6 Social Responsibility within Company Q Social Responsibility within Company Q Daniel R. Beckerman Western Governors University WGU Student #000322976 For any given business, the greatest potential for revenue growth can be found through a mix of focusing on providing for the shareholders, as well as thinking of the stakeholders as a whole. This means focusing past short term profits and creating a plan that demonstrates a measure of social responsibility. Business reputation goes a long way towards creating how large a company’s customer base is going to be, and giving the appearance of not caring about the community can lead to a loss of customers and a loss of additional revenue in the long run.
A private enterprise system rewards businesses for meeting the needs and demands of consumers. Answer Selected Answer: True Correct Answer: True • Question 2 0.5 out of 0.5 points ________ analyzes the choices people and governments make in allocating scare resources. Answer Selected Answer: Economics Correct Answer: Economics • Question 3 0.5 out of 0.5 points A ________ is a cyclical economic contraction that lasts for six months or longer. Answer Selected Answer: Recession Correct Answer: Recession • Question 4 0.5 out of 0.5 points A ________ occurs when a firm possesses unique characteristics so important to competition in its industry that they serve as barriers to prevent entry by would-be competitors. Answer Selected Answer: Pure monopoly Correct Answer: Pure monopoly • Question 5 0 out of 0.5 points The ________ is the sum of all goods and services produced within its boundaries.
High operating expenses and ineffective management of A/R have led the company to insolvency by demonstrating a quick ratio of 0.38. DECISION CRITERIA * Reduce operating expenses by 6% or more within next year Option 1: Reduce Salaries By 8% Reducing the salaries by 8% might affect the motivation and productivity. But how much of productivity and motivation is linked to financial rewards? Several psychological and economic studies suggest that money does motivate people to work but they also want to “feel autonomous, competent, and related to others.” (Piekema, 2012)Since many of the supervisors have been with the company since it started, it is unlikely they would be willing to leave the company. By the end of 2006, this option will reduce the selling and admin expense from $160m to $148m.
For example, in both surveys there is an approximately a 60/40 split on customer satisfaction for customer service representatives being courteous (Apollo Group, Inc., 2011). Instead of looking to improve on their products and services, perhaps the company should be looking to their customer service. The marketing objective could improve the amount of people agreeing with the level of customer service. Customer service is as important, if not more so, than the products themselves. If a customer is not happy with service they received in a store, they are more likely not to return regardless of the quality of the product.
The economic benefits of high customer loyalty are measurable. When you consistently deliver superior value and win customer loyalty, market share, revenues and profitability all go up, and the cost of acquiring new customers goes down. A clear and structured new customer induction scheme will boost customer loyalty and retention, increase the frequency of purchase and raise the dollar value of each transaction and increase referrals. Customer induction schemes are a vital step in business growth as they deliver higher yielding customers and drive up profits by reducing the need to spend money attracting new customers. It is very much about long term retention marketing and is purely created through exemplary customer
Sometimes, the staff exchanges the product with a different size that is suitable for them and whether it makes them happy. In addition, Primark is an outstanding retail company, so the customers would want their staff to have good product knowledge, someone who knows the idea of what they customers like and don’t like. So therefore, it benefits the customer to trust the staff and they would have a good understanding with negotiating with the offers such as ‘sales reduction, which is quite useful in a business. How effective customer service benefits the organisation Great customer service makes your customer feel that you care about developing in long term relationship that means you are not only make more sales, however it does benefit the business in different ways , such as : Repeat
The gist of the strategy is to produce products in all of the five segments of the industry, together the continuous development of products in each segments and rigorous marketing, and gain the most market share in the senor industry. The profitability of Andrew Company is not most successful at the current 4th year. There is a net loss of $7,281, and a negative accounts receivable of $10,666. Its ability to gain growth
Wells Fargo mission and vision statement is understandable. However, to add clarity to the vision to reach a wider variety of individuals, included should be that the company will build a lasting rapport with customers and diligently works to help all customers’ succeed financially. Wells Fargo develops the best people; know the numbers, and most of all know the clients. Wells Fargo mission and vision statement will assist the company in reaching its desired outcome by continuously putting their customers first. Knowing what the customer’s needs even if the customer does not know will help the company succeed.
The best forms of motivation focus on what the employees deem to be important. Many organizations find that flexibility in job design increases an employee’s longevity with the organization, improves productivity and betters morale ("Reference for Business; Encyclopedia of Business", 2012). Some methods of motivation include empowerment; creativity and innovation; learning; quality of life; monetary incentives; and other incentives ("Reference for Business; Encyclopedia of Business", 2012). Empowerment means giving employees more responsibility and decision making authority so they can feel control over the tasks they are held responsible for and better equips them to carry out those tasks ("Reference for Business; Encyclopedia of Business", 2012). Creativity and Innovation gives employees the opportunity to use their ideas to improve a job, product, or service ("Reference for Business; Encyclopedia of Business", 2012).
“Motivating Employees” is a book about how employee motivation is driven by companies that invest and grow their employees. One of the most important traits of highly effective and successful companies is that employees are happy and have fun at work. Leadership is not assaulting your employees, but to lead your employees you need to motivate by using caring, inspiring, empowering, teaching, growing, investing and your employees will follow and want to contribute. Assaulting as in forcing, criticizing, and bossing your employees around will not only wear them down and unmotivated them but it will exhaust the boss as well. This book is a great resource for my paper because it supports that leaders grow their employees and make them happy.