This perspective can help manager to see how well their business is running and wether its day-to-day activities support the organization’s key goals. Apart from that, internal business process refers to the satisfaction of both shareholders and customers (Biden, Mziu and Suhaimi, 2014). This perspective is important because the firm could analyze their current internal ability and react based on the market needs. The Balanced scorecard helps the organization to identify type of internal business process that can satisfy clients and shareholders. The strategy to improve the process could have an effect on the
Customer relationship management (CRM) is a company’s plan to manage customers. It uses technology to automate and organize daily tasks such as sales or customer service. It also allows companies to manage and store data and information collected from these tasks, making them easily accessible to everyone in the company which would need to see any such information/data. In order for TC plc to improve their customer relationship management they should: 1. Create an effective computer system which would enable them to share information throughout all of their locations, this will help analyse customer data and behaviour and help identify areas to expand business 2.
Industry analysis is useful for corporate strategy and business strategy. Corporate strategy helps to decide in which industry the firm should work with and how should it allocate resources among them. Whereas, business strategy focuses on establishing competitive advantage by studying needs of the customers and the way to compete with competitors. To earn profits a firm must understand customer needs by creating value for them. But to create a value they should obtain goods and services from suppliers.
At the same time, CRM contributes to customer retention and drives a spike in sales growth. CRM can be applied to the business idea as it is a system that is designed to gather customer information across the various channels and point of contacts between the customer and the company. Some of these platforms include the company’s website, social media platforms, emails and marketing collaterals. CRM can benefit the business with technology and human resources to get access to customer behavior and values. An example of CRM that could be applied to the business idea could be the use of a customer satisfaction survey.
It helps you improve your profitability. CRM enables you to spotlight on your organisation’s relationships with individual people whether those are customers, service users, colleagues or suppliers. Some of the biggest gains in productivity can come from moving beyond CRM as a sales and marketing tool and embedding it in your business – from HR to customer services and supply chain
Managerial accounting helps to create future plans and providing accounting information used in the decision-making process. As such, this plans indicates about which products should be sold by the organization, which markets the organization should enter and at what price should they charges, and evaluating proposals for capital spending. This plans will act as a guidelines for the managers as well as the employees in the organization to realize their goals. Besides, managerial accounting provides data on past performance which could be used as a model for future performance of the organization. This past performance is important to use by the company in order to make the comparison between the past and current performances.
It also helps the organisation to use different computer applications in regards of predicting the future of the company in regards of the market patterns and the performance of the company. By means of DSS, organisations can collect the data from the national and international market, collaborate it with the information and progress reports of the company by means of decision support software, and highlight appropriate assumptions. It further helped the managers of the organisation like ASOS.com to increase their area of work in the market and explore different alternative working plans to enhance their effectiveness of business activities (Galliers & Leidner,
Despite this, customer relationship management (CRM) has the potential to help SMEs in keeping customers more easily and also help SMEs seeking more potential customers. According to Christopher, Payne, and Ballantyne (1991) studied that the origins of CRM in relationship marketing theory is intended to increase productivity
The services offered to SMEs is in all stages of the business cycle to help them grow and achieve excellence in their business activities. There are several agencies that provide advisory services to SMEs. Among them are such SMIDEC, MARDI and MARA. The purpose of this advisory is provided for the purpose of providing guidance to SMEs on how to manage the business better, especially in an environment of rising costs and more difficult nowadays. SMEs can obtain further advice on measures that can effectively manage the business and indirectly helps to strengthen the business operations of SMEs.
Performance management and communication: Monitoring of the employee 's performance, guiding them, giving feedback is one of the essential objectives of Nestle. Monitoring is for observing the work capabilities the way that employees perform. It is also forecasting different trends in technologies, and business. Monitoring also strict appliance to the legal requirement by the government. All these will contribute to attaining the company’s main objectives Zara Case