...owner is customer retention and satisfaction. According to the 80/20 rules which states, “Business studies have shown that 20% of a company's customer base usually makes up 80% of their business sales” (Davis, 2012). In that light, businesses must provide that competitive advantage that sets them apart from their competitors, especially in this era, where imperfect competition is on the increase. A recent trend in customer service is ensuring that the customer leaves happy with goods and services rendered, while improving on actions required in meeting customer’s demands through feedback and criticism. PURPOSE AND SCOPE The aim of this report is to investigate and elucidate on the importance of personalized customer service and the impact it will have on my proposed small business. To determine this, the following questions will be analyzed. 1. What is the impact of personalized customer service? 2. How do other businesses provide personalized customer service? 3. How have other businesses profited from adopting personalized customer service? 4. Are there hidden costs when implementing personalized customer service? FINDINGS What is the impact of personalized customer service? Major studies have shown that businesses that offer personalized customer service have a larger...
Words: 1262 - Pages: 6
...INTRODUCTION Quality Quality is generally defined as conformance to requirements. It is also conformance to a standard that is required. However, many consider that quality need not just be conformance to requirements but should be an assurance of being the best in the world of that type. In addition, it should also keep a constancy of purpose. Total Quality Total quality refers not only to the product but also to the way the product is made as well as presented to the customer. Total quality asks for customer orientation, process orientation, people management and leadership.All these are continuous processes. Total Quality Managers They believe in a learning organization. They want people not only to learn but also to internalize the learning. Statistical control of quality is very important to them. They believe that work ethic is an important part of any organization’s growth process. They don’t believe that there is a substitute for work ethic, which should become a part of every individual. Total Quality Management (TQM) Total Quality Management (TQM) is a management philosophy which focuses on continuous business improvement through company-wide employee participation and involvement with the fundamental objective of satisfying customer. TOM seeks to integrate all organizational functions (marketing, finance, design, engineering, and production, customer service, etc.) to focus on meeting customer needs and organizational objectives.This has led many researchers and...
Words: 3697 - Pages: 15
...wealthier and business more profitable and in turn enabling higher government tax revenues. * Economists looking to measure this productivity within a given system generally leverage production functions to determine how different factors of production (i.e. inputs) affect the overall output. * The final important consideration in assessing productivity potential is the production-possibility frontier (PPF), which outlines the maximum production quantity of two goods in the scope of our current technological capacity andsupply. TERMS * productivity the rate at which goods or services are produced by a standard population of workers. * Production function Relates physical output of a production process to physical inputs or factors of production. Give us feedback on this content: Edit this content directly Productivity is essentially the efficiency in which a company or economy can transform resources into goods, potentially creating more from less. Increased productivity means greater output from the same amount of input. This is a value-added process that can effectively raise living standards through decreasing the required monetary investment in everyday necessities (and luxuries), making consumers wealthier (in a relative sense) and businesses more profitable. From a broader perspective, increased productivity increases the power of an economy through driving economic growth and satisfying more...
Words: 3041 - Pages: 13
...360 Degree Feedback An evaluation method that provides each employee the opportunity to receive performance feedback from his or her supervisor and four to eight peers, reporting staff members, co-workers and customers. ABE - Adult Basic Education Adult Basic Education Accreditation Certification by a duly recognized body of the facilities, capability, objectivity, competence, and integrity of an agency, service or operational group or individual to provide the specific service(s) or operation(s) needed. Recognition given to a person or organization meeting certain standards. Achievement Performance as determined by some type of assessment or testing. Action Plan A specific method or process to achieve the results called for by one or more objectives. May be a simpler version of a project plan. Action planning and processes Deciding who is going to do what, by when and in what order for the organization to reach its strategic goals. The design and implementation of action planning depends on the nature and needs of the organization. An action plan includes a schedule with deadlines for significant actions. Action Projects A specific planned process and steps for completing one or more strategic goals and objectives, including ownership of the project. The Action Projects are the annual goals and challenges currently being addressed by San Juan College. Active listening A way of listening that...
Words: 9791 - Pages: 40
...Task 1 Introduction Kudler Fine Foods (KFF) has excellent reputation for providing fine-quality, unique and gourmet grocery in the San Diego metropolitan area, and its recent value-added programs, such as to include organic produce from a local grower to its product selection and expanded customer service by offering catering food service, have increase tremendous assessment to the company. However, in order to maintain its competitive edge in the fine food grocery industry, KFF must assess the business opportunities that are created by the change in technology, and KFF must also identify the generic strategies that it is pursuing and tactics that would make these strategies a realization. Finally, KFF must constantly scan the internal and external environments of the industry in order to stay innovative. This paper intends to analyze KFF’s management to help KFF maintain its status as supplier of distinctive gourmet products and services. Quality Quality is often defined as 'fitness for purpose'. In other words a quality product is one that meets the needs and requirements of its consumer. In his widely acclaimed book, Thriving on Chaos, Tom Peters argued that consumers' perception of the quality of a product or service is the most important factor in determining its success. Quality as defined by the consumer, he argued, is more important than price in determining demand for most goods and services. Consumers will be prepared to pay for the best quality. Value is thus...
Words: 6805 - Pages: 28
...Journal of Public Economics 6 (1976) 55-75. 0 North-Holland Publishing Company THE DESIGN OF TAX STRUCTURE: DIRECT VERSUS INDIRECT TAXATION* A.B. ATKINSON University of Essex, Wivenhoe Park, Colchester, England J.E. STIGLITZ Stanford University, Stanford, CA 94305, U.S.A. Revised version received February 1976 1. Introduction The recent literature on optimal taxation may be seen as attempting to clarify the structure of the arguments advanced to support changes in the tax system, tracing the implications of taxes and quantifying (analytically) the trade-offs between the various objectives of tax policy. This literature has examined the optimal structure for particular types of taxation taken in isolation, such as the optimal rates of excise tax and the optimal income tax schedule. Our purpose, on the other hand, is to provide a broader framework and to consider the interaction between different kinds of taxation. To illustrate this, we reexamine the age-old question of direct versus indirect taxation and the relationship of these taxes to the goals of efficiency, vertical equity and horizontal equity. After describing in section 2 the general framework of the analysis, and arguing that any treatment of the choice of tax structures must be centrally concerned with distributional considerations, we begin in section 3 with the extension of the classic Ramsey formula for optimal excise taxation to include vertical equity objectives. This was considered by Diamond...
Words: 9114 - Pages: 37
...INTRODUCTION A marketing plan is a written document that details the necessary actions to achieve one or more marketing objectives. It can be for a product or Service (economics) service, a brand, or a product line. Marketing plans cover between one and five years. Solid marketing strategy is the foundation of a well-written marketing plan. While a marketing plan contains a list of actions, a marketing plan without a sound strategic foundation is of little use. In most organizations, "strategic planning" is an annual process, typically covering just the year ahead. Occasionally, a few organizations may look at a practical plan which stretches three or more years ahead. To be most effective, the plan has to be formalized, usually in written form, as a formal "marketing plan." The essence of the process is that it moves from the general to the specific; from the overall objectives of the organization down to the individual Objective (goal)|action plan for a part of one marketing program. It is also an interactive process, so that the draft output of each stage is checked to see what impact it has on the earlier stages - and is amended. Detailed plans and programs At this stage, you will need to develop your overall marketing strategies into detailed plans and program. Although these detailed plans may cover each of the 7 P's, the focus will vary, depending upon your organization's specific strategies. A product-oriented company will focus its plans for the...
Words: 2917 - Pages: 12
...CHAPTER Total Quality Management Before studying this chapter you should know or, if necessary, review 1. 2. Trends in total quality management (TQM), Chapter 1, page Quality as a competitive priority, Chapter 2, page 5 LEARNING OBJECTIVES After studying this chapter you should be able to 1 2 3 4 5 6 7 Explain the meaning of total quality management (TQM). Identify costs of quality. Describe the evolution of TQM. Identify key leaders in the field of quality and their contributions. Identify features of the TQM philosophy. Describe tools for identifying and solving quality problems. Describe quality awards and quality certifications. CHAPTER OUTLINE Defining Quality 138 Links to Practice: General Electric Company; Motorola, Inc. 140 Cost of Quality 140 The Evolution of Total Quality Management (TQM) 142 The Philosophy of TQM 147 Links to Practice: The Walt Disney Company 150 Links to Practice: The Kroger Company; Meijer Stores Limited Partnership 153 Quality Awards and Standards 159 Why TQM Efforts Fail 162 OM Across the Organization 162 Inside OM 163 Case: Gold Coast Advertising (GCA) 166 Case: Delta Plastics, Inc. 167 136 000 DEFINING QUALITY • 137 E veryone has had experiences of poor quality when dealing with business organizations. These experiences might involve an airline that has lost a passenger’s luggage, a dry cleaner that has left clothes wrinkled or stained, poor course offerings and scheduling at your college, a purchased product...
Words: 16656 - Pages: 67
...sense, and begins with some very simple business start-up principles. To explore personal direction and change (for example for early planning of self-employment or new business start-up) see the passion-to-profit exercise and template on the teambuilding exercises page. Planning a new business or business project must at some stage address a few financial details, and challenges and opportunities relating to modern technology, the internet, websites, etc. However the techniques of how to write strategic business plans (or a strategic marketing plan) remain basically straight-forward. Business planning and marketing strategy are mostly common-sense and logic, based on cause and effect. Here are tips, examples, techniques, tools and a process for writing a marketing strategy, business and sales plans, to produce effective results. This free online guide explains how to put together a marketing strategy, basic business plan, and a sales plan, including free templates and examples, such as the Ansoff and Boston matrix tools. New pages are being added soon on advertising, sales promotion, PR (public relations) and press releases, sales enquiry lead generation, advertising copy-writing, internet and website marketing, in the meanwhile see the marketing tips page for free marketing and advertising techniques and advice. See also the simple notes about starting your own business, which to an extent also apply when you are starting a new business initiative or development...
Words: 15756 - Pages: 64
...CHAPTER Total Quality Management Before studying this chapter you should know or, if necessary, review 1. 2. Trends in total quality management (TQM), Chapter 1, page Quality as a competitive priority, Chapter 2, page 5 LEARNING OBJECTIVES After studying this chapter you should be able to 1 2 3 4 5 6 7 Explain the meaning of total quality management (TQM). Identify costs of quality. Describe the evolution of TQM. Identify key leaders in the field of quality and their contributions. Identify features of the TQM philosophy. Describe tools for identifying and solving quality problems. Describe quality awards and quality certifications. CHAPTER OUTLINE Defining Quality 138 Links to Practice: General Electric Company; Motorola, Inc. 140 Cost of Quality 140 The Evolution of Total Quality Management (TQM) 142 The Philosophy of TQM 147 Links to Practice: The Walt Disney Company 150 Links to Practice: The Kroger Company; Meijer Stores Limited Partnership 153 Quality Awards and Standards 159 Why TQM Efforts Fail 162 OM Across the Organization 162 Inside OM 163 Case: Gold Coast Advertising (GCA) 166 Case: Delta Plastics, Inc. 167 136 000 DEFINING QUALITY • 137 E veryone has had experiences of poor quality when dealing with business organizations. These experiences might involve an airline that has lost a passenger’s luggage, a dry cleaner that has left clothes wrinkled or stained, poor course offerings and scheduling at your college, a purchased product...
Words: 16656 - Pages: 67
...Chapter Web resources for this chapter include • OM Tools Software • Animated Demo Quality Management In this chapter you will learn about . . . ● What is Quality? ● Quality Management System ● Quality Tools ● TQM and QMS ● The Focus of Quality Management-Customers ● The Role of Employees in Quality Improvement ● Quality in Services ● Six Sigma ● The Cost of Quality ● The Effect of Quality Management on Productivity ● Quality Awards ● ISO 9000 2 Problems • Internet Exercises • Online Practice Quizzes • Lecture Slides in PowerPoint • Virtual Tours • Company and Resource Weblinks www.wiley.com/college/russell Quality Management at GREEN MOUNTAIN COFFEE ike wine, coffee quality is judged on attributes like fragrance, aroma, acidity, body, flavor, balance, and finish. Coffee professionals use words like “lush,” “complex,” and “fruity” to describe their evaluations, which are based on precise sensory criteria. Coffee Review, one of the most respected and widely read coffee publications in the world, rates coffees based on a 100-point scale, similar to the one used in the wine industry. Coffee connoisseurs seek out coffees awarded a rating of 80 or above. Each year GREEN MOUNTAIN submits coffee to Coffee Review for independent reviews. On average, Green Mountain L Copyright © 2007 John Wiley & Sons Chapter 2 • Quality Management 53 coffees scored 88.8 points—significantly higher than their better-known west coast and European competitors—and...
Words: 31668 - Pages: 127
...1st Edition Student Workbook BSBCUS501C Manage quality customer service 1st Edition 2011 Part of a suite of support materials for the BSB07 Business Services Training Package Copyright and Trade Mark Statement © 2011 Innovation and Business Industry Skills Council Ltd All rights reserved. Apart from any use permitted under the Copyright Act 1968, no part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, or otherwise, without written permission from the publisher, Innovation and Business Industry Skills Council Ltd (‘IBSA’). Use of this work for purposes other than those indicated above, requires the prior written permission of IBSA. Requests should be addressed to Product Development Manager, IBSA, Level 11, 176 Wellington Pde, East Melbourne VIC 3002 or email sales@ibsa.org.au. ‘Innovation and Business Skills Australia’, ‘IBSA’ and the IBSA logo are trade marks of IBSA. Disclaimer Care has been taken in the preparation of the material in this document, but, to the extent permitted by law, IBSA and the original developer do not warrant that any licensing or registration requirements specified in this document are either complete or up-to-date for your State or Territory or that the information contained in this document is error-free or fit for any particular purpose. To the extent permitted by law, IBSA and the original developer do not accept any liability...
Words: 24145 - Pages: 97
...The Impact of ‘Lean’ The purpose of this module: This module will look at how to manage within a lean environment and what considerations need to be taken account of when making management decisions. We will then look at the impact of lean across several industry sectors and conclude my looking at the way Lean and Six Sigma have become closely integrated. Timing: 60 – 90 minutes Lean Process Management When you start to undertake Lean reviews within an organization you have the opportunity to integrate it into the corporate strategy and long term vision for the business. Agreeing to review all production areas within a business to ensure they are efficient using lean methodology can make a big difference to the way you perform and deliver. Lean Process Management Many organizations use the balanced scorecard to report on their performance. The balanced scorecard reports on performance by four quadrants or areas to demonstrate how the business is moving towards its vision or corporate strategy. These areas are Financial, Customer, internal business processes and learning and growth. Lean has significant overlap with these areas to help develop and achieve the corporate goals. Lean Process Management It focuses on the customer and their values, it measures structured improvements, often with financial values, it puts quality and internal process improvement as a continual cycle and it engages with all employees offering ...
Words: 6096 - Pages: 25
...7/7/2014 Evernote Export Modern Welfare Criteria Created: 5/22/2012 9:12 PM General Equilibrium and Perfect Competition General Equilibrium of Exchange and Consumption 1. We assume that there is no production and the economy is a pure exchange economy. There are 2 individuals and 2 goods, who will exhaust the goods together. Naturally they will consume until (MRS x,y )A = (MRS x,y )B. But we don't know beforehand what will be the exact equilibrium. But if we know the initial distribution, we can define the boundary within which the equilibrium solution will lie. 2. Thus the initial distribution of goods and their relative bargaining strengths will determine the equilibrium position. This general equilibrium determines not only the final distribution of goods but also the rates of exchange or relative prices. Note that however, we can't determine absolute prices from here, we can only determine relative prices. Show that in PC, General Equilibrium can exist 1. This ca be shown using the fact that under PC, relative prices which A is facing will be same as relative prices which B is facing and hence MRS x,y for both will be same. General Equilibrium of Production 1. We assume that all labor is homogenous, receives equal wages, total quantity of each factor (L and K) is fixed, the production function is continuous and twice differentiable and the technology is given which together with factor endowments limits the production possibilities. Naturally the equilibrium condition...
Words: 63611 - Pages: 255
...QUALITY MANAGEMENT DEMYSTIFIED Demystified Series Advanced Statistics Demystified Algebra Demystified Anatomy Demystified asp.net Demystified Astronomy Demystified Biology Demystified Business Calculus Demystified Business Statistics Demystified C++ Demystified Calculus Demystified Chemistry Demystified College Algebra Demystified Data Structures Demystified Databases Demystified Differential Equations Demystified Digital Electronics Demystified Earth Science Demystified Electricity Demystified Electronics Demystified Environmental Science Demystified Everyday Math Demystified Genetics Demystified Geometry Demystified Home Networking Demystified Investing Demystified Java Demystified JavaScript Demystified Linear Algebra Demystified Macroeconomics Demystified Math Proofs Demystified Math Word Problems Demystified Medical Terminology Demystified Meteorology Demystified Microbiology Demystified OOP Demystified Options Demystified Organic Chemistry Demystified Personal Computing Demystified Pharmacology Demystified Physics Demystified Physiology Demystified Pre-Algebra Demystified Precalculus Demystified Probability Demystified Project Management Demystified Quality Management Demystified Quantum Mechanics Demystified Relativity Demystified Robotics Demystified Six Sigma Demystified sql Demystified Statistics Demystified Trigonometry Demystified uml Demystified Visual Basic 2005 Demystified Visual C# 2005 Demystified xml Demystified QUALITY MANAGEMENT DEMYSTIFIED SID...
Words: 122414 - Pages: 490
