 0.7% as the region is still recovering from the effect of the Arab Spring (UNWTO, 2012).The growth in tourism increases the demand in the lodging industry therefore encouraging international hotel chains to develop strategic planning to accommodate the tourist by the expansion of their brands in potential markets (Lafferty and van Fossen, 2001). Expansions can be done rapidly with the trend of franchise licensing and management contracts (Chen and Dimou, 2005). The hospitality industry involves many firms including international and domestic hotel chains ranging from luxury, full service, mid-scale, boutique and budget hotels to accommodate needs of different customer segments. Main international chains found around the globe would be The Intercontinental group, Wyndham Hotel Group, Marriot International, Hilton Worldwide, Accor group, Choice hotels, Best Western, Starwood, Carlson and Global Hyatt with growing numbers of room each year. The hotel industry performance outlook of 2012 provided by tripadvisor shows that 58% of global hotels believe that their firm can gain more profitability in future. Survey done by Travelocity shows that 76% of consumer are planning to spend more on travelling and 53% of consumers are planning to travel more compared to year 2011. This implies a positive growth in the hospitality industry (Marketing chart, 2012). The nature of the hotel business shows the need of international expansion to meet demands with wide dispersion of geographical spectrum (Matthews, 1997) as the carrying capacity is fixed and the services provided by hotels can only meet the demand of consumer if it is present in the location. Firms such as international hotel chains operating in the same location have market similarities as they share the same sets of market (Chen, 1996). They compete for the same resources or customers and face the same constraints affected by the external environment. Location is the key determinant of ones rival as the role of a hotel is to satisfy the guest need to get accommodation at that specific area. The strategic decision in deciding the geographical location of a hotel is very crucial as it is the attribute of a hotel that is fixed the fixed cost incurred is very high and (Matovic, 2002). Hotel chains develop in the same location to justify the attractiveness of the area thus reducing the perceived risk of investment by managers (Markussen, 1990). Go and Pine (1995) argues that product segmentation which includes pricing and level of facilities should be considered while determining primary rivals but pricing is highly variable and the change in pricing could cause the hotel to meet new competitors and increase the number of competitors (Roginsky, 1995) therefore damaging the profitability potential of the industry. Rivalry is often high with firms existing in the same strategic group. Pearce and Robinson (2009) stated that a strategic group would consist of hotels with similar competitive strategies and market positioning; while Hatten and Schendel, (1977) propose that members of an industry can be classified into groups of similar strategy and structure. They have the same distribution channel, features of products and services provided, target market, and identical technology advancement. Strategic groups can be identified by comparing the competitive characteristics of firms by using almost a hundred possible variables (Ketchen et al. 1993) such as the quality range, geographic coverage, degree of service offered and degree of vertical integration. Firms that are present in the same strategic group are identified as a close rivals, assisting managers in constructing competitive strategies and allocate resources efficiently to be ahead of rivals (Matthews, 2000). Structural similarities of fi rms in the same strategic group cause them to be affected in the same way by external environmental changes and competitive strategies within the group. Imitation of strategies can be easily done within the same group which is supported by the institutional theory that shows the occurrence of similar competence between firms (Selznick, 1996) under the same internal and external environment causing isomorphism (Oliver, 1988). Isomorphism is the condition when firms competing in the same population share same characteristics. The environmental forces have mimetic influences on hotels (DiMaggio Powell, 1983), where the successful chain is often imitated by the rest to reduce uncertainty the need of investment in their own market research. Obligatory action also causes imitation, March (1981) quoted that obligatory action happens when enough firms do things in a particular fashion, it becomes the norm and from that point on, things are done that way without conscious thought. Caves and Porter (1980) suggest that the existence of strategic groups gives an advantage to members of a strategic group by creating a high entry barrier to new e ntrants because of the saturation of competition within. Besides the factors mentioned above, rivalry among firms are intensified due to the high exit barriers (Dess et al, 2004) associated with significant capital investment as well as the high exit cost such as the depreciation cost of fixed assets, severance pay for employees and compensation cost for breach of contracts with suppliers and buyers. Exit barriers are especially high for large hotel chain with multiple locations, extensive interconnection with different suppliers and buyers, and large pool of employees. The high amount of sunk and exit cost pressures the exit- prospective hotel to keep its market share and continue running the business along with the implementation of new strategies in hope to revive the performance of the hotel and maintain the employment of the large labour force involved. Perishable products offered by hotels create the urgency in selling the product as soon as possible to capture revenue, elevating the competition especially during off-peak season with oversupply of rooms (Matthews, 1997). For leisure travellers who do not travel frequently and has no brand preferences, the switching cost is very low or almost nothing as they would be attracted to any hotel chain which gives more perceived value or has lower price without considering the brand of the hotel chain, making them a potential customer for any hotel chain (Kandampully and Suhartanto, 2000). Hotel products have very limited potential of differentiation because the basic need of accommodation and shelter for tourist could easily be met and strategies of one hotel could be easily imitated by the other because of the lacking in patented knowledge and technology (Dunning McQueen, 1982). Weighing the factors and reasoning contributing to the rivalry among firms, the author suggest that this is t he strongest force in Porters five forces affecting level of competition in the hospitality industry. 3.1 Conclusion Given the analysis in the many competitive forces found between rivals, the author suggests that the intensity of rivalry among firm is strong but not to the brutal stage yet. Although growth in mature industries such as the hospitality industry is generally slower, the emergence of complement products such as cheap flights and additional frequent routes has facilitated tourism growth therefore benefiting the hotel businesses (Rey et al., 2011). Development of outbound tourism in emerging BRICS (Brazil, Russia, India, China, Africa) countries and other Asia Pacific region which is expected to capture 29% of total international tourist arrival in 2030 (UNWTO, 2012) encourages the growth of hotel pipelines, giving the hotel business a very good prospect of the future. The hotel industry is also a multi-billion dollar industry with signs of rebound due to the healing economy (Hotel News Now, 2012) with large hotel chains co-existing enjoying great amount of profitability especially with the increase growth in the tourism and motivation in travelling. Furthermore, although many hotel chains exist in the industry, different hotels define competitors with different criteria such as segmentation, price and proximity (Whitla et al, 2007) depending on its strategic group. Word count: 3289

Oriental Art Essay -- Essays Papers

Oriental Art Oriental art is very distinct from other parts of the world. In their sculptures they still used such materials as clay, wood, and bronzes. However their art work promoted such things as goodness in nature, serenity, graceful balance, spiritual perfection, and a mystical harmony within themselves. There work avoided confusion, conflict and violent emotions at all costs. New or unprecedented experiments in their art work was never welcomed, and the expression of nobility and inner worth where demanded. Ultimately oriental art was said to be â€Å"a way of being†, but to understand this you must look at the words of the great Chinese philosopher Confucius who said â€Å"Raise yourself to the beautiful.† However not all Oriental art is the same, and to see the difference and the influences of their art you need to look at the area’s of China, Japan, and Korea. The Neolithic inhabitants of China were energetic in their pottery, and where the first to practice this art, in which China has remained supreme in until recent times. Not very much is known about the earliest Chinese craftsman or the society that produced them, other than the fact that they lived in pounded earth settlements in northern Honan, Shangtung, and Kansu. These early craftsman created fine pottery, and especially beautiful vessels for funerals which where used for food and other provisions for the dead. These craftsmen where taught to honor the â€Å"five rulers† who had taught their forefathers h... Oriental Art Essay -- Essays Papers Oriental Art Oriental art is very distinct from other parts of the world. In their sculptures they still used such materials as clay, wood, and bronzes. However their art work promoted such things as goodness in nature, serenity, graceful balance, spiritual perfection, and a mystical harmony within themselves. There work avoided confusion, conflict and violent emotions at all costs. New or unprecedented experiments in their art work was never welcomed, and the expression of nobility and inner worth where demanded. Ultimately oriental art was said to be â€Å"a way of being†, but to understand this you must look at the words of the great Chinese philosopher Confucius who said â€Å"Raise yourself to the beautiful.† However not all Oriental art is the same, and to see the difference and the influences of their art you need to look at the area’s of China, Japan, and Korea. The Neolithic inhabitants of China were energetic in their pottery, and where the first to practice this art, in which China has remained supreme in until recent times. Not very much is known about the earliest Chinese craftsman or the society that produced them, other than the fact that they lived in pounded earth settlements in northern Honan, Shangtung, and Kansu. These early craftsman created fine pottery, and especially beautiful vessels for funerals which where used for food and other provisions for the dead. These craftsmen where taught to honor the â€Å"five rulers† who had taught their forefathers h...

Marketing and Deli Depot Essay

1. Executive Summary A. Major findings We have using quantitative and qualitative methods, doing descriptive statistics and hypothesis testing research for Deli Depot. In this time, we’ve 200 Deli Depot customers to doing the questionnaire. In the questionnaire design, we’ve doing 18 hypothesis testing. Combine with questionnaire and other research result, we have finding the following problems. What factors are the customer would consider to buying food and beverage in Deli Depot chain of fast food restaurant? The research result had reflecting that the competent employees, fast service and excellent food quality factors they would be consider. The customer percentages are 28.5% (competent employees), 24% (fast service) and 46.5% (excellent food quality). How about customers think the Deli Depot performance? In the questionnaire design, x1-4 are about Deli Depot friendly employees, competitive prices, excellent food quality. X8-9 are asking customer recommend and satisfied. In the questionnaire, customers must to answer their suitable marks. X1-4 scale are 1-10, x8-9 scale are 1-7. Research result had reflecting that many customers are circle in the middle marks. 22.5% customers are circle 4 in x1(friendly employees), 31% customers are circle 3 in x2(competitive price), 31.5% customers are circle 4 in x4(excellent food quality), 27% customer are circle 4(scale1-7) in x8(recommend) and 26% customers are circle 4(scale1-7) in x9(satisfied) but there have eleven error (missing data). However, customers are most disagree is about Deli Depot in wide variety of food. 24.5% customers are circle 2(scale 1-10)in x5(wide variety of food). Besides, 46.5% customers are answer 6(scale1-6, 6 is most important) in x15(excellent food quality) and not important is x14(competent employees), 5% customers are answer 6 (scale 1-6, 6 is most important) in x14(competent employees). Overall, customers think Deli Depot chain of fast food restaurant can satisfied their needs, and employees have provide friendly, excellent food quality and service for them. But Deli Depot should provide more new food and choice for customers to choose and need continue to providing excellent food quality for customers because customers are emphasis on their choice, service and food quality, they expected they have more food choice in Deli Depot. B.) Major recommendations We should remember that human resource is important and rare resource In hospitality industry so we must emphasis employee’s needs and wants. Helped them work-life balance and developed training program for them. Besides, Deli Depot need continue to doing retail store assessment (RQA) and Quality control(QA) for maintain their restaurant good environment, service and food quality. Secondly, Deli Depot can try to change the new logo and uniform, let customers feeling fresh. The new uniform design for employees can let customers feel more friendly because Deli Depot’s new uniform will using fresh color, such as red, pink, orange, yellow. Excluding the store manager and management, other’s employee no need to have a tie because new employees image are give the relax, fresh, friendly and happy for the customer. Third, customer are concern their choice on menu. Deli Depot can developed diversity of their product. Beside of set, Deli Depot may provide more soup, main course, dessert and drink for customer. Deli Depot may develop Chinese, Western, Japanese, Korean, East Asia, France and Europe food and beverage in their breakfast, lunch, afternoon tea and dinner menu. However, Deli Depot should try to doing new promotion in every month/season. Such as provide Chinese, British, France breakfast; Western braked rice, Chinese fried rice, East Asia noodles and Korean snacks at lunch time; Japanese, East Asia, France and Europe dishes and snacks at afternoon tea time; Combine with different country dishes, soup, dessert and drink at dinner. Thirdly, Deli Depot may provide A menu (Cheaper menu and more choice) in Monday to Thursday, B menu (Deluxe menu and less choice) in Friday dinner, Saturday, Sunday and Public holiday. Moreover, Deli Depot may plus their new promotion with their basic menu. Such as customer may selecting their lunch set in A menu, cashier may promote restaurant new promotion in special promotion menu and up-sell the soup, upgrade to soup with puff, special drink and deluxe dessert (such as Molten Chocolate Cake with Ice-cream). Given more choice for customers, let they can select more food and drinks and increasing restaurant sales. 2. Introduction A. Background (of the case) The background information of Deli Depot expose that it is a chain of fast food restaurants that position itself as â€Å"quality home-style food†. The restaurant locations are: two in the CBD and five in major shopping centers. The trade include breakfast〠lunch and evening , but the different location to target various customers to implementing effective trade strategies. Dependent on the latest sales and profit figures for the 2009 , the data of Annual Financial Performance and Quarterly Financial Performance 2008-09 indicated that it has a downward trend and it is performing poorly. The CEO is pointing the marketing expenses had risen over the past five years from $400,000 in 2004 to $1m in 2009 , and a series of elements lead to the CEO has tabled the notion of closing the newest outlet. The CMO think that the negatively affect the entire network. Whilst the CEO agreed with her comment he explained that unless the figures can be reversed the Board will demand the outlet’s closure, no matter what her arguments are. He instructed her to commission market research to uncover the public’s opinion on Deli Depot and demonstrate that the outlet has a future. B. Purpose (of this report) The purpose of this report is to uncover the public’s opinion on Deli Depot , Deli Depot will to improve quality of every aspect dependent on the marketing research report and expect the Deli Depot’s newest outlet can continue operation. C. Format (of this report) About the format of this report that, our group members have followed the requirements of our task to write this business report. Firstly, the executive summary, it including two key aspect to represent that what is our report’s major findings and major recommendations. Secondly, to wrote an introduction of this report, it including three aspects. First aspect is to describe that what is the background of the case, second aspect is to identify the purpose of this report and third aspect is to establish the format of this report. Thirdly, this report is a marketing research report, so we have made deeper marketing analysis, the market analysis have two aspects to conduct. A part is a strategic marketing analysis, it can be divided financial performance and the marketing program, B part is a customer analysis that is based on descriptive statistics and hypothesis testing. Fourthly, marketing response include recommended strategies and recommendation for cover aspects of the marketing research plan. Fifthly, it’s appendices of report. 3. Marketing Analysis A. Strategic marketing analysis According to the financial performance, Marketing expenses have risen over the past five years from $400,000 in 2004 to $1m in 2009. But the Net Profit has Continues to decline, from $400,000 in 2005 to $100,000 in 2009. This reflected that Deli Depot have not done enough in market and lack of a comprehensive marketing strategy to meet their targeted customer’s needs. Because in the marketing program, they only focus on how to promote their product to customers but ignored an important feature of the guests, fresh. Many customers like to try new thing and they hope can be more choice and expect have a surprise for them. In addition, they don’t have a Loyalty program to detain regular customers. It is related to establishing a good relationship with customers. In marketing strategy, first, Deli Depot must to create of new foods on a regular basis to attract customers and to increase their fresh. And then introduction of different types of food such as fried food, desserts and health food for customers to choose. Second, they must develop a loyalty program in order to increase the loyalty, such as point plan, offered a free gift or coupon to customers when they reach a certain fraction. They also can introduce Lunch special discount and package to boost customer numbers. In the other areas, use some of the more brightly colored such as yellow, cyan, orange to re-modified and creates a happy and comfortable atmosphere to customers. B1. Descriptive statistics In the questionnaire design, X1-6 are about Deli Depot performance includes friendly employees, competitive prices, excellent food quality, fast service. X8-9 are about customer recommend and satisfied. In the questionnaire, customers have to answer their suitable marks. X1-6 scales are 1-10, X8-9 scale are 1-7. It would describe the results in three dimensions satisfied, normal and dissatisfied. According to the statistical analysis reflects that 28.5% customers are circle 7 in X3 (competent employees). The research result reflects that Customers are most satisfied with the competency of staff and think that employees can meet their general needs. 22.5% customers are circle 4 in X1 (friendly employees), 31.5% customers are circle 4.30 in x4 (excellent food quality), 24% customers are circle 6 in X6 (fast service), 27% customer are circle 4(scale1-7) in x8(recommend) and 26% customers are circle 4(scale1-7) in x9(satisfied) but there is eleven errors. In these results had reflecting that many customers are circle in the middle marks and it is represent that they tend to medium for the performance of Deli Depot. However, customers are most dissatisfaction is about Deli Depot in competitive price and wide variety of food, had 31% customers are circle 3 in x2(competitive price) and 24.5% customers are circle 2(scale 1-10) in x5(wide variety of food). These results point out that the product prices are set too high for many customers. About wide variety of food, too few types of food in the restaurant and make them feel bored as well as to lack of novelty in the result. Many customers believe that excellent food quality is the most important factor when they selecting a fast food-restaurant to eat at. 46.5% customers are answer 6(scale1-6, 6 is most important) in x15(excellent food quality). From the result, we can see that customers focus on qualitative for a restaurant because it is related to their confident and loyalty. On the contrary, they think that the least important factor is competent employees in research result, 5% customers are answer 6 (scale 1-6, 6 is most important) in x14(competent employees). B2. Hypothesis testing In hypothesis question x1-18, we discover there is a significant relationship with variables between x4(Excellent Food Quality, scales are 1-10) and X15(Excellent Food Quality, scale1-6, 6 is most important). In the result, customers consider that the quality of food is the most important, the average scores up to 5.16. But customers for the evaluation of the quality of food in Deli Depot average scores are 4.30. These reflect that customers are respect for the qualitative of food and the Deli Depot had not reached customers expect the criterion and influence customer the desire of customers to patronize. Besides, there are a certain relationships between the quality of food and recommend. As a restaurant provides a high quality of product to customers, this is not only bringing a good experience to customers and also establishing the confidence for the restaurant. They will recommend it to people around when the restaurant obtain their trust. In the reason, customers will recommend it to others is dependents on the quality. In hypothesis question x8(scale1-7, 7 is definitely recommend) about the possibility of recommend Deli Depot to a friend of the average scores are 4.32 and the quality of food is tend to low. This means that the quality of food is low and unable to obtain their confidence and enable to affect the desire they have recommended to others. 4. Marketing Response Conclusion From the research, we can see customers mostly focus on the degree of employees’ attitude in service, the prices, and the food quality and the level of variety food but not the place or the environment of the restaurant. In customers’ point of view, Deli Depot got the competent and friendly employees which can provide food in a proper time period kindly, and excellent food quality. Also, it got competitive prices in the Food and Beverages Industry. Although the Deli Depot customers are satisfied about the employees, prices and the food quality, they are dissatisfied about the food variety in Deli Depot. They think that it only offer a few choice for them choosing the food from the menu. Recommendation As the result of customers, Deli Depot got the competent and friendly employees, excellent food quality which can provide food in a proper time period kindly and competitive prices which is acceptable. So that, Deli Depot should retain the existing employees, also maintain the style and culture of serving customers. Besides, Deli Depot need continue to doing retail store assessment (RQA) and Quality control (QA) for maintain their restaurant good environment, service and food quality. The reason of doing all of these is to satisfied Deli Depot customers’ needs and attracting more customers spend in Deli Depot. However, as Deli Depot is also concerned about the level of variety food and dissatisfied Deli Depot current menu, we think that Deli Depot can just allocate its resources on creating several kinds of food for the customers. For examples, it may add more special dishes driven from Asian, such as Indian, Chinese, Thailand, Korean and etc. These special variety of food can bring new perceive to the Deli Depot customers. Moreover, for increasing the level of variety of food within Deli Depot, we suggest that it provide some festival promotion food and environment for the customers. It probably could include some countries oriented festival, like Chinese New Year. During the festival month, it can provide some gifts, more food or only change the name of existing food related to the festival. Such as, Deli Depot distribute to each customers a red packet and free trial of Steamed Turnip Cake for each table, and also make all the dishes name in some meaningful explanations to make the customers feeling fresh and special between having meal in Deli Depot and other fast food restaurant. On the other hand, if Deli Depot really wants to change the image from stable and common food is providing to stylish and variety food providing fast food restaurant. They should try to change the logo and uniform, especially the color of both in order to make the customers feel fresh and changeable. The new uniform could use bright color, such as red, pink, and orange so that it can attract the focus of the customers and make them feel warm from the Deli Depot employees. Of course, the key men like the store manager don’t need to do so. All of these approach are focus on changing the concept and perception of customers for Deli Depot. However, Deli Depot should maintain its advantages from other restaurant as a priority, such as keeping the excellent food quality, retain the existing employees in order to keep the competent and friendly employees, also maintain the style and culture of serving customers which provide food in a proper time period kindly, so are the competitive prices.