An Evaluation of Financial Accounting & Reporting Essay

An Evaluation of Financial Accounting & Reporting - Essay Example In 2005, 80% companies in Japan and 71% of UK companies have reported about CSR, which can be described as highest reporting in this area. Between 2002 and 2005, South Africa reported about 17% increase in reporting and this is considered to be a remarkable increase. KPMG research report published in 2005 also demonstrated a significant change in the nature of reporting, and it modified from chiefly environmental reporting until 1999 to sustainability (environmental, economic and social ) reporting of late. (Nehme& Wee 2008:135). CSR is not a new concept. It has been in existence in many parts of the world including Australia since from the nineteenth century. For instance, US Steel is continuously reporting on CSR issues regularly from the twentieth century onwards. Further, as early as 1850, Levi Strauss & Co has stated in its annual reports that it committed to offering a quality product, a best community service and good working atmosphere for its employees. (Nehme& Wee 2008:143). Socially responsible companies offers olive branch or positive signals to all of its stakeholders and distinguish themselves from their rivals , thereby augmenting both of their short and long-term gains; Philanthropic and ethical considerations- companies have general obligations to the societies they operate from. Under â€Å" noblesse oblige† which connotes the obligation of nobility , the notion that a company as an entity is far more vigorous than any single individual and hence assumes larger obligations toward society. (Nehme& Wee 2008:135). A company has to look into not only its financial bottom line but also to give due importance to their environmental and social performance. (Figge and Hahn 2001). The GRI states that ‘the triple bottom line of environmental, economic and social performance is to be dealt in a sustainability report. (Schaltegger, Bennett and Burritt 2006: 584). A research study namely â€Å"International Survey of Corporate Sustainability

Recommendations Solution for Marketing Issues Case Study

Recommendations Solution for Marketing Issues - Case Study Example However, in the recent times, it can be said the airline carrier is plagued with various issues ranging from decreasing stock prices to fall of consumer loyalty as well as rising operating costs. This particular memo is in response to the marketing tactics that can be used to consolidate the airline’s position in the global market, while dealing with the issues related to fall in customer loyalty. It also needs to be mentioned that while designing the approach, focus was given on minimizing the operating cost of the airlines. Recommendation The recommended solution for the issues faced by the airline company on the lines of depreciating customer loyalty for the airlines is multi tiered in nature. Firstly, Classic Airlines, needs to focus more on listening to its customers, since they are the key revenue generator for the airlines Secondly, the airline needs to enter into a code sharing practice with another airline so that the company can get a strong and high flow of steady c ustomers. Analysis and Support of the Recommendations It is of considerable importance to highlight that the airline company has been facing tremendous issue in regards to depreciating consumer loyalty. The issue has been further complicated since the existing customers of the airlines, who fall in the frequent flyers category has demonstrated a dip in the frequency of usage of Classic Airlines. It has been assumed that the dip in the case of existing customers may be emerging either because of the issue related to choosing alternative airline or the factor of related to challenging scenario for the overall economy. It also needs to be highlighted that the airline is also facing multiple other issues. Talking specifically about the various other issues, the first thing that needs to be highlighted is the issue of price cut taken by Classic Airlines. It needs to be mentioned that the airline in the recent past has initiated a price cut for its airline services for the passengers. Nee dless to say, that though this was a complimentary move done while trying to tackle the past airline issues as well as the price cut drive from the competitors, this further resulted in the limiting of the revenue generating abilities of the airline company. The second issue is that the airline has been facing an issue of increase in operating costs for quite some time. As a necessary counter measure, the top management of Classic Airlines has initiated the mandate to significantly attain a 15 % reduction in costs. It needs to be highlighted that the presence of these additional issues has significantly resulted in the process of limiting the options that can be utilized for providing significant recommendations to the airline’s current problems related to fall in consumer loyalty. While talking in regards to the process of providing recommendation, it can be said that the very first step will be to opt for listening to the customers. Talking in more details, it can be said t hat the Classic Airlines already has in place, a very high end customer relationship management (CRM) system, which have the potential to provide more operational functions as compared to the ones that are being currently used. As of the recent customer feedbacks received, it has been realized that the current CRM system is too much automated in nature and lacks a human powered interaction. The current CRM system has the ability to integrate phone channels with the currently existing web channels. Though adding a human interaction interface in the current CRM system might prove costly, yet it will help in listening to the