PAULTONS PARK LIMITED Name Institution A general description of the market sector and main competitors Venturing in hospitality business brings with it challenges characterized by unpredictability such as change in weather, insufficiency of funds to promote conservation activities, and difficulty in implementation of laws that meet the needs of clients…
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Furthermore, the management should review their financial records with when planning since the industry is characterised by a shift in demand at the market place, hence the need for proper management as it has been the case for years (Needles, Powers & Crosson, 2010, p. 1304). For instance in England, Paultons Park Limited is contributing to the growth of the economy despite the difficulties in managing their operations. During unpredictable times, the management is required to devise means of sustaining tourism activities to ensure that the change in the marketplace does not lead to losses in tourism companies (Futrell, 2004). The measures can include, planning for the accommodations of walk in guest in cases where demand surpasses the supply, budgeting for the needs of the clients and the employees of the park, and lastly, enacting policies that will facilitate revenue generations. In Europe, a majority of tourist prefer going to thematic parks and this is one area in which Paultons has capitalized on; for instance, the corporations has designed parks to cater for the needs of clients from different regions of the world (Yi-De, 2008,p 2). Furthermore, the company has divided its activities into entertainment, educational and refreshments services with entertainment activities featuring as the most preferred programs by clients (PR Newswire 2007). In designing their programs, Paultons should devise ways to increase its revenue since competition is contributing to the decline in revenue at the company. In 2008, the management witnessed a decline in revenue and this was due to the cutthroat competition from suppliers of hospitality services. The competitors of the company are Disney, SeaWorld Parks and Clementon. The companies offer services similar to Paultons Park’ services; however, there are differences in the manner in which SeaWorld and Disney customizes their services to guest. Examples of services that Paultons Park customizes include entertainment services, supplying meals together and banqueting (Sehlinger, Testa & Bleiberg, 2011, p. 180). From a financial perspective, competition is posing a challenge to Planktons Park limited, and as a result, competition is forcing the management to devise means for dealing with the cutthroat competition and one of the suggestions is the use of modern facilities at the park. In this case, Paultons Park limited is going to invest in computer programs that will aid the management in planning for the needs of the company. A briefing on non-financial features of your selected firm The company engages in corporate social responsibility functions such as constructing shops and opening restaurants to serve the public. The management does this with the objective of strengthening Paultons Park brand name (Nikolai, Bazley & Jones, 2010, p. 276). Intermediate accounting. Australia, South-Western/Cengage Learning. Consequently, the company has reputation for offering quality services to clients at affordable costs. Additionally, the park engages in conservation activities such as maintaining public facilities like schools and this has developed the reputation of the company as being responsible in their duties. The company offers employees bonuses of their income and in addition, employees without bonuses
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