The management goals for Best Buy are sales motivated and simply state most of the company’s goals in the company’s name, Best Buy. This tells that the store plans to operate based on the cheapest quality product for the sales with the interest of the consumer and their purchases. Best Buy as a store wants to manage sales and make high quotas per day. Managers sometimes hold meetings or rallies with employees to motivate the sales staff to sell and be enthusiastic about the day. Products are sold rapidly and the staff is knowledgeable based on what they know about electronics themselves.
* Mini Case (p. 45) a) Why is corporate finance important to all managers? All managers are mandated with a goal to improve the businesses bottom line. Successful corporations have two main goals they must meet to stay in business. The first goal is “identifying, creating, and delivering highly valued products and services to its customers.” (Brigham) The second goal is to generate “enough cash to compensate the investors who provided the necessary capital.” Behind every managerial action, the manager must ally every action they take with meeting the above two goals. In order to evaluate the success of those decisions, managers must be able to analyze their decisions and fully understand the impact past decisions will have on the past, present, and future health of the company.
Summary: For some businesses customer loyalty is the ultimate quest; loyal customers who wouldn’t dream of getting their goods and services from anywhere else. Loyal customers provide businesses with a steady revenue stream. In an effort to boost profits and stay ahead in a tumultuous consumer-electronics market place, Best Buy developed a customer centric approach. By taking a look at the enterprise from the outside in and viewing the shopping experience through the customers’ eyes; Best Buy tries to understand what problems customer’s face in their everyday lives and then aids in providing advantageous solutions. This endeavor has helped Best Buy grow from a small specialty audio retailer to the world’s most largest consumer electronics retailer.
MANAGEMENT REPORT – II TESCO PLC. By ILIYAS . MOHAMMAD (5217588) Executive Summary: The main objective of Tesco is to create value for its customers and attain lifetime loyalty from them on which depends its success. If people like what they shop, they will come back to make purchase because of good will. With the two core values of Tosco: None tries hard for customers and treat them as we want them to treat (2005).Tesco is beautifully driven by its quality service and standard products.
The corporation is built on a substance that gives it a competitive advantage and a business strategy that is coherent, flexible, and specialized. McDonald’s vocation bazaar would be the general public. According to the case study, people are the company’s most important asset and its success depends on the satisfaction of its customers which begins with workers who have the attitudes and abilities required to work efficiently and provide good customer service. McDonald’s warrant both patrons and employees know just how beneficial they are. They make a populace assurance to the employees.
SWOT Analysis Essay on Best Buy Strengths Best Buy has already established a good reputation in the global market. It has been recognized not only for the large hypermarkets but also for the credibility that the company has earned in providing the best service possible for the customers. Currently, the company holds a large market share in retail industry. Apparently, the revenue of the company is continuously moving upward as Best Buy constantly penetrating the global market. The company has developed a strategic plan which enables the company to relocate the store shelves of Best Buy based on the behavior of the market.
Intrinsic vs. Extrinsic Motivation What is the best motivation for workers and business owners is the topic at hand. After reading several different opinions and facts on this topic I have come to the opinion that yes in a perfect world the best type of motivation comes from within being intrinsic. With that being said I believe most of today’s workforce is driven by extrinsic motivation at least in some since. I believe the best employee is going to be the one that choose to pursue a career field based on intrinsic motivation. This employee is going to be more knowledgeable and efficient in their work because while learning their field they were driven by a passion for knowledge in the area they choose to study.
Customers will choose to buy a product that they believe offers them the most value, this perception of value leads to created expectations. The consumers assessment of the value they receive from a purchased product will influence their satisfaction and repurchase behaviour. A company can influence a customers perceived value by strengthening or augmenting the product offer with services, personnel and image benefits. By having a customer-centred approach, a company will achieve higher customer satisfaction through adding more value to the core product. A satisfied customer is more likely to repurchase, and also create new
MY ALIGNMENT WITH THE VALUES OF ACCESS BANK Values are what we live and work by; but how we use values can interpret how we view everything that impacts our lives. Value is what we believe to be right or wrong and how we incorporate those values into our work and everyday life. People always make decisions based on what they value the most. In the business world personal value is what helps to define how an organization will be ran and how successful a company can become. Values matter in today society because attention to our values helps us become more self-aware, make ethical decisions, prioritize our tasks, and develop credibility as a leader.
Businessdictionary.com (2010) defines it as “internal and external factors that stimulate desire and energy in people to be continually interested in and committed to a job […] and to exert persistent effort in attaining a goal.” This definition is far more meaningful from a business perspective, especially as it refers to internal and external factors leading to motivation. Many psychologists have taken great efforts to establish the best ways to motivate employees. Ed Locke established the following perspective: “Money is the crucial incentive because, as a medium of exchange, it is the most instrumental […] No other incentive or motivational technique comes even close to money with respect to its instrumental value”. In short, his view reflects that money is the best source of motivation and no other encouragement can achieve similar results. This is strongly related to Taylorism, established far earlier than Ed Locke’s claim.