Task 2 – (This question provides evidence for grading criteria P2 & M1) Evaluate the benefits and importance of customer loyalty. Identify and apply the importance of relationship marketing. Ans: - Customer loyalty can be defined as the strength of the relationship between an individual's relative attitude and repeat patronage with a supplier. It is a self-reinforcing system in which the company delivers superior value consistently to find and keep high-quality customers, (and, where applicable, employees). The economic benefits of high customer loyalty are measurable.
The board of directors must by law be composed of volunteers, which can be an advantage to the company. These are also internal factors that have helped the organization be successful that it will want to leverage and grow. Asset leverage; Loyal customers; Market share leadership; Diversified products. They are all the strengths of the ALL. Asset leverage allows ALL to use their best operational assets to expand their business and improve their market share.
As Mike ran he heard the sound of cracking under his feet. He stopped. All of the sudden the floor gave out and Charlie ran after him to try and save him. The whole in the floor was covered in flames and there was no chance of saving Mike, but Charlie was still going to try. Mike and Charlie had been good friends since Mike had been hired by the fire department.
Basic Business Objectives • Profitability - Making a profit is the main objective for most businesses • Customer base – A business aims to increase the amount of customers it has in order to increase profit. • Public profile – Businesses need to have a high public profile to get new customers. • Sustainability – Economic survival is very important to businesses and they must plan ahead to ensure this. • Staff training – Businesses must keep all their staff adequately trained for the job they are doing. • Customer Service – Businesses should aim to have good customer services because it is important to keep customers happy.
Competitors – they will be only interested if the Business means “ASDA” is not doing so well as this will mean more business for them , because they are offering the same services within the same area. They can use the financial statement of “ASDA” as a “bench mark” for their own performance. Owners- they are the most important stakeholders, because they have established the business and they devoted a lot of their time for the company success. They are the stakeholders, who have the higher interest for the business to raise on profit and value. Employees and Managers- their interest is that the company provides them with decent live hood.
They have an interest in the business by prompting money and want the companies to make steady orders. They like to feel valued, by the company which they supply too. Owners have an interest in the business because they can either be sole traders or run the business in partnership. They are known for the most significant stakeholders which they are the ones who control the business. Their interest is to see the profit they make increasing and the value that the business has rising.
Riordan will pay higher salaries to employees with high-level skillset to attract and maintain employees with these skills. In addition, this strategy will help the organization keep production running smoothly. The company understands it would cost much more in time, resource, and money to keep retraining new employees. Research and development strategy is part of the pride of the company. Riordan regularly creates and uses some of the most innovative processes and procedures to provide customers with the best product possible.
But most will tell you they are fuelled by a passion for their product or service, by the opportunity to solve a problem and make life easier, better, cheaper. Self-belief is a big one for Mark because he took many risks, he was 100% sure that his product would hit big time and since he took that risk it did. Actions that demonstrate Mark’s leadership ability Mark dreamt big, showed commitment and stayed focus. He focused on his dream, and by doing that he had to stay committed, the outcome of that made him a great leader in the business world. People look up to him every day by gaining what he has, which is mostly money and power.
Organizing is the foundation for thriving businesses. For any potential successful business, competition provides employers with the necessary tools to become a better business to better serve its customers. The members pay top dollar to be apart of our business. So, our costumer service is what determines the perseverance of our business. Therefore, a big part of business is accepting all people who are willing to pay for our services.
P2) The skills and talents of employees are very important to a business, because they can add a value to the organization. This means that they can make the organization even better or more efficient if full use is made of them. At Altrex enthusiastic professionals are working who work every day to be the best and stay the best. Working at Altrex is working in an informal atmosphere with short lines that successful cooperation and enjoyment are paramount. Our focus is to output; this requires that we are flexible in thought and action!