Each steps supports the next step so that a greater market share can be captured by a brand and business. • It helps to drive a higher value proposition. When product development is centered on meeting the needs of a consumer, then it creates a higher value proposition for the core demographics of a brand and business. Higher value propositions create more repeat buyers and positive word-of-mouth marketing, which can lead to higher revenues. • It can grow a professional network.
AT&T has adapted to this successfully by innovating their services and adding more value to customers. This early mover advantage would give sustainable benefits to the company and this is important to have in a turbulent industry. Weaknesses Being large has its fair share of weaknesses as well. AT&T has to reward its employees with more attractive remuneration packages compared to other services in order to retain them. This policy has resulted in increasing operational costs which would apparently have a detrimental impact on profit and EPS.
Service Innovation Customer care through service innovation enhances the customer experience, addresses grievances and facilitates customer retention. Service innovation makes necessary changes to a product line to attract more customers as well as consumers. For innovation in service sometimes the existing products that are likely to be in demand of the customers or the introduction of new products to an existing line that allows the company to move into newer consumer niche markets are enhanced which gives an edge to the company over their competition and it also increases the efficiency of the company in their operational structure by changing the internal structure so that waste is eliminated, production is increased, and customer orders
Countries like Nigeria, Columbia, and Indonesia are prime examples, where these financial institutions, invested in organizations responsible for environmental degracion and destruction. Source URL: http://ifsw.org/policies/globalisation-and-the-environment/ Some advantages in the global era Globalization is driven through ideas and innovation, which leads to new technologies being created and this in return stimulates employment growth, causing economic expansion?n resulting in a more substantial standard of living in the process. The lowering of import tariffs and the destruction of borders, will contribute to work creatively, permitting people to move more freely between nations, and provides smaller companies to expand their brand as well as products into the global market. Another result of bilateral trade, is more cost effective resources and materials, that could be accessed together with an inexpensive yet educated workforce. A clear example of this might be when China opened its market to the rest of the world in 1990?s, allowing for countries such as the United States and Europe to consider
This then has a ripple effort, as those who benefitted from CSR programs tend to also give back to others and so the cycle will continue. More empowered and able people in the economy, the more the economy will thrive, creating more jobs, better salaries…etc5. CONCLUSION: Conclusion question: Is it really necessary for companies to get involved in CSR? I certainly believe that it is important for a company to get involved in CSR initiatives for a few reasons. 1.
Answer 3. Economies of scale can help you reduce your fixed cost and increase your reach to potential customers. So when the quantity of the product being manufactured increases it reduces the average cost. Furthermore it leads to specialization of labor and better capital utilization. This will help you to stay profitable (as you have better margins) and expand with ease.
For one the employment opportunities are methods through which the people in the host countries is seized, can create personal wealth. The improved roads, schools and hospitals are also one of the most direct benefits that the host country realises. Urban areas are able to grow, and this is an effect that improves the standard of living of the host country and the people in these countries. As Multi-National Companies enter different foreign markets, they are able to widen the international and domestic markets. This is a benefit that can be seen from the onset.
Very simple programmes can be enforced to meet these expectation and needs, an example is a rewards system if targets or goals are achieved, These small rewards can have a huge impact on the employee’s happiness, the frequency of these small rewards is crucial for success. Extensive research has displayed links between being happier in your job and being better at your job. Businesses with higher than average employee happiness in turn display better financial performance. Therefore, it is important for companies to form and maintain positive work environments that will contribute to their employee’s
The interactive nature of clusters stimulates innovation and economic learning. Clusters stimulate regional competitiveness in three ways: • by increasing business productivity • by boosting their innovation capacity, which underpins future productivity gains • by stimulating the formation of new businesses, which expand and strengthen the cluster Firms that are part of a cluster are expected to operate more efficiently when sourcing inputs; accessing information, technology and institutions; coordinating with related firms; and measuring their performance against other firms so as to improve. Clusters embrace much more than a traditional supply chain or an industry; they also includes academic institutions providing training, research and consulting services Cluster Policies The purpose of cluster policies is broadly to strengthen a particular regional economy, and thus the national economy. However the purpose of the different policy instruments will vary depending on the type of cluster and regional