Task 2 – (This question provides evidence for grading criteria P2 & M1) Evaluate the benefits and importance of customer loyalty. Identify and apply the importance of relationship marketing. Ans: - Customer loyalty can be defined as the strength of the relationship between an individual's relative attitude and repeat patronage with a supplier. It is a self-reinforcing system in which the company delivers superior value consistently to find and keep high-quality customers, (and, where applicable, employees). The economic benefits of high customer loyalty are measurable.
The strategic plan will help provide better, more targeted service to its clients and will be more specific on how the company will go about achieving company goals. The strategic plan will help Riordan’s executives understand the company’s direction by reviewing past progress and making changes to improve and grow. The strategic plan is an organizational tool that will help keep Riordan on track to meet growth and financial objectives. Need for a Strategic Plan Successful businesses are effective at identifying opportunities for growth and ensuring every manager has the same goals. For Riordan to further strengthen their strategic plan, they can develop a financial model based on their income and cost assumptions they would anticipate under the plan (Mikrut, 2010).
1.1) The purpose is to become a better all rounded employee for the company thus benefiting the company with better output from yourself. The benefits of improving own performance is not only do you become a creditable asset to the company but you also become a better credit to yourself. Another benefit is that with continuously improving own performance the skills you learn will make every day to day work easier and result in getting work done quicker with less stress. If you’re always learning new skills it makes it easier to adapt to an ever changing business environment. 1.2) Feedback comes in all different way but are almost always positive in some way.
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.
Motivating employees is one of the steps to have a successful company. If organizations use the motivational techniques: employee empowerment and employee ownership, employees may help the company grow and improve. According to Sam Walton, if you appreciate everything your associates do for the business. Nothing else can quite substitute for a few well-chosen, well-timed, sincere words of praise. They're absolutely free and worth a fortune.
This form of leadership allows individuals to take accountability of meeting the goals of the organization. Transformational leadership fosters open communication between company lines and throughout the organizational lines. Transformational leaders are visionary and can motivate employees to do what is right for the company, despite individual differences. Building trust with the teams of employees is crucial. Transformational leadership allows for the necessary changes in paradigms to occur within the
Innovative Thinking in a Business: Measure and Reward System MGT/411 Innovative Thinking in a Business: Measure and Reward System To reward employees for their thought and better the welfare of the company, certain ways of communication can determine the longevity of a company and how to measure and honor employees for practicing innovation thinking and decision-making to help future practices of Kudler Fine Foods. The ability to find success, hiring processes and practices, employee rewards, and financial management for our investors will help the morale and longevity of employees in many ways. Providing innovative ideas from employees and team leaders, the company can have support from staff and workers to efficiently raise profitability. Measuring and celebrating success will be very important. New innovations will be considered and implemented, but the company will have to decide if they are working.
If the employees are performing their job better, they will deliver better quality products, in a timelier manner, thus raising the customer satisfaction. The more satisfied a customer is, the more likely they are to keep purchasing your products and recommending your products to others, thus raising your financial level. Once again this shows the cause and effect that was discussed earlier in this report. Each of the four areas ties into one another, but they all are used to achieve the same thing; and increase bottom line for the
If we as an employer create positive energized environments, that positive experience will pass along to our customer base. When an employee is happy and content the employee will definitely take care of the customer. In this case, everything is about attitude and the assurance of providing the employees
The performance management creates the opportunity for management and individual success. Using performance management correctly can result in the organizational performance levels increasing and the company being more prosperous. A performance management outlines where the employee stands regarding his or her performance, as well as providing insight as to how the employee can increase his or her performance. Incorporating the organizations philosophy in the performance management sets a strong guideline for management to mirror the organizational goals when managing employee performance. This paper explored the importance of a successful method to measuring the employee skills as well as identifying gaps and delivering effective performance