Competitive Advantages of Shadow Banking Industry
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This assignment requires a detailed analysis of the competitive advantages of shadow banking industry in Cyprus using Porter diamond model. The study aims to assess the hydrocarbons sector in Cyprus and provides a comprehensive analysis of the strengths, weaknesses, opportunities, and threats (SWOT) faced by the industry. Additionally, the PESTEL analysis is used to identify the political, economic, social, technological, environmental, and legal factors that affect the industry. The assignment also includes a review of the literature on the topic and provides a detailed analysis of the findings.
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Table of Contents
INTRODUCTION................................................................................................................................3
MAIN BODY.......................................................................................................................................3
LO 1......................................................................................................................................................3
1.1 Analysing history and short as well as long term business objectives..................................3
1.2 Defining factors creating impact on business operations of the company............................5
1.3 Improvements in the business organisation as per the Ansoff’s Growth Matrix..................7
M1. Evaluating SMART criteria of the objective of organisation..............................................8
LO 2......................................................................................................................................................9
2.1 Reviewing the effectiveness of business...............................................................................9
AC 2.2 Business plan to improve the efficiency of the organization........................................10
LO 3....................................................................................................................................................16
3.1 Evaluating required skills of management and staff...........................................................16
3.2 & D3. Plans and method for skill development..................................................................17
M3. Analysing effect of experience, skills and abilities of management and staff on business. 18
CONCLUSION..................................................................................................................................18
REFERENCES...................................................................................................................................19
INTRODUCTION................................................................................................................................3
MAIN BODY.......................................................................................................................................3
LO 1......................................................................................................................................................3
1.1 Analysing history and short as well as long term business objectives..................................3
1.2 Defining factors creating impact on business operations of the company............................5
1.3 Improvements in the business organisation as per the Ansoff’s Growth Matrix..................7
M1. Evaluating SMART criteria of the objective of organisation..............................................8
LO 2......................................................................................................................................................9
2.1 Reviewing the effectiveness of business...............................................................................9
AC 2.2 Business plan to improve the efficiency of the organization........................................10
LO 3....................................................................................................................................................16
3.1 Evaluating required skills of management and staff...........................................................16
3.2 & D3. Plans and method for skill development..................................................................17
M3. Analysing effect of experience, skills and abilities of management and staff on business. 18
CONCLUSION..................................................................................................................................18
REFERENCES...................................................................................................................................19
INTRODUCTION
For every business organisation, overall financial health and position plays a crucial role in
formulation of sound business policies and plans. With the help of financial statements of every
business, its financial information can be ascertained and decision can be made accordingly. By
having proper use of business health check tools, it can help in monitoring of potential risks and
factors which are creating negative impact on the functioning of business operations. Business
health and position can be determined with the help of financial ratios such as Liquidity ratio,
Current Ratio, Net profit ratio or Debt - equity ratio etc. In this report, emphasis will be made on
Hilton Hotels and Resorts which is one of the leading hospitality sector industry having its
headquarter in McLean, United States. This is one of the global brand having its business operations
across the world in around 85 countries. The report will discuss about short as well as long term
objectives of Hilton along with factors influencing its operational working. Further, PESTLE,
Porter's five forces and SWOT analysis will be done for assessing factors influencing Hilton. Also,
measures to be adopted for improving the working of this hotel will be disclosed by using Ansoff's
Growth Matrix. At last, the report will define skills which every management and staff should
possess for the betterment of business organisation.
MAIN BODY
LO 1
1.1 Analysing history and short as well as long term business objectives.
Hilton Hotels and Resorts is one of the multinational hospitality industry which is providing
its services worldwide. Hilton Hotels and Resorts are now known as Hilton Hotels. This hospitality
company is providing its services at full potential in respect of hotels and resorts. According to the
year 2018, Hilton hotels and resorts is having property of around 5865 with 912,960 number of
rooms in different countries and territories (Hilton Hotels and Resorts, 2019). It is operating
currently in 85 countries and union territories across the six continents.
Out of property hold by Hilton Hotel, 66 properties are owned and leased with
approximately 20,264 rooms. And 276 properties are properly managed with number of rooms at
119,594. Among properties which are franchised are 244 having 75,765 rooms.
Short term objectives of Hilton Hotels are as follows:
1. This business organisation is focusing on reducing the energy consumption level in respect
of direct business operations and activities.
For every business organisation, overall financial health and position plays a crucial role in
formulation of sound business policies and plans. With the help of financial statements of every
business, its financial information can be ascertained and decision can be made accordingly. By
having proper use of business health check tools, it can help in monitoring of potential risks and
factors which are creating negative impact on the functioning of business operations. Business
health and position can be determined with the help of financial ratios such as Liquidity ratio,
Current Ratio, Net profit ratio or Debt - equity ratio etc. In this report, emphasis will be made on
Hilton Hotels and Resorts which is one of the leading hospitality sector industry having its
headquarter in McLean, United States. This is one of the global brand having its business operations
across the world in around 85 countries. The report will discuss about short as well as long term
objectives of Hilton along with factors influencing its operational working. Further, PESTLE,
Porter's five forces and SWOT analysis will be done for assessing factors influencing Hilton. Also,
measures to be adopted for improving the working of this hotel will be disclosed by using Ansoff's
Growth Matrix. At last, the report will define skills which every management and staff should
possess for the betterment of business organisation.
MAIN BODY
LO 1
1.1 Analysing history and short as well as long term business objectives.
Hilton Hotels and Resorts is one of the multinational hospitality industry which is providing
its services worldwide. Hilton Hotels and Resorts are now known as Hilton Hotels. This hospitality
company is providing its services at full potential in respect of hotels and resorts. According to the
year 2018, Hilton hotels and resorts is having property of around 5865 with 912,960 number of
rooms in different countries and territories (Hilton Hotels and Resorts, 2019). It is operating
currently in 85 countries and union territories across the six continents.
Out of property hold by Hilton Hotel, 66 properties are owned and leased with
approximately 20,264 rooms. And 276 properties are properly managed with number of rooms at
119,594. Among properties which are franchised are 244 having 75,765 rooms.
Short term objectives of Hilton Hotels are as follows:
1. This business organisation is focusing on reducing the energy consumption level in respect
of direct business operations and activities.
2. Also, it has emphasizes on reducing the overall emission level of Carbon dioxide in the
environment by making effective and proper use of carbon emission tools such as carbon
footprint etc.
3. This hospitality company has also focuses on minimizing its waste quantity. The company
has taken measures in form of formulation of sound business policies, plans and strategies
related to minimization of wastage of business resources (Papargyropoulou and et.al., 2016).
Also, emphasis has been made on making effective and efficient utilization of business
resources by making proper allocation as per the needs of business departments.
4. One of the short term goal of Hilton Hotel is to making proper utilization of water resources.
It has set target for reducing its overall water consumption and also focuses on making reuse
and recycle process.
Long term business objectives of Hilton Hotels are as follows:
1. One of the major business goal for this hospitality company is to conduct its business
operations in a sustainable manner. Hilton has always ensures on becoming leader in the
hospitality sector by developing strategies, plans and policies related to sustainability
factors.
2. By evaluating current and future purchasing policies as well as practices across different
brands for ensuring that different services and products range as provided by hotel not only
enhance the experience level of the guest but also focuses on driving values for owners in
form of high profitability.
3. It has also aimed at improving its operational efficiency level by adopting new and advanced
technological aspects, techniques, building designs. This has been done with the aim of
enhancing and increasing the satisfaction level of its customers and guest thereby making
them happy.
4. Also, it has its mission and vision statement stating delivering high quality and better
improved hospitality services to all its guests including both the businessmen and leisure
travellers coming to Hilton (Manhas and Tukamushaba, 2015).
5. It has also focuses on customer relationship management and its improvement for building
high customer base and retention as well thereby creating brand image.
6. Hilton has also made concern related to starting of the self service counters, schemes and
seamless services, automation mode for the ease as well as benefits of its customers, guests
and travellers.
environment by making effective and proper use of carbon emission tools such as carbon
footprint etc.
3. This hospitality company has also focuses on minimizing its waste quantity. The company
has taken measures in form of formulation of sound business policies, plans and strategies
related to minimization of wastage of business resources (Papargyropoulou and et.al., 2016).
Also, emphasis has been made on making effective and efficient utilization of business
resources by making proper allocation as per the needs of business departments.
4. One of the short term goal of Hilton Hotel is to making proper utilization of water resources.
It has set target for reducing its overall water consumption and also focuses on making reuse
and recycle process.
Long term business objectives of Hilton Hotels are as follows:
1. One of the major business goal for this hospitality company is to conduct its business
operations in a sustainable manner. Hilton has always ensures on becoming leader in the
hospitality sector by developing strategies, plans and policies related to sustainability
factors.
2. By evaluating current and future purchasing policies as well as practices across different
brands for ensuring that different services and products range as provided by hotel not only
enhance the experience level of the guest but also focuses on driving values for owners in
form of high profitability.
3. It has also aimed at improving its operational efficiency level by adopting new and advanced
technological aspects, techniques, building designs. This has been done with the aim of
enhancing and increasing the satisfaction level of its customers and guest thereby making
them happy.
4. Also, it has its mission and vision statement stating delivering high quality and better
improved hospitality services to all its guests including both the businessmen and leisure
travellers coming to Hilton (Manhas and Tukamushaba, 2015).
5. It has also focuses on customer relationship management and its improvement for building
high customer base and retention as well thereby creating brand image.
6. Hilton has also made concern related to starting of the self service counters, schemes and
seamless services, automation mode for the ease as well as benefits of its customers, guests
and travellers.
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1.2 Defining factors creating impact on business operations of the company.
Business operations are influenced by number of factors both on the internal and external
which has to be determined timely for minimizing its effects and for gaining competitive
advantages as well. For assessing these influencing factors of Hilton Hotels following techniques
are used:
SWOT ANALYSIS
With SWOT analysis, Hilton has been able to evaluate its strengths, weakness, threats and
opportunities in the marketplace related to its business operations.
Strengths – One of the strength of Hilton is its wide area services. It has been operating in around
85 countries with strong portfolio of property. It offers many loyalty schemes and programs to its
customers such as Hilton Honors program and many benefits to its guest such as discounted prices,
check out, internet accessibility etc. By rendering quality and self service options, it has been able
to achieve strong customer base with high profit and retention level.
Weaknesses – The business operations of Hilton highly depends on US market for making profit.
Also, in-spite of having large portfolio of properties it is not able to achieve high market share at the
global level. Because of large size of business, it is lacking in flexibility feature making business
operations more rigid and policy oriented (Sammut ‐ Bonnici and Galea, 2015).
Opportunities – As it depends more on the US market for conducting its business operations, it has
opportunity to expand its business operations at the global level. By forming strategic alliances it
can achieve high market share at international level. By conducting research activities in the market,
it can analyse the current market trends as well as customer demands such as starting mid budget
hotels and resorts etc.
Threats – One of the threat for Hilton is related to the political and legal factor. As it is present in
many countries, it has to face different political and government policy changes. Also, compliance
has to be made as per the norms and laws prevailing in that country.
PESTLE ANALYSIS
It provides deep insight about the potential effects on the working of Hilton, its revenue and
growth aspects which has been created by the political, economical, social, technological,
environmental and legal factors.
Political Factor – As the company is operating in different countries, territories it has to face much
political instability. Also, Hilton has to consider pricing regulations norms if any as set down by
Business operations are influenced by number of factors both on the internal and external
which has to be determined timely for minimizing its effects and for gaining competitive
advantages as well. For assessing these influencing factors of Hilton Hotels following techniques
are used:
SWOT ANALYSIS
With SWOT analysis, Hilton has been able to evaluate its strengths, weakness, threats and
opportunities in the marketplace related to its business operations.
Strengths – One of the strength of Hilton is its wide area services. It has been operating in around
85 countries with strong portfolio of property. It offers many loyalty schemes and programs to its
customers such as Hilton Honors program and many benefits to its guest such as discounted prices,
check out, internet accessibility etc. By rendering quality and self service options, it has been able
to achieve strong customer base with high profit and retention level.
Weaknesses – The business operations of Hilton highly depends on US market for making profit.
Also, in-spite of having large portfolio of properties it is not able to achieve high market share at the
global level. Because of large size of business, it is lacking in flexibility feature making business
operations more rigid and policy oriented (Sammut ‐ Bonnici and Galea, 2015).
Opportunities – As it depends more on the US market for conducting its business operations, it has
opportunity to expand its business operations at the global level. By forming strategic alliances it
can achieve high market share at international level. By conducting research activities in the market,
it can analyse the current market trends as well as customer demands such as starting mid budget
hotels and resorts etc.
Threats – One of the threat for Hilton is related to the political and legal factor. As it is present in
many countries, it has to face different political and government policy changes. Also, compliance
has to be made as per the norms and laws prevailing in that country.
PESTLE ANALYSIS
It provides deep insight about the potential effects on the working of Hilton, its revenue and
growth aspects which has been created by the political, economical, social, technological,
environmental and legal factors.
Political Factor – As the company is operating in different countries, territories it has to face much
political instability. Also, Hilton has to consider pricing regulations norms if any as set down by
country in which it is operating. Trade regulation, tariffs, industrial safety regulations are some of
the Political factors which plays significant role in evaluating the impact on the Hilton's long term
profitability performing its business in a particular country or market.
Economic Factor – Both micro and macro factors creates negative and positive impact on the
competitive advantage of the Hilton. Micro factors such as norms and regulation related to the
competition creates impact on profitability of Hilton. Whereas macro factors like inflation rate,
interest rate, foreign exchange rate and aggregate demand & investment in an economy should be
consider for making forecast about future business growth.
Social Factor – It includes factors such as demographic conditions, education level, cultural
environment, beliefs and attitudes. By understanding customer values, Hilton has to design its
products and services accordingly for gaining competitive edge (Tsangas and et.al., 2019).
Technological Factor – With the help of recent technological advancements and development in
the hospitality sector such as self service options, free access to internet, online booking etc. it has
created both ease for the customers and competition in between the industries of this sector. For
remaining competitive, Hilton has to adapt to new and better improved techniques of hospitality
sector.
Environmental Factor – It is related with factors such as weather, pollution of air & water,
climatic changes. Hilton has always emphasizes on sustainability features and adhere to laws and
rules related to environment pollution. Also, it has ensures that there is minimum wastage of natural
resources and proper use of energy is been done.
Legal Factor – It comprises features such as discrimination law, data protection, employment law.
Hilton has always ensures that health, safety of its employees and guest are of top priority. Also, it
adheres to all legal and statutory norms which are applicable on it.
PORTER'S FIVE FORCES MODEL
It depicts factors related to market competition which are impacting the working of Hilton
Hotels. It covers following aspects:
1. Rivalry among existing firms – High competition in the rivalry firm can result in decrease
in product prices and profitability level as well. Proper plans, strategies has to be made by
Hilton for overcoming these competitive challenges and for competing as well.
2. Bargaining power of Hilton suppliers – If supplier is having dominant position in the
market, it can have impact on the profitability as well as performance level of Hilton. This
supplier firm uses their position and negotiating power for extracting high prices from
Hilton against which proper and effective plans and strategies has to be made.
3. Threat of substitute products or services - Most important factor which impacts the
the Political factors which plays significant role in evaluating the impact on the Hilton's long term
profitability performing its business in a particular country or market.
Economic Factor – Both micro and macro factors creates negative and positive impact on the
competitive advantage of the Hilton. Micro factors such as norms and regulation related to the
competition creates impact on profitability of Hilton. Whereas macro factors like inflation rate,
interest rate, foreign exchange rate and aggregate demand & investment in an economy should be
consider for making forecast about future business growth.
Social Factor – It includes factors such as demographic conditions, education level, cultural
environment, beliefs and attitudes. By understanding customer values, Hilton has to design its
products and services accordingly for gaining competitive edge (Tsangas and et.al., 2019).
Technological Factor – With the help of recent technological advancements and development in
the hospitality sector such as self service options, free access to internet, online booking etc. it has
created both ease for the customers and competition in between the industries of this sector. For
remaining competitive, Hilton has to adapt to new and better improved techniques of hospitality
sector.
Environmental Factor – It is related with factors such as weather, pollution of air & water,
climatic changes. Hilton has always emphasizes on sustainability features and adhere to laws and
rules related to environment pollution. Also, it has ensures that there is minimum wastage of natural
resources and proper use of energy is been done.
Legal Factor – It comprises features such as discrimination law, data protection, employment law.
Hilton has always ensures that health, safety of its employees and guest are of top priority. Also, it
adheres to all legal and statutory norms which are applicable on it.
PORTER'S FIVE FORCES MODEL
It depicts factors related to market competition which are impacting the working of Hilton
Hotels. It covers following aspects:
1. Rivalry among existing firms – High competition in the rivalry firm can result in decrease
in product prices and profitability level as well. Proper plans, strategies has to be made by
Hilton for overcoming these competitive challenges and for competing as well.
2. Bargaining power of Hilton suppliers – If supplier is having dominant position in the
market, it can have impact on the profitability as well as performance level of Hilton. This
supplier firm uses their position and negotiating power for extracting high prices from
Hilton against which proper and effective plans and strategies has to be made.
3. Threat of substitute products or services - Most important factor which impacts the
overall profitability and performance level is presence of substitute products or services in
the market. Hilton has to understand its customer needs by conducting market survey and
charging affordable prices (Zhao and et.al., 2016).
4. Threat of new entrants – One of the factor is related to the entry of new firm in the market
place creating high competition in the market and impacting the overall profitability level of
Hilton. By lowering pricing, reducing costs and providing new value propositions for its
customers can help Hilton in facing its challenges.
5. Bargaining power of buyers – Innovating new products can help in building large
customers base which will reduce bargaining power of its buyers. Also, it will provide an
opportunity to increase its sales margin and improves its production process.
1.3 Improvements in the business organisation as per the Ansoff’s Growth Matrix.
Ansoff's Growth Matrix focuses on two main approaches related to developing growth
strategy viz. By providing differentiated products and services known as product growth and other
approach is related to market growth i.e. products are offered for selling to whom and where. It has
four strategies, on the basis of which business organisation can makes improvement in its business
operations and activities:
1. Market penetration strategy – It is known as lowest risk strategy field for Hilton as it
deals will the process of selling its existing products and services to its known customers in
the market. Hilton has to understand its customer needs by conducting market survey and
charging affordable prices (Zhao and et.al., 2016).
4. Threat of new entrants – One of the factor is related to the entry of new firm in the market
place creating high competition in the market and impacting the overall profitability level of
Hilton. By lowering pricing, reducing costs and providing new value propositions for its
customers can help Hilton in facing its challenges.
5. Bargaining power of buyers – Innovating new products can help in building large
customers base which will reduce bargaining power of its buyers. Also, it will provide an
opportunity to increase its sales margin and improves its production process.
1.3 Improvements in the business organisation as per the Ansoff’s Growth Matrix.
Ansoff's Growth Matrix focuses on two main approaches related to developing growth
strategy viz. By providing differentiated products and services known as product growth and other
approach is related to market growth i.e. products are offered for selling to whom and where. It has
four strategies, on the basis of which business organisation can makes improvement in its business
operations and activities:
1. Market penetration strategy – It is known as lowest risk strategy field for Hilton as it
deals will the process of selling its existing products and services to its known customers in
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the same existing market. Hilton for making more profit and for increasing its customer base
has to use marketing mix strategies effectively such as by offering discounted prices,
advertisement and promotional activity for understanding and grasping the market benefits
at the competitors expense.
2. Product Development strategy – This feature focuses on development of new products and
services for its customers and for the market as well known as Product Development. Hilton
has to emphasize on the current market and customer needs, demands so as to meet their
expectation level. Also, it has to improve its capabilities and performance level by adapting
new technological innovation and concepts (Kandampully, Zhang and Jaakkola, 2018).
3. Market Development strategy – It focuses on introducing existing products and services of
Hilton into the new emerging market segments by formulating sound business policies and
strategies related to marketing mix. Emphasis is made on new channels and route for
marketing activities of exiting products and also its promotional operations to the new target
segments.
4. Diversification strategy – This strategy is related with the diversification function which
means development of new products and services as per the market and customer demands
for the new market place. Profit can be made by designing a good marketing plan and
strategy thereby focusing on the marketing and promotional activities of Hilton's new
offerings.
M1. Evaluating SMART criteria of the objective of organisation.
Hilton aims is related to making good experience, satisfaction level of its customers by
providing better and high quality services to all the guests including business men as well as leisure
travellers. Also, it has always emphasizes on meeting its business objectives in the sustainable
manner and as per the criteria of SMART which stands for Specific, Measurable, Achievable,
Realistic and Timely. It has ensures that all its business goals and aims of either short or long term
nature are in line with the strategies made:
1. Specific – Hilton has always focuses on meeting its customers satisfaction level and
improving its guest and customers experience level. It is very important for every business
organisation to have a well defined and focused business goals against which effective plans
are made for its attainment.
2. Measurable – Goals developed has to be of measurable nature in terms of profitability and
performance aspects. Hilton ensures that services rendered by it are able to meet its
customer requirements making them highly satisfied and loyal.
3. Achievable – It is very important to formulate that business goals which are capable of
has to use marketing mix strategies effectively such as by offering discounted prices,
advertisement and promotional activity for understanding and grasping the market benefits
at the competitors expense.
2. Product Development strategy – This feature focuses on development of new products and
services for its customers and for the market as well known as Product Development. Hilton
has to emphasize on the current market and customer needs, demands so as to meet their
expectation level. Also, it has to improve its capabilities and performance level by adapting
new technological innovation and concepts (Kandampully, Zhang and Jaakkola, 2018).
3. Market Development strategy – It focuses on introducing existing products and services of
Hilton into the new emerging market segments by formulating sound business policies and
strategies related to marketing mix. Emphasis is made on new channels and route for
marketing activities of exiting products and also its promotional operations to the new target
segments.
4. Diversification strategy – This strategy is related with the diversification function which
means development of new products and services as per the market and customer demands
for the new market place. Profit can be made by designing a good marketing plan and
strategy thereby focusing on the marketing and promotional activities of Hilton's new
offerings.
M1. Evaluating SMART criteria of the objective of organisation.
Hilton aims is related to making good experience, satisfaction level of its customers by
providing better and high quality services to all the guests including business men as well as leisure
travellers. Also, it has always emphasizes on meeting its business objectives in the sustainable
manner and as per the criteria of SMART which stands for Specific, Measurable, Achievable,
Realistic and Timely. It has ensures that all its business goals and aims of either short or long term
nature are in line with the strategies made:
1. Specific – Hilton has always focuses on meeting its customers satisfaction level and
improving its guest and customers experience level. It is very important for every business
organisation to have a well defined and focused business goals against which effective plans
are made for its attainment.
2. Measurable – Goals developed has to be of measurable nature in terms of profitability and
performance aspects. Hilton ensures that services rendered by it are able to meet its
customer requirements making them highly satisfied and loyal.
3. Achievable – It is very important to formulate that business goals which are capable of
being performed and of achievable nature. Hilton frames polices and plans for making
effective allocation of its available business resources for successful attainment of its goals
(Bowie and et.al., 2016).
4. Realistic – Goals should be designed by keeping in mind, the current business position. It
should not be made on assumptions.
5. Timely - It has ensures that any grievances, complaints or suggestions made by its clients,
customers and guests are resolved on time without making any delay.
D1. Improvement in business operations made.
By using Ansoff's Growth matrix, Hilton has been able to achieve its economies of scale. By
focusing on the Market penetration strategy, Hilton has been able to sale its existing business
products and services in the market in which it is operating by selling it all to the present guest or
customer. Also, it has focuses on grabbing customer of its competitors by offering discounted
prices, coupons and other benefits. Hilton by entering in many new marketplaces across the world,
has been able to increase its customer base and market share as well (Riasi, 2015).
By designing of new products and services as per the market survey, Hilton has emphasizes
to introduce it among its existing customers and guest by offering them in form of side coupons,
voucher or free sample use. By conducting market suvery and understanding the demand and
requirements of its customer, Hilton has developed its own new products and services ranges such
as automation and seamless services, self service schemes for increasing its customer base and
profit margins.
LO 2
2.1 Reviewing the effectiveness of business
Business effectiveness refers to the degree to which the objectives are achieved and the
extent to which the complications and issues are resolved. In simple terms effectiveness means
doing right things in the business(Zorpas and et.al., 2018). It helps the organization to identify the
activities performed by it are on the right path and lead the organization towards its goals and
objectives.
Hilton Hotels provide services for leisure travelers and business travelers. The products
offered are family fun packages, conference facilities and other hospitality services such as
accommodation and amenities. The company deals in complete hospitality services and products
effective allocation of its available business resources for successful attainment of its goals
(Bowie and et.al., 2016).
4. Realistic – Goals should be designed by keeping in mind, the current business position. It
should not be made on assumptions.
5. Timely - It has ensures that any grievances, complaints or suggestions made by its clients,
customers and guests are resolved on time without making any delay.
D1. Improvement in business operations made.
By using Ansoff's Growth matrix, Hilton has been able to achieve its economies of scale. By
focusing on the Market penetration strategy, Hilton has been able to sale its existing business
products and services in the market in which it is operating by selling it all to the present guest or
customer. Also, it has focuses on grabbing customer of its competitors by offering discounted
prices, coupons and other benefits. Hilton by entering in many new marketplaces across the world,
has been able to increase its customer base and market share as well (Riasi, 2015).
By designing of new products and services as per the market survey, Hilton has emphasizes
to introduce it among its existing customers and guest by offering them in form of side coupons,
voucher or free sample use. By conducting market suvery and understanding the demand and
requirements of its customer, Hilton has developed its own new products and services ranges such
as automation and seamless services, self service schemes for increasing its customer base and
profit margins.
LO 2
2.1 Reviewing the effectiveness of business
Business effectiveness refers to the degree to which the objectives are achieved and the
extent to which the complications and issues are resolved. In simple terms effectiveness means
doing right things in the business(Zorpas and et.al., 2018). It helps the organization to identify the
activities performed by it are on the right path and lead the organization towards its goals and
objectives.
Hilton Hotels provide services for leisure travelers and business travelers. The products
offered are family fun packages, conference facilities and other hospitality services such as
accommodation and amenities. The company deals in complete hospitality services and products
that relates to the comfort for the travelers. Hilton Hotels also provides the services such as gym and
Spa's along with the accommodation of rooms.
Hilton group is popularly known for its brand in hospitality for a long time. The company
has focused mainly on all the exclusive services and the customer satisfaction that led to the growth
in market share by the organization(ázquez-Abad and et.al, 2015). The Hilton Group has
collaborated with the Payment Banks, different type of restaurants for food varieties and to increase
its reach in a region, all this turn up towards the marketing and promotion strategy of the Hotels.
Remaining activities of marketing are done through the content of its premium magazines and the
customer review websites etc.
Hilton Hotels consists of 700 sales professional in offices across the world and make sure
that the company receives combined benefits of scale, access, competence and experience from its
sales activities. The company is more focused in being integrated and relevant sales force in the
hospitality industry in the world and aiming at the growth in the market share by the company. The
sales team of Hilton Hotels is recognized as the top selling and customer service organization in the
world. The Hotels serve 25000 customers in 101 countries across the world which make them
understand the unique needs and opportunities around the world for their business(Ahmad and
Saber, 2015).
The company has also adopted the Global online services in order to stay ahead of the
competition in the hospitality industry. Through this technological advancement Hilton Hotels has
been able to maximize its revenue and build strong relationships with the customers. This has
further resulted in the success the market growth of the company.
AC 2.2 Business plan to improve the efficiency of the organization
Business plan comprises all the elements and activities that needs to be undertaken by the
company to fulfill its strategy towards achievement of goals and services. In order to achieve these
goals and objectives there need to be proper strategic planning of the activities(Ganbat, 2015). The
following are the activities of the business plan being prepared for the improvement of business of
Hilton Hotels-
Business concept- The main concept behind this preparation of this plan is to set up a new hotel in
Serbia and operate the business activities in the country. The company carries strong brand name in
hospitality industry across the world. The another thing is to initiate the WiFi facility in the rooms
to improve the service offerings for the customer. The other major focus will be on the improvement
of quality food services and other amenities for the customers to attract more and more of them for
opting the services.
Spa's along with the accommodation of rooms.
Hilton group is popularly known for its brand in hospitality for a long time. The company
has focused mainly on all the exclusive services and the customer satisfaction that led to the growth
in market share by the organization(ázquez-Abad and et.al, 2015). The Hilton Group has
collaborated with the Payment Banks, different type of restaurants for food varieties and to increase
its reach in a region, all this turn up towards the marketing and promotion strategy of the Hotels.
Remaining activities of marketing are done through the content of its premium magazines and the
customer review websites etc.
Hilton Hotels consists of 700 sales professional in offices across the world and make sure
that the company receives combined benefits of scale, access, competence and experience from its
sales activities. The company is more focused in being integrated and relevant sales force in the
hospitality industry in the world and aiming at the growth in the market share by the company. The
sales team of Hilton Hotels is recognized as the top selling and customer service organization in the
world. The Hotels serve 25000 customers in 101 countries across the world which make them
understand the unique needs and opportunities around the world for their business(Ahmad and
Saber, 2015).
The company has also adopted the Global online services in order to stay ahead of the
competition in the hospitality industry. Through this technological advancement Hilton Hotels has
been able to maximize its revenue and build strong relationships with the customers. This has
further resulted in the success the market growth of the company.
AC 2.2 Business plan to improve the efficiency of the organization
Business plan comprises all the elements and activities that needs to be undertaken by the
company to fulfill its strategy towards achievement of goals and services. In order to achieve these
goals and objectives there need to be proper strategic planning of the activities(Ganbat, 2015). The
following are the activities of the business plan being prepared for the improvement of business of
Hilton Hotels-
Business concept- The main concept behind this preparation of this plan is to set up a new hotel in
Serbia and operate the business activities in the country. The company carries strong brand name in
hospitality industry across the world. The another thing is to initiate the WiFi facility in the rooms
to improve the service offerings for the customer. The other major focus will be on the improvement
of quality food services and other amenities for the customers to attract more and more of them for
opting the services.
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Vision and Mission- The Vision of Hilton Hotels is to enhance their strong brand image in the
hospitality industry and to expand their business in the different countries. The mission is to reduce
the employee turn over rates of the company and to retain the staff for longer period which will
result in effective operations for the company.
Objectives-
To enable the sales growth of the Hotel for about 20% till 2020.
To Increase and establish 5 more branches across the world in Asian Market by 2022
Porters five forces-
Porters Five High/Low Justification
Rivalry among existing
competitors in the industry.
High Hilton Hotels has many
competitors in the hospitality
industry that provide the
services and influence the
customers. These rivals
establish a strong competitive
force for the Hilton Hotels.
Example- Four Seasons,
Raddisons, Marriott etc.
Bargaining power of suppliers High Due to the high brand image
and the reputation of Hilton
hotels there has been
dominance of suppliers in
charging higher prices for the
vegetables, Laundry services
etc. The company has to incur
these costs of the suppliers in
order to render the best services
to the
customers(Dzhandzhugazova
and et.al., 2016).
Bargaining power of buyers. Low Hilton Hotels provides the
services as less prices as
compared to other Hotels and
hospitality industry and to expand their business in the different countries. The mission is to reduce
the employee turn over rates of the company and to retain the staff for longer period which will
result in effective operations for the company.
Objectives-
To enable the sales growth of the Hotel for about 20% till 2020.
To Increase and establish 5 more branches across the world in Asian Market by 2022
Porters five forces-
Porters Five High/Low Justification
Rivalry among existing
competitors in the industry.
High Hilton Hotels has many
competitors in the hospitality
industry that provide the
services and influence the
customers. These rivals
establish a strong competitive
force for the Hilton Hotels.
Example- Four Seasons,
Raddisons, Marriott etc.
Bargaining power of suppliers High Due to the high brand image
and the reputation of Hilton
hotels there has been
dominance of suppliers in
charging higher prices for the
vegetables, Laundry services
etc. The company has to incur
these costs of the suppliers in
order to render the best services
to the
customers(Dzhandzhugazova
and et.al., 2016).
Bargaining power of buyers. Low Hilton Hotels provides the
services as less prices as
compared to other Hotels and
hence there is less domination
of customers in bargaining with
the prices of the rooms and
food menu. However, the
scenario changes during then
situations when the competitors
offer more discounts and
special packages to attract the
customers. In overall this
competitive force is termed to
be l;ow in case of Hilton Hotels
due to its best quality offerings
in less price.
Threat of substitutes Low Hopwver the company has
created a strong brand image in
the market which gives them
advantage to less threats from
the substitutes or competitors
services offerings.
Threat of new entrants. Low Hilton Hotels are been
established at 85 places and due
to this the company has been
leading in the market share of
hospitality industry.
Market Research-
Analysis High/Low Justification
Strength High Hilton Hotels has the main
strength of wide area coverage
in 85 countries and the group of
skilled workforce and staff to
conduct its activities efficiently.
Weakness Low The company has been unable
of customers in bargaining with
the prices of the rooms and
food menu. However, the
scenario changes during then
situations when the competitors
offer more discounts and
special packages to attract the
customers. In overall this
competitive force is termed to
be l;ow in case of Hilton Hotels
due to its best quality offerings
in less price.
Threat of substitutes Low Hopwver the company has
created a strong brand image in
the market which gives them
advantage to less threats from
the substitutes or competitors
services offerings.
Threat of new entrants. Low Hilton Hotels are been
established at 85 places and due
to this the company has been
leading in the market share of
hospitality industry.
Market Research-
Analysis High/Low Justification
Strength High Hilton Hotels has the main
strength of wide area coverage
in 85 countries and the group of
skilled workforce and staff to
conduct its activities efficiently.
Weakness Low The company has been unable
to achieve high market share
across the world in-spite of
having operational in many
countries(Jogaratnam, 2017).
Opportunity High Hilton Hotels has the greatest
opportunity in expanding in the
Asian markets especially in the
countries like India and China.
Threats High The company is mainly
dependent on climate and
weather conditions of the
countries that affects the
arrivals of tourists. Another
political threats like terrorists
attacks result to be slowdown of
the business activities of Hilton
Hotels.
PESTLE Analysis High/Low Justification
Political High Hilton Hotels have high
political influence and the
regulations of different
economies they operate.
Various norms and rules by the
different government of the
countries affects the working of
Hilton Hotels(Velásquez and
Meunier, 2017).
Economic Low Economic factors like exchange
rates and inflation has less
effect on Hilton Hotels business
as the company has strong
financial position.
across the world in-spite of
having operational in many
countries(Jogaratnam, 2017).
Opportunity High Hilton Hotels has the greatest
opportunity in expanding in the
Asian markets especially in the
countries like India and China.
Threats High The company is mainly
dependent on climate and
weather conditions of the
countries that affects the
arrivals of tourists. Another
political threats like terrorists
attacks result to be slowdown of
the business activities of Hilton
Hotels.
PESTLE Analysis High/Low Justification
Political High Hilton Hotels have high
political influence and the
regulations of different
economies they operate.
Various norms and rules by the
different government of the
countries affects the working of
Hilton Hotels(Velásquez and
Meunier, 2017).
Economic Low Economic factors like exchange
rates and inflation has less
effect on Hilton Hotels business
as the company has strong
financial position.
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Social High Various cultural norms and the
attitudes of the customers as
well as their purchasing power,
highly affects the business of
Hilton Hotels(Kim and et.al.,
2015).
Technological High Hilton Hotels has already opted
for the use of online services
for its marketing as well as
providing services to the
customers for booking and
other facilities. The technology
has impacted highly over the
growth of Hilton Hotels.
Legal Low Various legal procedures will
have to be followed by Hilton
Hotels such as employment law,
labor law etc.
Environmental High The climatic changes and the
weather changes and various
environmental imbalances such
as natural calamities and
disasters may affect the
business of Hilton Hotels(Al
Samarrai, and et.al., 2019)
Financial Plan-
particulars
Jan
uar
y
Febr
uary
ma
rch April may June July august
Septem
ber
octobe
r
novem
ber
decem
ber
revenues 100
000
1000
00.00
100
000
100000
.00
100
000.
1000
00.0
100000
.00
10000
0.00
100000
.00
100000
.00
100000
.00
100000
.00
attitudes of the customers as
well as their purchasing power,
highly affects the business of
Hilton Hotels(Kim and et.al.,
2015).
Technological High Hilton Hotels has already opted
for the use of online services
for its marketing as well as
providing services to the
customers for booking and
other facilities. The technology
has impacted highly over the
growth of Hilton Hotels.
Legal Low Various legal procedures will
have to be followed by Hilton
Hotels such as employment law,
labor law etc.
Environmental High The climatic changes and the
weather changes and various
environmental imbalances such
as natural calamities and
disasters may affect the
business of Hilton Hotels(Al
Samarrai, and et.al., 2019)
Financial Plan-
particulars
Jan
uar
y
Febr
uary
ma
rch April may June July august
Septem
ber
octobe
r
novem
ber
decem
ber
revenues 100
000
1000
00.00
100
000
100000
.00
100
000.
1000
00.0
100000
.00
10000
0.00
100000
.00
100000
.00
100000
.00
100000
.00
.00 .00 00 0
Initial
investment
of the
company
322
400
0.0
0
4030
000.0
0
503
750
0.0
0
629687
5.00
787
109
3.75
9838
867.
19
122985
83.98
15373
229.98
192165
37.48
240206
71.84
300258
39.81
375322
99.76
l
e
s
s
: expenses
Rent
500
0.0
0
5000.
00
500
0.0
0
5000.0
0
500
0.00
5000
.00
5000.0
0
5000.0
0
5000.0
0
5000.0
0
5000.0
0
5000.0
0
Furniture
350
0.0
0
3500.
00
350
0.0
0
3500.0
0
350
0.00
3500
.00
3500.0
0
3500.0
0
3500.0
0
3500.0
0
3500.0
0
3500.0
0
Kitchen
appliances
300
0.0
0
3000.
00
300
0.0
0
3000.0
0
300
0.00
3000
.00
3000.0
0
3000.0
0
3000.0
0
3000.0
0
3000.0
0
3000.0
0
Decor
100
00.
00
1000
0.00
100
00.
00
10000.
00
100
00.0
0
1000
0.00
10000.
00
10000.
00
10000.
00
10000.
00
10000.
00
10000.
00
Salary
160
000
.00
2000
00.00
250
000
.00
312500
.00
390
625.
00
4882
81.2
5
610351
.56
76293
9.45
953674
.32
119209
2.90
149011
6.12
186264
5.15
direct cost
for food
297
600
0.0
0
3720
000.0
0
465
000
0.0
0
581250
0.00
726
562
5.00
9082
031.
25
113525
39.06
14190
673.83
177383
42.29
221729
27.86
277161
59.82
346451
99.78
profit
166
500
.00
1885
00.00
216
000
.00
250375
.00
293
343.
75
3470
54.6
9
414193
.36
49811
6.70
603020
.87
734151
.09
898063
.87
110295
4.83
Initial
investment
of the
company
322
400
0.0
0
4030
000.0
0
503
750
0.0
0
629687
5.00
787
109
3.75
9838
867.
19
122985
83.98
15373
229.98
192165
37.48
240206
71.84
300258
39.81
375322
99.76
l
e
s
s
: expenses
Rent
500
0.0
0
5000.
00
500
0.0
0
5000.0
0
500
0.00
5000
.00
5000.0
0
5000.0
0
5000.0
0
5000.0
0
5000.0
0
5000.0
0
Furniture
350
0.0
0
3500.
00
350
0.0
0
3500.0
0
350
0.00
3500
.00
3500.0
0
3500.0
0
3500.0
0
3500.0
0
3500.0
0
3500.0
0
Kitchen
appliances
300
0.0
0
3000.
00
300
0.0
0
3000.0
0
300
0.00
3000
.00
3000.0
0
3000.0
0
3000.0
0
3000.0
0
3000.0
0
3000.0
0
Decor
100
00.
00
1000
0.00
100
00.
00
10000.
00
100
00.0
0
1000
0.00
10000.
00
10000.
00
10000.
00
10000.
00
10000.
00
10000.
00
Salary
160
000
.00
2000
00.00
250
000
.00
312500
.00
390
625.
00
4882
81.2
5
610351
.56
76293
9.45
953674
.32
119209
2.90
149011
6.12
186264
5.15
direct cost
for food
297
600
0.0
0
3720
000.0
0
465
000
0.0
0
581250
0.00
726
562
5.00
9082
031.
25
113525
39.06
14190
673.83
177383
42.29
221729
27.86
277161
59.82
346451
99.78
profit
166
500
.00
1885
00.00
216
000
.00
250375
.00
293
343.
75
3470
54.6
9
414193
.36
49811
6.70
603020
.87
734151
.09
898063
.87
110295
4.83
LO 3
3.1 Evaluating required skills of management and staff.
For performing better and gaining competitive advantage in the market, possession of
effective and sound skills is very essential for the management as well as for the staff of the
company.
Technical skills – such as programming languages, operating systems, data analysis and project
management are some technical skills which every manager should have. It basically deals with the
capability, ability and knowledge base of business manager in relation with performance of field
and specialized task work.
Operational skills – The manager should be capable of multi tasking having effective leadership
skills. Operational skill of manager are those which are required for completing a business
operation, process in a successful and effective manner by having analytical thinking, proper
communication and execution ability.
Managerial skills – A business manager should possess skills related to time and project
management having awareness of the working of whole organisation. He should also be capable of
solving issues arises in between and ensures good communication flow between team (Noe and
et.al., 2017).
The current skills of management and staff of Hilton Hotel are as follows:
Management skills:
1. Planning – Manager of Hilton are good planners making sound and proper plans, strategies
related to business operations ensuring increasing its efficiency.
2. Decision making – By considering all the business goals and objectives, management of
Hilton makes sound business decision taking into consideration all the financial and
statistical aspects.
3. Problem solving -A manager should be capable of solving issues arising in between its
employees or any team members by analysing the details of issues and making conclusion
accordingly.
3.1 Evaluating required skills of management and staff.
For performing better and gaining competitive advantage in the market, possession of
effective and sound skills is very essential for the management as well as for the staff of the
company.
Technical skills – such as programming languages, operating systems, data analysis and project
management are some technical skills which every manager should have. It basically deals with the
capability, ability and knowledge base of business manager in relation with performance of field
and specialized task work.
Operational skills – The manager should be capable of multi tasking having effective leadership
skills. Operational skill of manager are those which are required for completing a business
operation, process in a successful and effective manner by having analytical thinking, proper
communication and execution ability.
Managerial skills – A business manager should possess skills related to time and project
management having awareness of the working of whole organisation. He should also be capable of
solving issues arises in between and ensures good communication flow between team (Noe and
et.al., 2017).
The current skills of management and staff of Hilton Hotel are as follows:
Management skills:
1. Planning – Manager of Hilton are good planners making sound and proper plans, strategies
related to business operations ensuring increasing its efficiency.
2. Decision making – By considering all the business goals and objectives, management of
Hilton makes sound business decision taking into consideration all the financial and
statistical aspects.
3. Problem solving -A manager should be capable of solving issues arising in between its
employees or any team members by analysing the details of issues and making conclusion
accordingly.
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4. Leadership – One of the most important skill is leadership, managers of Hilton always
focuses on leading their team members by providing proper guidance (Lussier and Kimball,
2019).
Staff skills:
1. Team work -Employee or staff of Hilton is always ready to perform in a team for achieving
its business goals. By performing as a team, staff can improves their motivation and
communication level.
2. Supportive – Staff should not only focus on achieving its own personal goals but should
work for the betterment of organisation as a whole.
3. Initiator – By taking initiative, every individual staff can inculcate the art of leadership in
themselves.
3.2 & D3. Plans and method for skill development.
For improving the overall skills of the management and staff, Hilton should focus on
development of good and effective plan which provides them with the facility of their skill
development:
Skills to be developed Activity Time Frame
Communication One of the most important skill which
helps in making smooth functioning of
business work. For improving this skill,
training session such as group
discussions, debate, project presentation
should be organised.
3 weeks
Technical Manager and staff should be capable of
operating technical task for which
training needs to be imparted such as
workshops related to handling of business
operations and process etc.
(Hoffman and Tadelis, 2018).
2 weeks
Time management One of effective method for improving
time management skill of manager and
staff is by providing them knowledge of
business models to be used accordingly
for its effective completion on time.
4 weeks
focuses on leading their team members by providing proper guidance (Lussier and Kimball,
2019).
Staff skills:
1. Team work -Employee or staff of Hilton is always ready to perform in a team for achieving
its business goals. By performing as a team, staff can improves their motivation and
communication level.
2. Supportive – Staff should not only focus on achieving its own personal goals but should
work for the betterment of organisation as a whole.
3. Initiator – By taking initiative, every individual staff can inculcate the art of leadership in
themselves.
3.2 & D3. Plans and method for skill development.
For improving the overall skills of the management and staff, Hilton should focus on
development of good and effective plan which provides them with the facility of their skill
development:
Skills to be developed Activity Time Frame
Communication One of the most important skill which
helps in making smooth functioning of
business work. For improving this skill,
training session such as group
discussions, debate, project presentation
should be organised.
3 weeks
Technical Manager and staff should be capable of
operating technical task for which
training needs to be imparted such as
workshops related to handling of business
operations and process etc.
(Hoffman and Tadelis, 2018).
2 weeks
Time management One of effective method for improving
time management skill of manager and
staff is by providing them knowledge of
business models to be used accordingly
for its effective completion on time.
4 weeks
Various methods used for developing management and staff skills:
1. Project Assignment – By assigning projects and task can help the manager and individual
staff in inculcating proper skills. Its timely completion can help them in management
learning activities.
2. Multiple management – By handing over multiple task, skills can be developed in new
manager and staff as well. Giving guidelines and time frame can help them in management
of multiple task.
3. Job Rotation – By continuous or timely rotation of jobs, can help the manager and staff in
learning different perspectives. It also assists in managing process and learning from new
activities (Rana, Allen and Liu, 2018).
M3. Analysing effect of experience, skills and abilities of management and staff on business.
As per the skills possess by Hilton management and staff, it has been able to acquire high
market share along with increase in its productivity and performance level. It has aimed at meeting
its customer expectation level by providing them services of best and high quality making them feel
happy and relax. By effective communication and leadership skill, Hilton has been able to grow
with high success rate across the world by making its guest feeling like their home place (Bakar and
et.al., 2016).
1. Project Assignment – By assigning projects and task can help the manager and individual
staff in inculcating proper skills. Its timely completion can help them in management
learning activities.
2. Multiple management – By handing over multiple task, skills can be developed in new
manager and staff as well. Giving guidelines and time frame can help them in management
of multiple task.
3. Job Rotation – By continuous or timely rotation of jobs, can help the manager and staff in
learning different perspectives. It also assists in managing process and learning from new
activities (Rana, Allen and Liu, 2018).
M3. Analysing effect of experience, skills and abilities of management and staff on business.
As per the skills possess by Hilton management and staff, it has been able to acquire high
market share along with increase in its productivity and performance level. It has aimed at meeting
its customer expectation level by providing them services of best and high quality making them feel
happy and relax. By effective communication and leadership skill, Hilton has been able to grow
with high success rate across the world by making its guest feeling like their home place (Bakar and
et.al., 2016).
CONCLUSION
From the above report it has been concluded that by ensuring proper health and financial
position of the company's business, it can make more profit margins. By formulating strong,
relevant and effective business concepts, standards and plans related to the business health, risk can
be minimized. Also, with the help of financial ratio the overall financial position in terms of
business liquidity, solvency and operational efficiency can be determined. Financial statements of
every company should be prepared as the per the accounting standards and regulations for providing
clear picture about business operations. Also, by having proper understanding of these financials
can help the management as well as its investors, stakeholders in their decision making process
related to allocation and utilization of limited business resources and investment related strategies.
This report has defined that how Hilton has been focusing on achieving its both the short term and
long term business goals in the sustainable manner. Also, it has discussed about management skills
of Hilton Hotel which has assisted it in maintaining and developing of good customer relationship.
Further, the report has streamlined that number of factors are there internally and externally which
has created impact on the working such as profitability, productivity and performance level of
Hilton Hotels which has been assessed timely and measures are taken for improving it.
From the above report it has been concluded that by ensuring proper health and financial
position of the company's business, it can make more profit margins. By formulating strong,
relevant and effective business concepts, standards and plans related to the business health, risk can
be minimized. Also, with the help of financial ratio the overall financial position in terms of
business liquidity, solvency and operational efficiency can be determined. Financial statements of
every company should be prepared as the per the accounting standards and regulations for providing
clear picture about business operations. Also, by having proper understanding of these financials
can help the management as well as its investors, stakeholders in their decision making process
related to allocation and utilization of limited business resources and investment related strategies.
This report has defined that how Hilton has been focusing on achieving its both the short term and
long term business goals in the sustainable manner. Also, it has discussed about management skills
of Hilton Hotel which has assisted it in maintaining and developing of good customer relationship.
Further, the report has streamlined that number of factors are there internally and externally which
has created impact on the working such as profitability, productivity and performance level of
Hilton Hotels which has been assessed timely and measures are taken for improving it.
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REFERENCES
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Bohari, A. M., Hin, C. W. and Fuad, N., 2017. The competitiveness of halal food industry in
Malaysia: A SWOT-ICT analysis. Geografia-Malaysian Journal of Society and Space. 9(1).
Bowie, D. and et.al., 2016. Hospitality marketing. Routledge.
Hoffman, M. and Tadelis, S., 2018. People Management Skills, Employee Attrition, and Manager
Rewards: An Empirical Analysis (No. w24360). National Bureau of Economic Research.
Kandampully, J., Zhang, T. and Jaakkola, E., 2018. Customer experience management in
hospitality: A literature synthesis, new understanding and research agenda. International Journal of
Contemporary Hospitality Management. 30(1). pp.21-56.
Lussier, R. N. and Kimball, D. C., 2019. Applied sport management skills. Human Kinetics.
Manhas, P. S. and Tukamushaba, E. K., 2015. Understanding service experience and its impact on
brand image in hospitality sector. International Journal of Hospitality Management. 45. pp.77-87.
Noe, R. A. and et.al., 2017. Human resource management: Gaining a competitive advantage. New
York, NY: McGraw-Hill Education.
Papargyropoulou, E. and et.al., 2016. Conceptual framework for the study of food waste generation
and prevention in the hospitality sector. Waste management. 49. pp.326-336.
Rana, M.B., Allen, M. and Liu, J., 2018. How MNEs Respond to Institutional Voids and Why Do
they Differ: The Influence of Firm Factors, Local Partnership, and Institutional Contexts.
In 44 European International Business Academy Conference 2018. European International
Business Academy.
Riasi, A., 2015. Competitive advantages of shadow banking industry: An analysis using Porter
diamond model. Business Management and Strategy. 6(2). pp.15-27.
Sammut ‐ Bonnici, T. and Galea, D., 2015. SWOT analysis. Wiley Encyclopedia of Management,
pp.1-8.
Tsangas, M. and et.al., 2019. The Application of Analytical Hierarchy Process in Combination with
PESTEL-SWOT Analysis to Assess the Hydrocarbons Sector in Cyprus. Energies. 12(5). p.791.
Books and Journals
Bakar, N.S and et.al., 2016. Determinant of Success Factors on Performance of Sole Traders
Businesses in Malaysia. In Proceeding of the 2nd International Conference on Economics &
Banking 2016 (2nd ICEB) (pp. 978-967).
Bohari, A. M., Hin, C. W. and Fuad, N., 2017. The competitiveness of halal food industry in
Malaysia: A SWOT-ICT analysis. Geografia-Malaysian Journal of Society and Space. 9(1).
Bowie, D. and et.al., 2016. Hospitality marketing. Routledge.
Hoffman, M. and Tadelis, S., 2018. People Management Skills, Employee Attrition, and Manager
Rewards: An Empirical Analysis (No. w24360). National Bureau of Economic Research.
Kandampully, J., Zhang, T. and Jaakkola, E., 2018. Customer experience management in
hospitality: A literature synthesis, new understanding and research agenda. International Journal of
Contemporary Hospitality Management. 30(1). pp.21-56.
Lussier, R. N. and Kimball, D. C., 2019. Applied sport management skills. Human Kinetics.
Manhas, P. S. and Tukamushaba, E. K., 2015. Understanding service experience and its impact on
brand image in hospitality sector. International Journal of Hospitality Management. 45. pp.77-87.
Noe, R. A. and et.al., 2017. Human resource management: Gaining a competitive advantage. New
York, NY: McGraw-Hill Education.
Papargyropoulou, E. and et.al., 2016. Conceptual framework for the study of food waste generation
and prevention in the hospitality sector. Waste management. 49. pp.326-336.
Rana, M.B., Allen, M. and Liu, J., 2018. How MNEs Respond to Institutional Voids and Why Do
they Differ: The Influence of Firm Factors, Local Partnership, and Institutional Contexts.
In 44 European International Business Academy Conference 2018. European International
Business Academy.
Riasi, A., 2015. Competitive advantages of shadow banking industry: An analysis using Porter
diamond model. Business Management and Strategy. 6(2). pp.15-27.
Sammut ‐ Bonnici, T. and Galea, D., 2015. SWOT analysis. Wiley Encyclopedia of Management,
pp.1-8.
Tsangas, M. and et.al., 2019. The Application of Analytical Hierarchy Process in Combination with
PESTEL-SWOT Analysis to Assess the Hydrocarbons Sector in Cyprus. Energies. 12(5). p.791.
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