Continental Airlines Case Study

04 – 18 – 2012 Ariel Kramer Summary Frank Lorenzo, in 1986, owned one of the largest airline networks in the world. From a small investment in Texas International Airlines, after restructuring it and bringing the company to profitability, Texas Air bought Continental for $154 million. In order to reorganize the corporation as a more viable enterprise, Lorenzo took Continental into bankruptcy. This process caused a walkout by many union workers, so Lorenzo replaced strikers with nonunion workers at much lower wages. Low-cost operator and cut-rate prices was Lorenzo's way to manage the company.After the corporation emerged out of bankruptcy, Lorenzo bought Eastern Airlines. In an environment of heavy losses, he instituted a severe downsizing program. At first Lorenzo's move appeared to be successfully, but he was wrong and Eastern went out of business. In 1993, Continental tumbled again into bankruptcy. The court approved a reorganization plan for Continental to emerge fr om bankruptcy. In the early 90's, a sick airline industry caused heavy losses not just for Continental but for all the companies. In 1994, Gordon Bethune became chief executive officer of Continental Airlines.He made dramatic changes. Since Continental was by far the worst among the nation's 10 biggest according to the Department of Transportation, Bethune renewed focus on on-time flights, lost luggage, and customer complaints. Customers began returning and Bethune transformed the workforce in a happy one by giving them benefits through achieved goals. The new company's manager apologized to their customers and asked them how we could be better being serving you. Instead of the company's old focus on cost savings, efforts were directed to putting out a better product.By giving employees bonuses for meeting certain standards, the incentive was created. Competing just on price basis leaves any firm vulnerable because it can easily be matched by competitors. Q: If you ran the airline, would you employ theory X or theory Y? Why? Theory X and Theory Y were identified by Douglas McGregor. There is a group of people who think, feel and therefore act according to the assumptions of what he called Theory X, and another group moves according to the assumptions of Theory Y. The theories suggest the possibility of managing human productivity in business organizations, as well as view human behavior within them.According to Theory X, humans do not generally like to work, or want to work as little as possible, as such, most workers have to be monitored and threatened with punishment to achieve the objectives of the company. Employees avoid responsibilities, prefer formal orders whenever possible, show little ambition and put safety above all other factors associated with work. On the Other hand, Theory Y highlights the fact that when a favorable environment, the work can be a natural thing that gives pleasure. In this environment, an employee, when enticed with a reward, en gages more in carrying out his task.In time, the employee ceases to be just under orders and responsibilities and begins looking for some responsibilities (do not confuse this theory with too much freedom or lack of control; it is just a different way of managing human resources within the organizational environment). X and Y theories are interesting, but we must consider the culture of each company and the context that a team is to generate a higher profit. Today, many organizations that succeed show strong traits influenced by the theory Y.Theory Y management style develops an open, dynamic and democratic, through which run becomes a process of creating opportunity, releasing potential, removing obstacles, encouraging individual growth and provide guidance on the objectives. His management style is democratic, creating opportunities and providing guidance on the objectives to the employee. It is up to administrators to provide conditions for development and recognition of characte ristics such as motivation, responsibility and potential for development to employees of the company.In this method of administration, workers can improve their work through their attitudes and their relationship with other workers giving the firm a better place to meet its goals. We can say that on the Theory X, it is an inhumane theory that discards the fact that workers are human beings, normal people, and treat them as machines, as objects, or rather, as the property of the company. An employee who should do no more and no less than the work assigned to him, without making any complaints, criticisms or suggestions.A company that adopts the concepts of theory X, employees presents themselves unmotivated and lazy attitudes and behaviors, on the other hand, if one choose to Theory Y, people will interact and present motivational characteristics. Managing is not enough. Recognize the needs and capabilities of your employees are essential to good business development and administrati on. Q: Evaluate the causes and the consequences of frequent top executive changes such as Continental experienced in the days of Lorenzo? Any company needs a plan.Lorenzo was an administrator who did not have a way of following up with a plan. He often changed his strategy at the first sign of failure and did not give time to his top managers try to reverse the situation. Over a period of 10 years, nine presidents had left Continental. This caused a big problem for the company since every time he changed his plan, time and money were spent to organize another strategy. Planning and focus are important aspects for a company to acquire the desired success. Each manager thinks differently. New ideas are brought after each change in administration.With several points that can be improved in the company, the focus of each manager will face a different problem. Giving time and working conditions to a staff member to develop his projects is essential to achieve results and profits for the company. Lorenzo gave no time for his top managers and each exchange, a new mentality was deployed in the company. One needs time to put his plans into practice and show results. Usually without time there are no results and consequently, no profit. Inconsistent strategies are vulnerable. A manager should always follow a plan to maintain the confidence of investors.The lack of planning is not good for the reputation of the company also with relation to customers. Sometimes a strategy needs to be revised and modified to achieve new goals; however, frequent and drastic changes can make a big burnout among employees. The exchange of managers in the company may have been one of the causes of the low profitability in which Continental had suffered in the middle 80’s. Q: It is 1994 and Bethune has just taken over. As his staff adviser he has asked you to prepare a report on improving customer service as quickly as possible.He has also asked you to design a program to inform both bu siness and nonbusiness potential passengers of this new commitment. Be as specific as possible in your recommendations. First, the company should let everyone know that there have been changes in the administration. By sending email to our customers could be a good way to do it. After a period in which the company had bad times, letting customers and investors know about the changes can bring their confidence back and consequently many customers would start flying with us.Second, we could create a program (perhaps a phone number) where customers can make complaints and propose new ideas. Confidence is everything. We get to get our customers confidence back. Emailing people cost nothing. That is a cheap and easy way to get customers to know about the change. Emailing people does not take so much time either, and, therefore, we got a combination of non-cost and few time spent on this new advertisement. By letting customers know about this new commitment, the company can expect an incr ease on sales because of the return of many unhappy customers who are going to be waiting for a better service.In order to get the expected better service, we get to listen to our customers’ complaints and suggestions. A phone number where people could leave messages or talk to a representative would be a great way to get it done. It is another cheap program that would get the confidence of our customers back. These two ideas will bring the company more customers since they would be excited with the new manager’s ideas. This will also cause a higher profit for Continental Airlines in a short period of time without spending a lot of money.

British and American Press

5. British and American Press Nearly 80% of all households in Britain buy a copy of one of the main national papers every day – the British are the third biggest newspaper readers. Newspaper publications are dominated by the national press. Non-national, local and regional papers, with significant circulations are published mostly in the evenings, when they don’t compete with national ones. â€Å"The Sunday papers† are mostly national, they sell slightly more copies and thicker.British â€Å"paper round† is organized to provide people with their morning papers delivered to their door by a teenager who gets up at around half-past five every day in order to earn a it of extra pocket money. There are 2 types of national papers: â€Å"broadsheets† or â€Å"quality papers† cater for the better educated readers, and â€Å"tabloids† sell to a much larger readership with more pictures than print. Broadsheets devote much space to politics and à ¢â‚¬Å"serious topics†, they are twice as large as tabloids which concentrate on â€Å"human interest stories† like sex and scandal and cover it in a simpler style of English.None of the big national newspaper â€Å"belongs† to a political party. However each paper has an idea of what kind of reader it is appealing and has a fairly predictable political outlook. If you go into any well-stocked newsagent’s in Britain, you will find rows and rows of magazines catering for almost every imaginable taste and specializing in almost every imaginable pastime. Among these publications there are a few weeklies dealing with news and current affairs, and they manage to achieve a circulation of more than a hundred thousand.The most influential British daily paper is THE TIMES. It was founded by John Walter in 1785 as THE DAILY UNIVERSAL REGISTER, then renamed THE TIMES in 1788. Was also called as THUDERER for its formidable editorials (was the 1st paper to employ foreig n correspondents). Its prestige raised due to marketing slogan TOP PEOPLE READ THE TIMES. Now is owned by the international press magnate Rupert Murdoch. Its published in London with a circulation of almost 450  000. American Press. Newspapers have declined in their influence and penetration into American households over the years.The U. S. does not have a national paper. Although the Times' primary audience has always been the people of New York City, the New York Times has gradually become the dominant national â€Å"newspaper of record. † With very few exceptions, all the newspapers in the U. S. are privately owned, either by large chains such as  Gannett  or  McClatchy, which own dozens or even hundreds of newspapers; by small chains that own a handful of papers; or in a situation that is increasingly rare, by individuals or families.Most general-purpose newspapers are either being printed one time a week, usually on Thursday or Friday, or are printed daily. Weekl y newspapers tend to have much smaller circulation and are more prevalent in rural communities or small towns. Major cities often have â€Å"alternative weeklies† to complement the mainstream daily paper(s), for example, New York City's  Village Voice  or Los Angeles'  L. A. Weekly, to name two of the best-known.Major cities may also support a local business journal, trade papers relating to local industries, and papers for local ethnic and social groups. Probably due to competition from other media, the number of daily newspapers in the U. S. has declined over the past half-centuryIn particular, the number of evening newspapers has fallen by almost one-half since 1970, while the number of morning editions and Sunday editions has grown.

Discuss how mechanical engineering has helped the human race to Assignment

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Media Analysis - Essay Example The discussion will also connect cultural norms pertaining to sexually explicit materials and the public utilization of it. The infringement of human dignity will also be explicate, and lastly, the conclusion. Numerous commercials today are penetrating the world of television, especially in the United States. Representations are often instilled with amatory fantasies and desires (D’Emilio & Freedman, 1989, as cited in Gould, 1994, p. 73). Nevertheless, such representations are consistently facing manifold accusations of contesting the ethics and morality of humanity in which most of them come from the Americans (D’Emilio & Freedman, 1989, Foucault 1990, as cited in Gould, 1994, p. 73). This concern in advertising has been dubbed by Boddewyn (1991) as a â€Å"soft tissue,† which has the foundation of being subjective and community generated roots and values (as cited in Gould, 1994, p. 73). Furthermore, there are many forms of sexual appeals that may be perceived differently from other perspectives. The publicity of lewd materials should consider the potential feedback of the populace. Sexual appeals present in commercials are of manifold classifications and may comprise various factors. This can be made through the utilization of gorgeous models that would portray different levels of bareness and implications (Severn, Belch, & Belch, 1990, as cited in Gould, 1994, p. 73). These visual attractions are sometimes incorporated with verbal factors (Severn et al., 1990, as cited in Gould, 1994, p. 73) and other factors, such as sounds and scents. Deliberation should be done in order to stipulate on terms specifying the TV commercial if it may depict unethical or ethical concerns in the perspectives of the public (Richins, 1991, as cited in Gould, 1994, pp. 73-74). Also, such measures should be implemented because the commercial should receive positive recognition from the p ublic (Gould, 1994, pp. 73-74). However, even if there

The ring - difference between western movies and eastern movies Essay

The ring - difference between western movies and eastern movies - Essay Example However, this has not stopped film industries, the world over, from remaking some of the famous films that once belonged to other cultures (Waseda 173). This paper will examine one such film, and bring out the relative differences between the cultures represented in both cases. In every film, and depending on where it comes from, there are different roles exhibited by every character. It is the producer’s/director’s task to identify these roles and place them in the film. Different cinematic beliefs exist in the film industry, and they assist in determining how every individual relates to the film being produced. Individual behavior and disparities in marriage unions may also be impacted by the manner in which these films capture the audience (Waseda 174). It is, therefore, fair to say that remaking a film that was based in another region may take time before it is fully accepted by the original owners. The Ring, a film that was originally produced and directed in the h eart of the Japanese culture, had a remake from the American film industry based in Hollywood, USA. It is a well-known fact that Japanese films are often done for domestic purposes, and do not have outside sales except for festivals. They are often rich in Japanese culture, history, and mindset. ... Hollywood, due to its American and international reach, may make the film a box office success. Japanese horror films are not the first to be raided by the Western film kings. In the recent past, French classics have also had the same problem as America made remakes of some of their films. American remakes threaten to take away any foreign influence that comes with their films. This is to display dominance over their counterparts who came up with the idea in the first place. The American content that is often displayed in these remakes is done with the aim of eliminating any native content that might have been present in the original film (Waseda 182). The national identities and integrity of different regions are being stolen through these remakes as times go by, and it is through advancement in technology that individuals are getting to realize how this is happening. Going back to the earlier mentioned film, The Ring, it is clear to see that in the Japanese culture, the fear, stren gth, and understanding of the supernatural is more ingrained. This is more than in some cultures, especially the American culture. So where or how did the adaptation of the film make its way to the western screen, and how well did it fit in with the audience? In the original film, the culture and spiritualization of the Japanese people was brought out in the film. However, in the Western adaptation, some of these elements were not present. This is because they do not take these spiritual and supernatural matters as seriously as other cultures. The western adaptation had a few cinematic elements than the original version because it was required to attract an American and global audience (Waseda 184). They, therefore, tried to make it more materialistic. In the

Indian Culture Essay Example for Free

Indian Culture Essay Welcome to our guide to India. This is useful for anyone researching Indian culture, customs, values and wanting to understand the people better. You may be going to India on business, for a visit or even hosting Indiancolleagues or clients in your own country. Remember this is only a very basic level introduction and is not meant to stereotype all Indian people you may meet! Facts and Statistics Location: Southern Asia, bordering Bangladesh 4,053 km, Bhutan 605 km, Burma1,463 km, China 3,380 km, Nepal 1,690 km, Pakistan 2,912 km Capital: New Delhi Climate: varies from tropical monsoon in south to temperate in north Population: 1,065,070,607 (July 2004 est. ) Ethnic Make-up: Indo-Aryan 72%, Dravidian 25%, Mongoloid and other 3% (2000) Religions: Hindu 81.3%, Muslim 12%, Christian 2.3%, Sikh 1.9%, other groups including Buddhist , Jain, Parsi 2.5% (2000) Government: Federal Republic Languages in India The different states of India have different official languages, some of them not recognized by the central government. Some states have more then one official language. Bihar in east India has three official languages Hindi , Urdu and Bengali which are all recognized by the central government. But Sikkim, also in east India, has four official languages of which only Nepali is recognized by the central government. Besides the languages officially recognized by central or state governments, there are other languageswhich dont have this recognition and their speakers are running political struggles to get this recognition. Central government decided that Hindi was to be the official language of India and therefore it also has the status of official language in the states. Travelling to India? Why not learn some useful Hindi phrases ? Indian Society Culture Hierarchy The influences of Hinduism and the tradition of the caste system have created a culture that emphasizes established hierarchical relationships. Indians are always conscious of social order and their status relative to other people, be they family, friends, or strangers. All relationships involve hierarchies. In schools, teachers are called gurus and are viewed as the source of all knowledge. The patriarch, usually the father, is considered theleader of the family. The boss is seen as the source of ultimate responsibility in business. Every relationship has a clear- cut hierarchy that must be observed for the social order to be maintained. The Role of the Family People typically define themselves by the groups to which they belong rather than by their status as individuals. Someone is deemed to be affiliated to a specific state, region, city, family, career path, religion, etc. This group orientation stems from the close personal ties Indians maintain with their family, including the extended family. The extended family creates a myriad of interrelationships, rules, and structures. Along with these mutual obligations comes a deep-rooted trust among relatives. Just Cant Say No Indians do not like to express no, be it verbally or non- verbally. Rather than disappoint you, for example, by saying something isnt available, Indians will offer you the response that they think you want to hear. This behaviour should not be considered dishonest. An Indian would be considered terribly rude if he did not attempt to give a person what had been asked. Since they do not like to give negative answers, Indians may give an affirmative answer but be deliberately vague about any specific details. This will require you to look for non-verbal cues, such as a reluctance to commit to an actual time for a meeting or an enthusiastic response. Etiquette and Customs in India Meeting Etiquette Religion, education and social class all influence greetings in India. This is a hierarchical culture, so greet the eldest or most senior person first. When leaving a group, each person must be bid farewell individually.

Examine and analyse the impact of digital media Essay Example for Free

Examine and analyse the impact of digital media Essay Before examining the effect that Digital Media has on society and indeed western culture, we need to discover what the term Digital Media actually means Just what is it that distinguishes Digital Media from previous forms of combined media? It is the fact that the bits that represent text, sound, pictures, and so on can be treated as data by computer programs. A computer program is able to control the order in which various components are presented and combined, and can do so in response to input from a computer user. In other words, Digital Media can be interactive, in a way that, for example, a TV news bulletin is not, and that goes far beyond the simple control afforded by a VCR. Digital Media is a term used to describe any computer application that uses more than one type of output medium, such as text, graphics, video, animation or sound. Strictly speaking, the term media is the plural of medium, just as data is the plural of datum. Digital media has two states: Static and Dynamic. Static digital media are items, which do not have the capability to do something, move or react with the environment, for example, text and graphics. Dynamic digital media consists of audio, video and animation, which all have the ability to stream and play or move, i. e. do something dynamic. There are many areas of society that have been affected by Digital Media including education, commerce, communications, entertainment, among others, which are to be explored in this essay. When discussing education nowadays Digital Media is a vital ingredient not only in the learning of students but also as a teaching aid for tutors. In secondary schools and universities, Digital Media is always apparent in the classroom, lecture hall or laboratory. Digital multimedia teaching materials can be used to present information in more direct ways than traditional books and lessons. For example, film clips and original recordings of radio broadcasts can be integrated with a textual account of events leading up to the Second World War in a history lesson. Virtual Science lessons can take place, where equipment and materials are insufficient; students can work on a digitally mastered piece of software that allows the experiment to occur virtually. In both instances allow pupils to work at their own pace and indeed pursue individual interests they may have. An example of how teaching has been affected by Digital Media is Computer Aided Learning (CAL). CAL commonly uses CD-based digital and multimedia systems for delivering staged lessons and for testing learning. Individual records of progress can be stored on hard disks. Many reference materials designed for browsing, such as encyclopaedias, are now designed in digital media format. Computer Aided Design (CAD) has also had a huge impact on the designing world. Garden designers and house invaders alike can now simply use Digital Media elements to create a life-like 3-Dimensional garden or room. This has allowed CAD to take off and now is commonly used as a norm for such designers. As with the virtual science experiments in schools, Digital Media can be used to produce interactive stimulations of equipment and procedures, in cases where it could be expensive and in some cases hazardous to use the real thing for training. The social impact of Digital Media on education speaks for itself (literally) if students knew less now than their historical counterparts because of the impact of digital forms of educational media, the state of the health of the nations academic benchmarks such as University Challenge would have dumbed-down noticeably. This has not been the case at all; in fact more points are now gained than ever before. Digital Media has a contrasting impact on commerce to that of education. Much of the material used in business is produced for a specific company or client, often in-house. Ebay is the most recognised and most used commercial machine ever, Digital Media has allowed this to happen. Ebay works like a virtual auction, where the public view an image of the item for sale and bid for it. Without Digital Media Ebay would not exist, digitally crafted images have a huge impact on the consumer market, without a well-captured image of the product, customers will not bid. It would be like roulette, you would not know what you are going to get! Digital Multimedia is also extensively used in sales presentations and promotions; for example, computers on sale in a show room often run high quality graphic media to show off their capabilities, and web pages often function as catalogues or brochures. Graphic designers are able now with the use of Digital Media applications are able to create electronic versions of their portfolio. An electronic portfolio can be inexpensively duplicated onto CD-ROM and sent to potential clients, or even posted on a web site as an online virtual exhibition. This is not only the case for graphic designers but also the general trend for documentation is electronic-books or e-books. This move from a hard copy to digital format has provided the opportunity to make use of Digital Media elements such as video clips, animation and images to explain thoroughly and supplement the text. Kiosks are a further of example of Digital Media making and impact on society. Kiosks are used to provide information in public places such as museums, train stations and airports. They are usually using digital touch-screen technology. These kiosks have enabled the general public and in-particular tourists to have access to essential information at their fingertips, literally. Kiosks do have to be robust to withstand frequent use, and occasional misuse, by the general public. An example of where kiosks have had a considerable impact on society is in Toronto, where digital kiosks have been installed in shopping malls, which allow people to pay local taxes and court fines. Digital Media has allowed communications such as teleconferencing to take place. With use of a Wide-area network, including the Internet, online meetings can be carried out in real-time with the use of video and live sound. This technology can cut the considerable costs and time of travelling to meet people face-to-face. Space Invaders was the first video game to change the habits of people on a national scale. Every pub, bar and club had games machines making money spawned whole industry of games manufacturers and the hardware to go with them so jumpers for goalposts was out and Super Mario was in. Whole generations altered their learning streams and we all became soundbite-oriented. Youngsters today probably will only know about the D-Day landings from playing games like Medal of Honour. No one reads a book anymore is the cry from parental bodies and school governors (but its not true witness the meteoric success of JK Rowlings Harry Potter series for one). Actually what is the difference between digitally streaming a novel through headphones or ear buds to the reader and opening the paper pages of a book? One is more eco-friendly than the other, thats all. Some argue that literacy is a major issue, but surveys show that literacy rates have never been healthier. Old fashioned values are having to adapt the romance attached to old format books and magazines is equitable with that between vinyl L. P. s and MP3 format music files. There are still music aficionados who actually prefer the surface noise produced by a stylus on a record to the silence of Dolby-enhanced CDs Most computer games exploit digital media techniques to the fullest. Indeed, it has been this sector of the IT industry, which has led the way in developing compression and other techniques to get around the inherent limitations of the hardware and communication devices.

Marketing Plan and Strategy for Online Company

Marketing Plan and Strategy for Online Company The marketing plan explains the creation of an on line T-shirt Company by the name of The T-shirt. It explains on what grounds the company is made and the tactics to run the business. The situational analysis explains the background of the business. The marketing plan explains how the product will be made acceptable by the audience and the methods of awareness that will used to make the product know to the market in Karachi, Pakistan. It also explains the ways that will help the product to capture the market in lesser time period. The total amount for initiating the business is $100,700/= (I need about 40,000 pounds investment)- this amount is apprx 63000 in pound, please let me know if we have to only consider the exact amount of 40,000 punds. Kindly confirm this so that we have to change the change our costing sheet. The T-shirt Companys ( the name of the company is T-Shirt company mission is to offer far above the ground superiority t-shirts to target audiences with a plan to expa nd in future moving into further product categories. It has been anticipated that the business will grow in the coming three years with gradual increases in the revenues. (And also try to set a target market like Pakistan, dubai etc, because we cant serve whole world there are different rates like currency and postage rates which will confuse us,so it is imposible to serve whole world)- Karachi is mentioned in the report now 1. SITUATIONAL ANALYSIS The availability of internet makes it incredibly easy to instigate an apparel Web site comparatively promptly. The initiative to start the business will start with the assembly of an internet based on line shop for the propagation and the development of the business. Similar to a physical, bricks-and-mortar T-shirt business, the establishment of the company is backed by research and planning for future penetration and to capture market in less time (Woerndl 2007). The online company by the name of The T-shirt Company is an innovative and exciting business that will help the customers to wear a designed- shirt of their own choice based in Karachi, Pakistan. The business will be aided by latest computer technology to help in customized printing o T-shirts in small bulks. This online company will accept orders from anywhere at any time. The option to choose the material, style and design will be always there. The front and back designing can be chosen by the customer. Hence the customer can express himself ultimately. The T-shirt with the customized designs will help a person the inner feeling of be a fanatic or a sportsman or a musician or the customer can feel the celebrity feeling by wearing a T-shirt having a picture of a celebrity imprinted on it. The T-shirt may be imprinted with a social message or a causative clause to capture the attraction of others (Urban 2004). 1.1 Marketing and Brand Strategy The company will provide a number of options for the T-shirt wearers. The business is solely meant for T-shirt ordering. The T-shirt Company will have ties with printing companies to utilize their printer sublimation technology. This will help in developing a computer image to be applied to a shirt in a high quality, high resolution, and economically feasible manner. The use of this technology will help the customer to use the shirt for a longer period of time with out any tension of the print to be washed away. The sublimation technology is cost efficient enough to offer customers the ability to order just one unit. The customer may choose from a wide-ranging collection of accessible imagery, provide their own image, or have an artist generate a representation for them (Ackerberg 2001). Marketing Sales Strategy The sales strategy will make putting the order to The T-shirt Company a pleasing experience. The sales team will continuously work for the website since it is the main portal for the purpose of ordering. The sales will work on the persistent development of the website which is considered as the main instrument used for ordering. Similarly, the website will be user friendly since it will be the direct source to come in contact with the customer. It is necessary since all the choices for the customer are available on the web portal. The sales will be performed directly on this portal. The directions for the usage of the site will be easy to understand so that the customer will not get frustrated. It will be important to have a responsive, comprehensible web interface for two major reasons. First, there are so numerous choices accessible that it could turn into daunting to the patron and the second reason is that a large segment of sales will be positioned on the website. It is essentia l to create it so uncomplicated that people dont impede part way throughout ordering process due to cumbersome (Cateora and Graham 2007). The T-shirt will also incorporate the following techniques for boosting the sales. The priority is extraordinary customer service. The second technique is to fulfill the order giving the customer a feeling of furnished product and giving the customer a sense that the business is meant for the customer. Sales can be enhanced by providing high quality products (The Finance Resource 2010). Competitive Edge The T-shirt Company has following dominant competitive advantages. The strategic partnerships with companies that have existing graphic image libraries, The T-shirt Company is able to offer an extraordinary number of options. Other competitors costs proscribe printing custom shirts in one-off manufacturing runs while the T-shirt Company offers single item order (Gauzente and Ranchhod 2002). The T-shirt Company is a unique online T-shirt company that offers a wide range of customized products. It uses the sublimation process to put the prints on the fabric of T-shirts. This is a cost effective method since the T-shirt Company offers the option of small production runs. The use of recent technology has made the use of sublimation process cost efficient (Eighmey 1997). As specified and prà ©cised by the name, there will mainly be an emphasis on T-shirts. Organic fabrics, Long sleeves, Short sleeves and a variety of styles will also be offered (The Finance Resource 2010). Corporate strategy The corporate strategy of The T-shirts Company focuses its customers and peers keeping in view the idea to bring innovation and style in the world of T-shirt market. Build connection with consumers Bring affordable products with the demand the customers Make our online company a competitive advantage, through regulation and distinction Speed up growth through focused implementation The corporate strategy is meant to leverage the brand strategy (Johnson 1998). Brand Strategy Our brand reflects youth and style hence the tag line will be Wear the style with comfort. This reflects an impact of the target audience that is youth goes for style while adults prefer comfort (Greenwald, Anthony and Leavitt 1984). The brand strategy of The T-shirt Company is Brand Extension. Brand extension means coming up with a new product line along with the existing one. Initially we will emphasis on our core product that is the T-shirts. With the passage of time as the profitability of the current product increases we will go into line extension that is the manufacturing of other shirts for casual and formal wear (The Finance Resource 2010). Marketing and Brand Communication Our imaginative approaches guarantee engagement, and an occupied, considerate audience will be far more approachable to our message. We can create a communications strategy to maximize the impact, by communicating with your audience prior to, and following to any marketing event. All pre-event communication will be created in-brand our website, and other media methods we are adopting. This will build up expectation. All tactics designed to enhance the brand (Laroche, Michel, Zhou and Kim 1996). 2. MARKETING AND BRAND OBJECTIVES 2.1 Marketing and Brand Objectives Brand forms the foundation of a marketing activity and Brand plays the biggest role in creating space in the minds of a customer. The strength of the brand is critical to our companys long-term business health and profits (Griffin and Pustay 2009). The utmost objective of The T-shirt Company is to make The T-shirt preferred brand among the target audience (Greenwald, Anthony and Leavitt 1984). The brand will reflect the Recognition among the competitors Targeting the audiences so as to capture Attaining a number of new clients in the next year Positioning the brand as an industry leader in the next five months Employ a local promotion with the Companys targeted audience through the use of newspaper advertisements, flyers and word of mouth promotion and internet blogs. Develop the websites to fully attain the attention of the customers who are the ultimate people to be served (Woerndl 2007). The power of our brand lies in its ability to focus on its target audiences as the specificity of the products full supports to the brand. The objective of our brand is to gain customer loyalty in order to incline the customer to come for repeat purchases. The brand development clause will be incorporated in the corporate strategy to strengthen the impact for brand in future development (Jagdish and Sheth 1971). 3. MARKETING AND BRAND STRATEGY 3.1 Market Analysis Summary The T-shirt Company has segmented this market into two groups. The first target group is one who prefers already made designs. The second group prefers the customized designs. The basis of segmentation is again based on the demographic of the buyers as there are two separate groups of buyers (Laroche, Michel, Zhou and Kim 1996). 3.2 Market Segmentation The market has been segmented into two groups on the basis of the following two characters. By product type Age group 3.3 Target Market Segment Strategy The T-shirt Company has selected two market segments i.e. follow demographic segmentation and the second is based on Psychographic segmentation. The reason is that the customers will chose according to their lifestyle (Ackerberg 2001). 3.4 Business Analysis The T-shirt industry is brick and mortar based. This business is mostly niche but The T-shirt Company is meant to cater to the general market. Most of the associate in the industry fall into two major categories which include those that sell to individuals and secondly those that vend in multi-unit production (Brister 1991). 3.5 Competition The T-shirt will face local as well as international brand competition. Along with the online competitors brick and mortar competition is also prevailing in the market. Large numbers of companies are involved in computer based techniques to cut costs. The T-shirt Company is able to influence proprietary expertise as an aggressive edge to produce much higher quality computer sublimation (Gauzente and Ranchhod 2002). 3.6 Promotion Strategy We will adopt the push strategy making use of a companys sales force and trade endorsement activities to create consumer demand for a product (Laroche, Michel, Zhou and Kim 1996), 3.7 Price and pricing strategy The per unit price of each item i.e. one t-shirt is $ 20 which is very competitive as compared to the market. The price charged for products and services is set synthetically low in order to gain market share. Once this is achieved, the price will be increased. This approach will help in attaining the market share initially (Johnson 1998). 3.8 Strategy and Implementation Summary The T-shirt Company will influence its two competitive edges on rivals to quickly grasp and gain market share. These two competitive edges are wide range of graphic designs and the cost efficiency of the technology. Student groups and Youth events will be targeted. The same way, the sales campaign will attract the customers through word of mouth referrals (The Finance Resource 2010). Here you just define the things but you didnt explained what our company will do. I think if you read the details properly, you can find the proper procedure regarding the companys working 4. ACTION PROGRAM 4.1 Market Segmentation The market has been segmented into two groups on the basis of the following two characters. Market will be segmented on customer age basis. Ages 12-25 will be in more focus Market will be segmented on the basis of students because students will be our main customer Segmented to all those customer earning accumulative $ 8000 The marketing campaign will emphasize to promote the online shop as giving the customer a customized product (The Finance Resource 2010). There are few of the tactics to inform the customers about the venue of the product .The message can be spread as follows. 4.2 Promotion through Events Different events will be sponsored which includes sports events and music festivals along with the innovative kind of tremendous sporting events as a means of growing visibility. 4.3 Promotion through Kiosk The store will have a computer kiosk for customers to access the design book. The customer can then put the order online or take the information to a worker to place the order (The Finance Resource 2010). 4.4 Promotion through Student groups The T-shirt Company will involve student groups to actively participate in increasing the awareness about the product. The demographic and psychographic both factors will be visible in this tactic. 4.5 Product The major product is the t-shirts which will be promoted to the customers through the above mentioned media. 4.6 Logo Creation Our company will choose a logo for its branding. The logo will be source of recognition for the company since the emblem comes to the mind of the audiences. 4.7 Sales Forecast and sales Action plan The sales output will be conservative in the first year in order to fulfill the set targets. The sales forecast will be divided on the basis of the two factors that graphic design and the product type. The sales will be performed directly on the website portal. The directions for the usage of the site will be easy to understand so that the customer will not get frustrated (Urban 2004). The T-shirt will also incorporate the techniques for boosting the sales. The priority is extraordinary customer service. The second technique is to fulfill the order giving the customer a feeling of furnished product and giving the customer a sense that the business is meant for the customer. Sales can be enhanced by providing high quality products. 4.8 Website Optimization The website will be essential in The T-shirt company marketing effort is a key sales tool for both distant and customers. The access address will be used in promotional material and by heartening people to explore the company products. Good quality promotional t-shirts T-shirts printed with your logo or message. Branding is all done by sprinting. Graphics approves through e-mail. No hidden charges Free delivery to customers (I noticed you are giving references in every paragraph, but this is the plan in which we have to write our own company plan, so there should be more words(plan or strategies) from our side) You are absolutely right but This is the same way we asked you in HR assignment if you remember.. but we were asked to insert the reference in every part of the assignment 4.9 Market Audit The audit will include psychoanalysis of the companys marketing strategy, marketing association and marketing efficiency. It must be organized in order to give concrete conclusions based on the analysis. To make certain impartiality, this market audit is best done by a department, person or organization that is independent and is away of the marketing program. Marketing audits must not to be done when the value of a current marketing plan of a company is in problem; it has to be done sporadically to isolate and resolve problems prior to they arise. Marketing audit will be held in case if the existing marketing plan fails to operate effectively. The audit will be run accordingly to solve the problems in advance. It means that marketing audit will help the company in gauging its profitability and effectiveness (Xiaofen and Yiling 2009). The company will actively look, make possible, and give confidence for feedback, both encouraging and pessimistic by creating friendly and omnipresence of complaint and suggestion systems (Woerndl 2007). 4.10 Management Our influential online entrusted management system can make possible all communication; this includes organization of enticement and registrations, ensuring all delegate necessities are met 5. PROJECTED PROFIT AND LOSS STATEMENT 5.1 Financial Look Up The sales forecast is sensibly conservative so that goals will be attainable. Sales will be slow at the start, a function of the fact that The T-Shirt Company is just a start up organization and it will get time to build an ample foundation. The total budget we assume $100,700/- approx here we take assumption of increase in sale and percentage of taxes and interest rates. 5.2 Assumptions Percentage Increase in Sale 147% Percentage Cost Of Sale 147% Inflation Rate 21% Increase in Rent per Year 10% Payroll Tax 15% Interest on Debt 10% Tax Rate 30% Total Equity 25200 Total Debt 75500 5.3 Sensitivity Analysis The company can also faces any declines in terms of revenues in economic downtown and our product which basically considered as a non-essential item and therefore company can also faces any issues in profitability and income due economic recession. So considering the fact Company has to pay attention and focus on the sales and the profits earning should remain same or even better in any economic stage (The Finance Resource 2010). 5.4 Income Statement Year 1 Year 2 $ $ Sales 117882 291169 Direct cost of sale 58941 145584 Other Cost of Goods 0 0 Total Cost of Sale 58941 145584 Gross Margin 58941 145584 Percentage of Gross Margin 50% 50% Expenses Payroll 68400 82764 Sales, Marketing and other Expenses 2500 3025 Depreciation 996 996 Rent 11000 12100 Utilities 3300 3993 Insurance 3000 3630 Payroll Taxes 10260 11799 Total Operating Expenses 99456 118307 Profit Before Interest and Expenses -40515 27277.27 EBITDA -39519 28273.27 Interest Expense 6045 5700 Taxes Incurred 0 5743 Net Profit -46560 15834.27 Net Profit/Sale -39% (set it at -25%) 5%(this is ok) Note: 1$ = Rs. 85 (PKR) 6. CONTROL METHODS The control method comprises of the following efficiency calculating techniques. 6.1 Sales Analysis Monthly sales forecast and the target meted will be matched to find the accuracy of the promotional campaign .It will help in comparing the sales target and the discrepancies (Urban 2004). 6.2 Market-share analysis Market share will be analyzed keeping in view the sales of other competitors (Gauzente and Ranchhod 2002). 6.3 Expense-to-sales analysis It will clearly demonstrate the range of costs that are explicit and implicit of achieving the company sales target (The Finance Resource 2010). 6.4 Financial analysis Strict financial accountability will exist. It will calculate various performance ratios such as profit margin, Expense-to-sales analysis, sales to assets and profits to worth (Cateora and Graham 2007). 6.5 Customer satisfaction It is the eventual pointer of tracking goal accomplishment. Recurrent satisfaction and customer constancy surveys should form an essential part of any marketing drive (Gauzente and Ranchhod 2002). 6.6 Profitability control There is no point in extravagant limited resources on marketing efforts that guarantee nothing except name appreciation. The company will focus and check what products and consumer groups give in the most profits and assessment of running campaigns (Cateora and Graham 2007). 6.7 Efficiency control The local picture is important. The company will scrutinize if there are any divergence between the feedback of consumer types and various market niches (Brister 1991). 6.8 Strategic control The accompaniment of effectiveness control is tactical control. It counts for the overall and long-term marketing plan: It will clearly bring to the front the weaknesses, and market opportunities (Gauzente and Ranchhod 2002). 6.9 Marketing audit The marketing audit is the raw matter for the tactical control. It will ensure that the marketing plan highlight the companys strengths that are well-matched with shifting market reaction, events, fashions, predilection, needs, and precedence of consumers (Cateora and Graham 2007).

Lewis Carroll Essay -- Lewis Carroll Biography Biographies Essays

Lewis Carroll Lewis Carroll is a well known and talked about author, whose writings have stirred up much controversy. His work has inspired ballot, puppet shows, and even music videos. (Vink). Lewis Carroll is an outstanding English writer because of his background, his position in English literature, and his many works, such as his novel, â€Å"Alice’s Adventures in Wonderland.† â€Å"‘Lewis Carroll,’ as he was to become known, was born on January 27, 1832 (Leach 1). He was raised on a parsonage that was located in the middle of a cornfield. The family even raised livestock to supplement their income. Carroll was the oldest of four boys and seven girls. He referred to his mother as â€Å"‘one of the sweetest and gentlest women that ever lived,’ and was notable for the energy with which she ran the household.† ( Carpenter and Prichard 97). She taught all her children at home while they were young. His father was an ordained priest. It was in 1843 when Carroll was eleven, the family moved to Yorkshire. This was a much more lucrative living arrangement; in fact, the house was â€Å"... so big that Mr. Dodgson was able to find room on the grounds for a school holding about [sixty] children† (97). At twelve, Carroll was sent to grammar school at Richmond where he was happy and hard- working. However, two years later he was sent on to a small private school at Rugby, where he was apparently bullied. Something he wrote a few years later aroused the suspicion that he may have suffered from some form of sexual abuse while at Rugby, but this is only a speculation. â€Å"He left Rugby at the end of 1849 and ...went on in January 1851 to Oxford: to his father’s old college, Christ Church† (Leach 2). After only two days, he had to return home because â€Å"his mother had died of ‘Inflammation of the Brain’– perhaps meningitis or a stroke – at the age of forty- seven† (2) This did not seem to distract Carroll much or if it did it did not show, for he returned right back to Oxford where â€Å"the following year he achieved a first in Honour Moderations, and was nominated to a Studentship (2). He later won the Christ Church Mathematical Lectureship that he held for twenty-six years. â€Å"The income was good but the work bored him† (2). â€Å"He became deacon of the Church of England in 1861 but chose not to go further† ( Bla... ...e in which many pages from his diary were missing. Years later after Alice was married, Carroll sent her a letter that read, â€Å"I’ve had scores of child friends but they have been quite a different thing† (Vink). It was six years after Carroll wrote Alice’s Adventures in Wonderland that he decided to write the sequel to it called Through the Looking Glass. â€Å"The story was based on a chess game which is believed by some that is represents Alice becoming as adult and when Alice wins the chess game, Carroll loses Alice† (Vink). Without a doubt, Lewis Carroll is truly an outstanding English writer as a result of his background, his position in English literature, and his many writings, including his novel, â€Å"Alice’s Adventures in Wonderland.† One critic had this to say about Lewis Carroll: He had a knack for being able to make the oldest person feel as if he/she was seven and a half, and following a rabbit, or any other animal that people think of when they see, or hear the words, â€Å"Alice’s Adventures in Wonderland.† What they do not think of are the oddities Lewis Carroll put so much thought into while writing the book (www.studyworld.com).

The Giraffe: Big and Beautiful :: Informative Essays

The Giraffe-big and Beautiful Ever wonder about the different animals around the world? Ever wonder about their behaviors and features? This all has to do with zoology. Zoology is defined as the branch of biology devoted to the animals. Zoology can be viewed as a series of efforts to analyze and classify animals. Zoology basically explains everything having to do with the entire animal population. Zoology in an important field in the science world because it helps to explain all the different studies of animals. One important and what I feel is the greatest animal studied in zoology is the giraffe also known as Giraffa camelopardalis. The giraffe is the tallest animal averaging seventeen feet. Giraffes usually weigh about 2,500 lbs. Giraffes along with their extremely tall bodies have tongues usually fifteen inches long. Both sexes have two or four short, blunt, skin-covered horns. The coat has chestnut brown blotches against a brown background, markings that blend with the many different trees. As a giraffe ages, its color grows a darker brown. Each animal has a unique set of markings. Giraffes have keen sense of smell, seeing, and fantastic eyesight. A giraffe’s lifespan is up to twenty-six years in the wild and thirty-six years in captivity. Giraffes live on dry savannas and open woodland. They range south in the Sahara and in large numbers only in East Africa. Giraffes are herbivores, they eat mainly on leaves from acacia, mimosa, and wild apricot trees. Scientists have discovered many interesting facts about giraffes. One fact is that giraffes may have existed during the Quaternary period. This period is the division of geologic time in the Cenozoic period. Evidence has been found that the Sahara was occupied by giraffes and other land-grazing animals, during the later part of this time period. Scientists have found fossils and many other evidence that as soon as the dinosaurs disappeared, mammals like the giraffe appeared. Along with these interesting facts, scientists have discovered the giraffe’s different techniques for communication. Chemical communication is a powerful tool, particularly for ensuring reproduction, marking territory, and alerting prey against predators. A male giraffe, for instance, determines the best time to mate by nudging the female until she urinates and then checking the odor to determine if she is fertile. Communication is important among giraffes because it helps them to gather for good, care for their young, and mate. Most commonly, animal communication occurs between animals of the same species. The Giraffe: Big and Beautiful :: Informative Essays The Giraffe-big and Beautiful Ever wonder about the different animals around the world? Ever wonder about their behaviors and features? This all has to do with zoology. Zoology is defined as the branch of biology devoted to the animals. Zoology can be viewed as a series of efforts to analyze and classify animals. Zoology basically explains everything having to do with the entire animal population. Zoology in an important field in the science world because it helps to explain all the different studies of animals. One important and what I feel is the greatest animal studied in zoology is the giraffe also known as Giraffa camelopardalis. The giraffe is the tallest animal averaging seventeen feet. Giraffes usually weigh about 2,500 lbs. Giraffes along with their extremely tall bodies have tongues usually fifteen inches long. Both sexes have two or four short, blunt, skin-covered horns. The coat has chestnut brown blotches against a brown background, markings that blend with the many different trees. As a giraffe ages, its color grows a darker brown. Each animal has a unique set of markings. Giraffes have keen sense of smell, seeing, and fantastic eyesight. A giraffe’s lifespan is up to twenty-six years in the wild and thirty-six years in captivity. Giraffes live on dry savannas and open woodland. They range south in the Sahara and in large numbers only in East Africa. Giraffes are herbivores, they eat mainly on leaves from acacia, mimosa, and wild apricot trees. Scientists have discovered many interesting facts about giraffes. One fact is that giraffes may have existed during the Quaternary period. This period is the division of geologic time in the Cenozoic period. Evidence has been found that the Sahara was occupied by giraffes and other land-grazing animals, during the later part of this time period. Scientists have found fossils and many other evidence that as soon as the dinosaurs disappeared, mammals like the giraffe appeared. Along with these interesting facts, scientists have discovered the giraffe’s different techniques for communication. Chemical communication is a powerful tool, particularly for ensuring reproduction, marking territory, and alerting prey against predators. A male giraffe, for instance, determines the best time to mate by nudging the female until she urinates and then checking the odor to determine if she is fertile. Communication is important among giraffes because it helps them to gather for good, care for their young, and mate. Most commonly, animal communication occurs between animals of the same species.

A.P.J. Abdul Kalam Essay

Dr. avul Pakir Jainulabdeen abdul kalam was born on 15th october , 1931 at Dhanushkodi in Rameshwaram district of Tamilnadu. He did his secondary education at schwartz high school in Ramanathapuram ,B. Sc. at St . Josephs college ,Tiruchi and DMIT in Aeronautical Enginerring at the MIT^,Madras (chennai) during 1954 – 57. After passing out as a graduate aeronautical engineer Kalam joined ( Hindustan Aeronautics Limited) Banglore as a trainee , and later joined as a Techincal assistant in the directorate of Technical Development and Production of the Ministry of defence. In1960’s kalam joined the Vikram Sarabhai Space Research center at Thumba in Kerala . he played a major role in developing the first indigenous satellite – launched vehicle . in 1982,he rejoined DRDO as director and conceived the integrated Guided MIssile Development programme (IGMDP) for five indigenous missiles : Nag Prithvi ,Akash, Trishul ,AGNI. Dr. APJ. Abdul kalam has established an advance technology research center called ‘Research Center Imarat’ to undertake development in futuristic missile technology areas . t was perhaps the most satisfying achivenent for Kalam during the missile years. Dr. Kalam has also servd as Principal Scientific Advisdor to the government of india during 25th novenber 1999-10 November 2001. Later , hequit the job and took over the job as distinguished professor at Anna University . on july 25,2002 , Dr . A. P. J Abdul Kalam was sw2orn in as the 12th president of india by chif Justice of India Shri B. N.  Kirpal in central hall of parliment at an impressive function telecaste live across the parliment at an impressive function telecaste live across the country Dr . Kalam took the oath in the name of God as a 21 -gun salute boomed in the background. Dr. Kalam a bachelor is connoisseur of classicalcarnatic music . he plays veena in his leisure. He write poetry in tamil , his mother -tongue . seventeen of him poems were translated into English and published in 1994 as a book entitled â€Å"My journey†. He reads the quran and the Bhagavad Gita with equal devotion . he is also New Millenium , wings of Fire ; An Autobiography and ignited Minds . Dr. kalam is by no means a miracle man . His advice to the youngster of the nation is to â€Å"dream’ dream and convert these into thoughts and later into actions†. people Also to â€Å"think big. we are a nation of a billiuon people and we must thik like a nation of a billion people . only then can we become big. â€Å"

Oxford Brookes Bsc(Hons) in Applied Accounting (Acca)

PART IPROJECT OBJECTIVES AND OVERALL RESEARCH APPROACH 1. 0. 0 INTRODUCTION Business and financial performance in the tourism industry Tourism is now one of the largest industries in the world. According to the WTO, the export income generated by international tourism ranks fourth after fuels, chemicals, and automotive products. Furthermore, the WTO points out that, for many developing countries, tourism is one of the main income sources of foreign exchange, and creates much-needed employment and opportunities for economic development. The industry has also enjoyed staggering growth over the past six decades. ttp://www. qfinance. com The tourism industry is also a major contributor to Zimbabwe’s economy thus I chose to assess the performance of a company in this sector to obtain a clear picture of how the performance of a major player in such a sector would contribute to the economy. In the tourism industry business and financial performance is highly dependent on the politica l factors of the host country. Political stability and good international relations are important for the growth of firms in the tourism industry as tourists only go to places where they feel safe and protected. Spending on tourism and hotels is also closely related to the economic cycle. Certainly, spending on leisure activities such as holidays tends to be one of the first things that consumers cut back in times of economic hardship. REASONS FOR CHOOSING RTG 1. 2. 1 Rainbow Tourism Group Background Rainbow Tourism Group was established in 1992, and is the second largest tourism group in Zimbabwe and a major player in Zimbabwe’s Tourism Industry. Listed on the Zimbabwe Stock exchange, the company has spread its wings into the regional markets through management contracts  and Strategic Alliances. In Zimbabwe, RTG operates  four brands namely, The Rainbow Towers, Rainbow Hotels  (three star city and resort hotels), Touch the wild (top of the range eco-tourism lodges offering unique safari experiences)  Ã‚   and Zimbabwe Tourism Services (a destination management services company that caters for travel arrangements). (www. rtg. co. zw) RTG has a good corporate governance struct ure and is the second largest tourism group in Zimbabwe the largest being Africansun RTG’s operating environment For the period 2007 to 2009 Zimbabwe’s business environment was extremely hostile, most businesses were closing down and the few lucky survivors were scaling down their operations massively. The economy was ranked the worst in the world and inflation at its peak was around 6. 5 quindecillionnovemdecillion percent (65 followed by 107 zeros) . Long term planning was impossible in the industry due to the political instability and bad publicity that the country received following violence surrounding the March 2008 presidential elections as well as cholera outbreaks affected tourist arrivals in 2008, thereby limiting any growth in the economy. The highest decrease in the number of tourist arrivals was reported from traditional source markets, such as the UK and the US. Http. //www. euromonitor. com/Zimbabwe The managed exchange rate and high inflation rate made budgeting difficult. The introduction of price controls by the government in the sector meant that RTG could not increase their prices in line with inflation as they were supposed to request for price increases first whereas their expenses were increasing therefore cutting down their profits unreasonably. The rampant shortage of basic commodities such as food and drinks increased costs as supply could not match demand it also meant that hotels and restaurants could not offer services to its customers and therefore a drop in revenues and standards of services. A high unemployment rate of about 94% and a shrinking economy also meant that the local customers had no disposable income as 98% of the population was living under the poverty datum line and had to cut back on leisure activities. The tourism sector also faced a crumbling air transport sector, with ramifications for the entire economy and the withdrawal of a number of reputable airlines, citing viability problems. Approximately 18 international airlines are reported to have left the country since the start of the economic crisis in the year 2000. Some of the airlines that pulled out of the Zimbabwe route were Zambian Airways, British Airways, Swissair, Lufthansa, KLM and Air France. High fuel prices, combined with political and economic turbulence, were the reasons cited for the withdrawals. Zimbabwe’s isolation was a major blow to the already ailing travel and tourism industry, which relies heavily on high-spending incoming tourists. (www. newzimbabwe. com) Purpose and objectives of the research The objective of this research is to find out how RTG’s business and financial performance over the three year period 2007 to 2009 contributed to Zimbabwe’s economy when it was in a massive economic recession and when foreign currency and jobs were needed most. RTG is a major player in the tourism sector which contributes a significant portion to the GDP of Zimbabwe therefore RTG’s business and financial performance was not only important to its shareholders but also to the whole economy. To achieve this objective the researcher will also establish the following: * To establish how RTG measures and assesses its performance. * To find out what strategies RTG adopted to meet its business and financial performance objectives. * To assess whether RTG’s business and financial performance was adequate to survive the economic crisis it was facing. The research aims to answer the following questions: What measures were used by RTG to assess the business and financial performance and were they adequate? * What were the strategies RTG used to achieve its business and financial objectives and were they adequate? * How did RTG perform compared to its main competitors? * How did RTG’s business and financial performance contribute to the economy of Zimbabwe? * Did RTG meet the expectations of all its stakeholders? * How can RTG improve its performance? Research approach The researcher used a case study approach employing both qualitative and quantitative techniques to evaluate the performance of RTG. This approach enabled the researcher to make a balanced assessment and to consider other stakeholder’s interests that might be difficult to measure quantitatively. To answer the above questions the researcher will use traditional techniques such asratio analysis and trend analysis to establish the patterns of performance while comparisons with other organizations in the same industry will also be done. Modern techniques such as Kaplan and Norton’s balanced scorecard will also be used in order to develop a comprehensive framework of assessing the business and financial performance of RTG. Gaps will be identified, conclusions drawn and recommendations will be made as to how RTG can improve its business and financial performance in future. PART IIINFORMATION GATHERING AND ACCOUNTING / BUSINESS TECHNIQUES Introduction Description of methods This section identifies the research methodologies which will be used for data gathering by the researcher. â€Å"research methodology refers to a whole range of questions about the assumed, appropriate ways of going about social research and is therefore a theory or an analysis of how research should operate† (hitchcock and hughes 1995:20). Data collection procedures Data collection is about using the selected methods of investigation which Robson (1997:304) believes there is no generally best methods as all methods have their weaknesses. Various methods of data collection were used in this research and the following are the primary and secondary data collection methods that were used. Primary methods * Interviews * Observation Secondary methods * books * journals and publications * internet * Published financial statements Secondary data Secondary data are statistics not gathered for the immediate study at hand but some other purpose. Churchill 2002). Secondary data was used in this research to get an in-depth understanding of the business and financial performance of RTG. Saunders (2007) gave the following advantages and disadvantages of secondary data Advantages * Saves time and money * High quality of information compared to data gathered by an individual at the point of research * Provides a general framework for c omparing data collected by the individual. Disadvantages * Accessibility of data maybe costly or difficult * The purpose why the secondary data was collected may not be relevant to the research being undertaken. There is no control over the quality of secondary data therefore accuracy maybe difficult to verify * Information gathered maybe outdated Primary data Advantage * The most important benefit of primary data is that data is original. Disadvantages * Results may not be representative of what is found in the population * The flexible nature of methods used can result in ambiguous results Research instruments Interviews An interview is a social survey conducted in a face-to-face or personal conduct situation. Heyward and Sparks (1984) define an interview as an occasion when one or two people ask questions that seek to find out opinions and ideas. Advantages of interviews Face to face * Immediate feedback * Quick feedback * Easy to tell whether respondent understood the questions, * physical gestures and personal contact adds emphasis * allows for a wide exchange of ideas * Good relations are established E-mails and Telephones * Immediate feedback * Appropriate for â€Å"always busy† interviewees * E-mails can be easily stored for other uses Disadvantages of interviews Face to face * Data is difficult to record, code and analyze * time consuming interviewee accessibility may be difficult * The interviewee maybe uncooperative E-mails and Telephones * late feedback caused by disruptions due to network congestion and technical breakdowns * High telephone charges Literature review 1. 1. 11. 1. 1 Financial performance Financial performance is a subjective measure of how well a firm can u se assets from its primary mode of business and generate revenues. It measures a firm’s overall financial health over a given period of time and/or compare with similar firms across the same industry www. investopedia. com/terms/f/financialperformance. asp 1. 1. 2 Business Performance Business performance can be defined as â€Å"the integration of financial and non-financial systems and processes to achieve organization goals and objectives† http://en. wikipedia. org/wiki/business_performance_management Business performance is about creating value for the stakeholders of a business. Measuring business performance is therefore very subjective and finding suitable measures is very difficult. An organization’s business and financial performance cannot be measured in isolation it has to be compared with prior periods or other organizations in the same economic sector taking into consideration the company’s business environment. Business performance is guided by an organization’s vision and mission these outline the aims to be achieved and the desired end results. Research Approach The researcher will use a variety of business and financial performance measures. Firstly the researcher will consider traditional financial performance measures such as return on capital employed, liquidity gearing indicators, earning per share and trend analysis which shows the value added to the shareholder’s investments. The traditional argument is that shareholders are the legal owners of a company and so their interests should thus be to maximize shareholder wealth. Shareholders are generally concerned with the following: * Current earnings * Future earnings * Dividend policy * Relative The objective of wealth maximization is usually expanded into three primary objectives which are survival growth and to make profit Kaplan 2007:184) Traditional financial performance measures will be used to measure how RTG has been able to satisfy its shareholders. Weaknesses of ratio analysis As illustrated by Owen G (1994:386) the following are the main weaknesses of using ratio analysis * It uses historical information which maybe out of date * Can mislead when making comparisons if accounting policies are different * Can be distorted by one-off transactions * Takes no account of cyclical changes throughout a period * One dimensional To fully assess the business and financial performance of RTG the researcher will also use non-financial performance measures through the use of the balanced scorecard and other performance measures. The Balanced scorecard The balanced scorecard was developed by Kaplan and Norton as cited in Kaplan ACCA P5 (2009) defines it as a tool to translate an organization’s vision and strategy into objectives and measures. It looks at four perspectives namely financial perspective, customer perspective internal business perspective and learning and growth perspective. The aim of the balanced scorecard is to enable the business to develop a comprehensive framework for translating a company’s strategic objectives into a coherent set of goals and performance measures. Kaplan ACCA P5 (2009) Limitations of the balanced scorecard Neely (2002) argues that the most difficult problem of Balanced Score Card (BSC) is that it lacks several important interest groups in its structure: such as suppliers, co-operation partners and close neighbors. The International Institute of Management (2002) states the following implementation pitfalls and limitations of the Balanced Score Card: * Cut the jacket to fit the person do not cut the person to fit. * The balanced scorecard should not be balanced, success factors are not equal and their relationships are not linear. Trying to balance the scorecard will lead to confusion, conflict and lack of focus. * Insufficient cause and effect relationships and performance drivers. * Conflict of interest (different stakeholders want different things) * Measuring intangible assets (information and human capital) is difficult. Other measures of performance The researcher will also use other Critical success factors and Key performance indicators such as revenue per and room occupancy rates, among others to fully analyze the performance of RTG Ethical issues The researcher took into consideration ethical issues such as confidentiality and objectivity in carrying out the research and analysis. The researcher assured RTG that he was going to use the information he collected strictly for academic purposes. The researcher also assured all the individuals he interacted with that he was going to be objective in analyzing the information they provided. All the information the researcher obtained was kept secure at all times to preserve anonymity and confidentiality. . PART 3  Ã¢â‚¬â€œ Results, analysis, conclusions and recommendations This section is dedicated to the presentation of the data collected, its interpretation, drawing of conclusions and making recommendations. The researcher will start by presenting and analyzing his findings on the financial performance of RTG for the period 2007 to 2009 using ratio and trend analysis. In latter sections the researcher will present his findings and analyze RTG’s performance using non-financial performance indicators to assess its business performance. 3. 1 Traditional Financial Ratios of RTG 3. 1. 1 Profitability ratios of RTG Analysis of profitability was made very difficult by the hyperinflationary environment that was in Zimbabwe between 2007 and 2008. On 14 February 2008, the Central Statistical Office announced that the inflation rate for December 2007 was 66,212. 3%. On 20 February 2008, the Central Statistical Office said that officially, inflation had in January 2008 gone past the 100,000% mark to 100,580. 2%. On 4 April 2008, the Financial Gazette (FinGaz) reported that officially, inflation in February 2008 jumped to 164,900. 3%. On 15 May 2008, the Zimbabwe Independent reported that officially, inflation in March 2008 jumped to 355,000%. On 21 May 2008, SW Radio Africa reported that, according to an independent financial assessment inflation in May 2008 jumped to 1,063,572. 6%. The state statistical service in April 2008 said there were not enough goods in the shortage-stricken shops to calculate any new (official) figures. On 26 June 2008, the Zimbabwe Independent reported that, latest figures from the Central Statistical Offices (CSO) showed that annual inflation rose by 7,336,000 percentage points to 9,030,000% by June 20 and was set to end the month at well above 10,500,000%. According to Central Statistical Office statistics, annual inflation rate rose to 231 million percent in July 2008. The month-on-month rate rose to 2,600. 2%. By December 2008, inflation was estimated at 6. 5 quindecillionnovemdecillion percent (65 followed by 107 zeros) The Zimbabwe Central statistical office stopped publishing inflation figures and therefore the Zimbabwe Consumer Price Index was not available to adjust the 2008 financial statement figures. The historical figures used were out of date and comparison of costs and revenues gave a false picture and thus care should be taken in interpreting them. The researcher therefore could not analyze trends in revenue and cost as they had been heavily distorted by inflation and no adjustments could be made as the Central Statistical Office stopped publishing the inflation figures and the Consumer Price Index. Gross Profit Margin The gross profit margins of RTG in 2007, 2008 and 2009 were 74%, 99% and 84% respectively. The gross profit margin shows the gross profit generated per every dollar of sales. In 2009 Africansun limited’s gross profit margin was 65% therefore showing that although RTG’s gross profit margin had decreased from the prior year it was still better than its competitor. In the researcher’s interview with Mr L Chasakara RTG’s operations director, he said thatâ€Å"RTG managed to increase its gross profit margin from 74% in 2007 to 99% in 2008 by specifically targeting the domestic market†. Sales from the domestic market were increased from 78% in 2007 to 83% in 2008 as the foreign market was deteriorating due to the political instability in Zimbabwe in this period. The researcher however also noted that the increase in gross profit margin from 74% in 2007 to 99% in 2008 could have been due to the fact that the use of historical cost in 2008 overstated revenues due to high inflation figures and understated costs as most costs had been incurred earlier in the year. Revenue will generally be overstated in hyperinflationary environments if historical costs are used as costs are normally incurred before revenues are realized. Net Profit Margin The net profit margins of RTG in 2007 was (0. 62%), it rose dramatically in 2008 to 879% then decreased again sharply to 0. 13% respectively. In 2008 the net profit margin was heavily distorted by the RTG’S investment income which it gained from trading on the Zimbabwean Stork exchange which was booming at this time. In 2009 the use of the United States dollar as the official currency in Zimbabwe (Dollarization) saw inflation dropping to below zero percent. This resulted in more realistic profitability ratios with the gross profit margin dropping to 84% from 99% in 2008 and the operating net profit margin dropping to 0. 913% in 2009 from 879% in 2008. Removing investment income from the net profit before interest and tax in the 2008 statement of financial position gives us a net profit margin of 17% which is more indicative of RTG’s performance in 2008. The researcher asked Mr L. Chasakara, RTG’s operations director if the large profits that RTG had reported in 2008 were a true indication of its performance. Mr L. Chasakara responded saying â€Å"these were unusual results in unusual circumstances we did what we had to do in order to survive and excel in one of the most hostile economic situations in history† The trend in the gross profit margin and the operating and the net profit margins of RTG from 2007 to 2009 is presented in the table below: Source; Kembo H (2011) The table below shows the trend in net profit margin after subtracting investment income from RTG’s 2008 net profit before interest and tax: Source: Kembo H (2011) Return on Capital Employed (ROCE) ROCE is an indicator of the management’s efficiency in generating profit from resources. In 2007 RTG’s ROCE was 2%, it then rose sharply to93. 5% in line with the high profits that were earned in 2008 and then came down to 29. % in 2009. In 2009 Africansun Limited which is RTG’s main competitor had a negative ROCE of 18. 75%. Therefore even though RTG’s ROCE dropped from 93. 5% in 2008 to 29. 1% in 2009 it still was better compared to its rival in the Zimbabwean tourism industry. RTG’s ROCE was also higher than the average borrowing rate in 2009 of 15% which means that RTG added value to its investor’s funds as it managed ROCE above the minimum borrowing rate to compensate for the extra risk they took upon investing in RTG. Asset turnover The asset turnover ratio shows the revenue generated per dollar of assets that is the efficiency of assets in generating revenue. RTG’s asset turnover ratio for 2007 was 0. 20 times per annum then decreased to, 0. 094 times then rose to 0. 92 times per annum The Asset turnover trend between 2007 and 2009 is shown in the table below: Source Kembo H (2011) In 2007 and 2008 investment income contributed to the bulk of the net profit therefore RTG’s asset turnover ratios were very poor at 0. 20 times per annum and 0. 94 times per annumrespectively. This suggests that the group was using its funds for other investments rather than its operating activities as the operating environment was extremely hostile. In the researcher’s interview with the Operations Director of RTG, heexpressed that this move was necessary for survival as the mismatch of revenues and costs due to hyperinflation meant normal operations of the RTG would result in heavy losses. Asset turnover of RG T improved dramatically in 2009 rising to 0. 2 times per annum meaning that the group was using its assets effectively to produce revenue. Although RTG’s asset turnover ratio improved in 2009 it fades in comparison with its main competitor Africansun Limited which had an asset turnover ratio of 1. 32 times a year. This means that RTG was less efficient in generating revenue from its capital than its competitor. Working Capital Ratios Current ratio The current ratio measures the adequacy of current assets to meet liabilities as they fall due. (Financial Reporting F7 Kaplan 2009) In 2007 RTG’s current ratio was 0. 7:1 which meant that RTG’s could not service its liabilities in the event that they fall due. In an interview with the researcher the Accountant of RTG Mr G Nzunga said hyperinflation made it difficult to keep too much cash it would quickly be eroded, thus they had to channel their resources into the acquisition of tangible assets and keep current assets at a minimum. In2008there was further decrease of the current ratio to 0. 32:1 as inflation continued to rise and most people discouraged to keep cash or cash equivalents. In 2009 the current ratio of RTG was 0. 76:1, an improvement from the 2008 current ratio but still not satisfactory. In 2009 the use of the United States dollar as the official currency in Zimbabwe (Dollarization) saw inflation dropping to below zero percent thus the improvement as the economic environmentbecame began to normalize. Mr G Nzunga, RTG’s Accountant said that RTG was still in a difficult position as far as working capital management was concerned as a liquidity crisis began across industry soon after dollarization in Zimbabwe in 2009. The company was not generating enough money from its day to day activities to pay mostly suppliers and other current liabilities as they fell due. In 2009 Africansun Limited which is the biggest tourism group in Zimbabwe’s current ratio was 0. 49:1. The liquidity crisis in Zimbabwe made it very hard for companies in Zimbabwe to maintain decent current ratios and most of them had to employ aggressive working capital management. With a current ratio of 0. 76:1 RTG is considered to have performed quite well given the surrounding circumstances. Inventory Turnover Period Due to lack of information the researcher was unable to calculate RTG’s inventory turnover ratios, receivables periods and payables periods for the years 2007-2008 and could only calculate the inventory turnover ratio, receivables and payables periods for the year 2009. RTG’s inventory turnover ratio for the year 2009 was 143 days which was very bad considering the fact the larger percentage of RTG’s inventory is food that they sell to guests. Normally in the food industry inventory turnover should be fairly quick so as to preserve the reputation of the company and quality of the meals served. Africansun’s inventory turnover in the same period was 70 days which was better than that of RTG in this period. The accountant of RTG commented in this high ratio saying that they purchased large amounts storks to avoid the effects of stork outs in the event of food shortages which were common in Zimbabwe in 2008. In 2008 the retail and Food industries were almost facing ruin as shelves in shops went empty due to the economic and political challenges Zimbabwe was facing, therefore it was generally reasonable for RTG to keep relatively large amounts of stork. Payables Period RTG’s payables period was 726 days in 2009 which represents the credit period it was taking from its suppliers. RTG had such a bad payables period mainly due to liquidity problems that the majority of companies was having in industry and partly as an aggressive working capital management strategy. This however resulted in RTG gaining a very bad credit reputation from its suppliers. One of their major security suppliers Chubb Locks’ Manager was once quoted saying â€Å"RTG is the worst paying customer in the country†. Some suppliers have stopped supplying RTG as a result of RTG’s bad credit record but because they are a large firm RTG still gets new suppliers. Some suppliers now demand cash for all purchases made by RTG. RTG has also been forced to purchase their supplies from more expensive suppliers or poor quality supplies. RTG is also losing out on discounts they could gain by paying promptly. In an interview with the researcher Mr G Nzunga the accountant for RTG said that the company did not have enough liquid funds to pay all their suppliers. He also stated that it was also part of an aggressive working capital management strategy as they were receiving free financing from creditors. He however admitted that the strategy was getting over-aggressive and it was ethically questionable to pursue this strategy any further. In the same period African sun’s payables period was 12 days which was better than RTG’s period and hence its good reputation with suppliers across the industry. Receivables Period The receivables period for RTG in 2009 was 94 days. This was in line with their credit policy which states that the credit period allowable to customers should be three months. The receivables period for African sun was 59 days in 2009 which was better than RTG’s period this obviously shows that African sun Limited faces less risk from irrecoverable debts. Gearing The gearing ratio indicates the degree of financial risk the company is facing and the sensitivity of earnings and dividends to changes in profitability and activity levels. Kaplan ACCA F7(2009)) In the years 2007 and 2008 RTG did not have any long term borrowing thus the gearing ratio was zero. This meant that risk for financial risk for RTG was very low. Hyperinflation in Zimbabwe made long term loans difficult to get as any lender would find it very difficult to set interest rates as inflation was highly unpredictable in this period. The value of any money borrowed could be eroded within days if not hours therefore no companies had meaningful long term liabilities. In 2009 after the introduction of the US Dollar as the official currency in Zimbabwe companies started gearing up although the liquidity crisis that followed made it difficult to get funding from local financial institutions. In 2009 the gearing ratio for RTG was 2%. RTG’s gearing ratio was very low and induced very little credit risk to the shareholders. A low gearing ratio means that RTG has the scope to borrow more if there are any profitable ventures in the future and for their current refurbishment and expansion project at their A’Zambezi River Lodge unit and increasing the group’s room capacity. Financing will also be cheap for RTG as lenders will face very low levels of risk in extending loans to them. In 2009 Africansun Limited’s gearing ratio was also very low at 3. 5% which means it also had low levels of financial risk. The low gearing across industry also reflected the liquidity crisis which was eminent in Zimbabwe in 2009 where lenders did not have the funds to extend loans to firms and they were also still skeptical about the economic and political situation in Zimbabwe. Interest Cover Interest cover is the ability of a firm to pay interest out of its profits. In 2009 RTG Interest coverwas1. 52 timesand indicated that the shareholder’s dividends were at risk. However the ability of RTG to pay its interests having emerged from difficult economic times should satisfy its shareholders as Africansun Limited its major competitor failed to make profits to pay for their finance costs. Earnings Per Share The earnings per share of RTG for 2008was384 billion Zimbabwean dollars per share and the earnings per share for 2007 was 253. 7 Zimbabwean dollars per share. Converting these figures to United States dollars at the unofficial exchange rates that were ruling at the 2007 and 2008 year ends would make the respective earnings per share figures less than 0. 000001 US cents. Due to the hyperinflation in these periods the researcher found analyzing these figures very difficultand almost impossible. The earnings per share for RTG in 2009 was USD0. 01 which was quiet impressive compared to its rivals in the tourism industry as most of them. In 2009 the earnings per share for African sun Limited was negative USD0. 8. Customer Perspective Occupancy rates One of the main indicators of performance in the tourism industry is the occupancy rate of hotels. RTG managed an occupancy rate of 44% in 2007 which was below the Zimbabwean tourism industry average occupancy rate of 45%. In the tourism industry the more customers are satisfied by your service the higher your occupancy rate will be. In 2008 the occupancy rate of RTG decreased by 9% to 37%. The decr ease in occupancy rate was due to the economic and political instability during the 2008 Zimbabwean Elections were here was widespread violence in the country, therefore the number of tourists decreased. Most airlines also pulled out of the country ma The industry average room occupancy rate in Zimbabwe’s tourism industry was 41% which was higher than that of RTG which was 37%. This shows that RTG performed badly compared to peers in the tourism industry. The fall in RTG’s occupancy rate can therefore be attributed to failure to satisfy customers better than its rivals. In 2009 RTG’s occupancy rate increased to 40% which was an increase of 3% from the 2008 occupancy rate. The increase could be attributed to the improvement in the political and economic environment in Zimbabwe after the formation of a Government of National Unity (GNU) and the dollarization of the economy. The industry average occupancy rate for 2009 was 31% which was 9% below that of RTG. In an interview with the researcher Mr L Chasakara the operations director for RTG attributed the higher occupancy rate to better brand management, better marketing strategies and service excellence. RTG’s higher occupancy rate means that it was more able to satisfy its customers better than its competitors. RTG’s main competitor and the largest hotel group in Zimbabwe African sun Limited’s occupancy rate in 2009 was 32% showing that RTG performed exceptionally well in 2009 in managing to attract customers The table below shows RTG’s occupancy rate compared to the tourism industry average: Source Kembo, H(2011) . In an interview Mr G Nzunga RTG’s accountant said that the occupancy rates also improved because 65% of their sales come from repeat business from satisfied guests and large groups of organizations who hold seminars at RTG’s hotels. Service lead time In 2009 RTG managed to reduce its service lead time in its hotels to an average of 20 minutes between the time food in restaurants and rooms is ordered to the time it is served. In 2007 and 2008 the average service lead time was 30 minutes. Better training and process improvement helped in achieving the reduction in service lead time as said by the Mr L Chasakara the operations director for RTG, he also added that benchmarking against the best restaurants also helped in achieving the improvement. In 2007 RTG was not recording complaints in late service delivery to customers but in 2008 RTG recorded 2700 complaints and the figure improved to 1100 in 2009 which was a 59% improvement. This improvement shows that RTG improved in satisfying its customers in 2009. Service Quality RTG keeps books at all its hotels were customers are asked to write a comment on the services they would have received before they leave. A review of these books at two of RTG’s units Victoria Falls Rainbow Hotel and A’Zambezi showed the results presented in the table below: Comment| 2007| 2008| 2009| Favorable| 98%| 96%| 99%| Unfavorable| 2%| 4%| 0. 9%| Will Return| 68%| 80%| 70%| Will not Return| 0%| 0%| 0%| The results from the review of the comment books showed that the majority of guests were satisfied by the service they received on staying at RTG units which means that RTG performed very well in this regard. Internal perspective Room service complaints were 3500 in 2007 and increased to 4550 in 2008. This was mainly due to the shortage of basic commodities in Zimbabwe in 2008. Shortage of commodities meant that the hotel could not provide its customers with some luxury items they were used to having every time they visited and hence the increase in complaints. The Accountant at RTG Mr G Nzunga explained that they made sure that their staff would explain the situation very carefully to the customers and extensive training of staff ensured that they were able to utilize the few commodities that were available. In 2009 complaints decreased to 2900. This could partly explained by the end of the commodity crisis in Zimbabwe. This also shows that RTG managed to improve its internal processes to reduce the number of complaints they were receiving from customers yearly. Learning and innovation RTG has invested heavily in the training of its staff in order to give better service to its customers. RTG has opened a Hotel School for the training of its workers and other external students. The commitment of RTG to continuously improve its operating processes and learn new ways of doing things has seen them being able to keep costs low and increase room capacity to make when its competitors are making losses and their occupancies are dropping. In an interview with the researcher Mr G Nzunga RTG’s Accountant said that every worker at RTG attends at least 1 seminar every month in order to keep them abreast of changes and new ways of doing things. Interview review Question1 In the first question the researcher asked the operations director and the accountant of RTG what their financial and business objectives were. The responses can be summarized as follows: * To be profitable and to create value for our shareholders. * To survive and grow in the long run thus protecting the interests of all our stakeholders. In 2008 the main objective was to survive in the harsh economic climate in order to save the tourism industry and the Zimbabwean economy itself * To achieve service excellence in tourism and hospitality. Question 2 In question 2 the researcher asked the accountant of RTG how they measure their business and financial performance. In response he said RTG assesses its performance through traditional financial perform ance measures such as ratio analysis and trend analysis and other modern measures especially the balanced scorecard as they are equally concerned about the qualitative aspects of performance. Question 3 In the third question the researcher asked the accountant and the operations director of RTG if they could explain the trend in the ratios that had been calculated from 2007 to 2009 financial statements. They gave various explanations for all the fluctuations in these ratios some of them have been quoted in the analysis of these ratios in the section above. The most common response to the financial ratios was that they were unusual results in an unusual environment referring to the hyper inflationary environment that was in Zimbabwe during this period. Question 4 Question 4 was to establish which strategies RTG used to ensure that they met their business and financial objectives. In response the accountant and operations director outlined the following as some of the strategies they implemented: * Employing an aggressive working capital strategy to mitigate the liquidity and operational challenges they were facing * Investing in money markets rather than core operating activities to improve the cash and revenue inflow. Focusing on the local markets rather than the traditional international markets that had been negatively impacted by bad publicity and political instability. * Process and service improvement through employee training. * Intensive marketing both nationally and internationally * Strict stock management to curb the shortages of basic commodities that were prevailing as a result of price controls by the government. Questions 5, 6 and 7 These questions were to establish how RTG business and financial performance contribu ted to the economy and how it can improve its performance in future. In response the interviewees stated that in making profits and surviving through the historic hyperinflationary environment in the period under review RTG saved the tourism industry in Zimbabwe as its downfall would have surely resulted in the collapse of the tourism and hospitality industry. They also stated that they managed to save thousands of jobs and provided business for hundreds of their suppliers. They also stated that to improve performance RTG would spend more on capital through hotel refurbishments and also taking advantage of their low gearing by taking loans thus improving working capital. They also stressed the need to advertise and restore the image of Zimbabwe as a tourist destination. Conclusion The researcher found out that RTG uses both financial and non-financial performance measures through the balanced score card which gives a comprehensive framework for performance measurement. This ensures that both quantitative and qualitative performance objectives are assessed. RTG used various strategies to ensure that it met its financial and business objectives which were mainly to survive the harsh economic environment and to protect its investors employees and all its stakeholders. RTG used strategies such as aggressive working capital management, investing in the money markets instead of its core operational activities and shifting their attention on the local market rather than the traditional international market. RTG also innovated through constantly innovating and improving its processes to achieve its business and financial objectives. Limitations of results The major limitation of these results is the unavailability of inflation adjusted figures for the proper analysis of financial ratios and trend analysis which might have given a false picture. The researcher held interviews with only 2 members of the executive management team which might have given a narrow picture of RTG’s performance. Interviewing all members of the management and the board would have given the researcher a broader understanding of the business and financial performance of RTG, but time and the availability of most of these people was a challenge. The researcher could not visit all RTG companies due to limitation of resources as they are geographically dispersed. This might have limited the researcher especially when he looked at the qualitative aspects of RTG’s performance. Recommendations The researcher recommends that RTG should employ less aggressive working strategies. RTG’s current working capital strategy may see suppliers refusing to supply them with critical supplies. RTG might also face legal action from its suppliers which may increase its legal costs and even loose customers who may not want to be associated with firms who have bad credit reputation. RTG should thus reduce its payables period to a more reasonable period of perhaps 90 days. The researcher also recommends that RTG should increase its gearing levels as they are currently very low in order to take advantage of loans which provide cheaper financing than equity. Zimbabwe’s reputation as a safe tourism destination was severely damaged due to the political and economic instability in 2007 and 2008. The researcher thus recommends that RTG should form partnerships with other players in the tourism industry to market the Zimbabwean brand in the international tourism market.