It is measurably more expensive to attract a new customer than to retain an existing customer. So why do so many companies focus their efforts and their dollars solely on new customers? It is because every organization is committed to growth and growth is associated with building new business. However, in order to maintain continuous profitability, companies must establish and maintain profitable relationships with all of their customers (past, current and future). Business leaders must do four things to have profitable customer relationships.
Critical Skills & Competencies Unit 1 Assignment: Customer Service Critical Skills & Competencies Monique Boyd AB221-01 Customer Service Dr. Jan Roy, CMP March 1, 2013 Today companies face many challenges in an attempt to keep up with the high demands of the consumer. As technology has advanced, consumers have the choice of doing business “online or face-to-face, and because there are no rules, handling customer service relations can be challenging for companies” (Gibson, 2012, pp. 11-12). However, in order to ensure that customers are satisfied companies have to pay attention to their wants, needs, and desires. According to Gibson (2012), “customers can often confuse needs, wants, and expectations, but what they do want is to be acknowledged, understood, treated fairly, and feel in control of their experience” (pp.
If the company they want to buy these from cannot deliver and continuously deliver then they will lose the consumer's business. Besides consumer expectations, these companies must also contend with competition from other companies. It has pretty much become an unwritten rule that organizations will upgrade to new technology as fast as possible. This is partly driven by the competitive need to stay ahead or catch up with other companies in their field. Consumers have no problem placing their loyalty with the most modern technologically organization.
Despite scouting for smaller opportunities, a first round of $250 million funding may not be sufficient for Brazos to invest in any more than a few firms which gives them limited scope for diversification. This places greater pressure on a first time fund and in particular, Brazos’ motivation to add value by simply promoting organic growth in cash flow and operational efficiency in the hope of enhancing industry scale. Additionally, the existence of dependable cash flow and management make it easier to acquire debt financing and increase leverage which suits a first time fund. Furthermore, Brazos’ previous relationships and experience in the market allowed it to mitigate aspects of first fund bias which inhibit the entry of many prospective VC firms into the industry. Brazos’ GTT method is one of its points of differentiation which appear limited in its application to a variety of firms outside the ‘family-owned business’ model.
Ruth Chris had the following issues on hand; First, Dan Hannah had to decide which countries offer the greatest growth potential with the least risk. International businesses regularly offered opportunities for Ruth Chris but with strict selection criteria which in fact eliminated many of these business prospects. Secondly, the management team must agree on a standard development model and the decision of which mode of entry to use. Opportunities were evident for joint ventures or company owned stores in certain markets. Lastly but not least, Ruth Chris challenge was selecting the appropriate development model in conjunction with the management team but required additional information criteria in order to guarantee the future success of the organization.
This effort called Technology Asset Reduction Security (TARS) was under way and all would begin the journey towards consolidation. Not only was this for security sake, but after the initial cost of spending money to consolidate a major amount of money would be saved in the end. At first the IT department heads were not impressed by getting rid of anything in the inventory, but as time went on they did start to see this as an opportunity. A strong emphasis was put on justifying every piece of technology purchased. The Chief Information Officers (CIO) was now looking at everything we purchased.
This is their primary core competency because it is revolutionary inside the footwear industry, and is not easy for their competitors to imitate. Part of this stems from the background of the CEO and staff he brought in (the electronics industry), as well as the low-cost materials used in making the shoe itself. The ability to fill orders as needed is extremely valuable to their business customer, and their model is used in markets across the globe. I would include the forward-thinking of its CEO as a core competency, but core competencies reflect the collective learning of an organization and therefore are included in how his knowledge and experience was used in designing their supply chain. 2.
The high quality products with several distinguish and practical features secured the company’s success in the initial process. Additionally, the company introduced a number of new product lines that were also popular with customers. According to Jess Jones, the company’s CFO, the company has trouble in some of the product lines in recent years, especially the Classic line. Although some plant supervisors suggested shutting down the Classic line to make capacity for other product lines, I recommend that the company keeps the Classic line. Because the Classic line tends to only have a strong support in the northeast states, and in some sales districts in these states, it represents a relatively high proportion of total sales.
This can lead to potential employees not giving Yahoo a second look. Yahoo has a high demand for information technicians, while there is a short supply for workers with this degree or experience. The company seems to be losing their employees to more exciting new companies while Yahoo is staying a part of the older internet industry. Internal recruiting
Global Knowledge Management at Danone. Hae Young Shin(3117613) Question 1. What are the most important knowledge-management challenges faced by Danone? What does the company need to do well to succeed? The most important challenge for knowledge management is the Networking Attitude’s informal sprit might be weakened if the Networking Attitude more structure, such as by tracking results or rewarding employees for networking.