Financial and Resource Management Essay Example | Topics and Well Written Essays - 3500 words

Financial and Resource Management - Essay Example Therefore the net cost of training amounts to $60 only. But this is a good arrangement as it will save the time taken for the repair of the machine thereby keeping the revenues flowing. As per the Quantitative analysis tools like NPV, IRR etc the new investment proposal is viable. A forecast of the revenue for the four year period highlights that the new investment will generate positive net cash flows. The Leisure and Health Club, the gym facility at Bombay Excelsior is planning to refurbish itself to keep in line with Excelsior International standards. For this the club plans to purchase new equipments, as the equipments currently in use do not meet quality requirements. For the purchase of equipments the hotel has a number of options- it can either buy the equipments outright or it can take a lease. The budgets are designed to direct the organization towards the achievement of the business objectives. There can be three types of budgeting approaches like Incremental Budgeting, Zero-based budgeting and Mixed Approach. The Incremental budgeting is based on the estimates of the last year, Zero-based budgeting is done afresh and Mixed Approach, as the name implies, comprises the elements of both the incremental and zero-based budgeting. The budgeted estimates are then compared with the actual results to identify any deviations. In the event of unfavourable or adverse variance corrective action is initiated. In the financial year 2009 Bombay Excelsior estimated a Total Income of $7421200. But the actual income during the period was $6817500. This shows that there is an Unfavourable variance in the estimated Total Income of $603900. The highest deviation in this regard has been in the case of Room Revenue and Food Revenue whereas actual Beverage and Other Revenue match their budgeted projections. In December 2009 the Planned Total Income was

Business Processes and Systems Essay Example | Topics and Well Written Essays - 2000 words

Business Processes and Systems - Essay Example The main objective of a marketing strategy lies in the verification of the nature, way, strength and relationship between environmental factors in specific situations and marketing mix essentials (Thompson & Strickland, 2008). A marketing strategy is developed in order to build, maintain and defend a company’s competitive edge. Operations management involves production, warehousing, purchasing, shipping, maintenance and planning. Operational strategy involves a set of directions for specific tasks and personnel. It involves getting the company through a product from point A to B. Marketing strategies deal with long-term objectives of the company while operational strategies focus on short-term ones. They are set to be achieved within a specific period. Marketing strategies are put in place so that the company can grow through competition with other companies in the same market (Phelan & Ferreia, 2002). Operational strategies, on the other hand, work depending on the set out ma rketing strategies. The strategies include such points as how to attract potential customers, how to maximize wants and how to meet customer satisfaction through efficient services. Marketing mix becomes a part of operational marketing in this way. Marketing strategies involve the optimization of marketing processes. This means that they ensure that demand of a specific product is channelled in the right direction. It involves the creation of more wants among customers, which is of course at a reasonable rate. The marketing strategies employed must not only be implemented through reasonable, sound and consistent practices. The strategies must also be dynamic and interactive. Operational strategies, when adequately implemented, get a company the most profit for the least amount of resources. The observation is that marketing strategies refer to a company’s long-term approach to positioning itself in its markets (Bhurian, Menguc, & Bell, 2007). Operational strategies refer to t he day to day approach of managing aspects such as pricing and advertisement. This, in turn, shapes the long-term direction of the company. Armed with the above information, it is possible to evaluate the relationship between marketing and operational strategies at Pars Food Limited. The company has a strategy of competitive advantage and differentiation. This means that one of its marketing strategies is quality delivery. One of their objectives is to have the capacity to serve clientele from their location, wherever it may be. The intention here is to service delivery when needed, thereby creating more wants. This will translate into steady supply and more profits. Of course, that relates well with the company’s business strategy of sustainable profit. One of the company’s operational strategies is transport sourcing within the company. This is bound to reduce the current costs of outsourcing transport. Transport is an important aspect of operations in this company a s its use is evidenced from the initial sourcing of the material to the final delivery of product to customers (Brooksbank, 2010). Delivery of service to customers wherever they may be is one of Pars Food Limited’s marketing strategies. Bearing in mind quality and consistence, it would be adequate for the company to have its own transport means for