The perspectives are “Stakeholder Satisfaction”, “Strategies”, “Processes”, “Capabilities” and “Stakeholder Contribution”. This Performance Prism mainly focuses on the area of customers, stakeholders and business processes. It focuses mainly on how to impress stakeholders and customers, and also focuses on the internal systems that develop the business strategies, not like the BSC. Performance Prism also has its own strengths and weaknesses as well. There are only three distinct strengths of Performance Prism which is it will reflects on new stakeholders such as employees that are usually neglected when forming a performance measure (Michaela Striteska et.
As a result, 3C 's model by Ohmae (1982) has been set up as guideline to hold out those competitive advantages by integrating the 3C 's (Customer, Competitor, and Company) in the strategic approach. In Rorio’s research, most of the customers will attempt to understand well the importance of that product and get the urge to believe in the product only when the products and services are involved in corporate social responsibilities while advertised and sold into the market. Consequently, it is needed for a bank to operate under the cooperation among individuals, who works hand in hand with other members in developing the customer loyalty towards the company products or services, which in turns augmented the work output of the company. It is also clear that the general image of the bank will be boost up when the customers, employees and employers are well-coordinated in a comfortable and satisfied way. Thus, both the customers and the employees will market the bank to attract and retain the customers if the image of the bank is
As you keep pace with the evolution and changes in life, the person becomes independent from the noise and restrictions, but he has to train and trust in business matters to get to the top in this work. I will talk about the sources of finance, the pros and cons of capital and the creditor's capital. For possible reasons, the field of business management is broad and branching out from the duty to address it. Is a program or project is to provide financial resources to fund a need ,this term is used when company fill up the need for cash from themselves to provide the precautions . money or property used to produce the revolution .
Strategic thinking is a key requirement for the success of any entity. An organization could be strategically competitive only by evolving good corporate strategies. When a company creates corporate strategy which others are unable to make replica of or it’s too costly for them to implement, only then that company could be able to sustain the competitive edge against others. Defining a corporate strategy is not only difficult for large firms such as IBM and Microsoft but it is also challenging for smaller firms and outlets. As Porter (1996) defines, “Strategy is about being different.
From a strategic viewpoint, these commodities no longer matter which gave Carr the impetus to think that, with or without IT an organisation can still be very competitive. However, a well drafted organization’s strategic and implementation processes put in place that acknowledges the correlation between a business plan and a technological framework can enable a firm to be more competitive. As once said by Michael Porter, ‘’IT (internet) is really essential now than before for companies to out-smart their competitors through strategy’’. A statement that contradicts this school of taught which says that "internet has a negative impact on business strategies by rendering them obsolete’’. The supporter of the school other school of taught Robert
Switching to customer loyalty occurs in the fourth phase when this purchasing conviction becomes repeated purchase and recommends the product or service to other potential customers. The chain ends with the fifth phase which leads to the economic success of the enterprise. The more competitive a market is, all the more difficult is to get customer loyalty through the satisfaction offered by the products/services delivered [Daffy, 2009]. Customer loyalty is not the result of strategies implemented by the organization or customer clubs. To create effective retention strategies, organizations need a thorough understanding of customer behavior and needs.
Creating linkages in the marketplace makes consumers unwilling or unable to switch to competitors, thus preserving competitive advantage. The general consensus is that only companies with a strong marketing orientation are capable of creating such linkages (Kirca et al. 2005). A company has a strong marketing orientation if it has mastered the art of listening to consumers, provides a better fulfillment of their needs than competitors and cares for customer satisfaction (Hedaa&Ritter, 2005).
Freeman (1984) in his book Strategic Management, states that the stakeholder approach provided the foundation for the stakeholder theory which was later used by other researcher. The basic proposition of the stakeholder approach is that the firm’s success is dependent upon the successful management of all the relationships that a firm has with its stakeholders. Jensen and Meckling (1976) argued that when viewed as such, the conventional view that the success of the firm is dependent solely upon maximizing shareholders’ wealth is not appropriate because the entity is perceived to be a nexus of explicit and implicit contracts between the firm and its various stakeholders. Clarkson (1995) in his study on corporate social performance concluded that it was unavoidable to distinguish between stakeholder and social issues that is, issue that concern more stakeholder groups. These issues may not necessarily be but quite possibly, be the same concern of the society.
o Retain: Customer retention is all about maintaining long-term business relationships with customers. In other words, customer retention is an activity that is undertaken by an organisation to reduce customer defections. This is possible if an organisation focuses on fulfilling the requirements of customers and exceeding their expectations. The customer retention activity of the public sector bank can be successful if they improve the service for their existing customers and also build reputation in the
Abstract An organisation adapts a series of actions by using the most efficient and effective resources to achieve its objectives. These series of actions are often known as strategy. The research presents the importance of strategies in short-term, medium-term and long-term with examples. Strategies are the key to either success or failure in any organisation. Two organisations in discussion are; Walmart which defined and deployed its strategy successfully since the beginning and Enron, which by false accounting practices and personal greed over organisational objectives goes bankrupt, even after having a compact long-term strategy, their short-term strategy was not good enough.