Concepts of Core Competences Resources-Free-Samples for Students

Question: Explain the Concepts of Core Competences Resources and apply these to relevant "THE" organisation. Hofstege Cultural dimensions Input Vs Output 3keys of financial analysis ,longitudinal,cross section,Ratio analysis Paticular concernes of "THE " managersThe operational context Answer: The operational context Following are the two current issues: - Rising operating costs: there is a major issue or concern that the expenses in operations will escalate at high rate in comparison of income which eroding the foundation. It is important that operators can supervise the energy costs, expensive insurance cost, labour shortage and labour related cost and standards of brands (Altinay et al., 2015). Rapid transformation and merging of multiple technologies: the tourism and hospitality industry are quickly shifting the base to internet related technology which also makes it easier integration. Thus, the industry ends up at more finished operational data. There are number of hotel operators that are taking complete advantage of the alternatives to streamline the operations however, the adoption is quickly impacted by the older system as well as outdated structure or infrastructure (Buhalis and Crotts, 2013). The human resource context Rapid change in labour situations: the tourism industry is facing labour as well as human resources issues which consist of the compression or shrinkage of the labour union along with union issues as well as increasing health care and advantage based costs (Law et al., 2014). Evolved customer expectations: the capacity to meet the needs of consumer and predict the changing needs which continues to be an important option. Most specifically, consumers are rapidly getting sophisticated in their usage of the technology for the sake of research, choose and buy lodging. Hofstede Cultural dimensions There are number of studies based on human behaviour which are crucial in the workplace of hospitality since the products in this industry cannot be mentioned as tangible specifically those aspects of services that are offered that cannot be just measured as good or bad. The approach or the behaviour of the workforce does have a positive as well as negative impact on the customer since the services can be distinguished from its provider (Mok et al., 2013). Thus, it is important to have a positive effect based study associated with culture differences. The concept of Hofstede has been presented as a highly balanced model on cultural differences and as most of the dimension are on broader side that it helps in evaluating as well as interpreting the attitude of employees in this industry. The financial context Escalated construction and renovation cost: there is obviously rise in renovation as well as construction cost which resulted in escalating the reinvestment in terms of capital and the exposure for many current hotels and rise in capital needs for newer construction (Page, 2014). Rise in consolidation of hotel companies: as there is consolidation of brans and there is proliferation in the reach of market owners that are finding it challenging to choose a brand that is represented in past in the market or that is never impacted by any kind of encroachment challenges. Input vs. output The hospitality industries are influenced by the state based economy because of rising induced impact from outcome and a major and direct or indirect as well as induced impacts from labour based income and employment instead of their relative lower multipliers. Another important thing is the hospitality industry has a strong as well as inter-dependent association with insurance and finance sector (Raj and Griffin, 2015). In addition, the hospitality industry is generating more income for labour as well as employment that did the other industry and it is also interesting that the other accommodation industry can develop more output that the industry. The product and markets context Effect of rising energy cost on consumer travel and demand of hotel: decrease in all kind of consumer travel may be possible as high energy cost that take a challenging bite out of corporate budgets as well as personal space along with expenditure on travel is one of initial discretionary items that needs to be eliminated (Riley, 2014). Rise in condo based hotels: the trending surge for condo based hotels and options based ownership brings on a complete new set of challenges for the developers, owners of units and management. SMART Specific: it is important for the industry to define their goals in terms of product offering as per the changing trends. Measurable: it is also important set the definite target which can be measured from time to time so that product can be customized as per customer taste. Attainable: it is important to take one step at a time with calculative risk. Reasonable: it is also important to set goals which are consistent with other already existing goals (Tran, 2015). Time frame: the trend and technology are rapidly changing so it better to keep a short time frame to change References Altinay, L., Paraskevas, A. and Jang, S.S., 2015.Planning research in hospitality and tourism. Routledge. Buhalis, D. and Crotts, J., 2013.Global alliances in tourism and hospitality management. Routledge. Law, R., Buhalis, D. and Cobanoglu, C., 2014. Progress on information and communication technologies in hospitality and tourism.International Journal of Contemporary Hospitality Management,26(5), pp.727-750. Mok, C., Sparks, B. and Kadampully, J., 2013.Service quality management in hospitality, tourism, and leisure. Routledge. Page, S.J., 2014.Tourism management. Routledge. Raj, R. and Griffin, K.A. eds., 2015.Religious tourism and pilgrimage management: An international perspective. cabi. Riley, M., 2014.Human resource management in the hospitality and tourism industry. Routledge. Tran, B., 2015. Expatriate selection and retention: Identifying and assessing the other characteristics beyond knowledge, skills, and abilities. InHandbook of research on global hospitality and tourism management(pp. 468-492). IGI Global