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9936 The Global Economy

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9936 The Global Economy

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9936 The Global Economy

0 Download7 Pages / 1,730 Words

Course Code: 9936
University: University Of Canberra

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Country: Australia

Questions:

Multinational Enterprise leaderships are increasingly faced with macro-environmental factors that directly influence upon their business operations, but which they have very little or no control over. What strategies can these leaderships develop and adapt to meet the increasingly challenging macro-environmental environments.

1.How did Webjet come into existence?
 
2. What are the most prominent factors which are influencing the working and the policies of Webjet?
 
3. What kind of impact does the supply and quality of raw materials create on the performance of Webjet?
 
4. Fuel prices have been creating a serious problems for businesses and economies around the world. We know that it has wrecked a havoc on various airline companies. How exactly it has impacted Webjet?
 
5. Does Politics play a crucial role in creating any kind of impact on the functioning of the company, considering travelling forms a major part of your company?
 
6. What other problems do you face from the host of external factors which influence your business?
 
7. What kind of ways have you devised which you can use to curb the impact of such kind of international events and activities?
Answers:

Interview Script:
For the purpose of understanding the different aspects of the business of Webjet and the different kinds of macro-environmental factors influencing the business, John Guscic who is the Group’s Managing Director of Webjet has been interviewed. In this interview various kinds of macro-economic factors, their impact and the various strategies being adopted to mitigate the impact have been discussed.
1.Webjet had come into existence by the efforts of former Jetset Travel Chief Executive Mr David Clarke along with the help of Mr Allan Nahum and Mr John Lemish, in the year 1998. Since then the company went through a series of activities, which helped in transforming the company in many ways. It got publicly listed in the ASX in the year 2000 (Webjet.com.au, 2018). In the year 2010, it had launched its operations in the United Kingdom in the year 2008 and in the United States in the year 2010 (Webjet.com.au, 2018). In the year 2015, Webjet had started accepting Bitcoin for holiday package bookings. The company had showed great interest in venturing into car rentals and cruise industry. Through all these activities, the company has been able to become one of the fastest growing travel booking companies in the Australian market, which has successfully entered and expanded its international arena as well.
2.Being one of the fastest growing digital travel businesses to have ever come out of the Australian subcontinent, has led to growth of the company. Being actively engaged in the business of travelling, flights and its inline growth prospects have led to its unprecedented rate of success. Increased level of competition both in the Australian as well as in the international market are some of the most influencing factors (Chen & Wu, 2013). The increasing and changing demands of the customers across the globe in the sector has led us to think about our policies and administration (Afr.com, 2018). The new and changing customer’s preferences have led us to be at our feet at all times. The changing preferences of young customers and switch to newer competitors such as Trip Advisor have been problematic. Moreover, a host of other factors have a deep influence on our way of working and our policies. Rising fuel prices across the international arena, increased competition from both the major players in the industry as well as from the newer ones, have created a lot of pressure on us (Winchester et al, 2013). Along with this, some of the other factors which have led to serious problems for us is the activities and demands of the labour unions, increasing economic activities such as fuel prices and international trade wars and political tensions are some of the other factors which have also affected our way of operations and working.
3.We at Webjet, have a strong reputation of assuring its customers, quality services in case of arranging of tickets, hotels and airline flight services. In recent times, there have been some issues with regards to the prices of the supply of raw materials. We have been facing the problem of increasing prices of the raw materials. As a result of which we are compelled to increase our profit margin, and thus in this way, it is increasing our selling prices (Jankovi?, Mihajlovi? & Cvetkovi?, 2016). This is creating a serious impact on the overall profitability of the company.
4.It is true that increasing fuel prices have led to significant amount of impact on the performance of various companies around the world. From car makers to aeroplane companies, travel based companies have also been affected. The International Air Transportation Association has estimated the prices of the oil prices would further increase above the $80 per barrel mark (Burbait?, 2018). It has made the alarm bells ringing in our organisation. This has caused us many types of problems, most notable it has raised our cost of operations and has led to the decline of the profit of our company. The rising fuel prices have led our flight partners to increase their costs, which has directly impacted our profitability. In such scenarios, we are bound to increase our ticket prices for the flight cases. If I look at the overall picture, the problem has seriously affected the revenue from one of the most important markets of the company in the form of the flight tickets.
5.Indeed travelling does form a significant part of our business. In our company, the travelling of the customers from one place to the other is a major problem which is affected by the politics happening in the international as well as on the national level. In the case of heated political events taking place in any country, or any kind of trade wars, which takes place between nations, we do face the ire of all these events. The company sees a dip in the number of customers, from visiting the countries where such kind of events take place. This leads to serious repercussions in the profits of the company (Chitnis et al, 2013). Moreover, the risks of any kind of awkward incidents taking place in such kind of areas to our customers, also increases, and in extreme cases, these could lead to earning a bad name to the company. In such cases, the company has to deal with the dual blows of decreasing profitability and untoward incidents.
In some cases, granting of economic sanctions against any nation, also brings us a host lot of problems. It can lead prevent us from carrying out any kind of trade with that country, if in such cases, some of our suppliers belong to that country, then we have to bear the brunt of these political policies.
6.There are other problems which have plagued us in the past and have increased our problems in recent times too. One of these problems is the rising labour costs. The increasing pressure of trade unions have affected us.  Rising pay levels especially the increasing demand for $15 per hour have seriously affected us. The increasing pressure of Chinese workers and the labour laws prevalent in there, have affected us (Chan, Pun & Selden, 2013). On the international stage, the increasing isolation of the American economy has seriously affected our sales in the region (He et al, 2015). The interests rates of loans which are being increased by the government along with the incessant volatility in the international market with respect to the foreign currencies have also negatively affected us, in our overall sales figures.
7.The impact of some of these activities cannot be controlled, which are beyond our control. Some of these factors are international events such as rising oil prices, economic crisis, isolation of countries, trade wars between nations. In case of such factors, we know that they are completely beyond our control. On the other hand, in case of those factors, which are beyond our control, we have tried to devise some of the ways, through which the impact of these can be minimised.
In the case of rising prices of the supplying nations, we generally conduct a thorough survey of the other supplying nations and suppliers, from where we could get our raw materials at a cheaper rate, thus protecting our profit margins and productivity. Similarly in the case of the rising labour costs and the union pressures, we also look for viable options through which quality supply of labours can be received at a cheaper rate. Although we carefully choose the quality of labourers in this case, so that our quality of work is not compromised. The company has also turned its focus on the new kind of technologies for opening up new cash outlets and stop being dependent on the traditional travelling commission income. The company has also taken up the mantle of safeguarding the environment, by increasing its activities under the head of corporate social responsibilities. Through this, the company receives various kinds of benefits from the government and remains in the good books of the government and it also occupies a good image in the minds of its customers. Such kind of image is very necessary is very important as we are mainly part of the service industry, where the importance of the image of any company in the minds of its customers is very important. We are working in a variety of other ways, whereby we could reduce the impact of such external factors, from severely affecting the working of our company.
References:
Afr.com (2018). Australian companies expanding their wings offshore. Retrieved from https://www.afr.com/personal-finance/shares/australian-companies-expanding-their-wings-offshore-20170809-gxs9jp
Afr.com. (2018). Market fears Flight Centre’s golden era may be drawing to an end. Retrieved from https://www.afr.com/opinion/market-fears-flight-centres-golden-era-may-be-drawing-to-an-end-20150625-ghy631
Alkhafaji, A., & Nelson, R. A. (2013). Strategic management: formulation, implementation, and control in a dynamic environment. Routledge.
Burbait?, R. (2018). Rising fuel prices part 2: impact on airline profitability. Retrieved from https://www.aerotime.aero/ruta.burbaite/21317-rising-fuel-prices-part-2-impact-on-airline-profitability
Chan, J., Pun, N., & Selden, M. (2013). The politics of global production: A pple, F oxconn and C hina’s new working class. New Technology, Work and Employment, 28(2), 100-115.
Chen, P. S., & Wu, M. T. (2013). A modified failure mode and effects analysis method for supplier selection problems in the supply chain risk environment: A case study. Computers & Industrial Engineering, 66(4), 634-642.
Chitnis, M., Sorrell, S., Druckman, A., Firth, S. K., & Jackson, T. (2013). Turning lights into flights: Estimating direct and indirect rebound effects for UK households. Energy Policy, 55, 234-250.
de Carvalho da Costa, B. L., & de Carvalho da Costa, F. C. (2013). Emissions of greenhouse gases: Brazilian air transportation sector. International Journal of Aviation Management, 2(1-2), 80-90.
He, Q., Han, J., Chen, F., Wang, Y., Vasa, R., Yang, Y., & Jin, H. (2015, June). Qos-aware service selection for customisable multi-tenant service-based systems: Maturity and approaches. In Cloud Computing (CLOUD), 2015 IEEE 8th International Conference on (pp. 237-244). IEEE.
Jankovi?, M., Mihajlovi?, M., & Cvetkovi?, T. (2016). Influence of external factors on business of companies in Serbia. Ekonomika, 62(4), 31-38.
Önder, I., & Treiblmaier, H. (2018). Blockchain and tourism: Three research propositions. Annals of Tourism Research.
Tai, F. M., & Chuang, S. H. (2014). Corporate social responsibility. Ibusiness, 6(03), 117.
Webjet.com.au (2018). Australia, W. Beat The Fuel Price Hike – Webjet. Retrieved from https://www.webjet.com.au/flights/fuel-price/
Winchester, N., McConnachie, D., Wollersheim, C., & Waitz, I. A. (2013). Economic and emissions impacts of renewable fuel goals for aviation in the US. Transportation Research Part A: Policy and Practice, 58, 116-128.

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