Tracing Property Finance Nexus †Free Samples to Students

Question: Discuss about the Tracing Property Finance Nexus. Answer: Introduction In this report, the Al Futtaim Group of Company is discussed, citing their innovation history since its inception up to the recent date. The innovation success is measured by the quality of products that meets the desires of the consumers and direct clients of the company. The report also, discusses the current technology that the company uses, the performance as well as the capabilities or the maximum potentials of the company. The report also, outlines the performance and the existing state of the company as at the year 2016. The company was first initiated in the early 1930s as a trading company. Since is establishment, Al-Futtaim has been expanding and progressing in terms of its fixed assets, capital investments, number of employees and liquid assets. Their main headquarters is based in Dubai, United Arab Emirates. The company started by linking with the industrial and commercial partners in offering their services and expanded their business into various practices. Currently, the company delivers services that includes, but not limited to automotive, engineering and technology, financial services, electronics and general services among others. The company has expanded its business operations to more than 60 branches across the United Arab Emirates. The company after its expansion, decentralized every aspect of operation that offered flexibility to the individual business so as to attain a competitive strategy. Each individual company, therefore strives to offer services (Buckley Hanieh 2014, p.158). I would like to work in this company after completion of my undergraduate studies since it offers a good environment for knowledge development and experience. The reputation of the company is far much enough to set a standard of a career future, especially for those pursuing the BBA. The key innovative products that the company offers includes the electronics and other engineering and technology products. These range of products are attract large number of customers that increases the turnover of the company. They also offer nautica lifestyle products which are innovative and diverse in terms of quality and design. This diversification makes the company to serve the needs of the varied nature of their clients in a manner that is satisfying. The company is never afraid of pushing their limits in terms of technology and innovations. This constitutes their expansion and the ever increasing turnover of the company. The company was one of the first Arab companies to establish trade links with worlds largest business corporations like the Toyota Company. The company employs their workers from various parts of the world that come from over 10 different countries. The performance of the company has been outstanding due to the diverse nature of employees that the company boasts. The total staff of the company is estimated to be more than 40,000, unlike during the early stages of its establishment where they had a few number of employees or staff members. They concentrate on satisfying their customers and clients by offering quality services within the expectations of their clients. Their mission statements centers at various values such as respect of their clients and individual members, trustworthiness, inspiration and innovations. The Al Futtaim Group of Company existing Innovation performance and capabilities When measuring the companys performance, I used the evaluative approach to the varied range of products as well as the existing business data. Also, application of the appropriate methodologies helps one to identify the drivers of the innovation within and outside the management of the Al-Futtaim Group of Company. The companys current innovation rates is at its peak, where most of the products and types of business they engage in, is nearly saturated. After their involvement in the automotive, financial and engineering and technology services among others, the company seem to be dry of new ideas. The company therefore, needs more realization of ideas in order to manage the competitive nature of the market. The total divisions, in terms of the products that they offer are more than seven. These divisions covers the real estate management services, retail services, travel and tours, electronics, automotive and insurance among other services. These are some of the innovations that has driven the company into the next level of business operation in the United Arab Emirates. In the United Arab Emirates, the Al-Futtaim Group of Company are the major automobile dealers, whereby they directly compete with first production industries such as the Bavaria motor works (BMW), Nissan, KIA, and Hyundai motor s among others. These other industries are threatening the market shares of the company, since they compete from all the angles, that is, both the quality of the products and their prices (Almezaini 2012, p. 57). Al Futtaim Group of Company in terms of hospitality sector needs to improve. They need to create conducive environments to their guests, and ensure that they meet the preferences of the individual customers. By personalizing the customer satisfaction, the company will be able to increase the loyalty of their customers. The AL-Futtaim Technologies, for example, will ensure better interaction of the customers with the hotel management and staff members. Every customer that the company serves is very crucial, and thus they should never take customer satisfaction for granted. Improving the customer experience is one of the drivers of innovation for the Al-Futtaim Technologies, where services such as the simplification of transactions should be implemented in their operation systems. Checkouts and check-ins should be simplified processes that takes their customers less time. Technology is at the heart of every competitor company, hence Al-Futtaim Group of Company or the Al-Futtaim Technologies should implement the use of efficient credit cards at designated points to enable their clients to pay for the services at their convenience. This is one of the external focus of the company, where they need concentrate in order to attract and retain most of the clients or customers. The management should utilize the engineers and the computer experts which are part of the companys staff to ensure that they are always up to date in terms of the technology that they are utilizing. This provides a competitive advantage over the rest of the competitors in the market. Effective team working of every department member of the company will ensure that the success is achieved (Sager 2007, p.10). Competition from various companies such as the Nissan Motors, Hyundai and other companies are the key innovation drivers that makes the Al-Futtaim Group of company staff to tirelessly improve on their service delivery. The stiff competition in terms of prices of the automobiles for example, has necessitated the application of more technology in the production and supply process to minimize the costs incurred in those processes. These minimized costs will ensure the output products have low prices, which will eventually provide for the competitive prices of their end products (Almezaini 2012, p. 50). Increasing globalization of the Al-Futtaim Group of company is another key driver of innovation. The company is seeking to spread its influence in terms of expansion of service delivery and that is seen in the presence of mobile branches in many of the countries (Over 10 different countries). This expansion calls for creative strategies of expansion and managing satellite branches in various parts of the world. This includes such provisions as how to run those branches concurrently according to the provisions of the set standards of the headquarters. Managing the employee attendance of the ever increasing number of staff members or employees of the company. Increasing customer expectations calls for innovation within the company. The Al-Futtaim Group of Companies has good reputation, and in that case, have had a lot of long term loyal customers. To meet their needs in terms of satisfaction in terms of their services that they provide, the company has been forced to employ highly qualified staff members. This kind of staff that ranges from engineers, managers to the general staff have to offer services that satisfies every individual customer (Spraggon and Bodolica 2014, p.10). This satisfaction of customers s due to improved innovations that meets the needs of the clients, and hence retention of the existing customers and attractions of new customers. The Al Futtaim Group of Company has also, enjoyed the continued support of the government of Dubai and Abu Dhabi in terms of provision of conducive environments that provides for smooth operations. The government of Abu Dhabi recently provided the company with a piece of land that helped the company in the expansion of business operations (Hertog 2007, p.54). The piece of land could accommodate almost 15000 vehicles that the company stocks for local sales as well as their exports. As at 2016, Al-Futtaim Group of Companies has made a lot of progress, for example, it is the pioneered the sale of the hybrid cars. The company leads in terms of sales of the Toyota Prius type of hybrid cars. This is one of the achievements that the company has made in history (by registering over 530% growth in terms of sales). The Al-Futtaims continued sensitizing of its customers to use the hybrid type of cars is one of the major boosts to the incredible turnover. These hybrid vehicles are economical in terms of fuel consumption, apart from being environmentally safe since it emits less carbon to the atmosphere. The Al Futtaim Motors as at the end of the year 2016 was covering the largest part of the shares in the United Arab Emirates stock market. As a matter of fact, almost 70% of the total shares came from the Dubai market alone. The Al Futtaim Motors still retained the largest market share in terms of the market supply of vehicles (almost 20,000 vehicles), through various dealers such as the Western Auto, Green Valley Motors, River Start and Legend Motors among many other dealers. Through its main car dealer, the Ghassan Aboud Cars, the company exports a minimum of 11000 vehicles to the external markets such as the Indian market, China, Southern America and West African among other various countries of the world (Randheer and Al-Aali 2015, p.54). The net worth of the Al Futtaim as at 2016, was more than $2 billion, making it among the top richest companies in the United Arab Emirates. Other co-companies that are part of the Al Futtaim includes the Al Futtaim Motors, Wester and Robinsons Co. among others. Conclusion Al Futtaim Group of Companies is one of the most successful companies in the world, and it is due to its success in terms of business expansions. The company expanded locally, and eventually to a global company due to innovation drivers that acted as a pull. Due to ever increasing technological advances in nearly every sector, competition is increasing forcing companies to find new methods of satisfying their existing customers while attracting new ones. Reputation of the company plays a critical role in influencing the growth and development of the company. This is the case with the Al Futtaim Group of Companies, where, for many years, they have kept their reputation by ensuring that their customers are every satisfied through delivery of quality services. References Almezaini, K., 2012. Private Sector Actors in the UAE and their Role in the Process of Economic and Political Reform. Business Politics in the Middle East. London: C. Hurst, pp.43-66. Buckley, M. and Hanieh, A., 2014. Diversification by Urbanization: Tracing the Property?Finance Nexus in Dubai and the Gulf. International Journal of Urban and Regional Research, 38(1), pp.155-175. Hertog, S., 2007. The GCC and Arab economic integration: a new paradigm. Middle East Policy, 14(1), pp.52-68. Randheer, K. and Al-Aali, A., 2015. What, Who, How and Where: Retailing Industry in Saudi Arabia. Journal of Competitiveness Studies, 23(3), p.54. Sager, A., 2007. The Private Sector in the Arab WorldRoad Map towards Reform. Arab Reform Initiative, 10. Spraggon, M. and Bodolica, V., 2014. Dynamic Characteristics of the UAE. In Managing Organizations in the United Arab Emirates (pp. 1-16). Palgrave Macmillan US.