Assignment Task 1: Strategic Supply Chain Management and Logistics
LO1. Understand the relationship between supply chain management (SCM) and organizational business objectives 1.1 What are the organizational objectives of Meditech Surgicals? Explain the importance of an effective supply chain management in achieving the organizational objectives at Meditech Surgicals. (Assessment Criteria 1.1: Explain the importance of effective supply chain management in achieving organizational objectives) The organizational objectives of Meditech Surgicals are:
To be a leader in the endoscopic surgical instrument market.
To deliver cost effective and innovative endoscopy surgical instruments to hospitals on time
To provide the best customer service to domestic and international customers Supply chain management plays an important role in achieving the organizational objectives. It aims to link all the supply chain agents to jointly cooperate within the firm as a way to maximize productivity in the supply chain and deliver the most benefits to all related parties (Finch 2006). It helps organization to stay competitive in the market by outsourcing its non core functions and focusing on the core competencies. It allows organizations to rejig their entire operations and reframe it so that they operate at lower costs and maximize profit margins. For being a market leader, an organization must re- look the whole process and determine which processes can be downsized or upscaled for maximum competitive advantage. The main reason and objective of SCM is to provide a strategic weapon to build up and enhance sustainable competitive advantage by cost reduction without compromising customer satisfaction (Mentzer et al. 2001). When the organization reduces cost and maximizes value, products and processes become more innovative. This results in effective mass customization and improves product life cycles. Thus, the organization is powered well to cater to varied market segments and customer choices.
1.2 What are the prime business functions of Meditech Surgicals? Explain the link between supply chain management and business functions in Meditech Surgicals. (Assessment Criteria 1.2: Explain the link between supply chain management and business functions in an organization) The prime business functions of Meditech Surgicals are:
Forecast demands and procure raw materials accordingly
Produce high end and innovative endoscopical surgical equiments
Deliver and distribute the equipments in a timely fashion and maintain sufficient inventory
Enhance profitability by catering to varied demands The supply chain constitutes of the total process ranging from obtaining raw materials through all suppliers to delivering the end product to the consumer. Supply Chain is the total chain of exchange from original source of raw material, through various firms involved in extracting and processing raw materials, manufacturing, assembling, distributing, and retailing to end customers (Saunders, 1997). Each step of the process adds value to the end product thereby making it a value chain. Thus it touches upon each of the business function by exchanging value addition. Business functions which are closely linked to supply chain management are: demand forecasting, production planning, raw material procurement, production of finished goods, storage and distribution, transportation, and order management. With an effective SCM, the organization will always have the right inventory holding and this eliminates the need for safety stock. Right from procurement of raw materials from suppliers to delivering finished goods to end consumer, an effective Supply chain management makes all the business functions efficient and cost effective. 1.3 Discuss the key drivers for achieving an integrated supply chain strategy in Meditech Surgicals? (Assessment Criteria 1.3: Discuss the key drivers for achieving an integrated supply chain strategy in an organization) Supply Chain Management is an integrating philosophy to manage the total flow of a distribution channel from supplier to ultimate customer (Ellrarn & Cooper, 1993). The key drivers for achieving an integrated supply chain strategy in Meditech surgicals are:
An efficient customer service management process: Customer service management is vital to the success of any organization since it acts as an important source of customer information and satisfaction. On the other hand, the customer also gets accurate information on new products and their availability through interactiion with the production and distribution functions.
Well co-ordinated procurement: Demand forecasting reports are shared with suppliers to assist the manufacturing process and new product development. This results in a reduced product development cycles and effective inventory management. With the advent of technology, e commerce interactive portals can help suppliers stay updated on the upcoming demands.
Innovative product development and customization: Integration of suppliers and customers into this process is paramount. This reduces production cycle times and the products reach faster to the market. This gives a lot of time for effective customization of the products to meet the varied customer needs.
Manufacturing and distribution: A flexible and adaptive manufacturing process is needed to meet the ever changing demands for quantities and mass customizations. When the manufacturing cycles are shortened, products are delivered faster and lead to better customer satisfaction. The finished products reach the distributors in a shorter period of time and hence they too don’t find it necessary to do panic ordering.
Warehousing: The concept of decentralized warehousing assists in timely distribution by reducing wait times and transportation delays. However, it is imperial to enhance communications between distributors, regional warehouses and the central warehouse so that demand forecasting and delivery are accurate and there are no cases of inflated demands which cause unnecessary load on production processes.
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A worldwide recognized credential that gives professionals a thorough understanding of theoretical concepts and real-world applications of quantitative finance is the Certificate in Quantitative Finance (CQF). Derivatives, risk management, mathematical finance, derivatives, risk control, financial programming, and quantitative trading strategies are some subjects covered in the curriculum. The Certificate in Quantitative Finance (CQF) will give you the specialized quantitative skills necessary for success, transforming your career. Because of this, a focus is placed on teaching relevant, practical skills you may use immediately.
Professionals can acquire the knowledge and abilities necessary to succeed in computational finance roles through the CQF program. The flexible nature of the curriculum enables working professionals to retain their employment while enrolled. Probability theory, stochastic calculus, and the pricing of derivatives are some basic concepts covered in CQF Level 1. Building on these ideas, CQF Level 2 discusses more complex subjects, including exotic products, model validation, and algorithmic trading. Professionals who complete both levels of the CQF program will thoroughly understand quantitative finance, preparing them for various positions in the computational finance industry.
Availability
of CQF Courses in Belgium:
Belgium has not had any particular businesses providing CQF Level 1 & Level 2 courses. On the other hand, Belgian citizens can sign up directly for the CQF course on the Fitch Learning website. The flexible curriculum offers access to various online tools and support, enabling professionals to continue working while they study. The company that provides the CQF program in Belgium, Fitch Learning, does not have a physical presence there. Belgian citizens can still apply to the program and take distance learning courses. Your career success, both now and in the future, is the goal of the curriculum. Your enrolment price includes everything you will need to complete the qualification. This covers pre-program planning, faculty assistance, tuition, assessments, textbooks, access to the CQF alum network, the CQF Portal, the CQF App, the Lifelong Learning Library, and a one-year membership to Wilmott Magazine. This guarantees that neither you nor your company will incur any additional charges. The CQF curriculum is revised every three months to include the most crucial market practices.
Because the program is delivered online, anyone can access it. Local institutions in Belgium can provide computational or quantitative finance courses besides the CQF curriculum. In finance, known as quantitative finance, financial data is analysed using mathematical models and tools to make predictions and judgments. Numerous academic institutions in Belgium provide undergraduate and graduate-level quantitative finance courses. This essay will concentrate on the curriculum, advantages, and employment chances of the level 1 and 2 computational finance courses provided in Belgium.
Quantitative analysts evaluate financial data and forecast future market patterns using mathematical models and techniques. They work for hedge funds, investment banks, and other financial organizations. Financial risk is assessed and managed by risk managers using statistical methods. Banks, insurers, and other financial organizations employ them. Financial engineers design and test economic goods and solutions using mathematical and statistical models. Banks, insurers, and other financial organizations use them. Portfolio managers manage investment portfolios, choosing investments based on risk analysis and market trends. Numerous institutions in Belgium, such as the Solvay Brussels School of Economics and Management, the Vrije Universiteit Brussel, and KU Leuven, offer level 1 quantitative finance courses. A foundation module for the Master in Quantitative Finance program offered by the Solvay Brussels School covers subjects including statistics and probability, financial mathematics, and financial markets. A core module on quantitative approaches in finance is part of the Master in Quantitative Finance program offered by the Vrije Universiteit Brussel. This module covers financial modeling, risk management, and investment analysis.A core mathematical finance module in the Master of Science in Financial Engineering at KU Leuven covers stochastic calculus, option pricing, and risk management. Taking level 1 and level 2 quantitative finance courses can lead to various financial employment prospects. Taking a level 1 course in quantitative finance has many advantages. In addition to developing a thorough understanding of the statistical and mathematical techniques used in finance, students will also obtain knowledge of financial markets and instruments. Many different financial careers, such as investment banking, asset management, risk management, and financial analysis, benefit from having this knowledge. Students who successfully finish a level 1 course in quantitative finance are also well-prepared to undertake more advanced or graduate-level coursework in the subject. By presenting increasingly complex mathematical and statistical
techniques used in finance, level 2 courses in quantitative finance aim to build on the foundation offered in level 1 courses. Advanced derivatives pricing, stochastic calculus, and financial econometrics are typically covered in the curriculum. Along with learning how to create and evaluate quantitative trading strategies, students will also learn about more complex financial instruments like exotic options.
Numerous foreign banks and financial institutions operate in Belgium, where the financial services sector is expanding. There is a need in the industry for qualified individuals, particularly those with a solid grasp of quantitative finance. Graduates of the CQF are well-positioned to work as quantitative analysts, risk managers, and trading strategists in the Belgian market. With good pay and room for professional progression, these positions are in high demand.
Conclusion:
Despite having no physical presence in Belgium, Fitch Learning still allows residents to sign up for the CQF program and pursue distance learning there. Professionals who complete both program levels will thoroughly understand quantitative finance, preparing them for various positions in the expanding Belgian financial services sector. A CQF qualification can be a worthwhile career investment because it offers chances for job progression and competitive pay in a demanding and fulfilling field. CQF offers precisely the right mix of the theoretical underpinnings and the practical expertise required in applications to real-world use cases. The CQF, acknowledged by the financial services sector, is a requirement if you want to advance or take on a career associated with quants. It will give you various modern quantitative skills and strategies that will help you flourish in today’s markets.
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Introduction This critically analytical paper is in reference to the gap analysis made towards business and corporate level strategies of NutriNut, the selected case study. In this paper the Capability Gap Analysis, Capability Analysis of Key Success Factors, developmental strategies and evaluation of the same by NutriNut are initiated for appropriate business development.
Gap analysis: Capability Gap Analysis Introduction The role of resources and their capabilities at NutriNut, concentrates in terms of creating competitive advantage in the current market of Australia and its plan to be a part of international business community. According to resource-based view (or the RBV), NutriNut is very valuable as it has the R&D accumulated components of Macadamia oil. The components of this oil are Palmitoleic and Oleic Acid that comes in combination with Phytosterols and Linoleic Fatty Acid properties, whereby a unique skin care product gets its shape. This is the ultimate strength of this company and the combination of the same is restricted to its owner, Tracey Newman.
Table 1 Capability gap analysis: NutriNut Functional area Capabilities required
NutriNut capabilities
Competitors’ capabilities
Operations Capability to manufacture in volume Adding continuous
The manufacturing units are limited to Australian market, as of now.
Red Earth Natio: has the reputation of growing faster with appropriate service
Strategic Analysis of NutriNut 4
development to operations Prompt Services
Newman is particular about the operational developments Services are already prompt
responses
Neek Skin Organics: is very popular and a brand representing extensive manufacturing units as per increasing demands
Pricing Following income of the targeted consumers Price ranges should vary as per manufacturing costs
High fixed costs of the Nutri-Nut products Low level differences among the products
MooGoo: Prices vary as per the currency of the respective nation Iluka: Variations in quantity and pricing of the product for different classes of society Mukti Organics: Got fixed price as it concentrates in upper class of the society for maintaining brand image.
Strategic Analysis of NutriNut 5
Source: Adapted from Grant et al. (2014)
Table 2 Capability rating by resource
Source: Adapted from Grant et al. (2014)
Capability narrative Based on the aforementioned status of the capabilities of NutriNut in comparison with its competitors, this report lay focus on five basic capabilities that will assist the company in
Strategic Analysis of NutriNut 6
achieving better position amidst highly competitive market. These capabilities are discussed hereafter. Tangible resources, as in physical capability: In this analytical domain of assessing the capability of NutriNut, it has bene discovered that the company is better than its competitors. Its role is very clear in offering absolute organic product with excellent physical appeal (Teece, 2007; Ichrakie, 2013). Intangible resources, as in branding domain: Here, the position and role of NutriNut appears same as Neek Skin Organics. However, it is important to note here that all the other competitors are performing much better in establishing their brand image in the market. Davila, 2009; Ichrakie, 2013) Processes and systems, as in the selection of decision tools: According to the research initiatives of Teece (2009) and Broadbent & Laughlin (2009) the business proceedings of a company must have firm decisive tools. In this case NutriNBut relies absolutely on the decision of its owner, whereas all the other companies follow the decision of the Board of Directors, who are experts in diversified fields of manufacturing and marketing. Organisational culture, as in the maintenance of workplace attitude: The competitive edge in terms of workplace attitude has been widely discussed by Summers and Smith (2014) who laid emphasis on transparency of communication among every section of the organisation. NutriNut acts with excellence in this domain and this is better than its competitors. Organisational culture, as in the maintenance of ethics & values: in terms of maintenance of ethics and values, Bisbe & Malagueño (2009) and Schiller and Perera (2012) marks that an organisational culture should be well established as per the selected marketing domain. The role of NutriNut in this approach is remains average as it is also ready to take on adaption of different cultures as per the targeted market in international expansion process.
Strategic Analysis of NutriNut 7
Gap analysis: KSF – Capability Analysis Introduction In order to develop organisational status the implementation of key success factors from the external environment and the internal industry conditions must get the necessary competitive capabilities for gaining sustainability and growth (Grant, et al. 2014). According to the interpretations of Wu, et al (2010) for attaining regular growth, an organisation must have adequate amount of understanding about its activities, skills and resources. These are the aspects that must get analysd and reviewed in accordance to the competitive trend of the market. There are some relevant resources and professional skills among the employees of NutriNut that remain liable to get noted when it comes to the analytical platform of understanding the market positioning of NutriNut.
Table 3 KSF Capability: NutriNut Key Success Factors Capabilities Research and Development Unique use of Macadamia Nut Oil Innovation The management in particular ask for new ideas and innovative approaches to extend marketing expansion of the company
Communication Transparency All the employees and staff members are comfortable in getting communication with the owner of the company
Workplace Attitude At NutriNut there is a positive vibe in the
Strategic Analysis of NutriNut 8
workplace and there is no trace of discrimination at any ground
Adaption The company is well prepared to adapt every possible change that the new market demands
Source: Adapted from Grant et al. (2014)
Table 4 Rating KSFs Capabilities: NutriNut
KSF’s 1 2 3 4 5 Capabilities Research and Development Innovation Communication Transparency Workplace Attitude Adaption Technology Price Delivery Services
Source: Adapted from Grant et al. (2014)
Capability/KSF narrative
Research and Development: The R&D of NutriNut is very highly sophisticated. Its optimum
and unique way of extracting the Macadamia Nut Oil is the strongest point of the
organisational business of the company.
Strategic Analysis of NutriNut 9
Innovation: Pollock, et al (2009) considered the essence of innovation as the key to the success of any organisational strategy. In this case, NutriNut is very open to suggestions from the employees and the staff members. It even encourages innovative ideas and changes for organisational development. Communication Transparency:This is sector that is in great demand for international expansion of any firm or organisation (Felice and Petrillo, 2013). For NutriNut the transparency within the organisation is very visible and the same is assured to reach the consumers for building customer loyalty in the market. Workplace Attitude: Positive workplace attitude is the key to organisational growth of NutriNut in Australia. However, the company should also need to accept changes in its workplace attitude as it decides to expand markets in Asian nations (Bentes, et al 2012). It is here that the company must have resistance the risks and demands of the competitive market abroad. Technology: Currently, NutriNut is in demand of highly sophisticated technological backs up for managing the extensive online selling in the European nations. This is a domain that must get well nurtured and monitored with regular upgradation (Sara and Michael, 2007). Price: The current pricing strategy of NutriNut is very fixed. This must be changed to more flexible status as the company decides to cross borders (Kotler, et al., 2013). Delivery Services: Based on the speculations of Poveda-Bautista (2012) on international expansion, it is important that NutriNut organise its delivery proceedings as per the favourable services in every particular country. In case, there is a delay the possibilities of losing the client gets high.
Strategy development Introduction
Strategic Analysis of NutriNut 10
According to the research led by Bogomyagkov and Machulskyi (2012), the corporate-level strategies concentrate in the process of identifying the core competitors of a company, along with the kind of businesses that can create threat for the company. It is also a strategic management level, whereby the headquarter must remain efficient in handling all the other business corporate units of the company. On the other hand, business level strategies is about the adopt of the appropriate strategic structure to meet the competitive demands of the company. This is about the process of making decisions in favour of eeting business oriented competitive edges for a company (Bogomyagkov and Machulskyi, 2012).
Corporate-level strategies In order to meet the current organisational demands, NutriNut must follow Resource-Based View, in combination with agency theory for its global expansion. As marked by Daniel (2015) the implementation of ‘agency theory’ concentrates in ‘value creation’ among the consumers, and targets towards ‘wealth creation’ for the shareholders. An addition of RBV to this theory can add the elements of innovation and uniqueness of the products of NutriNut (see Appendix 1). As noted by Kraaijenbrink, et al (2010) the formulation of RBV can offer room for new ideas in the new markets. This is something that can combine with agency theory and will assist in the growth of NutriNut as shown in Table 5 below: Table 5 Product-market Matrix 1: NutriNut
Strategic Analysis of NutriNut 11
Source: Grant, et al. 2014)
Generic Business-level strategies For NutriNut, it is important to consider the cost leadership strategy and unlimited resources model under Porter’s generic strategies. According to Drnevich and Croson (2013) the generic strategic approach assists the company in pursuing the competitive advantage over the targeted market. Since NutriNut is very fixed with its costing strategy, the generic approach to the same will add consumer-oriented effectiveness to the prices of the products. A detailed assessment of “advantage or necessity” led by unlimited resources model will create demand oriented channel in terms of manufacturing the products for the respective market as noted in Table 6: Table 6 Product-market Matrix2: NutriNut
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The ongoing war between Russia and Ukraine has not only affected the economy of these two countries but also put severe negative consequences on other countries as well. In fact, the whole world got affected by the crisis and inflationary impact of war-torn Russia and Ukraine. The negative impact of covid-19 has already put the world backwards. In a situation like this, when Russian President Vladimir Putin announces that he is going to attack Ukraine, naturally that changes a lot. The cost of living standards has been recorded to jump higher after the sudden intrusion of Covid-19 and now when Putin is at war against Ukraine’s President Volodymyr Zelenskyy, that puts a lot of geopolitical pressure on the global economy and its well-being. On completion of a year-long and still-going war of Conflict and Russia’s annexation of Ukraine, the following section would specify a few of the areas that got impacted on a high scale due to the war scene between these two neighbours. The three essential sectors where the crisis has been noted to have the greatest impact include Food, Energy sector and Migration and Governmental approaches to that.
Food
The invasion of Russia on Ukrainian land creates a significant negative impact on food prices. There is speculation that around 13.5 million tons of wheat and 16 million of maize are stuck between the two countries, unable to move forward. The exportation route has now been closed for over a year and sealing the border means that the trade would not be accomplished. Without any trades, the supply for the food chain naturally gets under the radar. Not only does the distribution of the supply chain management get impacted but Russia’s invasion of Ukraine and rising pollution caused by war actions results in interruptions in planting seasons and agricultural culture. The World Food Program (WFP) organises a calculation that shows how the cost of food has increased by 40% since 2020 and it is expected to at least increase up to 10% of prices considering day-to-day products in Ukraine and Russia due to the war effects.
Energy sector
Before the invention of Ukraine, Europe and China were recorded to import around 60% and 20% of Russia’s crude oil as Russia has been the second largest exporter and the third largest producer of crude oil. The sudden attack of Russia on Ukraine pushes through the barriers to rate the price of crude oil to such an extent that the buyers are showing a lack of interest to
buy from Russia. All of the prices have gone skyrocketing. This has a severe impact on the supply to the global chain market, all to be blamed on the war actions.
Migration and Governance Issues
Ukrainians are leaving their country out of the threat of getting slaughtered and the issue of migration is, therefore, a serious concern that NATO and the bordering countries of Ukraine and Russia are reckoning with. Keeping aside the pressure on energy and food prices leading to inequality and civil unrest, the governments of these countries also are in a highly unstable position to take on decisions on where to keep these Ukrainian refugees. The situation is quite messed up and things look to get worse with more days passing by.
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Introduction In context of the marketing practices implemented in the operation domain of airline businesses, this essay is making an insight into the role of sponsorship in case of the Emirates Airline (EA). The basic concentration of this paper is to understand the role of sponsorship in terms of operations in airlines as well as related airports. The idea is to explore and comprehend the factors of sponsorship that are responsible to paving the road of success for an organisation. The case of Emirates Airline (EA) has been selected for the critical analysis of the success attained by the selected company in aviation marketing.
The Case The ownership of Emirates Airline (EA) is in the hands of the Corporate Investors working under the Government of Dubai, UAE. The official declaration of Emirates Airline (EA) in their Annual Report of 2015 declares that it has been recognised as the largest airline organisation in the entire Middle East, with an operating expansion of 3,300 flights/week from Dubai International Airport. These flights are to 78 nations spread all over the world (Emirates Airline, 2015). As reported by Frontier Economics (2015) since 2014, the flights of Emirates Airline (EA) are increased by 29 airports in selected 28 cities of EU28. This operation comprises of 700 flights operating per week in both the back and forth directions. The success story of Emirates Airline (EA) in Europe appears very important in terms of gaining developed route network, which is responsible for connecting many cities of the world through Emirates Airline hub in Dubai.
Background In the words of the official declarations made by the The Emirates Group, the history of Emirates comprises ‘incredible development’ and is ‘fascinating. The Emirates (2015, a) refers the history of Emirates Airline (EA) back to 1980s. during the mid of this decade, the Gulf Air started cutting back most of its services to channelised to Dubai. It is at this position, that Emirates came into being in the month of March of 1985, that specifically was supported and backed up by the royal family of Dubai. The collaboration was initiated with Pakistan International Airlines offering a minimal of two airline aircrafts at wetlease. In order to gain
3
independent operative hold, the government subsidies were considered along with $10 million as the capital investment. These developments were initiated by Ahmed bin Saeed Al Maktoum as the head and the current Chairperson of Emirates Airline (EA). Emirates (2015) states that it hardly took any time for Emirates Airline (EA) to expand its destinations and fleet. As such by October of the year 2008, Emirates made a huge shift of all its aviation operations to the Terminal 3 of Dubai International Airport. The plans for its rapid expansions and growth are still part of its success story and sustainability in the competitive sky seems like a simple strategy to it.
The Success Story Emirates (2015) depicts the trend of gaining regular success of Emirates against the continuous regional instability and international economic volatility, as not miraculous, but strategically well equipped. This report added the key combination of having the business wisdom, along with savvy insight into the investment plans and perfect practical ambition. As Emirates celebrates, the 25 th anniversary in the year 2015, the organisation marks its remarkable sustainability and extensive growth with appropriate respect and recognition in the international market. A critically investigated report by Mnisri (2010) notes that the secret of success of Emirates is in its strong hold over the marketing strategy that emphasises in terms of creating strong image of the brand and necessary awareness to be created worldwide. The report of Mnisri (2010) adds that the role of the sponsors are very inevitable in creating this success story. The management of sponsors sports clubs, as well as events in the UAE and various esteem locations noted worldwide are the base for generating absolute marketing strategy for the organisation. To this venture Emirates (2015 a) refers to the continuous explosive growth of the organisation with continuous strive to offer best service to its consumers in the aviation industry. The recent growth plan of Emirates Airline (EA) comprises of – Award winning cargo division in the international business periphery, Management of full-fledged destination, as well as leisure division, & IT developer for the Airline on an exclusive basis.
Role of Sponsorship: EA The role of sponsorship initiated by any business is very significant and powerful in terms of introducing its products, services or even itself a new market. The success story and the extensive participation of Emirates Airline in sponsoring various events, especially those related to sports, exemplifies the significance of sponsorship as an effective marketing tool for creating brand image and awareness at large. In reference to the act of ‘extending brand reach’, the Annual Report 2014 of Emirates Airline states, “Our sponsorships are one of the most visible ways in which we connect people with their passions”.
(Emirates Group, 2014, p. 11)
This is a declaration that confirms that Emirates Airline considered those elements for sponsoring that are closely related to human passion, and its sports. The report adds that Emirates in the current scenario is noted as one of the most popular brands that are involved in sponsoring top level events of sports. Its partnership with selected football clubs in the world, international meets in cricket, Formula 1, and other sports like golf, rugby, horseracing, tennis, and Cup sailing of America, has actually successfully created the essence of omnipresence of Emirates on a worldwide basis. The annual report of 2013-14, states that a total of AED 850m has been already invested over the overall dnata business within the FY of 2013-14, with the establishment of a new record that added the extra edge of being recognised easily, for the airline division.
Sponsorship & Marketing The interrelationship between sponsorship and marketing is related to the process of gaining credible publicity in the market. These aspects are definitely interrelated, yet there is the need to understand the distinction of publicity that is cost-effectives against the advertisement ((McChesney, 2008). Though both are tools of marketing, yet the sponsorship appears most effective and lays serious impact of the brand image on the consumers as a whole. The selection of sponsorship as a marketing tool by Emirates Airline has added enough essence credibility to its brand awareness ventures, worldwide.
Analytical research led by Reed (2013) appreciates the sponsorship activities of Emirates Airline in the sports related activities and various international sports events. However, there is also the reference made towards the least possible participation of Emirates Airline in the networking of the social media. The entire approach of Emirates Airline is in meeting the mass population on a wide ranged spectrum rather than meeting them individually through social media. Moreover, it is important to note that the less participation of Emirates Airline in social media actually creates the image of being on hoardings for a positive cause rather than being restricted to the PCs (McChesney, 2008).
Sports Sponsorship The approach of considering sports sponsorship in the marketing domain, aims in meeting wide ranged audience in an international ground. As noted by ACL (2011), the selection of sports sponsorship by Emirates Airline is part of its strategic marketing, whereby the organisation successful in getting the ideological image for its brand, on a wider scale. As identified by Aaker and Erich (2000), on a global basis sports sponsorship appears more effective than any other marketing tool as it is strong in creating the higher competitive margin for the competitors. Nataraja and Al-Aali (2011) confirms this theoretical declaration of Aaker and Erich as effective in reference to Emirates Airline. For Emirates Airline, this margin has been achieved through its promotional mix of meeting targeted consumers and at the same time in terms of creating brand image widely. It’s role of sponsoring in various environmental activities and community services has actually made Emirates Airline one of the most popular organisations in the world. However, Nataraja and Al-Aali (2011) still emphasise that the omnipresent and strong brand image of Emirates Airline has been established mainly through sports sponsorship, along with its equal conscious about the comfort and profit of its employees as well as stakeholders in international business arena.
EA Aviation Marketing The marketing sponsorship of the aviation business in sports domain by Emirates Airline has been identified in diversified events. According to the list enlisted by Wilson (2015) sports sponsorships led by that Emirates as an organisation stands immense. Sponsorship of
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Emirates Airline is distinct in football as they were involved in World Cup, Arsenal in EPL, Real Madrid in La Liga, Paris St Germain in Ligue Une, AC Milan in Series A, Humburger FC in Bundesliga, and even Olympiacos in Super League. Banners and hoardings of Emirates Airline are also very distinct in the Saudi League, in Asian Football Confederation, and New York Cosmos. Sponsoring popular games like rugby in USA Rugby, Emirates offered stylish eye-catching helmets and pads to the players. ATP World Tour, followed by US Open, World Rankings, Rogers Cup and BNP Paribas Cup, are the tennis game series that are also sponsored prominently by Emirates Airline. The marketing impression established by Emirates Airline is also very tactful. As for instance, the relaxed, comfortable and luxurious first class leather seats in the US open are the keys to make the spectator feel that the similar comfort will also be made available in the Airline services. Following the same thread, while sponsoring F1, the Emirates Airline even created a specialised TV channel dedicated to F1 extensively. Innovation and creativity are thus integral to the marketing of aviation business for Emirates Aviation. These are also seen in the sponsorship activities with sports like horse racing, as in the Melbourne Cup; 18 events as the Ryder Cup in Golf; being part of rugby union through the means of sponsoring the IPL, official ICC match, as ICC World Cup as well as Twenty20 World Cup. Marketing Strategies By the implementation of right marketing strategies, by 2018, Emirates Airline has planned to have more than 320 aircrafts and more than a count of 400 aircrafts by 2020. Considering the growth rates of Emirates Airline these assessments appears very practical.
The success story of Emirates Airline is not limited to mere publicity. The activities of publicity and advertisements through sponsorship are the means to show the world that the EA is very active and strong in meeting all those rules that can add authenticity and credibility to its services. As for instance, EA is very particular in supporting the IATA (International Air Transport Association) norms, like (Emirates, 2012)- investment make for the use of improved technology in airlines and airports effective means of managing operations at fleet & airports maintenance of efficient and hi-tech infrastructure for convenience approval of positive measures for economic development These are grass root strategic implementations that make the entire programme of sponsorship, a success without any major challenge. The keys of managing strategies for successful sponsorships are all based on the practical declarations and operational management of EA in the international market of aviation.
First Key: The very basic step is to have comprehensive and clear communicational objectives, initiated by the organisation for respective brand. For EA, this is done through the collaboration of responsive communication facilities maintained with the consumers. EA is very particular about its visibility by appearing in various popular sports event, worldwide. Its brand awareness and developmental associations with community services, says it all (Nataraja and Al-Aali (2011). Second Key: The second key is to remain proactive. The proactive initiation of EA is managing sponsorship has been well acclaimed already as the company selected the domain of sports to reach the ‘inner passion’ and every corner of human society through international
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display of its participations (Emirates Group, 2014, p. 11). Considering sports as the ground for developing sponsorship makes EA a common and popular brand, globally. Third Key: The third key is to identify the gap to ‘fit in’ exceptionally. As marked by Aaker and Erich (2000), the process of fitting exceptionally between a particular event and the respective brand is though dicey, yet can offer instant success. EA is very bold and strong in taking this initiation. Even after being a brand from aviation industry, its presence in different kinds of sports events created room for its awareness among global population. It appears strange, yet amazing the way Emirates gained hold over the act of ‘fitting in exceptionally’. Fourth Key: The fourth key refers to own sponsorships, and for EA the huge back up is Emirates Group itself. The logo in general is strong enough to offer an incorporated banner to EA. Fifth Key: The 5 th phase refers to the act of being analytical to the publicity opportunities. It is here that EA refuse to remain active in the social media networking and concentrate more in international sports events (Reed, 2013). The motive is simple. EA through Emirates, just wanted to gain extensive recognition in public rather than meeting people individually on personal grounds. The approach is open and popular. Sixth Key: Sixth key is that of payoffs multiple sponsorship, which is very systematically managed by the Emirates group. The financial security and meeting the challenges of economic risks, are considered as a family matter by Emirates group and this EA gains the opportunity to maintain payoffs through multiple sponsorship. Seventh Key: The last key is to manage sponsorship actively and that is definitely gained by the inhouse management services of Emirates Group. However, apart from these key strategies, whereby Emirates Airline is much supported by Emirates Group; there are individual initiations noted for gaining exclusive dominance over the market and laying serious impact on the consumers. These keys are operational management leadership and necessary alliances, wherever needed.
Management Leadership The tactics and approaches of leadership for the attainment of a successful business have attained innumerable definitions. According to Bass, the aspects of organisational leadership in terms of accomplishing management practices needs to get structured in the form of “an
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interaction between two or more members of a group that often involves a structuring or restructuring of the situation and the perceptions and expectations of group members” (1990, p. 19). Under the pressure of cross cultural management structures, there is the need to consider an admixture of transformational attributes, sharing of power as well as authority and responding to every issue in accordance to the current situation. In reference to Emirates Airline, the core consideration is for phenomenal growth that is made possible by the typically structured strong and very stable traits of leadership. As identified by Mnisri (2010) the key note to the trend of gaining success for Emirates is its capability to manage a stable continuity of the team of management. With a combination and team work of talented and experienced executives, Emirates Airline is very successful in gaining mutual management approaches in all its branches spread all over the world. Under the efficient guidelines of the CEO, Sheik Ahmed Bin Saeed Al‑Maktoum, the leadership of Emirates Airline is open to transformational, power-sharing, and situational combination of management structure. As for instance, Emirate Airline in Dubai gets transformed into more contemporary style in European nations. Being the fastest developing intercontinental carrier, the management of EA is flexible enough in considering the cultural differences of all the six continents, yet adding the developmental growth and sustainable services to the consumers. Allied Sponsorship It is the leadership trait of EA under the formulation of combining transformational, power- sharing, and situational approaches that the company is successful enough in establishing its allied sponsorships with much ease. The reports of Repucom (2015) declares that Emirates is very specific in selecting its sponsorship partner and it is this keenness and preciseness that the company earns a lot in gaining brand awareness in respective nations. As for instance, Repucom states that in the Arsenal FC, Emirates chose to be with Arsenal and this dual sponsorship appeared very beneficial to the company. The following graph shows the success rate in this matter –
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Tourism today has grown significantly in both economic and social importance. Travel and tourism is the largest industry in the world on virtually any economic measure including : gross output,Value added,capital investment,employment and tax contributions. In 1992worldwide international arrivals had reached 467 million. In 1992, the Industry’s gross output was estimated to be $3.5 trillion,over 12% of all Consumer spending worldwide international tourism receipts rose by 6-7% in 1992 to $278 billion. The travel and tourism industry is the World’s largest employer, with almost 130 million jobs, or almost 7%Of all employees. This industry is the world’s leading industrial Contri-butor,producing over 6% of the world gross national product, and accounting for capital investment in excess of $422 billion in new faci-lities and equipment. In addition, it contributes almost $400 billion in direct,indirect and personal taxes each year.Tourism is the major source of income for a significant number of count-ries including
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Italy,Spain,Switzerland, and most Caribean countries.All countries who have accorded priority to tourism development have Succeeded in attracting the targeted number of toursists. Spain attracts more than 40 million tourists a year.Singapore with relatively no tourism potential draws 7 to 8 million tourists per year. Walt Disney World has over 25 million visitors per year.
Tourism potential in India :
India potentially is the strongest tourism nation in the world. India is Richly endowed with limitless scope for mountain tourism,beach tourism,Historical tourism,cultural tourism,eco tourism,(nature specific activities)And desert tourism.The Himalays others unique prospects for the development of skiing,skating,white water rafting,trekking and other adventure tourism activities . The greatest adventure of all is scaling the Himalayan peaks. The Everest,Kunchenjunga and other mountain peaks offer perennial Challenges for the mountaineering enthusiasts.
The Himalayas is unequalled by any other mountain range in terms of Its sheer grandeur ,scenic beauty,variety of flora,fauna,landscape and Other natural endowments. A hundred million tourist visit the alps and Other mountain ranges every year.In view of what the Himalayas has toOffer and fact that they are located in the increasingly prosperous Asia,It should be possible for us to draw a minium of 3 to 4 million tourists a Year to the Himalayas alone. In addition to its natural advantages, it is Also home to some of the most colourful people of india such as the hutias,sikkimese,Tibetians and Nagas, each one of whom belongs to a Distinct race,each with a different language,food,attire,music,dance,etc.also the Buddhist monasteries,Hindu temples and the mystery surrounding the Himalayas makes it extremely attractive to the foreigntourist.The voletile Bay of Bengal and the serene Arabian sea with their vast Coastlines have excellent beaches unsoilt as yet by man. They provide Phenomenal scope for the development of beach tourism.Nostalgia is big business in the tourism industry. Our temples,forts,palace.
Apart from the tremendous potential for tourism, India has the advent-age of low salaries and wages which will make it possible for us to pro-vide personalized service to the visiting tourists. Educated men and women can converse in English effectively which will be a major advantage in promoting international tourism.Development of Inbound Tourism in India The increased international media coverage on India has generated a lot Of Interest among foreign tourists. This interest can be tapped by using the right mix of marketing and providing the necessary services. Inter-national businessman and professionals travelling to India have regis-tered a significant growth in the last one year and this is bound to increase in the coming months and years. These travelers can be made to spend extra time in India on leisure and tourism facilities.The economic reforms and liberalization makes it possible for Indian And foreign companies to invest in the development of infrastructure Including aviation,power,roads,transport,coastal shipping etc.
But before going to take up the issue it is better to be appointed with concept of Time Sharing Industry. As on Off- spring of tourism would the concept is take up in the next chapter.
: 8 : C H A P T E R —– II : TIME SHARING INDUSTRIES —As A CONCEPT
The Concept Time Sharing Industries mostly rotate around the leisure time utilization better known as holiday utilization. A Holiday is a period of relaxation,an excape from the daily routine. Psychologists are of the opinion that holidays are a vital component on one’s life, a chance for rest and rejuvenation, rather than a luxury.Unfortunately, holidays are expensive, and escalating costs make it diffi-Cult for more than a few people to contemplate taking an annual holiday. A lot of companies have come us to stand by the aspirants who can Afford with megre income and ability. One of such companies is Sterling. Sterling has made the holiday affordable by introducing the concept of “Timeshare”.
The different types of Time Sharing schemes are as follows :
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Property Timeshare
When an individual became a member of this scheme he became a co-owner not only in the apartment he chose but also the entire resort complex. A portion of the price he paid goes towards a deposit for operations And maintenance which is called ASCF (Advance Subscription To-Wards Customer Facilities). This means that his property will be Looked after year/ and maintained in Prime condition for his use Year after at no additional cost. The customer can also exchange it With any other week,apartment or location which Sterling owns Now or in the future.
Flexxiweek Timeshare
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This product was sold from March 1991 to 1992 with a view of Combining the best of both the fixed and floating week timeshares. While retaining the flexibility of the floating week, the Flexiweek Timeshare also provides access every alternate year to a prime time
Vacation during a fixed preallotted week.
Short Break timeshares
Inception :
This type of Timeshare was sold from May 1992 to September 1993.
Concept :
The reason behind this product was that people who could not afford to have a long holiday ( 6 nights/7 days ) could have a shortone which was tailor-made for them.
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Therefore the Short Break Timeshare of 2 nights/3 days would be The right choice for them.
Target Group :
It was aimed at the Professionally busy individual, the elderly and Children who are looking for a short break.
Projects :
Oety, Yercaud and Kodaikanal.
Exchange
This timeshare is only for Season and Classic periods (Season can be Exchanged with Season/Classic while Classic can be exchanged with Classic only).
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