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Types of Business Structures - Thomas And Cook

University: Anglia Ruskin University

  • Unit No: 12
  • Level: Diploma
  • Pages: 11 / Words 2830
  • Paper Type: Assignment
  • Course Code: MOD003314
  • Downloads: 24
Question :

This report will access the Business Plan by applying general management ideas and outline on the following points:

  • Enlist the various types of business structures and their benefits.
  • Examine the role of human beings within the business environment
  • Understand the basics of marketing and promotion, also the process of production and distribution
  • Apply 4Ps of marketing to a given business situation.
Answer :
Organization Selected : Thomas & Cook

INTRODUCTION

In the present era, business plays an important role growth of the economy of the nation. Business refers to the implementation of business ideas in business opportunities and performing economic activities in order to generate revenues and profits. As it is the inevitable source of the creation of wealth, contributes to GDP, the creation of employment promotes modernisation and Improves the living standard within the economy. These all are the crucial requirements by the economy for its proper running and growth(Bovée, Thill and Schatzman, 2013).

This report represents the business and business plan, the applicability of McCarthy's 4Ps, job roles assigned to employees (role of manager), merits and demerits of Zero-hour contract workers and Agency staff and strategies for expanding the business. All terms associated with the business to make a clear understanding of Thomas & Cook's (UK) business and its plan.

MAIN BODY

1. Introduction to Business Ventures

Business venture are of several types and are have their own different business plans that are essential to accomplish the business targets and desired objectives. Thomas Cook (UK) is the leading business organisation concerning with the activities of tour and travels business in London and recently it operates a low budget tours Ireland (UK) mainly for students and for the people wants to go for a short trip. It's unique selling point(USP) is to provide the best hospitality in their tours of different cities or countries. The organisation provides better hospitality in form luxurious hotels and classic lounge or good hotels (in short period tour and low budget tour) and provides better travelling medium like luxurious buses, airline tickets etc.

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1.1 Business Type of STAR Tours

The Thomas Cook is a kind of company formation and having its membership in Association of Business Travel (ABTA). As a registered organisation commencing the business of tours and travels. This organisation offers very impressive tours at very reasonable budgets, that is why it is very popular among the general public. So I select this organisation for the better understanding of the business and its essentials(Erasmus, Strydom and Rudansky-Kloppers, 2016).

1.2 Analysation of Thomas & Cook and its competitors 

Thomas &Cook is the leading tour and travel organisation in UK and its competitors are Star tours, England Holidays etc. it is financially sounded company its statistical Data of 2017-18 is mentioned below.

Tourism Industry

Total

Accommodation for Visitors

14034595.5296538

Food and Beverage serving activities

29011819.9736546

Railway Passenger Transport

3444932.58202838

Road passenger transport

1011351.74127858

Water passenger transport

3444932.58202838

Air passenger transport

1011351.74127858

Travel agencies and other reservation service activities

6251371.30490777

Cultural activities

4225008.99141401

Exhibitions and conferences etc

1949155.35587546

On the basis of above data it has been observed that the revenues from the revenues from the tour and travel activities generates better income, or is increasing year by year, so the demand is increasing and marketing of organisation is essential for enjoying future benefits.

2. Applicability of McCarthy's 7Ps on Thomas & Cook essentials

Thomas &Cook is the leading business organisation in context of tours and travelling and it operates the business activities mainly from London, its headquarter and from different branches in other countries. It provides the better travelling facilities and comfort stays according to the budget of trip. McCarthy's 7Ps refers to the seven tools of marketing mix as it is essential for each organisation in present time to conducts the better marketing strategies in order to advertise the products and services as well as the brand. The 7Ps of E. Jerome McCarthy are below in context of Thomas & Cook(UK).

Place: One of the most crucial tool of Marketing Mix is place, means the place where the customer finds it easiest to consume the goods and services facilitates by the organisation. It is possible easily by e-commerce websites of the organisation(Galí, 2015).

As in case of Thomas & Cook it facilitates the services regarding the travel and tours to its customer. Not only this the organisation develops its branches in different countries of the world for the convenience of the customer to contact directly if they desires. It enables the customer to communicate with the travel and tour agents directly so it is beneficial for them to make all queries regarding their trips. This tool helps the organisation in reaching to their potential customers directly, also helpful in advertisements by the banners and posters on business premises. It is also beneficial in showing the physical existence of the organisation and makes the customer to know that the organisation is really exists and operating the business. Hence the place tool of marketing is essential in targeting the customers of different regions and makes easy for the organisation to provides the services at the place according to customer's convenience. But the emergence of e-commerce business operations makes it more easier to contact with the customer through the use of internet. Customers can visit the organisation's websites for booking of trips and for making all enquiries regarding the activities and stays on the tours(DAILY, KIEFF and WILMARTH, 2014).

Products/ Services: The second most important tool of marketing mix is to provide the goods and services according to the consumer's desires. The goods and services facilitates by the organisation must fit the task of consumers want it for, it must work or it must be what the consumer are expecting to get.

As in case of Thomas & Cook (UK) it facilitates the services regarding the tours and travelling. So the main aspect is that the services provided by this organisation in respect of tours and travels must be comforts the customers according to the budgets tours as if the organisation organising the low tour budget then it provides the tour for the short period of time and can make the stay of trip medium grade hotels. The budget of tours decides the level of quality of facilities provided by the organisation and if the tours organising at high or standard budget then the services and activities facilitates by the organisation would be of high quality. Moreover, this tool of marketing examines that the services provided by the organisation must be according to the desire of the customers for which they paid, or customers will consumes the services according to budget of tour for which they applied. 

Price: Third tool of Marketing mix is price of products and services facilitates by the organisation. The products or services must be seen as depicting good value for money. It means that the customer are usually happy to pay a little more for something that works really well for them or which give them better satisfaction. The utility of goods and services must be according their prices, which can show the maximum level of satisfaction after consumption. But according to the monetary value.

As in case of Thomas & Cook (UK) it provides the services on their tours such as travelling, stay in hotels, breakfast and dinner and provides other activities according to the speciality of place as for example, place of snowfall then the tour organiser provides the bonfire, campaigning, trekking, paragliding etc. such activities must be fit according to the budget of the customer or if the budget is high then the these activities with more edition should provided by the organisation. Overall, it means that the customer are happy to pay the prices of the services for something that which is really well for them or which make them satisfy. Applying this tool help the organisation in order to binding the regular customers and targeting new customers. It also helps in creating the brand value of the organisation in eyes of customers and better image is essential for the effective marketing and growth of the business(Mauboussin, 2012). You can also go with dissertation help from professionals.

Promotion: Promotion refers to promoting the brand along with the products and services facilitates by the organisation. Promotion includes Advertising, PR, sales promotion, personal selling and in present era the social media plays the dominant role in performing the advertisement by several online community sites such as facebook, instagram, Twitter etc. these are the several tools which helps the organisation in making the awareness about the products and services provided by the organisation. Thus beneficial in creation of the customers.

As the Thomas & Cook organises the tours, for attaining the customers it is essential to make them know about the brand and organisation and about the tours and packages. It can possible only with the medium of advertisements like television, internet, posters and banners etc. this all will help in creating the awareness about the tours and the only thing that is able to gain the customers attention and creates customer interest in tour and travelling. 

People: The companies are depends on the people who contributes in the front line sales staff to the managing director of the company. Recruitment of right person at a right job is essential because they are also they part of the business. As the people associated with the Thomas & Cook, as these people helps the organisation in creation of new customers by direct interacting with the customers and creating interest in their mind about the tours of different places of the world. 

Process: The service delivery must be done in the presence of the customer the creation of services and its consumption happens together simultaneously. Like the products it cannot be delivered to some other places because its only a feel of satisfaction after the consumption. As in case of Thomas & Cook it is essential that the consumers are present at the time of providing services on tours.

Physical Evidence: Services includes not fully but some content of physical elements for what consumer is willing to pay for the satisfaction. As in case of Thomas & Cook there will be always some physical content of physical presence in context of providing the services to customer in form of hotels stays, satisfaction from breakfast and dinner, satisfaction from the visit of some other beautiful places. It means the medium of satisfaction for which consumer is paying involves some physical elements in services(Sekaran and Bougie, 2016).

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2.2 Description regarding Employees and their roles

Analysation of roles of different employees of the business organisation.

Employees (according to departments)

Roles of employees

Accountant

The role of accountant is to prepare and maintain the proper record of the financial transactions and statements of the company.

Human resource manager

HR role is to recruit the employee, providing proper training, evaluating their performance etc.

 Supervisor

Supervisors role is to supervise the workings of the employees working in production sector.

Marketing manager

Marketing manager performs marketing functions like advertisement and promoting the products.

Sales manager

Sales manager prepare and maintains proper selling record of the company.

IT Admin

IT admin perform the functions regarding the information technology, means solving technological problems.

Employee of R& D

Employee of R&D engages with the researching and developing the inventions and innovations in existing products.

Advantages and disadvantages of having zero hour contract workers and Agency staff

  • Zero hour contract workers in an organisation.

Advantages

Disadvantages

· To deal with an unforeseen event.

· To cover a particular event.

· To cope with absences.

· To deal in the build up to a busy period.

· No job security

· No fixed income

· No facilities like permanent workers.

· No bonuses.

  • Agency staff in an organisation

Advantages

Disadvantages

· Start working with agency staff temporary but end up the working permanently.

· No need to provide training.

· No burden of bonuses on organisation.

· No interfere in managerial matters and other personal matters.

· Heavy compensation in case of expensive agency.

· Risks of disclosing some secrete information of company.

· Misleading the job assignments.

· Short term contracting or temporary in nature.

2.3 Identification of customer target market and customer cohorts

Customer Target market refers to the broad group of potential customer defined by ranges. It means the market of different economy which can give the best outcomes to the organisation if organisation target that market or in other words the organisation can starts or enter for the business in that market(Bao, Chern and Shen, 2012). As in case of Thomas & Cook the company's target market will be that economy or country which pertain the highest number of potential customers. For example India, china etc.

Customer cohorts it is the type of analysis that allows the organisations to observe the patterns fairly across the life cycle of customer. Instead of slicing across all customers blindly without accounting for the natural cycle that a customer undergoes. By analysing this, the company can adapt and tailor its service to those specific cohorts. It analysis the cohorts regarding the big data and business analytics in organisations like Thomas and Cook.

3. Strategies for business expansion

The business growth depends upon business performance and the chosen business may be successful if it acquires the market of different countries by effective marketing strategies and effective quality of services facilitates by the organisation. Not only this effective expanding strategies can helps the business in expanding as well as growth of the business. Some of the expanding strategies are as follows.

Diversification: it is the strategy for expanding the business is to move into a different market segment. This can help you increase sales if you have a mature business with little opportunity for significant growth in your current marketplace(Molland, 2012).

Increased channel distribution: Selling product using different methods and in different locations is another way to expand the business. Common options include wholesalers, distributors, retailers, independent sales reps, online, direct mail and direct response.

Merger and acquisition: Merging with or acquiring an existing business not only gives business to access to new markets and customers, but also can remove a competitor from marketplace. It is not essential to lose control of your business with a merger, depending on how you structure the agreement.

Also Check: Different Elements of Duress in Contract Law

CONCLUSION

From the above report it has been concluded that the business and its essentials which includes McCarthy's 7Ps of marketing mix and strategies for expanding the business not only this the customer market target is also discussed for the better understanding of business and its promotion.

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