Furthermore, there are some benefits that can help the company to increase the market value. First of all, with the triple bottom line reporting, the business can improve the risk management through enhancing the management systems and the company can have better business planning as the risks are understood. Triple bottom line reporting helps to ensure the company is embedding the corporate governance and acts ethically not only on the Board level, but also on the whole company. Although it cost time to train the staff and need more time for the preparation work about the triple bottom line reporting, the staff and the shareholder may have more confidence on the business that the organization are focused on the social contract and ensure they survive in the coming future ethically (Department of the Environment and Heritage 2003). Corporate social responsibility is embedded in the social contract and most of the company.
They developed the concepts of "cycle of success" and "cycle of failure". In the cycle of success, they propose that an investment in employees’ ability to provide superior service to customers can be seen as a virtuous cycle in which benefits would be interlinked. Furthermore, they emphasize that efforts spent in selecting and training employees and creating a corporate culture in which they are empowered can lead to increased employee satisfaction and employee competence. Consequently, this will possibly result in superior service delivery and customer satisfaction. This in turn, will create customer loyalty, improved sales levels, and higher profit margins.
(1994), Eklof and Westlund (1998), and Geyskens et al. (1999), customer satisfaction was very important to the profitability of the organization. Naumann (20010 pointed that customer satisfaction is a part of strategic planning of the organization. In addition, Augus (2000) said that implementing total quality management could improve the company’s customer satisfaction. However, Concept Articulation that effective TQM processes can generate great improvements in both product and service quality which then resulted in increased customer satisfaction and organization’s profit (Gallear, D and A. Ghobadian, 2004).
INTEGRATION: STRATEGIC PROCUREMENT AND COMPETITVE ADVANTAGE Integration of strategic procurement and competitive advantages in an organization leads to basic competencies such as having access to raw materials, suppliers with an effective system for measuring quality of products supplied; develop advantage over competitors in relationship with suppliers, working close together with suppliers on product development efforts and close working relationship with suppliers to improve each other’s processes. This will foster benefits for both company and the supplier organization, while providing the maximum transaction value in the long run. Sourcing or procurement is the main aspect of a business organization when considering inputs. Sourcing is the methodology of finding the right supplier, right product, in the right time, at the right price, in correct quantities and right qualities. Sourcing strategy can be illustrated in the following process.
The stakeholder will be benefit from the positive changes that Elasto Therm will apply such as: Management and Employees: Company will be given to their employees and managers the opportunity to develop and grow in the company as well as provide training and empower them to manage responsibilities. Additionally, ETI will offer security job. Shareholders: Julia and Nate and the rest of ETI employees who are part of the ESOP plan will be benefits from the good return on investment and the maximization of the resources. Customer: Better business performant and a good market orientation will benefit ETI’s customers. Local Community: If the company still grow the community will get the benefits from the creation of new job opportunities.
The Importance of Corporate Social Responsibility (CSR) Corporate Social Responsibility (“CSR”) is a way for companies to benefit themselves while also benefiting society which is very significant in an organization. It is one of the key for an organization to be success, as it is one of the few practices, which is a strategic practice that gives positive impact to an organization. CSR has a great influence on economic, environmental and social factors in numerous ways. An effective CSR strategy must consider alignment with the organization’s business strategy, commercial added value, and sustainability of impact. An effective CSR of an organization has many benefits such as making an organization’s performance and profitability becomes
Regular CSR reports which are relevant, honest, and correctly targeted will improve credibility with the internal and external stakeholders, and in turn helps the company to gain competitive advantage over the competitors. These reports also increase employee morale and motivation, as they gain confidence in the company and their roles which they play within the company. CSR is no longer done just for philanthropic reasons but now it is integrated with company’s main goal. The companies are undergoing through a change from simply informing the public about the activities to a more detailed and comprehensive way of engaging the stakeholders. Benefit of CSR reporting: a.
Part A: 1. ''We believe our success depends on our ability to connect with consumers by providing them with a wide variety of options to meet their desires, needs and lifestyles. Our success further depends on the ability of our people to execute effectively, every day.'' ''Our goal is to use our Company's assets — our brands, financial strength, unrivalled distribution system, global reach, and the talent and strong commitment of our management and associates — to become more competitive and to accelerate growth in a manner that creates value for our shareowners.'' Vision: Individuals: Be an awesome work environment where individuals are enlivened to be as well as can be expected to be.
These particular rules and regulations can have a positive impact on a firm in regards to their business model. In the end, if those particular functions (rules and regulations) are accepted, then the firm can focus on improving its business model through innovation and differentiation. This concept of understanding competitors, allows firms to incorporate successful business models through the development of innovation and adoption, which helps in establishing that successful business model in order to derive towards a competitive advantage. In order to drive towards this competitive advantage, firms look at incorporating that differentiation factor and implementing those best practices undefined by its competitors, which in turn derives procedures that create value for the consumer and helps increase firm
Latterly in the same year, Crosby defined quality in strategic business perspectives, as “Quality is free”. According to this definition, Crosby argued that the investment in quality improvement will lead to promote the quality of the product that will lead to satisfied customers which will cause increase in market share, productivity and profit. Juran’s definition of quality is “fitness for use” (1993). That fitness of use branches out in two other directions: first, product features to meet customer needs and second, freedom deficiencies that required high degree of