HRM Innovation and Change Essay Example | Topics and Well Written Essays - 500 words - 2

HRM Innovation and Change - Essay Example The chapter elaborates that the traditional role of managers were confined to the well defined parameters of organization’s goals and management guidelines. Leadership, on the other hand, basically refers to people who have the capacity to bring about changes in other people. Indeed, leaders create visions and goals whereas the managers and administrators work towards achieving them. Hence, in the contemporary environment competitive business, managerial leadership has become the need of the hour. The examples of the dynamic leadership of Leahy of Tesco and O’Leary of Ryanair illustrates that to develop effectiveness in strategic change, flexible approach to managerial leadership that is more labor friendly needs to be adopted. It should also believe in developing joint goals and objectives that are mutually beneficial, thus fostering mutual beliefs and better understanding of each others value system. Project can broadly be defined as a specific time bound work with specific objectives and goals; budget; and resources. I believe that the successful completion of project therefore, requires teamwork that is defined by shared leadership. Leadership helps to promote smooth functioning of the various processes within the parameters of project goals. The cut throat business environment demands dynamic leadership who strives to create value based mission and inculcates confidence amongst the various stakeholders. Indeed, the project management helps provide the tools to achieve project goals through well planned strategy. At the same time, the managerial leadership would not only facilitate an intangible stability among the team members but also provide impetus for improved performance that result in efficient and time bound completion of the

Ethics Case Facts Essay Example | Topics and Well Written Essays - 1000 words

Ethics Case Facts - Essay Example According to these theories, ethical issues in Frank and Molly’s case are very clear. First, Frank is witnessed violating these ethics as a lawyer for Chemco Company. Frank violates both the absolute and conditional duty theories by negotiating and getting a settlement that led to purchase of plaintiffs and tearing down of homes, leaving many people homeless and with lands. Frank does not promote the good of others through his actions (Hare, p. 38). Secondly, as the president of Chemco Company, he violates the conditional duty theory by not keeping his promise of continuing to provide jobs to his employees. Instead, he sells the Company to foreign investors who move the business to India, making the locals lose their jobs and a means of income. As a governor, he does nothing to advance the programs he proposed and used as a platform to get him the governor seat. He does nothing to improve the welfare of Kentucky’s businesses.The second based theory to ethics is rights t heory. Generally, a ‘right’ is a justified claim against another’s behavior. John Locke, a British philosopher, argues that the laws of nature dictate that we should not harm anyone’s life, liberty, health or possessions. Other rights include rights of speech, rights of property, movement and religious expression (Hare, p. 39). Moral rights are traditionally associated with four features. These features include natural insofar meaning are not created or invented by governments; gender or handicap and inalienable.... Frank does not promote the good of others through his actions (Hare, p. 38). Secondly, as the president of Chemco Company, he violates the conditional duty theory by not keeping his promise of continuing to provide jobs to his employees. Instead, he sells the Company to foreign investors who move the business to India, making the locals lose their jobs and a means of income. As a governor, he does nothing to advance the programs he proposed and used as a platform to get him the governor seat. He does nothing to improve the welfare of Kentucky’s businesses. The second based theory to ethics is rights theory. Generally, a ‘right’ is a justified claim against another’s behavior. John Locke, a British philosopher, argues that the laws of nature dictate that we should not harm anyone’s life, liberty, health or possessions. Other rights include rights of speech, rights of property, movement and religious expression (Hare, p. 39). Moral rights are tradition ally associated with four features. These features include natural insofar meaning are not created or invented by governments; universal insofar meaning they do not change from country to country; equal meaning that rights are the similar for all people, irrespective of race, gender or handicap and inalienable which means that one cannot hand over their rights to another individual. We also witness the neighboring lands and homes being polluted and eventually, the families lose their homes and lands to Chemco Company as the land is converted to a recreational park and becomes Chemco’s property. Kant’s theory, the third duty based theory, stresses on a single principle of duty. The theory is also known as categorical

Reduce Prevent And Cope With Stress English Language Essay

Reduce Prevent And Cope With Stress English Language Essay It may seem that theres nothing you can do about your stress level. The bills arent going to stop coming, there will never be more hours in the day for all your errands, and your career or family responsibilities will always be demanding. But you have a lot more control than you might think. In fact, the simple realization that youre in control of your life is the foundation of stress management. Managing stress is all about taking charge: taking charge of your thoughts, your emotions, your schedule, your environment, and the way you deal with problems. The ultimate goal is a balanced life, with time for work, relationships, relaxation, and fun plus the resilience to hold up under pressure and meet challenges head on. Identify the sources of stress in your life Stress management starts with identifying the sources of stress in your life. This isnt as easy as it sounds. Your true sources of stress arent always obvious, and its all too easy to overlook your own stress-inducing thoughts, feelings, and behaviors. Sure, you may know that youre constantly worried about work deadlines. But maybe its your procrastination, rather than the actual job demands, that leads to deadline stress. To identify your true sources of stress, look closely at your habits, attitude, and excuses: Do you explain away stress as temporary (I just have a million things going on right now) even though you cant remember the last time you took a breather? Do you define stress as an integral part of your work or home life (Things are always crazy around here) or as a part of your personality (I have a lot of nervous energy, thats all). Do you blame your stress on other people or outside events, or view it as entirely normal and unexceptional? Until you accept responsibility for the role you play in creating or maintaining it, your stress level will remain outside your control. Start a stress journal A stress journal can help you identify the regular stressors in your life and the way you deal with them. Each time you feel stressed, keep track of it in your journal. As you keep a daily log, you will begin to see patterns and common themes. Write down: What caused your stress (make a guess if youre unsure). How you felt, both physically and emotionally. How you acted in response. What you did to make yourself feel better. Look at how you currently cope with stress Think about the ways you currently manage and cope with stress in your life. Your stress journal can help you identify them. Are your coping strategies healthy or unhealthy, helpful or unproductive? Unfortunately, many people cope with stress in ways that compound the problem. Unhealthy ways of coping with stress These coping strategies may temporarily reduce stress, but they cause more damage in the long run: Smoking Drinking too much Overeating or under-eating Zoning out for hours in front of the TV or computer Withdrawing from friends, family, and activities Using pills or drugs to relax  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Sleeping too much Procrastinating Filling up every minute of the day to avoid facing problems Taking out your stress on others (lashing out, angry outbursts, physical violence) Learning healthier ways to manage stress If your methods of coping with stress arent contributing to your greater emotional and physical health, its time to find healthier ones. There are many healthy ways to manage and cope with stress, but they all require change. You can either change the situation or change your reaction. When deciding which option to choose, its helpful to think of the four As: avoid, alter, adapt, or accept. Since everyone has a unique response to stress, there is no one size fits all solution to managing it. No single method works for everyone or in every situation, so experiment with different techniques and strategies. Focus on what makes you feel calm and in control. Dealing with Stressful Situations: The Four As Change the situation: Avoid the stressor. Alter the stressor.  Ã‚  Ã‚  Ã‚   Change your reaction: Adapt to the stressor. Accept the stressor. Stress management strategy #1: Avoid unnecessary stress Not all stress can be avoided, and its not healthy to avoid a situation that needs to be addressed. You may be surprised, however, by the number of stressors in your life that you can eliminate. Learn how to say no   Know your limits and stick to them. Whether in your personal or professional life, refuse to accept added responsibilities when youre close to reaching them. Taking on more than you can handle is a surefire recipe for stress. Avoid people who stress you out   If someone consistently causes stress in your life and you cant turn the relationship around, limit the amount of time you spend with that person or end the relationship entirely.   Take control of your environment   If the evening news makes you anxious, turn the TV off. If traffics got you tense, take a longer but less-traveled route. If going to the market is an unpleasant chore, do your grocery shopping online. Avoid hot-button topics   If you get upset over religion or politics, cross them off your conversation list. If you repeatedly argue about the same subject with the same people, stop bringing it up or excuse yourself when its the topic of discussion. Pare down your to-do list   Analyze your schedule, responsibilities, and daily tasks. If youve got too much on your plate, distinguish between the shoulds and the musts. Drop tasks that arent truly necessary to the bottom of the list or eliminate them entirely. Stress management strategy #2: Alter the situation If you cant avoid a stressful situation, try to alter it. Figure out what you can do to change things so the problem doesnt present itself in the future. Often, this involves changing the way you communicate and operate in your daily life. Express your feelings instead of bottling them up.  If something or someone is bothering you, communicate your concerns in an open and respectful way. If you dont voice your feelings, resentment will build and the situation will likely remain the same. Be willing to compromise.  When you ask someone to change their behavior, be willing to do the same. If you both are willing to bend at least a little, youll have a good chance of finding a happy middle ground. Be more assertive.  Dont take a backseat in your own life. Deal with problems head on, doing your best to anticipate and prevent them. If youve got an exam to study for and your chatty roommate just got home, say up front that you only have five minutes to talk. Manage your time better.  Poor time management can cause a lot of stress. When youre stretched too thin and running behind, its hard to stay calm and focused. But if you plan ahead and make sure you dont overextend yourself, you can alter the amount of stress youre under. Stress management strategy #3: Adapt to the stressor If you cant change the stressor, change yourself. You can adapt to stressful situations and regain your sense of control by changing your expectations and attitude. Reframe problems.  Try to view stressful situations from a more positive perspective. Rather than fuming about a traffic jam, look at it as an opportunity to pause and regroup, listen to your favorite radio station, or enjoy some alone time. Look at the big picture.  Take perspective of the stressful situation. Ask yourself how important it will be in the long run. Will it matter in a month? A year? Is it really worth getting upset over? If the answer is no, focus your time and energy elsewhere. Adjust your standards.  Perfectionism is a major source of avoidable stress. Stop setting yourself up for failure by demanding perfection. Set reasonable standards for yourself and others, and learn to be okay with good enough. Focus on the positive.  When stress is getting you down, take a moment to reflect on all the things you appreciate in your life, including your own positive qualities and gifts. This simple strategy can help you keep things in perspective. Adjusting Your Attitude How you think can have a profound affect on your emotional and physical well-being. Each time you think a negative thought about yourself, your body reacts as if it were in the throes of a tension-filled situation. If you see good things about yourself, you are more likely to feel good; the reverse is also true. Eliminate words such as always, never, should, and must. These are telltale marks of self-defeating thoughts. Source:  National Victim Assistance Academy, U.S. Department of Justice Stress management strategy #4: Accept the things you cant change Some sources of stress are unavoidable. You cant prevent or change stressors such as the death of a loved one, a serious illness, or a national recession. In such cases, the best way to cope with stress is to accept things as they are. Acceptance may be difficult, but in the long run, its easier than railing against a situation you cant change. Dont try to control the uncontrollable.  Many things in life are beyond our control- particularly the behavior of other people. Rather than stressing out over them, focus on the things you can control such as the way you choose to react to problems. Look for the upside.  As the saying goes, What doesnt kill us makes us stronger. When facing major challenges, try to look at them as opportunities for personal growth. If your own poor choices contributed to a stressful situation, reflect on them and learn from your mistakes. Share your feelings.  Talk to a trusted friend or make an appointment with a therapist. Expressing what youre going through can be very cathartic, even if theres nothing you can do to alter the stressful situation. Learn to forgive.  Accept the fact that we live in an imperfect world and that people make mistakes. Let go of anger and resentments.  Free yourself from negative energy by forgiving and moving on. Stress management strategy #5: Make time for fun and relaxation Beyond a take-charge approach and a positive attitude, you can reduce stress in your life by nurturing yourself. If you regularly make time for fun and relaxation, youll be in a better place to handle lifes stressors when they inevitably come. Healthy ways to relax and recharge Go for a walk. Spend time in nature. Call a good friend. Sweat out tension with a good workout. Write in your journal. Take a long bath. Light scented candles Savor a warm cup of coffee or tea. Play with a pet. Work in your garden. Get a massage. Curl up with a good book. Listen to music. Watch a comedy Dont get so caught up in the hustle and bustle of life that you forget to take care of your own needs. Nurturing yourself is a necessity, not a luxury. Set aside relaxation time.  Include rest and relaxation in your daily schedule. Dont allow other obligations to encroach. This is your time to take a break from all responsibilities and recharge your batteries. Connect with others.  Spend time with positive people who enhance your life. A strong support system will buffer you from the negative effects of stress. Do something you enjoy every day.  Make time for leisure activities that bring you joy, whether it be stargazing, playing the piano, or working on your bike. Keep your sense of humor.  This includes the ability to laugh at yourself. The act of laughing helps your body fight stress in a number of ways. Learn the relaxation response You can control your stress levels with relaxation techniques that evoke the bodys relaxation response, a state of restfulness that is the opposite of the stress response. Regularly practicing these techniques will build your physical and emotional resilience, heal your body, and boost your overall feelings of joy and equanimity. Stress management strategy #6: Adopt a healthy lifestyle You can increase your resistance to stress by strengthening your physical health.   Exercise regularly.  Physical activity plays a key role in reducing and preventing the effects of stress. Make time for at least 30 minutes of exercise, three times per week. Nothing beats aerobic exercise for releasing pent-up stress and tension. Eat a healthy diet.  Well-nourished bodies are better prepared to cope with stress, so be mindful of what you eat. Start your day right with breakfast, and keep your energy up and your mind clear with balanced, nutritious meals throughout the day. Reduce caffeine and sugar.  The temporary highs caffeine and sugar provide often end in with a crash in mood and energy. By reducing the amount of coffee, soft drinks, chocolate, and sugar snacks in your diet, youll feel more relaxed and youll sleep better. Avoid alcohol, cigarettes, and drugs.  Self-medicating with alcohol or drugs may provide an easy escape from stress, but the relief is only temporary. Dont avoid or mask the issue at hand; deal with problems head on and with a clear mind. Get enough sleep.  Adequate sleep fuels your mind, as well as your body. Feeling tired will increase your stress because it may cause you to think irrationally.

Twelve Who Ruled †Why Tenacious Terror was Necessary Essay -- Politic

In the year 1793-94, the Reign of Terror invoked by the twelve members of Committee of Public Safety (CPS) was unavoidable and led the way for a metamorphosis to occur within France during the French Revolution. While the word terror is often associated with Halloween or stories meant to be frightening for fun, the word held a far more serious meaning to the people of France. The theme of fear allowed the CPS members to change the monarchy to a revolutionary government in hopes of eventually enacting the constitution already written (75). A group of well-educated radical republicans known as the Jacobins developed the CPS in the fifth year of the French revolution and each of the twelve members dealt with a monthly election to continue governing France (72). During this time, France and its people required assistance. The monarchy that controlled France eight centuries earlier ignored and heavily taxed the lower/middle class inhabitants (the san-culottes) who ironically happened to be the majority and poorest. The purpose of the CPS was to establish the rights and privileges to the middle and lower class only the nobility and clergy relished. While the nobles endured the negative consequences of the revolution and wars from the previous years, most of the nation dealt with the affects much more severely. One of the major duties as the new revolutionary government included repairing the damage imbued by the monarchial previously in power. Other agendas included supervising the Revolutionary Armies, along with the gen erals of the real armies working to purge France of impending invaders and the distribution of food supplies and necessities to live (74). The CPS never intended a revolutionary government to be a permanent solution,... ...bespierre predicted that it would create a gateway for another chapter to begin involving the French Revolution, military dictatorship (372). The steps for France to become an independent republic definitely were not easy, but without these transitions, the nation would have taken much longer to progress. In society today, it is difficult to believe that violence and terror would be essential for anything other than entertainment. Unfortunately, in order to triumph as an independent nation, viciousness is often unavoidable and only used as the final resort. As discussed in class, other countries recently have been trying to or are obtaining the sovereignty so easy to take for granted. While the development may not be the same as the French Revolution, the terror produced by the Committee of Public Safety heeds a warning to the ones who seek revolutionary freedom.

Internal Control and Home Improvement Essay

Lowe’s Home Improvement is a chain of retail home improvement based in the United States. It was founded in 1946 in North Wilkesboro, North Carolina. Lowe’s Home Improvement has expanded internationally into Mexico, Canada, and joint venture with Woolworths Limited in Australia. Lowe’s Home Improvement ranked 54 in Fortune 500 for 2012, decreasing four spots in 2011 (â€Å"Cnn money,† 2012). Lowe’s Home Improvement is the second largest retail home improvement chain, behind The Home Depot. There are 1,724 Lowe’s stores throughout United States, Canada, Mexico operating with more than 234,000 employees (â€Å"Lowe’s home improvement, 2012†). Stakeholders are individuals, groups, or organizations that have a stake in the business. Stakeholders are categorize into two types: internal or external. Internal stakeholders can be owners, managers, and employees. External stakeholders can be suppliers, lenders, and customers (Worthington, 2009). Human Resource (Safety) There are many safety rules in Lowe’s Home Improvement. â€Å"We strive to sustain a safety culture that integrates safety into all parts of our business. Safety is a core value of our company. We hold our leadership teams accountable for creating and maintaining a safe environment to work and shop. Safety practices are incorporated into each job task, and we believe training is critical to ensuring safety awareness and knowledge are maintained at the highest level† (â€Å"Focusing on safety,† 2012, p. 1). When I was the Department Manager of Product Service, I was in charge of 70 percent of all resets in the store including display changes, merchandising refresh, and general product rotation. As an internal stakeholder (manager), I knew all the rules. However, some of these rules prevented me from accomplishing my job. Sometimes resets require me to get inside the bay to maneuver the products, beams, or shelves. This is strictly against Lowe’s policy, which states I should get an order picker (machine to hold me up). I understand the need for the rules, but sometimes they cannot be followed exactly (prior thoughts as a Department Manager). If I were to get hurt while doing, Lowe’s is liable for my injuries or death. Even though it clearly states it in our policy not to do these actions, it could not be proven that I was properly trained or ever informed about it. This is why it is important for all incidents to be reported. As an Assistant Store Manager, I must constantl y coach and train my associates and document (validate). I must ensure every decision my employees makes is what is best for the business. Employee incidents are known as workers’ comp claims that directly affect profitable. When the store reports the incident to our claims department, we are automatically deducted profits to pay for the expense. This can range from $10,000 to whatever. . Just recently, we had to pay for knee surgery for our outside sales representatives. Unfortunately, these claims can take many years to close, because the individual can continue to get treatment even after surgery. Typically, workers comp will attempt to pay the individual out before paying for surgery. If the individual accepts the buyout, they will lose their job. An external stakeholder is the customers that come in the building. Lowe’s is just as liable for any injuries or damages caused to a customer as an employee is. Every morning an Assistant Store Manager must walk the Daily Safety Review (DSR) to verify the store is clean, clear, and safe. We must verify that all top stock, product, safety procedures, locks, and safety chains are up and operational. Recently, someone did not properly place a stack of trashcans in top stock. The trashcans were not standing on the tops and fell around 11:30am, luckily no customers or employees were hit with ten trashcans as they fell. Customer incidents are known as general liability claims that directly affect profitable. When the store reports the incident to our claims department, we are automatically deducted profits to pay for the expense. This can range from $2500 to $25,000. Anything over $25,000 is distributed among the rest of the district. To make up $2500 in pure profit is to sell roughly $6,000 when you calculate employee salary, utilities, and facility cost. Marketing (Deceptive Advertising) The Federal Trade Commission (FTC) oversees any deceptive claims of products or services. Recently, the FTC won a $40 million settlement against Sketchers’ toning shoes and apparel. Sketchers falsely represented clinic studies claiming their Shape-Ups, Toners, Tone-Ups, and Resistance Runners would help people lose weight, and tone and strengthen their butts, legs, and abdominal muscles. The most deceptive ad was used during Super Bowl featuring Kim Kardashian firing her personal training for a pair of Shape-Ups. Sketchers truly believed they would win the multiple lawsuits in different states, but choose to settle out for the ease of the company and individuals (Bachman, 2012). Deceptive advertisement can negatively affect internal and external stakeholders. Customer service is the most important aspect of any business. Deceptive advertising can create a negative experience for customers, which directly affect employees. A bad customer service experience can dramatically cost any business thousands of dollars. The internet is the playground for anyone. This can create a bad reputation when individuals post on their Facebook, Twitter, or other social media sites. If a business loses its customers base, it cannot support its employees. Recently, at my Lowe’s Store we had the state department conducting an internal audit on pricing. The last time this audit was done was in 2004. The audit required scanning 50 products and verifying the correct price is labeled. If the price was incorrect, this would be considered false advertisement or deceptive advertisement and Lowe’s would be fine thousands of dollars. Fortunately, we passed the audit with no issues. Accounting (Unethical Practices) Accounting fraud will continue to happen if there is opportunity. There must be provisions that prevent opportunity. Olympus Corporation covered up $1.7 billion in accounting fraud. The three executives inflated company’s net worth for five years. Three executives pleaded guilty to covering up and firing the chief executive who originally found the discrepancy. This is one of the largest corporate scandals in Japan. The United States put in place corporate governance reform after the Enron scandal. These unethical behaviors can result in lawsuits from shareholders. After the Enron scandal, Senator Paul Sarbanes and Representative Michael Oxley (Sarbanes-Oxley Act of 2002) pushed a law through that changed regulation of financial practices and governance of corporations. Internal stakeholders have large investments into their company. First, it is their livelihood. Second, they could own company stock. Lastly, if the corporation goes under what value does that company add to the individuals resume? Employees of large corporation rarely see their importance in the big picture of things. The employees build companies. No matter how low your position is you can directly affect the business positively or negatively. As managers it is my job to ensure that my employees are align with the company’s vision and mission. External stakeholders can also be affected by unethical accounting practices. The most obvious example would be if the customer were also a stakeholder in shares. This can directly affect the value of the stock. Another example would be customers affected in small towns. For example, if in their small town there is no other hardware store but Lowe’s Home Improvement. What would happen if that Lowe’s store closed, where would citizens of the town go to get their supplies? How much farther would they have to travel? This creates a huge inconvenience and provides opportunity for other small convenience/gas stores charge more for product. Conclusion Awareness is the number one preventer in safety issues. Companies must develop incentives for employees to remain and operate safely. At Lowe’s if, a store goes 60 days accident free, there is a cook out that is hosted by the store. One time at my store, we went 265 days accident free, we held the highest accident free days in the division. Companies must develop and promote these incentives for employees to remain safe. This includes knowing when to get help and when to do it yourself. The saying â€Å"work smarter not harder† must be in every employees forefront. Deceptive advertising is typically dealt with at corporate levels in retail. However, these corporations typically do not deal with the problem. The store level associates deal with the deception. At Lowe’s, we are told to take care of the customer. Depending on the situation, as managers we may be able to substitute items to appease the customer. I believe there should be a separate department that evaluates all marketing and advertisements. This may save the company millions of dollars from lawsuits of deceptive advertisements. Companies that violate these ethics share common elements. Three common elements enable individuals to violate ethical or criminal misconduct in a corporation. 1. The availability of an opportunity 2. The existence of some form of pressure leading to an incentive 3. The capacity to rationalize. These three elements are arranged in a pyramid. Opportunity is the top of the pyramid. Opportunity is at the top because without opportunity nothing would exist. To reduce or eliminate opportunity, companies must implement effective internal controls. These can include policies and procedures, audits, and departments who oversee (checks and balances). The best example of these internal procedures is a bank securing its money in a safe. These are designed to keep unwanted people out. Pressure is located at the bottom left corner. Pressure can come from managers using intimidation, family expectations (standard of living), personal vices, and poor decision-making. For example, a manager may use intimidation and say, â€Å"You will be fired if you do not achieve your sales numbers†. This type of pressure can cause certain employees to go too far. The last element is rationalization located at the bottom right corner. The individuals we are talking about do not think they are evil; rather they justify their own misconduct. Some rationalization would be everyone does it, I deserve this, I am only borrowing the money, and the company can afford it. Unfortunately, there will be individuals who cross the ethical line. It takes the personal integrity of an individual to resist the opportunity. The best indicator of these individuals is there past performances (â€Å"Fundamental managerial accounting†, 2006). To fix these issues requires appropriate checks and balances. Corporations must ensure they have policies and procedures to prevent such opportunities from existing. In addition, these policies must be validated consistently and frequently. References Bachman, K. (2012, May 16). Sketchers settle deceptive ad case with FTC for $40m. Retrieved from http://www.adweek.com/news/advertising-branding/skechers-ad-case-ftc-40m-140577 CNN money. (2012, May 21). Retrieved from http://money.cnn.com/magazines/fortune/fortune500/2012/snapshots/2686.html Edmonds, T., Tsay, B., & Olds, P. (2006). Fundamental managerial accounting concepts. Retrieved from http://highered.mcgraw-hill.com/sites/0073526797/student_view0/ebook/chapter1/chbody1/ethical_consideration s.html Focusing on safety. (2012). Retrieved from http://www.lowes.com/cd_Focusing on Safety_323526845_ Lowe’s Home Improvement. (2012). Retrieved from http://www.lowescreativeideas.com/social/our-vision-and-values.html Slodkowski, A. (2012, September 25). Japanese camera and medical equipment maker Olympus Corporation and three of its former executives pleaded guilty on Tuesday over charges related to a $1.7 billion accounting cover-up in one of Japan’s biggest corporate scan dals. Retrieved from http://www.reuters.com/article/2012/09/25/us-olympus-trial-idUSBRE88O01920120925 Worthington, I. (2009, February 09). Improvement and innovation. Retrieved from http://www.improvementandinnovation.com/features/article/stakeholders-and-how-they-affect-your-business/

Customer Relationship Management – Study Material

Customer Relationship Management â€Å"Customer relationship management is a comprehensive strategy and process of acquiring, retaining and partnering with selective customers to create superior value for the company and customers†. Importance of CRM * Identifying customer needs. * Identifying untapped business potential. * Identify strong & weak points of suppliers. * Benchmarking to achieve global excellence. * Help in rediscovering the customers and understanding them * Identify field requiring new technology and development. * Provide feedback to the suppliers on its total operations. Action plan to make organization customer centric. Goals of CRM * Build long term and profitable relationship with suitable customers. * Getting closer to those customers at every point of contact with them Enablers for the growth of CRM (Pg : 17-20 in the pdf you sent) * Emergence of service economy. * Global orientations of business. * Emergence of market economy. * Aging population of econ omically advanced economies. Criticality of Customer relationship * Non traditional competition * Market Maturity * Misalignment between revenue & profitSchools of Thoughts on CRM 1. Anglo Australian Approach – Explains relationship marketing as a Confluence (meaning : process of merging) of Quality management, customer relationship economics and service marketing concepts. 2. Nordic Approach – Explains relationship marketing as a Confluence of interactive theory, customer relationship economics and service marketing concepts. 3. North American approach – â€Å"Contrast† Organizations environment decides the relationship between buyer and seller. Fig : Nordic Approach Fig : Anglo Australian approachBrand Relationship Management – is as the process of establishing, maintaining and developing relationship between brand and its consumers. BRM Process Brand Loyalty – defined as the customers commitment to the brand and make repurchase over time. Ladder of Loyalty 1. Partner – An advocate who is actively involved in decisions of the company. 2. Advocate – A supporter who proactively works to improve the products & services of company. 3. Supporter – A client becomes a supporter when he is satisfied with the offering and refers to friends. 4. Client – A customer who make repeat purchases . Customer – A prospect who get attracted by the offerings and buy the product or service. 6. Prospect – Is a target, a possible customer. Learning about customers 1. Knowledge acquisition 2. Customer differentiation Customization of Marketing Mix 1. Product 2. Price 3. Place 4. Promotion 6 Types of Markets or Marketers * Customer market * Referral market * Influence market * Recruitment market * Supplier market * Internal market Misunderstanding of CRM * Database Marketing. * CRM is a marketing process. * CRM is an IT issue. * Loyality scheme. * Can be implemented by any company.Tools & process of C RM Value chain Primary Stage| Customer Portfolio Analysis| Customer Intimacy| Network development| Value preposition development| Manage customer lifestyle| Customer| | | | | | | | Supporting conditions| Leadership & Culture| | | Data & Information Technology| Profitability| | People| | | Process| | Zero Customer Defections * Price defector * Product defector * Service defector * Market defector * Technology defector * Organizational defector Customer Redemption program to reduce defection Step 1: Measure customer redemptionStep 2: Interview formal customers Step 3: Analyze, compile and service data Step 4: Identify switching barriers CRM Framework Red block – Major role Blue block – Minor role Relationship Style| Initiation| Development| Maintainance / Enhancement| Psychological Step| | | | Stwiching|   |   |   | Satisfaction|   |   |   | Trust|   |   |   | Commitment|   |   |   | Loyality|   |   |   | CRM in B2C Market Characteristics of services A. Intangibility – Could not be felt immediately B. Heterogeneity – differences C. Simultaneity – similar quality products offered at same time D.Perishability – shelf life of consumable products or zero inventory. Dimensions of Quality Services I. Reliability II. Assurance III. Tangibility IV. Empathy V. Responsiveness Cost of losing a customer 1. Reduces cash flow for firm in future. 2. New customers cost up to 5 times more. 3. More cost effective for services firm as they discover new traits of customer likes and dislikes. 4. Developed a higher level of loyalty can change more for their products and services. 5. If word of mouth is good, then firms have to spend less on advertisement and spend for attracting new customers.