Business Report Based on Monet for Financial- myassignmenthelp

Question: Discuss about theBusiness Report Based on Monet for Financial Services. Answer: Introduction This business report is based on a group of 5 holiday resorts in Australia which have decided to merge and form one business operation for the purpose of delivering better services to their customers and increase on their profits. The new business name resulting from the amalgamation of the resorts is Monet due to the merging, the business has increased on the varieties of services provided, for example, they provide a wider range of living quarters providing Backpacker, bed and breakfast, homes to luxuries suites in and around the country (Nocke Yeaple, 2007, p.365). The business will provide different services on booking websites such as booking.com, travel.com.ac among others to enable customers book directly. The booking will be managed via a single website. To promote customer satisfaction, a mobile application will be developed to help the customers manage their own account. The business intends to vary prices on the changes in demand, seasonal factors and environment among ot hers (DeYoung, et al., 2009, p.100) Assumptions made Various assumptions were made in relation to the new business emerged. Among others include; It is also expected that the emerging of the businesses will increase in the business effectiveness and efficiency. It is clear that big firms enjoy economies of scale as a result of reduced costs of operation, for example managerial economies of scale, research economies of scale among others. It is assumed that there will be an effective technological development as a result of the single website which has been introduced (Shaver, 2006, p.970). Through merging, it is assumed that the level of risks and uncertainties faced by the business will considerably reduce. Among others, some of the uncertainties that the business expects to overcome include losses due to high competition from other big firms that, managerial risks will also be curbed through the use the website. There is also an assumption of ensuring the maintenance of the standards that were initially set up and to ensure effective usage of the project resources (Martynova Renneboog, 2008, p.2148) It is also assumed that there will be an improvement in in the monitoring and tracking of the activities to be carried on. In other words, there will be a vibrant quality assurance team. The monitoring in this case is the process of tracking expected risks that are likely to rise during the business execution. It is important to take note of uncertainties that may cause business failures, this helps in preparing and setting strategies that are necessary for curbing the risks and uncertainties. It involves overseeing all the tasks and operations of the business to ensure achievements of the goals and objectives of the business since a single website is used, monitoring is expected to advance (Hauswald Marquez, 2006, p.970) Decisions proposed The top management of Monet has finalized the following decisions to affect the business via the website; Monet loyalty scheme which will play the role of reward customers with airport transfers, free tours, and free meals. This will aiming at building and maintaining a strong customer relationship. The team will foresee the needs of the customers, marketing aspect and how effective the business can be when it comes to its customers and this technology will automatically lead to improvement of customers service and will attract more customers (Cao, Zhang, 2011, p.170). To determine the strategic value, the company opt to develop Interactive tools in order to allow customers to choose, which particular tour they would like to undertake and aims at improving the degree of customer satisfaction that leads to strengthening of ties. Consequently the relationship between the business and the customers will be improved (Evans, Lindsay, 2013). The interactive platform will help the customers make their specifications needs, referring to what type of product and service they would want to be offered, when and where, basing on the fact that the business expects an increase in the number of customers. It also aims at developing the capacity of the business to interact with its customers. The analysis of this data may result in the establishment of a one-to-one approach encompassing a customized offer of products and services, adapted to the specific needs and expectations of each customer (Jiang, Qureshi, 2006, p.50). They have decided to develop an integrated ERP in order to enable management of the operation through a single Information Technology system. This will enable overseeing and managing of all the tasks that are involved in an operation with an intention of maintaining a certain standard of serving or achieving a specific set goals and objectives (Farrell Shapiro, 2010) A new Web 4.0 level ultra-intelligent electronic portal is to be created in order to enable customers self-manage their accounts with the company and to customize their shopping/booking experience. This is very vital in terms of technological change that is geared towards efficiency of the business. It will keep the relationship of the customers and the business making their booking faster and effective (Devos, Kadapakkam Krishnamurthy, 2008, p.1180). Critique to the management decision The subsequent management decisions are likely to affect the network of relationships established, especially with strategic business partners and the customers by creating effective communication which is quick, faster and easy (Dehning, Richardson, Zmud, 2007, p810). However the technology is not 100% secure. Technically, the business website can be constrained by the unfriendly or poor user interface that may limit the client-staff interaction. If effective and latest technology is not applied, information regarding the presence of the business may be limited for example, If Adds and pop ups in websites are not enabled and this will also reduce the business information about its presence (Angwin, Vaara, 2005). The decisions will improve on the role played by marketing department especially in line with customer relationship. They will integrate marketing, sales and services functions through the interaction of the business process, technological solutions and information resources, in order to maximize user friendliness with the customers. There will be facilitation of the relationships between companies, customers, service suppliers and workers (Shim Okamuro, 2011, p.193). As a way of improving the business efficiency and effectiveness, it is vital for the emerging to take place. There are expected decrease in the operational cost as the costs of rent is expected to reduce, the transportation costs will as well reduce if the businesses are emerged together. This is because the workers will no longer incur extra expenses in paying for the other services, Moreover; the company is even still cable of retaining and improving its sales basing on the fact that it will employ online technology of a single website. This type of operations favors big firms, implying that its a good strategy in expanding the business operations. Through the amalgamation, The management decision will help the business to reduce the human resource costs. These are the costs that result from recruitments, training and redundancy. It will all be looked upon and possible solutions of reducing such costs will be implemented. This will reduce on the business expenditure and the extra liquid capital will be ploughed back into the business. The company will attain an advantage of improving the Information Technology department which is expected to reduce the number of workers needed in operation accompanied by improved efficiency. However, this factor will also lead to unemployment of some workers. The decisions will help the business to highlight a need in the improvement of financial and human resources to help in the implementation of the technological innovation and improving the motivation of the workers respectively Through the above decisions, the business is expected to get more clients and also maintain its earlier customers and this will ensure continuity of the business and the costs will reduce if tasks are assigned to the respective personnel. However, the business may lose some customers who are not used to online bookings and those who cannot access the website due to the ignorance about the change in the website name. To a certain extent, the merging of the resorts may negative affect the business operations, for example, the bureaucratic process involved in decision making may hinder effective adjustments to new changes, its also most likely that the expansion of the business as a result of merging may attract government intervention in form of high taxes which will in turn increase the costs and expenses. The difference between information system and information technology The two terms are sometimes considered the same, used interchangeably, however, information technology is a subset of information system. Information system is a general term for the systems, people and all processes designed to create, store, process and distribute information. Whereas information technology falls under information system and particularly deals with the technology involved in the system. It is a study, design, support or management of computer based information system. It includes Hardware such as hard disks, monitors, keyboards and all the other tangible components of the computer, software such as Microsoft windows, among other intangible components. It also includes database and networks (Paulin, Ferguson Bergeron, 2006, p.915). Information technology and information system are playing both negative and positive role, for example creating a variety of job opportunities and long term professional advancement. On the other hand, information technology is increasingly creating unemployment, internet scams, and hacking among other. Impact of information technology and information system Over the past few years there has been a strong technological evolution in the field of information and communication with a significant impact on management. Companies are investing huge amounts in relationship technologies, leading to new forms of interaction. Therefore information technology has got a great impact on customers choice, continued patronage, brand loyalty business employees among others. Basing on the fact the company will be developing a mobile application, information technology is expected to act as a primary tool for getting in touch with customers (Shapiro, 2010, p.50). Clients will be making orders concerning bookings, expected services, making inquiries and making reviews of the services rendered. This therefore is expected to improve on customer satisfaction hence improving on customer loyalty. A well designed websites with external ads and popups are likely to attract more customers. If the company uses affiliate marketing, more customers will be informed and following the websites link. In this way, a bigger and wider range of customers will be attracted to into the website leading to increased sales (Shapiro, 2010, p.850). Business strategy to attract customers from the competitors In order to manipulate the market in and to maintain its reputation in the industry Monet management has put out the following measures to attract more customers Strong Information Technology department to ensure a more user friendly interface of the company website and hence more customers will be expected. Customer support can also be improved as a result of this department. The information technology of the business is also worked on to improve on its efficiency (Zhang, 2010). This is because the effectiveness of the business basically relies on the department. Basing on the fact that the company operates mainly online, it is very vital to ensure effective Information Technology department and Monet management is to ensure this (Altunba?, Marqus, 2008, p.210). Improving on the quality of services delivered to the clients by enhancing customer support. This is intended to improve on customers satisfaction as well as the workers, more especially the consultants of the business. As part of the business decision, it will ensure timely execution of the activities as it is to be scheduled. Adjustment will be made accordingly to the proposed schedules to ensure effective achievement of all the operations and each of the activity will be communicated and published via the website. Innovation is yet another strategy that will help the company to favorably compete in the industry. It has maintained a remarkable position in leading innovation and invention of new technologies for example that technic of working on a single website which is a new technology in place Other business opportunities Through the merging of the 5 resorts, the business has a high completive advantage over the other existing firms in the industry. This implies that the firm/ business has an advantage of creating a monopolistic environment by creating entry restriction. This can be through offering high quality services at a subsidized price, adapting extensive advertising, and pricing technique. The business also has a higher potential in maximizing revenue, given the fact that operational costs will be reduced as a result of merging. The company has an upper hand in carrying out research to improve on the quality of services offered. It is typically true that big firms enjoy research economies of scale. It is therefore typically relevant for the firms to maintain and carry on the decision of merging into one company as a positive result is expect (Chemmanur, Krishnan Nandy, 2011, p.4050) References DeYoung, R., Evanoff, D. D., Molyneux, P. (2009). Mergers and acquisitions of financial institutions: a review of the post-2000 literature.Journal of Financial services research,36(2-3), 87-110. Nocke, V., Yeaple, S. (2007). 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