Monday, January 27, 2020

Political And Economic Stability In Singapore

Political And Economic Stability In Singapore MICE industry is increasing rapidly and create tremendous amount of profits worldwide in tourism sector. MICE stand for meeting, incentives, conferences and exhibition which driving ahead as a key growth driver. The MICE industry plays a very important role and economic contributor in Singapores tourism industry. There are many factors that makes Singapore become a major MICE destination in the world. Singapore is working hard to stay on top of the competitive business event arena and now Singapore is ranked as the top convention city in Asia for ninth times. Singapore has the first class conventions venue such as Singapore Expo. Besides, Singapores pro business environment, multi-ethnic landscape, strategic geographic location and multi lingual populace has attract many business travellers prefer to do their business tourism in Singapore. With its strategic location, government support and all those strengthen factors; it makes Singapore boost them to hit the highest achievement in this sector. The influencing factors are divided into few different categories. 1.2 Problem Statement This research is about how Singapore develops themselves to become a major MICE destination among the world. At the moment, they are doing a very great job as a MICE destination in Singapore. In fact, there are several factors that influence Singapore as a MICE destination. 1.3 Research Question What is MICE industry all about? What are the major factors that influence Singapore as a major MICE destination in the world? What makes Singapore become a major MICE destination in the world? The forecast be for this sector in Singapore and why? What makes Singapore continuously attracts high profile and highly rated international business events? What have Singapores government done in order to boost up their MICE industry among the world? 1.4 Research Objective This research is going to find out the factors that influence Singapore as a major MICE destination in the world. By carry out this research, the MICE industry in Singapore has growth rapidly and future lifestyle as well. Besides, there is also the understanding of how importance MICE industry that could affect Singapores tourism sector and to find out the reason why business travelers loyalty toward Singapore as their favorite MICE destination. Lastly, this research also show the evaluate business travelers benefit and interest by organizing an event in Singapore. 1.5 Conceptual Framework Define MICE industry in Singapore Strategic Location Critical Mass Communication Infrastructure Stability political and economic in Singapore The major factors that influence Singapore as a major MICE Destination in the world Excellent transportation system and telecommunication connectivity. Excellent meeting and conference venue. Pro Business environment and governments support The forecast be for this sector in Singapore Figure 1.1 According to this figure 1.1, it illustrates the major factor that influences Singapore as a major MICE destination in the world. The purpose of showing this figure is to demonstrate the topic of this report. The theory framework will show the reason why Singapore can become a ideal MICE destination to the business travellers. Firstly, this research shows aspect that could influence Singapore as a major MICE destination. Besides this, the report also shows how Singapore develops their MICE industry in tourism sector. Lastly, will be the evaluation of forecast for this sector in Singapore. 1.6 Scope and Limitation The scope for this research is to focus on Singapore MICE industry. Besides that, is to observe how Singapores MICE industry growth rapidly within these few years, how they develop their MICE industry in order to increase the amount of tourist and to predict Singapores MICE industry in the future. The time constraint will be the limitation as this research paper due to the study period of time which is from January 2010 to June 2010. It s about half year time, due to the limited time the researcher may face the difficulties when finding the resources and getting the information from journals, online journals, newspaper, websites, books and etc. There is only limited and restricted literature for Singapore MICE industry that is related in the journal databases such as EBSCO Host, Ebrary, and Google Scholar, and some of the sources that provided were not up to date. But this is a challenge for me to do more on this research. Significance of the Study This research aims to gain an understanding on how Singapores MICE industry growth rapidly in tourism sector. To carry out this research, Singapore is working hard and put themselves out on top of the challenging business events field. This research is very important and very useful. Through this research, the targeted readers which are interested in organize a conference event in Singapore can refer to and to find out the reason why Singapore can be a major MICE destination in the world by maintains their quality and their MICE facilities. Other than that, this research could recommend targeted readers to choose Singapore as their ideal MICE destination. Chapter 2 Review of the Related Literature 2.1 MICE Industry in Singapore MICE industry is increasing rapidly and create a tremendous amount of profits worldwide in tourism sector. MICE are acronym of meeting, incentives, conferences and exhibition which driving ahead as a key growth driver. Europe and North America has been stated as one of the front MICE destination but Asia also one of the country that involves a lot in this industry. Singapore is not an exception. The MICE industry plays a very important role and economic contributor in Singapores tourism industry. A new era of tourism development and attractions will be gearing up for major revitalization by Singapores tourism sector; it will also re-define Singapores tourism landscape. Singapore has the first class conventions and exhibition facilities such as SINGAPORE EXPO and SUNTEC Singapore international convention exhibition centre. In addition, Singapore has outstanding communication infrastructure, it provides more convenience to tourist travel from one place to another domestically and internationally. Singapores pro business environment, multi-ethnic landscape, strategic geographic location and multi lingual populace has attract many business travellers prefer to do their business tourism in Singapore and accompaniment by MICE facilities, infrastructure, expertise and proficient in event management. Singapore put themselves out on top of the challenging business events field. Singapore MICE industry has grown rapidly and now Singapore is ranked the world top three cities for meetings by the Unions of International Associations (UIA). Apparently Singapore has been stated and positioned as the Top Convention City all around Asia for ninth time and the Third Top Convention City around the world for the second consecutive year by ICCA Ranking. Singapore has leapfrogged two score to reach on top of the ranking, defeating Paris and Vienna and providing its goal to be the top of the universe an improvement. 2.2 The factors that could influence Singapore as a major MICE destination in the world. There are many factors that can manipulate Singapore to become a major MICE destination in the world and it also could affect their tourism sector by increase MICE events in their own country. The factors also can be consider as their strength mean while it is a positive factor that can enhance their MICE sector to becoming the Best City for MICE events among the world in the future. 2.2.1 Critical Mass The most important factor is it has critical mass; it has been awarded by the Union of International Association (UIA) and Asias top convention city for several years. By developing a critical mass of MICE event is this industry, this will helps to create an eco-system of business event that harmonize one anothers existence. Business event not only generate enliven of MICE industry in the mean time its also build up Singapores value intention as a MICE destination. For the past few years, Singapore has increase the amount of international meetings. These shows from the creativity and quality of the Singapore MICE industry and construct Singapore constantly catch the attention of high-profile international business event. 2.2.2 Strategic Location Secondly, Singapore has a strategic geographic location which is central location in Asia and also a connection between east and west. It also acts as key district hubs for Asia. This strategic location makes Singapore exert a pull on global businesses and it smoothly links around the world. There were few big events of different industries was held in Singapore such as Asia Aerospace, Food Hotel Asia, Communic Asia and Broadcast Asia and etc. The feedback was great. Singapore is a safe hospitable country; this is also one of the reasons that event organizers choose Singapore. Beside this, Singapore Changi Airport is also one of the busiest airlines in the world, which connects to over 180 cities in 50 countries and is categorize as a premier International Maritime Centre. Its wide ranging air and sea linkages allow ones business to allowed 2.8 billion people within a seven hours flight radius. Singapore Tourism Board claims that Singapore position attest to its appeal as a premium business travel and meetings, incentive travel, convention and exhibition destination 2.2.3 Stability political and economic in Singapore Singapore has a good reputation of efficient, honest and politically stable government compare to other countries. Singapores stability of political gives the trust of safe for business travellers to decide to organise events in Singapore. Singapore is a knowledge-based economy and attracts worldwide investments. This may attract foreign investors flock its shores because of their open trade procedure, social stability, world class infrastructure and international communication links. The stability of Singapores economic also will raise the amount of business travellers invest in promoting their product in Singapore. The IMD World Competitiveness Yearbook 2008 stated that Singapore as the worlds second most competitive economy. The stability political and economic growth is sustain by the government of Singapore, it helps to attract more business travellers to held their event in Singapore with no burden compare to their competitors such as Malaysia and Hong Kong. 2.2.4 Communication Infrastructure Singapore is well known by their efficiency and good communication infrastructure have allow it to attract a whole train of international events including the Asia-Pacific Economic Cooperation (APEC) meetings in 2009 and the forth coming event will be the first-ever summer Youth Olympic Games which falls on 14th August 2010 to 26th August 2010. Singapore also attracts business travellers to contribute to its achievements as a main destination for both business and entertainments. Singapore has rated the top in terms of basic infrastructure and technology infrastructure in the World Competitiveness Yearbook. Its efficiency through latest technology and modern infrastructure makes Singapore MICE industry speedily grow in tourism industry. 2.2.5 Pro Business environment and Government Support Singapore is recognized as a PRO business environment and its recommended as the most beneficial place in the world for businessman to start their business there. In facts, Singapore has been noted as No 1 in terms of Ease of Doing businesses for the past four years by the World Bank. Singapore is one of the lowest corporate and income tax rates among the most of the countries. The government has improves the firm environment to help business manage more efficiently. Singapore has effectively reached a good amount of association meetings by its well-built business basics and plans to assemble a active ecosystem of business events. Singapore Tourism Board (STB) said All vital signs are pointing towards the return of business confidence in the Singapore business event sector, fuelled by dynamic developments taking place within the tourism landscape. Leverage in our sterling track record and a sound business fundamental, Singapore has secured a robust pipeline of business events, including key international association meeting in coming years. The general pro-business environment gives Singapore a competitive boundary as a major MICE destination in the world. There is another reason that makes Singapore become a PRO business environment and MICE destination because of the strongly government support through Singapore Tourism Board (STB), government support was the key to make an event successful. Singapores government give fully support in this sector and contributes Singapore as a vibrant business environment. Singapore devoted a lot in promoting the MICE business and also their tourist attractions because conventions and event have the ability to make more profits and jobs in short term and it can increase the interrelated investment and the amount of visitation on longer term. The Singapore Exhibition and Convention Bureau (SECB), a group of the STB has develop the Business Events in Singapore (BE in Singapore) its help business events organizers release a higher amount of events. Besides, Singapore Tourism Board (STB) also launched another campaign Make It Singapore and it helps to offer marketing support and motivation to potential MICE business. Furthermore, Singapore is has the professionalism in the MICE industry that can makes Singapore to be a global exchange core where people can gather and share their ideas and knowledge. 2.2.6 Excellent meeting and conference venue and offers venue Singapore is a global core for business and leisure and it is also a best option for convention and events. The excellences of hotel ballrooms and with the first class convention centres, Singapore has continuously recreates with new event location and attraction such as Marina Bay Sands Singapore. Marina Bay attractions will create a unique MICE venue that we cannot found elsewhere in Asia with international standard MICE facilities and services. MICE facilities in Marina Bay Sands, Singapore Expo, Suntec International Convention and Exhibition Centre are amalgamate to boost Singapores attractiveness as a business and leisure destination. Suntec Singapore International Convention and Exhibition Centre and Singapore Expo are defined as a favourite choice for all find of business event due to their huge exhibition spacious. A good convention centre, exhibition halls and meeting venue plays a very important role when we organize an event. 2.2.7 Excellent Transportation System and Telecommunications Connectivity Singapore posses of efficiency and excellent public transportation system, which includes cabs, buses and the modern Mass Rapid Transport (MRT) rail system same goes to their air transportation. Tourists can get around in Singapore with no burden due to their excellent transport system. An outstanding network of railway system and buses connect travellers to reach any point of the city and the public transportation prices are reasonable to everyone. Singapore provides convenience for foreign business travellers to reach any destination, conference venues and attractions with their public transport system on time due to their punctuality of railway systems. The newly opened MRT network has made ease of access to conference venue such as Suntec Singapore and Singapore Expo, it made convenient for those business travellers. Beside this, Singapores bus network is tremendously frequent and extensive and it does not only bring convenient to Singapores citizen and also tourists. Singapore is well recognized for their public transportation and telecommunications connectivity. According to a survey carried out by Singapores Land Transport Authority in year 2006, 8 out of 10 Singaporeans were satisfied with their public transportation system such as buses and also railway system, Singapore has 21 Tbps of installed international communication infrastructure capacity, adequate for every business require in telecommunications connectivity. They are one of the more aggressive telecommunication hubs around Asia Pacific. They also provide excellent telecommunication links with broadband network all around business hotels, so those business travellers can surf the internet anytime when inside the hotel room. 2.3 Forecast Singapore MICE industry in the future. From my point of view, I strongly believe that Singapore will finalize to the top spot and becoming the Best City for MICE venue in the future. Singapore will also be leading ahead of other countries. Singapores tourism background is going through a dynamic transformation. On year 2010, there will be more cityscape that gives off more vibrant and enthusiasm on the atmosphere. Singapore are still innovating themselves by introducing newly, modern venue and outstanding facilities to give their foreign business travellers and demonstrators a pleasure knowledge and ambience. They will also keep up their status as Asias premier MICE destination through recommending new transportation system and entertainments. The Asia-Pacific is likely to attract over 100 million business travellers and MICE visitors by 2015 with the growth prospective in the region. Therefore there will be no surprise that Singapore to become a bigger slice of this MICE market. With its stability political and global economy shows signs of reflect, the business event sector is in good chance of taking advantage of on business opportunities. In the upcoming years, Singapore will keep a strong pipeline of business occasion, including the key international association meetings. Ms Melissa Ow, Assistant Chief Executive, Business Travel and MICE Group, Singapore Tourism Board (STB) said: As we move into 2010, and climate of economy recovery the STB will continue to work closely with our industry partners to meet business event organisers evolving needs, explore new business leads and strengthen our international marketing and channel development efforts. Marina Bay sands will be one of the improvement into an amalgamate MICE venue which offers 200,000 square meter of convention and exhibition space which create and grow strategic business occasion. These developments will redefine Singapores downtown and central business region. There are estimate more than 150,000 meeting attendees are to stopover Singapore for those events that already booked at the Marina Bay Sands. Besides, Resort World Sentosa has accommodated 35,000 attendees at a single event. Marina Bay Sands said that it has secured more than 30 events development to be held there from this year to 2012. On the year of 2010, the worlds first -ever summer Youth Olympic Games will be hosted by Singapore. With approximately arrival of 15,000 overseas participants and visitors bring about 180,000 or more visitor to Singapore. Beside this, Singapore is also hosting a series of upcoming events and meetings in these few years, such as International Cruise Terminal 2010, Gardens by the Bay 2010, Sports Hub 2010, National Art Gallery 2013 and many more. Singapore will continue to expand their abilities and upgrading their infrastructure to provide business event travellers in order to guarantee their position as one of the top Asian. Singapore Tourism Board (STB) has planned to upgrade the facilities of Singapore Expo to make sure Singapore Expo is well-organized to sustain the development of MICE industry. The upgraded facilities will ensure Singapore Expo retains their excellent venue for business events. There are many growing competitors out there from other country such as Malaysia, Hong Kong, Thailand, Macau and etc. But Singapore is making every chance to offer good facilities and services to their business event travellers. Besides, STB are working continuously closely with the events industry. The main purpose is to increase the amount of the business event at Singapore and to make sure that the MICE sector continues to move ahead as a key driver of tourism development in Singapore. Lastly, I personally think that Singapore has performed well in this industry and lead Singapore to be on top of the MICE industry, because during the staging events in Singapore, the event organiser can be assured of their quality service, accompanied by its tremendous transportation and professional workforce. Although Singapore has obtain a lot of awards but they dont feel self-esteem, they keep on their good work and maintaining their facilities to achieve and make them the best MICE destination in the world. Furthermore, Singapores MICE industry is on the roadway and I strongly believe that if Singapore put in more efforts on this industry, it can leapfrog to reach the top and becoming the Best City for MICE events among the world in the future. Chapter Three Research Methodology 3.1 Research Method For the methodology, this research will be using questionnaire. Among quantitative method and qualitative method, I use both of the method for my research. It is also known as a mix of approaches. The first method is quantitative method which is a technique to gather quantitative data such as information dealing with numbers and anything that is measurable. While for the qualitative method is to understand the meaning of the numbers produced by quantitative method. We have to observe case analysis with given research imply to qualitative methods and quantitative methods to request respondents to rank their perception about these particular topic. 3.2 Research Design There are two types of research method which is qualitative method and quantitative method. Qualitative method is more on observation and quantitative method is subjective. Qualitative method need to collect date based on quality and is difficult to generalize because everyones perception is different; meanwhile it may affect the quality of the result. For the quantitative method, it is more objective compared to qualitative method because the data must be fact and logic. And it will be in numbers and also in statistics such as graphs or tables. It is essential to use both methods to understand the core of this research. 3.3 Data Collection Apparently the data in this report is collected from the secondary data which is online database. Secondary data can be easily found at journal, articles, websites, textbooks, books and etc. The researcher gets the journal from the college library website and it is mainly taken from the Google Scholar and EBSCO Host.

Sunday, January 19, 2020

China Construction Market

Intoduction China’s construction market is currently in a state of over-supply, with an overreliance in the past on residential and commercial construction to drive economic growth leading to an apparent ‘glut’ in the market (AECOM, 2013). This shift has created a number of concerns in the market, with the most prevalent the risk of further declines in house-prices in a bid to spur additional demand and correct the possible supply-demand imbalance (BREE, 2014) (Wu et al., 2014). Another risk within the market has been the levels of debt taken on by construction companies during the years of exceptional growth; since the slowdown in demand began, it has been noted that a number of developers have come under pressure, with some defaulting on payments due (Liu et al, 2014). However, it must be mentioned that despite the recent slowdown, the construction market in China still remains a key and significant part of the country’s GDP and is expected to continue growing in the long-term given rising urbanisation and incomes, albeit at a lower rate (Financial Times, 2014). China will still remain an attractive market to consider for EU and US corporations; moving forward, rising labour costs, greater concerns for environmental issues and an increasing middle class will also increase the desire for China’s construction sector to develop more efficient and technological methods in a bid to lower costs, which in turn could present a number of opportunities for UK, EU companies wanting to gain access into the market (EUSME, 2013). Moving forward, both residential and commercial construction will see growth as development moves inland to western provinces looking to industrialise, while the major cities of Shanghai, Wuhan and Beijing etc will all continue to grow on urbanisation and rising populations (Wu et al, 2014). As the Chinese government looks to rebalance growth towards domestic consumption and demand, expect greater investment in infrastructure, especially investment designed to open up the western regions to the eastern, coastal cities. Change Management When considering a potential JV into the Chinese market, a business must be aware of the change management that would need to occur to effectively merge into business regulation and practices within China (Anderson, 2010) (Cameron, 2012). As noted above, the potential to form a JV based on the technology and knowledge within the company is immense as Chinese builders look to rein in costs and compete more effectively in an oversupplied market. One area of consideration for a business would be the current structure of the market, with previous research noting that the Chinese construction market is largely made up of state-owned and local private enterprises (World Bank, 2014). According to recent research undertaken (EUSME, 2013) privately-owned companies control 81% of the market, state-owned 18%, while foreign-funded firms control less than 1% of the overall market. From this, it could be assumed that regulation and business practices may restrict some international companies from moving into the market. Regulation: many companies that have attempted to establish Chinese entities have experience strong regulatory constraints; with the Chinese see protective of their domestic industry (Rowley, 2014). It has previously been noted that it is difficult to obtain building sector licenses given that Chinese provinces will favour the use of local construction companies, with corruption still a major issue to overcome (US Department of Commerce, 2012). Furthermore, it could be mentioned that China is quite risk adverse to the introduction of new building/material techniques, with regulation in place that quite often restricts the entrance of new technology into the market due to an inability for the country to assess its implications on the wider industry, which to some could be seen as a form of protectionism given that the construction sector is such as large employer within the country. While a JV may be beneficial for an international company given its access to a local market player who understands the market, the company must be wary of the technology or knowledge it would be sacrificing in the process (Cameron, 2012). It may also be noted that given current market conditions in China, some Chinese companies may be willing to form JV’s with Western counterparts in a bid to gain access into the recovering markets in Europe and the U.S. Again, the difference in regulation may affect the attractiveness of the Chinese market to some businesses. Business Practices: taking into account practices, it could be seen that major contracts in China have been known to be awarded more through relationships rather than product/ service quality (World Bank, 2014). To some Western companies, this may be business practices they are unwilling to follow, or in some cases unwilling to support the management change that is needed to facilitate business in the Chinese market. Taking this into account, the business must ensure that is able to trust the business and its employee’s in the joint venture. Given the difference in doing business and ethics, the UK Company must ensure that the JV does not contradict its standards in the UK (Cameron, 2012). Key Characteristics: key characteristics of the market may also be of importance given that it could be assumed the Chinese growth in construction has to part been fuelled by quantity over quality. There have been a number of reports detailing the major $Billion efforts by cities within China to essentially support rapid expansion, however most of the building work appears to be of a much lower standard/ design than similar projects in the western economies. With this, it becomes a question of whether the current market in China would fit in with the interests and desired outcomes of the UK Company seeking the JV. To provide come concluding remarks, the UK must ensure that it picks a Chinese partner that meets its UK ethical standards and business practices, essentially aligning their priorities to develop a viable business plan for the JV’s development in the marketplace (Paton, 2008). The company must also ensure that it’s safeguarding its intellectual property, mainly when dealing with Chinese companies that are in need of new development/ technology to improve competitiveness in their home market. The company must also ensure that it picks a partner where it can be an equal stakeholder it he project (Bosshart et al, 2010) References AECOM (2013) Asia Construction Outlook 2014, London, AECOM. Anderson, D. and Anderson, L. (2010) Beyond Change Management, London, Wiley Publications. Bosshart, S., Luedi, T. and Wang, E. (2010) Past lessons for China’s new joint ventures, London, McKinsey & Company. BREE (2014) China Resources Quarterly: Southern Winter- Northern Summer 2014, Sydney, Bureau of Resources and Energy Economics. Cameron, E. and Green, M. (2012) Making Sense of Change Management, London, Kogan Page Publishers. EUSME (2013) The construction sector in China, Beijing, European Union Research Centre. Financial Times (2014) [Online] Doing Business in China, Available at http://im.ft-static.com/content/images/892eae14-6323-11e4-8a63-00144feabdc0.pdf, Accessed 10.11.2014. Liu, B. Wang, X. Chen. C and Ma, Z. (2014) Research into the dynamic development trend of the competitiveness of China’s regional construction industry, KSCE Journal of Civil Engineering, 18(1), pp1-10. Paton, R. and McCalman, J. (2008) Change Management: A Guide to Effective Implementation, London, SAGE Publications. Rowley, C. and Cooke, F. (2014) The changing face of management in China (Vol. 6), London, Routledge. U.S Department of Commerce. (2012) 2012 Country Commercial Guide for U.S Companies, Washington, U. Department of Commerce. World Bank. (2014) Doing Business 2015: Going Beyond Efficiency – Economy Profile 2015 China, Washington, World Bank. Wu, J. Deng, Y. and Liu, H. (2014) House price index construction in the nascent housing market: the case of China, The Journal of Real Estate Finance and Economics, 48(3), pp522-545.

Saturday, January 11, 2020

Corporate Communication Essay

Introduction The organization which this report will be based on is called Mirihi Island Resort. Mirihi Island Resort is a five star resort located in a secluded island in South Ari atoll of Maldives. It consists of 36 rooms from 6 are beach villas and the remaining 30 are water villas. This resort is under Crown Company (Mohamed, 2014). There are total of 145 staffs mixed from all levels. 60% of the staffs are from Maldives and the rest of the staffs are from India, Sri Lanka, Bangladesh, Nepal, Germany, Switzerland, Netherlands, China, Thailand and etc. Their slogan is â€Å"Mirihi as â€Å"unique† as you†. Like as said in the slogan, Mirihi is a very unique resort. No wearing of shoes or sandals, no motorized water sports, no night animation and no TV’s in the room makes their customers feel like being in Maldives and unique (Mohamed, 2014). Vision Mirihi’s vision is to be always on top of all the Maldivian resorts in service and standard wise to make challenging for other hotels. To be most quiet and peaceful resort in the country as well never pushes on sales. Respect all different culture by providing the same levels of services. Staffs will be well trained for an excellence services and try utmost to motivate the staffs by whichever possible way (Mohamed, 2014). Mission In this highly developing tourism industry; their aim is to keep the guests satisfaction up to the standard while providing services in a quick and efficient way. Focus on improving service standard by observing difference between the resorts and from guest’s feedbacks. Maintain the cleanliness of the rooms, increasing the food quality rapidly, continuous updating the information and training for the staffs, flexibility, making customer feels special and as well â€Å"everything is possible† attitude will be the best advantages to achieve the goals. Never stop trying until achieve the goal (Mohamed, 2014). This report will be evaluating and analyzing the corporate communication of Mirihi Island Resort. Discussion Definition of corporate communication Corporate communication is managing an organization’s internal and external communications with the purpose of establishing and maintaining favorable reputations with its various audience to the mutual benefits of both and to its improved competitive advantage (Kalahub, 2009), (Richard, 2000). Corporate communication includes advertising, public relations and marketing, marketing communications, but they all function under a managed perspective (Kalahub, 2009). Functions of corporate communication There are many functions of corporate communication. Among some of them are discussed below. Media Relations Among all the functions this may be the function for which corporate communication managers are well known. It is because they are engaged in the media relation works, where they have to write and distribute news releases with responding to media enquiries. Corporate communication manager have to oversee all planning for news conferences. Also the manager has to arrange everything needed for the spokesperson to appear on the local television and the radio programs. In addition to that the manager also have to monitor all the news broadcasters and other outlets to see what the media is talking about the company and have to advise strategies to address misinformation (Frederick, 2014). Public Relations Under public relations fall, building relationships with customers and responding to studies from the public. Here, the corporate communication manager is responsible for providing all the information needed to the general public through newsletters, brochures and other printed materials. He/she also has to manage the company’s website by monitoring the feedbacks given by the public and responding to inaccurate posts or requests for information in order to build a good relationship between the public and the organization (Frederick, 2014). Crisis Communication If something unexpected happened in a company that will be a threat to public  safety or company’s reputation. For such a critical event all staff should be well trained and prepared for it as it will help corporate communication to prepare for it in a short period of time. Corporate communicators mainly works with their own staff to develop crisis communication before any disaster strikes but in case of developing crisis message they should work with different of people or company, it might be a political officials, attorneys or an emergency response person. Therefore it’s the responsibility of corporate communicators to advise senior leaders in a company to manage the crisis (Frederick, 2014). Employee Communications When a company needs to deliver a message to external audience, the corporate communication manager may has to act as employee communications manager. Being that position they have to design printed publications and write emails to announce company news, important information and training opportunities. Corporate communicator also may have to create a focus group to learn what issues the front-line employees are mostly facing. Also they give advices to the senior leaders on how to improve relationships with their staffs and gain support for the initiatives. In general, the corporate communicator manages a company’s Intranet and internal blogs (Frederick, 2014). Investor Relations The main purpose of investor relations is to reassure shareholders that by investing in the company they have taken a wise move, and even though if they don’t want to buy more shares they should continue to hold onto their shares. The importance of this communication is towards the financial success of the company and the decisions it makes that lead to growth. Therefore the employees involve in investor relations has prepare regular financial and management reports and briefs for the financial media (Scotter, 2014). Internal Communication In the internal communication the corporate communicator has to focus on aligning staff with the organizational values and purpose. Therefore, the corporate communication manager has to arrange staff conferences with senior managers, sharing stories on the company intranet and organizing award schemes to reinforce organizational values. Internal communication often  mediates with media relations, sharing positive coverage internally to raise morale (Scotter, 2014). Corporate Advertising Corporate advertising is any advertisement that focuses more on public relation than sales promotion. The purpose of the advertisement is to build a company’s image, reputation and presence among the general public or within the industry. Corporate advertising is regarded as one of a variety of communication tool that is used to promote the desired corporate brand’s corporate identity rather than promoting company’s specific products or services (Zulhamri, 2012). Public Affairs In an organization at the local, state and federal level, all the sectors are subject to laws and regulations. Therefore, public affairs staffs’ job is to forward organization’s case for amendments to existing legislation. In some cases they have to campaign for new laws as well. For this reason public affairs staff’s job often work with media relations to run integrated campaigns (Scotter, 2014). Definitions of Identity, Image and Reputation Identity A company’s identity is what the company is, the way the company is being recognized and the characteristics that defines the company (Corp, 2014). For example the company’s name is a part of its identity. Image An image of an organization is the perceptions that different people hold of an organization. Such perceptions differs depending on how well people know the organization. Some perceptions are derived from people’s individual experiences and impressions of the organization and also by the marketing and communication activities (Bailey, 2008). For example when someone says Rolex watch the first thing that comes to the mind is the quality and the price of the product. It is because the Rolex watch is commercialized in such a way that people believes that it is expensive hence a quality product. Reputation It is the collection of perceptions about a company that is hold by the stakeholders with whom it relates, both internal and external† (Munich, 2008). For example Apple Company is a very high reputed company, hence they provide high quality products and they have been continuously trying to keep on their standard. Analysis Analyzing using Rep Track Model In every organization it is very important to analyze their image, identity and reputation in order to be successful. To analyze these three things the best tool or model is the Rep Track Model. It is the world’s first standardized tool for tracking reputation of globally across stakeholder groups. It tracks 23 key performance indicators grouped around 7 reputation dimensions that is effective in getting stakeholders to support the company that has been proven by researchers. The following diagram shows an illustration of Rep Track Model. The seven reputation dimensions will be used to analyze the reputation of the selected company, Mirihi Island Resort. Product/Services Mirihi is a service oriented company. Reviewed by many customers that has been to Mirihi, they have a high quality service which fulfills customer requirements and their needs. Compare to other top most leading resorts, Mirihi has high prices for their packages, compare to their service. Because in Mirihi there are no televisions available in the room and the rooms are not so big. It’s not because they can’t afford it or they don’t want to give that service. It is because they want their customers to get the chance to be relaxed without being engaged to the news and other media entertainments. On the other hand they provide high speed Wi-Fi so they can be in touch with their family and friends. However their customers are very much comfortable and happy with their service. Innovation Mirihi is the first resort in the Maldives who provided the service of encountering whale sharks for their customers. And they keep trying to come up with new innovations to make their services more and more unique. They are very flexible for their customers, can come up with their own ideas of  different activities or services. Also they always try to change their way of giving services. Workplace If any one goes through the reviews about Mirihi Island Resort it will see from all the comments about their wonderful staffs and their fantastic service. This shows that how happily the staffs are working in order to build the reputation of the company. Mirihi management always make sure that their employees are well trained and highly motivated. Therefore they frequently conduct training sessions for all the staffs including top management staffs. They don’t discriminate between their staffs, they distribute early bonus and salary increments equally and fairly. Mirihi gives full support for the staffs who wants to invent things and those who wants to study as well. Mirihi staffs has the opportunity to internally change their positions. Governance In Mirihi they have general session in every month to share their achievements, financial situations, about the allowances starting from the last four years so that it is easy to compare and about all the upcoming programs or events. They are very transparent as they always tell exactly the situation with the government regarding the taxes to their staffs. And they prepare annual report and submit it to the government and also they pay taxes on time. They make sure that their staffs are aware and follow the rules and regulations public by the government. Citizenship Mirihi is a very environmentally friend company. They never cut down the trees and according to their policy cutting down the trees are prohibited unless it is very necessary. They have very strict rules for the guests not to stand on the corals, not to collect anything from the sea, not to put anything in to the sea and not to feed the fishes. And the guests are Leadership In Mirihi they have charismatic Managers. From the management they always make sure that they keep on the standards or improve their level to get on the top most. Whenever they face any issues or threats they overcome it making suitable strategies. They make sure that their staffs are comfortable  with their given resources. Performance They have been as the top resort on the famous travelling website for almost one year. At the moment also they are in the top six. From this clearly can be seen that they performed well with high profitability. Monthly and annually they make huge profit compare to their expectations and therefore they are able to provide early bonus to their staffs with an amount of around MVR10,000 for each staff. Their market share has been growth, still being among the smallest resorts in the Maldives. Recommendation Even though Mirihi is a profit gaining and reputed company, there are few things that they need to improve. †¢They need to have corporate communication department to analyze their re †¢They should conduct performance appraisals or evaluate their staffs performance more frequently and give feedbacks on their performance so that they know what are things that need to be improved. †¢Mirihi should provide a 24 hour room service to make their service better since they don’t have a 24 hour restaurant or a bar. †¢There are not enough sun beds on the beach for the guests to enjoy the sun bath. So they should provide more sun beds on the beach. †¢Finally the guest Wi-Fi and the staffs Wi-Fi is very slow and the guest Wi-Fi is not available most of the areas like specially in the spa. So they should provide Wi-Fi to the most areas so that their service could be more improves. And the Wi-Fi should fast. Bibliography Bailey, S. R. (2008). InternationalEncyclopedia of Orgnaization Studies. SAGE publications, Inc. doi:http://dx.doi.org/10.4135/9781412956246 Corp. (2014). Your Dictionary. Retrieved from Your Dictionary Web site: http://www.yourdictionary.com/identity Frederick, A. (2014). Small Business.chron. Retrieved from Small Business.chron Web site: http://smallbusiness.chron.com/functions-corporate-communication-department-23716.html Kalahub. (2009, November 07). Slide Share. Retrieved from Slide Share Web site: http://www.slideshare.net/9924927019/corporate-communication-2444333

Friday, January 3, 2020

The Financial Crisis Of 2008 Deregulation And Corruption

The Financial Crisis of 2008: Deregulation Corruption There has been a debate for years on what caused the Financial Crisis in 2008 and if there was one main cause, or a series of unfortunate events that led to the crisis. The crisis began when the market was no longer funding many financial entities. The Federal Reserve then lowered the federal funds rate from 5.25% to almost zero percent in December 2008. The Federal Government realized that this was not enough and decided to bail out Bear Stearns, which inhibited JP Morgan Chase to buy Bear Stearns. Unfortunately Bear Stearns was not the only financial entity that needed saving, Lehman Brothers needed help as well. Lehman Brothers was twice the size of Bear Stearns and the government could not bail them out. Lehman Brothers declared bankruptcy on September 15, 2008. Lehman Brothers bankruptcy caused the market tensions to become disastrous. The Fed then had to bail out American International Group the day after Lehman Brothers failed (Poole, 2010). Some blame poor policy making and o thers blame the government. The main causes of the financial crisis are the deregulation of banks and bank corruption. Discussion Deregulation is believed to be one of the major factors that led to the 2008 Financial Crisis. Deregulation refers to the reduction of governmental influence in an industry in order to create more competition (â€Å"Deregulation†, 2015). The reduction in government influence creates a more competitive market thatShow MoreRelatedFinancial Crisis And Its Effects On The Economy Essay1593 Words   |  7 PagesMillions of jobs and careers lost, $20 trillion down the drain, our once stable economic becomes one that is taken over by systemic corruption; the livelihood of people worldwide is now in the hands of five investment banks, two financial conglomerates, three insurance companies, and three rating agencies. 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