If the stores were bought out by another company, this could benefit the employees and the customers in the neighborhoods, along with the investors and shareholders. There is an ethical and social responsibility to look at all the positive and negative impacts of such a decision. Company Q took years to answer customer requests for health-conscience and organic products. These products are high margin items which would bring more profit for fewer sales. This is a bonus for both the customers and the shareholders.
Economic: maximizing stockholders wealth and value In regards to evaluating your company on their attitude toward economic social responsibility, I have found that your company has made some good moves, although there could be some improvements made in this area. By closing down the two stores that were losing money you increased the profits at your other stores. This helps the wealth of your stockholders, and shows a good attitude toward economic social responsibility. Considering the high profit margin of stocking health and organic products your company took years to stock the products and still only carries a limited supply. This shows a bad attitude toward economic social responsibility.
Social Responsibility EST1 Task 1 Company Q's current attitude toward social responsibility can best be described as nonexistent. While a business's ultimate goal is to create profit, businesses should enlist community friendly practices to strengthen both the company and the community as a whole. Three areas that Company Q needs to reevaluate are as follows; (1) closing down stores because of the crime rate in that specific part of town; (2) only offering high margin items that are health conscious; and (3) wasting food instead of donating it to local food banks. Company Q has recently closed a couple of stores due to a pattern of lost profits. These two stores were in high-crime-rate areas.
First, offering to purchase on the website will gain more attention from customers because of the convenience of time. Time plays a huge role in customer’s experience, for that reason customers will gain the easy of buying products online at Kudler Fine Foods. Additionally, KFF can advertise the unique products and services offered added to having customers enjoy the benefit of shopping online. For instance, coupons, weekly specials, gift cards are some of the incentives that the website can offer to attract more customers’ trough the website and increase revenue. In conclusion, Kudler Fine Foods needs an effective management team to operate successfully at their best ability by allowing them to implement their knowledge and skills to improve productivity around the business.
To see these benefits, the focus needs to remain on benefiting the community at large and meeting the needs of each individual location. Crime can be reduced within the store by helping provide for the community and offering opportunities to help people work their way off the streets. Consumer spending can be increased by meeting the demands of the area while helping those who cannot afford to spend money on the goods the company sells. Any company would be wise to remember that quite often it is the poor who succeed later in life and become a company’s biggest investors. A focus on those in need is something that helps a company’s reputation for years to come, boosting profits in both the poorest neighborhoods and the wealthiest.
The consumers will benefit by obtaining the quality goods Kudler provides as well as customized promotions based on personal shopping patterns. Tracking the shopping patterns of the customers will help develop a marketing strategy for Kudler. This strategy will allow Kudler to offer certain products at times when an increase in demand has been determined by shopping trends. Kudler will also benefit from this program with an increase in revenue and a more stream lined business process. This program will keep track of individual customers purchasing behaviors, which will allow Kudler to know how much of a certain product to stock.
The frequent shopper program can become an effective tool in the attraction and retention of loyal customers. Rewards that can be traded for luxury items will have a great influence in customer loyalty and attracting new customers. A positive response from the public is important and in order to ensure that response, Kudler Fine Foods must find and develop a proactive way to approach the public’s privacy concerns. Preventing conflict with consumers regarding personal data and how it will be used is simply fixed by keeping the consumers aware of just how it is being used. The number one concern for Kudler Fine Foods must be security and privacy of their consumers’ personal
The fact the company is throwing food out instead of donating it makes the company appear heartless in the eyes of the public. Although company Q has logical financial reasons for disposing of the food, the public does not see this. The public’s perception is that company Q only cares about profit and not the people of the community. Company Q Needs to seek methods to remedy the public perception that it does not care about the community. One solution could be that company Q can set up a program to closely monitor the surplus of inventory in order to make donations to local food banks.
Risk Factors of Bloomingdales Risk factors play a major role in today’s economy. Since we are stuck in the stagnation period and do not seem to be recovering for quite some time, businesses have to come up with a proper marketing plan that will help sell their products. All businesses suffer from the same risk factors. Some common risk factors include: product quality, price, brand loyalty, competition, managerial skills, etc. Many customers are shopping at lower priced stores because the economy is not allowing them to spend extra money.
A society we must respect those individual rights. As a manager at Kudler Fine Foods, I would expect that employees and customers are respected and recognized individually. My focus would not be on what may be most beneficial to society or the grocery industry in general, but on what is most beneficial to my internal and external customers. For example, some managers may believe that it is a waste of resources to offer free food samples. When looking at the bottom line, this practice takes an employee away from working the register or counter as well as increases the costs associated with providing goods for no profit.