Write an essay on “Competitive Strategy”.
Adaptation involves the challenges and the complications that the pool experiences and modifies them according to the need in order to survive. The “theory of adaptation” theorizes the process of change that suit the purpose, function or social environment or alteration in any of these to solve the second one’s purpose. Regarding the adaptation theory, the hospitality, and educational industry operates in a very competitive atmosphere considering the continuous change in consumer and student trends. As stated by Ang and Van Dyne (2015), “The aggregation theory” states that earnings are obtained by the integrated contributor in a value sequence and the margin profit shifts when a second company effectively modularizes the current and integrates one more element of the “value chain.” “Aggregated segments” of the hospitality and education industry are used to exemplify the worth of heterogeneity in the capital as a measure of “environmental uncertainty.” “The Arbitrage Pricing Theory” is defined as an “asset pricing model” related to the idea of asset’s returns which can be predicted involving the association between the same asset and several general risk factors. If arbitrage in the financial system is absent, then price assets comparative to a new based on their co-movement with similar factors (Hansen et al. 2015).
There are several organizational forces, environmental forces, performance consequences and counter forces for the strategic restructuring in the education industry. An adaptation which is necessary for the education industry arises in retort to a variety of factors that is wider and more far attainment than basically growth in technologies for education and teaching.” The latent financial externalities to education should, in standard, be captured at this stage of aggregation.
According to Wilhelm (2012), “Macmillan Education Australia PTY Ltd” is an internationally renowned book publishing company with significant imprints throughout the world. This company places the needs of the teachers, students and researchers at the center of everything and motivate their passion for “transforming lives” around the globe. “Pan Macmillan Australia” publishes a broad range of high quality, best selling, and award winning under the imprints of “Macmillan Pan, Plum, Picador, Momentum and Macquarie Dictionary Publishers. Technology has transformed the society of the Macmillan publishers, and they have adapted ways to congregate the “challenges and opportunities” obtained by a quickly shifting market. As the industry is elevating it is defined regarding “e-books, mobile devices, digital learning, digital marketing, and online retail.” The publisher developed new goods, diversifying into novel areas and accomplishing new clients in the developing markets. Macmillan understands and provides supports to the requirements to give a healthy work and life balance by application of part time work, work from home and leaves. These strategies motivate the employees to renovate their ideas and work harder for the development of the company (Davidson 2015).
“The incumbent aggressively pursuing personalized learning models that leverage adaptively to provide more solution-oriented approaches on behalf of their college and university customers. To date, their efforts have tended to represent extensions of the textbook model, whereby adaptive resources and tools are bundled with print and digital texts.” According to Collis and Hussey (2013), academicians functioning in the education area concur that firms require building up “novel business models” to be effectual in such precise and challenging environments and communally motivated enterprises comprise a second significant basis of current “business model innovations.” “The sketch is to exist autonomously such as startups within the group, as Macmillan transitions out of the content business and into educational software and services.” According to the arbitrage theory, the company takes advantage in several ways. If a book is awarded the best seller award, then the company increases the profit margin to seek profit out of it. Moreover, in many instances, the company provides discounts in certain commodities through e-trading with a motive of promoting the brand (Calvo et al. 2012).
“Education Services Australia” is a “national, not-for-profit” organization which is owned by the “Australian education ministers.” The company supports the delivery of the nation’s educational priorities and the initiatives taken by the schools, higher education sectors, and training activities in order to meet the requirements such as researches, innovative technologies, devising, publish, etc. In order to meet with the changing environment and adapt to the present situation the “Education Services Australia” strategized plans and policies for education and training. The strategy involved is “stakeholder consultation in VET, schools and Higher Education Sectors.” “Education Services Australia” functions as a “sustainable education service” supplier operating collaboratively in the wellbeing of all “Australian education jurisdictions.” “It understands their individual contexts and requirements, and it is able to take on demands and meet deadlines to achieve Australian Education Ministers’ expectations” (Lightbown and Spada 2013).
In regards to the theory of aggregation, the company widespread “national and international networks,” recognizes the relevance of “digital technologies to education” and the significance of using “online systems” and the requirement to administer “intellectual property” so there are the absence of continuing compensation costs for jurisdictions and learning institution. The company holds up the alliance between stakeholders and with “networks to swap data,” share a practice” and “attain nationally agreed goals” and build up operational relationships with pertinent industry and district partners. “Education Services Australia” identifies the significance of information aggregation, informed commentary, dissemination, and “informal professional networks” as the main part of its duties. It hosts and provides support to a diversity services and networks together with the “edna newsletters, Curriculum Leadership journals, and Connections. The company provides services to promote groups and services such as books, journals or programs in order to seek advantage out of it. This is done in accordance to the theory of arbitrage (Kaldor 2015).
The hospitality industry is a broad field of services which involve a restaurant, lodging, event planning, transportation, tourism industry, etc. This particular industry depends on the frequency of leisure time and also non-refundable income. The adaptation modifies capital disbursement into an effective expenditure, and it eventually becomes a changeable cost. The main overall objective of the hospitality industry is to adapt an innovative technology in order to progress business and stay competitive by exploiting the positive benefits of the fresh technology. New technologies can slowly construct trust with time for customers by establishing high-quality recital and security.
According to Hughes (2013), the “Bridge and Wickers” is an established tour and travels set in Australia. The services provided by them involve “car and camper van hire,” airfares and hotels. The company has adopted many strategies in order to grow. “Digital marketing” is the main part of the company’s general strategy and the fresh site is totally “SEO-friendly” and effective in the eyes of “Google” and structured for the highest return on remunerated conversions. It was an enormous task, but we have launched the “Bridge & Wickers” websites at present in progress within the identical multi-site network. The superior appraisal of the of the “tourist potential,” of this company attracts a huge number of “local and foreign tourists,” prevents season effects, “consolidation of the location held” on convinced “intern and extern markets,” initiating fresh tourist products, getting an elevated competitive approach of the “tourist product” throughout a most favorable balance amid “quality and cost” (Clark 2014).
Seasonal discounts offer on airfares; packages are certain strategies that are followed by “Bridge & Wickers.” The company based on the “theory of aggregation” applied many policies and used many strategies to pull the consumers. For example, maximum nations with a purpose of tourism were explored, various airlines with different airfares were recognized and contacted, more importantly, the to attract the customers promotional offers, the specification of destination such as honeymoon destination, beach side destinations, snow fall destinations are offered. “The increase in the activity of some travel arrangement for the present travel consumers without operating deep changes, for instance, offering supplementary services, installing pools or fitness centers within the accommodation” pulls the clients (Romeo et al. 2012).
The magnetism of the “low season tourist product” can be elevated by offering several speckled divertissement choices at the destination place. According to the cost level and convenience the subsequent cost strategies are made, firstly high price strategy, contractual price strategy, distinguished rates strategy, “discount and bonus strategy” adopted by this company who adjusted fundamental costs of products in order to rouse a specific type of customers, that is customers who seek for a high quality of services and customers who agree to travel during low seasons. The company following the theory of arbitrage, take advantage by offering high price airfares, hotels and also benefits from the restaurant and hotel industry (Romeo et al. 2012).
The hotel “Park Hyatt Sydney” exactly personifies modern harbourside luxury enclosed within the iconic location of the Opera House, Sydney, and the “Harbour Bridge.” The hotel offers surroundings with architecture, design, and art that reflect the Australian culture. The strategies followed by the hotel administration involve ten percentage discounts for the members, complementary dinner, double your points, wedding at the park, cultural event at the park, romance at the park, etc. With the change in the demand the hotel has also adapted new policies and programs (McGorry et al. 2013).
As discussed by Goodall and Ashworthm (2013), the “Park Hyatt’s marketing strategy is intended to secure and build brand value and awareness while meeting the specific business needs of hotel operations. Building and differentiating the brand position of Hyatt and our sub-brands is fundamental to increasing Hyatt’s brand preference and demand, rate premium and related business imperatives. Electronic distribution channels are a key contributor to Hyatt’s total reservations. Hyatt’s Central Reservation System is an important contributor to the performance of our hotels system-wide. Reservation centers are located in the United States, Australia, India, UAE, Germany, Japan and China to provide 24/7 access to prospective guests” (Higgins 2015).
In accordance with the arbitrage the hotel pulls advantage from many sources. During the peak season prices are tagged high and during the low season the cost offered are either reduced, or discounts are given for attracting more crowd. Promotional or complementary offers are given to the customers for better benefit. The hotels have contact with the travel agencies and airlines to draw benefit from them (Riley 2014).
Conclusion:
The “theory of adaptation” theorizes the process of change that suit the purpose, function or social environment or alteration in any of these to solve the second one’s purpose. “The aggregation theory” states that earnings are obtained by the integrated contributor in a value sequence and the margin profit shifts when a second company effectively modularizes the current and integrates one more element of the “value chain.” “The Arbitrage Pricing Theory” is defined as an “asset pricing model” related to the idea of asset’s returns which can be predicted involving the association between the same asset and several general risk factors. The strategies vary from industry to industry. In this context, the two industries that were selected was the education industry and hospitality industry. “Macmillan Education Australia PTY Ltd” is an internationally renowned book publishing company with significant imprints throughout the world. The publisher developed new goods, diversifying into novel areas and accomplishing new clients in the developing markets. “Education Services Australia” is a “national, not-for-profit” organization which is owned by the “Australian education ministers.” In order to meet with the changing environment and adapt to the present situation the “Education Services Australia” strategized plans and policies for education and training. Both the companies’ strategies plans in order to sale their products and satisfy their target customers. The “Bridge and Wickers” is an established tour and travels set in Australia. The hotel “Park Hyatt Sydney” exactly personifies modern harbourside luxury destination. The adaptation modifies capital disbursement into an effective expenditure, and it eventually becomes a changeable cost. Thus, both industries use various strategies in order to meet the client’s requirements. The adaptation modifies capital disbursement into an effective expenditure, and it eventually becomes a changeable cost. Thus, both industries use various strategies in order to meet the client’s requirements.
References:
Ang, S. and Van Dyne, L., 2015. Handbook of cultural intelligence. Routledge.
Calvo, T., Mayor, G. and Mesiar, R. eds., 2012. Aggregation operators: new trends and applications (Vol. 97). Physica.
Clark, A., 2014. Australia’s Best Spas: The Ultimate Guide to Luxury and Relaxation. Tuttle Publishing.
Collis, J. and Hussey, R., 2013. Business research: A practical guide for undergraduate and postgraduate students. Palgrave macmillan.
Davidson, S.R., 2015. The capital asset pricing model and arbitrage pricing theory on the Johannesburg Stock Exchange (Doctoral dissertation).
Goodall, B. and Ashworth, G. eds., 2013. Marketing in the Tourism Industry (RLE Tourism): The Promotion of Destination Regions. Routledge.
Hansen, E., Kozak, R.A. and Vidal, N., 2015. Adoption and Implementation of Corporate Responsibility PracticesComparative models of social responsibilityWhy companies go green: A model of ecological responsivenessA three-dimensional conceptual model of corporate performanceThe pyramid of corporate social responsibility: Toward the moral management of organizational stakeholdersAbsorptive capacity: A new perspective on learning and innovationThe constituents of corporate responsibility: Separate, but not separable, interests? The current status of ….
Higgins, D., 2015. Other people’s money: SMSFs still call Australia home.
Hughes, H.E., 2013. School libraries and teacher-librarians: evidence of their contribution to student literacy and learning. Curriculum and Leadership Journal, 11(12).
Kaldor, N., 2015. Keynesian economics after fifty years. In Essays on Keynesian and Kaldorian Economics (pp. 27-74). Palgrave Macmillan UK.
Lightbown, P.M. and Spada, N., 2013. How Languages are Learned 4th edition. Oxford University Press.
McGorry, P., Bates, T. and Birchwood, M., 2013. Designing youth mental health services for the 21st century: examples from Australia, Ireland and the UK. The British Journal of Psychiatry, 202(s54), pp.s30-s35.
Riley, M., 2014. Human resource management in the hospitality and tourism industry. Routledge.
Romeo, G., Lloyd, M.M. and Downes, T., 2012. Teaching Teachers for the Future (TTF): Building the ICT in education capacity of the next generation of teachers in Australia. Australasian Journal of Educational Technology, 28(6), pp.949-964.
Wilhelm, J., 2012. Arbitrage theory: introductory lectures on arbitrage-based financial asset pricing (Vol. 245). Springer Science & Business Media.
Yager, R.R. and Kacprzyk, J. eds., 2012. The ordered weighted averaging operators: theory and applications. Springer Science & Business Media.
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