3.6 Management team and staff
The success of a company largely depends on the management team’s ability to efficiently coordinate various internal and external factors affecting the company’s operations. A successful manager in the hospitality industry has a very responsible role which is wide and varied, therefore they have to exhibit many skills. According to Barrows et al. (2012) there are three general kinds in hospitality objectives with which management must be concerned:
• a manager wants to make the guest feel welcome;
• a manager wants to make things work for the guest;
• a manager wants to make sure that the operation will continue to provide service while also making a profit (Barrows, Powers, & Reynolds, 2012).
Furthermore, running
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Through the years there have been numerous attempts to draft and implement various tourism development strategies. Additionally, recent policy reforms in areas such as bureaucratic procedures, taxation, and privatization have helped the Government in creating environment for local tourism business to grow and to attract foreign investors in the Macedonian tourism sector in order to further develop tourism in Macedonia. The National Tourism Development Strategy 2009-2013 (The National Tourism Development Strategy 2009-2013, 2009) was aimed to provide the necessary framework and trust of existing stakeholder, foreign and domestic investors, as well as international donor agencies to commit to tourism in the country. Furthermore, this framework should have built an image of the country as a prime European destination for environmentally enriched culture and nature-based tourism, in order to become recognized for its high quality and sustainable product and services developed in line with global best practice. Regarding taxation, in 2011 the Government reduced the rate of VAT applicable to tourist services and accommodation from 18% to 5%. Additionally, changes of the Law on Corporate Income Tax in 2011, allowed that small and micro companies which maintain accounting records and prepare annual accounts in accordance with the Company Law, and which realized a total income on all grounds …show more content…
The main sectors of the Macedonian economy are services (more than 50% of GDP) and industry (30% of GDP). The textile sector is indicated as the main source of foreign trade with more than 50% of the total exports. Given the expenditures, the household consumption is seen as the main contributor of the GDP with roughly 70% of its total use. The exports of goods and service are accounted at roughly 48% while the imports at 65%, which implicates a subtraction of 17% of total GDP.
The impacts of the tourism, as an economic branch, on the GDP of Macedonia were considered in details in chapter 3.2.1. Namely, the direct contribution of tourism to GDP in 2015 was MKD8.4bn (1.5% of total GDP), and it is expected to rise by 3.6% in 2016 and by 4.7% per year to MKD13.7bn (1.8% of total GDP) in 2026. The total contribution of tourism to the GDP of Macedonia was MKD31.0bn in 2015 (5.7% of GDP) and it is forecasted to rise by 4.7% per year to MKD50.9bn by 2026 (6.7% of
- working with working staff to set up strategies, models and frameworks. - Setting client administration measures & assuring that the current standards satisfy the customers & helps retaining them. • Coordinating with the workers themselves can help effectively in setting appropriate models for the procedures & systems because they are the ones who interact directly with raw materials and producing the products, so they would know better if anything in manufacturing needs improvement or so. • It is important to satisfy the current customers in different possible ways in order to retain them which eventually leads in attracting more customers as well.
These balances, as well as income tax expense, are determined through management's estimations, interpretation of tax law for multiple jurisdictions and tax planning. If the Company's actual results differ from estimated results due to changes in tax laws, changes in store locations, settlements of tax audits or tax planning, the Company's effective tax rate and tax balances could be affected. As such, these estimates may require adjustment in the future as additional facts become known or as circumstances change. Changes in the Company's assumptions and judgments can materially affect amounts recognized in the consolidated balance sheets and statements of income
Furthermore, they are proposing the new idea of decreasing the tax rate, which will
In fact, the hospitality sector is always affected by various economic tendencies, both negative and positive. The strategic plan will outline the major actions required for conducting the business. The strategic capabilities can be identified by means of VRIO criteria, where V stands for value, R for rarity, I for imitation opportunities, and O for the company’s competitive advantage (Evans, 2015).
One of the most well-known economic industries in America is manufacturing. Manufacturing contributes $ 2.09 trillion directly to the economy. This industry is expanding and growing in the USA meaning there is an increase in the outcome of this industry. Many people work in this industry which means that they earn money, and no one is poor anymore in the USA. Because of many people working in manufacturing, the economy of the USA has increased dramatically.
Like in Malaysia, you have to pay for it at your local store to buy tennis shoes. On the other hand, reduced labor costs will force you to pay less for new shoes. Trading allows consumers and countries to get access to goods and services which are not available in their own country. Almost every product in the international market can be found at food, clothing, accessories, petroleum, jewelry, stocks, money, alcohol and water part. Services include tourism, banking,
Put simply, it means that if a certain managerial style or conditions are applied then individuals will respond in a predictable way. The major characteristic of the hospitality industry is the role of people and the direct contact and interaction between staff and customers. This being said, the classical theory is not satisfactory in Hilton Hotels case. The human relations’ theory proposed by Elton Mayo and his experiments states that because organizations are composed of humans, focusing on human need and motivation is the way to bring the optimal output.
Therefore, by selling of such goods and services it will increase the producing nation gross output. Export also one of the oldest form of economic grow, and occur on a large scale between nations that have fewer restrictions on trade, such as tariffs or subsidies. Another process involve in international trade is import, import is a process good or services brought from another country to another. Together with exports, imports also are the backbone of international trade. Economic of a country can be seen in terms of import and export.
IDENTIFY AND RESEARCH A TOURISM ATTRACTION Introduction Tourism has experienced continued growth and extensive diversification and competition on the last decades, becoming one of the fastest growing economic sectors in the world and by consequence, one of the main income sources for many developing countries. “Every time we travel we are part of a global movement that has the power to drive inclusive development, to create jobs and to build the sustainable societies we want for our future,” says the actual UNWTO¹ Secretary General, Taleb Rifai. “This movement also contributes to build mutual understanding and to safeguard our shared natural and cultural heritage,” he completes. A sustainable and responsible approach to tourism means that neither the natural environment nor the socio-cultural organisation of the host communities would be compromised by the arrival of tourists.
The paper will calculate the financial ratios of company that will be interpreted with the implications of ratios. Moreover, the paper will describe the indicators of fraudulent reporting. Discussion Purpose of Income Statement It is also called profit and loss statement or income or expense statement. The main purpose of income statement is to indicate managers and investors whether the organisation was cost-effective
Every industry to include the hospitality industry is impacted by external factors which directly influence organizational behavior and decision making. There are numerous factors to be considered, but political, economic, and social are three of the most influential. These outside factors sway managerial operational decisions daily regarding personnel, spending, policy, and short-term and long-term strategic planning concerning both core and exterior operations. As within every industry, the hospitality industry has unmanageable elements that affect management or ownership of hospitality establishments (Lewis 2017). Understanding these factors is important because it provides an opportunity for contingency planning (Lewis, 2017).
“Tourism Behaviour understanding includes the idea and knowledge of the different factors which are by no other means very obvious because the effects which do shape the activities and tastes of tourism are often highly embedded in the cultural and the personal biography of the individual that the whole of subject is not known of how actually they were made.” (Seaton, 1996). Figure.1. The tourism system.
At the world conference held in Manila on tourism in 1980, importance of tourism and its effects were recognized in the declaration, which stated as; ‘’tourism is an essential activity both on the life of the nation since its direct and indirect effects on economical, social, cultural, and educational sectors of the society and their international relations’’. Economic benefits of tourism 1. Contribution to Gross Domestic Product; Tourism is being one of the world’s largest industries and contributes directly and indirectly (total contribution) to the global economy. Its contribution to GDP growth reflects the total spending within a particular country by residents or neon residents for business or leisure purposes as well as government spending on tourism goods and services which linked to visitors. According to the World Travel and Tourism Council
Therefore, tourism may be defined as the activities, processes and outcomes by the relationship and interaction among the tourist, government, suppliers of the tourism, the host communities and the environment that surrounding the destination which involved in attracting and accommodating of the visitors (Goeldner & Ritchie, 2009). According to Goelner & Ritchie (2009), there are four different perspectives of tourism can be identified from the tourist, business operator who providing goods and services, government of the host destination area and the local community. The first group is the tourists or visitors. They are the group who search for various travel experiences and satisfaction physically and psychologically.
INDIA’S INTERNATIONAL TRADE: TREND, COMPOSITION AND DIRECTION INTRODUCTION International trade is exchange of capital, goods, and services across international borders or territories. India’s major imports comprise of crude oil machinery, military products, fertilizers, chemicals, gems, antiques and artworks. Indian exports comprise mainly of engineering and textile products, precious stones, petroleum products, jewellery, sugar, steel chemicals, zinc and leather products. TRENDS