...IMPLEMENTING CUSTOMER RELATIONSHIP MANAGEMENT AS A CORE BUSINESS STRATEGY Presented to Adrian Lim School of Business Management Nanyang Polytechnic February 13, 2014 EXECUTIVE SUMMARY This report provides an analysis and evaluation of the current customer relationship management of Singapore Café Ptd Ltd. The purpose of this report is to enhance the existing customer’s experience at Singapore Café and to increase our presence in the F&B Industry. Sources of data collection include search engines and websites of the companies. The report finds that it is important for Singapore Café to focus on our one-to-one marketing management and knowing who our customers are, where they are and what they need. However, in order to nurture better relationship with customers and retaining them, Singapore Café needs to keep a consistent system of collating information from returned feedback forms and take a step further in enhancing our programme and activities in engaging with our customers. Recommendations discussed include: * Leveraging on Social Media * Develop a centralised customer database. TABLE OF CONTENTS IMPLEMENTING CUSTOMER 1 RELATIONSHIP MANAGEMENT 1 AS A CORE BUSINESS STRATEGY 1 TABLE OF CONTENTS 3 INTRODUCTION 5 STATEMENT OF PROBLEM 5 STATEMENT OF PURPOSE 5 SCOPE OF REPORT 6 SOURCES AND METHOD 6 FINDINGS AND ANALYSIS 7 CONCLUSION 14 RECOMMENDATION 15 LIST OF FIGURES Figures 1 Costa Coffee Six-Months Sales Projection...
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...Strategies for Building Effective Relationships Hank Williams LDR/300 November 3, 2014 University of Strategies for Building Effective Relationships A family member owns a medium size manufacturing business named Big Business Manufacturing. In earlier years, I worked in high school through college in different operation from manufacturing to distribution. Upon graduating College, the family member offered a job as a product development project leader. Accepting the offer the owner had a few concerns with productivity. The first concern was the business revenue and a decrease in the past three years. Second, there are no new ideas on the horizon. Third there is no leading project managers. Lastly, the last leader left because of a conflict between managers and supervisors. Some basic leadership skills include but are not an end all are self-confidence, positive attitude, emotional intelligence, and ability to motivate people. Other skills can include being a good role model which can encompass being punctual, respectful, and a people person. I believe that the ability to understand and relate to people underneath your power or supervision is crucial to becoming a great leader that people respect. According to Forbes the Top Ten Qualities that Make a Great leader are honesty, ability to delegate, communication, sense of humor, and confidence. The other qualities that Forbes considers important to become a great leader are: commitment, positive attitude, creativity, intuition...
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...Strategies for Building Effective Relationships LDR/300 Strategies for Building Effective Relationships Building effective relationships requires time and effort. The most effective relations take many forms and are fruitful, effective and satisfying. This only occurs when the parties involved cultivate a level of high trust in their relationships, also called inter-dependence. For this paper we will discuss the basic skills that a leader must possess in order to succeed in building effective relationships. We will also discuss some of the methods used to build effective relationships with superiors and peers. Finally we will look at the role of the leader in different participatory management methods. Leader Skills These features not only facilitate a relationship to mature and deliver exceptional results, but just as importantly, they also preclude a relationship from unravelling under the weight of confusion and external stimuli – a vital aspect in today’s fast-paced and ever-changing world Anyone coming up thru the ranks in the military and in the civilian sector knows that in order for a leader to be successful that they must possess certain leadership skills. Although not all inclusive, these skills will set up a leader to be successful. These skills include: organization and time management, selling skills, resource acquisition and management, technologically savvy, persuasive and negotiating skills, and ethics (Javitch, 2009). Companies are not...
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...Gandhi) Relationship between Finance and Strategy • Finance helps align Strategy to reality, while from another angle, Financial decisions need to be aligned to Strategy and to an organization’s strategic objectives: o Finance helps measure the effectiveness of strategy by giving it metrics through which it can be evaluated on. These metrics help determine which strategy can create the most value for a certain organization; o Finance and Strategy work in tandem and in continuous cycles. Strategy is used to formulate and identify long term goals and means of achieving such goals. Finance goes on to align strategy with reality, providing metrics to evaluate its effectiveness; o Finance plays part in the Strategic decision making, as financing choices and capital raising strategies (debt vs. equity) will impact the value and the image of the firm, this is a topic of concern to the decision makers. • Both Finance and Strategy are concerned with value creation for their stakeholders whether it is the shareholders, the employees, the management etc. Strategy from a qualitative point-of-view (for instance by finding the drivers of competitive advantage for the stockholders and devising means to exert some pressure on those drivers in order to create value). While Finance is quantitative, meaning that it is a measure of the created value resulting from the strategy. This is more about determining the exact bottom line. • In a nutshell, if Strategy is about...
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...Relationships Between Productivity, Reputation, and Strategy Abstract: Businesses seek to maximize productivity because it increases efficiency, motivates employees, and can help firms compete on the strategic elements of time, cost, and quality. Productivity has been shown to be positively correlated with reputation such that firms with good reputations tend to have higher productivity. Reputation can be improved through corporate social responsibility initiatives that seek to enhance social and environmental wellbeing. Improved reputation can provide a sustainable competitive advantage and increase the perceived quality of a firm’s goods or services. Introduction In the business world, it is well understood that increased productivity is highly desirable and leads to favorable economic results. Productivity can have numerous effects on a company, particularly in relation to financial performance. Strictly speaking, productivity is defined as output over input for any given unit under evaluation, such as a business, division, department, or a set of employees. However, this measurement can be a bit more complex since productivity is determined and affected by numerous variables, some of which are not readily apparent in the accounting setting. For example, a company’s reputation can have an impact on productivity and labor efficiency, as demonstrated by the findings presented by Marty Stuebs and Li Sun in their article “Business Reputation and Labor Efficiency...
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...clients. For many firms, the “80/20 rule” applies where the largest concentration (80%) of your revenue is being derived by a relatively small subset (20%) of your customers. These clients, due to the leveraged impact they have on your bottom-line and infrastructure costs, need to be carefully managed and made a key focus of your business strategy. This is equally true for a huge multi-million dollar conglomerate or a relatively small professional practice. While a continuing focus on new business acquisition is of paramount importance – “Grow or Die” – the strategy decision of how you marshal your limited resources of time, money and effort is a crucial one. Deciding to manage your top clients as “strategic accounts”, and investing your resources to build your relationships with them, provides a multiplier effect of benefits. To name a few: lowers acquisition costs for new business, engenders a higher level of customer loyalty, creates revenue stability and profitability enhancement, inspires ongoing future business, and develops a strong referral generator and free PR. Small businesses and professional practices can learn and incorporate strategies and practices from the larger, established strategic account departments of larger firms. Strategic account management is a mindset and a methodology, a series of carefully thought out decisions and processes that enforce and ensure that you truly place your top clients at the core of your business. This discipline needs to be internalized...
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...Unit 5 Team IBM Case Study Team E: Tonji Williams, Will Solomon, Dwayne Washington, Kimberly Tillar GB600.02N Leadership Strategies for a Changing World October 15, 2013 Professor Dr. Jennifer Fleming Many companies have developed internationally and have become a powerhouse; they have many different challenges for them to conquer. The industry is on the rise and pushing companies to greater heights. IBM is moving, growing and changing in the industry they have faced many challenges from the opposition and are a head of their competitor. This achievement is a tough move but they are doing the right things by keeping the company on track and to keep up with their multifaceted goals and desires of the company. IBM is facing encounters and prospects that have happened because of their enthusiasm and them increasing as a global business. Their main differentiator in the marketplace is their prevailing approach and constantly validating their effectiveness based on their current and predictable future. By operating under a constant design setting, IBM has famed its strategy by including components that are appropriate to all establishments in adding to their development. They have learned over the years to value their relationships with other business, why because having these relationships has made them who they are today. Over the course of this analysis the reader will see the challenges IBM had to face and how they overcame these obstacles, different methods used...
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...University of Phoenix Material Conflict Management Plan 1. Identify the available conflict management strategies and their strengths and weaknesses. |Strategy |Strengths |Weaknesses | |Competitive strategy |▪Short term outcome. Rise in output/result |▪Fails in the long- run. It reduces the | | |▪ Provides a quick resolution. |inter-personal connections. | | | |▪ Could potentially cause poor relationship | | | |between competing parties | | | |▪ Reach solution at the expense of others. | |Avoidance strategy |▪ Avoids disruption |▪It doesn't provide any solution by | | |▪Leads into instant optimistic outcome. |itself. | | |▪Cools down the sentiments as well as |▪ Failure to reconcile differences of | | |temperament and therefore let folks to look|original conflict. ...
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...thinking ability. Culture, among other organizational factors, can either encourage or limit those contributions. Leaders, as culture constructors and transformers, can act to maximize the relationship between organizational culture and the process of learning to think strategically. A cadre of formal training, developmental activities, and self-directed learning initiatives can provide leaders with the skills to enhance the strategic thinking of those they lead. Keywords strategic thinking, management learning, leadership development, organizational culture “Culture eats strategy for lunch.” This management truism is linked to examples of how strategy failed, acknowledging that actions attempted were inconsistent with the organization’s values, beliefs, and assumptions (Weeks, 2006). The strategy-eating potential of culture has been used as the basis for recommending that leaders initiate large-scale change efforts to align culture with strategy. However, it has long been recognized that culture can also severely restrict the strategy selected to begin with, because of the myopia of shared beliefs among decision makers regarding the organization’s goals, competencies, and environment (Lorsch, 1985). Moreover, shared assumptions about the organization’s core mission can limit not only the strategy but also the vision (Schein, 2004). Thus, one of the...
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...6 Case Keys 7 Key success factors 7 Key uncertainties 7 Alternative 7 Alternative Analysis 9 Recommendations 9 Action Plan 10 Contigency Plan 10 Problem Statement: Louisa Morgan needs to Set a price and service level for advertising campaign for Halpernia Industry regard to maintain client relationship and satisfaction. The management at Henderson Bas needs to set up a pricing model to effectively balance company's profitability against customer satisfaction Situation Analysis Background Henderson Bas was founded by Dawna Henderson in 1996 and started as an interactive agency in downtown Toronto. The company developed from a one person operation to a midsized 65 person corporation. The company provided wide range of online services like web design, online advertising, e-mail marketing, database marketing and Technology services. They worked with many large companies including Coca-Cola, eBay, Molson and Nike. Henderson Bas was recognized as a leader in the interactive advertising industry. Objectives and Goals Keep its position as a leader in the interactive advertising industry by providing premium service and maintaining well above average relationship with clients also successfully acquire the confidence and ongoing business of the Halpernia account. Current Situation Halpernia industry chose Henderson Bas to promote its new product. Henderson Bas assigned an account manager...
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...you must also develop short and long term strategies to reach these goals. Short term strategies revolve around cause and effect actions. You will institute an action and then measure the result. For example, if you run an ad in the paper, or send out a direct mail coupon, you can easily track your response rate. Depending on the amount of new business you generate, you can assess the effectiveness of the campaign. Most of the time, these strategies involve costly advertising, so you must be sure you are reaching your target market, as well as prompting a "call to action" from potential customers. Other examples of short term strategies are Internet websites, informational brochures, press releases, trade shows, and product samplings. All these can be used to create a cause and effect reaction from consumers. These are crucial in launching a new business as well as growing an existing one. As long as your are reaching your target market, these activities will provide an immediate return on investment. If they don't, then your overall advertising message needs to reevaluated. Long term strategies are much more subliminal in nature. They encompass all the activities that reach people in a subtle way. Networking is probably the best long term strategy you can engage in. Many people have misconceptions about networking. It is not about going to events to drum up customers. Rather it is all about forming and developing relationships. People tend to buy from someone they like...
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...the best, learn from challenge and change, show respect, humility, and integrity, and to unleash the power of their people. Corporate Vision “People, technology, and the pursuit of happiness.” The people aspect is in reference to the employees creating relationships with their customers. The technology part of the vision is in reference to tying the content such as services etc, to the products sold, which in turn connects the world. The pursuit of happiness portion is to make happy employees, which in turn will make happy customers with the service they receive. Strategy Best Buy uses a customer-centric strategy, which means that they essentially look at their business through what the customer needs versus what the producer does. This strategy has also helped Best Buy stay afloat because they understand the solution aspect for their customers to their products that they purchase. Another strategy Best Buy is using is organic growth, this means that they are taking their customer base that currently exists and versus expanding to gain more customers, they are working with their loyal customers to get them to spend more. Strategic Initiatives One of the major initiatives Best Buy is taking for their strategies is to use the idea of organic growth. They are doing this by adding in more services for products that they sell, like cameras and laptops-which tend to be the brunt of accidental damage, and turning their services into a happier experience for their customer...
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...required to develop and implement various strategies to deal with emerging issues in the business environment. Trends in the external and internal environment of the organization demand development of new strategies for the organization in order to ensure that the business remains viable. The strategic choice of the organization is critical for the achievement of both short term and long term goals of the organization. Organizational leaders and analysts must therefore conduct a thorough evaluation of various strategic alternatives by analyzing the risks involved, organizational capabilities, external environment, and whether the strategies form a good fit with the objectives and values of the organization. (Peng and Dess, 2013) A good strategy will ensure that the organization operates at its maximum potential and achieves exemplary performance. The strategic approach that the organization adopts will however depend on the organizational culture, organizational structure and leadership style. (Abu-Jarour, 2014) The bottom line is that organizations will design strategic plans that seek to improve customer satisfaction and service quality, gain competitive advantage, improve business processes, attract and retain employees and manage their costs. Strategic Alternatives In developing and adopting a strategic choice, an organization has to put into consideration various strategic alternatives that are crucial in making a decision on which strategy to adopt. An important step in this...
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...University of Phoenix Material Team Strategy Plan 1. Complete the following table to address the creation of teams at Riordan Manufacturing. |Strategy |Strengths |Weaknesses | | |A person may give up a win to have power |When a person is losing as a team member | |This consists of a competing strategy that |when meeting a deadline. This happens when |then they will less likely want to help | |has a long term interaction plan that helps|you know you are right even when you make a|with other projects in the future. | |the company gain competitive advantage |fast decision | | |This consists of a calibrating strategy, |Team members try to relate to each other | | |people tend to work together when there is |and understand different views in reaching |May take longer in order to reach a goal as| |conflict and they work as a team to reach a|a solution |a team | |outcome | | | | |When the group is in calibration with each | ...
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...Concessions are often necessary in negotiation but they often go unappreciated and unreciprocated. Most people understand that negotiation is a matter of give-and-take, you will win or you will lose: You have to be willing to make concessions to get concessions in return. Example, the head of a manufacturing firm was preparing to initiate talks with the leadership of the employees' union. The biggest issue on the table was a wage increase. The union was asking for a 4 percent increase, while management wanted to raise salaries by only 1 percent. The executive considered the situation. During past negotiations, weeks were lost as each side jockeyed for position, feigned willingness to walk away, and eventually compromised on an unsurprising outcome. In this case, a deal at 2.5 percent, the midpoint of the two parties' opening positions seemed likely to be agreeable to both sides. This time, things would be different, he resolved. He would save everyone hassle and delay by making concessions early. Against the advice of the mediator, he opened discussions by announcing that the eventual outcome was obvious and that he was prepared to make a final offer: 3 percent, the most he could have offered. The union's leadership was pleased by this offer—yet they did not accept it. If the firm could offer so much at the outset, they reasoned, perhaps they had set their sights too low. As the union's aspirations rose to unrealistic levels, a promising negotiation unraveled and culminated...
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