For example, a company may not have the enough money to create advertising campaigns that will in return attract customers and increase sales. Retailers need to also to be aware of the stage in the product life cycle. According to the stage, different types and amounts of promotions are used. Products in the introductory stages need more promotions than at any other stages to create brand awareness. Another challenge that retailers need to consider is to set apart different types of products and purchase decisions.
Economic factors play a crucial role in any investment decisions that are made for taking a gain and better return to the investor. Economic analysis and company performance forecasting are necessary for making investment management (Hiriyappa,2008). There is lack of investment management which has exerted burden over the company to keep getting revenue for current as well as new production plants. If the new plants were set up after examination of organization’s structure and forecast of sales and revenue, then the situation would have been easier. The company mainly depends upon reports by managers who are not communicating well with each other as they are not co-operative.
Meaning, the bureaucracy handles responsibilities in a timely and efficient manner. Mentioned above, low pay deters executives from joining the public sector but it also deters those at the entry-level positions as well. Recruitment for the bureaucracy now includes tests to assist in finding candidates who can fulfil the requirements of the position and to be as fair as possible. For government positions, the required qualifications are truly required for the positions. While in the private sector if the hiring manger really likes the candidate or the candidate comes with excellent references, the company can overlook their lack of qualifications and still offer the candidate the job, in the public sector this is not an option.
It is involves prioritizing demand when supply is lacking. There is a Proper demand management facilitates the planning and use of resources for commercial business results. The new trend is that, companies have been moving towards outsourcing their product distribution because they want to keep sales overhead in check without sacrificing revenue. The companies can produce products more efficiently, they have knowledge about what to produce, for whom and when. In that current situation, economic slowdown and huge inventory write-offs resulting from this lack of visibility have highlighted the need for a systematic way to predict and manage demand.
Mr.Mathis saw this as an opportunity to shift the production system from a card-based Kanban system to something more efficient which is an electronic Kanban system. He noticed a problem during the production process which was that the manual system did not help the key employees to focus in the tasks which were of greater value to the operation. Danaher would reap added value from never having to reprint cards with new supplier or part quantity information – some could simply enter the new information in the database and the bar codes would never have to change. The company had to change its information technology system. Taking this decision was inevitable.
One reason is to look into how people keep adequate records. Without a record on the stuff that comes in and out of the company your business could get in trouble or accused for something and if you don’t have proof on record then you will end up getting in trouble. Another reason to conduct research is so that you know how much startup money to have. Researching the amount of money other companies start with will help you not spend too much or not have enough. Lastly research is good especially if you have no experience.
Market uncertainty in retail chain business mainly includes quantity of raw materials supply, price fluctuations, customers’ requirements towards products etc. Varied uncertainties intensify the operational difficulty and increase vulnerability of supply chain. Meanwhile, diversification and differentiation of customers’ requirements lead to the frequent change of producing procedure and supply procedure, which makes supply chain system more complicated and challenging to design, construct. Therefore, retail enterprises are not able to guarantee supply chain system can be operated in a safe environment. 4.
Its lack of flexibility characterized by its limited range of goods losing its customers to Sheng Siong and its lack of effectiveness characterized by rising overheads and a lack of manpower. ShopnSave should have adopted an agile supply chain and response quickly to customer needs. Just like how NTUC Fairprice is flexible in catering to different needs, ShopnSave could have offered a wider range of products to target various groups of people. Also Sheng Siong customers were attracted to Sheng Siong as there were less English speaking workers. ShopnSave could have been more flexible by hiring workers that speak in their mother languages, which helps ShopnSave to forge a more intimate relationship with its consumers.
You want everyone in your business to know about the objectives of customer service and how to direct people towards the special unit in case problems arise. Use your answers as a guide to defining objectives for your customer service department and each team member. You want the objectives to be all about improving the service. Hire the right employees A customer service department depends more than any other department on quality workforce. If your employees are not passionate about customer service and they do not have the right skills for the job, you aren’t going to succeed in your task.
When a problem arises concerning the transparency of the company, do not be slow to respond so that there are others like our company's competitors that will make our company look bad in the eyes of customers and investors. Faster companies responded, customers and investors will think that we are serious in our sincerity on correcting our transparency and this will make customers and investors will not replace our place on target their purchases and investments. This will make our company more durable in the industry. Transparency doesn’t just help business became financially successful. It makes them good citizens.