Economic Brief: Corporate Office Answers Assessment Answer

Answer:

Introduction:

The overall study mainly helps in evaluating the current financial performance of the Blue Fin Hotel during the economic down turn. In addition, the novice effectively evaluates the situation and provides essential strategies, which could be used by Blue Fin Hotel to support its future endeavours. In addition, the study also uses HOTS simulation method to evaluate the impact of the strategies on financial performance of the company. The depicted strategies might eventually help Blue Fin Hotel to maintain the required sustainable growth during the economic down turn. Blue fin being a four star hotel mainly uses 150 guests rooms, two bars, health club, conference room, car parking and restaurant.  

Discussion:


Depicting the current financial position of The Blue Fin Hotel:

Figure 1: Showing the financial statement of Blue Fin Hotel

(Source: HOTS Login. 2016)

With the help of figure 1, the overall financial position of Blue Fin Hotel is adequate, as it has exponentially grown from first year of incorporation. However, the sudden investment approval and economic down turn in the economy could hamper future profitability of the company. Thus, effective strategies and implementation of HOTS simulation could help in achieving the required results for the company.

Evaluating the short-term and long-term strategies that could be used by The Blue Fin Hotel:

Short-term strategy:

The overall short-term strategy, which could be used by Blue Fine hotel, is by providing higher discounts on their services to attract more customers. In addition, the increased discounts and schemes could eventfully help the hotel to raise their demand among potential customers. Moreover, this short-term strategy could mainly help the company attract the required financial income to support its future endeavours. In addition, the discounts could also help the hotel to support economic down turn that is expected to hit the financial market. In this context, Becerra, Santalo, & Silva (2013) mentioned that providing discounts on services mainly help hotel to attract the number of tourists and corporate event, which might help in improving profitability of the hotel.

Figure 2: Showing the discounts rate for Blue Fin Hotel

(Source: HOTS Login. 2016)

Reduction in training expenditure could also help in providing the relative boost in cash reserves, which could support the company doing economic down turn. In addition, reduced expenses might help in generating the required cash flow to support the investment proposal of the company. Amin & Akbar (2013) argued that reduction in training expense might affect the overall quality of the services provided by the employees and increase customer complaints.    

Figure 3: Showing the training expenditure of Blue Fin Hotel

(Source: HOTS Login. 2016)

Long-term Strategy:

The company could effectively adopt Social media advertisements and package strategy to support its long-term objective. In addition, these two strategies might mainly help the hotel to generate the required amount of customer to support its future endeavours. Moreover, implantation of social media marketing could eventually help the company attract customer from far end of the world. In addition, with the package scheme the company could also increase profitability during the lean seasons. Leung et al. (2013) stated that social media marketing is an effective tool, which needs low investment but has a great impact on the masses. However, Sanlioz & Kozak (2015) criticises that social media marketing also increases the overall competition level, which might decrease customer base of the company.    

Figure 4: Showing the marketing expenditure Blue Fin Hotel

(Source: HOTS Login. 2016)

Portraying the strategies with the help of HOTS Simulation:

Figure 5: Showing the cash flow and balance sheet of Blue Fin Hotel

(Source: HOTS Login. 2016)

The overall cash flow and balance sheet statement mainly helps in depicting the overall liquidity, which could be enjoyed by Blue Fin hotel during the economic turn down. In addition, the increased cash balance might mainly help the company to support its proposal for resort and casino ‘Packer’s Palace’. In this context, Kim & Kim (2015) suggested that with the effective investment plan surplus cash reserves could be efficiently utilized, which might help the company to attain sustainable growth. 

Figure 6: Showing the quarterly graph of Blue Fin Hotel

(Source: HOTS Login. 2016)

With the help of short-term and long-term strategies, the overall revenue growth could be seen increasing, which might help in supporting the future endeavours of the Hotel. In addition, increased discounts and social media marketing could mainly help the hotel to attract the relative potential customer from all around the world. On the contrary, Moore, Boardman & Vining (2013) criticises that increased discounts might negatively affect the profit generation capacity of the company, which in turn might reduce its overall liquidity. In addition, an increase in non-resident occupants could be seen due the implementation of the strategies.     

Figure 7: Showing the quarterly revenue and average room rates of Blue Fin Hotel

(Source: HOTS Login. 2016)

Figure 7 mainly helps in depicting the average room rate and revenue generated from the overall strategies developed for reducing the negative impact of forecasted economic down turn. Moreover, averaging the room rate from $120 to $160 could eventually help in generating the required revenue to support the activities of the hotel. Thus, a boost in later stage could be seen in revenue as the strategies starts to works. Gschwandtner & Cuaresma (2013) argued that projected profits could be hampered if intense market research is not conducted on projects.

Figure 8: Showing the staff turnover of Blue Fin Hotel

(Source: HOTS Login. 2016)

The recommended strategy to reduce training expenditure has mainly decreased the overall staff turnover, which mainly help the hotel to increase its liquidity. In addition, the increased liquidity might help in supporting the expansion plans of the company. Reynolds, Rahman & Bradetich (2014) argued that without adequate training the required service quality could not be maintained, which in turn might reduce rating of a four star hotel.  

Summary:

The overall study mainly helps in understanding the significance of strategies, which could be used by hotels in times of peril. In addition, the depicted strategies have effectively been used in a simulated environment, which has portrayed effective results. In addition, with the help of social media marketing, discounting schemes, reduced expenditure, and package schemes could eventually help the Blue Fin Hotel to reduce the impact of economic down turn, which in turn might help in supporting its integrated resort and casino ‘Packer’s Palace’ plan.

Reference List

Amin, Z., & Akbar, K. P. (2013). Analysis of psychological well-being and turnover intentions of hotel employees: An empirical study. International Journal of Innovation and Applied Studies, 3(3), 662-671.

Becerra, M., Santaló, J., & Silva, R. (2013). Being better vs. being different: Differentiation, competition, and pricing strategies in the Spanish hotel industry. Tourism Management, 34, 71-79.

Gschwandtner, A., & Cuaresma, J. C. (2013). Explaining the persistence of profits: A time-varying approach. International Journal of the Economics of Business, 20(1), 39-55.

HOTS Login. (2016). Bluemountains2.nethots.net. Retrieved 15 August 2016, from https://bluemountains2.nethots.net/TeamMain.aspx

Kim, H., & Kim, B. G. (2015). Economic impacts of the hotel industry: an input-output analysis. Tourism Review, 70(2), 132-149.

Leung, D., Law, R., Van Hoof, H., & Buhalis, D. (2013). Social media in tourism and hospitality: A literature review. Journal of Travel & Tourism Marketing, 30(1-2), 3-22.

Moore, M. A., Boardman, A. E., & Vining, A. R. (2013). More appropriate discounting: the rate of social time preference and the value of the social discount rate. Journal of Benefit-Cost Analysis, 4(01), 1-16.

Reynolds, D., Rahman, I., & Bradetich, S. (2014). Hotel managers' perceptions of the value of diversity training: an empirical investigation.International Journal of Contemporary Hospitality Management, 26(3), 426-446.

Sanliöz Özgen, H. K., & Kozak, M. (2015). Social media practices applied by city hotels: a comparative case study from Turkey. Worldwide Hospitality and Tourism Themes, 7(3), 229-241.

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