Hospitality industry is one of the fastest growing sector at present time it has been seen that this is very effectively contributing in development of economy of a country. There is a wide scope that can be pertained by it as because at present time customers are very much influenced by products and services of hospitality sector. It is very essential for an organisation dealing with this goods to focus upon food and beverages session as it is a very important element. With its support a company will be able to grow in appropriate manner also this will generate maximum revenue for company. This section has been divided into two parts according to its diversity and size. This assignment report is focusing on a summer fair in Valentine Park. This is organising so that upcoming summer season can be enjoyed and customers would have a lot of fun in fair. Through this project numerous aspects related to food and beverage department will be described to understand effectiveness of summer fair that is going to be conducted. Financial and budgetary aspect will also be discussed so that manage it for operations and activities that are carried out by company.
1.1) Use of financial statement in food and beverages activities.
Financial statements are those which are used by companies so as to record all the transactions that are related to finance. These are done by a separate department as because this job is not an easy task lot of effort and strategic plan is needed. Fund management is a very crucial part that has to be performed by a company. It is very useful for a firm to perform as because this will lead in appropriate management of entire operation of a company.
Financial controlling in a hotel is very important because this will lead in cutting down cost and proper allocation of resources could be performed. With the help of this statement a restaurant or a hotel would be able to know what all area has to be managed so that cost can be minimised. This also very useful for understanding level of performance are performed and this will also influence numerous decisions and plan that are to be implemented in operations and functions. Financial statement is an aspect through which company will be able to know income and expenditure of a firm. There are some important aspects that are related to financial statement reference to food and beverages operations such are as follows-
It is statements which is made by finance department which is included in financial statements as it will show cost's detail that are indulged in introducing a project and all those activities that are indulged in that.
Dish costing sheet
This is a kind of statement through which total cost and portion cost for a single meal is get analysed. This is very frequently used by kitchen management team of a hotel so that they could know incurred cost for a single item.
These are statements which show cost that has been incurred in day to day activities performed in an organisation. This is a part of financial statement as because it will guide in taking an appropriate decisions.
In this all details that are recorded which are related to product that has been sold at time of making the statement. Sales record are mentioned here so that company will be able to plan for future aspects. According to this statement firm will be able to know which all products are demanded in large number so according to this firm will offer their products and services.
This is a plan through which company will be able to know differences that has taken place in firm in operations and activities. It is very essential to understand this aspect as because with the help of financial aspect.
1.2 Usefulness of financial statement
- It is very essential as because it will help in attaining organisational growth in more effective and appropriate manner.
- This is beneficial at times of purchasing of products and raw materials as per requirements. This is because financial statement will show a straight path through which company will be able to spend the funds in proper manner.
- This statement is very helpful as it will guide in managing each and every aspect of activities and operations that has to be carried out in an organisation who is dealing in hospitality industry.
- This shows the management to choose an accurate plan of menu and recipe that has to be included in offerings that a company should display for customers.
- This will lead in proper planning of budgets and funds for performance of firm.
- This will lead one to know and determine aspects that are related to a successful service to customers. A qualitative services could able availed by customer with the support of financial statement if planned in appropriate manner.
- This is very helpful for future planning as because it shows past experience that was carried out by firm in last year. Through this a firm would be able to plan and make new and effective strategies that could assist in operating in more appropriate manner.
- Through this an operating profit could be calculated and according to that hotel or restaurant could be able to function and will lead in enhanced productivity and high rates of turnover.
1.3) Analysing process of purchasing
Consumers are very rational, they do many activities at time of buying an goods and services. It is very essential for one to know all those aspect which are very important as because this will help to buy a correct thing for many options that are available in the market. A certain procedure is been followed by customers while purchasing any goods and services. Customers as well as company both are carrying out this activity so as to opt the better and appropriate option from numerous alternatives that are available in market. Basically there are 5 procedure that are followed by both consumers and companies at time of purchasing any goods and items. They are as below-
This is first stage where a customers will at initial phase try to identify problems and find out what are those needs which did not get satisfied yet. This step cannot be able to processed until and unless a identification of need does not get performed. Need can get generated with basically two aspects internal stimuli and external stimuli. Internal stimuli are the hunger and thirst condition which will lead to a situation where need to buy any good and service will take place. Whereas, external stimuli are advertisement, publicity etc. This is very essential to know then only one will lead to a situation where a purchasing process will get start.
After identifying the need, next step takes place that is information search. Here information and data related to the defined problem will be gathered so that a proper guidelines through which best solution could be find out. This stage is performed by customers in very proper manner so that they can be able to get various options that are provided by several companies (Kapiki, 2012). Buyers are very much depended upon factors like internal and external which is helping a client to gather relevant information.
Evaluating different options
In this stage, customers will evaluate available alternatives which are provided by companies in market. Here clients will be bothering about attributes of products which will satisfy their needs and wants and will solve those problems which are identified at first stage. One of the factor that is affecting this phase is customers attitude that it is having for a particular product or item. One more thing that is affecting this stage is involvement of customers in evaluating number of available options with them.
This is the stage where actual purchasing of product will take place. Here one of the best alternative is get selected by client and then he/she will purchase it finally. There are two major factor that will affect this purchasing stage they are negative feedback that has been given by other who have used it before and motivation to accept those feedbacks. Negative feedback will affect in not buying of that particular product and level of motivation to accept feedback will lead to a situation where customers will neglect the negative aspect and will take step to buy goods and services.
Post purchase behaviour
This is the stage where customers will be comparing their experience by present and past services and products that they have used. At this stage a behaviour of understanding better option takes place. They will identify which item has satisfied with their needs and desire (Mahalik and Nambiar, 2010). This will lead to a situation where it can be analysed that a hotel's services that has chosen was more effective or the one whose experience were taken previously. If result is positive then a frequent purchasing and availing of same services will take place and if a negative impression takes place then consumers will not go for same item in their next purchase, they will switch products and services. Negative experience will lead a circumstance where again same procedures will be performed by customers.
For an organisation purchasing process is very essential to understand and to follow as because this will lead in smooth functioning of activities and operation of a company. They need to consider various aspect so as to reach an extreme positive end and a proper services could be availed by them to ultimate king of market, the customers (Marucheck and et. al, 2011). They have to focus upon things such as-
Requirement of equipments and tools
- â—¦Delivery time
- â—¦Quick response
- Storage equipment and suppliers
1.4) Factors determining success and recommendations for improvements
As to implement a better service to customers it is very essential to consider about the several success factors which will guide one to carry out operations and functions in most effective manner. As to attain success of all those services that are offered by it to clients, planning and organisation is he vital part to be focused. Planning is a part that is done before starting any activity, it plays a very important role as because it guide one to know the present condition and shows a path where one need to search for its long term aspect (Massoud and et. al, 2010). As summer fair is to be performed it is very necessary for a firm to plan out what all things that has to be indulged in program. Organisation of several actions and functions is very necessary, all the resources which are indulged in
It is recommended that communication has to be very effectively done with customers so that they can be able to know about all those offerings that are made by the firm. This will also help in availing excellent accommodation to clients in most appropriate way. With help of this customers will also feel comfortable and in easy way they could communicate all those issues that they face. It is very necessary for a firm to consider about customer's feedback as they play a supporting role in developing positive relationship with the clients. This will aid in improving quality of services in better way. Another major aspect that must be considered by company is the cost. It is important for the firm to manage all the resources as to minimise cost (Murray and O'Neill, 2012). Unnecessary cost will affect functioning of an organisation, it is very much needed by company to run its activities in set budget crossing that will lead to hike prices which will ultimately affect entire operation and services. Therefore according to plan work has to be performed.
This report helped in knowing all the aspects related to products and services that are availed by hospitality industry to customers, especially about food and beverages services. A summer fair in Valentine's Park has been discussed here where a menu has been made and entire budget has been set for customers which Are very much effective and affordable. Plans has also been discussed along with their justifications. At last suggestions has been concluded so as to provide a future improvements in several areas.
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