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OPENING CASE
The Great Eastern hotel, a privately owned, independent, five-star deluxe hotel located in Hong Kong’s commercial district, is faced with a turbulent external environment owing to the current financial crisis. Since its inception six years ago, the hotel has grown in prominence during the bustling economy from 2003 to 2007, and it has been one of the top performers in the upscale and luxury market segments over the four years preceding the economic crises. The hotel’s main target market segment is the business traveler (75 percent of room bookings) who has no problem with paying USD 350 per night for a room.
During the past six months, however, the hotel has been a victim of the severe economic upheaval, which has led to a significant reduction in room bookings from the business travel segment. This has reduced profits significantly to the extent that the hotel is no longer able to cover fixed costs. The owner, Jerry Kong, has called an executive committee meeting to discuss the future direction the company should take in the immediate term and in the long term to sustain its competitive advantage.
1. What issues should Jerry and the executive committee address? Why? (Hint: Make assumptions where necessary, including mission and vision statements, as well as goals, strategies, and objectives.)
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- The Great Eastern Hotel, a privately owned, independent, five star deluxe hotel located in Hong Kong’s commercial district, is faced with a turbent external environment owing to the current financial crisis. Since its inception six years ago, the hotel has grown in prominence during the bustling econmoy from 2003 to 2007 and it has been one of the top performers in the upscale and luxury market segments over the four years preceding the economic crises. The hotel’s main target segment is the business traveler (75 percent of room bookings) who has no problem with paying USD 350 per night for a room. During the past six months, however, the hotel has been a victim of the severe economic upheaval, which has led to a significant reduction in room bookings from the business travel segment. This has reduced profits significantly to the extent that the hotel is no longer able to cover fixed costs. The owner, Jerry Kong, has called an executive committee meeting to discuss the future direction…The Great Eastern hotel, a privately owned, independent, five-star deluxe hotel located in Hong Kong’s commercial district, is faced with a turbulent external environment owing to the current financial crisis. Since its inception six years ago, the hotel has grown in prominence during the bustling economy from 2003 to 2007, and it has been one of the top performers in the upscale and luxury market segments over the four years preceding the economic crises. The hotel’s main target market segment is the business traveler (75 percent of room bookings) who has no problem with paying USD 350 per night for a room. During the past six months, however, the hotel has been a victim of the severe economic upheaval, which has led to a significant reduction in room bookings from the business travel segment. This has reduced profits significantly to the extent that the hotel is no longer able to cover fixed costs. The owner, Jerry Kong, has called an executive committee meeting to discuss the future…The Great Eastern hotel, a privately owned, independent, five-star deluxe hotel located in Hong Kong’s commercial district, is faced with a turbulent external environment owing to the current financial crisis. Since its inception six years ago, the hotel has grown in prominence during the bustling economy from 2003 to 2007, and it has been one of the top performers in the upscale and luxury market segments over the four years preceding the economic crises. The hotel’s main target market segment is the business traveler (75 percent of room bookings) who has no problem with paying USD 350 per night for a room. During the past six months, however, the hotel has been a victim of the severe economic upheaval, which has led to a significant reduction in room bookings from the business travel segment. This has reduced profits significantly to the extent that the hotel is no longer able to cover fixed costs. The owner, Jerry Kong, has called an executive committee meeting to discuss the future…
- The Great Eastern hotel, a privately owned, independent, five-star deluxe hotel located in Hong Kong’s commercial district, is faced with a turbulent external environment owing to the current financial crisis. Since its inception six years ago, the hotel has grown in prominence during the bustling economy from 2003 to 2007, and it has been one of the top performers in the upscale and luxury market segments over the four years preceding the economic crises. The hotel’s main target market segment is the business traveler (75 percent of room bookings) who has no problem with paying USD 350 per night for a room. During the past six months, however, the hotel has been a victim of the severe economic upheaval, which has led to a significant reduction in room bookings from the business travel segment. This has reduced profits significantly to the extent that the hotel is no longer able to cover fixed costs. The owner, Jerry Kong, has called an executive committee meeting to discuss the future…The Great Eastern hotel, a privately owned, independent, five-star deluxe hotel located in Hong Kong’s commercial district, is faced with a turbulent external environment owing to the current financial crisis. Since its inception six years ago, the hotel has grown in prominence during the bustling economy from 2003 to 2007, and it has been one of the top performers in the upscale and luxury market segments over the four years preceding the economic crises. The hotel’s main target market segment is the business traveler (75 percent of room bookings) who has no problem with paying USD 350per night for a room. During the past six months, however, the hotel has been a victim of the severe economic upheaval, which has led to a significant reduction in room bookings from the business travel segment. This has reduced profits significantly to the extent that the hotel is no longer able to cover fixed costs. The owner, Jerry Kong, has called an executive committee meeting to discuss the future…The Great Eastern hotel, a privately owned, independent, five-star deluxe hotel located in Hong Kong’s commercial district, is faced with a turbulent external environment owing to the current financial crisis. Since its inception six years ago, the hotel has grown in prominence during the bustling economy from 2003 to 2007, and it has been one of the top performers in the upscale and luxury market segments over the four years preceding the economic crises. The hotel’s main target market segment is the business traveler (75 percent of room bookings) who has no problem with paying USD 350 per night for a room. During the past six months, however, the hotel has been a victim of the severe economic upheaval, which has led to a significant reduction in room bookings from the business travel segment. This has reduced profits significantly to the extent that the hotel is no longer able to cover fixed costs. The owner, Jerry Kong, has called an executive committee meeting to discuss the future…
- The Great Eastern hotel, a privately owned, independent, five-star deluxe hotel located in Hong Kong’s commercial district, is faced with a turbulent external environment owing to the current financial crisis. Since its inception six years ago, the hotel has grown in prominence during the bustling economy from 2003 to 2007, and it has been one of the top performers in the upscale and luxury market segments over the four years preceding the economic crises. The hotel’s main target market segment is the business traveler (75 percent of room bookings) who has no problem with paying USD 350per night for a room. During the past six months, however, the hotel has been a victim of the severe economic upheaval, which has led to a significant reduction in room bookings from the business travel segment. This has reduced profits significantly to the extent that the hotel is no longer able to cover fixed costs. The owner, Jerry Kong, has called an executive committee meeting to discuss the future…The Great Eastern hotel, a privately owned, independent, five-star deluxe hotel located in Hong Kong’s commercial district, is faced with a turbulent external environment owing to the current financial crisis. Since its inception six years ago, the hotel has grown in prominence during the bustling economy from 2003 to 2007, and it has been one of the top performers in the upscale and luxury market segments over the four years preceding the economic crises. The hotel’s main target market segment is the business traveler (75 percent of room bookings) who has no problem with paying USD 350 per night for a room. During the past six months, however, the hotel has been a victim of the severe economic upheaval, which has led to a significant reduction in room bookings from the business travel segment. This has reduced profits significantly to the extent that the hotel is no longer able to cover fixed costs. The owner, Jerry Kong, has called an executive committee meeting to discuss the…Usman traders is a wholesale business unit based in Dubai having operations in Oman. The company is dealing with textile equipment in large quantities. The business has a separate stores department which maintains a full-fledged stores register which will be updated on a day to day basis with all the stock movements. At the end of the previous month, the company management has called for a strategic meeting to discuss the future plans to improve the performance of the business. One of the partner has raised his concern about the increasing total cost of the business and he suggested to use any appropriate Inventory control technique to reduce the overall cost of the company. The management accountant is considering to implement EOQ purchase in the business to reduce the overall cost of the company. Upon request, the stores department has provided with the following information to estimate the EOQ. Annual demand for the tableware is given as 10000 Units and the business has to spend OMR…
- Study the scenario below and answer the question that follow. Transcard– an integrated travel card for Johannesburg Metro The Big 5 (South African Black Business Consortium) won ZAR400 Million contract to build and operate the Transcard system in 2013 and have it operating by 2015. The parent corporation of Affirmative Action Group (AAG) International Inc., is a software engineering application maintenance, program management and consulting services company that had extensive experience in overseeing and project managing transport and technology companies to produce integrated system, and had implemented similar systems in In Capetown and Durban. Big 5 supervised four technology and infrastructure companies and their sub-contractors, and provided back-end financial system. The Big 5 companies provided the terminal management system and fare collection equipment; communication systems installation and maintenance; automated fare collection systems; and smart cards and related card…At the Qatar 2022 FIFA World Cup’s opening game on 20 November 2022, the iconic Al Bayt Stadium was going to make history. It was another battle royal of sorts between the hosts and debutants, the ‘Al Annabi’ (the maroons) against a resurgent Ecuadorian brigade that was out to assert its place in the football world arena after missing out on Russia 2018. Fans seeking to purchase tickets started arriving from 9:00 am running through 1:12 pm, when the gates closed for the final preparations for the long-awaited inaugural game. The fans were observed to arrive at an average of 3,851 each hour, and were being served at a rate of 819 every twelve minutes. Some fans had already purchased their tickets earlier via the ticket sales agency, #Qatar2022 e-commerce portal. The Al Bayt Stadium has a 60,000 seating capacity. In the end, the stadium was 92.5% filled for this game. Given the enthusiasm of the fans that were trickling in, this was going to be the game that would make history, with the…Homie Appliance Company operates a branch in Manila City. The following are transactions between the home office and branch for the current year. The home office sends P200,000 cash to the branch. Shipments to branch are billed at cost of P78,750. The Home Office pays branch expense of P3,500. Home office expense of 3,375 are paid by the branch. The branch returned merchandise costing P10,000 to the home office. Home office acquires branch furniture for P20,500 cash. The said fixed asset is carried on Branch Books. The annual depreciation on the branch furniture is 5%. The branch sends a P15,000 cash remittance to home office. Q1-What is the adjusted balance of Branch Current account in the Home Office Books? Q2-What is the adjusted Home Office Current account in the Home Office Books?