The Role of Human Capital in Smart Cities

This assignment delves into the significant influence of human capital on the development of successful smart cities. It examines concepts such as knowledge sharing, intellectual capital, innovative human resources, and their contribution to firm growth within a smart city context. The assignment also considers the challenges and opportunities presented by the evolving nature of work in smart cities.

MANAGING HUMAN
CAPITAL AND
ENTREPRENEURSHIP
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Table of Contents
ASSESSMENT 2.............................................................................................................................3
TASK 1............................................................................................................................................3
1. Executive summary............................................................................................................3
2. Company overview.............................................................................................................3
3. Business opportunities........................................................................................................4
4. Marketing strategy..............................................................................................................7
5. Finance...............................................................................................................................9
6. Human resources..............................................................................................................11
7. Documentation standards.................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13
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ASSESSMENT 2
TASK 1
1. Executive summary
From the above report, it can be evaluated human is the effective capital of company which
assists to grow operations and functions in different part of the world. It also improves business
functions and operations in systematic way (Bae, Qian and Fiet, 2014). Essential entrepreneur
take resources which assess fund for incorporate new product and services at workplace. The
company introducing travel master application through they can provide detail information about
products and services which they introduce at workplace. In addition to this, they are selecting
target market in which they introduce new product or service. Innovative product of the business
can be access from smart phones and locate at different places of the nation (Cassar, 2014).
Thereafter, USP of the business is determines through they can make ahead their product from
other competitor. There are different types of marketing tools require for promoting product or
services of the business. It will assist to capture the whole market in effective way.
2. Company overview
Thomas Cook Group Plc is the global travel company which exist in UK market. This
company is listed in London Stock Exchange. They are doing operations as British travel
business. This company incorporated in 2007 and they are providing services as tour operators
and airlines based industry within the UK, Germany and Belgium. They are providing wide
range of products and services which influence to customer towards the enterprise (Bowman,
West and Van Wart, 2016). With the help of effective services and products, the chosen business
can influence customer and attract them towards the company. From last several years, they are
providing well and effective services to their customer so that it assists to meet with objectives
and goals in systematic way. This is because; they are dealing in high quality services in term of
tour packages, booking for hotels and flights, etc. Due to high growth in tourism industry, it has
been assess that it is important to determine innovative products and services in different areas of
the world (Renz, 2016). Innovative products attract different types of customer for enhance their
services and outcomes in effective manner.
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Further, Thomas Cook Group Plc provides different types of attractive tour packages
which assist to attract customer from different areas. In this aspect, information which is related
to travel carries in holiday leisure in famous areas and destination. In addition to this, there are
different types of tour operators are exist who are providing same types of tour services through
bring innovative products and services at workplace (Neirotti, De Marco and Scorrano, 2014).
With the help of innovative products by the chosen organisation, assist to improve services such
as new destination, attract more customers and their positive feedback towards the business
operations. In current trends, the company is providing different packages through collect
feedback from different customer so that it will beneficial to make innovative products and
services within the market. With the help of innovative products and services, travel business can
carry their functions in different areas of the globe (Ozdemir, Moran and Bliemel, 2016). In this
aspect, they can make sure that effective HR planning and recruitment process for different
candidates can enhance profitability and positive results at workplace.
3. Business opportunities
Proposed new product and services
In order to make effective functions and operations, it is very important for Thomas Cook
Group Plc to establish their new product and services within the market. In this aspect, they can
deal with different element which assists to attract more customers. They have to launch their
master application which assists to attract more people (Greene, Brush and Brown, 2015). This is
because, it assist to gain information about the company. With the help of apps, every customer
can easily enhance their knowledge regarding the company so that it will beneficial to gain more
outcomes and performances within the environment. In addition to this, at booking time on
application the company can provide discount and many other offers which assist to determine
effective results within the business (McGuirk, Lenihan and Hart, 2015). In this way, the
organisation can find their potential customer which access services many times. However, it
seems to find their needs and requirement from the business which create growth at workplace.
Travel master application of the enterprise also access different destination and museum which
assist to attract different customer for planning of the famous tourist. It assists to provide more
information about famous destination such as museum, landscape and other elements within the
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application. It will create effective brand image of the business through access information at
workplace (Hadi and Kamaluddin, 2015).
Target market
Thomas Cook Group Plc has main target to attract high class people in different areas of
the world. Therefore, they have used effective marketing strategy which assists to grow
outcomes and operations in the business (Koryak, Mole and Hodgkinson, 2015). They have used
promotional campaign that provides valuable information to attract various customers at
workplace. In this way, they can easily enhance their profits and revenue at workplace.
Application which is introduces by the firm establish valuable information which is related to
location of the business (Fayolle, 2013). As results, the chosen firm can easily determine
information which assists to create booking by many customers. Effective marketing strategy
assists to grow operations and outcomes in systematic way for dealing with different elements.
With the help of launching application, the company can provide insight information which
enhances selling of products and services in different areas. As results, the company can enhance
tourists’ attraction within the business environment (Wang, Wang and Liang, 2014).
Unique selling point and value which deliverable of proposed product and services
Thomas Cook Group Plc has strong position within the market which determines
effective results and performances. Their USP assist to attract high class people within the
company through providing different types of products and services. Main USP is achieving
thorough launching new product at workplace (Light and Dana, 2013). Master application
provides valuable information about destination and customer as well so that it will beneficial to
attract customer towards the organization. Innovative products and services demonstrate through
technology which attractive through collecting information related to competitor. In addition to
this, value deliverable in travel application is assist to book services in online portal. In this way,
the company can introduce different types of booking such as packages, flight bookings and
hotel facilities through online application (Jackson, Schuler and Jiang, 2014). It assists to provide
travel map which create information for customer to find for new destination at workplace.
Window of opportunity
SWOT analysis
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In order to introduce new application within Thomas Cook Group Plc, following strength,
weaknesses, opportunities and threats consider at workplace:
Strength
 It assists to attract various customers from different areas of the nation and outside the
boundaries.
 It also frame detail information which is related to the place and destination of the
country and nearby historical aspects (Le, Kroll and Walters, 2013).
 It also helpful to tourist to find new routes and detail information related to the
destination
Weaknesses
 It requires high quality technology which can only access by high class people.
 It is not effect6ive to promote the products and services of the country.
 Thomas Cook Group Plc has limited budget to introduce their new products and services
within the market.
Opportunities
 With collaborate functions and operations in different businesses such as hotels and local
enterprise, the company can easily enhance their outcomes and performances in different
areas (Jansen, Curşeu and Gibcus, 2013).
 Partnership assists to share loss and profits. Therefore, it create profitability to enhance
operations and functions in new areas.
Threats
 In the market, there are different types of tour operators are exists who provide same
services as Thomas Cook Group Plc. This the biggest threat to the business to operate
functions and operations at high cost.
 The chosen business requires skilled people so that it would be helpful to make effective
results and performances at workplace (Klotz, Hmieleski and Busenitz, 2014).
Porter five forces model
 Bargaining power of buyers (High): In the market, bargaining power of customer is high
because there is large number of people who have distinctive requirement and needs from
the business services. As results, Thomas Cook Group Plc is unable to demonstrate their
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functions and operations as per the each customer requirement (Koryak, Mole and
Hodgkinson, 2015). In this situation, they have to understand about their customer
demand and requirement and then establish product and services. It will assist to capture
market in an effective way.
 Bargaining power of suppliers (High): This is very high because, in the market there are
different types of suppliers are operating their functions. They are providing various
hotels and booking at the best price so that customer can move towards them easily. As
results, Thomas Cook Group Plc needs to make effective relations with them so that they
can get raw material at low prices easily. In addition to this, they have to pay payment on
time (Klotz, Hmieleski and Busenitz, 2014).
 Threat of substitution (Low): It is low in market because packages cannot substitute by
the different firm. Thus, the chosen firm can easily sell their packages to different
customer.
 Threat of new entrance (Low): New businesses require huge investment for doing
operations in areas. Thus, it is low to access market easily in term of travel industry.
 Competitive rivalry (High): It is high in the market due to varied of customer available
within in areas. Thus, Thomas Cook Group Plc operating their functions in tough
competition which create impact on their operations. In this situation, the chosen business
tries to sell unique product and services so that they can easily access different customer
easily within the market (Light and Dana, 2013).
4. Marketing strategy
This strategy is adopting by Thomas Cook Group Plc to incorporate their master
application. In this way, they are introducing their application in social media, banners and
advertisement in different part of the world (Jansen, Curşeu and Gibcus, 2013). It creates
awareness of customer regarding business operations and outcomes. Different types of smart
phone owners and travellers can easily search their destination for assessing profitability at
workplace. They can check continuous regarding place in which people want to visit. With the
help of effective marketing strategy, the company can promote their products and services which
assist to customer for downloading the application for booking of flights and hotels (Koryak,
Mole and Hodgkinson, 2015). In this way, discount and many other facilities can be provide to
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customer at workplace that assist to meet targets and goals at workplace. In this way, the chosen
organisation is introducing smart phone through they can provide their services to different
customer within the places. Travel master application and update information can be access in
this software (Koryak, Mole and Hodgkinson, 2015). They can provide this application on the
basis of free cost services so that customer can easily access it without facing any difficulties. In
this way, the company is also analysis price of their competitor to compare it with introducing
their product and services. They can offer products and services in effective manner through
providing different types of services. In this way, following marketing plan can be follow by the
company:
Motivate individual
Within the chosen organisation, management determines their roles to encourage each
individual to promote new product and services. It will assist to create knowledge of employees
to provide additional discount in services and products (Klotz, Hmieleski and Busenitz, 2014).
As results, Thomas Cook Group Plc can introduce their customer in new product and services
with sharing application.
Awareness
In addition to this, the chosen business needs to create awareness regarding products and
services to their customer with influencing them. In this aspect, master application can be
introduce towards customer with effective packages. As results, it assists to enhance market
share and provide high quality services at workplace (Light and Dana, 2013).
Reach potential
Management of Thomas Cook Group Plc needs to attract potential customer through
providing them discount on using master application. It will assist to improve online bookings on
portals to attract customer. With the help of reaching towards the customer, the chosen firm can
easily enhance profits and revenue within the business (Koryak, Mole and Hodgkinson, 2015).
Sales
The cited firm has aim to incorporate their new application within the market which assist
to grow more profit and revenue. It assists to improve online services that create more packages
within the enterprise. It is also helpful to minimize cost so that profits can be high.
Following are different marketing tool that can be used by the company:
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Social media marketing
It is the effective tool which assists to promote application in different areas of the world.
Thus, promotion can be maintains that create more profitability and effective performances
(Jansen, Curşeu and Gibcus, 2013). Management of Thomas Cook Group Plc using effective tool
for marketing the products and services of company.
Print media marketing
Print media marketing of the cited firm determines promotion with application which can
be done in different elements such as magazines, newspapers, banners, etc. (Klotz, Hmieleski
and Busenitz, 2014). These elements assist to Thomas Cook Group Plc to enhance their profits
and revenue.
Promotional offers
It is the other source of marketing that can be used by the cited firm to promote their
application within the market. With the help of downloading the application, the company can
also provide discount to their customer so that it will beneficial to promote products and services
of the business (Light and Dana, 2013). In this way, business can also introduce scheme which
attract customers towards Thomas Cook Group Plc.
As results, it can be stated that sales promotion of the firm is analysis popularity of
application that are related to customer (Koryak, Mole and Hodgkinson, 2015). It is very
important to undertake marketing tools so that the business can introduce to customer regarding
their products and services. It is beneficial to introduce about new application which enhance
profitability at workplace.
5. Finance
It is very important to Thomas Cook Group Plc to arrange finance so that target market can
be develops at workplace. In this aspect, they can easily attract various customers towards the
firm. It assists to arrange short and long term finance which makes more profit within the
business environment (Jansen, Curşeu and Gibcus, 2013). With the help of taking loan, the cited
firm can easily introduce innovative products and services within the environment. They are
using marketing strategies which enhance sales and profitability at workplace of the chosen firm.
In addition to this, the chosen business can also provide additional discount to customer which
assist to attract more people within the company. In addition to this, effective fund need to be
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carry at workplace according to expenses. Hence, they can make strategy to promote their
product and services in market. In this way, they can launch new services such as master
application for travel. Following sheet need to be cover which assists to make revenue and
expenditure at workplace:
Income Statement (Pound) 1st year 2nd year 3rd year
income
Sales from services render 8,203,10.29 10,664,03.38
13,863,24.3
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Less: COGS (40%) 3,281,24.12 4,265,61.35 5,545,29.76
GP 4,921,86.17 6,398,42.03 8,317,94.63
Operating charge
Market Research 2000.00 0.00 0.00
Administration charge 14190.03 14191.03 14192.03
Marketing and Advertisement 69152.85 70000.00 70000.00
Rent 12000.00 12000.00 12000.00
0.00 0.00
Insurance 12000.00 12000.00 12000.00
Salary 360000.00 360000.00 360000.00
0.00 0.00 0.00
Employee and training fee 5000.00 0.00 0.00
Service Fee 4,101,5.51 4,101,5.51 4,101,5.51
Miscellaneous Expenses 25384.00 25384.00 25384.00
Depreciation 0.00 3000.00 3000.00
Less: Total Operating Expenses 5,407,42.39 5,375,90.54 5,375,91.54
Operating Profit -4,855,6.22 102251.49 294203.09
Less: Interest 6000.00 6000.00 6000.00
PBT -5,455,6.22 9,625,1.49 2,882,03.09
Less: Tax 0.00 0.00 0.00
Net Profit -5,455,6.22 9,625,1.49 2,882,03.09
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The cited firm has carried effective and appropriate fund which assist to obtain fund and
capital. In this aspect, they are taking loans which require within the company for enhance their
profitability and performances. Proper budget require make promotion for master application in
different areas of the world (Light and Dana, 2013). With the help of identifying financial
project, business will able to earn more profits and revenue from different activities.
6. Human resources
From Thomas Cook Group Plc, it is very important to select right candidate within the
company for enhance their profit and revenue in systematic manner. The company is recruiting
member to achieve long term plan so that they have require skilled employee who can perform
functions and operations in better way (McGuirk, Lenihan and Hart, 2015). They are identifying
needs and requirement of customer and recruit people accordingly. In order to carries business
functions and operations, they have requires more man power who carry different outcomes. In
this way, they are organise specific training program which assist to involves skills and
capabilities to take participation effectively in new product.
HR department of the cited firm possess effective recruitment and selection process which
assist to select right candidate within the business. Manager of Thomas Cook Group Plc
identifies their customer requirement and promotes new product and services which can be done
through providing effective information. Thus, application attracts large number of buyer within
the business environment (Koryak, Mole and Hodgkinson, 2015).
7. Documentation standards
There are different types of documentation require which assist to grow operations and
outcomes in systematic way. Thomas Cook Group Plc needs to take registration from
government to promote their products and services. It will assist to make profitability and
positive results at workplace. In addition to this, for recruitment and selection of different people,
they have required job and person specification at workplace (Jansen, Curşeu and Gibcus, 2013).
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CONCLUSION
From the above report, it can be summarized that Thomas Cook Group Plc is incorporate
their new product which assists to attract more customer at workplace. In this aspect, the
company is using different resources for accomplish finance within the enterprise such as short
term and long term fund. It assists to introduce new product and services within the market. With
the help of introducing new application the company can easily enhance their profitability and
outcomes at workplace.
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REFERENCES
Books and Journals
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Practice. 38(2). pp.217-254.
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public service. Routledge.
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firms. Journal of Business Venturing. 29(1). pp.137-151.
Fayolle, A., 2013. Personal views on the future of entrepreneurship education.Entrepreneurship
& Regional Development. 25(7-8). pp.692-701.
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study. Journal of Small Business Strategy. 8(2). pp.25-40.
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Jackson, S. E., Schuler, R. S. and Jiang, K., 2014. An aspirational framework for strategic human
resource management. The Academy of Management Annals. 8(1). pp.1-56.
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making in small and medium-sized enterprises: The role of human and social capital in
attaining decision effectiveness. International small business journal. 31(2). pp.192-216.
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literature and roadmap for future research.Journal of Management. 40(1). pp.226-255.
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and firm growth. International Small Business Journal. 33(1). pp.89-105.
Le, S. A., Kroll, M. J. and Walters, B. A., 2013. Outside directors' experience, TMT firm-
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McGuirk, H., Lenihan, H. and Hart, M., 2015. Measuring the impact of innovative human capital
on small firms’ propensity to innovate. Research Policy. 44(4). pp.965-976.
Neirotti, P., De Marco, A. and Scorrano, F., 2014. Current trends in Smart City initiatives: Some
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the entrepreneur's use of brokerage, cohesion, and embeddedness. Entrepreneurship Theory
and Practice. 40(1). pp.49-79.
Renz, D. O., 2016. The Jossey-Bass handbook of nonprofit leadership and management. John
Wiley & Sons.
Wang, Z., Wang, N. and Liang, H., 2014. Knowledge sharing, intellectual capital and firm
performance. Management decision. 52(2). pp.230-258.
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