External Factors In The Hospitality Industry

Huawei, being a multinational company is affected by the external business environment. As such the impact of the external business environment factors on Huawei’s marketing strategy are explained by the PESTEL Model as follows: 1. Political Factors Political factors include laws and legislations which are of great importance due to the fact that they enclose many aspects of a company policy. Through regulatory bodies, the government implements policies that affect businesses in various ways (Vrontis and Pavlou, 2008).

Therefore, it is imperative that organizations recognize that the actions of management in stakeholder relationships could affect the business operations of hotels. Stakeholder theory expanded on the concept of CSR. The theory identified the various stakeholder groups that were influenced by the way an organization conducted business. Freeman (as cited by Appiah, 2016) said that many CSR activities have various degrees of importance to stakeholders in any organization. The interests of the traditional group of external stakeholders cannot be satisfied without satisfying the needs of internal stakeholders according to Foster & Jonker; Hawkins (as cited by Appiah, 2016).

In the ever changing business environment, there are both internal and external influences which affect the operations and management of a business. It is up to the business on how they deal with the effects of each influence and this will ultimately determine the success of the company. The internal influences are factors which the business has direct control over, one of these being the location. The location refers to the geographical situation of the business and has a high level of impact over how the business will function. It can become a make or break factor, depending on how well the business utilises and addresses the visibility, cost and their proximity to suppliers, customers and to support services.

4) Bargaining Power of Port User: The bargaining power and control over port management exercised by carriers, shippers, and tenants in varying degrees are also important forces shaping the competitive landscape of port reform. This is determined by various factors, which are outlined below. a) Concentration of Port User Power: The larger percentage of traffic in the port controlled by a user, the more is bargaining power that user has in negotiations with port management and service providers. In certain situations, the port user can be so powerful that the port literally can’t afford to lose its business. b) Impact of Changing Business Relationships: Business agreements and realignments among port users can result in powerful players which port managers and port service providers must contend with in contract negotiations.

For understanding the market and country the best way is the PEST where, Political, Economic, Social and Technology analysis. Nanette Bulger has said "There are political, environmental and social issues that are very different from country to country, so you must understand the comprehensive intertwined dynamics of the market you 're in and how the dynamics of one market may affect that market as well as another," Reference. When moving country to country a company may reveal what kind of barriers are there on foreign market, but its company’s ability to produce various products which holds current market share and future market of the country. United Arab Emirates (UAE) has stable political environment. Government structure of UAE is immature and dynastic in nature.

Nowadays, workforce in hospitality becomes diverse because employees come from many countries. For instance, an organization can include employees come from America, France or Vietnam… Then creates a challenging issue for managers is how to manage well a diverse workforce. There are many researches were conducted in order to help managers to find out solutions for managing cultural diversity in workforce in hospitality industry successfully. Current situation of Cultural Diversity in the workplace in Hospitality Industry Because of globalization, organizations in hospitality field not only compete with domestic market but also foreign market. Globalization is one of the causes that contributed most to workforce diversity.

Conservatism magnifies lower revenue and this is not just considered as a practical reason for the undesirable conservatism, it generates disorders in the process of recognizing revenue. Lafound and Watts, “states that conservatism is a conflict of interest among investors and creditors and they prefer to use less conservative approaches”. However, IASB and FASB conclude that conservatism should be excluded from the qualitative characteristics of accounting information (Chi 2008). Nevertheless, if these demands are carried out, this exclusion can change the development of future accounting standards. If the FASB was successful in eliminating conservatism, then it would increase information asymmetry between investors, not reduce it.

Simply placing the responsibility of making legal and ethical decisions on the company that we outsource to isn’t right and it doesn’t lessen our role in the

What changes were required to implement the Supernova process—for FAs? For Merrill Lynch itself? What were the risks and potential benefits for both? Major change in philosophy and approach on managing accounts of clients, where financial advisor will merely be focusing on long term relationship and profitability rather than acquisition and immediate return.

Humans are resistant to change and that is the biggest challenge organisations will face when implementing programs. Globalisation has greatly changed the workplace, employees face the challenge of having to interact with customers from multiple nationalities and differing norms and customs (Pall & Buzzanell). This can be taxing on an individual’s resources, as the emotional labour of constantly having to adapt can be exhausting. Globalisation requires employees to travel and this can tax individual resources. The JDC, JDCS, COR and the ERI all assume universality, thereby assuming employees will respond in a similar way as predicted by their model, despite the varying contexts (Ashill et al., 2009).