Term Paper on "Corporate Universities Investigation of Their Development Internationally in the Field Sector of Tourism"

Term Paper 60 pages (16387 words) Sources: 3

[EXCERPT] . . . .

Corporate universities"-investigation of their development internationally in the field/sector of tourism.

In this paper, it will be discussed how corporate universities function internationally and otherwise. From there, their development process of tourism will be discussed and how it is affecting its organized culture. Going public will be addressed as an option in order to improve the development of tour. Finally, this paper will concluded the development has had many successes despite their slow start but will continue to defeat them.

Corporate universities fall under the direction of motivation by the following example, which helps them with the plans with the sector of tourism. "Corporate universities are created for different purposes. Some are developed to bring fresh life to the old training and development department. Others are designed to bring change and embrace a variety of new strategies and initiatives. Still others are meant to sustain a successful and effective culture. Disney University, one of the oldest corporate universities, was created to sustain a culture created by Walt Disney Whatever the reason, the specific role of the corporate university needs to be clarified so the organization recognizes its purpose, mission, vision, values and strategic focus. More importantly, the strategic plan must clearly connect and link to organizational strategy. Sometimes there is confusion as to the products and services provided by a corporate university when compared to other learning units. When there are unclear expectations, roles and objectives, the corporate university is perceived as just another channel for training and not a strategic player in the organization game" (Twelve Success Factors for Corporate Universities). This has affected corporate universities development in tourism.

1.2 Objective

The development of tourism internationally with corporate university has a lot of advantages and disadvantages. "The workshop on Marketing sustainable tourism products: challenges and opportunities was convened in Florence, Italy on 5th November 2004 during the 4th Euromeeting: European Regions, Tourism and Sustainable Development which is organised annually by the Region of Tuscany in collaboration with the Committee of the Regions of the European Union"(Marketing sustainable tourism products). This paper also wants to support the following points in tourism and corporations that have corporate universities.

A distribution channels are key to increase the exposure of sustainable suppliers, and to capitalise on the latent market demand for sustainability by changing behaviour in non-sustainable firms Marketing sustainable tourism products) few channels have high equity, but many of them offer a good cost-benefit ratio, hence efforts are needed to provide opportunities for businesses Marketing sustainable tourism products) policies should encourage industry associations and individual distribution channels to introduce sustainability criteria for their suppliers Marketing sustainable tourism products) stepped approach could first introduce criteria where eco-savings can be made, and where sustainability is part of the quality evident to the client, as well as customer education Marketing sustainable tourism products) destination management organisations and tourist boards are useful to create destination brands and can act as sales portals Marketing sustainable tourism products) certification schemes are increasingly setting standards for tourism firms and providing guidance, but their implementation is not widespread and with low equity and low consumer recognition they are a tool for business to business lobbying Marketing sustainable tourism products) internet retailing has the potential to reach a broader market but for the inexperienced tourism firm much training is needed, with priorities such as managing risk perception of consumers if operating their own website, to possibly paying high commissions for discounted last minute travel sites. Marketing sustainable tourism products)

Chapter 2 Market Analysis

2.1 Background of the tourism sector

In the sector of tourism, Hong Kong is one of the major international financial centre in the world. As at the end of 2005, Hong Kong ranked the 8th by market capitalization among members of the World Federation of Exchanges.

In late 2002, Hong Kong participated in the Financial Sector Assessment Programme (FSAP), a joint International Monetary Fund (IMF)-World Bank initiative designed to promote financial stability and assess compliance with key international codes and standards covering various financial services sectors. The FSAP exercise was concluded in June 2003 with the issuance of a final report, which confirmed that the financial system of Hong Kong is fundamentally sound and that the market infrastructure is robust and efficient" (Hong Kong as an International Financial Centre).

2.2 International

The Stock Exchange of Hong Kong Limited (SEHK), operates two markets on which companies may choose to list their shares: the Main Board and the Growth Enterprise Market.

The trading system of the Exchange is an order-driven system. HKEx securities market operates on two trading platforms - the Main Board and the Growth Enterprise Market (GEM). Each trading platform has a different set of requirements. The Main Board is the market for capital growth by established companies that meet profit requirements. Meanwhile, the Growth Enterprise Market provides a fund raising venue for 'high growth, high risk' companies. It promotes the development of technology industries and venture capital investments" (Hong Kong Stock Exchange).

The two markets are of equal standing but have a distinct profile to cater to the different needs of companies. The Main Board is a market for established companies with profitable operating track records. The Growth Enterprise Market (GEM) is a new market established in November 1999 for enterprises from all industries that have growth potential, however do not have a performance track record.

The stock market is an important fund-raising centre for Mainland enterprises. As at end-2003, of the 93 Mainland incorporated enterprises listed outside the Mainland (H shares), 92 were quoted on the SEHK. The daily turnover of these H-shares and red chips accounted for 38.7 per cent of the total market turnover. In 2003, about $50.4 billion was raised in new listings of H-shares and red chips in Hong Kong, accounting for some 85 per cent of the total funds raised in initial public offerings (IPO) on the SEHK. The market capitalisation of H-shares and red chips accounted for about 29 per cent of the total market capitalisation. During 2003, the H-share index surged by 152 per cent. It is expected that Mainland issuers will continue to be a major growth driver of the securities market of Hong Kong in the future" (Hong Kong as an International Financial Centre).

According to the Fact book of Hong Kong Exchanges and Clearing Limited, a total of 934 listed companies on the Main Board. Fifty-seven Companies newly listed on Main Board in 2005 (9 were H. share companies), raised a total capital of HK$165.0 billion of new capital.

As at the end of 2005, total market capitalization of the Main Board was HK$8,113.3 billion, which is a 22.4% increased when compared with 2004. The average daily turnover of the Main Board in 2005 was Hk$18.2 billion, up 15% from that in 2004. Therefore, the importance of the SEHK cannot be underestimated. Carrying out research in the Hong Kong tourism market increases understanding of the market and also the phenomenon in the market place.

Hong Kong has a well established legal system based on English common law which provides a strong and attractive foundation for companies to raise funds as well as confidence to investors.

Hong Kong's business leaders, unlike many lawyers, so far seem relatively unfazed by the matter. John Chan, the managing director of Kowloon Motor Bus, one of the biggest transportation companies in Hong Kong, said that he viewed the squabble as a matter for politicians, not a threat to the legal system as it applied to business dealings. But legal, financial and political matters are not always so easily compartmentalized. Hong Kong, which was reunited with China in 1997, having been in British hands since 1841, was supposed, under the terms of the handover, to enjoy a high degree of autonomy for the next 50 years. But now, one of the biggest risks for Hong Kong may be institutional paralysis, as short-term leaders grow reluctant to pursue bold policies that could imperil their reappointments. For example, Henry Tang, the financial secretary and a likely candidate this summer or in 2007 to become chief executive, put forward a budget on Wednesday noteworthy for its lack of new policies" (Bradsher, Keith 2005).

Apart from Hong Kong Financial Reporting Standards and International Financial Reporting Standards, SEHK also accepts the use of generally accepted accounting principles in the United States of America ("U.S. GAAP") or other accounting standards by companies under certain circumstances.

All companies incorporated in Hong Kong are subject to a statutory audit and there are currently approximately 600,000 such companies with approximately 1000 being listed companies and the rest primarily SMEs. Furthermore, approximately 83% of the accounting firms in Hong Kong are sole practitioners with another 13% having only two partners (this group is hereafter referred to as "sole practitioners and small accounting firms").

It is very common for Hong Kong sole practitioners and small accounting firms to provide both auditing and non-auditing services to the abovementioned SMEs and accordingly, we request the Exposure provides more guidance on safeguards that may be applicable… READ MORE

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