present to
Department of Accountancy,
An advantage that the Credit Circles processes of supermarket in Hong Kong has significant effect on their development
Abstract
I will find some respondents who took part in this study are already mature in age, responsible and reliable. They are also aware of what’s happening in their organisation and are deeply concerned about the value of Credit Circles in Hong Kong Supermarkets and its impact on business development.
I will use computed ANOVA for find some different form Wellcome and ParknShop. I will confer Financial Report Synthesis that review of financial capabilities and resources towards business sustainability revealed very little inconsistencies regarding its strategies.
I will confer that Wellcome and ParknShop they are any statuses in future in their parent company and when they’s current financial situation carries on consistently, which company and it will do any thing for contributes significantly to the progress of the firm as a whole
Table of Content
Abstract……………………………………….…..…………….2
Table of Content…………………………….…..………...…….3
Acknowledgement……………………………………..……….4
Chapter
1. Introduction…………………………………………….……..5-11
2. Objectives of the Study……………………………………………..….12
3. Literature Review……………………… ……….…………..13-27
4. Methodology…………………………………………..….…28-34
5. Finding and Analysis………………………………………..35-52
6. Conclusion……………………………………………..……53-58
7. Recommendation…………………………………………………58
8. Reference……………………………………………….………59
9.Appendixes ………………………………… …………….60-62
Acknowledgements
I would like to thank for the persons who spent much contribution to this researcher. My supervisor, exercised great patience on helping me with my data collection and analyses. He gave his knowledge and a perfect support over the whole period of this researcher, and especially at the last stage of completing this article during the final tense weeks.
I also need to thank for my family, for all coffee, snack and their patience on my emotional feeling. Especially my father, he gave me much opinion for this research.
Lastly, thank all of Lectures of who have been very cooperative with the research, and positive with my response to my research.
Chapter 1
Introduction/Purpose
Background of the Companies
Business development is very vital to the progress of companies. In any contemporary operating organisation, progress that the company is making is recorded as basis for, among a host of other essential things, decision-making and as a benchmark for measuring the firm’s performance for the period under scrutiny. A financial situation analysis is one such yardstick that documents current and future financial situation in an attempt to determine a financial strategy to help achieve organisational goals. As formally defined by Riahi-Belkaoui in 1998, financial analysis ‘is an information processing system used to provide relevant information for decision making’ (p. 1). The main sources of information for such analyses are published financial statements of the concerned company. Various accounts from published financial statements are evaluated in relation to each other to form performance indicators, which are then compared to ‘established’ standards. These performance indicators are better known as ratios, and constitute the main tools of conventional financial analysis. For the last several years, businesses have seen the rapid growth of the number of firms offering financial situation analysis services. This serves as a proof that more and more organisations are realising the importance of the analysis of their financial situations in order to keep up with the demands of the business world nowadays. As part of this development in financial aspect of the company, the issues concerning credit circles tend to contribute.
PARKnSHOP is basically one of the two largest supermarket chains in Hong Kong (the other is Wellcome Supermarket). Currently, ParknShop manages more than 260 business branches in Hong Kong, Macau, and Mainland China. On the other hand, Wellcome Supermarket is also supermarket chain similar to ParknShop which was owned by Jardines via its Dairy Farm subsidiary. As stated previously, the Wellcome chain is also one of the largest supermarket chains in Hong Kong, and is the price leader of the market. Wellcome are also operating in the Taiwan.
Profile of Wellcome and ParknShop
Supermarket chains are one of the most expressive businesses in Hong Kong today. Basically, in 1973 PARKnSHOP was acquired by Hutchison Whampoa. By that time Hutchison Whampoa was chaired by Douglas Clague. For a decade the store continued to be a local retailer until the mid-1980s the company started to expand outside Hong Kong. The concept of PARKnSHOP imitates the larger supermarket layout found in North America. Thus, it sells both Chinese merchandise and imported western goods. Currenlty, PARKnSHOP is a member of the A.S. Watson Group.
On the other hand, WELLCOME, one of the competitors of PARKnSHOP also shows expressive development from its previous years of business operations. The company, was founded in 1945. Similar to PARKnSHOP, Wellcome is Hong Kong’s longest-established supermarket chain. Since 1964, the company has been wholly owned by Dairy Farm. Dairy Farm has other supermarket interests in the Asia Pacific under different brand names. It is significant to note that the appropriate spelling of the name of the supermarket should be “WELLCOME” (double L), instead of “WELCOME” (single L).
Vision & Mission
From the previous discussions, this paper will be dealing with the current business development in PARKNSHOP and WELLCOME in accordance to credit circle issue. To evaluate the current stance of these business organisations, the use of financial reports in accordance to their financial ratios has been considered. Atril & Mclaney (2004) mentioned that by calculating a relatively small number of ratios, it is often possible to build up a reasonably good picture of the position and performance of a business. Ratios help to highlight the financial strengths and weaknesses of a business, but they can not, by themselves, explain why certain strengths or weaknesses exist, or why certain changes occurred. Just by details investigation will find the reasons. Ratios can be grouped into certain categories; each of them identifies a particular aspect of financial performance or, position. There are five broad categories which define as follows: (1) Profitability; (2) Liquidity; (3) Financial Leverage; and (4) Asset Management (Pike & Neale 1999). Basically, this paper will explore the answer to this question: “What is the current business stance of PARKnSHOP and WELLCOME in accordance to credit circle?”
Key Issue/phenomena
This paper is an analysis of the business performance of two well-known supermarkets in Hong Kong i.e. PARKNSHOP and WELLCOME in accordance to credit circle. These companies are operating in a very tough and highly competitive industry. The main purpose of this paper is to examine the impact of credit circle to these companies. This paper also attempts to evaluate what might be the other factors that can influence the company’s growth and its decision making and than to see the limitations of the financial analysis. These performance indicators are better known as ratios and constitute the main tools of conventional financial analysis. For the last several years, businesses have seen the rapid growth of the number of firms offering financial situation analysis services. This serves as a proof that more and more organisations are realising the importance the analysis of their financial situation in order to keep up with the demands of the business world.
Rationale of doing the study
Financial reporting is a continuous process that provides management information and financial statements. To effectively review interim and annual financial statements, the committee must understand the company’s business and industry, and the attendant risks. The committee should be satisfied that the key financial systems and the procedures and controls that support them will generate information necessary to manage and properly report on the operations of the company.
On the other hand, credit issues particularly the credit circle has a significant influence not only on the financial reporting at most companies but also to their overall business process. Thus, this study will be discussing the issues and impact of credit circles to the development of two-well known business supermarket chains in Hong Kong i.e. PARKnSHOP and WELLCOME.
Significance of the study
This study plays a significant role in business development since many companies are now considering credit circle to be more competitive. Basically, these companies are embracing the strategy to their business and their overall business process to increase business development. Basically, credit circle is run by an administrator, often an insolvency practitioner. He will have had access to all the information provided by all the credit controllers/circle members and discussed at the business meetings. In addition, credit circles issues among business today is more related on the clearing of accounts in a credit clearing system which is very similar to the system presently used by banks for clearing checks. On the other hand, debit cards and electronic transfers can be used. Each business affiliate opens an account in a local credit circle and each account is assigned a credit limit, which allows the member to buy from others in the circle without necessarily having to earn credits first. The line of credit for each member can be based upon any of several criteria as judged necessary to provide adequate security to the system and ensure the continued value of the credits. The most conservative approach would be to require that each line of credit be secured by the pledge of collateral of some kind and of sufficient value to cover any possible default.
Moreover, the study will be significant in management/business firms in a sense that it will broaden their knowledge about credit circle and will help them decide if the business strategy is more of an advantage or a disadvantage. Furthermore, it will contribute to business research. This can be used as a future reference for future research that will focus on other factors of credit circle or other issues concerning business and financial progress. In addition, this study might become of great use to different businesses because if ever proven in this study that a credit circle is more advantageous than disadvantageous, it will have a positive bounce on them. Research materials are useful in persuading people to adopt something new like the credit circle in business organisations.
Expected Outcomes and Scope of The Study
In relation to the challenges in business, PARKnSHOP and WELLCOME should create effective and efficient strategies that satisfy the needs of modern society. Basically, this research study only covers the effect of credit circles to the said companies. The outcome of this study is limited only to the data gathered from books and journals about credit circles and business reports and from the primary data gathered from the result of the questionnaire survey and interview that will be conducted by the researcher. In accordance to the validity and reliability of the data, the researcher will provide necessary actions to support the collated data such as proper use of different methods regarding the determination of samples and selection of textual information. Although inconclusive, the results of this survey should be viewed as indicative of the status of credit circle in relation to PARKnSHOP and WELLCOME at the time of the survey.
This study shall investigate the impacts of credit circles to PARKnSHOP and WELLCOME. As stated before, the primary source of data will come from a company reports and from the questionnaire and interviews conducted by the researcher in PARKnSHOP and WELLCOME. The respondents of the study will come from the rank and file staff and the management team. The secondary sources of data will come from published articles from Business and finance journals, books and related studies on credit circles and business development.
Moreover, this study provides a useful role to society since it depicts the future of a certain business with regards to business development. Furthermore, this study provides quantitative or statistical treatment for the findings. Additionally, all data will be addressed through interpretation and in-depth evaluation. Furthermore, the number of respondents is limited to 30 in total because of insufficient time and the difficulty of requesting and setting appointments for interviews. Finally, this study also focuses on the technical advantages credit circle since it is focused on the financial and other non-technical advantages that credit circle can provide. After all, technical benefits should always result in improvements in the measures of organisational performance.
Aim of The Dissertation
As previously discussed, this study will be considering the issues and impact of credit circles to the development of two-well known business supermarket chains in Hong Kong i.e. PARKnSHOP and WELLCOME. The issue thus is whether credit circles is significant to the business operation of PARKnSHOP and WELLCOME. The study aims to have a significant contribution the development of business process in Hong Kong particularly to the supermarket chains.
Objectives of the Study
This proposed study seeks to achieve the following objectives:
Chapter 2
Review of Related Literature
Food distribution plays a vital role in the economy of any country and in the well-being of its citizens. In Hong Kong, food distribution is the nation’s largest business with annual sales reaching an all-time peak each year. Traditionally, typical families in the country have been spending approximately 25 per cent of their income for food. This percentage has remained relatively constant for many years. However, an increasing percentage of the family food expenditure is paying for meals served away from home, slightly reducing the share spent in the food store. The development of supermarkets in the country offers help to the citizen by giving excellent services. However, this development among supermarket chains has several variables in the business that needs consideration. Issues pertaining to credit circles aside from other factors in the business such as leadership, innovation and motivation become vital.
The Credit Circle
Basically, financial issues affect the development of any business organisations. Credit development is one of the variables that are being considered by most businesses. Credit circle is essential to make a business successful especially in financing the business operations. Basically, from the corporate firm’s point of view the financial manager’s objective should be to invest in projects which add to corporate and shareholder value. Meaning to say, the manger should evaluate first the possible outcome of any credit or financial activities to be used in a certain business. Actually, the problem is that at the outset it is often difficult to determine which assets or projects will be wealth enhancing and which will be wealth reducing. All the more reason people should employ good appraisal techniques and procedures to help us make the right choice. For a wealth-maximising business enterprise, the most common form of investment is in real corporate assets. Such assets are clearly very important since, for most firms, they represent the largest financial investment and are the key earning assets of the firm. In business, investment decisions are made for many reasons especially in credit circle issues, but although the motives may differ, the techniques used to evaluate them are essentially the same.
SLEPT and SWOT ANALYSIS of ParknShop and Wellcome
SLEPT ANALYSIS
Social Influences
- The terrorist attacks in recent years have affected the consumer’s attitude on going to public places.
- There is a significant demand for retail merchandise in Asia.
- The merchandise sold in both ParknShop and Wellcome stores could be considered as basic commodities for the public.
Legal Influences
- Lawsuits has become the basic defence of a shopper or an employee when they are subjected to a certain level of discomfort on stores
Economic Influences
- The Asian crisis and terrorist attacks globally has also affected the sales of the company
- Competitors are closely breathing down ParknShop and Wellcome’s neck
- ParknShop and Wellcome are currently expanding its market by looking to other opportunities aside from the supermarket industry.
Political Influences
- The Hong Kong’s policies concerning businesses development has increase foreign investments.
- The government has ensured the security of companies by passing legislatures protecting them in order to provide more jobs for the Hong Kong public.
Technological Influences
- ParknShop and Wellcome tapped the internet by installing a website for home shopping.
- A considerable number of internet home shopping companies has been established itself long before ParknShop and Wellcome.
Actually, the organisation’s market environment context is thus made up of all the conditions and factors external to the organisation that can positively or negatively affect the life, orientations, structures, development and, in a word, the future of organisation. The research on an organisation’s market orientation would also be helpful in the study. Research on market orientation has centred on understanding the construct and examining its relationship to performance. Two important studies sought to define and operationalise market orientation. Based on an extensive review of the literature on sustainable competitive advantage and marketing strategy, Narver and Slater (1990) operationalised market orientation as consisting of three dimensions: customer orientation, competitor orientation, and inter-functional coordination. Using both a literature review and field interviews of managers, Kohli and Jaworski (1990) operationalised the market orientation construct as consisting of three basic components: intelligence generation, intelligence dissemination, and responsiveness. Intelligence generation extends beyond collecting information about customer needs and preferences to include information about the entire task environment confronting an organisation. To be market-oriented, an organisation has to communicate, disseminate, and often “sell” market intelligence to relevant departments and individuals in the organisation. (Kumar, Subramanian, & Yauger, 1998). And finally, the market-oriented organisation responds to or acts on the market intelligence gathered and disseminated.
Year after year, sales, profits, and shareholder returns from this massive group of discount stores increase, defying economic cycles and the woes that seem to beset other retailers from time to time. Some argue the reason is market power: Kmart built its business by opening stores mainly in small communities where there was less competition. Others point to its systems: electronic linkages with suppliers that keep the shelves well-stocked at minimal cost. Another explanation is highly motivated staff, inspired by the late Floyd Hall’s habit of driving around visiting stores, and supported by concepts like teamwork and delegation. Paying attention to customers is also mentioned: at Kmart customers really do come first. And of course leadership, the most intangible but perhaps most potent factor in management cannot be ignored. Kmart represents a combination of factors – a thousand infinitesimal actions and decisions – that together have led to its unusual success.
SWOT ANALYSIS
Strengths
Actually, ParknShop and Wellcome’s strengths include competent top management and rank & file for operation and maintenance since their current CEO’s and their current restructuring plan contributes to the development of the company. Actually, CEOs of respective companies has proven themselves to be of grand worth to companies.
ParknShop and Wellcome’s which is Subsidiary company. ParknShop and Wellcome’s which their CEOs of respective companies have proven themselves to be of grand worth to companies, they would keep customer base for make large profit. ParknShop and Wellcome’s was a competitor, so they also place compete for keep customer base. In my idea ParknShop and Wellcome’s which is Subsidiary company, so they also get large money support by parent company, than they can place compete but also have enough current cash for ruining.
Weaknesses
As indicated, the weaknesses of ParknShop and Wellcome include their incapacity to contend with other small supermarkets on price, status, and inability to execute goals and strategy, and their corporate culture.
Opportunities
The opportunities for ParknShop and Wellcome are their private-label merchandise, which has enhanced in both quality and value. Overseas Expansion is another prospect for all companies within the retail business. Even though ParknShop and Wellcome has lately pulled out of various global markets and ventures, they are still vigorous in others. Also, when they are throughout reformation, ParknShop and Wellcome will most likely have other chances for global prospects.
Threats
As illustrated, the threats in front of ParknShop and Wellcome contain small businesses in Hong Kong viable pricing strategy. Small supermarkets in Hong Kong have also strong supplier dealings that make them suppression into lower prices.
In accordance to this development and issues in food distribution, supermarkets which are relatively contributor in distribution of food are vital in society’s progress. This part of the chapter will be discussing the reviews concerning businesses process of supermarkets in Hong Kong particularly WELLCOME and PARKnSHOP. In accordance to the value of credit circle, these supermarket chains also operate through the aid of various factors such as leadership, innovation and motivation. From this, literature has documented how these attributes had been applied in business. As previous researches had illustrated how these attributes have benefited entrepreneurs, the interest on them has substantially increased. The following literatures discuss the value of these three attributes to various business operations and to their initial development.
Leadership
With the increasing business challenges, like cutthroat competition and economic changes, business leaders are considered as essential for development and success. In addition, the style and efficacy of leadership in a business makes it distinct from others. In a number of articles and literatures, leadership has been recognised as an important element in implementing strategies for business direction (Porter, 1996; Collins and Porras, 1996). This direction towards progress can be achieved by the business leaders’ potential to integrate innovation, creativity and determination within the operation.
Over time, the role of business leaders to business development has become more diversified. The traditional belief that business leaders should concentrate on employee motivation has long been transformed. At present, leadership as a business attribute should also serve as a competitive weapon (Pfeffer, 1995). In order to play this leadership role, leaders should have certain elements. These include a strong moral integrity, confidence in ones own beliefs and purpose, strong dedication to the business’ goals and vision, above average sense of creativity and innovation, powerful optimism and drive, dedication to the establishment of business competence, strong qualities of teamwork and persuasiveness as well as stability of emotional and intellectual aspects (Goleman, 1998; Hodgetts, 1996; Hamel and Prahalad, 1994).
Aside from the importance of particular leadership skills, literature had also emphasised that businesses should apply leadership styles other than the command and control model. Specifically, businesses should employ the serve and support model into their operations as a mode of leadership. In this style of leadership, followers are provided with a substantial deal of psychological capital and latitude to progress at their own pace (Simons and Davila, 1998). This type of business leadership enables the creation of a learning organisation. In addition, it also promotes the cultural interest to bring out new ideas, application of new methods and development of modern approaches for business operation (Wishart, Elam and Robey, 1996).
Other significant issues with regards to business and leadership had also been discussed in literature. One of these issues is on the role of women and minorities in business leadership. Women for example tend to encounter the business and organisational phenomenon known as the glass ceiling. This pertains to the common observation during the early 1980s where women often encounter an invisible barrier in climbing the corporate ladder, particularly in reaching the position as business leaders (Chaffins et al, 2002). The issue on sexual discrimination typically prevents women from reaching senior managerial positions. In turn, this discriminatory act creates a stereotypical image that men are more capable as business leaders than women. Specifically, this issue emphasises that men are more intellectually and emotionally skilled as business leaders. Indeed, this creates a major obstacle for women who have potentials to become efficient business leaders.
Women who were able to successfully reach the management position have concluded that they need to have the skills, courage and willpower in overcoming the business environment with typical male-established norms. In addition, women should also have natural skills for policy making in order to make it through the rigors of the male-dominated work environment (Crampton and Mishra, 1999).
Aside from the glass ceiling, research studies have also identified the relation of minorities with that of business and leadership. In addition, it has also been observed that the effect of race on organisations and businesses is more profound as compared to gender issues, at least in the case of white women. The researchers believed that this tendency may be brought about by the social distance between white women and men are less that the distance of white men from people of colour. The social distance between both groups is further worsened by their limited interaction in non-work aspects (Wilson, 1996; Massey and Denton, 1993). While this may imply that women may have greater chances in becoming business leaders than the members of minority groups, such problem is undeniably evident in various business settings worldwide. Thus, as a significant business attribute, leadership should not be focused on an individual’s gender or cultural origin, considering that the efficacy of ones leadership has nothing to do with both of these factors. Leaders in business should possess more significant potentials and skills that will facilitate the initial development of a business.
Innovation
Innovation has been defined in various ways over the years. In the early times innovation has been recognised as the process in creating a new item and adopting it into the system (Zaltman, Duncan and Holbeck, 1973). Over time, the research on the value of innovation to business has been divided into different levels based on the organisational unit (e.g. regional, firm, project levels). Moreover, the manner how business organisations develop through innovation has also been subjected to research. One of these researches was conducted by Christensen (1997). In this study, the researcher defined the difference between sustaining from technological change. Specifically, Christensen noted the reason why successful innovators prefer sustaining technologies over disruptive technologies. The researcher stated that the main reason for this is that sustaining technologies enables the improvement of the performance of established products. Moreover, these involve performance dimensions that regular customers in primary markets have previously valued. On the other hand, disruptive technologies propose new value that few customers, usually new ones, patronise.
This perspective has been supported by the study of Meeus and Oerlemans (2000). Investigating the innovation process at the firm level, the researchers concluded that the adaptation strategy or focusing on constant innovation is a better policy as compared to gradual or selective innovation. Within the project level, early studies such as the Stanford Innovation Project, the NewProd Project and the SAPPHO studies (Maidique and Zirger, 1984; Cooper, 1980; Rothwell, 1972) had all illustrated the relation of successful projects for new products development with consumer education.
Up to the present time, researchers have continuously devoted productive efforts in studying the application of innovation to business. Businesses have supported the findings of these researches as studies emphasise the role of innovation as a primary element of survival. Indeed, literatures have concluded that innovation is more than an investment but more of a requirement. Currently, innovation is also recognised as the attribute that allows organisations to enhance the quality of their performance and outputs. Innovation also enables businesses to create alternative applications for existing product lines as well as enter new markets. According to Dougherty (1996), considering the increasing competition in the business world, in addition to growing markets and technologies, innovation is really not just a mere fad but a necessity.
The role and significance of innovation in business have been substantiated by numerous organisational surveys. In the survey conducted by Little (1997) for instance, the chief executive officers of 669 firms worldwide had considered innovation through technological means as essential in developing competitive advantages. In 1993, Hogg conducted a survey using telecommunication companies within six European countries and found out that both innovation and strategic vision were essential to the efficacy of the junior and middle managers’ performance. Moreover, other similar researches also found out that innovativeness is among the top ten characteristics of successful businesses (Ulijin et al., 2000).
Motivation
During the early times, employees were typically viewed as common inputs that help the company generate standard goods and services. Eventually, this initial perception has changed due to previous researches. One of these studies was the one done by Elton Mayo, which concluded that money is not the only thing that motivates employees and that their behavior id directly related to their attitudes. These findings were discussed in detail by Dickson (1973). Aside from this research, the approach to human relations management was also pioneered by the Hawthorne Studies, where the research concluded that the motivation and needs of the employees are considered among the main priorities of business and organisational managers (Bedeian, 1993).
A number of contemporary authors have already defined the principle behind motivation. Kreitner (1995) for example, have defined motivation as the psychological process, which gives behaviour direction and purpose. Another definition defines motivation as the tendency to behave in an appropriate manner to attain certain needs (Buford, Bedeian, & Lindner, 1995). Higgins (1994) also gave meaning to the concept of motivation by defining it as the internal drive to satisfy individual needs.
The introduction of several researches on employee motivation has also given birth to a number of theories explaining the factors that motivate employees. These theories include the reinforcement theory, equity theory, expectancy theory, the need-hierarchy theory and the two-factor theory. According to Skinner (1953), the reinforcement theory suggests the behaviours of the employees directly impact the outcome of their work or their performance. Thus, an employee with a positive behaviour will bring about positive outcomes, whereas those with negative behaviours will lead to negative results. Thus, the positive behaviours of the employees should then be reinforced by their managers so as to generate more positive outcomes.
The equity theory on the other hand, implies that workers strive for equity amongst themselves. Adam’s equity theory explains that equity is obtained when the employee outcomes is in proportion to the input (Adams, 1965). Thus, this motivation theory implies that the efforts of the employees at work as well as their good performance should be rewarded appropriately by their managers. Vroom’s expectancy theory implies a similar concept. In this theory, Vroom (1964) indicated that the employees’ effort leads to performance and that this performance should be given due rewards and recognition. The nature of these rewards however can be good or bad. The managers should consider giving more positive rewards as these will make employees more motivated.
Maslow (1943) had identified five levels of employee needs, which include the physiological, social, ego, safety and self-actualising needs. Herzberg on the other hand (Herzberg, Mausner, Snyderman, 1959) had classified motivation into two factors. These two factors are motivators and hygienes. Intrinsic or motivator factors pertain to recognition, achievement and attainment of job satisfaction. Alternatively, extrinsic or hygiene factors refers to job security and payments.
Based from studies and researches, the need for motivation in the initial development of businesses is reliant on the purpose of survival. In the beginning stage of a business, employees should be provided with substantial motivation as they will be important keys for the business to survive. While this is a recognised fact, managers tend to find motivating employees complicated and difficult, particularly as employee behaviors and attitudes vary constantly (Bowen & Radhakrishna, 1991). In one study for example, the conclusion suggested that as the income of the employees increases, it becomes a less motivating factor. In addition, as employees grow older, interesting jobs become a primary motivating factor (Kovach, 1987).
Financial Issues
In accordance to the development and progress of the business, credit issues are always considered in the financial aspects of the company. Credit circle are also part of this issues. In addition, credit circle enhances processes by creating better feedback loops. Continuous and real-time reviews help to identify and eliminate problems before they grow. Nowadays, core values and beliefs of different sectors in the society are being challenged and questioned. Different institutions such as government, economic, philanthropic and even religious institutions are facing inconsiderate and often justified scrutiny for fraudulent and abusive behaviours resulting to tremendous losses, financially and psychologically, for many innocent people. As leaders try to chart the direction for their organisations, they can not help but face these underlying concerns about their business. Hong Kong supermarkets, at the most basic level, can be defined as “businesses that either own or control by either local or foreign subsidiaries in more than one country”. Accordingly, Hong Kong supermarkets such as ParknShop and Wellcome vary from each other in terms of their size, nature of business, size of overseas operations, location, ownership and organisational structure.
Basically, one theory deemed influential on business development aside from credit circles that might affect the financial capabilities of a certain organisation is the product life cycle theory (Sloman and Sutcliffe, 2003). Morgan and Katsikeas (1997, p. 69) said this theory explains how a product may start as a country’s export and work through the life cycle to ultimately become an import. In addition, this theory proposes that a business will shift production around the world in order to reduce costs and extend a given product’s life cycle (Sloman and Sutcliffe, 2003).
The product life cycle can be divided into four phases: the launch phase, which will tend to see the new product, (the one that is to be exported to the rest to the world) produced in the economy where the product is developed; the growth phase, the phase where the business, in order to maintain competitiveness, will look to reduce costs and may thus consider to shift production overseas to lower-cost production centres (this is because as the market of the new product grows, other producers will seek to copy or imitate the new product, thus, prices will begin to fall); maturity, where, at the early stage of maturity, the business is still looking to sell its product in the market of the developed economies, and, maturity and decline, where, by the time the original markets are fully mature and moving into decline, the only way to extend the product’s life is to cut costs and sell the product in markets of developing countries, thus, the location of production may shift once again, this time to even lower-cost countries (accordingly, by this stage, the country in which the product was developed will almost certainly be a net importer, although it may only be importing the product from a subsidiary of the same company that produced it within that country in the first place) (Sloman and Sutcliffe, 2003, pp. 488-9). However, one must accordingly consider that while becoming company is largely beneficial to a business, several problems such as language barriers, selling and marketing in foreign markets, attitudes of the host state and the communication and coordination of global business activities may be experienced (Sloman and Sutcliffe, 2003).
Chapter 3
Methodology
This chapter will discuss the methods and procedures used in the study. The research design and information gathering methods will be discussed in this chapter.
The Research Design
This study employs the descriptive research method, which uses observation and surveys. In this method, it is possible for the study to be convenient and quick. This dissertation aims to determine the effects of credit circles to two top supermarkets in Hong Kong i.e. ParknShop and Wellcome. Descriptive research could also suggest unanticipated hypotheses. Nonetheless, it would be difficult to rule out alternative explanations and especially infer causations. Thus, in this dissertation it is practical and reliable to use this kind of research approach. This descriptive type of research also utilises observations in the study. To illustrate the descriptive type of research, Creswell (1994) guides the researcher when he states: Descriptive method of research is to gather information about the present existing condition. The purpose of employing this method is to describe the nature of a situation, as it exists at the time of the study and to explore the cause/s of particular phenomena. The researcher opted to use this kind of research considering the desire of the researcher to obtain first hand data from the respondents so as to formulate rational and sound conclusions and recommendations for the study.
Description of the Data to be used in the Study
The research described in this document is based on both qualitative and quantitative research methods. This permits a flexible and iterative approach. During the data gathering, the choice and design of methods was constantly modified, based on an ongoing analysis. This allows investigation of important new issues and questions as they arise, and allows the investigators to drop unproductive areas of research from the original research plan.
Basically, quantitative method is compatible with this study because it allows the research problem to be conducted in very specific and set terms (Frankfort-Nachmias & Nachmias, 1992). Besides, quantitative research plainly and distinctively specifies both the independent and the dependent variables under investigation (Matveev, 2002). It also follows resolutely the original set of research goals, arriving at more objective conclusions, testing hypotheses, determining the issues of causality and eliminates or minimises subjectivity of judgment. Furthermore, this method allows for longitudinal measures of subsequent performance of research subjects (Matveev, 2002). Finally, it provides the attainment of high levels of reliability of gathered data due to controlled observations, mass surveys, or other form of research manipulations (Balsley, 1970). This study will be based on surveys and employ statistical treatment, so basically the quantitative approach fits well with it.
On the other hand, qualitative research is multi-method in focus, involving an interpretative, naturalistic approach to its subject matter. This means that qualitative researchers study things in their natural settings, attempting to make sense of, or interpret phenomena in terms of the meanings people bring to them. Accordingly, qualitative researchers deploy a wide range of interconnected methods, hoping always to get a better fix on the subject matter at hand. The reasoning process used in qualitative research involves perceptually putting pieces together to make wholes. From this process, meaning is produced. However, because perception varies with the individual, many different meanings are possible.
With this particular study, the researcher utilised both documentary secondary data (in the form of articles from books, journals, magazines, and newspapers that are generally about credit circles), and survey-based secondary data (this time, data on credit circles in Hong Kong only.
Moreover, primary research and secondary research was used in this study. Primary research was conducted using anonymous questionnaires that were sent to selected companies i.e. ParknShop and Wellcome. Moreover, focus group discussions with managers were used to supplement the results of the questionnaires. The questionnaires were used to collect quantitative data and the interviews were used to provide qualitative insights into the data collected.
The survey was conducted in a random manner as it has been noted that this study did not consider time constraints. What is of the utmost concern of this research is to identify the reasons why the following selected companies—ParknShop and Wellcome—chose to have credit circles in their financial development. Specifically, this study intends to explore the significant impact of this phenomenon of credit circles in the development of business in Hong Kong.
Locating the Needed Secondary Data
Accordingly, finding relevant secondary data involves two interlinked stages. The first stage is identifying the availability of the data that a researcher is looking for as secondary data, while the second stage is finding the precise data that is needed for the study. (Saunders et al, 2003)
For this study, the researcher was able to establish that the pertinent data needed for the fulfilment of this research’s objectives were available through the literature review previously conducted. Because of the review, the researcher was able to gather the full citation references to the sources of the needed data. Tertiary literature (like indexes and data archive catalogues) also helped especially those on-line indexes and catalogues of Universities, organisations and Governments.
After determining the availability of the data, the next step for the researcher was to locate them. As a result, the researcher had gone to several libraries within the researcher’s vicinity in order to locate the books, journals and magazines that were needed. More importantly, the researcher utilised the Internet research to gather more information pertaining to the participation of ParknShop and Wellcome to credit circles. Through the Internet, the researcher was able to gather the websites of these organisations that had the pertinent secondary data needed. The keywords used for the search included: credit circlers, credit, Hong Kong Supermarkets, ParknShop and Wellcome.
Instrumentation
To assess the problem at hand, the researcher prepared a questionnaire (see Appendix) and a set of guide questions for the interview that is asked of intended respondents. It was indicated that this would take no more than 20-30 minutes of respondents’ time. Furthermore, answers will be completely anonymous and confidential and if there were any particular questions that the respondents did not want to answer, it was standard that they should only inform the researcher. The respondents graded each statement in the survey-questionnaire using a Likert scale with a five-point scale wherein respondents are given five response choices. The equivalent weights for the answers were:
Range Interpretation
4.50 – 5.00 Strongly Agree
3.50 – 4.49 Agree
2.50 – 3.49 Uncertain
1.50 – 2.49 Disagree
0.00 – 1.49 Strongly Disagree
Validation of the Instrument
For validation purposes, the researcher initially submitted a sample of the set of survey questionnaires and after approval from thesis administrator; the survey was conducted with five respondents. After the questions were answered, the researcher asked the respondents for any suggestions or any necessary corrections to ensure further improvement and validity of the instrument. The researcher again examined the content of the interview questions to find out the reliability of the instrument. The researchers excluded irrelevant questions and simplified words that would be deemed difficult for the respondents.
Statistical Treatment of Data
Once all the needed and pertinent data were gathered, statistics were utilised to examine relationships, differences and trends. After the entire survey questionnaire has been collected, the researcher used statistics to analyse all the data. The statistical formulae to be used in the survey questionnaire will be the following:
1. Percentage – to determine the magnitude of the responses to the questionnaire.
n
% = ——– x 100 ; n – number of responses
N N – total number of respondents
2. Weighted Mean
f1x1 + f2x2 + f3x3 + f4x4 + f5x5
x= ——————————————— ;
xt
where: f – weight given to each response
x – number of responses
xt – total number of responses
The researcher will be using SPSS to supply the statistical analysis for this study. Basically, the researcher will be utilising the ANOVA analysis.
Chapter 4
Analysis, Presentation and Interpretation of Data
This chapter presents the data gathered from the questionnaire and interviews conducted by the researcher with different companies/supermarkets connected to the credit circles in Hong Kong. The general population for this study was composed of 30 individuals (15 from ParknShop and another 15 for Wellcome) i.e. directly related to credit circle. These managers were also interviewed. Basically, the findings of the study are presented in different sections. Part One presents the profile of the respondents of this study. The objective is to determine the effect of credit circles to the business process of two top supermarkets in Hong Kong i.e. ParknShop and Wellcome.
The conduct of this study entails a detailed account of the demographic profile of the respondents. It is assumed that the attributes of the respondents will influence their behaviour and answers on the survey questions. Of particular significance to the achievement of the goals and objectives of the study – which is to be an instrument of analysis for the institution to gauge where it is now and where it is heading, thus what changes are to be made – is to be able to answer the following questions:
PART 1. What is the demographic profile of the respondents in terms of:
Ø age,
Ø gender
Ø educational attainment
Ø position in the company
Ø length of service in the company
The profile of the respondents was looked upon in terms of age, gender, civil status, educational attainment, position, and length of service in the company.
Figure 1
Age of the Respondents
Figure 1 shows the age range of the respondents. Almost forty one (41.4%) percent of the respondents were 26-35 years old, showing that most of them were already considered as young adults. 27.6% of the respondents were between 36-45 years old. 18.5% of the respondents were between 18-25 years old. On the other hand, 12.5% of the respondents were in the 45 and above status. Basically, the apparent diversity of the maturity of the respondents reflects several implications in the study’s findings. To illustrate, almost 90% percent of the respondents stated that they were currently occupying a managerial position in the company. In relation to the age bracket of the respondents, the researcher could presume that in the said percentage, a considerable number could be among the young adult members of the population.
Figure 2
Gender of the Respondents
Figure 2. The number of male respondents (64%) is close to the female (36%) with a total of 11 females and 19 males. Based on these figures, the dominant gender among the respondents was male. Based on the collated questionnaires, over a half of the population was composed of male respondents while 36% were female. This shows a virtually equal footing in terms of representation of gender regarding the perception of women to the effect of credits circle to supermarkets. Male respondents outnumber female respondents by approximately 28%; this data provided a glimpse of the aggregate size of women in the workforce particularly in the business environment.
Figure 3
Educational Attainment of the Respondents
Figure 3. Likewise, the respondents were asked about their level of educational attainment and the report shows 49.3 % of them are in post secondary. The survey indicates that most of the respondents are in post secondary that are engaged with the study. The diversity of the population was further underlined when the respondents were asked regarding their professional history. This data illustrated the maturity of the respondents particularly in terms of experience. On the other hand, the apparent youthfulness of the respondents, provided by their age and their lack of professional experience could not be considered as a deterrence to their responses considering that the researcher had made sure that the respondents had been connected with the company for at least twelve months. Moreover, there was a noticeable distinction in the relative positions of the younger generations in their respective perceptions towards effect of credit circles to ParknShop and Wellcome.
Figure 4
Occupation
Figure 4. The above figure shows the occupation of the respondents. From the 30 subjects, the researcher gathered 3 different positions of respondents that are illustrated on the above table. The most dominant position according to the survey was the executive position i.e. 48% of the total respondents, followed by middle management that was only 27.6% of the surveyed individuals. Apparently, 24.40% of the respondents were in a top management position. The analysis shows the distribution spread of positions in the business environment.
Figure 5
Number of Years in the Company
Figure 5. The figure illustrated the number of years of respondents employed in the company. Most of the respondents were employed in the company for zero to two years i.e. 49% of the total number of respondents. On the other hand, there was also a great influence of respondents who had been serving the company for five years or more. As the illustration shows, the 33% of the respondents who were in the company for five years or more is evidence that the management of the company was responsible for the employees’ needs. Meaning to say, both ParknShop and Wellcome utilises effectively their credit circles. Aside from these credit issues, there is a cooperation and proper coordination among these groups of people in order to meet the business objectives.
PART 2. Perception of Respondents regarding Credit Circle effect to Hong Supermarkets such as ParknShop and Wellcome
In connection to this, Table 1 indicates the perception of respondents regarding the Credit Circle effect to Hong Supermarkets such as ParknShop and Wellcome.
Table 1
Computation of Liquidity Ratios of ParknShop
It is evident in the computations that Wellcome was always in better position to meet its short-term debt as compared to ParknShop. This means that Wellcome is always bale to meet their current liabilities using their current assets (cash, inventory, receivables). This also reflects that company manages well the apparent credit issues. The credit circles are vitally evaluated by Wellcome. On the other hand, the values are not high so as to make the shareholders fear that the assets of the company are not working to grow the business, and not low so as to drive creditors away with respect to the level of risk present. Since quick ratios are perceived as a sign of the company’s financial strength or weakness, the figures in the previous table shows the relative stability of the financial strength of Wellcome. A higher number would indicate stronger financial performance, and a lower one means weaker performance.
Apparently, the high financial leverage ratios of a company provide an implication that the organisation is solvent in the long-term. With this regard, the debt ratio shows the Wellcome and ParknShop’s position to meet it long-term obligation or liabilities. Debt ratios are dependent of the company’s classification of long-term leases and other items as long-term debt (Pike, R & Neale, B 1999). Pike, R & Neale, B 1999, stated that this is the gauge with which the financial strength of a company is a sign of the ratio of capital that has been funded by liability, counting preference shares.
The formula for the debt ratios are:
Total Debt
TOTAL DEBT RATIO = x 100
Total Equity
Total Debt
DEBT RATIO = x 100
Total Assets
A higher debt ratio (which means the company has low equity ratio) does not give the firm’s creditors the security they require from an organisation (Pike, R & Neale, B 1999). The firm would, as a result, find difficulty in raising supplementary financial support coming from outside sources if the firm wishes to take such action. Therefore it reveals that the higher the debt ratio, the harder it is for the company to raise funds from the outside. The computation shows the performance of ParknShop and Wellcome in terms of debt ratio. Actually, ParknShop uses little in its capital structure as supported by a debt to capital ratio of 0.03%. Similar to these results, Wellcome also uses little or no debt in its capital structure as supported by a debt to capital ratio of 0.00%.
Computation of Debt Ratios of Wellcome:
Computation of Debt Ratios of ParknShop:
The results of the analysis carried out on financial and marketing indicated very significant effects on business sustainability, even amidst the threats of unrest. Therefore, we could conclude that the business strategies such financial and marketing could still be expected to improve business sustainability faster than average.
Part 4. Analysis of Variance (ANOVA)
To be able to determine if there is a significant difference between the assessments of groups of respondents pertaining to the effectiveness of credit circles the ANOVA was used (Guilford, J.P. and B. Fruchter, 1973).
For the ANOVA calculations, the general form is summarised in the table below:
Table 2
The Generalised ANOVA Table
ANOVA Table
Source of Variation
Sum of Squares
Degrees of Freedom
Mean Square
F
Treatments
SSTR
t-1
MSTR
Error
SSE
N-t
MSE
Total
SST
N-1
Using the ANOVA formula above and gathered data from survey questionnaire, the analysis of the differences of the responses of the respondents with respect to the name of their companies are presented below.
Table 3
The results of the analysis are presented in an ANOVA table. In ANOVA, the total variation is partitioned into two components. Between Groups represents variation of the group means around the overall mean. Within Groups represents variation of the individual scores around their respective group means.
Basically, Sig indicates the significance level of the F-test. Small significance values (<.05) indicate group differences. In our data, the significance level is less than 0.05 i.e. 0.003. Meaning to say, the responses of the respondents with respect to their companies (i.e. Wellcome and ParknShop) is different to each other as the issue of credit circle is being discussed. This result also justifies that credit circles effect varied from type of companies. In addition to the results, one of the groups differs from the others or we may state that the perceptions of the respondents regarding the statements in the survey are different to each other with respect to the name of their companies.
Synthesis
In accordance to the development of credit circles in Hong Kong supermarkets, Hong Kong is actually plagued by continuing inflationary pressures, massive hidden unemployment, overpopulation, and an industrial base that, for the most part, remains antiquated. Exacerbating these problems are massive infrastructural needs, inadequate communication facilities, and segments of the bureaucracy resistant to change. However, leaders who resist change are finding it more and more difficult to maintain their positions, since the majority of citizens are pushing Hong Kong to become a newly industrialised economy with the opportunity to increase the welfare of the masses.
Hong Kong, like most countries, has a variety of financial institutions that play a significant role in business activities and operations. While understanding the organisational structure and each organisation’s function may be difficult, this understanding is essential for investors who desire to operate businesses successfully in Hong Kong.
While this dissertation may serve as a basis for a general understanding of Hong Kong’s governmental organisations that are involved in credit circles, a more thorough understanding can only be achieved through the experience gained by operations in that marketplace. Furthermore, the role of financial institutions in Hong Kong is changing as the leadership gains experience in moving toward a more market oriented economy. However, by understanding how these organisations work, investors can avoid unnecessary delays and costs in their operations from the initial stages of project approval through to the later stages of operation and expansion.
Chapter 5
Summary, Conclusions and Recommendations
The focus of this study is to determine the perceptions of different managers of ParknShop and Wellcome to credit circles. The secondary data will come from an extensive review of the literature on articles, journal articles, books, and magazines relating to Credit Circles. The study used random sampling as a method of choosing its population. Random sampling can be very useful for situations where you need to reach a targeted sample quickly and where sampling for proportionality is not the primary concern. Most sampling methods are random because they approach the sampling problem with a specific purpose in mind. Actually, the sample size would ensure the validity of the response that the researcher will be able to gather. To determine the assessment of the respondents, the researcher prepared a questionnaire and a set of guide questions for the interview that he asked of the intended respondents. The respondents graded each statement in the survey-questionnaire using a Likert scale with a five-point scale wherein respondents were given five response choices.
Concurrently, the study employed both qualitative and quantitative research methods to ensure a flexible and iterative approach. During data gathering, the choice and design of methods are constantly being modified, based on an ongoing analysis. This allows investigation of important new issues and questions as they arise, and allows the investigators to drop unproductive areas of research from the original research plan. The researcher also uses percentage analysis, the mean and median analysis and analysis of variance to evaluate the collated data.
SUMMARY
1. Profile of the Respondents
The respondents were drawn from ParknShop and Wellcome. Basically, the respondents were asked first regarding age. Almost forty-one (41.4%) percent of the respondents were 26-35 years old, showing that most of them were already considered as young adults. Actually, the apparent diversity of the maturity of the respondents reflects several implications for the study’s findings. On the other hand, the study reveals that the number of the male respondents (64%) was close to the female (36%) with the total of 55 for females and 97 for males.
Apparently, the respondents were asked for their educational attainment and the report shows 49.3 % of them were in post secondary. The survey indicates that most of the respondents were in post secondary that is engaged with the study. The diversity of the population was further underlined when the respondents were asked regarding their professional history. In regards to the distribution of samples with respect to the name of their companies, the study considers the distribution to be fair to avoid bias in information.
2. Perception of Respondents regarding the Credit Circles
The perception regarding the concept of the credit circle effect to Hong Kong provides a significant effect to the study considering that the subjects are from top supermarkets in Hong Kong i.e. ParknShop and Wellcome. The results of the conducted survey show that most of the respondents agreed on the given survey statements. All the statements from the survey were clear to the respondents.
Actually, the respondents from the Supermarkets believed that Credit Circles was one of the most stable and economically important international capital flows at present, and its importance to capital accumulation was large and growing. Apparently, the respondents from different supermarkets believed that Credit Circles was an important vehicle for the transfer of knowledge, in particular, of technology, which was illustrated by the 3.97 weighted mean. In addition to this, improving trust to a Credit Circles is vital to the development of the company since it business improvements.
Moreover, the respondents agreed that Credit Circles introduces new management practices and organisational arrangements. Actually, the current economic and political status of Hong Kong has a significant effect on the development of supermarkets in relation to Credit Circles.
On the other hand, the Credit Circles processes of supermarkets in Hong Kong have significant effect on their development since it is an advantage. Basically, the management of most supermarkets is addressing the need to cope with socioeconomic changes present in Hong Kong’s environment.
CONCLUSION
Based on the findings of this study, the researcher concludes the following:
1. The respondents who took part in this study are already mature in age, responsible and reliable. They are also aware of what’s happening in their organisation and are deeply concerned about the value of Credit Circles in Hong Kong Supermarkets and its impact on business developemnt. Actually, the role of financial institutions in Hong Kong is changing as the leadership gains experience in moving toward a more market oriented economy.
2. The respondents have given an overall rating of ‘Agree’ or ‘Strongly Agree’ to each of the criteria. This shows that they are satisfied with the current state of things in their present organisation and understand the Credit Circles effect on a financial development of ParknShop and Wellcome.
3. The statistics show that there is a significant difference between ParknShop and Wellcome managers with respect to their responses. Accordingly, the computed ANOVA value i.e. 0.003 indicates that the responses of the respondents with respect to their companies are different.
4. Financial Report Synthesis. The review of financial capabilities and resources towards business sustainability revealed very little inconsistencies regarding its strategies. This is coherent with its traditional inside-out approach. However, the need to reconcile both the inside-out and outside-in approaches becomes imperative now for marketing.
From the previous discussion in Chapter, a number of conclusions can be drawn:
Ø In an age where the financial system has become simultaneously more complex and more accessible to the unsophisticated investor, it is essential that the challenge of effective corporate governance is addressed.
Ø Credit Circles, harmful incentive structures, conflicts of interests, and the absence of transparency seem to be key issues in addressing shortcomings in current corporate governance arrangements. In addition, the interests of minority shareholders have to be protected as larger investors may abuse their power. These problems can effectively be addressed by the use of forensic audits after major bankruptcies or suspected accounting frauds, by encouraging whistleblowers, by fostering of a process of diluting ancillary links between audit firms and their audit clients as well as between investment analysts and their clients. Greater transparency in the process of credit rating by the relevant agencies is also required. Other suggestions for reform include measures to tackle concentration in the provision of audit services, perhaps by lowering entry barriers.
Moreover, it can be said that Wellcome compared to ParknShop is a company whose financial situation is stable and highly likely to improve in the years to follow. To sustain their development, the company should regularly assess the value of their portfolio of its business. They have to be positioned on fast-growing opportunities, whether geographically or by market segment through choosing to invest in businesses with long-term tail-wind profiles. If the current financial situation carries on consistently, Wellcome would well achieve their vision of becoming the leader in their industry and a major player in each of their market segments and key geographical markets. The comparison of the past and present performance helped in bringing out pertinent bits of information which led to the conclusion that the HK offices adds value and contributes significantly to the progress of the firm as a whole.
RECOMMENDATIONS
Based on the foregoing summary of findings and conclusion, the researcher recommends the following:
1. Update the facilities, equipment, and training strategies of the ParknShop and Wellcome. Basically, ParknShop and Wellcome might provide necessary trainings among their employees regarding company development. In addition, the advancement in technology is a competitive advantage in current economy, thus the updates of facilities and equipments within the company might comply to the needs of company’s progress even if it is in a low cost country. Moreover, ParknShop and Wellcome should have a study regarding the credit circles.
2. Maintain open communication lines between the government of Hong Kong and ParknShop and Wellcome’s managers.
3. Review the strategies of the company and update the content to increase the standard of the organisation as well as the government of Hong Kong.
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QUESTIONNAIRE
The researcher is conducting a study on the impact of Credit Circles to ParknShop and Wellcome. To enable the researcher to make the necessary conclusions and recommendations for this study, it would be very much appreciated if you answer all the items in the questionnaire.
Information given will be treated in strictest confidence.
Thank you.
Part 1. Personal Data
Direction: Please fill up in all the necessary information about yourself. Don’t leave any item unanswered.
a. Age ________
b. Gender
Male ( ) Female ( )
c. Civil Status
Single ( ) Married ( ) Separated ( ) Widow/Widower ( )
d. Educational Attainment
Elementary ( ) High School ( ) College ( ) Graduate ( )
e. Name of Company:
f. Position in the Company:_________________
g. Number of Years in the company:__________
Part 2. Determining the Perception of Respondents regarding Credit Circle effect to Hong Supermarkets such as ParknShop and Wellcome
Directions: Encircle the number that best corresponds to your answer.
5 - Strongly Agree
4 - Agree
3 – Uncertain
2 - Disagree
1 - Strongly Disagree
Directions: List down your concerns and suggestions regarding impact of Credit Circles to ParknShop and Wellcome.
What are the most common problems you’ve encountered with regard to the business development of ParknShop and Wellcome?
a.____________________________________________________________
b.____________________________________________________________
c.____________________________________________________________
What solutions would you suggest to solve these problems you’ve mentioned?
a.____________________________________________________________
b.____________________________________________________________
c.____________________________________________________________
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