Business Structure Of Burger Kings Brand Commerce Essay

Business Structure Of Burger Kings Brand Commerce Essay Burger King is one the fast food chain which is abbreviated as BK, it is operating almost all over the world with its headquarter in Florida, United States. The first store was opened over the piece of Insta Broiler. This equipment was so much popular for cooking burgers. In 1953, BK began as a franchise chain in Jacksonville, a place in Florida. In 1955, where this franchise was facing a financial problem, it was then purchased by David Edgerton and James McLamore and then it was named as Burger King. Burger King is operating in 73 countries with over 12000 outlets, of which 66% holds in US and 90%, has been runned by the private owners. It became a Corporation in 1959, and this is where when all the franchisees purchase the right to open stores and operate it. Initially, when the company started they use to sell burgers, French fries, soft drinks and ice creams. Then later in 1957, BK introduce Whopper which turns out to be the signature for them and they adopted the motto as The Home of Whopper, (Mouw, 2007). Theoretical Background The development of new ventures makes the way for most individuals to come up with an idea and develop it by generating a product or service (Gyamfi and Tontoh, 2007). According to (Morse and Mitchell, 2006), the new venture development can be competitive in the market because many activities are involved in creating a business. Barringer and Ireland (2006) said that the establishment of new ventures gives the society globalization, job creation and innovation. Different scholars and institutions have proposed many ways of developing new ventures from different angles. Moreover, many entrepreneurs have established new ventures competitively without any external influence. Wickham (2004) defined an entrepreneur as a manager which carries out a particular activity; an individual which possesses a personality, psychology and personal characteristics and an agent that adds the value to the society. Sarasvathy (2001) found the dependency of a venture issue on an individuals past knowledge, the experience of its formation, culture and his other distinctive achievements. According to Timmons (1999), the development of a new venture involves the vital factors team, opportunity and resources that are seen to be in a corresponding process. Although there are numerous ways for venture creation, there are also various failures and even it does not become successful in the long run for the few ones (Gyamfi and Tontoh, 2007). Gilkerson and Paauwe (1998) showed that most businesses fail because the choice of business opportunity was poor. Gartner (1988) suggested that entrepreneurship depends on your action and not on your identification. This has generated the interest of looking at business planning process in new venture development. It is important to know about the variables or considerations in developing the new ventures that makes the process feasible or practical and this is what has been presented in the report in accordance with the opinions of different authors (Bhave, 1994). Discussion Business planning is an important aspect that needs to be considered to fulfil the plans for a new venture or renewing an existing venture. It serves as a method to achieve the desired goals (Gyamfi and Tontoh, 2007). According to (Davidsson, 2003), a good planning process provides a good approach of having a niche in the market. It also gives you a process view of entrepreneurship. He believes that it is impossible to take a business in one decision or one act from its non-existence to existence in one step. Therefore, in creating a business, entrepreneurs have to do a number of activities sequentially. Business planning helps in finding the competitive advantage of the operation by finding, describing and refining it (Stan et al., 2003). Profit (2007) says that the planning process gives very good steps needed to reach the goals that have been set for the future. It describes the opportunities, business strengths and a road map for continuous improvement. As the growth and success of a business lies in creating a road map for it but many entrepreneurs, having the knowledge of it, do not have a good planning process (Profit, 2007). This makes it difficult to start up ventures successfully (Gyamfi and Tontoh, 2007). Harper (1991) noted that as many novices do not hesitate to position and elaborate themselves well in the market so the trial and error methods have been unfavourable for them. Profit (2007) suggested that the requirement of an entrepreneur can be accomplished by analyzing the business issues and refining the goals from a good planning process. Timmons (1999) clarifies that it is important to take a decision about the investment of time and effort because some ideas may not lead to business or success. One should also size up about the existence of potential business. Therefore, a good planning method helps one to get confidence, test ideas and see the flaws in his business to avoid the waste of resources and to take the right steps forward (Gyamfi and Tontoh, 2007). In fact, for every 100 ideas presented to investors in the form of a business or proposal of some kind, usually just I or 2 or 3 get funded. Over 80% of those rejections occur in the few hours; another 10 to 80 get rejected after the business plan has been read carefully (Timmons, 1999). Theoretical Spheres The development of a new venture has been discussed by many authors in entrepreneurship. The theories from three experts of business administration, in a sequential mode, have been chosen to make the report more exigent and practical. These are of Hult et al. (1991), Stan et al. (2003) and Profit (2007). Opportunity Analysis of Burger King SWOT Analysis After the goals have been set by managements, it is their responsibility to analyse the companys current position. And to evaluate the position of the organisation, the management use SWOT analysis. This helps the upper management to plan and compare the internal organisation strengths and weakness with the opportunities and threats which are external to the organisation. This helps the management to fulfil the objective which they have stated in the mission statement. Main core competencies of the company are the main strength of the organisation in which they are best at. It is the strength which the customers values and pays for it and which the competitors lacks of. Companys faces problem when they know their weaknesses and did not work on it, the environmental threats will probably molest the weaknesses of an organisation. And these weaknesses can be overcome if they avail the opportunities which can create value to the firm (Marke, 2006). Burger King Strengths Burger King or BK is a worldwide brand which everyone knows about. It attracts all type of customers such as sex, race, age, income etc. It is one of the largest fast food ham burger restaurants (FFHR) in the world It not only distribute in US, it has many franchises situated around the globe. Weaknesses The main weakness of the BK is that they have operated mainly in US; almost 65% of their operations are in United States. BK has not focused on their brand name very well, it relies mostly on franchisees which are carries their brand name along and any mistake by them will decrease the Goodwill of the organisation. BK has the menu which is unhealthy and it does not appeal to the consumers. They brand their products less likely than their competitors such as McDonalds etc. Opportunity BK should develop a new product which can attract customers in the breakfast as well. BK is called the House of Whopper so they should emphasise their brand focusing mainly on Whopper Virgins. They should expand their business in countries like India, Malaysia, and Kuwait etc. Where there is an emerging market. Threats The main threat of BK is that they have to face a healthy competition with McDonalds, KFCs and other restaurants. BK menu is healthy food which the consumers dont prefer much, they should change their habits to attract customers diverting to healthy food. It may affect the profit margins of BK, when the labour cost rises. Source: (Kurtz, 2008) Environmental Analysis It is critical to indentify the variables which can affect the supply and the demand of the products and services by analyzing the macro environment. Whenever there is a change in the environment or the place where the company is operation, it has an impact on the organisation as well. So there are possible criterias which the analyst has to check which can have the effect on the organisation. And these can be Political, Social, Economical and Technological factors. PEST analysis examines the impact of the factors which can affect the business. If Burger King opens its new Venture in Pakistan, they can first analyse the factors which can affect their business or they think that if it is feasible to open up a chain in Pakistan. Burger King PEST Analyses Political: This includes the regulations imposed by the government in the country where they are operating. This relates to the elections, law of employment, environment laws, war, terrorism, governing body, and its structure. These are the factors which the burger king has to analyse before opening their chain in Pakistan. The political condition of Pakistan is not stable at the moments, there are lots of suicide attacks but they can still open a franchise in the popular city such as Karachi and in those areas where the security is high. Economic: It is the level of spending the local government does, taxation, growth of the country, unemployment, rates such as interest and inflation. Country such as Pakistan is one of the developing countries. This country has seen the growth but the interest rates and the inflation rates has been double in over few years but people living there are more keen to have fast food restaurants and a places like these so that there can be an increase in the economy. Social Factors: Social relates to age, gender race etc. It is the standard of living which the people adopt. Technological Factors: These factors are the inventions, research and development and information systems. In Pakistan, investments in terms of social and technological will increase the competition and requires a lot of investment. BK can invest in salads, and low fat food but again there will be a danger for moving away from its identity. It can be good economic purposes of changing their policy to sell high calorie menus because there are few costs which are attached to it. Investments in terms of technology can give an advantage over its competitors such as McDonalds. They can open up a call centre which can be centralizing where the customers can place their orders online. This will increase speed of the customer services and will cut the staff cut. After analyzing the current situation in Pakistan with the help of macro environmental analysis, we can conclude that opening a chain of Burger King, it will not be difficult for them to make money because there are so many restaurants today who have lock their suppliers and the largest companies which are already operating in Pakistan such as McDonalds have the high bargaining power and are able to bare cost such as advertisement. BK can invest more on the products and technology, they can advertise heavily on their new products so that they can attract more customers towards themselves, (Mowen, 2001). Porter 5 Forces Model Porter 5 forces model deals with factors that is outside the industry that influence the environment of competition. A firm has to know about the industries in which it is operating and should know how to compete in the market. It the forces from the competition can be drive. Competition can be created by the interaction of 5 forces which is the threat of new entrants, the power of suppliers, the power of buyers and the threats of substitute. The threats of new entrants are very high because of the fact that it does not require high investment to open up a small restaurant. But BK can advertise heavily on the advertisement where by the customers can only buy the burgers for them. Burger King appears to be in the list of those industries that have the recognized brand with all their benefits are linked with new customers so that they can attract. Supplier power: for the burgers, the ingredients require are just meat, buns and soft drinks, which can be supplied by any of the supplier and there are other supplies which also provide the services such as restaurants premises including the equipment and staff. Golden state foods started supplying McDonalds but now they are supplying the beef and other products to KFCs and BKs as well. There should always be an upper hand on the supplier by the firm. Burger King has a large number of franchised outlets almost 89%. Since after the increase in franchise for BK, they have the limited control over the franchisees and that is the main reason why there are experiencing problems in removing their supplier again and again, Bk seems to be unhappy with the supplier every time. There is a low buying power in the burger industry. It depends on the customers and their taste to which burger to want to have. There is low switching cost and lots of substitute available so the buyer power has increase. As we all know that there are so many substitutes available, there is lots of restaurant and therefore the threat of substitute is relatively very high. And this is the reason why the fast food restaurant like McDonalds and BK do more branding in order to attract more customers. Competitive Rivalry in the burger restaurant is high because there are so many restaurant but we look for the differentiation, BK promotes its burger as the tastiest burgers because it is flame grill. Differentiation is only weapon in this industry, and those customers who have realized the taste can reduce the competitive rivalry (Kurtz, 2008). Competitors Analysis Analysis of the competitive is very important and useful in the sense that the company should know how their rivals are operating and performing. This evaluation is very critical for the use of strategy formulation. A company has to identify the factors both the external as well as the internal to the organisation which can impact the forces. These factors can affect the companys objective and the goals because on these factors they can change their strategy. When KFC came in to the market, they follow the initiates of Burger King and follow the price cut strategy; it was named as the Big King competitor to the Big Mac. When Burger King came to know about this strategy they responded by: BK lowering the prices and cutting the cost on their standardize menu based on burgers, fries and soft drinks. Revenue and growth for BK are the mixture of their strategy but in the late 1990s, the volume was falling especially in US which cause their market share to decline as well. BK boosts their volume by cutting the prices and behaves accordingly to the competitors. They then use their resources and capabilities to turn into a financially strong company. The strategy used by KFC get an aggressive response from Burger King but the burger market in the world today faces a lot of competition between Burger King, McDonalds and KFCs. Source: (Youngman, 1998) Strategic Analysis For the strategic analysis it is very important to define the industries broadly, there should detailed analysis on the competition through which they can focus on the markets that are drawn narrowly in terms of both the products and geography. In the strategic analysis, the process of industries which has many dimensions is divided into segmentations. In an industry, sub markets can be differentiating through Segmentation. A company can sometimes avoid competition if they change their strategy into the segmentation. Burger King has maintained its sales by selling more Whoppers. They analyse probability at the level of customers individuality. Through Segments, key success factors can be differing. In the restaurant industry such as Burger King and McDonalds, the success of an industry can be analyse by segmenting the customers of the fast food and the luxury restaurant, (Grant, 2005). Conclusion Recommendations When the company have enough resources to utilize to its capability, the company just focus on those products for the customers demand more. After the success in the domestic market, company tries to exploit in the international market. But first they will analyse the factors which can affect them in operating in that country. They have to understand the objective that has been set by the competitors and looking into it they should make their own international strategy. There will be an effect on the market share, if the competitor is a large company, this can be a threat to the company who is entering into the market.

Judaism Essay -- Religion, Jews, Christians

I learned a lot of facts about Judaism that I had previously been ignorant to. I had no idea that we (Christians & Jews) maintained the same bible (The Old Testament) but that we interpreted certain events differently, such as Adam and Eve. â€Å"In Judaism, each and every human being is free to choose good or evil because each person stands before God in the same relationship that Adam and Eve did† (Esposito 77). I was unaware that Judaism did not believe in â€Å"original sin.† I had no knowledge of the fact that Jews did not believe that Christ was resurrected from the dead. I found it interesting how Jews have split into separate groups – Reform Jews, who believe that Judaism is a cultural inheritance and that neither the laws nor beliefs are necessary. The Conservative Jews, who believe in strict obedience to most laws, but that belief in God is not the point. The Orthodox Jews, who believe in the literal reading of the Torah and strict obedience to the laws . Finally there are the ultra-Orthodox Jews, a radical group, that have attempted to separate from the non-Jewish and secular worlds because they refuse any type of compromise with modernity. â€Å"In the eyes of the ultra-Orthodox, their secular, Reform, and Conservative brethren are not really Jews, and Orthodox Jews are not orthodox enough† (Esposito 80). I found it amazing how the world was trying to get rid of the Jews but in doing so they helped them to survive by keeping them together. â€Å"Jews were forced to live in segregated quarters called ghettos† (Esposito 106). I was also unaware as to the horrific past Jews have suffered. I knew of the Holocaust but I was unaware of the other atrocious historic events that have marred their life such as the Crusades where Jews were forced t... ...vivid reminder of Christianity’s early hostility toward Islam† (Esposito 256-257). I found it even more distressing that the history of Christian deceit did not end their. Muslims remember hearing of freedom and independence but in all actuality, â€Å"†¦it was an independence of artificial creations† (Esposito 266). No one was really concerned with their independence as much as they were concerned with controlling their oil. Muslims also are unable to forget â€Å"†¦the 1967 Arab-Israeli war, now often called the Six-Day War† where â€Å"The Arabs experienced a massive loss of territory†¦Ã¢â‚¬  (Esposito 267). It is amazing to me the history of these three religions and how completely uneducated most people are to all three of the religions. How can we be expected to be tolerant of one another and our differences if we do not fully understand and appreciate the history of each other?

Holiday Decision Making

Name: Luong Thanh Long Class: FB3A CONSUMER BEHAVIOR AND HOLIDAY I- Holiday decision-making is different from the traditional problem-solving model of consumer decision-making: 1) The traditional problem-solving model of consumer decision-making: * Behind the visible act of making a purchase lies a decision process that must be investigated. * The purchase decision process is the stages a buyer passes through in making choices about which products and services to buy. * Five Stages of Consumer Behavior: A. Problem Recognition: Perceiving a Need: Perceiving a difference between a person's ideal and actual situations big enough to trigger a decision. * Can be as simple as noticing an empty milk carton or it can be activated by marketing efforts. B. Information Search: Seeking Value Two steps of information search| Internal search| External search| * Scanning one’s memory to recall previous experiences with products or brands. * Often sufficient for frequently purchased products. * When past experience or knowledge is insufficient * The risk of making a wrong purchase decision is high * The cost of gathering information is low. * Personal sources, such as friends and family. * Public sources, including various product-rating organizations such as Consumer Reports. * Marketer-dominated sources, such as advertising, company websites, and salespeople| C. Alternative Evaluation: Assessing Value * The information search clarifies the problem for the consumer by: (1) Suggesting criteria to use for the purchase. (2) Yielding brand names that might meet the criteria. (3) Developing consumer value perception. * A consumer's evaluative criteria represent both The objective attributes of a brand (such as locate speed on a portable CD player) * The subjective factors (such as prestige). * These criteria establish a consumer's evoked set * The group of brands that a consumer would consider acceptable from among all the brands in the product class of which he or she is a ware. D. Purchase Decision: Buying Value Three possibilities| From whom to buy| When to buy| Do not buy| which depends on such considerations * Terms of sale * Past experience buying from the seller * Return policy. which can be influenced by * Store atmosphere * Time pressure * a sale * Pleasantness of the shopping experience. | | E. Postpurchase Behavior: Value in Consumption or Use * After buying a product, the consumer compares it with expectations and is either satisfied or dissatisfied. * Satisfaction or dissatisfaction affects * Consumer value perceptions * Consumer communications * Repeat-purchase behavior. * Many firms work to produce positive postpurchase communications among consumers and contribute to relationship building between sellers and buyers. Cognitive Dissonance: The feelings of postpurchase psychological tension or anxiety a consumer often experiences * Firms often use ads or follow-up calls from salespeople in this postpurchase stage to try to convince buyers that they made the right decision. In short, in the traditional problem-solving model of consumer decision-making, people tend to consider and investigate all the needs and desires of a product carefully through a range of steps. There are both internal and external factors affect on the decision-making of consumer. ) Holiday decision-making, as described in the case: * The genetic decision about whether or not to go on holiday was not always the starting point; and sometimes this genetic decision was irrelevant. * â€Å"People have a limited capacity for analysis, and this leads them to break down complex decisions into hierarchical processes and take into consideration a small number of critical variables at each level to make the decision-making process more manageable†. * â€Å"When confronted by a complex problem, the human brain ‘satisfies’ more than it ‘optimises’,† explains Nicolau. In this situation, â€Å"the individual will try to choose an option that is sufficiently satisfying, regardless of whether or not it is the best choice†. 2 * Final decision and bookings are often made very late. * Informants often expressed post-decision regret, which people strove to reduce. * Searching for holiday information tends to be affected by external factors. II- Compare the information search process, as it is described here, with the search process that consumers might follow for one other product category: Holiday information search process| Consumer search process for one product| * Information collection for a holiday tends to be stopped when the holiday has been booked * Real information are collected during the holiday * Consumer will get more conflicted conscious of information. * People do not prepare their trip in much detail. In contrast, they want to discover unexpected things. * Incidental learning seems to play a bigger role than internal learning. * For only one product, consumer will take more time to collect information of a product and analysis in more details and intensive from lots of sources. * Information collection lasts till they ensure that this information is correct and they can make a comparison with other products. * Consumer tries to avoid unexpected situation. * Information search information tends to be stimulus-based (external)| III- The implications of the findings for managers marketing and promoting holidays: 4P principle plays important role in the man agers marketing. Holidaymaker should make a holiday that meets the needs of customer. If we don't provide a holiday special or offer that helps them with those goals, we are doing them and your business a grave disservice. We also need to survey clients and customers from the current year to see how they can improve in the future. Think about how your channels work together and which channels reach your target customer. Offer a free gift or holiday discount to customers who take the time to complete your survey and do not forget to keep contact with your customer. Customer surplus is a very important area in Marketing mix. Only the marginal consumer is willing to pay just the market price in typical supply and demand equilibrium. The consumers would be willing to pay more than the market price is what makes the demand curve slope downward. The amount that these consumers would be willing to pay, but do not have to pay is known as the consumer surplus. ——————————————– [ 1 ]. 2 The magazine Tourism Management, Juan Luis Nicolau and Francisco Mas analysed data from 2,491 people gathered by the CIS http://www-rohan. sdsu. edu/~renglish/370/notes/chapt05/

The Stages Of Cognitive Development - 1395 Words

Children grow through a chain of four serious stages of cognitive development, according to Jean Piaget, who is a well-recognized psychologist. Through the observations he made of children, Piaget established a theory of development involving four stages: the sensorimotor stage, which is from birth to the age 2, the preoperational stage, from age 2 to about the age of 7 and the concrete operational stage, ranging from age 7 to 11. The last stage of his development was the formal operational stage, which begins in adolescence and spans into adulthood (The 4 stages). Piaget said the most outstanding features of behavior happen within the first 2 years of children lives. The child s world cannot be showed mentally, so in a very literal sense, articles exist only when the child can physically see them for themselves. When objects are not seen by them, then they to fail to even exist to the child. This shows the idea of object permanence to the child, which is knowing the solidity of an o bject. The Sensorimotor stage is measured by children facing the world through senses that they use every day. The children s thoughts are egocentric, which means that they cannot understand or see the world through someone else’s perspective other than their own (Jean Piaget). Infants start to learn the world through their own movements and sensations every day. Learning everyday activities such as sucking, grasping, and looking help in this stage of development. Children learn that thingsShow MoreRelatedThe Stages Of Cognitive Development1290 Words   |  6 Pagesstudy of cognitive development that researchers and scientists still use today. Piaget’s Cognitive Theory includes the four stages of cognitive development from birth to adulthood: Sensorimotor, Preoperational, Concrete operational, and Formal operational. These stages include thought, judgement, and knowledge. 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The Global Financial Crisis and The Regulation of...

Lessons of GFC for the regulation of Investment Bank Investment Banks enable individuals, institutions such companies, governments to raise capital by offering underwriting services or working as an agents of the client in offering securities or in both roles. Investments banks play a very important role in stimulating investments in the United States both from individuals and corporate. The global financial environment has over the last decade experienced enough changes as can be witnessed from the key economic indicators. These changes have significantly impacted various stakeholders such as financial markets, money markets, capital markets and the general micro and macro economics players. Countries have been hit by recession and†¦show more content†¦The investment banks changed some of the products that they were offering to the market especially those which were considered highly risky. These are the products which were blamed as have led to increased speculations among the consumers. For example some of the derivative products that were in the market prior to the financial crisis have since been discontinued because they were highly risky and that over exposed the banks to higher level of risk. Lessons of Global financial Crisis for the financial products created by investment Banks. As mentioned above, some of the products that were being offered by the investments banks prior to the global financial crisis overexposed them to financial risks such liquidity risk. For an investment banks to be successful, they need to always predict the financial patterns and opportunities and then put in position resources so that they use these opportunities in the best possible ways. Following the global financial crisis and other challenges that have affected the financial sector, investment banks have employed revenue diversification trend. 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What is Nursing - 885 Words

â€Å"Nursing is†¦Ã¢â‚¬  Nursing has been a field in which new rules are being constantly enforced. It is also a field that requires the nurses to constantly review their material in order to be current with the changes in health profession. Nursing has always been around, but in different standards. Nursing began as a basic care and then it gradually expanded into a more critical and in-depth care. There are several definitions of what nursing is, but in my own perspective, I think nursing is the act of caring, comforting, respecting, and disciplining caring for an individual. To begin, the first most important point of what â€Å"nursing† is caring. Care giving is one of the most essential parts in the health field because it helps people to regain their strength and to improve their health. Nurses are required to take proper care of their patients by helping them recover from their illnesses, prevent additional illnesses, and also help them remain and maintain a heal thy living style. Nursing from the very beginning was built on care giving, assisting and taking care of people who couldn’t take care of themselves. In other words, I may say that care giving is the foundation of nursing. Without caregiving, nursing wouldn’t be as important as it is now, people will be dying of diseases that they know absolutely nothing about. That’s why nurses are being trusted and regarded as saviors because people know that the nurses are going to take proper care of them and also constantly give themShow MoreRelatedWhat Are Nursing Research?1359 Words   |  6 PagesWhat is nursing research and why is it important to nursing? Research is essential in all aspects of life. 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Implement Liberal Immigration Policies †Free Samples to Students

Question: Discuss about the Implement Liberal Immigration Policies. Answer: Introduction: The aim of the assignment is to create a talent management plan for HSBC Bank Australia to align their current practices with the best practices of the banking industry. The assignment has two sections which delve into the banking sector of Australia and its best practices in detail. The first section points out the three sub factors impacting the HSBC bank while the second section contains steps of talent management. The talent management section outline ways in which the international bank can acquire and manage talents to retain its position in the banking industry. The three most important sub factors in the banking industry in the field o talent management are the knowledge economy, globalisation and skill gaps and structural employment. These three most important factors can be linked to key factors driving organisational and economic changes like demographic factors, technological factors and economic factors. These factors play a very significant role in talent acquisition and management in international banking organisations like HSBC Bank Australia. The three important sub factors and their relation to the key factors are discussed as follows: The developed knowledge economies like Australia and their international banking institutions like HSBC Bank Australia consider knowledge as an important form of capital. They emphasise on talent acquisition and retention to maintain their strategic position in the market. HSBC Australia is a subsidiary of the leading British international bank chain, HSBC Bank(Globalconnections.hsbc.com. 2017). The banking industry is undergoing massive changes owing to technological changes which have made it possible for banks to acquire, manage, share and hold an almost endless body of knowledge. The demographical factors affecting the banking industry particularly in Australia shows that as the standard of life and health care facilities allow employees to postpone their retirement. They serve HSBC Bank for longer tenure which allow the bank to form long term business strategies where it can utilise the talented senior employees. Another factor which is strongly influencing knowledge management and talent retention is technological advancements like telecommunication and digitization(Gungor et al. 2013). These advanced technological help HSBC Bank to communicate with business partners all across Australia, gain knowledge from and coordinate between employees stationed in geographically dispersed location. This advanced technology and communication facilities help the banks to integrate the talents of both on role and outsourced employees to attain greater business excellence and business performance. Thus, factors like advancements in technology and demographical factors like increasing working age among people have resulted in more extensive knowledge management and talent acquisition at HSBC Bank Australia(Natek and Zwilling 2014). The banking industry and its practices in Australia are influenced deeply by globalisation. Globalisation has demographic, technological and economic implications on the working of HSBC bank Australia. The demography of Australia toady consists of immigrants from all the leading market nations in the world like the US, the UK, Canada, India, France and China. As a result HSBC Australia can use human resources from these countries to attain high level of work place diversity performances and organisational excellence(Mortimer et al. 2015). This diverse work culture and talent acquisition from various countries results in acquiring diverse knowledge which encourages innovation in the banking practices followed by the international bank in Australia. However, this availability of human resources from several host countries of HSBC has its own challenge and impact on the banks operations. Its diverse groups of employees have increasing expectations from the management which is compelling the take steps to control issues like cultural bias and conflicts among different cultural groups of employees. The advancements in technology has helped the bank to form virtual teams to which motivate employees from diverse cultural backgrounds to achieve high level of performances(Akinnusi, Sonubi and Oyewunmi 2017). Skill gaps and structural unemployment: The banking organisations of Australia like HSBC Bank Australia is experiencing gaps in skills and structural unemployment which is the outcome of change in demographic, technological and economic trends in Australia. The people in Australia owing to improve standard of lives work till longer tenure which allows the organisations like NSBC Bank Australia to utilise their talent for longer periods. Thus the organisation has huge talented workforce whom it has to allocate in strategic job areas(Connell and Stanton 2014). This failure to provide sufficient jobs to this growing population of employees creates large scale structural unemployment. Technological factors like advancements in banking methods and advent of online virtual banking in the banking sector requires the bank employees to have deep knowledge about latest banking technology. This requires often renders senior employees of HSBC Bank Australia without technical knowledge employed. The demographic factors of Australia lik e longer work tenure of employees prevents the bank from conducting career palknni8ng for the junior employees. The bank loses considerable portion of the work force due to this structural unemployment. The bank has resorted to re-skilling and peer to peer training to bridge these increasing gaps between skills like technical skills among old employees and strategic unemployment(Wright 2014). The above discussion shows that HSBC Bank in Australia suffers from three main issues, namely, advent of Australia into a knowledge economy, globalisation and gaps in skills and structural unemployment. The factors have significant impact on the talent acquisition and talent management of the international bank in Australia. The following are the steps to talent management for HSBC Bank Australia to solve these issues aligned with the best practices in the banking industry: HSBC Bank should align its total work force according to the business needs and the industry best practices. The bank is one of the best international banks in Australia and around the world which is recognised for its acquisition and management of talented employees. The increase in the tenure of the employment of employees will help the bank to use their knowledge and talent for longer period of time. The apex management, the departmental heads and the human department should align the employees according to their specialisation and area of expertise(Jackson, Sibson and Riebe 2014). For example, the younger employees could be allocated to sales and customer acquisition since they have knowledge about latest technology in banking and can use it as unique selling proposition to attract customers. The experienced senior employees can be allocated towards senior positions where they can utilise their knowledge and experience to lead their subordinates. This would also give opportunity to the company to train its junior employees to fill in the gaps of the senior employees after the latters retirement and minimise loss of knowledge due to resignation of experienced employees. This alignment of employees towards business needs would bring about career development and retention of both groups of employees(Basili et al. 2014) Create highly skilled pools of internal talents: The senior managers and the human resource departments should create a pool of talented employees who would contribute towards business development of the international bank. The senior managers and the human resource department should provide training to the employees to develop- their competencies and skills as bankers. There should be training sessions which would develop the knowledge of the employees about the best practices of the banking industry, law and customer relations. These trainings will enhance the competencies of the employees and help them to serve the customers better. The banking industry is dependent on the skills and competencies of the employees to offer financial services according to the requirements and expectations of the customers. Training would enable the employees to serve the customers better and yield high revenue for the bank. Thus creating a pool of talented employees would enable the banking organisation to deal with issues like structural unemploy ment(Silberman and Biech 2015). HSBC bank should create a performance linked payment scheme which would recognise the high performances of the employees and provide them with legitimate compensation packages. The company should first provide training to the employees to upgrade their skills and then apply the PLP scheme. The scheme would motivate the employees to over achieve their target levels of performances to get higher salaries and recognitions. This will also help the human resource departments to judge the performances of the employees while considering their appraisals and promotions. PLP would also help the bank to terminate poorly performing and irresponsible employees. This will leave posts vacant giving scope to the bank to acquire talented and highly skilled employees to maintain best practice standards prevalent in the banking industry(Zaleha Abdul Rasid, Ruhana Isa and Khairuzzaman Wan Ismail 2014). Thus PLP would help the bank to encourage the employees to increase their competencies, knowledge and talents to achieve high performance levels. These high levels of performances would enable them to gain promotion, career development and job satisfaction. This will help HSBC Bank Australia to retain and manage talented employees to achieve high market performances in the competitive bank industry. HSBC Bank Australia should exercise efficient management of knowledge within the organisation. The employees of all levels of the organisation should have access to certain extent with prior approval of the reporting managers. This would on one hand increase the level of knowledge and expertise among employees and prevent unauthorised access and misuse of data on the other hand. Conclusion: HSBC Bank should manage its human resources more efficiently to maintain its dominance over Australias financial market. It should give emphasis on making policies to ensure that the employees are motivated to perform and bring about their career growth. The policies and parameters to measure the employee performances should be aligned with the organisational goal. References: Akinnusi, D.M., Sonubi, O.O. and Oyewunmi, A.E., 2017. Fostering Effective Workforce Diversity Management in Nigerian Organizations: The Challenge of Human Resource Management.International Review of Management and Marketing,7(2), pp.108-116. Al-Zahrani, A.A. and Almazari, A.A., 2014. The impact of affective human resources management practices on the financial performance of the Saudi banks.Review of Integrative Business and Economics Research,3(1), p.327. Basili, V., Heidrich, J., Lindvall, M., Mnch, J., Regardie, M., Rombach, D., Seaman, C. and Trendowicz, A., 2014. GQM+ Strategies: A comprehensive methodology for aligning business strategies with software measurement.arXiv preprint arXiv:1402.0292. Bassett?Jones, N., 2005. The paradox of diversity management, creativity and innovation.Creativity and innovation management,14(2), pp.169-175. Connell, J. and Stanton, P., 2014. Skills and the role of HRM: towards a research agenda for the Asia Pacific region.Asia Pacific Journal of Human Resources,52(1), pp.4-22. Globalconnections.hsbc.com. (2017). Talent Management HSBC Global Connections. [online] Available at: https://globalconnections.hsbc.com/united-kingdom/en/topics/talent-management [Accessed 31 Aug. 2017]. Gungor, V.C., Sahin, D., Kocak, T., Ergut, S., Buccella, C., Cecati, C. and Hancke, G.P., 2013. A survey on smart grid potential applications and communication requirements.IEEE Transactions on Industrial Informatics,9(1), pp.28-42. Jackson, D., Sibson, R. and Riebe, L., 2014. Undergraduate perceptions of the development of team-working skills.Education+ Training,56(1), pp.7-20. Mortimer, G., Neale, L., Hasan, S.F.E. and Dunphy, B., 2015. Investigating the factors influencing the adoption of m-banking: a cross cultural study.International Journal of Bank Marketing,33(4), pp.545-570. Natek, S. and Zwilling, M., 2014. Student data mining solutionknowledge management system related to higher education institutions.Expert systems with applications,41(14), pp.6400-6407. Silberman, M.L. and Biech, E., 2015.Active training: A handbook of techniques, designs, case examples and tips. John Wiley Sons. Wright, C.F., 2014. How do states implement liberal immigration policies? Control signals and skilled immigration reform in Australia.Governance,27(3), pp.397-421. Zaleha Abdul Rasid, S., Ruhana Isa, C. and Khairuzzaman Wan Ismail, W., 2014. Management accounting systems, enterprise risk management and organizational performance in financial institutions.Asian Review of Accounting,22(2), pp.128-144.