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Table of Contents
Effect of management structure on revenue management
Effect of staff training on revenue management
Revenue management can be defined as selling of products to customers' demand of the product pricing. "Management structure" in simple words can be defined as the way of organization of a company which includes analysis of working relationships between manager and subordinates. Staff training can be defined as educating and proper development of the staff of a company, to make them skilled with the most updated techniques which benefits both the productivity of the company and growth of the staff. Thesis statement of this study is to provide a clear overview about positive and negative relationships on revenue management by organisational structure and staff training.
An organised management structure can increase the growth rate of the company, bring content to its customers and provide profitable returns to its shareholders. Thus, a proper evaluation of the financial performance of any business is useful in judging the business strategies and other activities in objective monetary form. As per the view of Kimiloglu, Ozturan&Kutlu (2017), a better management structure can entrust the following possibilities which can augment the revenue management. Firstly, a good management can unravel that the company is operating in an efficient and business-like manner and increment of inventory management is a helpful approach to enhance revenue as well as profit.
It also elucidates uniformity and consistency in the working operations of the company and relationship with sponsors can also be developed. Every problem can be easily solved in a short time with existing policies even if the direction of the company changes due to the changing periods. Lastly a good management structure can encourage continuous revenue management with clarified functions and responsibilities to provide the best business framework and establish accountability (Tomová, 2016).
Improper management structure is responsible for miscommunication and both the internal stakeholders and external stakeholders are affected by this. As coordination between functional units reduces due to poor communication, revenue generation is affected in a negative way. On the other hand, Debra Cascardo (2018) commented thatinvestors are also unable to share proper ideas to each other if the management structure is not properly organised. Apart from this, complexity, stress and conflict are three major negative impacts of underdeveloped management structure and gaining of profit is hampered due to this. In addition, quality product development and its global distribution is not possible under improper management systems. Along with this, employees within an unethical and rigid organisational structure mainly focus on their own goals and objectives of the company cannot be met (NooneEnz&Glassmire, 2017). Henceforth, lack of acquisition via outsourcing and off-shoring are harmful to reduce efficiency on revenue generation.
Staff training can professionally develop and advance the career of the employee because employees are the most valuable assets. As pointed out by Whatmore&Wiklef (2020), revenue management is not bound inside the four walls of the organisation. Henceforth, one must be aware of the market strategies that can influence the profit. Revenue managers can deny a topic which at that moment can appear clueless to the employees and proper training can help to resolve this issue. Communicating with other employees and sharing views can help in comprehending and enhancement of job satisfaction can also help in job engagement of employees. As a result, efficiency in the working process is also increased and proper behaviour with customers can help to gain more profit.
Maintenance of a good relationship is utmost important. Technological advancement is another important skill to save time (Kairu&Rugami, 2017). Keeping oneself updated with the latest skills can help in tracking of every work and advancement in business. Tracking of operation management is required for revenue generation and profitability of a company can also be increased. Henceforth, a revenue management desk is the key factor for any job and collaborative environment across each field can also be increased in a potential manner.
Improper staff management firstly affects the business market. Lack of proper communication between employees can affect sales and marketing that creates a gap between the policies of revenue management and sales. Ignoring World market and views of the public can affect revenue management. Identification of the right 'type' of customer is another skill to be developed. Once this is set price optimization becomes easy. Otherwise price changes can affect customer loyalty and lower the prestige.Thus, keeping an idea of open pricing is important. Lack of skilled employees can also affect revenue management. A company must possess the ability to influence its customers so that they find every positive point to choose the company.
According to the view of Cetin, Demirciftci&Bilgihan (2016), reputation of the organisation lowers due to improper management thus lessens profit. On the other hand, untrained employees are not able to behave properly with customers and current technological advancement cannot be understood by them. Therefore, behavioural issues affect negatively on customer management and future valuation of an organisation can also be reduced drastically. On the other hand, lack of financial training is problematic for employees and wellness of an organisation is reduced in an effective way. As a result, improper calculations affect negatively on revenue generation and potency as well as the reputation of an organisation is also hampered. Moreover, inconsistency in budget compilation is harmful for any organisation to be sustainable in the regular market for gathering more profit in a global business environment.
This study has informed about the importance of proper organisational structure in revenue management and profit generation of an industry and reliability of production can also be described. On the other hand, provision of behavioural and technical training is required for all staff and this helps to manage accountability in a correct order and decision making for business processes can also be developed positively. Therefore, the thesis statement is completely proved from this study and perspectives of revenue generation can also be maintained in a positive manner. Moreover, this study is a clear overview about roles and responsibilities of organisational structure and staff training for financial stability at any situation.
Cetin, G., Demirciftci, T., &Bilgihan, A. (2016). Meeting revenue management challenges: Knowledge, skills and abilities. International Journal of Hospitality Management, 57, 132-142. Retrieved from: https://www.academia.edu/download/47528082/1-s2.0-S0278431916300810-main.pdf
Debra Cascardo, M. A. (2018). The importance of a revenue cycle game plan is that your revenue team manages it. The Journal of Medical Practice Management: MPM, 33(4), 231-233. Retrieved from: http://search.proquest.com/openview/65b35cbbe5af706a5e160fc931b98728/1?pq-origsite=gscholar&cbl=32264
Kairu, M. M., &Rugami, M. M. (2017). Effect of staff training on the operational performance of Kenya revenue authority. Journal of Strategic Management, 2(1), 1-18. Retrieved from: https://ajpojournals.org/journals/index.php/JSM/article/download/201/293
Kimiloglu, H., Ozturan, M., &Kutlu, B. (2017). Perceptions about and attitude toward the usage of e-learning in corporate training. Computers in Human Behavior, 72, 339-349. Retrieved from: https://www.researchgate.net/profile/Hande_Kimiloglu/publication/314131535_Perceptions_About_and_Attitude_toward_the_Usage_of_E-Learning_in_Corporate_Training/links/59020ad6a6fdcc8ed51175e7/Perceptions-About-and-Attitude-toward-the-Usage-of-E-Learning-in-Corporate-Training.pdf
Noone, B. M., Enz, C. A., &Glassmire, J. (2017). Total hotel revenue management: A strategic profit perspective. Retrieved from: https://scholarship.sha.cornell.edu/cgi/viewcontent.cgi?article=1246&context=chrpubs
Tomová, A. (2016). Are commercial revenues important to today's European air navigation service providers?.Journal of Air Transport Management, 54, 80-87. Retrieved from: http://isidl.com/wp-content/uploads/2017/06/E4131-ISIDL.pdf
Whatmore, C., &Wiklef, M. (2020). STAFF RETENTION REALITIES AT ZIMBABWE REVENUE AUTHORITY (ZINARA) MANICALAND REGION, ZIMBABWE. European Journal of Research and Reflection in Management Sciences Vol, 8(1). Retrieved from: http://www.idpublications.org/wp-content/uploads/2020/05/Full-Paper-STAFF-RETENTION-REALITIES-AT-ZIMBABWE-REVENUE-AUTHORITY-ZINARA-MANICALAND-REGION-ZIMBABWE.pdf
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