STRATEGY OF COSMOS
Universe otherwise called Cosmos Tours is an Australia based free visit administrator which gives an extensive variety of bundle occasions to the Australian market. the administrators of Cosmos is associated with the worldwide Globes Travel Group, which was established in 1928, which remains family possessed with central station in Queensland, Australia. Under parent organization Cosmos Tours Ltd, the visit administrator offering occasions in particular by means of three brands: Cosmos, Archers Holidays and Avalon Waterways.
The organization was formally established in 1961 as Cosmos Tours. The organization was renamed as Cosmos Holiday in 1987. After Globes Travel Group sold Monarch Travel Group to Greybull Capital in October 2014, Monarch ended utilizing Cosmos as a Monarch Group mark in 2015. In any case, in March 2017 it was declared that Cosmos Tours had recaptured full rights and licenses to the Cosmos brand and Monarch would change its corporate name from Cosmos Holidays Limited to Monarch Holidays Limited.
In the year 1928, Joseph Vittorio began an organization which had practical experience in engine mentor visiting called Globe Viaggi. The association began with an armada of 14 mentors which worked in the nearby journeys for neighborhood travelers in the nation. By 1952, Globe Viaggi had extended their by 33 mentors and highlighted overnight journeys to relatively every parts of the nation. With time these ended up general booked visits and developed longer to make more progress. In the very same decade Globe aced the idea of Grand Australian Touring which offered top of the line Australian visits to their clients in Australia.
The organization was made to furnish British clients with reasonable bundle occasions by mentor and air go to different goal over the world. Goals basically included parts of Europe and USA via planes. In spite of the fact that the organization’s principle objective centered on engine mentor visits, it soon incorporated the decision of air bundle occasions also. By 1968, the achievement of the organization’s air bundle occasions enabled Cosmos to frame the aircraft Monarch Airlines. In 1986 Cosmos Tours turned into the primary standard administrator in the country to dispatch a Christmas Lapland program.
The structure of the company is described below:
Manager: the managerial post of the company is retained by the owners of the company. The term manager is given to the employees who reside at the top most hierarchy of the company. The higher management includes the CEO and other board of directors. They are responsible of making all the decisions regarding the company (Arnold et al. 2016).
Financial Department: the employees who are assigned to the financial department of the company are responsible for managing all the financial transaction within and outside the company. This department is given a high priority of the company due to the fact that, similar to all other organizations, Cosmos has to operate within a limited financial support. Therefore, tampering or not using the financial resources to its full potential will never generate feasible result. Along with this, the daily activity of the company both internal and external is completely dependent on the finance.
Information technology department: with the advancement of technology, IT has become an integral part of every organization regardless of the industry. The application of IT varies widely. From securing the private data, gathering valuable feedbacks form the clients, promoting a new scheme offered by the company the list goes on. Without this department, the company cannot progress towards its goal. Using IT department also allows Cosmos to manage their operational cost as well, and hence reducing their burden form their overall budget. The IT department of the company is therefore, an inevitable part of Cosmos.
Human Resource department: The HR department of Cosmos needs no introduction. From hiring skilled talents to exposing the new recruits to an adequate amount of training to make them familiar with their job profile are some of the most important tasks performed by the HR department. Apart from this, the HR department is also responsible for maintaining a good cooperate culture within the working premises of Cosmos. This is because, a good organizational culture allows the company to retain their valuable employees and enhance the reputation of the company in the market (Jindal et al. 2018,)
Marketing department: the marketing department is directly linked with the customers. This is because it is the marketing department which provides the clients of the company with various offers and packages and also is responsible to provide them with means of transportation through the traveling. The packages offered to the clients are first approved by the higher officials of the company before announcing them publically. The marketing department of the company is perhaps one of the most important departments of Cosmos as a number of experts believe that this department is the face of the company.
There are mainly four types of leadership style which are illustrated below:
- Autocratic Leadership: the leaders who falls under this category tends to make decisions where the participation of other and sub ordinates are almost nil even if others have the ability to contribute significantly in the decision. Although this allows the decision making process skip longer durations, however, this leadership style is not perfect while nurturing creativity. This style of leadership is mainly used while the sub ordinates have little no idea about the issue. This style of leadership is considered to demoralizing and is one of the leading causes of high employee turnover. Also, absence of the leader leaves the employees vulnerable and the progress of a particular task is halted.
- Democratic leadership: the decision made by this leadership style is final. However, this style leaves plenty of room for other to contribute significantly in the process of making a decision. This leadership is known for nurturing creativity. It encourages the sub ordinates to participate more in the decision. This allows the employees to enhance their productivity for the company and in the long run is extremely benefiter for any organization. This style however, takes a significantly longer duration to be actually implemented as this leader considers a number of inputs in their decisions. It is therefore, seldom used in a high competitive industry such as tourism.
- Transactional Leadership: this kind of authority permits their sub ordinates to appreciate opportunity by the way they lead their work, and how they will set their own due dates. This kind of administration give all the required help along assets and even exhortation if the sub ordinates require them, however else they are included. This kind of administration gives high occupation fulfillment, however it can raise different issues if the employees don’t deal with their opportunity, or in the event that they don’t have the information, abilities, or self inspiration to do their work successfully. Value-based authority style is additionally essential when the higher administration don’t have control over their work and their representatives (Harrington et al. 2018)
- Transformational Leadership: Transformational pioneers have uprightness and high passionate insight. They persuade individuals with a mutual vision without bounds, and they convey well. They’re additionally regularly mindful, valid, sympathetic, and humble.
Transformational pioneers move their colleagues since they expect the best from everybody, and they consider themselves responsible for their activities. They set clear objectives, and they have great compromise abilities. This prompts high efficiency and commitment.
Judging from the style of leadership provided above, the best form of leadership for Cosmos Travels is a combination of democratic and transformational leadership. Along with this, the company seldom requires autocratic leadership as well in order to compensate for the limitation in formal types of leadership.
It is important to note that, there is no fixed type of leadership and for Cosmos. Each of the styles of leadership has certain limitations which can only reduced when other styles of leaderships are combined to correct proportion.
Product strategy:
By definition item is a thing that is plan to fulfill the prerequisites of the clients. The item can be both immaterial and tangible. The higher administration of Cosmos needs to ensure that that have the correct kind of item or bundle that is sought after. Consequently, while concocting a bundle, the showcasing bureau of the organization needs to lead a broad research on the plausibility of the package.
Similar to the result of any association, the bundles offered by Cosmos has a specific life cycle that incorporates the development stage, the development stage, and the business decrease stage. It is essential for advertisers to rehash their items to empower more requests once it achieves the business decrease stage.
Pricing Strategy:
The estimating system is another significant part of a general methodology of Cosmos as it is utilized to decide general benefit of the organization. it is henceforth, critical to Adjust the cost of their bundle as it bigly affects the whole promoting system .
This is a significant delicate point though. Pricing dependably help shape the view of the result of any given in shoppers eyes. Universe isn’t a special case to this run the show.
Keep in mind forget that a low cost more often than not implies a sub-par great in the shoppers eyes as they contrast your great with a competitor. Consequently, costs too high will influence the expenses to exceed the advantages in client’s eyes, and they will in this way esteem their cash over your item. Make sure to inspect contenders evaluating and cost in like manner.
Fig 2: Marketing Strategies:
Distribution Strategy:
Along with price, and product, it is important for the higher management of Cosmos to make sure that that they are using an effective distribution strategy to make sure that the customers are having no difficulties in locating them. Therefore, to make this strategy more feasible, the higher management needs to make a better usage of social media.
This will not only allow the company to reduce the distribution cost but also allow the customers have a better chance of finding their products with more ease. Apart from this, there are various distribution strategies such as intensive and selective distribution (Williams et al. 2017).
Promotional Strategy:
Like every other organization, promotion is an extremely important part of marketing of Cosmos Travels. Promoting normally covers specialized strategies that are paid for like TV notices, radio ads, print media, and web ads.
In contemporary circumstances, there is by all accounts a move in center disconnected to the online world. Advertising, then again, are correspondences that are normally not paid for.
This incorporates official statements, displays, sponsorship bargains, workshops, meetings, and occasions. Informal exchange is likewise a sort of item advancement. Verbal exchange is a casual correspondence about the advantages of the item by fulfilled clients and normal people.
The business staff assumes a critical part in advertising and verbal. It is critical to not take this truly. Verbal exchange can likewise course on the web. Tackled adequately and it can possibly be a standout amongst the most important resources you have in boosting your benefits on the web.
A greatly decent case of this is online web-based social networking and dealing with a company’s online web-based social networking nearness (Jindal et al, 2018).
Recommendation and Conclusion:
It is important to note that, the strategy of the company needs to be modified according to the preference of the customers. The preference of the customers and the market changes very rapidly.
Therefore, the higher management of Cosmos needs to make sure that their implemented strategy is able to keep up with this change.
Along with this, it is important to make sure that the promotion strategy of the company demands frequent modifications in order to make sure they grabbing the attention of the customers.
In order to finally conclude it needs to be stated that, the tourism industry is one of the most competitive industry in Australia.
It generates a very high amount of revenue and therefore contributing significantly to the national economy. The higher management of Cosmos needs to come up better marketing strategy to sustain their position in this industry.
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