A customer is a person who buys products (goods or services) from a shop or a business organization. Customer service is the provision of service being provided by the seller to customers before, during and after a purchase of any product. According to Turban et al. (2002), “Customer service is a series of activities designed to enhance the level of customer satisfaction – that is, the feeling that a product or service has met the customer expectation.” It is also the process of assisting another person or persons who buys goods and services from a shop. It can be provided either directly by a sales or service representative or through automated means like internet sites. The latter means provides 24×7 services to customers. However according to the survey conducted by National Retail Foundation (NRF) along with American Express in 2004, Just 16 percent of traditional shoppers were extremely satisfied with their most recent customer service experience while an additional 51 percent were very satisfied. In contrast, By contrast, 44 percent of online shoppers were extremely satisfied with their customer service experience and an additional 45 percent were very satisfied. Much of the profits of most businesses rely on repeat custom. According to the marketing theory, it costs as much to gain ONE new client as to keep FIVE existing ones. Qualitative customer service is almost always identified as one of the key success factors for a small and medium enterprise (SME). Any business in which the total number of employees is less than 500 is called a small business enterprise. However different countries provide different definitions for a SME. Any business, especially a small business, needs repeat customers to survive. To achieve this, a business needs to offer excellent customer service. Great customer service is essential to help small businesses attract and retain the customers they need to survive and compete against the big boys, and more so in a downturn economy (Isabel M. Isidro: 2007). A small business owner has to hire a third party to identify and analyse the quality of its customer service (Kathy: 2008). This third party had to conduct inspections and share its results with the staff and the employees of the SME on a regular basis. When employees are aware of such programs they will perform better leading to the competitive advantage for the SME over its large counterparts. Generally small businesses often complain that they cannot really compete with larger firms because of the large scale of economies to scale being enjoyed by the latter. Large firms are able to purchase raw materials and stock on a scale that a small business could never afford. However if they are able to offer better and more personal customer service than a large multinational corporation, they can easily enjoy the benefits of competitive advantage. The customer service in a small and medium business should be able to achieve the following for the business it supports: Quick turnaround – If the business owner is able to promptly get back to the customer, say within 24 hours, it means that the SME is well on its way to winning the customer’s seal of approval. The customers should know that the request has been attended to by a live person, not by an automatic mail responder. Trustworthiness – A SME should always create an impression that its products are very much consistent in terms of quality and price. This will create customer loyalty and brand loyalty, as well. Flexibility – Customer service provided by a SME should assure that complaints are dealt with accordingly and will be addressed with favorable outcome. For example, customers can easily return a defective product that can be replaced without hassles. Real-time interaction – Every SME should understand that always customers like to call any business and speak to a live person. If a SME provides an excellent advantage of customer service during and even after office hours, then it will create a cutting edge to it over its competitors. The importance of customer service is identified as very intensive in service industry when compared to other industries. Normally its importance varies by product, industry and customer. Even the quality and the nature of providing customer service from company to company in service industry. Some service-oriented companies allow the exchange of defective or broken merchandise often only with a receipt and within a specified time frame and some other companies may have relaxed policies towards the exchange. Retail stores will often have a desk or counter devoted to dealing with returns, exchanges and complaints, or will perform related functions at the point of sale. According to Micah Solomon quoted in Inc. Magazine, the perceived success of such interactions being dependent on employees “who can adjust themselves to the personality of the guest. As per the survey done by the NRF Foundation in 2004, for traditional retail stores, employees and the store environment are the most important aspects of customer service. For online shopping, security and on-time delivery are the greatest customer service concerns. In case of engineering services companies, customer service plays an important role in an organization’s ability to generate income and revenue. From that perspective, customer service should be included as part of an overall approach to systematic improvement. A customer service experience can change the entire perception a customer has about the organization and such perception creates a competitive advantage for a SME over its large counterparts. Similarly the customer service in hospitality and tourism industry is very important to build customer and brand loyalty which will lead to growth of the company. The customers will generally opt to choose other hotels because they are afraid of having a bad trip. Therefore in such a case, providing good customer service more than the expectations of the customers leads to substantial reputation, growth in sales and the good rating in the competitive market. The customer service in any service-oriented company provides good number of sales, return visits by the customers and the very effective word of mouth advertising. In case of an e-commerce company, there is a need of putting some extra attention into customer service. The more happy customers the company has, the easier it will be for it to grow. So the prior focus should be on the implementation of the right strategy and hiring the right customer service team. Therefore a SME belonging to any category of service industry should concentrate on increasing efforts to improve its customer service and to measure it from time to time so that proper and immediate measures can be taken if there are any deviations in its customer service. The SME should properly design its customer service policy and implement it with lot of caution. While offering the customer service, the enterprise has to identify the barriers, if any, and the effective measures for removing them. In order to create an effective and productive performance of a SME, the customer service is the backbone. Problem Statement The last couple of years were very challenging for entrepreneurs. One of the main issues, besides just staying in business, is how to maintain a competitive edge. Many small and medium business owners had to lower their prices to stay in business, but it has resulted in having very lean margin for business return. And they often need more customers to make the same amount of money which they used to make. In most case, most companies are not able to secure more customers due to lack of trained staff and ignorance towards customer service when dealing with customers. There are more Small and Medium Enterprises (SMEs) companies those are established in recent years to compete with Multinational Corporations (MNCs) in the market. Other than coping with technologies to compete with the big players, SMEs are also have been facing many challenges in order to stay at competitive edge. In business today, majorities of the customers wanted to be treated with respect. Companies that provide poor customer service have resulted with many disgruntled customers. And many of these companies have gone out of business because of their poor customer service. In view of this context, the importance of customer service in small and medium enterprises is identified and the study on the same is undertaken to understand the implementation of customer service in SMEs to exercise competitive advantage over their competitors. Aims and objectives of the Study Based on the problem statement as explained above, the objective in this study is to find out whether by providing good customer services can achieve towards competitive advantage for companies. To find out if providing good customer services can achieve competitive advantage for companies. To determine ranking of the necessary criteria for successful implementation of customer services Identify the barriers for implementation of customer services To assess the performance of customer services in the company To identify as to what extent of customer service implementation can lead to improvements and provide significant benefits to the company. Significance of the Study In any country, small and medium businesses normally have limited budgets but there is one area they can compete head to head with big companies. The area is providing best and qualitative Customer service. According to the literature survey, 35% of the large organizations do not respond to e-mails sent by their customers. This is where small businesses can outshine their larger counterparts. Regardless of the size of a SME, customer service remains a major differentiator that levels the playing field. The way customers and their issues are being managed by the enterprise makes all the difference in creating a competitive advantage. There is a general norm that in any organization, on an average if a customer has a good experience he/she will tell around 3 people. But if it ends up being a disappointing one, not only is it unlikely he will return, but the often embellished story of his poor experience will be relayed to as many as 10 people. Those 10 people are highly likely to pass it on again, and so on, resulting in a huge wave of negative publicity. It is the service that customers remember. It is the service that earns an establishment a reputation…good or bad. It is also the service that makes customers return again and again. Therefore a SME has to be very careful in offering such an important customer service to its existing and/or potential customers. If the SME manages well in providing high quality customer service to its customers, it will lead to competitive advantage over large enterprises as a result of which the survival of the small and medium enterprise is possible in the competitive market. Limitations of the study Organization of the paper
Walt Whitman is one of the greatest poets who make people take notice of all wonders of the world. In his poem “This Compost” Whitman reveals the miracle of renovation of nature which is taken for granted by most of people. Moreover, this optimistic work gives hope to all those who fail to believe in the future of humanity on the Earth. In the first place, it is important to point out that Whitman considers issues which are ignored by many. Even the poet himself admits that he did not pay attention to one of the most startling miracles of nature: “Something startles me where I thought I was safest” (Whitman 512). Nonetheless, his unique perception of reality draws his attention to a great puzzle – nature regeneration. Many people do not even think of the paradox – many rotten substances (like dead plants or carcasses of animals and human corpses) go into the Earth, but instead of total contamination and decay of the planet there is flourishing of newborn organisms. Only few people admit that it is a great wonder. Perhaps, humanity is accustomed to such a phenomenon as filter. People simply think of the scientific part of the issue. Whitman who has the sixth sense notices the wonder in it and exclaims: “What chemistry!” (513). His poem which reveals the mystery and beauty of renovation of the Earth makes people cherish their planet. Apart from this Whitman gives hope to those who think that humanity has no future. He describes terrifying things noting that millions of dead and thick organisms are “swallowed” by the earth. Whitman expresses an idea, shared by many, that the earth should be contaminated by various illnesses. Surprisingly, it is “clean forever and forever” (Whitman 514). The poet praises mysterious ability of the earth to regenerate and give new life. He is very optimistic stating that the earth absorbs sickness and transforms it into the background for new organisms to come. In the end of the poem the reader becomes sure that there is nothing to be afraid of – the planet will regenerate. Of course, at this point it is essential to note that Whitman does not promulgate the following idea: people can pollute the planet (with various wastes and emissions) as it will renovate anyway. Get your 100% original paper on any topic done in as little as 3 hours Learn More The poet only depicts the natural cycle when some organisms fade away and new ones come into existence. The earth can filter this natural “contamination”: sickness of dead organisms. This ability of the earth should be praised. Unfortunately, people forget about that miracle and do not stop exhausting the planet. Hopefully, Whitman’s poem can make people think and stop their unreasonable actions. On balance, “This Compost” is one of those poems which can change the world. In the first place, the poet makes people notice the miraculous nature of the process which is usually taken for granted. On the other hand, the poem gives hope to those who are afraid of the future. Whitman states that the earth regenerates. It can turn illness into a new life. There can be no decay on the Earth, so humanity has the future. Of course, the poem still makes people think of those unreasonable actions which pollute the planet. Praising regeneration of the planet Whitman’s poem makes people understand that natural cycle will not work when it deals with pollution. Work Cited Whitman, Walt. Leaves of Grass: First and “Death-Bed” Editions. Ed. Karen Karbiener. New York: Barnes
Activity Description Being a life-cycle assessment consultant means helping industries provide the population with the goods that are one hundred percent ecologically clean. Therefore, when it comes to the decision on the soda cans packaging options, an LCA consultant’s involvement is crucial. In the case in question, it is necessary to choose the most reasonable and ecologically safe packaging option possible. Stakeholder and His/Her Motivations As for the stakeholder, the latter is going to be represented by the clientele. In the given case, the target client is Dr. Pepper. Since the company seems to be suffering from a severe competition, according to the recent new (Dr. Pepper Snapple Group, 2012), Dr. Pepper might use a bit of product redesigning to attract more customers. The Functional Unit Since it is necessary to evaluate the performance of the given product system, i.e., a soda can and its shelf time, it will be most reasonable to consider the volume of a soda can. In the given case, the volume is not restricted; it is important to mention, though, that the bottles over 2 l should be designed in such a way so that carrying them should be easy enough. Geographical System Boundaries It seems that in the case of developing a soda can design, one does not need to be concerned with any spatial restrictions. Therefore, there should be no restriction concerning the geographical system. Study’s Temporal Boundaries When developing the design of the beverage bottle, one must consider the shelf life of the soda bottle. In the given context, it is obvious that plastic does not seem as viable as, say, aluminum. However, it is important that plastic, in contrast to the aluminum can, can be re-used as a container for other types of liquid and, therefore, has longer temporal boundaries (Wald, 2012). Study’s Conceptual Boundaries Since bottles of literally all shapes are recyclable, the key idea at the given point will be to offer the customer a can that will serve its purpose best. Therefore, the traditional bottle shape seems to be the most reasonable design decision. It is essential, however, that the buyer could use and recycle the bottle easily, which would be a problem once a bottle is shaped in an unusual way. Choosing between a traditional round plastic bottle and a square one, one might consider the latter a better idea, since it is more stable and, therefore, more practical (Noe, 2012). Get your 100% original paper on any topic done in as little as 3 hours Learn More Activities Object design This step starts with the search for the companies that will supply raw material (plastic) and ends up with the process of soda can design. Object production Soda cans are created, marketed and sold to the soda producing companies. Disposal and recycling Soda cans are collected by a recycling company and are recycled to produce more soda cans. Capital goods In the process of soda bottles creation, such capital goods as the required equipment, the trucks to deliver raw materials, as well as the money for the promotion campaign are going to be included. Major Flows Speaking of flaws, such issues as CO2 emissions, energy and solid waste must be mentioned. In addition, it is important to mention that it takes long for plastic to decompose (U.S. National Park Service, n. d.), which means that, if not recycled, it poses a considerable threat to the environment. Reference List Dr. Pepper Snapple Group (2012). Web. Noe, R. (2012). Andrew Kim’s square Coke bottle design. Web. We will write a custom Assessment on An LCA Consultant Faces a Dilemma: Industrial Ecology vs. Soda Can Packaging Options specifically for you! Get your first paper with 15% OFF Learn More National Park Service (n. d.). Time it takes for garbage to decompose in the environment. Web. Wald, W. (2012). Toward a greener soda can. Web.
Weighty Post #3 weeks 5/6.
What did you learn from watching Lo and Behold? Why do you think this movie was chosen for you to watch in CIS 629 (Managing Emerging Technologies)? How does it relate to the themes of Weeks 5 and 6 (Theme! “Necessity, who is the mother of invention” (Plato) and “no man is an island” (Donne) – those two quotations represent our themes for Weeks 5 and 6. While it would be tidy to say “necessity is the mother of invention”, it’s more complex than that. Where does innovation come from? How do we go about finding it? Once we’ve found it, how do we work with others to develop it? What are the arguments for and against collaboration for the development of new technology, products and processes? What different forms and patterns of collaboration exist)? Write at least 250 words addressing all of these questions.View the link https://digitalcampus.swankmp.net/bellevue267968/watch? token=f4663b342c624a19d56bc7625911816ce3bf4dd42aeba9560a59d64070798f46 No plagiarism safe Assign will be used
Weighty Post #3 weeks 5/6
Alternatives or Other Complexities in Adjusting Discount Rates Research Paper
Introduction When determining the economic efficiency of a certain project, one of the main complexities is the rationale and choice of the discount rate since it serves as the important parameter of the surrounding economic environment. Capital budget decisions depend not only on how correctly and efficiently future cash flows are estimated. The adopted discount rate has a significant effect on the result of calculations. In other words, any project can be made profitable by lowering this parameter in estimated calculations. At the same time, work can be disadvantageous if this indicator is increased. Therefore, an accurate justification for the discount rate is the first step in determining the effectiveness of budget allocation, which is particularly relevant in terms of debt. Complexities in Adjusting Discount Rates and the Influence of Debt In case the definition of the capital structure for a particular project is determined, the discount rate becomes alternating, or step-by-step, which complicates the assessment of efficiency. As an example, it is possible to bring any company that takes much credit for its work. As the project is implemented and the debt is repaid, the share of equity capital and, therefore, the discount rate, will increase (Sarofim and Giordano 1016). On the other hand, for creditors and the firm itself, the risk should be reduced in order to conduct productive and profitable activities. Hence, this calculation option reflects the value of the discount rate inadequately. In general, using the weighted average cost of capital (WACC) as the discount rate has significant advantages since it can be used to make a conclusion regarding possible alternatives to the use of resources. In particular, it can be the return of money to shareholders and creditors in proportion to their contributions. However, this indicator has certain limitations for its use, which can complicate the work process. For instance, it is a constant value, but during the implementation of the project, it can change if additional capital is raised. Also, as Bova remarks, WACC averages all the risks of the company, while the threats of projects can vary greatly in their degree and nature (50). Using this indicator as a discount rate suggests that the internal rate of return (IRR) should be higher than the cost of capital (Bova 50). Finally, WACC includes risk adjustment, which is then included in the compound interest calculation formula. Companies’ managers cannot be sure that threats will increase gradually with the same rate for all investments. Thus, using the weighted average cost of capital as a discount rate allows the deeper assessment of a particular economic situation. Beta for the Influence of Debt When the debt-equity ratio changes, the beta of the firm remains the same. As Sarofim and Giordano note, it is easy to see that an increase in the debt-equity ratio leads to an increase in the beta-coefficient on the company’s shares (1019). It looks logical since high ratio leads to the fluctuations of the firm’s profit after paying taxes (Bova 51). Conversely, a decrease in the debt-equity ratio may lead to lowering the beta coefficient for the company’s shares because its profit becomes less susceptible to fluctuations if all the fees are paid. Conclusion The discount rate is an essential indicator that should be respected in the process of allocating capital budget funds. Some risks and complexities may arise when working with this variable. However, the timely assessment of changes can help to solve any problems and achieve stable profits, despite credit obligations. Beta for the influence of debt is the value that is also important in the calculation of financial activity, and its fluctuations affect the ratio of debt to equity significantly. Works Cited Bova, Francesco. “Discussion of Accounting for Biological Assets and the Cost of Debt.” Journal of International Accounting Research, vol. 15, no. 2, 2016, pp. 49-51. Sarofim, Marcus C., and Michael R. Giordano. “A Quantitative Approach to Evaluating the GWP Timescale Through Implicit Discount Rates.” Earth System Dynamics, vol. 9, no. 3, 2018, pp. 1013-1024. Get your 100% original paper on any topic done in as little as 3 hours Learn More
Columbia Southern University Maximizing Workers Output in an Organization Discussion
nursing essay writing service Columbia Southern University Maximizing Workers Output in an Organization Discussion.
Unit VIII Reflection PaperWeight: 15% of course gradeGrading RubricDue: Monday, 11/23/2020 11:59 PM (CST)InstructionsThink of a project that you have previously been a part of at a past or current place of employment, and imagine that you were appointed the project manager.Describe the process you and your project team would follow for closing the project.Develop a “Lesson Learned” document for your organization and for your project stakeholders. This document must include what went well, what went wrong, and suggestions for improvement in future projects.Discuss how you would adjourn your team in a manner that would encourage them to want to work with you in future projects.Your paper should consist of at least four pages utilizing APA formatting. Your textbook can be a source, but include a minimum of at least two additional sources that support your ideas, thoughts, and theories.
Columbia Southern University Maximizing Workers Output in an Organization Discussion
ENGL 126 Diablo Valley College ?The Drama Behind Mental Illness Discussion
ENGL 126 Diablo Valley College ?The Drama Behind Mental Illness Discussion.
Examining a Written ArgumentUsing the collection of articles below, select one article that you will read, evaluate, and write about. Evaluate the logical soundness of the argument that the author is making, and in doing so, demonstrate your critical thinking, perceptive reading and analytical writing skills in a 3-4 page essay.Your task is to discuss the logical soundness of the author’s case by critically examining the line of reasoning and the use of evidence. This task requires you to read the argument carefully. You might want to read the argument more than once and make brief notes about points you want to develop more fully in your response. In reading the argument, you should pay special attention to:what is offered as evidence, support or proofwhat is explicitly stated, claimed or concludedwhat is assumed or supposed, perhaps without justification or proofwhat is not stated, but necessarily follows from or underlies what is statedSelect one that you will read, evaluate, and write about”Online Gambling Is Anything but Pretty” by Sadhbh Walshe (Links to an external site.)”The Snitch in your Pocket” by Michael Isikoff (Links to an external site.)”Social Media: Establishing Criterial for Law Enforcement Use” by Robert D. Stuart (Links to an external site.)”In Gun Control Debate, Logic Goes out the Window” by Richard J. Davis (Links to an external site.)”I Am Adam Lanza’s Mother” by Liza LongFormat Requirements:3-4 pages in length Typed, double space (Times New Roman, Calibri font) MLA Format (be sure to cite correctly) Correct grammar, punctuation and sentence/paragraph formation (academic writing/language) Upload to Turnitin
ENGL 126 Diablo Valley College ?The Drama Behind Mental Illness Discussion
BUL 4310 Florida International University Business Judgment Rule Discussion
BUL 4310 Florida International University Business Judgment Rule Discussion.
I’m working on a business law discussion question and need a sample draft to help me study.
Locate the U.S. Business Judgment RuleThen locate the rule in any other country (you MUST select a country that has a Business Judgment Rule).Discuss the following:1. What part or parts of the U.S. rule do you either agree or disagree?2. Compare/contrast the U.S. with your selected country. If they are the same, why do you think they are stated in similar ways. If different, discuss the differences.If you could change the U.S. rule, what would you change and why?If you would not change anything in the U.S. rule, discuss what aspects of the rule you believe are most effective and why?You MUST provide citations for all materials used.
BUL 4310 Florida International University Business Judgment Rule Discussion