Discuss about the Gold Coast Convention Centre.
Hospitality industry has become a very competitive industry in present scenario. It is required that the organizations presently working in such an industry should have proper information related with the competitions and the behavior of the people available in the market. It is required that proper set of market analysis should be done and the companies should take care of the needs and wants of the needs and wants of the people available in the people available in the market. Doing so will help Gold Coast to ensure that it could attain competitive advantage. It is required that the prime focus of the company should remain with the requirements of the customers because they are the key aspects attached with any company which helps in its progress and ensures to provide effective set of support system for the company. The report is developed in relation with the Gold Coast Convention and the Exhibition center so as to provide proper set of direction which it could take in providing appropriate services to the customers. This report will help in the decision making aspects of the company with the effect of which it will be able to move on the path of success and sustainability.
Gold Coast Convention and The Exhibition Centre is located on the Gold Coast Highway in the Broadbeach in Queensland (Safari, 2014). The venue which provides world class services was opened on 29 June 2004 in which company invested $167 million. The venue is managed by Star Entertainment Group. Continuing to provide services from the past time company has faced several issues which has affected the organization in the market (Sui, et. al., 2010). It is required that these issues should be evaluated so that appropriate strategies could be developed and appropriate set of services could be availed to it. Hence, the issues faced by the organization are:
Benchmarking is one of the most important aspects attached with the organizations in present scenario. For the company like Gold Cost Convention Centre which is working in such a high competitive market it is required that it should focus upon the ideal percentage of the food sales so that it could set the standards with the help of which it could set certain benchmarks and could continue to work towards to attain the set targets and manage to perform according to the benchmarks which are set by the company (Chahal, 2010). According to the accounting theories and the standards if a company working in the food industry has 30% of the food cost, 35% of the cost labor and 20% of the overhead cost then the form is being considered to be in good financial conditions.
Coming to the beverages if the firm’s beverages cost is in between the 22% to the 28% then the firm is being considered to be in the good financial conditions and is termed to be earning profit from the market. It is being evaluated that if there will be reduction in the cost percentage then it will result in providing the higher gross profit for the company and vice versa (Gummerus, 2010).
Calculation of the ideal percentage of the food sales on the basis of the data availed in the case study:
% of the food cost = Cost of the sale of the food / sale of the food
= 315,000 / 510,000 = 61.76%
% Cost of the Beverages = Cost of the Beverage sales / beverage sales
= 112,000 / 290,000 = 38.62%
Comparing the results with the industrial standards it could be analyzed that the % of the cost of the food and the % of the beverage cost of Gold Coast Convention Center are too high due to which the sale of the organization is being affected as people do not prefer to purchase the products and services from the organizations which provides the foods and beverages above the price which are set according to the industry standards (Khosrow-Pour, et. al., 2007).
To set benchmarks for the company it is required that the Australian Taxation standards should be followed and proper set of analysis should be done so as to provide proper set of support to the company in making appropriate set of decisions:
In the case study total cost of the goods sales are:
315000 + 112000 = 427,000
Total sale turnover given in the case study is 800,000
Therefore 427,000/ 800,000 *100 = 53.37 %
Comparing the evaluated figure with the industry ratio it could be evaluated that it is too high which could cause a direct impact on the functioning of the company (Safari, 2014). It is required that for such aspects direct and effective set of actions should be taken so as to ensure that the company could continue to work in the competitive environment and could attract effective number of customers towards it.
Inventory management is one of the most important aspects for the organizations working in the food and beverages industry. In the food industry organizations works with the perishable products and services due to which it becomes important that these companies should develop their focus upon the inventory management and should ensure to keep the track record of the products and services available and the amount of the same required in near future (Sui, et. al., 2010). To ensure that the inventory of the products and services could be managed in a proper manner organization should focus upon five aspects which are purchasing, receiving and issuing, preparing and selling. These five aspects will provide a proper support to the organizations in present scenario.
There are five variable attached with the organization which will help in developing effective purchasing functions for the organization (Wilburn, 2007). It is required that the organization should prefer to purchase the right product in the right quantity from the right place at the right from the right sources.
There are certain steps which will help the organization in making appropriate decisions regarding the purchasing aspects of the organization:
There are various set of issues which are related with the purchase aspects which have a direct impact on the purchase decisions of the organization some of the issues which have a direct impact on the purchases of the organization are kickbacks in which people available at the vendor’s side theft the purchases due to which lesser amount is being reached to the organization, processing theft is another aspect which has a direct impact on the purchases of the organization (Burnett, 2009).
After purchasing process of the organization gets completed the next step that is being followed in the inventory management is receiving. It is the situation in which the products which are being purchased by the organization are being received. It is required that the proper evaluation of the quality, quantity and the price of the products should be done before receiving the same (C. Harris, & Daunt, 2013). Inventory management department of Gold Coast Convention Centre should evaluate all the aspects related with the receiving so as to ensure that the right product with the right quality and quantity at right price is being received by the company so that further inventory management system could be managed in a proper manner by the organization.
It is required that all the clerical processes should be appropriately followed by the organization in which proper quality inspection should be done as well as quantity inspection should also be done in a proper manner by the organization (Chahal, 2010).
Storing and issuing is the another aspect which should be focused upon by the organization to manage the inventory system in an appropriate manner. It is required that the good which are being received by the organization should be stored at the appropriate place. The place at which the goods should be clean and safe so that those goods could remain safe and secure. Management indulged in the inventory management system should also work towards to issuing the goods to the right people available in the company (Gummerus, 2010). Issuing the product and services to the right person will in utilizing them in a most appropriate manner and will help in reducing the wastage of the goods and services.
It is required that the records of the stock should maintained in an appropriate manner, it also required that the proper pricing of the products should be done and lastly it is required that the inventory managing people should indulge in the practices of stocktaking with the help of which inventory of the company could b managed in an appropriate manner (Khosrow-Pour, et. al., 2007).
It is required that the organization should focus upon the preparation and the production aspects of the products and services from the goods. Company is dealing in the perishable products and services in which it is required that the production of the products should be done in the smaller quantities with the effect of which Gold Coast Convention Centre could avail fresh products and services to the people coming to the eat food (Safari, 2014). It is required that the organization should develop it focus on delivering the quality as well as fresh food and beverages products to the customers so that inventory could b managed and people coming to eat the same could remain fit and healthy.
Selling is another aspect which should be focused upon by the organization so as to manage the inventory (Sui, et. al., 2010). Company should indulge in the promotional activities so as to enhance the sale of the products and services. It is required that management of Gold Coast Convention Center should focus on the sale of the products and services and attracting people towards it. Such type of activity will help in reducing the stored inventory and purchasing the fresh stock from the market. Price of the product should also be focused upon and company should try to reduce the price of the products and services so that more and more people could get attracted towards the organization and help in moving on the path of the success and sustainability (Wilburn, 2007).
Conclusion
Analyzing all organization the aspects attached with the evaluations made in the report it could be concluded that organizations in present scenario should focus upon various aspects which could help it in sustaining in the market. Developing appropriate set of strategies in relation with attracting effective number of people towards the organization who will help the organization to sustain in market with the effect of which organization will attain competitive advantage. It is required that the organization should understand its roles and responsibilities and should work towards to provide appropriate as well as effective set of services to its customers so that they could remain healthy as well as happy.
There are certain set of recommendations which are developed in relation with Gold Coast Convention Centre which will help the organization to make appropriate decisions in relation with improving its functions and retaining its position and value in the market:
It is required that the organization should encourage irradiating food purchase and should work towards to provide quality in its services.
It is required that the organization should work towards to reduce the wastage of the food by decreasing its plate size. This will help in serving proper quantity of the food and beverages to the customers coming to the organization.
Company should work towards to follow all the industry standards so that any kind of breach or violation of the laws could be reduced.
It is required that all the staff members should get proper training so that they could deal effectively with the customers with the effect of which customers could remain satisfied.
References
Amorim, M., Rosa, M., & Santos, S. (2014). Managing Customer Participation and Customer Interactions in Service Delivery: the Case of Museums and Educational Services. Organizacija, 47(3), 125-128.
Berman, O., Krass, D., & Mahdi Tajbakhsh, M. (2011). On the Benefits of Risk Pooling in Inventory Management. Production And Operations Management, 20(1), 57-71.
Burnett, R. (2009). Outsourcing IT, the legal aspects. Farnham, England: Gower.
Harris, L., & Daunt, K. (2013). Managing customer misbehavior: challenges and strategies.Journal Of Services Marketing,27(4), 281-293.
Chahal, H. (2010). Two component customer relationship management model for healthcare services. Managing Service Quality: An International Journal, 20(4), 343-365.
Gummerus, J. (2010). E?services as resources in customer value creation. Managing Service Quality: An International Journal, 20(5), 425-439.
Khosrow-Pour, M., Khosrow-Pour, M., & Khosrow-Pour, M. (2007). Utilizing and managing commerce and services online. Hershey, PA: Cybertech Publishing.
Safari, M. (2014). Customer Lifetime Value to Managing Marketing Strategies in the Financial Services. International Letters Of Social And Humanistic Sciences, 42, 164-173.
Sui, Z., Gosavi, A., & Lin, L. (2010). A Reinforcement Learning Approach for Inventory Replenishment in Vendor-Managed Inventory Systems With Consignment Inventory. Engineering Management Journal, 22(4), 44-53.
Wilburn, M. (2007). Managing the customer experience. Milwaukee, Wis.: ASQ Quality Press.
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