Hospitality and Tourism Strategic Planning Essay

Hospitality and Tourism Strategic Planning - Essay Example The rooms of this hotel had the facility of running water, though cold, and the air condition luxury in its public rooms. It was in the year 1947 when a hotel named Roosevelt Hilton was launched at New York City. This hotel pioneered in providing its guest rooms with televisions. By the year 1948, the Hilton Hotel was identified as the first hotel company to come up with the new system of multi–hotel reservation. This gave birth to the modern reservation system that is used today (Hilton Worldwide, 2012). As years passed, the company paced up its innovations and came up with new concepts and approaches every now and then. The introduction of sewing kit and a booklet containing important and useful names and numbers for the female travellers brought the company to limelight. Improvement in its technical side is characterized by the â€Å"brand–wide direct telephone service† launched by the company in the year 1957. The introduction of airport hotel based concept w as cheered by the business purpose travellers. Hilton came up with its first Airport hotel in the year 1963, the San Francisco Airport Hilton and was a pioneer in this approach. Ten years down the line from this period, i.e., by 1973 Hilton once again came up with an innovative idea of centralized reservation system making a breakthrough improvement in its customer care service (Hilton Worldwide, 2012). Again in the year 1987, Hilton was seen to introduce its first program for guest loyalty called the Hilton HHonors (Hilton Worldwide, 2012). It was later in the year 2008, when Hilton Vancouver Washington made history by being certified by both Leadership in Energy and Environmental Design (LEED) along with Green Seal (Hilton Worldwide, 2012). Its latest development was in the year 2010 with the launch of the spa facility at various locations such as the United States, China and Thailand (Hilton Worldwide, 2012). This paper intends to analyze the various strategies and the impacts of internal and external environment on Hilton Hotels & Resorts. An effort to develop a strategic plan emphasizing on the risk management factor of business strategy shall also be one of the highlighting sections of the paper. Environmental Analysis of Hilton Hotels & Resorts The purchasing of medium and small–sized hotels has been in Hilton’s practice right from 1970s. The attention towards acquiring a huge amount of real estate was the main focus of Hilton. The lodging assets of Hilton Group Plc amounted to GBP 3.3 billion in the year 2006, thus making Hilton the largest company in the field of lodging (United States Securities and Exchange Commission, 2005). There has been a recent change in trend of the company and it has shifted to expand its operations by the process of franchising instead of merely acquiring real estates. This company mainly operates in the United States but also has its presence in various other major city locations such as Sao Paulo, Toronto, Lo ndon, Sydney, Paris, Shanghai, Rome, Stockholm and Beijing (HotelsGrid, 2012). It was in the year 2007 when Hilton Hotel was acquired by the Blackstone Group for money worth of US$20.1 billion (Morrison, 2007). Prior to the event of

Global Economic crisis and sub-Saharan Africa Essay

Global Economic crisis and sub-Saharan Africa - Essay Example This trend of borrowing also impacted some of the banks and financial institutions in the Sub-Saharan region as well, but the extent was somewhat lesser. Arieff et al (2009) figure out that, in nearly two decades, it is for the first time that South Africa has started experiencing recessionary trends. The study also points out that, countries like Nigeria and Angola to 'have reported significant revenue shortfalls due to the fall in global oil prices'. A recent study by IMF underlines the gravity of the situation by stating that, "The current financial crisis is more global than any other period of financial turmoil in the past 60 years" (IMF, 2009). This study further quotes from the 'World Economic Outlook, 2009' that the global growth is bound to further slow down from about 3.5 percent to just about 0.5 percent in 2009 with shades of some improvement by the middle of 2010. The Sub-Saharan region, also known as black Africa comprises of countries with many lesser developed nations like Angola, Burkina Faso, Burundi, Rwanda, Somalia, Ghana etc. While many like South Africa, Mauritius, Senegal, Nigeria, Kenya etc. have been able to register indicative growth figures many other like Rwanda, Sierra Leone etc. have been experiencing difficulties on many fronts on account of civil wars as well. This is further eroding the overall growth figures of the Sub-Saharan region. FDIs also prove to be advantageous for the economic growth pote ntial of a country. But a number of factors impact the investment climate within the region. As is evident from the 'World Economic Forum's 'Global Competitiveness Report 2009-10' while countries like Zimbabwe have registered some improvement in the investment climate, there are many other countries in the region which are yet to tide over the domestic unrest (WEF, 2009). It is under such circumstances that the overall economic situation in the Sub-Saharan region is a mix of conflictions. This study is therefore an effort to find out a larger picture of the economic growth potential in the Sub-Saharan region and how the global economic crisis has impacted the growth potential in different countries within the region. Research Questions and Objectives The main intention of the study is to develop an understanding of the diversities in the Sub-Saharan region, the years of neglect and under-development faced by the people of this region and to what extent the global economic crisis has further decelerated the economic growth prospects of the region. During the study an effort will be made to analyze the general economic conditions of some of the countries in the sub-Saharan region and how these countries have progressed over the years in the post globalization period. A broader understanding will be made about the subject by soliciting the opinion and recommendations of reputed organizations and analysts. An attempt would be made to seek answers to the following key objectives; Establish a well studied relationship between the economic prospects of the Sub-Saharan region vis--vis some of the leading nations like the US, China, UK etc. To find out the development figures of the sub-Saharan r

A Great Way to Care Essay Example for Free

A Great Way to Care Essay In chapter fifteen 2b or Not 2b? of They Say / I Say, David Crystal provides arguments in favour of text messaging. Crystal tries to prove his point that text messaging is not destroying the English language with great research, a lot of examples and a clear organization. As the author himself puts it, Texting has added a new dimension to language use, but its long-term impact is negligible. Its not a disaster. . Although some people believe text messaging is pillaging our punctuation, savaging our sentences and raping our vocabulary, Crystal insist that. In sum, then, his view is that the abbreviations were used as a natural, intuitive response to a technological problem, but that they are also more than just time and energy saving act. He considers some texts also as linguistically quite complex. Im two minds about how texting effects the english language. On the one hand, I gree that texting can be very creative and that the abbreviations we use in text massaging are nothing new, he gives use countless examples like IOU (I owe you), which is known from the year 1618 . On the other hand Im not sure if these arguments can stand against the accusations that texting is destroying the english language. For me his arguments are not convincing enough. From my own experiences (english as a foreign language) it seemed pretty hard to understand and nonsense when I heard my friends actually talking the way they text usually, like saying cos instead of because or lol. Text messaging is in this case no more just about texting, it actually effects also the way we talk. Overall I believe text messaging is a great way to communicate and motivates people to be creative and create new words or abbreviations, but it also does form its own language separating itselfs more and more from the traditional English. If its good or worse is out of my ability to judge at this time.

A Dissertation About Issues In logistics management

A Dissertation About Issues In logistics management 1. Introduction: This dissertation is about logistics management. It is a part of the supply chain management which involves with the inflow, outflow, procurement, maintenance and storage of goods and services. The supply chain exists between starting point to delivery point. As mentioned by Ackerman (2000), Logistic management basically means having a right thing, in the right place at the right time. This project is focus on the activities of manager of famous company to perform in order to make the organisation a success. In todays environment there is a need to stay updated in order to know the flaws in business, to think at the right time and act accordingly. There is always a complexity in dealing with the ever-changing customer requirements, their expectations relating to price, competitions in the economy and so on. All these have to be met efficiently in order to cope up with the situation. The success of a goods or service depends on how well strengthens of the distribution strategy is studied and how the suppliers, markets, storage and transportation are dealt with right strategy. The upcoming areas deal with the entire process involved in the transformation of a raw material into the ultimate finished product. Logistics management presents a v ariety of tools to understand the logistics in effective decision making and how it goes in relating the broader issues in the entire supply chain thereby finding out ways and means in achieving the strategic goals (Ackerman, 2000). The company that is selected here is Tolam Logistics which is located in Hong Kong. It was established in 1996 by Mr. Eric Lam who had about 20 years experience in freight and transportation. The TLs provide One Stop shop logistics services by all type of facility of logistics like storage, delivery, custom clearance etc. The TLs main customers included Toshiba, Sanyo, Kleon, Fujis air conditioner and Plasma Televisions. It had a warehouse of 100,000 sq. ft. and owns around 32 trucks. The staff strength resulted to around 100 including permanent staffs (Magee, 1985). Tolam Logistics is a logistics company engaged in the distribution of goods that are received at its warehouse. The main points that we focussed here is warehousing and distribution. The objective of this case study is to discuss its objectives, strategies and methods employed in: Transportation planning: TL uses its own trucks to transport the goods without depending on outsourcing of transport. Only when the demand exceeds its transport facilities it does not hesitate to make use of outsourcing and in situations where the demand is low it has no problem to put its trucks idle. They use their trucks in such situations to generate income by outsourcing their trucks to other uses. E.g. In monsoon season due to low business activity at that time not using outsourcing trucks and deploy only own trucks which runs on fixed route and fixed contract which surety of fixed expense and income. Inventory management: TL provides a sound inventory system. They receive orders in the night and make despatches in the daytime. They forecast the warehouse space and transportation on a quarterly basis in order to know its requirements. Companies usually reserve their space in the warehouse depending upon the volume to be held in the warehouse. They have latest technology for loading and unloading 14 vehicles at a time. Information technology: TL has an extended use of computer systems to record various transactions happening inside. It maintains a separate database for each customer. TL is now in the process of developing a new IT integrated system that will open up new exits to the company. TL does have difficulties in providing different legacy systems, so they are planning to install a common platform on the web so that all its customers can be satisfied at a time. They are implementing barcode system to tracking goods(Frederick Ross, 1996) 2. Aims and Objective: We are learning about the issues of logistics management and for this purpose I am planning to take up the company Tolam Logistics as the main subject. Tentative research questions can be considered for this purpose is What are the main factors that affect the logistics management at TL, Do theories of logistics apply at the ground level?, How important is logistics in managing customer satisfaction?, What are the performance measures, costing methods and metrics used for logistics management?, Can modern communication technologies impact logistics management. 3. Theoretical Background: 3.1 Logistic Strategy and Planning: The supply chain strategy is main link to growth of business strategy and it should taking care of balance maintained between the cost and service offered by firm. As mentioned by Tompkins (1998), following factors have to be considered here, The customers and suppliers should be aligned in regard to the internal company operations. Companys inflow (Raw Material) and outflow (sales) should be maintained as per market demands and trends with the help of internal company operations likes collect, pickup, packaging, deliver etc. The marketing and sales plan should be aligned to meet the supply chain strategy means like E.g. For launching a new product in the market sales plan like marketing should be start after enough production flow carry on to fulfill the demand of market, If market trends change the immediately we have other strategy for product modification. The capital expenditure has to be aligned to the supply chain operations. E.g. Firm have enough capital for monthly fixed expense like production cost, sales, salary, rent, marketing and promotion cost etc. The HR structure has to be aligned to the supply chain E.g. HR structure have enough manpower to operate the production, sales and marketing etc dept. The supply chain has to be aligned in order to meet the investment policies. The supply chain has to be aligned in order to meet the growth targets. The supply chain has to be aligned in order to make room for expansion of the business. Logistic planning involves the use and management of all logistic resources in order to maintain the desired cost and service performance. The considerations include the inventory positioning, inventory levels, number of warehouses, types of warehouses, mode of carrier selection and so same will be forwarded. The company can decide on whether to deploy a high service method or a low cost service method. A high cost method deploys more warehouses, use fast delivery transportation and maintain high stock levels. This method of course is mostly trying to avoid the high cost. Whereas, a low cost service method gives value for cost by reducing the number of warehouses to one, use cheap transportation and maintain longer lead time in ordering stocks. Through improved warehouse design the cost of handling materials can be reduced to a great extent prior delivery goods arrange as to easily loading and unloading from trucks, by arranging direct vehicle loading of materials from the warehouse and implementing automated installations are two methods that can reduce handling material costs. By conducting an assessment of the transport costs and implementing the right choice by comparing current transport costs with that of the occurring standard rates can bring down transport costs to the minimize with routes selection, speed of vehicle, Regular maintained vehicle, road maps, uses the GPRS system to reach at delivery point. This type of logistic planning goes a long way in attaining the right logistic system. Company has to consider four main points while planning a logistic system; they are as stated above, customer service levels, facility location, inventory decisions and transportation decisions. These four levels are related to ea ch other and therefore integrated planning has to be considered. Planning here means designing the logistics network as a configuration of warehouses, production plants, selling areas, stocking-areas, transportation and information systems that aim at balancing an equilibrium between the overall costs and the revenue. Briefly idea for the logistic planning means the total cost concept should be studied to consider the supply chain.   3.2 Customer Service Strategy:   Supply chain is basically considered as a strategic concept that involves understanding and managing the sequence of activities -from supplier to customer-that add value to the product supply pipeline (Tompkins, 1998). The role of customers in the supply chain market is not incidental. Every company in this chain, irrespective of market size mainly they thankful to its customers as the fact is that in all profit of firm there are customers are in center whom to buy the goods and services produced by each one of them. This century marks the end of monopolies and therefore customers can make an array of choices. When customers decide not to buy products in a particular supply chain, then no doubt the company would collapse without earning any revenue for the expenses incurred in launching the product on the stage of saturation and decline stage. So, the supply chain should be structured in such a manner that there is a common link between the products as such and the end customer. It is because that the tastes of customers keep changing and their expectations goes on rising, when product cycle at saturation and decline stage at they began decreasing brand loyalty and put in for anything that attracts them. Thus the importation must be put on conducting effective market analysis to know the needs of different groups of customers to whom the offer is to be made. Its main aim is to polish its contact with the customers. The rationale behind this strategy is to improve services provided directly or indirectly to its customers and to use the information in the system for targeted marketing and sales purposes. A kind of metrics should be used to assess the customer service, like the companys ability to fill the orders in limited time or the delivery of the products on the due date. Other researches can be conducted to find out the reason for not delivering the products on the due date. There is no compromise for an act of negligence in meeting customer satisfaction as it is the customers who ultimately judge the life span of the company.  In todays fast growing economy, it is not the matter of fact that the big beat the small but it is the fast beats the slow and the accurate beats the inaccurate. Below are mentioned seven steps to reduce the fulfilment costs by improving customer service at the same time (Tompkins, 1998). According to him, the following points are important with regard to supply chains, Integrate with order entry system: In todays hyper competitive economy it is very difficult to maintain order fulfilment through the internet. Most of them placed through internets are managed poorly and which end in resulting distorting customer satisfaction due to delay in product delivery. Integrating a systematic order fulfilment process tends to reduce manual labour that saves time, increases profitability and customer satisfaction E.g. Order received in night and make delivery in the day time. Build in adaptability: Providing exceptional customer service has proved to be challenging in todays competitive environment. Companies can meet this challenge by proving to be adaptable with the customer wants makes changes in their orders right from the purchase and even upto and after shipment. This can prove to be successful as the customers can get what they want even if their product changes from the market. E.g. Tailor made transportation system like packaging facility as per weather. Confirm with bar codes: By changing the bar coding into an automated one ,the company can save a large amount of its time and energy and even implement perfection in planning as it presents real time data instead of mere projections. E.g. In the ware house material arranged with barcode easy to locate particular product with the barcode system we can easily shift goods as per priority of delivery and delivery places. Conducting automated pickings: Automated technologies are easily fulfills the needs of customer thereby increasing customer satisfaction and bringing in repeated business in a shorter time span. E.g. Goods collection from customer destination is one of good example of automated pickings its save time and money of customers which bringing repeated business. Automated shipping plans: Using automated shipping plan the workers can pick to a predesigned way of stacking the containers without going for trial and error methods. This saves a lot of time and energy of the workers engaged in stacking the containers and speeding the delivery with less expense than without ASP. E.g. Barcode system on containers and on the area of ware house which easily track the goods and easily stacking and speeding the delivery. Automate shipment verification: By applying automated verification together with automated picking and using bar codes, more time can be saved on packing, verifying and shipping process. Sourcing orders based on facility workload: Logistic managers should use the method of best utilize of space when multiple warehousing and distribution facilities are available in order to improve responsiveness and maximize flexibility. The above factors tend to make the shipment reach the customers more quickly and which therefore has a direct impact on their satisfaction levels. The standards of service provided to end customers should be determined and mentioned on top of the list. The remaining strategic decisions should also be taken considering the customers interests. Frohne, (2008), Organization has to adjusting the supply chain as such to meet the market demand and product features, Determining the relation model among the supply chain participants, Selecting the suppliers, Determining on the distribution channels, Adopting a specific method of stock holding, Determining the location and nature of the warehouse, Formulating guidelines in selecting the transportation. Taking a decision on any of the above mentioned factors without giving due consideration to the customer needs may seriously affect the implementation of the general strategies of the supply chain, as the strategies of the supply chain are competitive in nature that aimed at end customer satisfaction.    The focus of supply chain on the customers can be studied more explicitly using the Quick Response concept, which means identifying the demands and reacting to its changes as quickly as possible. This concept was developed in relation to textile industry in order to avoid losses due to change in demand. The QR nature is such that it assume in close cooperation with the supply chains by providing maximum satisfaction to its customers by reducing the costs to its minimum. This becomes material if the customers provide timely information to the suppliers regarding their demands and they make timely supply of the demand. This method would no doubt increase sales by reducing the costs by bringing in profit to all the supply chains involved. 3.3 Procurement management: Procurement is appropriate goods at best cost which fulfill the requirement of purchase with good quality, quantity, time and location. It is regarding the profit orientation fastest growing business firm rather than simple cost cutting measures. There is an old saying Goods well bought are half sold, this means that the success of an organisation depends on the efficiency of its purchasing department. If organization purchase good quality raw material then its increase the productivity of internal operation, quality of final goods, reduce the wastage. Buying dept and selling departments are interlinked, in other words if buying dept purchased goods without proper consultation with the sales department which knows the nature and trend of the market, then the sales department cannot succeed to sell the goods at a profit. E.g. if purchase department without consult with sales dept purchase water resists packaging material in monsoon season to purchase waterproof material for packaging its indirectly effect on business cost, time etc wastage. In monsoon season low business activity need low quantity of packaging material need to know quantity of material as well. Scientific purchasing methods should be adopted in order to purchase the right product at the right price and place, in right quantity and quality and from the right supplier. All these factors are interconnected. There is always confusion for all the concerns regarding what to buy, where and how to buy. All these problems can be solved by performing the following purchasing functions. Jones, James V., p82(2006) Planning the purchase of goods: The producer should decide on the required amount of stock of raw materials and parts that is to be purchased on the basis of expected volume of sales and the estimated rate of production. It has some sub functions that has to be followed to make the purchase effectively. They are preparation of the budget, determination of quantities to be ordered, stock turnover, consideration of effects of changes in fashion and price changes. Assembling: It means gathering goods from various sources and bringing them to the business place. E.g. Head office ordered for packaging material and store in warehouse then need to supply at all branches on right time. If goods received from japan to deliver at north London then japan branch send goods to main office at uk branch then they supplies to London branch and London branch supply to north london branch whom deliver it to customer. Locating the sources of supply: The buyers have to search for various sources of supply and maintain contact with them. In the selection of the suppliers, the buyers should consider the efficiency, rate and location, capacity of supply goods, goodwill and financial stability of the suppliers. It is always desirable to maintain liaison with two or more suppliers to ensure uninterrupted supply in case of non availability of raw material from one supplier buyer sure for available from another supplier and supply of raw material not interrupted. Market news: The buyers should be always aware of the market, the prices, the change in fashion, tastes and attitude of the customers should be updated. The launching of the product and their impact on the customers should also be monitored by survey of customers like-dislikes, market share, market trends etc. Negotiation of terms: After the above activities have been completed the buyer has to finalise on buying. For this he has to negotiate with the suppliers terms and conditions. Usual negotiations will be on the quality, quantity, price, discounts and terms of delivery. Transfer of title: Finally, immediately after the payment the buyer should get the title transferred in his name. He should get the relevant documents like final agreement copy, terms and condition letter, quotation etc in his custody. To take a quick look at how CEVA logistics a leading supply chain management company has tied up its hands with Ford, a global leader in the automotive world, proved to be a success. The operation is located closely to the plants proximity and provides small lot market consuming areas, container management and efficient transportation system. CEVA was awarded three awards for its efficient supply chain in providing customer satisfaction through maintaining quality, fast delivery and excellence in management from Ford. 3.4 Financial aspects of logistics: Financial managers have a responsibility to raise capital for maintaining inventory and also for the firms overall profitability. There is a global solution for low risk work. Once a company enters to do business globally its financial risks also arises. It needs to ask questions as to how it will get its money in business or whether the goods will be accepted only after the shipment. Companies can use various financial instruments that banks offer nowadays in the form of letter of credit and the like. The payment condition regulates the flow of goods or services in the logistic system and the mode of payment. Some of the common means of payment are way bills, letter of credit, commercial invoice etc. on the basis of payment conditions; banks have adopted a new means of payment under the term called financial engineering. These have proved to be very much useful in enabling the free of capital that is blocked in ventures and also reducing the time of funds being locked up in business . They also have to verify the terms and contract of payment with customer and what is fixed expense are occurred against payment method with customers. The currencies of various countries can also affect international logistics in many ways. These are foreign exchange control and risks of exchange associated with warehousing. This can be reduced by selecting specific company locations, countries that have a stable market for their currencies. By reducing the order processing time can also minimise the risks involved in exchange rate.    3.5 Packaging and Inventory Management   Packaging is technology of preparing goods for transportation, sales, warehousing, logistics, evaluate the design of product. Packaging is concerned with the planning, distribution, sals and storage etc. Packaging makes attractive to the end consumers the old product. It is a group effort of the designer, the researcher, the engineer, the marketing expert, the sales department and the top management. It should be designed in a systematic manner in order to achieve its very purpose (Voortman, 2004).  The various factors to be considered while taking packaging decisions are the size, colour, material, text, brand name, caption etc. In packaging designs the AIDAS formula (see Figure 1) has to be successfully implied. AIDAS represents five basic points. They are attention, interest, desire, action and satisfaction. These are very much important in the supply chain strategy which goes ultimately in meeting the customer needs. The need of packaging is to ensures the supply of right quant ity and quality of the product, to protects the product from any damage caused due to dust, mishandling, pilferage etc, to makes the handling of products conveniently, to facilitates the storage of products, to makes it convenient to distinguish our products from that of the others, to makes the product more attractive, to helps the customers to reuse the product for some other purposes Packaging holds a very important place in the supply chain logistic management. Only when the products are presented well the customers has an urge to buy it more frequently.   Fig. 1 AIDAS Source:- self 4. Inventory Management:    Inventory management aims to handle all function correctly with tracking and management of material. Inventory management is very wide definition like to replenishment lead time , carrying costs of inventory, asset management, forecasting, valuation, visibility, future inventory cost, space, quality etc. The ultimate aim of supply chain management is how well you manage your inventory. Manufacturers face a number of challenges which require not just exceptional planning but also an effective communication setup that keeps you updated at the spur of a moment. From rapid changes of customer demands, globalisation or even natural calamities can cause your inventory to be stuck up paving way for no wages to the employees. Therefore there should be a quick information system to discuss the inbound and outbound issues affecting the demand and supply. For this there should be a well managed supply chain inventory management in order to keep the business running without any interruptions (Bo wersox, 2000) There are benefits and risks of holding inventory as mentioned below, Avoiding risks of sale: If a desired amount of inventory are stored that are ready to be sold, can bring in return to the company. It can avoid losing its customers for non supply of products. Shelf-stocks are those products which are sold to its customers with little or no modifications; an example of such a product is automobiles. Quantity discount: When goods are purchased in bulk quantity the suppliers offer a discount. This is in fact helps the buyer to make a more margin in profit. Even sometimes suppliers are ready to supply goods on credit for time period like one week /month thats all capital invest in other source for time being help to cash cycle. Reducing ordering costs: Each time an order has to be placed it incurs certain expenses like mailing costs, typing, approving and the like, so if inventory is stored in bulk it can reduce the ordering costs to a great extend. Reducing the set up costs: Start up costs is incurred each time a product is produced. Maintaining large stocks of inventory helps in reducing the set up costs. Reducing risks of production shortage: If any part of a product is unavailable it may result in the production to stay at a halt. Therefore it is good to hold inventories to maintain sufficient flow of supply to the customers. Avoiding risks of holding inventories: Reduction or decline in the market price: It faces the risks of price cutting by competitors or the arrival of a new product. In such situations holding inventories in large    amount would only prove to be a loss for the holding firm. Also inventories more money on new product like advertisement, launching, promotion offers, discount schemes etc. Deterioration of the product: Product may get worse when it is held for longer periods. Obsolescence of the product: The product may become obsolete and outdated when the customers tastes and preferences change. While dealing with inventory management in the supply chain it is also advised to go through the costs of holding inventory. The costs associated with inventory are of two types; direct costs and indirect costs. The direct costs of holding inventory are the materials cost, ordering costs and carrying costs. The indirect costs of holding inventory are costs of funds tied up in inventory (opportunity cost) and the costs of running out of stock (stock-out cost) (Waters, 2003).   When critically evaluating the inventory management we can sum up the objectives like to ensure that the materials are available for production without interruption, To maintain sufficient stock of raw material in times of shortage, To ensure that inventory of finished goods are readily made available to meet the customer demands., To maintain a balance between the inventories., To prevent the inventory from deterioration by providing proper warehousing and insurance.   From the above mentioned points it is evaluated that inventory if not controlled properly may either way prove to be wastage to the concern. This has induced the need to find out techniques to control the inventory.   4.1 Economic Order Quantity: EOQ (see Figure 2) is the level where total demands of product is constant over and each new order is delivered in regularly when in the inventory is reach at zero level. It is important to note that only the right amount of the inventory has to be stored. EOQ means the determination of the right quantity to be purchased. A balance has to be maintained between the carrying costs and the ordering cost. EOQ is the point where the total cost of ordering and the cost of carrying the inventory would be the minimum. For EOQ we assume that the ordering cost, rate of demand, purchase price and delivery quantity are constant with fixed lead time. The main point here to be noted is whether you increase or decrease the purchase the total of all the costs should be maintained at a minimum (Stock, 1993). Fig. -2 Formulas for Economic Order Quantity. Source:- Google Image. 4.2 ABC analysis:   ABC analysis (See Figure 3) is a technique of exercising selective control over inventory items. It is a method of controlling material according to its value. Its a mechanism for impact on inventory cost by identifying items. A concern need not exercise the same degree of control over all materials. Materials of high value should be closely controlled than materials of low value. Accordingly, the materials will be grouped as A, B and C. A category material constitutes only a small percentage of the total items but they have the highest value. By category items constitutes a higher percentage of the total items but have only a medium value and the C category items constitutes the highest percentage in the total inventory but it has the lowest value. ABC analysis is based on the principles of Selective Inventory Management.   Fig-3 ABC Analysis. Source Google Image 4.3 Determination of Re-order level: Re-order level (See Figure 4) is that level of inventory at which the firm should place orders in order to maintain stock of the inventory. It is with regard to the timing of purchase. When orders are placed new products will reach the before it runs out of stock. Last minute order placing is not found here as the orders are placed slightly above the minimum stock level. The above techniques can go on a long way to control the sufficient inventory. As inventory forms the life blood of a concern not a minute carelessness can be made in maintaining adequate stock of inventory. As there is a supply chain all over the globe it is high time to forgo with traditional inventory management process and continuously manage inventory through the global supply chains to optimise the inventory. The excellence in supply chain is required to strike a balance between the lead times, budgets, inventory costs and the risks. In order to maintain optimum utilization of inventory it is necessary to balance the supply chain management against the business policies, changing market demands, risks and other constraints. It makes it important to know what inventories to carry, how, when and in what form.   Fig. -4 Diagram of Reorder Level. Source:- Google Image. 5. Physical Distribution and Monitoring Performance: 5.1 Warehousing   Another important area which forms an important part of the supply chains strategy is the provision of proper storage and warehousing facilities until the goods are ready to be consumed by the end customers. Its primary aim is controlling the movement and storage of goods until they are demanded in the market. Warehouse management system aids in supporting the associated areas like transportation, put away and picking (Frazelle, 2002). Here the warehousing systems can be managed in both ways either manually or automatically. In order to explain this much better an illustration is explained below. A UK based company is a manufacturer of books, cards, antiques and other souvenirs. The company has to ship its products to more than 500 destinations around the world. Now to know the challenge it has faced, it managed to build up its own warehouse of a 10,000 foot and used paper based system. All the products have to be located based on the colour or relying completely on the staffs employ ed there. But this system proved to be inefficient as there always raised confusion between the products as different products sometimes were of the same colour. This took up a lot of time and energy of the concern and they were piling up with shipments that were yet to be dispatched. This started to affect the concern both on its revenue as well as its customer satisfaction. It also led to the duplication of work as the same lists were printed twice. They recognised that th

Benefits Of A Fixed Term Deposit Account Marketing Essay

Benefits Of A Fixed Term Deposit Account Marketing Essay The purpose of this document is to propose a solution in order to increase the customer term deposit balances by 20. This brief contains an about the company section, marketing objective, the campaign objective, who are the target audience of such a product, explanation of the product, how the product can be distributed, our competition, USP, key messages, deliverables, timing and budget. About the company Customers choice bank was set up in 1990. Our vision is to become one of the best banks compared to other local banks in Malta. We are dedicated to giving an efficient and excellent service to our customers by helping them discover the best solutions to their financial requirements. Our bank offers products such as home loans, personal loans, internet banking, deposit accounts, financial planning, corporate financial services, life assurances, retirement plan and more. Therefore we target people who are personal and also those who have a business. We already succeeded in a campaign before which was about internet banking and our aim was to attract 10% of our existing customers to start using internet banking. We are looking forward to succeed in other future campaigns. Marketing objective To increase customer term deposit balances by 20% in 3 months. The campaign objective The campaign must: 1. Create impact, and raise awareness of the bank as a term deposit provider. 2. Promote the benefits of the term-deposit product. 3. Educate the customers as to the benefits of the maturity of the term deposit. 4. Provide 5,000 leads for sales consultants to contact regarding this product. 5. Result in 2,000 term deposit sales which is an increase of 20% in customer term deposits. Target audience The customers we should be targeting are both female and male, aged over 18 years. They should have at least à ¢Ã¢â‚¬Å¡Ã‚ ¬1000 to open the term deposit account. Personal customers who have a long term surplus liquidity may want to benefit from the interest rates of this term deposit product. The Product à ¢Ã¢â‚¬Å¡Ã‚ ¬1000 à ¢Ã¢â‚¬Å¡Ã‚ ¬4999 à ¢Ã¢â‚¬Å¡Ã‚ ¬5000 à ¢Ã¢â‚¬Å¡Ã‚ ¬24999 à ¢Ã¢â‚¬Å¡Ã‚ ¬25000+ 2 years 3% p.a 4.15% p.a 4.30% p.a 3 years 3.10% p.a 4.40% p.a 4.60% p.a 4 years 3.30% p.a 4.60% p.a 4.80% p.a 5 years 4.20% p.a 5.10% p.a 5.20% p.a 6 years 4.50% p.a 5.30% p.a 5.50% p.a 7 years 4.80% p.a 5.50% p.a 6.00% p.a 8 years 5% p.a 6.00% p.a 6.50% p.a 9 years 5.50% p.a 6.50% p.a 7.00% p,a 10 years 6% p.a 7.00% p.a 7.50% p.aWe are offering a fixed term deposit product named Customers Choice Term Deposit that its interest rate is better than all of our competitors fixed term deposit interest rates. With a term deposit, a customer can invest his or her surplus liquidity in this account in order to gain interest upon maturity which depends according to how much money the client invested in it and for how many years the client chooses to put them for. The interest rate gets higher, the longer the client chooses to invest it for and the more there is money invested in it. This product should be only offered to people of 18 years or older with a surplus of à ¢Ã¢â‚¬Å¡Ã‚ ¬1000 or more. Below, one can see our proposed fixed term deposit product: A customer may choose from a fixed term between 2 years and 10 years and will receive an interest on his/her money invested according to the amount of money invested. Benefits of a fixed term-deposit account: A customer will be able to earn a higher interest rate from a term-deposit account than from the usual savings account. Less risky than investing in property and/or shares. No fees are involved if the customer breaks the term. Compound interest can be gained. Features of a fixed term-deposit account: The customer applying for a term-deposit account must be at least 18 years of age. The minimum requirement is à ¢Ã¢â‚¬Å¡Ã‚ ¬1000. There is no maximum limit. Interest will be gained when the term deposit account matures or paid annually into a savings account. Terms and conditions (see Appendix 1). Distribution This product can be purchased from a branch network, through a third party broker, via telephone directly from the provider or via internet by applying from the banks website. The competition We have 10 competitors which are APS bank, Banif Bank, Bank of Valletta, FIM Bank, HSBC, Lombard, Mediterranean bank, Nemea bank, FCM bank and IIG bank. By comparing our proposed product to similar products offered by other organisations (see Appendix 2), one can see that our product was made to be better than our competitors similar products. APS bank is offering a range of fixed time periods of 1month, 3 months, 6 months, 1 year, 2 years, 3 years, 4 years and 5 years. Banif bank is offering a 3-Year Flexi Term deposit account that  gives the customer the interest rate of 3.15% per annum for a 3-year term while the customers can still withdraw the funds before the maturity day. Bank of Valletta is offering a range of 1 month, 3 months, 6 months, 1 year, 2 years, 3 years, 4 years and 5 years fixed term deposit account for customers who make a minimum deposit of à ¢Ã¢â‚¬Å¡Ã‚ ¬200 into the fixed term deposit account. FIM bank is offering a fixed term deposit account periods of 6 months, 1 year, 2 years and 3 years for customers who make a minimum deposit of à ¢Ã¢â‚¬Å¡Ã‚ ¬25000. HSBC bank is offering a fixed term deposit account period of 7 days, 1month, 3 months, 6 months, 9 months, 1 year, 2 years, 3 years, 4 years and 5 years for customers who make a minimum deposit of à ¢Ã¢â‚¬Å¡Ã‚ ¬1000. Lombard bank is offering a fixed term deposit account of 1 month, 2 months, 3 months, 6 months, 9 months, 1 year, 2 years and 3 years for customers with a minimum deposit of à ¢Ã¢â‚¬Å¡Ã‚ ¬10000. Lombard bank also offers the 5 Xtra and 7 Xtra fixed term deposit accounts which are a 5 year term and 7 year term fixed term deposit accounts respectively. Mediterranean bank is offering a 1 month, 3 months, 6 months, 9 months, 1 year, 2 years, 3 years, 4 years and 5 years fixed term deposit accounts for customers who make a minimum deposit of à ¢Ã¢â‚¬Å¡Ã‚ ¬5000. Nemea bank is offering a 3 months, 6 months, 1 year, 18 months, 2 years, 3 years or 5 years fixed deposit account for customers who make a minimum deposit of à ¢Ã¢â‚¬Å¡Ã‚ ¬10000. FCM bank is offering a 3 months, 6 months, 1 year, 2 years, 3 years, 4 years or 5 year fixed term deposit account for customers who make a minimum deposit of à ¢Ã¢â‚¬Å¡Ã‚ ¬2000. IIG bank is offering a 3 year term deposit account with an interest rate of 4.65% payable or compounded quarterly, half yearly or annually for customers who make a minimum deposit of à ¢Ã¢â‚¬Å¡Ã‚ ¬25000. USP Our fixed term deposit account has the best interest rates in the whole market. Together with this account, we are offering a free credit card, a free debit card and the opportunity to use internet banking for free to customers so that customers can check the bank accounts that they have with us. Key messages The product has attractive interest rates. The product is easy to attain It is a product that many clients require but many have not yet bought. Overall the product offering should be seen as being a quality product that is customer-focused and therefore giving a good return rate for the deposits that customers put in their fixed term deposit account, which is all offered by a name that a customer can trust. Deliverables We require a promotional campaign which is to include branch advertising, newspaper advertising, direct mail and PR. You are expected to deliver the following: A strong consumer message 2 posters to use as in branch displays 1200 A5 flyers to be distributed in peoples homes around the banks area A newspaper advertisement to use in the national press for 3 months A fulfillment pack consisting of a product brochure, terms and conditions and an application form. Television advertisement A mailing pack including a brochure, terms and conditions and an application form for mailing existing clients of the organisation. Extra brochures for new customers in branches who are interested in similar products. Recommendations for PR activity. Timing The marketing campaign will be running from the beginning of March till the end of May. The design of the newspaper, posters, brochures and flyers takes 3 days to finish and it will begin on the 1st of March and end on the 3rd of march. The design of the television advert and the billboard advert will take 4 days to be completed and it will begin on the 1st of March and end on the 4th of March. The printing of the posters, brochures and flyers will only take one day and therefore the printing will begin from the 4th of March till the 5th of March. The posters can be set up in the in-branch displays from 6th March till the 31st of May. The flyers could start to be distributed in homes on the 6th of March while the brochures could start to be put together with the terms and conditions and the application forms to use them as mailing and fulfillment packs. The newspaper advert could be shown from the 4th of March onwards every Sunday for 3 months (that is for 24 days). The billboard could be set up on the 5th of March till the 28th of May (that is for 84 days since every b illboard can be rented for 28 days). The television advert will be shown every Saturday and Sunday for three months starting on the 5th of March and ending on the 31st of May. All bus advertisements can be set up on the 1st day of March till the 31st of May. Budget The budget is à ¢Ã¢â‚¬Å¡Ã‚ ¬45000. The budget is divided between the campaign budget and the marketing agency fee. The campaign budget is à ¢Ã¢â‚¬Å¡Ã‚ ¬34265.03 and the marketing agency fee is à ¢Ã¢â‚¬Å¡Ã‚ ¬6046.77 for a total of à ¢Ã¢â‚¬Å¡Ã‚ ¬40311.8. [see Appendix 3 and 4]

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Lives of the Saints   Ã‚  Ã‚  Ã‚  Ã‚  Lives of the Saints is a story that examines the complexities and tribulations of everyday life in a small town. Throughout the novel, we discover that even the most trustworthy and caring individuals live secret lives behind closed doors, and that the surface appearance of minor communities can be very deceptive. Some people spend their entire adult-lives trying to knock down these doors and discover the truth, but perhaps they are overlooking the key to the lock†¦ our children. Vittorio Innocente is a young boy who has not always lived up to his name. ‘My attendance at school had not been very regular-it had somehow fallen out that I’d spent much of class time wandering up to the top of Colle di Papa or down to the river with my friend Fabrizio, sharing with him the cigarettes he filched from his father. La Maestra had paid a visit to my mother one afternoon, to advise her of my truancy and vices†¦.’ (9). 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Throughout the novel, we discover that even the most trustworthy and caring individuals live secret lives behind closed doors, and that the surface appearance of minor communities can be very deceptive. Some people spend their entire adult-lives trying to knock down these doors and discover the truth, but perhaps they are overlooking the key to the lock†¦ our children. Vittorio Innocente is a young boy who has not always lived up to his name. ‘My attendance at school had not been very regular-it had somehow fallen out that I’d spent much of class time wandering up to the top of Colle di Papa or down to the river with my friend Fabrizio, sharing with him the cigarettes he filched from his father. La Maestra had paid a visit to my mother one afternoon, to advise her of my truancy and vices†¦.’ (9). We find that Vitto is trying to turn around his poor school habits, and has been trying to read through a novel called Principi Matematici, but to no avail. As he sat stranded on page three of his mathematical conquest, he was overcome by a wealth of distractions. The golden sun was shining down on him that day, or so it seemed, for as he was drifting off to sleep the muffled shout of a man shattered what would appear to be his last enjoyable day; at least for a long time. Childhood can be a fragile thing. It is commonly believed that children see the world through different eyes. Everything seems fresh and interesting to them, where we become saturated with the details of our everyday lives. The eyes of Vittorio Innocente act as a safeguard, seemingly protecting him from truth and danger that he cannot see. Since the incident with the snake, Vittorio had noticed that his mother had been keeping to herself, working in the garden. However, he could not understand what was wrong with her, and could not figure out why the household seemed so empty. ‘†¦A veil seemed to have fallen between us, and for a while I had nursed this estrangement like a precious wound I could somehow turn to advantage; but the passing days brought only a growing awkwardness, as if my mother and I had suddenly become strangers, with no words now to bridge the silence between us’ (74). Vittorio’s ‘safety-goggles’ also help him when the gang of b oys inv... ...ctor to tell him of his mother’s pains, he is uninterested. â€Å"My mother wants you to come†, says the young boy. â€Å"Leave me alone†, replies the doctor in a drunken stupor. â€Å"You’re that woman’s son, aren’t you, the pregnant one who thinks she’s a princess† (221). When the doctor is finally convinced to check up on Cristina, he only makes matters worse. Upon his arrival in Vitto’s room, Cristina notices his condition and says: â€Å"You smell-like a liquor factory† (225). He takes no notice of these remarks, showing no concern for the life of the baby or Cristi. Although he manages to deliver the baby, we find that Vittorio’s mother has died during the night due to excessive bleeding. Dr. Cosabene’s ignorance has brought death and pain to a family that has been reduced to two, a young boy and his little sister.   Ã‚  Ã‚  Ã‚  Ã‚  Vitto will no longer have a normal life. He has no mother or father. He has no money, and he has nowhere to live. Consequently, he has a newborn child to look after. Where has his childhood gone? It looks as though the doctor has taken it from him, and he will never get it back. One thing remains certain†¦ Vittorio Innocente will never look through the eyes of a child again.