Genting Group - Malaysia Leading Assessment Answer
Answer:
The micro as well as the macro environment helps in giving insight to the business environment as well as helps in evolving the strategies that could prove beneficial for the new venture (Burkeand Noumair2015).
As far as my knowledge is concerned the economic business environment sets forth the conditions and forces that emerges with customers, suppliers, creditors, distributors, shareholders, and competitors, as well as the society in which the organization operates and the trade unions. These are the forces that help the organization in achieving their inputs and selling out their outputs, on a daily basis (Harper and Charles 2015). Different factors of the microenvironment are controlled by the managers of the firm. The firm like Genting Malaysia needs to further analyze the economic growth, entrepreneurial and employment opportunities consistent with the goals and targets of Malaysian tourism. However, the focus arises in two segments that is the basic framework of factors that impact the company and secondly, the ability that emphasizes on the production and its output on a regular, weekly and monthly basis (Scott et al 2015).
Business Environment Factors
In my opinion,there are wide ranges of affects any business and their operatingenvironment which can be referredto as the macro environment. However, macro environment refers to the PESTEL analysis as it is one of the key features that help in evaluating beginning of the marketing process (Gupta and Abhishek 2013). Moreover, the basic forces that highlight the economic conditioning of a partnership are given by economic, political, social as well as technological factors.Political factors for any business influences the regulation and power spending of the business. However, the politico-legal factors of the Genting Malaysia and 20th Century fox highlight that the Malaysia is operated by powerful and influential group of political group that affect the connection other than the legalization of the business(Alencer et al 2015). However, this may impact the functioning of the partnership as it had to provide an overview of the venture. On the other hand, when it comes to economic forces, the Malaysian tourism creates a home base for the companies like 20th Century Fox to acts as a beneficiary to the operations (Sadgrove and Kit 2015). According to my knowledge, the continuous efforts made by the government will help in solving problems relating to the tourism and low currency rate that will provide a base for the venture to enhance the foreign national access, competitive environment, size and scale for the company (Harrison and Andrew 2013). The social nature of the customers pertaining to different values and attitude of the society and it greatly affects the business. There are many countries, where it is tough for the business to survive if they function against the culture of the country they are operating. It is important for the organization to study the nature of the social dilemmas on social costs as well as the environmental factor that instill the customer to experience the new theme park (Hill et al 2013).
On the other hand, the micro environment of suppliers is mainly essential for the production process in procurement of raw materials, employees or parts. It is important for the manager to make sure that the source of the supply is reliable. This can be enabled through the basic nature of 20th century fox in enabling different and technologically advanced materials so that not only existing customers but also the new customers could be associated with the venture (Argote and Linda 2012). The distributors, on the other hand, have not been receiving enough revenue from Genting Malaysia because the low investments it had been receiving across years (Genting Malaysia- Annual Report 2015). However, the only way it can be solved is the marketing methods rather promotional methods that will not only help in enhancing the popularity but will also enabling different distributors as partners in the business.
Opportunity
Threats
Global Issues to be addressed for business
Finance Department of Genting Malaysia handles financial as well as monetary transactions in areas like Hospitality, Casino and Theme Park (Hill, Cronk and Wickramasekera 2013). All financial transactions include accounting, income audit as well as financial reporting and cost control of Genting Group. Genting Malaysia issued 2.4 billion as wholly owned units with aggregate nominal values of 5 billion. This proceeds from issuance in using operating expenses as well as capital expenditure and working capital requirements at the same time. It includes redevelopment of properties in Genting Malaysia in alignment of local stock exchange (Burke and Noumair 2015). CIMB Investment Bank as well as Maybank investment bank considers as joint principal advisors and joint lead arranges in case for medium-term note programme. Finance Department needs to take care of financial issues faced by Genting Malaysia at construction of theme park. Electricity bill will be higher and financial manager role is to find alternative strategies in managing huge capital. It is required for the finance department in bringing budget restrictions as far as possible.
Public Relations and Communication Department divides into three major areas including:
Communications
Partnership between Genting and 20th century fox
After analysis, I found out that partnership and making new theme park will lead in usage of electricity for maintaining current properties. Theme park needs to be attractive and full of lights for attracting tourists so electricity plays an important role and global issues. In my opinion, Genting Malaysia requires in usage of electricity in hotel rooms, casino as well as streets for carrying out the business activities as far as possible. Partnership of two well-recognized brands is beneficial brand image will help in bringing tourists for visiting new theme park. At the same time, I would like to point out the repercussions of brand image if one fails in contributing, support as, and when required at the time of construction of theme park. Both the brand need to share the profits, loss as well as resources for attainment of future goals and objectives in an overall manner (Hussain and Rehman 2013). In my opinion, Genting Malaysia requires in finding innovating ways for conservation of electricity as far as possible.
Recommended Strategies
Branding success and challenges for current strategies adopted by Fox and Genting Malaysia
On the contrary, I would like to point out some of the countering attributes faced by its direct competitors. According to me, it is advisable for Genting and 20th century fox in finding out the weakness of other competitor to gain in USP for retaining in the global marketplace. Genting and 20th century fox have made strategies in initiating innovative things for keeping competitive edge with other nearest competitors (Schneider and Schmidpeter 2012). In my opinion, I always stress in taking feedback from the existing employees as well as customers in order to bring improvement in every possible ways. This genuine feedback needs proper attention by Genting and 20th century fox. It is essential in conducting market research for understanding perceptions as well as mindset of targeted potential customers. Target market should be evaluated at first place so that products and services are made for satisfying the required customers. Media Evolution brings culture transformation in and within Genting and 20th century fox. This will help in generating revenues in the upcoming years (Schneider and Schmidpeter 2012). Genting and 20th century fox lacks essential advertising and social media attention for the purpose of brand awareness in the near future. I would like to focus the fact that social media is one of the important way for promotion of products and services for future analysis purpose. Malaysian population uses internet and other technological advancement for carrying out the daily activities in smoother form (Scott and Davis 2015). We often get interested in buying products and services by word of mouth communication especially from friends and families. Genting and 20th century fox should focus on existing customers as well as employees as it is cost effective in possible ways. Retaining of existing customers is far better in comparison with acquisition of new customers. USP of Genting Malaysia is the casino that differentiates from its nearest competitors. With rapid development, it is noticed that branding of products serves as great challenges in Genting and 20th century fox (Tang and Tang 2014).
Business sustainability
• Corporate Social Responsibility (CSR): A clear vision of business accountability is promoted by the corporate social responsibility to a wider range of stakeholders, apart from shareholders and investors. The main concern of the CSR is the protection of the environment, the good being of the community, the employees and in general the civil society both in the present days and in the future. The concept of the CSR is advocated by the fact that no corporations can act as separated economic entities functioning separately from the broader society (Schneideret al 2012).
• Transparency: Transparency is one key word in business that most of the business leaders are scared of. In the present world transparency in business helps the organization to survive in the competitive market. Transparency is not only about the personal relation with the customers, it can also act as a driver of productivity because clarity in business helps in bringing a greater sense of ownership and meaning to the employees. It is important for the organization to give the people clarity about the importance of their work and the affect that it has on the entire business. Because this gives them a greater idea about the purpose (Arbex 2015).
• Accountability to the stakeholder: Employees are the primary stakeholder of any organization. It is the employees that help in the growth process of the company. So it is the responsibility of the management to ensure the safety of the employees in the workplace, to treat all the employees equally and respectfully. By doing so the organization will be able to retain their employees and will also help in the growth process (Carrollet al 2012).
Conclusion
References
Arbex, N., 2015. Empowered by Transparency: Shaping Business for the Future. Global Policy, 6(4), pp.478-480.
Argote, L., 2012. Organizational learning: Creating, retaining and transferring knowledge. Springer Science & Business Media.
Burke, W.W. and Noumair, D.A., 2015. Organization development: A process of learning and changing. FT Press.
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Genting Malaysia. (2015). Annual Report 2015.Available at: https://www.gentingmalaysia.com/annualreports/2015/17.pdf [Accessed 1 Jun. 2016].
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Hill, C.W., Cronk, T. and Wickramasekera, R., 2013.Global business today.McGraw-Hill Education (Australia).
Hussain, T. and Rehman, S.S., 2013. Do Human Resource Management Practices Inspire Employees’ Retention. Research Journal of Applied Sciences, Engineering and Technology, 6(19), pp.3625-3633.
Ir.gentingsingapore.com. (2016).Genting Singapore - Annual Reports. [online] Available at: https://ir.gentingsingapore.com/phoenix.zhtml?c=154917&p=irol-reportsAnnual [Accessed 15 Jun. 2016].
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Schneider, A. and Schmidpeter, R., 2012. Corporate social responsibility. Verantwortliche Unternehmensführung in der Praxis, Berlin ua.
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Tang, Z. and Tang, J., 2014. The Impact of Competitors–Firm Power Divergence on Chinese SMES’Environmental and Financial Performance.Journal of Business Ethics, pp.1-19.
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