...their hand for the same reason. More customers mean more people buying and more people buying mean more profits for the company, isn’t it? Sounds sensible but I hate to break it to you but those of you who said yes are wrong. Today I will transform that thinking to exactly the opposite. I will introduce based on a new study the idea of ‘less is more’. Focusing on a smaller number of customers could help a company speed up growth, increase profit and improve long-term health. I am going to talk about how top companies gain customers, how they keep them and how these customers help them in expanding their business. They don’t need a lot of customers, just the right ones to keep them on top. First point is, fewer customers can speed up the company’s growth. Would you believe that some companies actually go out of business because of too many customers? Yes, that is true. The problem with these companies is they get very overwhelmed with the influx of customers that they forget to establish a connection with their customers. According to Forbes, this is one of the top 5 reasons why 8 out of 10 businesses fail - because they are not really in touch with their customers in a deep dialogue. I will explain this further when I get to my third point. Another reason why businesses go down is because they cannot keep up with the production to meet the demand of all the customers. Having more customers demanding the same product can wear you down that leads to poor quality and numerous errors...
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...Wachtell when they have a problem - Size: small o 1 office (140 attorneys in 1995, 193 today); organic growth (no mergers/acquisition of other firms & only 2 lateral partners in entire history) o Benefits = control over quality of work; quality of recruits; sense of collegiality; maintenance of position in niche (if it stays significantly smaller than the market for its services, no matter how bad business gets, it will always have enough work); avoids inefficiencies of partnership model b/c decisions made quickly w/ little process - Bills o Based on value, not time o Wachtell does not pursue bills aggressively – they call twice, and that’s it. Clients can literally stiff the firm… only consequence is that it will never take you on as a client again and it will tell all its other clients that you didn’t pay. ▪ Wachtell’s realization rate ~90% (vs. ~80% at other firms) - Clients o By matter, not long-term relationships ▪ Gives the firm independence from clients – fewer conflicts o Can pick & choose interesting, innovative, and high-paying work o Doing only transactional work expands the market because no conflicts o Business from investment bankers (because Wachtell gets the job done) and from other firms who need specialized services (because Wachtell won’t steal their clients) - Compensation: lockstep o Benefit = there is no competition between attorneys ( synergy (the whole...
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...tremendous growth rate in its service sector. Its contribution in nation’s Gross Domestic Product (GDP) is all about 60%. One of the well known private management and business consultant firms is the teamwork limited. They have a long-term vision to become the most successful and leading international business consultancy firm in the management consultancy business. The mission of the firm was to provide superior value to their clients by using their capability, to meet the requirements of the customers, utilize full potential and objective, and make appropriate contribution to the economy. The firm also set their specific objective. For the last eight years they are performing well providing pre-feasibility and feasibility study, Management consultancy, business automation, financial analysis, portfolio management, business investigation, process re-engineering, business integration, taxation and so on. In internal management teamwork follows strong culture of participation approach in its routine management and activities. The management committee consisted of seven members. Teamwork as a service based organization the employees or human resources are the focal point. Top management motivates them over the time. The internal management develops an effective strategy to see what’s going on the firm. So implement a quarterly survey system in order to get all types of information including employee attitudes toward work ,customer attitudes toward the business ,clients account and...
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...Growing customer value, satisfaction and loyalty Building customer value, satisfaction, and loyalty As marketing expert Don. Peppers and Martha Rogers say: The only value your company will ever create is the value that come from customers-the ones you have now and the ones you will have in the future. Businesses succeed by getting, keeping and growing customers. Customer are the only reason you build factories, hire employees, schedule meetings, lay fiber-optic lines, or engage in any business activity. Without customers, you have don’t a business. CUSTOMER VALUE: * The level of priority the customer gives to a product. CUSTOMER SATIFACTION: * When the customer perceive expected value from the product is called customer satisfaction. CUSTOMER LOYALTY: * the totality of feelings or attitudes that would incline a customer to consider the re-purchase of a particular product, service or brand or re-visit a particular company, shop or website. Customer perceived value Is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and perceived alternatives. Total customers value- is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering. Total customer cost- is the bundle of costs customers expect to incur in evaluating, obtaining, using, and disposing of the given market offering, including monetary, time, energy, and psychic...
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...LITERATURE REVIEW The researcher will review existing literatures on customer service in the banking industry of Ghana. This chapter takes a look at the various variables that may influence important customer service amid fierce competition from the perspective of some writers and researchers. It starts with profile of the banking industry under study through to the importance and nature of the customer practices, Customer Satisfaction, Retention and Customer Loyalty, Customer Relationship Building and its practical implications for the study. THE BANKING INDUSTRY During the past decade, the financial sector in Ghana has undergone major changes mainly through the financial sector structural adjustment programme as part of the economic recovery programme. Moreover, globalisation, mergers and acquisitions, and the emergence of new technologies have contributed dramatically to stiffer competition and pressures on profitability (Amoako 2012) Before the 1950s, the number of bank accounts in Ghana was very few and what mattered most was the personal contact between the Bank Manager and his customers. There was hardly any urgent demand for information because of the low volumes of transactions. This made it possible to satisfy customers with manually kept records. Thus the majority of banking services were performed using manual operations and personal contact with customers without much information transfer and handling of customer data. As commercial activities increased...
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...relationships between companies and their customers. A company will store information that is related to their customers, and they will spend time analyzing it so that it can be used for this purpose. Some of the methods connected with CRM are automated, and the purpose of this is to create marketing strategies which are targeted towards specific customers. The strategies used will be dependent on the information that is contained within the system. Customer relationship management is commonly used by corporations, and they will focus on maintaining a strong relationship with their clients. There are a number of reasons why CRM has become so important in the last 10 years. The competition in the global market has become highly competitive, and it has become easier for customers to switch companies if they are not happy with the service they receive. One of the primary goals of CRM is to maintain clients. When it is used effectively, a company will be able to build a relationship with their customers that can last a lifetime. Customer relationship management tools will generally come in the form of software. Each software program may vary in the way it approaches CRM. It is important to realize that CRM is more than just a technology. Customer relationship management could be better defined as being a methodology, an approach that a company will use to achieve their goals. It should be directly connected to the philosophy of the company. It must guide all of...
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...Can the system expand as your business grows? * What decisions does management make based on CRM data? * Does CRM fall more to sales or marketing in your organization? * How easy is your system to adopt and what are the training options? * What are the benefits to your business of investing in CRM? (Higher customer retention, improved sales productivity, improved efficiency between different departments, shorter sales cycles, increased profitability, lower marketing costs, reduction in “lost” sales leads, increased customer service response times) * How do you improve processes and eliminate demand variability and non-value-added activities? 2. Customer Service Management: firm’s face to the customer; provides product availability, shipping dates, and order status to customer; designs process to manage PSA * Is it true that the client is always right? * How should management decide what part of its budget it should allocate to ensure good customer care/relations? * What qualities do you look for in managers over customer service? * How do you decide how your products/services in the PSA will be delivered and managed? * How do you monitor and report process performance? 3. Demand Management: balances customer needs with firm’s supply capabilities; includes forecasting demand and synchronizing it with production, procurement, and distribution * How do you approach forecasting demand? Do different parts of your firm need different forecasts...
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...PROJECT: INE Infrastructure and Technology Enhancement In the Boost Mobile Call Center Karly Derosena Managerial Applications of Information Technology DeVry University, Keller Graduate School of Management February 16, 2014 TABLE OF CONTENTS Abstract 3 COMPANY BACKGROUND 3 BUSINESS PROBLEMS 4 HIGH-LEVEL SOLUTION 5 BENEFITS OF SOLVING THE PROBLEM 8 TECHNICAL APPROACH 8 HIGH-LEVEL IMPLEMENTATION PLAN 9 CHANGES TO TECHNOLOGY 10 SUMMARY OF RECOMMENDATIONS 10 CONCLUSION 11 REFERENCES 12 Abstract: A call center is defined as a place where contacts are made and received. It is often the “front door” to a business and is the place where most crucial customer interactions take place. Therefore, its effective and efficient operation is a key ingredient to the overall success of any organization. Call centers are an increasingly important part of today’s business world, employing millions of agents across the globe and serving as a primary customer-facing channel for firms in many different industries. Call centers have been a prolific area for operations management in several domains, including forecasting, capacity planning, and personnel scheduling. In addition, as telecommunications and information technology have advanced over the past several years, the operational challenges faced by call center managers have...
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...day, November 2012 “CUSTOMER RELATIONSHIP MANAGEMENT IN BANKS WITH REFERENCE TO CORPORATION BANK UNIVERSITY OF MUMBAI PROJECT REPORT ON “CUSTOMER RELATIONSHIP MANAGEMENT IN BANKS WITH REFERENCE TO CORPORATION BANK” T.Y.B.B&I (SEMESTER V) ACADEMIC YEAR: 2012 – 2013 SUBMITTED BY ............................ ROLL NO – ................... PROJECT GUIDE PROF. .............................................. College Name PROJECT REPORT ON “CUSTOMER RELATIONSHIP MANAGEMENT IN BANKS WITH REFERENCE TO CORPORATION BANK” SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF DEGREE OF B.COM – BANKING & INSURANCE BY ................................... ROLL NO – ............... T.Y.BBI (SEMESTER V) .................... CERTIFICATE NAAC ACCREDITED B++ This is to certify that, Mr./Miss Of T.Y.B.B.I Semester V (2011-12) has successfully completed project on Under the guidance of _________________________________________ (Signature of Project Guide) (Signature of Principal) (Signature of Coordinator) (Signature of External) DECLARATION I Mr./Miss the student of S.I.W.S N.R Swami College of Commerce & Economics, studying in T.Y. B.Com...
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...CUSTOMER RELATIONSHIP MANAGEMENT IN BANKS WITH REFERENCE TO CORPORATION BANK UNIVERSITY OF MUMBAI PROJECT REPORT ON “CUSTOMER RELATIONSHIP MANAGEMENT IN BANKS WITH REFERENCE TO CORPORATION BANK” T.Y.B.B&I (SEMESTER V) ACADEMIC YEAR: 2011 – 2012 SUBMITTED BY ............................ ROLL NO – ................... PROJECT GUIDE PROF. .............................................. College Name PROJECT REPORT ON “CUSTOMER RELATIONSHIP MANAGEMENT IN BANKS WITH REFERENCE TO CORPORATION BANK” SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF DEGREE OF B.COM – BANKING & INSURANCE BY ................................... ROLL NO – ............... T.Y.BBI (SEMESTER V) .................... CERTIFICATE NAAC ACCREDITED B++ This is to certify that, Mr./Miss Of T.Y.B.B.I Semester V (2011-12) has successfully completed project on Under the guidance of _________________________________________ (Signature of Project Guide) (Signature of Principal) ...
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...Human Resources Plan Name Class Teacher Date The human resource department has a direct impact on the success of the company and its culture. In addition to being responsible for recruiting and retaining employees, talent management, compensation and benefits, training and development, and compliance, HR should be able to assist employees and managers resolve issues. Before starting an HR Department of one person, it is important to develop a long-term strategic plan in order to formulate the steps used to build a functioning unit and one that has credibility within the organization as a strategic partner. In order to streamline our department of one, HR will focus on specific functions and re-assign or outsource others. Recruitment, training and development, compensation, legal issues, and performance reviews will remain with HR. We will outsource or make use of web-based services certain activities such as payroll and benefit management. Other functions of HR will be carried out by utilizing the expertise of other departments and collaborating with them on important issues. For example, I will collaborate with the marketing manager to aid the company’s recruitment, orientation and onboarding so that we are promoting the company brand and attracting the right talent. According to Chimhanzi (2004), significant achievements for both departments will be achieved through social networking and written communications that help promote the perception of connectedness...
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...employee handbooks to compensation analysis. Professional Employer Organizations (PEO) has the staff and expertise to make business run more efficiently. They have special tax rules that company needs to utilize. Their employers are trained in the special needs that an HR consultancy business have. For example, Axis consultancy firm of bd have detailed knowledge pertaining to that community and its trends. It’s best to have a consultant that can take care of your local (city) needs along with whatever the state may require. Most major cities and even a few small metropolitan communities have Human Resource consulting firms. Knowledge or rules, laws and regulations are not the only things PEOs offer. Human Resource consulting needs are certain differ from business to business and city to city. They also provide any sort of service for employ’s background and other record checking. To recapitulate in short, whatever your particular business needs may be a reliable professional employer organization can be the key to your business running more efficiently and with a higher profit margin Arizona, Tuscon, Phonix, Las vegas are the most renowned international HR firm. Locally we have some renowned HR firms as Axis, E-zone, BETS which serves our corporate world with great reputation for last several years. Here we are going to focus on Amcheck which is representing the all international HR consultancy firms. As it is one of the standard setting firms of the world, we consider them...
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...Performance Standards and Financial Controls 12 B. Monitoring Procedures 12 Works Cited 13 Wolverine Software, Inc., Marketing Plan Executive Summary Wolverine Software is a mid-sized corporation in the first year of its existence with a new ownership and management teams; it currently operates as a privately held entity. The company currently produces workforce management software used for tracking employees and projects, with approximately 1000 existing clients in every industry imaginable. The business fluctuates with the growth and decline of the economy since one of the key profit lines for the company is a SaaS (Software as a Service) model to providing the software. The software is hosted on company servers, and clients are charged a monthly fee for the number of employees that use the system. One major challenge for the company is how to increase stand-alone installations to help avoid the fluctuation in cash flow, which could be achieved by selling the software outright to clients and charging a license fee for the number of employees in the system. To develop the strategic analysis and...
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...|MD.MOINUL HUQ | |[pic] | | | |H # 703, Road # Joy Bangla Road, lane#11,ward#9, Block #A, | |Bogertek, South Khailkur, Barabari, National University-1704, | |Dist# Gazipur. Mobile +8801710912285, moinul_h2003@yahoo.co.in | | | | | | | Career Summary: Dedicated professional with 12+ year's solid Business Management Experience in Sales and Marketing field with Multi Diversified Industries. Professional Experiences: 1. Chief Executive Officer.- Moinul Corporation , July 2000 – Present...
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...possibilities of using the modern Balanced Scorecard method in human capital. Key words: key performance indicators, entrepreneurial sector, HR scorecard, performance, Balanced Scorecard 1. INTRODUCTION Many companies have implemented tools for measuring their performance in order to stay in business and come in contact with tough competition. Organizations must face not only to more demanding conditions but in the current period to the world financial crisis as well. Due to these reasons, the organizations are forced to measure performance of the organization and contribute to the stability of the organization in today´s competitive environment. Organizations try to measure performance according to the financial drivers but in the recent period top leaders attempted to find new performance indicators which would take the “wind from sail” to their rivals in the market. One of these competitive advantages is human capital. As the Tootell et al. (2009) stated “since 1980s there has been an increasing emphasis on the importance of HR measurement.” Yeung and Berman (1997) declared that “HR measures should be impact rather than activity orientated, forward looking than backward looking, and should focus on the entire HR system not just on individual practices.” Toulson and Dawe (2004) identified three obstacles in measuring HR: lack of HR experience and precision and difficulties in measurement. There were defined tools by various authors for measuring the HR capital. Srimannarayana (2010)...
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