...Measuring Customer Satisfaction at Liberty Mutual Introduction All High Performance organizations know the importance of managing customer relationships. There are many tools and techniques used to anticipate customer needs and expectations. Since in the end there is no profitable business without a satisfied customer. The following report will discuss the Baldrige National Quality Program (BNQP) criteria category 3. This category of BNQP specifically examines the organizations customer relationships as an important part of a listening, learning and performance excellence strategy. Next the report will discuss the best practices of the Liberty Mutual Insurance claims service in measuring customer satisfactions. I will then compare and contrast Liberty Mutual to the BNQP criteria and conclude by giving recommendations for quality improvements. Baldrige National Quality Category 3 The Baldrige National Quality Program (BNQP) criterion for performance excellence is current being used in many industries and organization to promote and foster customer quality and satisfaction. The BNQP follows TMQ philosophy of a customer-focused organization that involves employees in continuous improvement of all aspect of the business(Evans & Lindsay, 2011). BNQP consist of 7 criteria of requirements which an organization may use to implement a quality management system. The seven categories are 1.) Leadership 2.) Strategic planning 3.) Customer and market...
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...I’m currently site manager of F, My responsibilities in relation to managing customers are: Providing an exceptional service – Fast process of orders and a speedy delivery. Value for money – Looking over and maintaining accounts/prices. Complaints – Responding to complaints in a timely manner with a positive solution. Communication – Making sure customers details are up to date. Day to day actions – Account payments, order processing, setting up new accounts and general customer enquiries. Conduct an environmental scan of the business environment in which your organisation operates. 1.1 Political Predominately Flogas is a gas company (all in the name) which started off in 1984 then expanding with the acquisition of Alta Gas in 2001, British Gas in 2002 (bottled gas only) then BP LPG in 2013. Flogas has a number of sites throughout the UK, Sweden, Norway, Belgium, Netherlands and Ireland. Flogas has a number of competitors throughout the UK. As for me being site manager of St Austell covering the whole of Cornwall with deliveries, Calor is my main competitor. They are very similar to Flogas, having 1 main depot based in Truro and having a number of small stockiest/dealers throughout Cornwall. Flogas as a company has a 33 percentage of the market, where as Calor have 52 percent. There are other companies in this which make up the other 15 percent. As a rule, 1 company is not allowed to own more than 60 percent of the market due to certain laws and regulations...
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...article “Managing Customer Value” suggests that customers might be the key to improve profits. Customers are assets to firms; they generate revenues. However, some assets generate more revenues than other. In order to foster maximum returns from the customers, it becomes imperative to understand the differences between customers groups. Recognizing this diversity will enable value extraction from the investments. Unfortunately, most companies are unable to distinguish between the profitable and the unprofitable customers. One approach in measuring and managing customer value is the “Customer Value Management Cycle”. This cycle consists of 5 steps. 1. Customer segmentation; A proper segmentation drives profits by tailoring values to fit different customer needs. Thus, marketing should be correlated to different behaviors that steer customer profitability. Segments are dynamic and should be continuously refined as understanding of customers increases. Finally, including potential customers in the segments is also advantageous as it can help the company meet the needs of these customers. 2. Segment margins; Value from segmenting the customer base will be maximized when the profitability of these segments is measured. This in turn will allow formulating the right strategy and effective management. An effective method to increase margins is to locate the highest costs and figure out if there are possibilities to allocate these costs to customers. 3. Customer Lifetime...
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...Customer Relations is viewed as one of the most vital pieces to running a long and successful business. Customers are the key to profit in any type of retail, sales, or service industry. The bigger and better ones customer base is, the bigger and better the company will be. It’s because of that that Customer Relationship Management (CRM) is essential to know, understand, and practice within a business. CRM is a devised system for managing and tracking a company’s communications with its current and prospective customers (Goodman, 2014). These systems use technology tools to organize and track numbers and statistics from interaction for sales, customer service, marketing, and various other sales and support channels. With the increased knowledge of technology, the majority of all business’s someone would deal with on a regular basis, such as the coffee shop, grocery store, gas station, big box store, would be implementing their CRM system into the transaction. These interactions, where you enter in a rewards card, buy a certain products, answer a survey from the receipt, are all analyzed and synchronized into a system so that the management can break them down into statistics, and decide how to better themselves. Trying to understand the how and why and when the purchase was made will help with future marketing to the consumer. All of this information is used to target the customer again, to get them to come back into the store. Studies have shown, it’s easier to keep the customers...
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...Managing Customers Categories in the Restaurant Market When one talks about managing customers they should consider the categories of the market. There are three categories within the market captive, mass and status market. But what are these. Let me begin by talking about Captive Market, according to the (Business dictionary.com, 2013) it is those Customers who are constrained to purchase from a particular supplier or seller or according to (The Law Dictionary, 2013) it refers to markets where potential consumers face severely limited amount of competitive suppliers; therefore their only choice is to purchase what is available or to make no purchase at all. Both definitions are basically stating the same thing as customers are have limited options when purchasing or selecting meals, they are basically constrained with the places they eat, when they eat, where they eat and the prices they are being charged. Within a captive market there is no competition for business as there might be limited suppliers offering the products or if offered it may be so expensive that the customer cannot afford it. Also there could be limited or no alternatives for consumers. A captive market can manage to exist in the following situations shortages, customer are unable to obtained products in sufficient amounts that they require, high prices of competing restaurants making it impossible for customer to dine or even think about dining. It could also be that there is lack of competition meaning...
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...Managing Customers and Time Organisation: Burger King This report discusses managing customers and time. It will evaluate the value of customers for chosen organisation and the focuses on Burger King. Research will examine how target customers influence the company. The main purpose is to research which type of customers has the potential to influence BURGER KING®. This organisation will increase customer value created, and relate to the theoretical concept to give some usefulness information. Burger King was founded in 1953. BURGER KING® is the second largest fast food hamburger chain in the world, after McDonald. Currently, the BURGER KING® operates more than 12,300 locations serving over 11 million customers daily in over 76 countries worldwide. The target customer can be grouped which are children, blue collar worker and young adult. The main targeted population are children. BURGER KING® offers toys in Big Kid Meals to attract its target customers, which is children. Blue collar workers are people who have the busiest lifestyles; possibly balancing life and one job other job to be able to earn living. These customers look for quick and convenient meals because of their busy lives to minimise their own time and gain on working hours. Young adults mostly studying and some may have a part time job. BURGER KING® provides the fastest and cheapest meals to customers who own low wages, an example of this is teenagers and low income workers. In relations to porter’s competitive...
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...LECTURE 3 Managing Customers and Time Chapters 10 (pp. 396-405) & 16 (pp. 646-651) Cost Accounting: a managerial emphasis (Horngren et al.) Rahat Munir Department of Accounting and Corporate Governance accg301@mq.edu.au 1 Learning Outcomes 1. Explain customer profitability analysis 2. Describe differences in an organisation’s revenues and costs across customers purchasing the same product 3. Explain differences in customer level costs across customers 4. Describe the ways to calculate customer costs 5. Describe customer-response time and explain the reasons for and costs of delays 6. Explain the customer waiting time 2 1 8/22/2011 Customer Profitability Analysis 3 Customer Profitability Analysis Customer profitability analysis is a decision tool used to evaluate the profitability of a customer. Why calculate customer profitability? Which customers generate the greatest profits? And how do we retain them? Which customers generate the lowest profits? And how can we make them more profitable? What types of customers should we focus on to maximise profitability? 4 2 8/22/2011 How to Calculate Customer Profitability? COMPARISON Revenue generated by a customer or customer group – [customer revenue analysis] Costs of all activities used to support a dt t customer or customer group – [customer cost analysis] Relative profitability of customers can be determined and used for a range of strategic decisions 5 Customer Revenue Analysis ...
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...BU1006 Managing the Customer Experience Topics: 1. Heineken Company. 2. Nokia Corporation. HEINEKEN COMPANY The Heineken beer company was founded in 1864 by Gerard Adriaan Heineken, a Netherlander, in Amsterdam. This Dutch brewing company has wide international presence so far through a global network of distributors and breweries . Heineken owns and manages one of the world’s leading portfolios of beer brands and is one of the world’s leading brewers in terms of sales volume and profitability. Recently, Heineken has been considered as the most successful beer brand and is an icon in the beer industry. In a market where local beer always enjoy much favor, Heineken not only occupies the hearts of Europe, but also popular worldwide, becoming the leading brand of beer, and is considered No.1 imported beer in America. Heineken beer is ubiquitous and this company owns 110 factories in over 60 countries, beer production volume up to 109 million annual hectoliter. There are two main beer products of Heineken: long neck bottle and tactile can. All the Heineken products are made in Holland by the traditional recipe from 1873. Thanks to a special enzyme, called Heineken "A-yeast", has brought Heineken beer a unique characteristic flavor. This is also a main different point of Heineken among other beer brands. Heineken approaches customers by quality factor and Heineken always ensure that their products are processed...
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...BU1006 Managing the Customer Experience HEINEKEN COMPANY The Heineken beer company was founded in 1864 by Gerard Adriaan Heineken, a Netherlander, in Amsterdam. This Dutch brewing company has wide international presence so far through a global network of distributors and breweries . Heineken owns and manages one of the world’s leading portfolios of beer brands and is one of the world’s leading brewers in terms of sales volume and profitability. Recently, Heineken has been considered as the most successful beer brand and is an icon in the beer industry. In a market where local beer always enjoy much favor, Heineken not only occupies the hearts of Europe, but also popular worldwide, becoming the leading brand of beer, and is considered No.1 imported beer in America. Heineken beer is ubiquitous and this company owns 110 factories in over 60 countries, beer production volume up to 109 million annual hectoliter. There are two main beer products of Heineken: long neck bottle and tactile can. All the Heineken products are made in Holland by the traditional recipe from 1873. Thanks to a special enzyme, called Heineken "A-yeast", has brought Heineken beer a unique characteristic flavor. This is also a main different point of Heineken among other beer brands. Heineken approaches customers by quality factor and Heineken always ensure that their products are processed in the most standard conditions. The slogan of Heineken is...
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...Report The Power of CLV: Managing Customer Lifetime Value at IBM J. Mack Robinson College of Business, Georgia State University, Atlanta, Georgia 30303, dr_vk@hotmail.com Darden Graduate School of Business, University of Virginia, Charlottesville, Virginia 22904, venkatesanr@darden.virginia.edu Americas Market Intelligence, IBM Corporation, New York, New York 10589, tbohling@us.ibm.com Americas Market Intelligence, IBM Corporation, Atlanta, Georgia 30327, dmbeck@us.ibm.com V. Kumar Rajkumar Venkatesan Tim Bohling Denise Beckmann C ustomer management activities at firms involve making consistent decisions over time, about: (a) which customers to select for targeting, (b) determining the level of resources to be allocated to the selected customers, and (c) selecting customers to be nurtured to increase future profitability. Measurement of customer profitability and a deep understanding of the link between firm actions and customer profitability are critical for ensuring the success of the above decisions. We present the case study of how IBM used customer lifetime value (CLV) as an indicator of customer profitability and allocated marketing resources based on CLV. CLV was used as a criterion for determining the level of marketing contacts through direct mail, telesales, e-mail, and catalogs for each customer. In a pilot study implemented for about 35,000 customers, this approach led to reallocation of resources for about 14% of the customers as compared to the allocation...
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...Chapter 1 Marketing: Managing Profitable Customer Relationships GENERAL CONTENT: Multiple-Choice Questions 1. Central to any definition of marketing is _____. a. demand management b. transactions c. customer relationships d. making a sale e. making a profit (Answer: c; p. 5; Easy) 2. All of the following are accurate descriptions of modern marketing today, except which one? a. Marketing is creation of value for customers. b. Marketing is customer satisfaction at a profit. c. Selling and advertising are synonymous with marketing. d. Marketing involves building and managing profitable customer relationships. e. None of the above statements is true. (Answer: c; p. 5; Easy) 3. Like NASCAR, successful companies recognize a crucial dimension of an outstanding marketing company to be _____. a. a strong customer focus b. a relentless pursuit of customer needs c. customer relationships built by everyone in the organization d. all of the above e. none of the above (Answer: d; p. 5; Moderate) 4. _____ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation. a. Selling b. Advertising c. Barter d. Marketing e. None of the above is correct. (Answer: d; p. 5; Challenging) 1 5. Society and culture shape the basic form of human needs called _____. a. needs b. wants c. demands d. value e. an exchange (Answer: b; p. 6; Moderate) 6. When backed by buying power...
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...Manager’s Job in Context Contents Introduction……………………………………………………………………………………3 The organization……………………………………………………………………………… 3 Job Description of a manager in an organization......................................................................4 Organizational Structure...........................................................................................................6 Internal and external interactions of Managers.........................................................................8 Recommendation......................................................................................................................9 Conclusion...............................................................................................................................10 References...............................................................................................................................10 Introduction Organizations can be considered as a system which consists of a numerous number of people who coordinate and work together to achieve the common goal. Organizational behavior is the set of actions performed by the individuals or the attitudes of the individuals in a particular organization. For a manager it is very essential to study and understand the organizational behavior as it will assist him to identify and correct problems, establish necessary changes etc. Management or managers plays a vital role in organizational behavior and in achieving...
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...Toyota Organizational Structure In Toyota, the importance decisions have to come from Toyota Motor Corporation in Japan. From Chart-1 we can see that TMC has a three-tier executive system with executive vice president, chief officer (senior managing director) and managing officers responsible for group of affair(2) It's a design that put key decision making in the hands of executive in Japan and ultimately impaired its ability to prevent the now-burgeoning safety problems before they reached the crisis state(3) We can explain Toyota Organization as follow; 1) Centralization is a degree to which decision makings take place at upper levels of the organization. In Toyota, the executives at the top of the hierarchy retain the authority to make importance decision 2) Departmentalization Toyota uses many kind of departmentalization to group the job tasks. There are - Functional Departmentalization Grouping activities by functions performed such as in the TMC Structure, there are accounting, purchasing, corporate planning and quality department, etc. - Product Departmentalization Focuses attention on major product areas in the corporation. In TMC Structure, there are the Motor Sports Department, Lexus and Scion. - Geographic Departmentalization Grouping activities on the basis of geography or territory. Such as Japan Sales department and overseas department in Toyota. - Cross-functional teams are the team made up of various departments and that cross traditional department...
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...1 ANNUAL REPORT 2014 Table of contents ABOUT THE COMPANY Letter of Transmittal Corporate Information Milestones Board of Directors and Management Brand Values Products 3 4 5 6 -8 9 10 OPERATING RESULTS Summary of Key Operating & Financial Data 11-12 AGM & COMPANY PERFORMANCE Notice of 35th Annual General Meeting Chairman’s Message to Shareholders Report of the Board of Directors 13 14 ANNUAL REPORT 2014 15 - 19 1 Table of contents COMPLIANCE REPORT Corporate Governance Compliance Report 20 - 38 FINANCIAL RESULTS Auditors’ Report to the Shareholders Statement of Financial Position Statement of Comprehensive Income Statement of Changes in Shareholders’ Equity Statement of Cash Flows Notes to the Financial Statements Unit-wise Working Result Schedule of Non- Current Assets Certificate on Review of financial statements PROXY FORM 39 - 40 41 - 42 43 - 44 45 46 - 47 48 - 80 81 - 82 83 - 84 85 ANNUAL REPORT 2014 2 Letter of Transmittal December 6, 2014 Esteemed Shareholders Bangladesh Securities and Exchange Commission Dhaka Stock Exchange Limited Chittagong Stock Exchange Limited Registrar of Joint Stock Companies and Firms Dear Sir or Madam, Subject: Annual Report for the year ended June 30, 2014 It is our pleasure to inform you that the 35th Annual General Meeting of Olympic Industries Limited will be held on Wednesday, December 24, 2014 at 10:00 AM at our 2nd biscuit factory premises at Lolati, P.S. Sonargaon, District...
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...board meeting conducted by the board of directors of Juices Ltd in December 2010 revealed a new proposal for Juices Ltd to acquire the juice container manufacturing business owner by Fruit juice containers Pty Ltd, $48 million being the settlement price. The proposal was duly considered important as Juices Ltd operated an apple and pear juice producing business and owned ore hands around Australia and the juice container manufacturing business can provide Juice Ltd’s juice containers to the customer who already falls under Juice Ltd’s target market. In order to broaden the domain of its business the proposal was put forward by Chen who is a non executive director of the company though all the board members were suppose to be present in the board meeting else one of the non executive director could non- attend the meeting as on the same day and time she met with an accident and broke her arms and unable to receive treatment from the emergency department of the local hospital. The company managing director Uma was authorized the chairman Jack to acquisition within 10 minutes. Though the company’s chief financial officers Isaacs financial report was presented on the impact of the acquisition but unfortunately he was forbidden to participate in the board meeting and gain or deliver any views in regards to the business proposals. Though it was decided in the meeting to approve the acquisition and signing up of the contract by Uma to look took over the business on behalf of Juice’s lacking...
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