...rewarding your employees for their effort and commitment, and giving them the recognition they deserve, this will engage and motivate them to work even harder. Whether you want your employees to produce better sales, increase their productivity, or exceed their targets, engaging them with rewards and incentives will give them the motivation to strive for these results by that they work By TEAM meaning Together We Archive More . Employee motivation can be divided into two groups: intrinsic and extrinsic. Intrinsic motivation is “the work motivation in the absence of such external factors as pay, promotion, and co-workers” (Aamodt, 2012, p.326). Extrinsic motivation, on the other hand, arises from a range of compensational factors such as financial rewards, career opportunities, co-workers etc. Moreover, motivation in organisations can be divided into three different perspectives: need-based, process-based and learning-based. Need-based perspective on motivation is central to the idea that “humans are primarily motivated by deficiencies in one or more important needs or need categories” (Griffin and Moorhead, 2011, p.93). Abraham Maslow’s Hierarchy of Needs is the most basic and the most popular theoretical frameworks related to need-based perspective on motivation. According to the theory human needs can be classified into several layers and an individuals’ most immediate needs have to be satisfied in order to upper layer needs to be used as motivational factors (Maslow, 1943)...
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...undertake critical analysis and demonstrate an in depth understanding of organizations management framework. This assignment is based on Thomas Cook, travel agency as I have to select an organization from the travel and tourism hospitality industry. The assignment will be based on the overview of the organization, identifying its size and type of ownership, the types of product they sell and how the service is delivered to the customer. I have also evaluated the design of the organization in terms of operations objectives and the four V’s. And also have analyzed the issues and problems which they face and the main elements and how the service concepts benefit both the customer and the organization. The main sources of information have been taken through the internet and also from articles and journals. A travel agency is a private retailer or public service that provides tourism related services to the public on behalf of suppliers such as airlines, car rentals, cruise lines, hotels, railways, and package tours . In addition to dealing with ordinary tourists most travel agencies have a separate department devoted to making travel arrangements for business travelers and some travel agencies specialize in commercial and business travel only. There are also travel agencies that serve as general sales agents for foreign travel companies, allowing them to have offices in countries other than where their headquarters are located. I have taken Thomas Cook , a travel agency...
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...For exclusive use at University of Pennsylvania, 2015 3215 REV: JUNE 21, 2010 WILLIAM J. BRUNS Lyons Document Storage Corporation: Bond Accounting In December 2008 Rene Cook sat in her cubicle trying to remember what she had learned in business school about bonds and bond accounting. Ms. Cook, a new MBA and special assistant in a training assignment with the company president, had just met with David Lyons, president of Lyons Document Storage Corporation. He had asked her to think about the possible consequences of repurchasing company bonds outstanding using cash that he felt could be obtained by issuing new bonds with a lower interest rate. Mr. Lyons had asked Rene to focus on how much the company's annual interest payments could be reduced, how reported earnings would be affected, and how the refunding would change the company's financial position as referenced on the balance sheet, if at all. The Company The Lyons Company was a family business in the stationary supply business until the document storage opportunity appeared in the early 1990s. Lyons Document Storage Corporation was incorporated in 1993 to compete in the emerging and rapidly growing industry that provides secure, off-site storage of documents for other corporate customers. The demand for storage was fueled by the need for corporations to retain records of sales contracts, employment records, compliance records, and other documents. The convenience of secure storage and easy recovery in professionally managed...
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...Individual assignment 1. Through illustrative cases, examine the drivers of divestment from emerging markets. 2. Advise an established multinational or small-medium enterprise on an appropriate foreign market entry strategy Candidate Number : Word Count Examiner Place Degree Course Date : : : : : : 59552 2746 Professor Dr Joseph Amankwah-Amoah University of Bristol MSc Management International Business March, 2013 Table of Content I Table of Content I. List of Abbreviations ............................................................................................. II II. List of Tables ....................................................................................................... III 1. Introduction .......................................................................................................... 1 2. Structure of the Thesis ......................................................................................... 1 3. Divestment ........................................................................................................... 1 4. Divestment in India ............................................................................................... 3 4.1 Coca-Cola ...................................................................................................... 3 4.2 Recent Divestment Cases .............................................................................. 4 4.3 Lessons Learned ........................................
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...Is retrenchment the best strategy for a business that has lost its position as market leader? Retrenchment is the decision made by managers to reduce the size of the business by withdrawing from markets, closing some divisions of the business or making employees redundant. Companies may use retrenchment if there is increased competition in the market, the business is having financial difficulties or economic conditions such as the 2008-2009 recession caused demand for products to fall. These all show a clear need for strategic change. A retrenchment strategy will depend on the type of business and the reasons why it has lost its position as market leader. A reason why retrenchment can be the best strategy for a business that has lost its position as market leader is that the business can withdraw from a certain market that isn’t profitable or withdraw a product that has lost demand and focus on their strengths. A number of businesses generally have a few ‘core’ products that they began their business with and then they expand and create a range of products within a certain market, this is to try and offer a large number of products that will appeal to a wider audience and hopefully improve sales and increase their market share. However, if the demand and sales for some of these products is low, which can be as a result of external factors such as a recession or decline of a market, a retrenchment strategy can help a business to realise that they have a number of products that...
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...TUI Marketing analyses of : [pic] I. INTRODUCTION TUI Group GmbH (Touristik Union International) is a German multinational travel and tourism company established in 1968 and headquartered in Hanover. First, it was an association with some medium-sized companies like Touropa, Scharnow-Reisen, Hummel Reise and Dr.Tigges-Fahrten. During 33 years, TUI joined airline companies and participated to different hotel brands. They also expended their company to Switzerland, Holland, Austria and Belgium. In 1998, they took acquisition of the group Hapag Touristik Union and 3 years later, in 2001, they became 100% subsidiary of an industrial and transportation Company named Preussag AG, which in the 1990’s decided to concentrate their company on tourism, shipping, and logistics. On 3 September 2007 the tourism division of TUI AG merged with First Choice Holidays PLC to create TUI Travel PLC, an international leisure travel group listed on the London Stock Exchange. TUI AG owns 43% of the new company, operating in 180 countries and serving 30 million customers. On March 2009, they decided to sell big parts of their important container shipping company Hapag Lloyd AG to the to the Albert Ballin consortium of investors. TUI retains a 43.3% stake in the firm and continues to wholly own and operate the cruise line Hapag-Lloyd Kreuzfahrten. This means that TUI has become a pure tourism oriented company. This...
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...Tourism Marketing Management Tourism Marketing Management Submitted by: Mayur Peswani (A-38) Rahul Purswani (A-39) Shivangi Agarawal (B-01) Tania Patel (B-41) In-Depth Analysis Of Major Tour Operators in India Submitted to: Prof. Bijal Mehta Submitted by: Mayur Peswani (A-38) Rahul Purswani (A-39) Shivangi Agarawal (B-01) Tania Patel (B-41) In-Depth Analysis Of Major Tour Operators in India Submitted to: Prof. Bijal Mehta Table Of Contents Tourism Marketing Management 0 0 Tourism Marketing Management 2 Latest facts and figures of tourism sector (till Jan,2015) 4 Direct contribution of tourism and hospitality to GDP 4 Foreign tourists arriving in India 5 Foreign exchange earnings from tourism in India 5 Expected share of tourists by expenditure 5 Visa on Arrival and Earnings 7 Background Literature 13 Methodology 20 Analysis 22 (Of Tour Operator Industry) 22 Analysis & Interpretation 24 (Of Our Survey) 24 Findings of Study 37 Tourism Marketing Management * Tourism Sector in India (Overview) Introduction Tourism and hospitality, a key sector of the Indian economy, plays a key role in the growth of Brand India and accounts for around 12.4 per cent of the total employment in India. Globally, tourism ranks fifth as an export category after fuels, chemicals, food and automotive products. The tourism and hospitality sector in India is highly optimistic with a large number of hotel chains having lied...
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...“Discuss and explore issues surrounding the recognition of elements in financial statements” Contents Title: 3 Introduction & Objectives 3 Definitions 5 Recognition 5 Measurement 6 Discussion 6 Revenue Recognition (IAS 18) 6 Property, Plant and Equipment (IAS 16) 8 Xerox Revenue Recognition Scandal 9 Recognition in the Annual Statements 10 Conclusion 13 Bibliography 14 Appendices 17 Appendix 1 – Standards from IASB 17 Appendix 2 – Proposed plan for FASB and IASB 18 Appendix 3 – TUI Travel Plc Annual Statement 21 Appendix 4 – Thomas Cook Annual Statement 27 Appendix 5 – PSA Peugeot Citroen Annual Statement 31 Appendix 6 – Daimler AG Annual Statement 37 Appendix 7 – Xerox Annual Statement 42 Title: Discuss and explore issues surrounding the recognition of elements in financial statements Introduction & Objectives Accounting has many elements to producing an annual statement each fiscal year; these different elements have regulations in which organisations have to abide by. Regulations have three categories; legislation, accounting standards and stock exchange regulations (Melville, 2008). Legislation can differ from country to country, which is the same for accounting standard board as each country has individually developed their own standards (Accounting Standards Board for the UK, also, International Accounting Standards Board that is trying to consolidate standards, which can be accepted globally). Attempts by...
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...Executive Summary In December 2008, Martin Cook, president of Currie Road Construction Limited, a B.C. based firm, had to decide soon on the company’s expansion plan due to the anticipated economic stimulus spending in both B.C. and Texas in the coming year. The two primary alternatives are either to enter the U.S. construction industry, particularly the Texas market, or to continue the company operations within Canada. Currie owns 2.7% of the B.C. market and due to fierce competition, it is extremely difficult to gain market share. On the other hand, Texas has a bigger market with less competition. Texas Department of Transportation is approving road construction projects that worth more than $4.5 billion. With Currie’s experience and specialized techniques in road maintenance, it would have a great chance in securing sizeable market share in Texas. Moreover many companies in Texas are barred from bidding for one to two years due to price fixing and collusion, making it the perfect timing for Currie to enter the market and develop a good reputation. At the same time Currie could better utilize resources such as their specialized machinery that sits idle during the winter. Brad Carlyle, the proposed GM of the Houston operation understands the U.S. market and has important contacts within the governments and the construction industry. Cook has full confidence in Carlyle. Carlyle also indicated that due to the unemployment rate in Texas, hiring blue-collar employees would be...
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...Checklist for Evaluating Internal Controls Lisa Cook ACC 544 October 31, 2011 Bret Mann Checklist for Evaluating Internal Controls Internal Control is to assist companies with reviewing and assessing its accountability within the organization. Internal controls are best practices for an organization that sets the tone and its main purpose is reducing business risk by controlling loss because of the misuse of the company’s assets. Fraud is sure to be detected through internal controls as well as help with the accuracy of its financial reporting. This analysis will provide a comprehensive checklist for evaluating internal controls and show how to apply the checklist to outline phases of the control evaluation. Evaluating Internal Controls Checklists The Committee of Sponsoring Organization (COSO) defines controls as the “process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following three categories: * Reliability of financial reporting. * Effectiveness and efficiency of operations. * Compliance with applicable laws and regulations. Internal control is designed to achieve objectives in various categories” (Louwers, et al, 2007, p. 149). The purpose for an internal control checklist is to analyze the efficiency of the organization’s controls in place, document the controls, and make recommendations and necessary improvements. Management...
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...Benefits of Outsourcing Outsourcing is understood by many to be a means for an organization to decrease its employee payroll while increasing its production. While this may be true there are a number of other advantages of outsourcing. Outsourcing can also streamline processes, allow for greater team and individual performance, and aid in cutting the costs of products which could lead to raise increases for employees. According to Bucki (2011) there are seven top outsourcing advantages: 1. Focus on Core Activities – outsourcing activities which consume resources (human and financial) will allow refocusing on those business activities that are important without sacrificing quality or service. 2. Cost and Efficiency Savings – the size of the company (i.e. number of employees) is preventing the organization from performing at a consistent and reasonable cost. 3. Reduced Overhead – consider outsourcing those functions which can be easily moved. 4. Operational Control – operations whose costs are running out of control or departments who over time have evolved into uncontrolled and poorly managed areas are prime motivators for outsourcing. It would aid in bringing better management skills to the company. 5. Staffing Flexibility – outsourcing will allow operations that have seasonal or cyclical demands to bring in additional resources when you need them and release them when you’re done. 6. Continuity & Risk Management – periods of high employee...
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...OBJECTIVES TO BE ADDRESSED .............................................. 5 4. CRITICAL ANALYSIS OF THE METHODS ...................................................................... 6 5. RESULTS AND DISCUSSION ....................................................................................... 8 6. IMPLICATIONS FOR THE BUSINESS DECISION OR PROBLEM ........................................... 10 7. ETHICAL ISSUES .................................................................................................... 11 8. REFERENCES......................................................................................................... 13 9. APPENDIX ............................................................................................................ 14 The Learning Business Research Report | Campus: 10. 1 CHECKLIST OF ASSESSMENT CRITERIA .................................................................. 18 The Learning Business Research Report 1. Executive Summary This report discusses the rationale behind strategic decision taken by Royal bank of Scotland (RBS) in moving its headquarters from Glasglow to Leeds, Yorkshire. The benefits of financial clustering in the UK have been analyzed and assessed on the basis of theoretical evidences collected from literature review and qualitative data collected. There is an emphasis on financial information...
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...reacts to various challenges and opportunities. From basic definition of change we learned that the origin of the necessity of change lies in the dissatisfaction with the current state or the perception of a problem. The objectives, content, and process of change should be specified as part of the change management plan. Change management processes can benefit from creative marketing to enable communication between change audiences, and a deep social understanding about leadership styles and group dynamics. To track transformation projects, organizational change management should align group expectations, communicate, integrate teams, and manage and train people. Change management should also make use of performance metrics, such as financial results, operational efficiency, leadership commitment, communication effectiveness, and the perceived need for...
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...The Impact of HR Focused TQM Practices on Employee Satisfaction & Loyalty in the Financial Sector of Pakistan Burhan Nawaz Butt, Aamir Daraz, Nauman Imtiaz, Junaid Jameel, Ali Raza, Zunair Akram, Tauqeer Ahmad, Farhat Abbas, Israr Khan Niazi, Javeria Mehmood, Irum Naz Department of Management Sciences, Mohammad Ali Jinnah University, Islamabad, Pakistan Abstract: Introduction: * Research Objectives: * Financial Sector of Pakistan: Literature Review: * TQM and its Importance: It has been argued that the use of TQM practices has a synergistic impact on organizational performance (Schonberger, 1986; Cobb, 1993). Some studies have found that the use of TQM practices reduces manufacturing process variance, eliminates reworks and scraps, and improves quality performance (see Daniel and Reitsperger (1991), Flynn et al. (1995) and Schmenner and Cook (1985). In addition, there is considerable anecdotal evidence (Crosby, 1984; Hayes and Wheelwright, 1984; Gerwin, 1987; Harmon and Peterson, 1990) on the extent to which TQM initiatives enhance the potential for firms to improve their performance. More recently, empirical evidence suggests that there are direct and indirect relationships between the adoption of TQM practices and firms’ performance levels (Hendricks and Singhal, 2001; Kaynak, 2003). Fortune 1000 companies surveyed indicated that firms achieved greatest success when they pursued both TQM and employment involvement simultaneously. Kevin...
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...Table of Contents SECTION A - ANALYSIS OF YOUR TEAM BEHAVIOUR 3 Belbin team roles 3 Introduction 3 Analysis of outlined team behaviour on the hotel performance 4 SECTION B - MOPS OR KPIS 5 TGI Friday’s 5 Introduction 5 First operational measurement 5 Second operational measurement 6 Conclusion 7 References 7 References 8 Section A - Analysis of your team behaviour Belbin team roles Introduction Dr. R. M. Belbin said: “A team is not a bunch of people with job titles, but a congregation of individuals, each of whom has a role which is understood by other members. Members of a team seek out certain roles and they perform most effectively in the ones that are most natural to them” (BELBIN Associates, 2012). Belbin team roles were created in order to make group work more effective and understand positives and negatives of each team member. According to the Belbin theory there is 9 roles which members can be named by, which are: plant, monitor evaluator, co-ordinator, resource investigator, completer finisher, implementer, shaper, team worker and specialist. This table is going to show the roles of each member in our group and will point some advantages and disadvantages which could affect group work and productivity in the future and influence our hotel. Team Members | Main Role | Second Role | Positive | Negative | Member 1 | Implementer | Coordinator | M1 is the member who was sure about ideas which were discussed properly in the team, so that turns...
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