For a company to retain talent it must offer more incentives for the employees than that of its competitors. Your company encourages the decisions and ideas of the employees but more programs could be put in place to help retain employees. Implementing a program that offers rewards for time and cost savings not only benefits the employee but also the company by projecting a positive image of employee worth to the company. Keeping the companies hiring practice on the national level is required for all employees that work in the retail stores but if there is a need for technology or manufacturing of a particular product I would recommend global labor. The ability to tap into the global labor market will make the company more competitive by being able to offer competitive prices on products due to lower overhead cost associated with the offset in the labor cost.
Business Research Process RES/351 July 30, 2012 Business Research Process The business Research Process involves the study of all features of a company. Using its customers and the market to make sound business solutions based on the information. The company overlooks its positives, negatives and how customers overview their product. When a company studies marketable products they view and analyze their major competitors in that particular market. They compile the research and flood the market with competitive products.
A portfolio analysis help a company with making decisions on what products that they must considered to be the main focused and which one they should get rid of. The portfolio analysis raises the issue of cash flow availability for use in expansion and growth for products in the organization. The BCG Matrix and the portfolio analysis would benefit a company to see where they stand with their products and where they should put more focus on to bring that particular product up in the market. Even though there are products that are doing well for the organization they can also become problems. The economy is going through some tough times now and it could be hard to keep the stars the stars and the cash cow the cash cows (Portfolio Analysis,
This program will keep track of individual customers purchasing behaviors, which will allow Kudler to know how much of a certain product to stock. This could also determine manpower needs for certain days of the week. Just by increasing efficiency on these two topics will increase revenue by cutting out under or overstocking as well as overstaffing. This program may also increase the number of loyal
Kudlers plans to do this by better understanding the customer needs, this can be obtained by tracking the purchases of the current cliental. Once Kudlers knows what products are purchased more often, the company can purchase these product in bigger quantities allowing the company to offer these goods at a cheaper price. Once the prices drop this should bring the loyal customers back more often. Strategies and
The customers displayed the overall cost of merchandise is a bit high. They do appreciate the loyalty and bonus programs, but achieving these loyalties and bonuses should not cost so much. Kundlers foods could experience an increase in customer satisfaction if they slightly reduced the cost of their products and services. Market research is a very important part of an organization's strategy to implement expansion and variation. Part of this research must include the competitor’s strategies.
Depending on the type of market research done, it could give us information about the customers shopping habits, wants, and needs. It will also provide information about the other businesses in the market. For instance, it can give information about the other similar products, and other companies’ offerings. It can be very beneficial for Kudler to conduct this type of research because it can help us reduce any unnecessary cost we may concur. It can also help us to win over new customers or even create customer loyalty from current customers.
2. Question: (TCO 1) The first phase of Porter’s recommended process for evaluating the company is: 3. Question: (TCO 2) Change management is the approach to plan, _______, ________, manage, measure, and sustain changes in business processes and work. 4. Question: (TCO 2) According to Porter’s model, which of the following are forces driving industry competition?
Focus groups aim at a discussion instead of on individual responses to formal questions, and produce qualitative data (preferences and beliefs) that may or may not be representative of the general population." This would be a good method of collecting primary data due to the fact that as the business you collect the information yourself and therefor it has a more reliable element to it. As well as this it helps a business obtain further examples of both qualitative and quantitative data which always help when it comes to finding whether or not a business has to develop on. In terms of telco they would use focus groups in order to establish any problems or improvements that they would be able to make I.e. Releasing a new product to existing
With regard to selling products at bargain prices, BBQfun could raise its market volume because the lower price would be an incentive to encourage customers’ purchasing. Concerning about the first marketing opportunity (selling product at bargain prices), the product quality could affect the implementation of this opportunity or even rule out it. It is - Cutting cost of products lowers the product quality: this situation could happen if BBQfun only focuses on cutting cost of products and lacks attention to product quality. In order to make this marketing opportunity feasible, BBQfun needs to lower cost of products but ensures the product