Solutions 1. The bonus system needs to be adjusted, company-wide, to ensure that managers' behavior is in the best interests of the company as a whole. This means looking again at the type of behavior desired, and finding effective ways to measure that behavior. Tying the bonus to sales volume, or mutually-agreed profit targets, and efficiency, should achieve this objective. This should reduce the likelihood of managerial dishonesty in the pursuit of increased personal income and increase managerial seeking of organizational goals.
Because earning management allows managers to reach their desired outcomes by influencing firm’s financial statements. According to Graham, Harvey and Rajgopal (2005), it is acceptable for senior mangers to use earning management so that they can provide positive and steady earning growth for the firm. In addition, the reputation of a CFO or CEO depends on whether the company they manage has a good prediction of future earnings. The labor market will regard a CFO as a “managerial failure” if the CFO perceive inability to reach the earnings target. In this case, the managers were encouraged to do their best and spend whether it was necessary to bring revenue.
An area they differed in perspective, however, was the value proposition in serving their customers. Hyde Park focused on operational excellence and viewed customer service in terms of product quality and time to market. Their view was that increased sales and repeat customers were a direct indicator of customer satisfaction. In addition, because Hyde Park bills based on production time, the company realized they must improve manufacturing efficiency to ensure they are giving the customer the best product at a price they expect. Furthermore, the company used warranty failures and customer returns as metrics to improve its operational performance.
We understood that businesses should continuously observe their goods and services to better assist customers. They have to understand what worked and generated earnings last year may not work as well this year. So therefore, product differentiation and positioning are key elements of a company's marketing plan and are fundamental of staying ahead of the game with competitors. Also knowing with including innovative concepts with careful analysis, product differentiation helps to join quality, or price, within a product to push the intended customers to observe it as different and desirable. Then the understanding in the next step is product
Marketing Britvic Case Study – Assessment 1 1. Characteristics of the marketing concept. The Selling Concept – This concept doesn’t primarily focus on new consumer wants or desires but focuses on the selling and promotion of a particular already existing product in order to achieve the highest sales they possibly can. This technique is suited to companies who sell products which are in high demand and whose customers/consumers tastes are unlikely to change and lessen demand. The Production Concept – Companies focusing on this concept will primarily focus on achieving high production efficiency at low costs and mass distribution as they believe the consumers are primarily interested in widely available products at low prices.
This meant a project manager could not have the right kind of authority and control over the group. Disrespect and other forms of underlying issues might have and could have contributed to the fact that the project manager was not able to cope with the situation and was not able act as the authority figure to be well respected and heard. Another aspect could have been that each staff who was assigned as a project manager lacked the know-how of project management. Project management is not something that is easily done and managed. The proper education and training is very essential and crucial.
Meanwhile, learning and growth is the basic level in balanced scorecards. Therefore, employees’ performance directly affects customers’ satisfaction and financial improvement. There are many approaches to develop a unique compensation plan for employees. Firstly,
Business Case-Talent Acquisition Topic: Business Case-Talent Acquisition Presented by: YM Goals: Demonstrate the importance of putting more time, effort, and energy into the hiring process in an organization. Introduction: The following table has been created to offer key points to begin a good Talent Acquisition process. These points also provide general ideas about how organizations can save money and efforts at the same time. And with this information, the senior management team will learn about an effective and necessary process that must be taken in consideration to be able to increase revenues in long terms (not only in short terms), increase credibility (inside and outside the organization), as well as maintain legal compliances within the organization. Business Case-Talent Acquisition | HR-Talent Acquisition Team | GOALs | Effective Talent Acquisition | An effective talent acquisition must begin internally to be able to success externally.
Review/Analysis of the Case /Answer to question #1 Xcel’s decision to change from paying the employees for their suggestions to a merit pay is a better strategy. Focusing on the job and getting the work done in a quick professional manner is a far better way for the company to spend money. This is not to say employees should not contribute their ideas to the success of the company, but there needs to be an overall focus to meet job performance as well as customer service. Answer to question #2 As not to discourage employees from making suggestions on ways to help or improve the company, Xcel may want to offer employees other incentives or rewards when certain number of suggestion are implemented per employee. Incentives could include a number of paid days
Supply chain management is the complex process of managing systems to ensure that products are where they should be when they should be there, while minimizing costs and creating opportunities for profit. It is the strategic linkage and collaboration of all departments in a firm that enhances the product flow through the firm, which eventually adds value to the customer. Firms can lower costs, positively differentiate their services, constantly perform value-added services, increase flexibility and responsiveness, and engage in constant process innovation by incorporating best-practice supply chain management into their system. Not all supplier-buyer relationships are equal in value, and therefore, it is important to segment customers based on service needs and develop the appropriate relationship for that particular requirement. Robert J. Trent discusses four types of relationship management in his article “Why Relationships Matter.” Counterproductive relationships have no value because each organization is working against the other, this is often called a lose-lose relationship.