BSBCUS501C: Manage Quality Customer Service Assessment 2: Why is it necessary to clearly identify, before designing product and service offerings, customer needs, and what are some of the less obvious service aspects that might inform purchasing decisions? Customers are fully aware that if a company is not able to provide them with a service or offering to meet their needs, one of the competitors will be able to. With this in mind, it is essential for business’ to research and communicate with their customers to gain the relevant feedback required prior to development. Development should reflect research findings and should meet customer and market needs. Internal and external customers provide business with information about how their products are used, new opportunities for their business, trouble-shoot issues with their product, and organise workloads.
Globalization is the key to survival that allow to a company to be competitive and offer diverse services and convenience to consumers. Benchmarking analysis that compares competitive companies with their process and performance metrics to industry requires a comprehensive research. In a successful business, effective tactical development inevitability to manage finance is essential. Financial management is a comprehensive tool that monitors and willpower to improve a company’s success. When I was conducting the research for financial statements, there were many interesting.
• A differentiator gains a competitive advantage because it has the ability to satisfy customers’ needs in a way that its competitors cannot, which allows it to charge a premium price for its product. • Premium prices → increased revenue → superior profitability • A differentiator invests its resources to gain a competitive advantage from superior innovation, excellent quality, and responsiveness to customer needs • A product’s appeal to customers’ psychological desires is a source of differentiation. ▫ Example? 13 Differentiation • Generally, a differentiator chooses to divide its market into many segments and offer different products in each segment • A differentiated company concentrates on developing distinctive competencies in the functions that provide competitive advantage ▫ These are still expensive! • A differentiator must control its cost structure to ensure the price of its products does not exceed the price customers are willing to pay for them • When differentiation stems from the design or physical features of the product, differentiators are at great risk of being imitated ▫ Example?
This paper will describe how a company conducts a SWOTT analysis. The internal and external analysis of Scents & Things in relation to the organizations forces and trends such as; Economic, Technological, Strategy, Legal/Regulatory, Innovation, Structure, Resources, and Culture. This paper will also classify one primary strength, weakness, opportunity, threat and trend if possible for each of the factors. Following the end of this paper, a SWOTT Analysis Table will sum up the findings of the forces and factors relative to Scents & Things. SWOTT Analysis For Scents & Things to perform a SWOTT Analysis, the company has to answer the following questions about the company’s strengths; the advantages, resources, strengths in the market, and what does the organization do better than the competition.
Financial Performance Evaluation Introduction Financial Performance evaluation is a very important analysis used for CFO and business managers to identify which aspect of the company are working effectively and which could be improved. The financial performance evaluation is a process that requires the use of different financial ratios to determine results. The most widely financial ratios used when evaluating corporate performance are profitability, asset utilization, liquidity ratios, and capitalization. Profits ratios are the most important and the one of CFO and business manager pay more attention. Profit ratios are used to determine the overall efficiency of the firm in generating returns for its shareholders.
Balanced Scorecard Organizations and upper-management often use a Strengths, Weaknesses, Opportunities, Threats, and Trends (SWOTT) analysis model to concentrate on the company’s competitive advantages, their possibilities, evaluate how to improve susceptibilities, and avoid coercion. Organizations depend on SWOTT analysis to remain successful in their industries. For a business to be successful and sustain their performance, the entity is obligated by their external environment to generate strategic objectives and constantly evaluate its vision and mission. Organizations must reflect on their mission and vision frequently to assess each for validity, consistency, and making sure the objectives are components useful to the desired vision. Businesses require a tool to measure the execution of objectives.
These indicators go beyond financial statement figures, such as sales and net income, to include measures tailored to the client and its objectives. Such key performance indicators may include market share, sales per employee, unit sales growth, unique visitors to a Web site, same-store sales, sales by country, and sales per square foot for a retailer. ASSESS CLIENT BUSINESS RISK The risk that the client will fail to achieve its objectives related to (1) reliability of financial reporting, (2) effectiveness and efficiency of operations, and (3) compliance with laws and regulations PERFORM PRELIMINARY ANALYTICAL PROCEDURES a. Auditors perform preliminary analytical procedures to better understand the client’s business and to assess client business risk. One such procedure compares client ratios to industry or competitor benchmarks to provide an indication of the company’s performance.
Describe the competitive environment in which the firm operates, the distribution of market power, and the strategic behavior of the firm and its competitors. Apply your knowledge of the theory of this company’s market structure. How does the company make pricing and production decisions? Is your observation supported by the theoretical models? Refer to the financial reports for illustration.
Strategic Plan: Part II Anonymous BUS/475 February 23, 2000 n.a. Strategic Plan: Phase II Several trends and forces, both external and internal factors can lead businesses on different pathways. Trends and forces are necessities that must be analyzed by organization and fostered as a tool to increase revenue. Organizations that respond and react to changes and modify their strategic plan when necessary will remain superior in the industry and competition. In order for a business to thrive in today’s shifting business environment, the administration of that particular organization must have the capability to respond to changes in the trends and forces in the business setting.
Using what you've learned from the interview and your research, analyze the customer service environment at this company. How can customer service be improved? What are your recommendations to this company based on what you've learned? One of the major characteristics of a retailing business is direct contact with the ultimate consumers. There are so many factors that make retailing business a success.