...Health Conscious Treats • • Moderately High Competitive Pressure High Quality ProductlReasonable • Prices High Quality Customer Service • Attractive Industry • • • • Focus-Niche Differentiation Strategy Defensive Strategy-Blocking Measure Offensive Strategy-Guerrilla Warfare Relaxed, Friendly, and Adaptive Culture • Weak Financial Strength Start-Up • Related Diversification-Internal Dudley 3 • MANGO TANGO • Driving Forces of Change • Slow Recovering Economy at a Steady Rate • • Impact: Increasing Sales-increasing market share Recommendation: Establish a relationship with new customers • Product innovation at a Steady Rate • • Impact: new products-new customers Recommendation: Engage and Fulfill customers' wants • Utilizing Critical Thinking at a Steady Rate • • Impact: Open ended solutions-Cost effective products Recommendation: Increase sales through customer services ) Dudley 4 • Industry Dominant Economic Characteristics Analysis • • • Industry type High growth industry Scope of competitive rivalry • • • • • Local Rivals Ease of Entry Low Barrier Entry Number of buyers Weak customer loyalty • Degree of product differentiation • Best quality of product Dudley 5 Driving Forces of Change • Slowly Recovering Economy at a Steady Rate • Impact: Increasing Sales-increasing market...
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...Customer’s switching to other service providers have been the cause of intensive research from many years now and have given rise to many theories.Due to the increased competition in the telecommunication industry it has become extremely important for the companies to pay attention towards retaining of the customers.This research study particularly investigated the causes of customer switching behavior.A prolific way to gain the knowledge about the switching behavior of customers is basically to examine the various factors that play imtegral role in switching behavior. This qualitative research study has offered new insights by defining and identifying the customer’s rationale to switch from one service provider to another. The model is estimated using the data set on the number of switching behavior. A total of 100 respondents were surveyed to identify the factors that have a greater effect on the customer satisfaction.The data were analyzed by the Optimal Scaling (Categorical Regression)to test the hypothesis. The model identified that… CHAPTER ONE: INTRODUCTION This research tried to find out the underlying factors that made the customer to switchover to another service provider in telecom industry. The telecommunication industry is one of the most important industries of the world. In order to gain competitive advantage as competition is getting more and more intense, the companies are compelled to innovate and do their best for the customer satisfaction. As in the telecom...
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...EXPOSURE DRAFT “REVENUE FROM CONTRACTS WITH CUSTOMERS” Name Institution Honest & Blonde Address Telephone number TeleFones4U Address: Telephone number: 7 October 2014 Exposure Draft, “Revenue from Contracts with Customers” Dear Sir, It is our pleasure to provide our response and comments on the new exposure draft, which is on “revenue from contracts with customers” that was published by the FASB (Financial Accounting Standards Board) in the year 2011. TeleFones4U being one of the biggest telecommunication industry, it is with our great concern to bring your attention to some of the critical points in the new exposure draft. One of the concerns is based on the impact of the proposed revenue recognition model. As a business entity just like any other business firm, it is of our great interest to comment on the implication of this new model on the reliability of our financial information. From the new model, TeleFones4U plus other telecommunication operators are required to comply with proposed transactional price reallocations as well as the cost of acquiring contracts. These issues will have great negative impacts on our business as a telecommunication operator. These concerns are as illustrated below: a) Inquiry for further clarification as well as guidance b) Allocation of discount c) The basis for allocation d) Contract acquisition cost Checking on the feedbacks that have been provided by other telecommunication operators, it is clear...
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...Important of Customer Satisfaction and Loyalty in Business. 1.0 Introduction Customer satisfaction and loyalty is two important keys to be success in the business. It must be implement in all business areas such as servicing, hospitalisation, health care and others. In business environment, quality improvement have become part of everybody life and not a task or duty anymore. (Mehra & Ranganathan, 2008). It is not enough if only focus to satisfy the customer and it won’t be good to business until get the repurchase power from customer.(Kandampully & Suhartanto, 2000) Lot of research on customer satisfaction and loyalty has been done, especially on retention and economic performance.(Kristensen & Martensen, 1996; Rucci, 1998; Duboff & Heaton, 1999; Edvardsson, 2000; Bernhardt, 2000; Eskilden & Kristensen, 2013). More than that, this two keys also play role in business for revenue improvement, profitability and cash flows.(Heskett, 1994; Reichheld & Teal; 1996, Itner & Larcker; 1998; William & Nauman, 2011). This to make sure company has more than enough fund, can expend and become stronger. We will see how important this two keys in order to make business running smooth and at the same time can achieve company target. At the end, customer will get what they expected and business will get positive impact and avoid something bad from appear. 2.0 Customer Satisfaction and Customer Loyalty 2.1 Customer satisfaction...
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...21 January 2015 Customer Service Matters Introduction Organizations are complex collections of various groups working toward the same common goal. In order to create the effective use of limited resources and to focus on stated goal, organizations’ structures are established. The most common structure, Functional Structures, have 3-5 levels each with their own specific responsibility and expectation. The most commonly recognized levels include the following: Human Resources (Hiring employees, benefit packages), Accounting/Finance (accounts payable / receivable, payroll), Information Technology (Computers, Networks, Software), Operations or Production (Material Management, Inventory, Manufacturing, Equipment/Maintenance), and Marketing (Sales, Distribution, Product Development, and Customer Relations). Despite their individual section of goals, each area supports and impacts the others and require constant and effective communication between each in order to be able to effectively work towards that same goal. What is that goal? Is the primary goal to save money and increase revenue? Companies focus on the bottom line, where that money can be saved and how to increase the revenue. With competitive markets and ever changing business, it is not frequently enough that company leaders take a step back from the numbers and look to see not just where the money comes from, but how each area within the organization ‘serves the customer’ and finds flaws that could negatively be impacting...
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...Thorpe Park Task 1 AO1 Company history * What is Thorpe Park Thorpe Park is a theme park located in England, surrey which was built in 1979, with an aim of being a water themed park. At first the site was a gravel pit owned by Ready Mixed Concrete Limited who excavated gravel, but then in the 1970’s the company flooded part of the site with the intention of creating water based theme park; the other side of the park would have been used for an educational park with the theme of the history of British people. In 1998 the Tussauds group bought the park and made it into a ‘thrill seekers’ amusement park with rides such as The Flying Fish, Depth Charge and No Way Out. Then in 2008 Tussauds group was bought by Merlin Entertainments group which is the second largest visitor’s attraction operator in the world and the largest visitor’s attraction in Europe for £1 billion which meant they now owned Thorpe Park. Merlin Entertainments own Alton Towers, Chessington World of Adventures, Warwick Castle, Heide Park Resort and Gardaland Resort. Thorpe Park is an LTD which means it’s a private limited company it has members which are people or businesses which share the company. In Thorpe park the companies Kirkbi, capital partners and Black stone group share the responsibility. These companies are not liable for debts that the business can’t pay, but they are responsible for the money they put in at the beginning. If the business goes bankrupt the owners only loose there investment...
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...also concerns on how different quality system and approaches have impact on IHG in terms of innovation, change and competitiveness. In addition, recommendation given for IHG to overcome problems they are facing. Table of contents 1. Introduction 2. Compare and contrast the different quality philosophy ,systems and approaches 3. Analyse the differences and evaluate the impact of these differences on innovation, change, and competitiveness. 3.1 analyse the differences 3.2 evaluate the differences impact on innovation, change and competitiveness 4. Recommendations 1. Adopting an external measures 4.1.1 Adopting external measures impact on change 4.2 Training and Reward 4.2.1 Training and reward impact on innovation 2. Training and reward impact on competitiveness 4.3 Further area to consider 5. Conclusion 6. Reflection 1. Introduction Quality is “the totality of features and characteristics of product or service which bears on its ability to meet stated or implied needs” (Holmes, 1992). Traditional approaches to quality were focus on inspection. In the modern commercial environment, industry environment is dynamic, customers have very strong bargaining power and their needs are change all the time. How to continuous satisfy customers by providing quality products or service, organisation should continuous change their quality system and...
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... fashion retailers cannot risk a big loss by abandoning the satisfaction of customers. Customers now are the key of retailers’ success and failure. Positive customer satisfaction increases customer loyalty that will most likely lead to purchase retention. It also leads to positive word-of-mouth that will invites more customers to the retailers, which also means more profit. Thing will happen in the other way around when it comes to negative customer satisfaction. According to Kotler and Armstrong, there are two ways to gain positive customer satisfaction; they are lowering price and increasing service. At this point, it can be concluded that service quality also takes part in determining the profit of the fashion retailers. Without good service quality, customer can move to competitor easily and spread negative word-of-mouth so that a fashion retailer will lose more customers and also profit. Seeing this situation, it is questioned whether fashion retailers are aware or not to the importance of good service quality in keeping their company run well. It is assumed that international fashion retailers are more aware because they have more experience regarding it. It is also assumed that they have taken service quality seriously in running the business. This research is conducted to know whether national fashion retailers who have to compete against international ones have also increased their service quality or not in order to struggle against more demanding...
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...long. This paper examines the business environment and its impact on the economy. First, this paper describes the role of business in the economy. It compares and contrasts the roles of for-profit and non-profit organizations in the economy and discusses the impact of current fiscal and monetary policies on the economy. Also, it outlines a strategy to access global markets. Finally, it discusses the impact of a company’s level of social responsibility on a stakeholder. The Role of Business Businesses are the engine of the economy. Businesses rely on the factors of production, which include four fundamental resources; natural resources, capital, human resources, and entrepreneurship (Kelly & McGowen, 2010). There are five key dimensions that will help determine if the economy will worsen or prosper. These five dimensions include the following environment: technological, competitive, global, social, and economical. For Profit and Non-Profit Organizations Comparison There are many similarities of for profit and non-profit organizations. Both types of organizations provide products or perform services, employ staff, and receive revenue. These organizations also contribute the region’s economic growth and stability (Kelly & McGowen, 2010). Contrast There are significant differences between for profit and non-profit organizations. For profit organizations simply provide products or perform services strictly for financial gain while non-profit organizations...
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...1 I am going to select two local organizations for my research. The first organization is South Wales fire and Rescue Service and the second is Macey Sports. Describe each business according to its type, purposes and ownership Macey Sports Macey Sports is a local business which is based in Newport. Its purpose is to sell a large, high quality range of cricket equipment grouped together with the sale of clothes for the local schools such as shirts, jumper’s trousers and ties. This company’s ultimate purpose is to make a profit. The business is a private sector business which means that it is owned by private citizens. It is a sole trader ownership which means that it is owned by one person. Some of the advantages of having a sole trader business are because the owner has full control over the business for daily operations and how large they want to expand their business. As well as this a sole trader does not need to complete many of the forms and accounting information that limited companies need to produce, furthermore there are no staff on hand therefore the owner takes all of the profits made by the business and all financial information is kept private and finally the owners of the shop are generally closer to their customers and they offer a more personalised approach, this gives the company improved customer service as they are the person each customer has contact with. However there are some...
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...Abstract The Study of Customer Loyalty Factors in the Mobile Telecommunications Industry in China This article is a study of Chinese telecommunications service customer loyalty factors and the impact of the internal mechanism. The industry empirical study reveals the communications services industry, the impact factors of customer loyalty, and the interaction between these factors mechanism. With the increasingly fierce market competition and increase costs for customers, cultivate and maintain long-term customer loyalty is a business enterprise can be an important factor. On the one hand, enterprises have to get a good income, in addition to the core technology and improving product quality, but customer satisfaction, service quality and Enterprise Image will to some extent affect on customer loyalty, loyal customers are the main profit source. On the other hand, when supply exceeds demand in the market environment, the cost to acquire new customers than to maintain existing customer costs, but the profit contribution of new customers is far less than the original customer. Finally, the loyalty of customers through word of mouth to bring new business customers. Therefore, the development of customer loyalty strategies, research customer needs and maintain long-term two-way interaction with the customer relationship business and academia has been the focus of attention. Customer loyalty in the communications industry, more and more attention, is the communications business...
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...the degree of psychological links between consumers and service or products they purchase. In fact, commitment towards a brand is the loyalty of consumers towards certain services and products produced by distinct businesses. Brands are a vital component of businesses, this is because they develop customer relationships which eventually results in performance of the business (Eisingerich & Rubera, 2010). Customer brand loyalty is repetitive purchasing of the particular service or product with biasness over other commodities attributed to the psychological evaluation by the consumer. Businesses are thus tasked with cultivating high brand commitment by using brand drivers to enhance performance. Brand drivers are attributes which generate strong impacts on the customer purchasing behaviors (Perrey, Spillecke & Armstrong, 2011). Brand commitment can be further elaborated as a consumer’s psychological pledge to have a long term attachment in terms of relationship towards a service or product they purchase into future times (MacInnis, Park, & Priester, 2014). Brand commitment is the supportive longevity behavior that a consumer exudes intentionally for a service or product. Initially, brand commitment starts with a consumer wanting to possess the particular service or goods which later results into an attachment with the brand. Next, attitudes of the consumers are generated in which after purchasing the service or goods they form an attachment and have a relationship with the...
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...RESEARCH PROPOSAL: TO STUDY THE EFFECT OF PRODUCT-CUSTOMER RELATIONSHIP ON CUSTOMER LOYALTY AMONG RETAIL GOODS BUYERS. 1.1 INTRODUCTION A decade ago, retailing activities in Asia region is a local business that was operated by the local people themselves. This activity is now growing rapidly due to the existence of international businesses, which are dominated by foreigners (The Economist, 2001). Retailing is the selling activity of goods and services to end users for personal, family or household use. Therefore, retailing is an activity that involves more than selling the actual product. Purchasing or using services such as haircuts or dry cleaning can also be classified as retail transactions (Cox & Brittain, 1988). According to Staton,...
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...Assignment Title: Critical Evaluation of Customer Satisfaction of Transportation Services in Hong Kong Learning Outcomes Assessed Learning Outcomes Assessed Feedback relating learning outcomes and assessment criteria given to students: Areas for Commendation Areas for Improvement General Comment Assessors Signature Overall Mark : Subject to ratification by the assessment board Moderators Signature Students Signature: You must sign this declaring that it is all your own work and all sources of information have been referenced: TLH307 International Tourism & Hospitality Management - Urban Tourism TLH307 International Tourism & Hospitality Management Urban Tourism Critical Evaluation of Customer Satisfaction of Transportation Services in Hong Kong Muhammad Norfarid Bin Farali Khan Student ID: 089101850 BSc (Hons) International Tourism and Hospitality Management The University of Sunderland Date of Submission: 18-Jul-2011 2 Muhammad Norfarid Bin Farali Khan BTTD1 0907A Bachelor Of Science(Hons) In International Tourism and Hospitality Management TLH307 International Tourism & Hospitality Management - Urban Tourism Table of Contents 1.0 INTRODUCTION ......................................................................................................................... 4 2.0 LITERATURE REVIEW .............................................................................................................. 6 2.1 Transportation and Tourism ..................
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...THE VALUES OF PERSONALIZED CUSTOMER SERVICE IN A BUSINESS INTRODUCTION If you do not deliver personalized service that is significant to the customer, then someone else will. In a bid to satisfy clients and give excellent service, personalized customer service is a concept used in most business-oriented organizations. Some organizations rate the customers as king; this drive is to ensure the employees give excellent service, so that the customer will not only come back, but also refer others to do business. The primary goal of any business entity 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...
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