Social and Economic Impacts of Gambling †MyAssignmenthelp.com

Question: Discuss about the Social and Economic Impacts of Gambling. Answer: Introduction In the present report, a strategic business report for Genting Plc. has been constructed. The report has discussed the current trends in the gaming industry and its impact on the casino industry. In this regard, two major issues, the challenge of employee diversification and the based credit has been highlighted. The report has suggested the strategy of new market development to deal with the issue. Digital software can be used to support the plan. In order to control bad debt, the companies should profile habitual reporters. They can use data analysis machine to analyze the gamer. The company should not give credit to the customers with low rating Genting Singapore Plc is the leading resort and international gaming specialist. It provided services in developing, operating and marketing in casinos and international resorts. Other strengths of the organization are leadership, management, financial backing and investment discipline. Genting has diversified operations in development and operations of the resort, casino operations, international sales and marketing service and IT application services. It has the largest casino in the UK and a state-of-technology casino in Singapore (Sallaz, 2002). The resort is built at a unique location, which is nearby Universal Studios, a major tourist hub in the country. The company has established a tourist bridge so that the customers can easily travel to the resort. The vicinity to the business block and other tourists attractions serves as an excellent tourist attraction for the company. In 2010, the company also obtained a casino license by the Casino Regulatory Authority of Singapore. The resort facilities were excellent and at-par with the top resorts and casinos of the world. The organization is committed to conduct all the operations ethically with the highest standards of operations. The company is developing its business operations in a responsible manner. All the companys operations are conducted in a transparent and accountable manner. It is the first integrated resort of Singapore and it has become the preferred choice of resorts for the gamers. It has a convention hall, which is booked throughout the year to appeal to the age groups of different people. It has become the model for the global resorts. It is the pioneer organization and family holiday destination (Cookson, 2017). The destination of the resort serves as a major competitive advantage for the organization. Another sustainable competitive advantage of the organization is its adherence to the cor porate policies and legislations related to gaming. All the gaming and casino practices are fair and adhere to government legislations. It has encouraged investors and customers to participate in the gaming and casino activities. Genting Singapore is an international marketing and sales organization, which provides sales and marketing services to the offices in Singapore, Hong Kong, India, Thailand, China and Indonesia. It also provided support services in IT application development. All the systems of the organization are fully automated and manage the operations of the organization (Suh, lhaery, 2016). It provides comprehensive services to its customers. Therefore, the customers can access the organization for any purpose. Overall, it has supported the organization in increasing its brand equity. The company has used differentiation and niche strategy to achieve at-par performance and give superior results to the customers. The company uses differentiation and niche strategy to differentiate itself from the competitors. Although, in the Singapore, it has obtained a differential brand equity and name. However, there are several competing organizations willing to enter the Singapore market. These competitors are present in different countries; however, they are willing to enter the Singaporean market to reap the benefits of new market. The strategic location of the resort is also a core competency of the organization (Kim Kang, 2018). It is located near to the Universal Studios; therefore, a large number of visitors prefer staying there. It also increases the awareness of the customers towards the resort. The Gaming enthusiasts from all over the world come visit the resort as a part of their travel plans. Other than that, other tourists from all across the globe also prefer st aying at the resort as it is nearby several tourists attractions. In order to attract more tourists, the company is establishing new adventure parks in the nearby locations. The business organization has attained competitive advantage by creating value for the customers through superior product offering. It includes the use of smart cards, roulette table games and poker games. The company also uses promotional activities such as poker tournament and raffles (Gainsbury, Russell, Hing, 2014). Along with it, it also provides complimentary service such as free taxi to drop and pick the customers, offering free telephone calls, complimentary service such as drop and pick facility to the customers and providing excellent service to the customers. As it is a part of the service industry, these services play a critical role in increasing the overall standards of the service. The customer evaluates their experience according to the services offered to then during their stay (Han, Choo, Lee Hwang, 2017). These activities motivate the customers to prolong their stay and come on repeated visitors. As it is one of the most prominent organizations in the Singapore, word-of-mouth also works well for the organization. The company has used several approaches to increase its competitiveness in the market, such as good management, highly trained staff, offering complimentary services, enhanced customer services and flexibility in the use of service. The company is trying to base its competitive advantage based on three fundamentals, which are the company, staff members and the customers. In the past years, the company has faced intense competition; however, it has established a brand image for itself (Hayes, 2017). It has maintained a distinguished position for itself by working responsibly towards the external environment. The company is dedicated towards the sustainability practices and tries to reduce the negative impact of business operations on the environment. It has adopted waste management practices so that it emits minimal waste. The company also adheres to proper waste treatment, before it disposes its waste. Other than that, the company is also trying to provide optimal customer service to the customers of the business organizations. The organization is also focusing on providing appropriate services to the customers, which include medical cover, transportation, meals, education to the children. The employee provides sustainable competitive advantage by offering better customer services to the competitors (Han, Lee, Hwang, 2018). It encourages the employees of the organization to provide optimal services to the customers. The company offers several training and incentives facilities to enhance the level of customer service to the customers. Strategic Issues Faced by the Organization In the present section, SWOT analysis of the organization is conducted to analyze the strengths and weaknesses of the organization. The analysis also identifies the market opportunities and threats, which can address the current situation. Strengths There are several barriers to the market entry The labor cost is limited Brand value in local market High profitability ratio Domestic market (Loi, Kim, 2010) Strong distribution and sales network The company has a strong relationship with its suppliers and the partners It offers unique products The industry is economic as it has low investment an high profitability The luxury hotel is with excellent infrastructure and sound financial backing to run the gambling and casino business Weaknesses The cost and income structure is critical It has a limited product portfolio The competitiveness in the market is high High dependence of technology (Genting, 2018) In Singapore, market concentration of casinos is low and saturated at the places, where gambling is legalized Loose credit terms Opportunities The opportunities in the gaming industry are: Constantly growing economy Exploring new markets High income level of users, which can result in increased profitability The industry is changing at a rapid rate (Orneo Port, 2010) The countries are forming new trade agreements, which can expand the business Availability of global markets Expansion in market size The number of competitors is low, as it is difficult to enter the industry due to several stages of licensing and financial backing Threats Fluctuations in Price Technological issue in operations Intensified competition in the market The threat of gaming substitutes is high as these activities are available at a low cost certain strict policies and government regulations for the gambling business With the analysis, it can be identified that Genting Singapore Inc. is a leading casino and gambling organization. However, there are certain market scenarios, which impact the operations of the organization. From the analysis, it can be identified that the intense competition in Singapore is one of the major issue. In the scenario of intense competition, the company needs to develop a niche competitive position for the organization. Several companies are trying to enter the market of Singapore as the competition in the market is comparatively low than other markets. It can impact the long-standing monopoly of Genting in the casino history. There are also several counterfeit organizations, which are trying to copy the business plan of Genting and proposing to open an integrated resort for the organization (Gu, Gao, 2006). According to market intelligence reports, the target market of the company is foreigners from nearby countries such as India, Taiwan, Arabic countries and Indonesia. The percentage inflow of customers from Singapore is 6%, which is very low. There are several overseas visitors; however, the establishment of new resort will divert these visitors to new resorts. The Malaysian also popularly travels to the integrated resorts as day travelers. They have a high tourism percentage due to the proximity of the countries (Kale, 2007). The increase in the number of competitors can reduce the revenue incurred by the organization. The company can retain its current customer base by the cost of heavy expenses. Currently, the resort and tourist destinations are obtaining a high level of subsidies as the government wants to promote tourism in the country. These subsidies can be in the form of petrol, rice or other consumer product. If intense competition occurs in the gaming and casino market, the subsidies provided to the companies will be reduced (Borneo Post, 2010). The external conditions to the organization impacts the business operations of the organization. The competition from the new entrants to the industry is less. The luxury hotel, Genting is with excellent infrastructure and sound financial backing, which supports gambling and casino business (lvarez?Martnez Lahr, 2016). The company is safe from the new competitors as several obstacles such as long application process and expensive application for a license. There are also certain strict policies and government regulations for the gambling business; the start-up capital for the casino business is very high. In Singapore, there are a significant number of business organizations working in the casino industry. The market concentration of casinos is low and saturated at the places, where gambling is legalized. There are high exit barriers such as high leverage and huge investment (Lo, 2009). Therefore, extent of rivalry in the industry is limited. In the casino industry, the suppliers include providers of alcohol, food and machines. The raw material providers are not able to impact the business of the organization. The suppliers cannot exert any kind of pressure on the organization and Genting can easily switch from one supplier to another. Other than that, there is large number of suppliers; moreover, these are generic suppliers as the industry has large number of options. There is little difference among the source products. There are a large number of suppliers who supply the products at the same rates and sane quantity. It can be critiqued that it is easier for the organization to integrate backward; therefore, the overall power of suppliers is limited. In the gambling industry, there are a large number of substitutes available for gambling and entertainment (Wu Chen, 2015). There are several substitutes to the gambling such as lotteries, sports and car race. In the recent years, online gambling has become a popular trend (Piscitell, Harrison, Doherty, Carmichael, 2017). In gambling, the companies impose high taxes, which deviates the customers towards other entertainment activate. Moreover, cost of direct gambling is also very high. The end consumer or gamblers can easily switch from one competitor to another. It enhances the level of competition among the business organizations. It is a fragmented market, with diverse geographic features (Kilby, Fox, Lucas, 2005). The switching cost is very low and the consumer section is price sensitive. Therefore, two significant challenges for Genting Singapore is the intense competition in the market and loose credit terms. The company can use several strategies such as marketing and human resource training to fight the stiff competition. Another challenge for the organization is the loose credit terms. Different approaches such as background check and credit score of the customers can be used to reduce the loss incurred by loose credit terms. The company has developed its brand as the leader in sustainable and integrated development of resorts all across the globe. The mission of the organization is to develop state-of-technology, world class resorts, which can transform the tourism destination and uplift the local economy. However, there are certain challenges in the operations of the organization. Currently, the company is following several strategic objectives to achieve the business goals and objectives. Genting Singapore is dedicated to create more jobs through sustainable practices. The company is trying to explore new avenues so that it can minimize the impact of business operations on the organization. The core values of the company are trustworthiness, integrity and mutual respect. The company tries to build a workforce, which imbibes these values and emphasize on the customer value. The management team of the organization follows the appropriate standards of corporate governance. It has audit and risk committee, which includes the audit plan for the external and the internal auditor (De PhD, 2013). These audit plans are also aimed at reducing the amount of credit risk in the organization. The risk and audit plan also include the financial, operational and compliance control policies (Nattrass Seekings, 2016). Genting Singapore is using sustainability approach to develop its human resources and core competency such as maintaining the integrity of the assets, regulatory compliance, maintaining the corporate branding and reputation, leadership and succession planning and community care. These approaches will assist the organization in delivering effective customer services to the customers. The company promotes diverse employees and inclusion; however, several ethnic and cultural challenges are faced by these employees. Recently, the company faced legal issues regarding the use of foreign workers in its current operations (Kong, 2014). The company is operates in a multinational and multiethnic environment. A significant section of the organizations customer base is comprises of the foreign customers. Therefore, it is important that the organization has a diversified workforce, which can understand the needs of different customers and offer them appropriate services. The company is also facing the issue of loose credit terms. The company is forced to provide loose credit to enhance the business, but is having negative effects on the business. There are several rogue customers, who are taking too long to pay or do not pay to the organization (Jing, 2014). Following strategic objectives can be used to address these issues in the organization: It can be critiqued that Genting Singapore, can adopt a top-down or bottom-up strategy to enhance diversity and inclusion at the workplace. The company is also facing charges regarding the absence of diversity in the workplace. Several previous employees have complained that the company is not treating its past employees fairly. Therefore, leaders and managers of the organization support diversity and implemented several policies to encourage it. In the recent years, the company has adopted various proactive strategies to foster diversity at the workplace. However, overall efficacy of these strategies in promoting inclusion is limited (Evans Topoleski, 2002). The employee engagement is most crucial in reaching all the levels of organization and communicating the importance of diversity and inclusion to different employees. Most of the employees are receptive to the diversity efforts; however, they do not have the confidence and knowledge to take the actions. As customer service and employee dedication is important for the profitability of the organization. The company can take efforts to encourage the employees to support diversity and inclusion. There are certain diversity goals and vision of the organization and they should be connected to the objectives of the business enterprise. The employees should be acknowledged the importance of diversity in the job role and the importance of job role in fostering diversity (Wong, 2012). The HR department of the organization should emphasize to foster diversity at the workplace. At the current times, diversity is the considered as the approach towards innovation and market growth. However, there are certain challenges of the diverse teams. In the present, there are few challenges faced by the diversified teams such as the minority group in these teams feel undervalued by the entire team. The majority team considers that the focus of the group is minority group and they feel alienated in their ow n team. There are several cultural conflicts and the team members develop closed groups among the teams. It creates conflicts among the group members. While implementing a strategy it is important for the company analyze its outcomes on the business organization. The measures used to analyze the success of a strategy are termed as the key performance indicators (KPI)s. In the current situation, the organization can use KPI of employee and guest satisfaction survey. The company can conduct interview after the visit of the guests regarding the impact of the overall satisfaction with the services (Wu Chen, 2015). The questions will be associated with the behavior of the employees and the overall service delivery. In the hospitality industry, the services provided to the customers are extremely important. The company should make efforts that the employees are well-trained to deal with every customer. In this regard, the employee survey is very important. While dealing with the customers, they acquire crucial information regarding the customers, which can be used in the future management of the service. The organization should also encourage the employees to respond to the employee survey with integrity and honesty. The employees should be motivated to actively engage in the diversity efforts. They volunteer to organize diversity awareness activities or events (Akee, Spilde Taylor, 2015). The organization should plan to organize mentor or mentee relationship. It can lead to easy transfer of information without any hassle. The business organization should also try implementing software, which can be easily used in the transmission of information. Genting Singapore can evaluate this strategy with the help of employee survey. The employees should be asked regarding the current challenges faced by them in delivering effective services. The employees should also be asked for recommendations and cross-culture challenges. Regarding the credit risk, the company should invest in developing strategies, which can be used to reduce the number of customers, who refuse to pay their bills or pay bill after a long time. The system can use different approaches to examine the credit score of the users. Genting can develop a system or department to identify if a customer has been a loan defaulter previously and set a credit limit after which the organization will not provide any funds. The customers should be asked for the reference. New customers should be providing with a credit limit and the organization should only increase it, when the customers have a past history of paying their due amount (Piscitelli, Harrison,Doherty Carmichael, 2017). In the current case, KPI would be the average number of defaulters before and after the implementation of these services. Recommendation of Suitable Business-level Strategy Genting Singapore is a gaming and casino organization, which is a part of service industry. There is several primary and secondary value creating activities of the organization. In the current section, a value proposition has been proposed for the upcoming five years, so that the company can obtain a competitive advantage. The inbound logistics include certain activities, which can be centralized at the main store and the store keeper has the charge of these activities. The companies can optimize the storage and transportation of these items to achieve cost optimization. There are several types of materials and products, which are further categorized as perishable, non-perishable, beverages, toiletries, maintenance tools and stationery material (Kuok, 2017). The organization should construct certain system through which they are able to analyze the level of each item. There are certain perishable food items, which depends on the demand and needed to be refilled in a certain time. In the organization, all the departments involved should provide excellent services to the customer or transform the inputs to the final product. Certain divisions of the organization such as kitchen and bar department are involved in transforming the raw materials to the final product (Li, Wong Kim, 2017). The food is an important KPI for the services in the hospitality industry. Therefore, the resort should emphasize that the food provided to the customers is excellent in quality. The human resource is also considered as the most critical resource for the business organization. The current report has identified that the human resource management is a challenge for the organization. The company is struggling to maintain diversity at the workplace. The human resource contributes to the secondary activities of the organization. In the management of casino and the resort, human resource management is the most significant activity. It is critical for the operations of casino, as without it the operations of the organization will be paralyzed. The organization need to invest a significant amount of the operational cost in the human resource regularly. The remuneration, training, competitive compensation and motivation programs increase the operational cost to the organization (Walker, Sobel, 2016). Due to the intense competition, the organization needs to invest in the area of recruitment, training, compensation and reward. The compensation program increases the wo rker creativity and productivity. The management also makes efforts so that all the employees have opportunity for timing and development of the staff (Huang, Tseng, Lin, Tay, C. 2017). The company should focus on recruiting the best candidate irrespective of differences in language, ethnicity and culture. In casino, technology is utilized through smart cards, slot machines, equipment for laundry and kitchen, surveillance and administration activities. In order to foster growth in the next five years, the company should follow the strategic approach of obtaining a competitive advantage over the competitors. It can diversify the tourism attractions available to the customers. The company can launch an entertainment park and other tourism attractions to increase overall competitive advantage of the organization. Genting Singapore is a resort; therefore, the tourists come to spend holidays there. The company can focus on providing comprehensive entertainment services to the customers. It can include different entertainment services to the customers. In the resort industry, the entertainment facilities include leisure, fitness and sports activities. Several times, it includes live entertainment facilities. These services have a high impact on the customer satisfaction of the guests. In the resort industry, the selection of the appropriate facilities provided to the customers is challenging. It can be used to differentiate the customers from their competitors. Other than that, the hotel should also increase the amenities in the hotel rooms. However, it is important to analyze that these amenities are highly valued by the customers. Genting Singapore should also analyze that the amenities are not subsequently matched or copied by the competitors of the organization. These facilities include fitness centers, hairdryers, ironing rods, minibars and coffee-makers. Other than that, the organization can also offer full service spa and spa services at the hotel or resort. With the advancements in technology, it has become easier for the businesses all around to world to solve many of their problems. It is also to be understood that technology brings efficiency in the business and eliminates all those factors that tends to destroy the growth of the company. The same is the case with Genting who is also facing certain kinds of problems in their business which has been illustrated in the above section. In order to support the value preposition of the firm some of the technology that can be used is illustrated below. This has been one of the biggest challenges that human resource managers at Genting is facing. This challenge has made significant amount of loss to the company. One of the biggest challenges that Genting is facing in managing diversity is language barrier. With the use of speech translators, the problem of language can be reduced as they could understand each other words in a better manner. With the use of performance management tools, company can make sure that all the employees irrespective of their background can be treated in an equal manner. This will also ensure employee retention which is a major problem for the cited firm. With the monitoring system installed inside the firm it would be easier for the leaders at the higher position to make sure that any unfair practices is not prevalent inside the firm. This will not only help the firm in ensuring the safety of the employees who are from different country background but will also ensure their satisfaction at the workplace. Apart from this the software related to the HR practices like the appraisal system can be used. This would help them in eliminating discrimination in the promotions and various other things. It was seen that the employees from different regions of the world did not get proper wages. Hence the software for managing the HR operations can be used. There are many such kinds of software that can be used. All these software have the ability to make sure that all the employees irrespective of their backgrounds get their salaries on time. The software generated salaries will reduce the discrepancies in properly calculating the actual wages of the employees. This accounts to the fact that many a time there is deliberate errors and many a time unintentional errors happens. The software for calculating the wages will take proper account of factors that changes the wages and hence will produce actual wages. If they get to use the online software for selection and recruitment purpose then they will be able to get the employees from different time zones and cultural backgrounds. Top leadership can also utilize this software to remove the barriers that are restricting them from hiring people of different cultural backgrounds. Adoption of technology always removes the natural barriers that is caused by ego of some or the other person sitting at the top position. It is seen that people from one background did not allow others to be a part of the organization and hence making such practices more common. The adoption of various technologies will not allow these improper practices to happen in the company. This is again the bigger problem that is faced by the company. Technology needs to be upgraded so as to make sure that their profit margin gets on the higher side. The credit loss which has been the major problem for Genting can also be removed with the help of advanced softwares. With the use of software of accounting a company reduce the chances of credit loss. This is due to the reason because it will help the firm in making sure that they have an effective calculative tool that will help them in finding the actual problem due to which credits gets lost. Apart from this the data management tools like the cloud computing can help the firm in making sure that they have a record of all the people that are coming to Genting. This will also help in accessing the past record of the people regarding whether if they are defaulters or not. This would help them in ensuring that they will not give money to someone who has been defaulter in the past. The global network for accounting will help in accessing the data as soon as possible. All these available technologies have some kinds of disadvantages. But if used in a proper manner then it can minimize both the challenges that is faced by the company and will add as a value preposition for the firm. This is necessary for the growth of the firm. The gambling companies suffer from the risk of the credit risk by the gambling adductors. The companies can use behavioral data to analyze the information regarding the onset of gambling addiction. The gaming companies can collect the data regarding the betting patterns of different users in a company. This data can be collected regarding the betting patterns, tine of the day, frequency of betting, and the size of the bets and the types of games played by an individual. The identification of gambling addiction is commercially beneficial for the organization. It is also beneficial for the long term sustainability of the organization. Genting Singapore Plc was founded in 1984 and listed on Singapore as the leading organization is gaming and resort development. The company has been at the forefront of gaming and resort development. Genting Singapore owns Resorts World Singapore (RWS), which is one of the largest integrated resorts in Asia and encompasses the convention facilities, food and retail outlets. The company was publically listed on the Singapore Security Exchange Board in 2005. Genting Singapore and its subsidiaries own several resorts in Australia, the Bahamas, Malaysia, Singapore and the United Kingdom. It is one of the largest publically listed organizations. Genting Singapore has the core competency of 12,500 employees, who have a large and diverse experience. The employees come from diverse locations as the organization support diversity and inclusion. However, there are certain issues in the current operations of the organization. The company promotes diverse employees and inclusion; however, several ethnic and cultural challenges are faced by these employees. Recently, the company faced legal issues regarding the use of foreign workers in its current operations (Kong, 2014). Moreover, the company is also facing the issue of loose credit terms. The company is forced to provide loose credit to enhance the business, but is is having negative effects on the business. There are several rogue customers, who are taking too long to pay or do not pay to the organization (Jing, 2014). It can be perceived that the afore-mentioned issues pertain to the human resource department and the operations department of the organization. These issues can be resolved by following certain strategies: The company should follow a top-down, bottom up strategy to enhance diversity and inclusion at the workplace. Genting Sigapores management and leadership have supported diversity and have implemented several policies to encourage it. However, employee engagement is most crucial in reaching the mass and communicating the importance of diversity and inclusion to all the employees. Most of the employees are receptive to the diversity efforts; however, they do not have the confidence and knowledge to take the actions. The company can take efforts to encourage the employees to support diversity and inclusion. There are certain diversity goals and vision of the organization and they should be connected to the objectives of the business enterprise. The employees should be acknowledged the importance of diversity in the job role and the importance of job role in fostering diversity (Wong, 2012). The organization should also encourage the employees to respond to the employee survey with integrity and honesty. The employees should actively engage in the diversity efforts. They volunteer to organize diversity awareness activities or events. The employees should plan to become a mentor or mentee to develop relationships with the colleagues. Employees should be culturally competent and have knowledge of diverse cultures. They should take out time to learn about different cultures, religions and background of people (Pedrelli, 2014). Regarding the credit risk, the company should invest in developing strategies, which can be used to reduce the number of customers, who refuse to pay their bills or spy bill after a long time. Firstly, the organization should develop a system or department to analyze the trustworthiness of customers and set a credit limit after which the organization will not provide any funds. The customers should be asked for the trade reference. New customers should be providing with a credit limit and the organization should only increase it, when the customers have a past history of paying their due amount at the significant number. The organization should develop a strategy to maintain the steps of the delay payment. Genting Plc. can grow its business through diversification. All the market development and the business expansion strategies comprise of one of the following strategies, namely, market development, product development, market penetration and diversification of the product. It is recommended that Genting should target new customers at other parts of the world. In this case, the product will remain same; however, it is targeted audience has changed. The organization should develop performance indicators so that the progress in these issues should be evaluated (Hsu, 012). In diversity and inclusion, the organization should evaluate the increase in the number of foreign employees. The key performance indicator will analyze the number of employees from diverse ethnic and cultural background. The ration of foreign and the local employees after the end of six month will be included. Another performance indicator will examine the amount of bad debts in the company. The company will analyze any possible decline in the n umber o bad debts. The company cn evaluate the recent profit and the impact of the bad debt strategies in reducing in increasing the profits. The business should utilize the strategy of new market development, in which the business organizations should explore new business avenues. Currently, the company should explore the market of the USA, the UK and other South Asian countries, where it has access to novel market. Currently, the operations of the organization are limited to a specific number of geographical locations. Therefore, it should invest in exploring new market (Kim, Song Lee, 2016). These markets should be easily accessible and the company should be able to acquire licenses easily. There is a HR recruitment software, which is used to support the strategic approach of the organization. The company should take efforts in exploring new market opportunities. The organization should attract and select the best talent in the industry. Genting Plc. 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