End Vision First, I think that implementing a good management plan by the upper level management is very important for KFF’s to succeed as a company. Having a replacement inventory coordinator who purchases the best possible products for all three stores, Also, having a person who controls the accounts payable, receivables, and finances that coordinate all vendors get paid on time will allow Kathy Kudler to focus more on duties that need more attention. For instance, implement a better website for the business will give better benefits to customer, therefore, sells will increase. The company needs to understand the difference between having a website and having an effective website. The website that is in place in KFF only displays the goods and services.
Pro forma financial information is generally used to illustrate the effects of transactions such as business combination, and change in capitalization. There are countless reasons on why companies use pro forma statement in their business, the most significant is the planning and control received when using pro forma. The process of using pro forma statements are less time consuming, they help businesses evaluate and make a better distinction between business plans (Scarborough, Wilson, & Zimmerer, 2009, p. 196). Pro forma statements are an excellent outlet for resources that will help a business forecast expected earnings should the company chose to merge with another company or even if the company wanted to sell off part of it operations (Scarborough, Wilson, & Zimmerer, 2009, p. 196). The pro forma statements are commonly used when applying for a business loan.
These overall improvements have been a step in the right direction for Lowes’ future. These improvements however do cost money but like every good business man or woman knows to make money you sometimes have to spend it. So this can affect Lowes financial planning in the present and future, currently sales and profits have grown because of the new mobile devices therefore the risk factors are minimized due to the knowledge that these improvements are working but Lowes must continue to analyze the cost for these new improvements every year make sure these things do not become a financial burden. Therefore cost analysis is one factor that can affect the financial planning of the company also minimizing the use of these devices to only the stores is another factor that needs to be considered in the financial planning process. Spending money on training of these devices are also factors that must be considered this takes employees time and cost the company man hours and thus money that could be spent on other things.
Through the use of the internet, email has became increaseingly popular because of its low cost benefit and its method of reaching mass customers, but like telemarketing there are laws and regulation that must followed to ensure people are not receiving spam email. Sales promotion is a tool used by organizations based on a short term objective that provides the potential customer with extra incentives that come in the form of savings, rebates and coupons that are consumer oriented promotions. Sales promotions use promotional efforts that are designed to have an immediate impact on sales and are media and non-media marketing communications used for a limited time to increase demand, stimulate market demand. Sales promotion techniques include promotional mix, personal selling, advertising, and public and publicity relations. There are three types of sales promotion strategies: Push, Pull, or a combination of the two: A push strategy involves convincing trade intermediary channel members to "push" the product through the distribution channels to the ultimate consumer via promotions and personal selling
P5 Explain how internet marketing has made a selected business more efficient, effective and successful. In this assignment I will be explaining how internet marketing has made a selected business more efficient, effective and successful. Opportunities for business efficiency Business efficiency is very important for a business. The reason why is because, in order for a business such as B&Q to surpass their competitors such as Homebase, Wickes and other DIY businesses they need to use the web to interact with suppliers and customers, by using the web B&Q will become much more efficient because they can meet customers ‘demands’ and suppliers ‘needs’. Streamline customer communications is a very efficient way of working because streamline customer communications deliver fast services, this is best way to keep customers satisfied and when customers’ are satisfied the business becomes more efficient because they are meeting needs and accumulating capital.
Role of Technology Paper Anthony Bando University of Phoenix BIS/318 Damien Edwards October 24, 2011 In today's business society, technology including hardware and software, is a critical role of all major businesses and corporations. Technology is essential in this current place in time to compete in the retail business. Technology can make the lives of a company easier as well as consumers who are willing to use it and save time and sometimes money. Technology can be in many different forms within an organization. Certain technologies enable customers and employees to communicate needs faster.
It does this because it means that it’s not using retained profits to purchase property as this will reduce access to ready funds. It also allows the business to move on quickly if the new market proves to be unprofitable. In addition, Ikea leases some of its equipment such as cash registers because it provides the business with the latest technology and remedial action if the machines have a problem. Through the use of leasing as a funding option, Ikea is able to increase profits, grow into new markets, remain liquid and solvent and use its assets efficiently, thereby meeting its financial
A culture with strong ethical standards and code of conduct stemming from top management is key to preventing fraud; it is also cost-efficient to implement as a control. d. Audit Committee While not as cost-efficient as the other controls listed, there should be an audit committee appointed by the Board. It would be in charge of all financial oversight within the organization. For smaller organizations, they can attempt to recruit professional accountants to volunteer their time for the organization; in exchange, these accountants would be increasing their own reputation as well. Larger organizations might consider appointing an audit firm to audit their statements.
Technology can create efficiencies in the business process that allows for lower cost and a competitive edge. Also applying on line ordering, research, order tracking, and banking services on line will allow our corporation to rise above companies with less technology. Technology such as email systems, hardware, internet, and telephone systems are all integral pieces in running any business successfully. Conclusion The entire McBride Financial Service marketing plan when implemented will host rewards of increased business to the corporation. Once the marketing plan is launched the market research will define the market best suited to target.
After the market research has been measured over time the business should be able to use the information to improve the business and assist customer’s needs. Market research also gives the business an idea for how much customers would pay for the product. Primary Research is new data that has not been collected before. It allows business to focus on customer’s needs and interests. The advantages of primary research are that the information is up to date and it helps answer businesses questions.