Benchmarking Is A Competitive Business Strategy - 790 Words

Lastly, benchmarking is a competitive business strategy where organizations compare their business processes and practices with other organizations that may simply do it better. Through benchmarking, organizations can determine how other businesses achieve high performance levels and how they can experience competitive advantages pertaining to customer service and the quality of their processes (Meybodi, 2013). Organizations have several different options when it comes to benchmarking, as they can compare business processes with competitors in their industry, successful organizations in other industries, and their own internal departments. Typically, businesses will benchmark other organization’s performance metrics that pertain to quality, time and cost (Meybodi, 2013). Organizations want to study the moves and decisions from the businesses that set the highest standards in the world. For example, organizations in the tech industry and start-up businesses aspiring to build do minant empires should benchmark the practices of Apple or Microsoft. Both of these companies have dominated the tech industry for the last few decades and have set the standard for being the absolute best. In a practical setting, Nike has the luxury to participate in internal benchmarking and external benchmarking. There external benchmarking options are limited because they rule the sporting industry and are content with their own practices. However, they still keep a strong tab on competitors suchShow MoreRelatedAdvantages And Disadvantages Of Benchmarking1340 Words   |  6 PagesBenchmarking The advancements in business in the last several years have led to the necessity for providing the best possible products to consumers. Globalization has created the opportunities for customers to look outside the local market to quickly and easily purchase desired products and services. These events have made it increasingly vital for the use of benchmarking. â€Å"Benchmarking is defined by Camp (1989) as a process that allows an organization to increase its performance by comparingRead MoreBest Practices And Benchmarking Analysis1011 Words   |  5 Pages Albany State University Best Practices and Benchmarking Jonatan Galan Business Internship 1 3100.01 Ms. Tracy Williams September 03, 2016 Best Practices and Benchmarking Benchmarking is the process of analyzing and comparing one’s business processes and performance measurement by looking at industry ideal and best practices from other companies. This process of obtaining a measure is a way of examining and discovering what is the best production being achieved whether in aRead MoreStrategic Management : First Individual Assignment1045 Words   |  5 Pages Strategic Management First individual assignment Benchmarking AMNA AHMED ALMUTAWA 2140002218 SECTION 207 Introduction; After the industrial revolution, business world has flourished with new concepts of management functions strategies, goals setting and performance techniques, evaluation and assessments methods which strength the competition level not only locally, but either globally. Organizations allover world tries their best to be the superior one in their field andRead More Richer Sounds - Competition Essay510 Words   |  3 PagesCompetition Competitive forces are the pressures put on a Business by other organizations which are competing to increase their share of the same market. The main competitors for Richer Sounds are broken into 4 main groups: 1. Large chain stores. E.g. Curry’s, Dixon’s and Comet 2. Small specialist shops 3. Large online electronic suppliers. E.g. QED-UK 4. Large online general supplier. E.g. Amazon and Tesco. These Businesses’ compete in many ways. The 3 main ways are AdvertisingRead MoreMarketing Plan827 Words   |  4 Pagesï » ¿Marketing Business Environment Marketing Planning: An Overview of Marketing 6 main questions to ask in order to create your marketing plan: 1. Where are we now? (Business Mission, Marketing audit, SWOT analysis) 2. How did we get here? (Business Mission, Marketing audit, SWOT analysis) 3. Where are we heading? (Marketing audit, SWOT Analysis) 4. Where would we like to be? (Marketing objectives) 5. How do we get there? 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Enterprises tend to set competitor s marketing activities as templates, and use similar product strategy, pricing strategy, promotion strategy and placingRead MoreStrategic Management Tools1707 Words   |  7 Pagesresources to create core competencies to develop a strategy that has sustainable competitive advantage (Marti, 2004, p1), so the definition of a strategy as an ‘integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage’ fits this argument. The strategic management process follows the lines of strategy, while also earning above-average returns (Hanson et al, 2008, p4, 25). Strategy, strategic management, and strategic thinking areRead MoreAnalysis Of Palmers Concrete Limited Liability Company1205 Words   |  5 Pagesmore attractive than those without. Palmer’s concrete needs a contemporary management technique as a defensive strategy than reactive. Several contemporary management techniques are analytical to this project, Benchmarking, Enterprise Risk Management (ERM), and Business Process Improvement (BPI). Contemporary Management Technique: Rationale Benchmarking. At first observation, benchmarking seemly, looks clear, and identifiable rationale for a Contemporary Management Technique (CMT) that could aidRead MoreCase Study : Plaza Home Health Services Essay1207 Words   |  5 Pageshome-based health services, with very competitive patient care. In Plaza Home Health Services, even though customers easily identify with the type of the services offered, the brand identity and position requires more resources together with the rebranding to create a sustainable brand which clients will be able to identify and recognize easily. It is no doubt this is an area that Nancy and Jeniffer have decided to critically look into to foster future growth of the business. SWOT Analysis Strengths In aRead MoreThe Key Concepts Of Quality Improvement1614 Words   |  7 Pagesof committed a senior manager to transition the key change process such as aim, objective, training, communication, planning to make employees awareness. In 1938 to 1970s, Xerox was the strong company about printer, however, in 1980s the printer business had new competitors, from both the US and Japan. The Xerox s analysts found management failed in company strategic direction that lead to high cost operation and low quality in comparison with competitors. As Dragolea and Cotirles (2009) suggested

GEs Imagination Breakthroughs The Evo Project - 3036 Words

GE’s Imagination Breakthroughs: The Evo Project Case 3-3 ! ! ! ! ! ! ! ! EXECUTIVE SUMMARY Problem: Primary The Transportation management team must make a difficult and very important decision to determine the Hybrid’s future because its opportunity cost is currently high and is under limited financing. ! Alternatives: 1. Continued Commitment with the Hybrid Concept 2. Place the Hybrid IB on Hold and Invest in Batter Technology 3. Discontinue the Hybrid ! Facts Considered: 1. Immelt is committed to the Hybrid project and its potential. 2. Organic growth and risk-taking are an important part of GE culture. 3. IB’s will play an important part in future revenues for GE. ! Recommendation: GE must continue with the Hybrid project as it†¦show more content†¦! IMPLICATIONS ON THE PERSONNEL †¢ An inability by Compte to make a decision ahead of the meeting with Immelt and to properly inform him of the actions needed to be taken with the Hybrid project could put Compte’s job on the line. †¢ GE seems to have turned a corner as of 2006. Any poor decision on future IB’s and the Hybrid project could lead to low a morale for the managers and employees if any managers have to be let go. †¢ A decision to drop the Hybrid as an IB could be displeasing to Immelt and put more pressure on Dineen and his team to come up with a new IB alternative. This could also lead to a low morale for the employees who had been working on the Hybrid because they may fear that they will be let go. †¢ The traditions managers of GE were seen by Immelt to lack certain skills to succeed in the current business culture that Immelt was trying to change and create. Any difficulties to properly adapt as Immelt wants could see these managers lose confidence in themselves, but also from Immelt. ! IMPLICATIONS ON THE ENVIRONMENT †¢ If GE were to move forward with the Hybrid and continue to improve it, it would mean a complete change in the locomotive industry and a benefit to the environment because of reduced fuel emissions. †¢ As of 2006, GE has been able to either maintain or increase its 70% market share of the locomotive industry. Therefore they have significant influence overShow MoreRelatedGe Imagination Breakthrough1042 Words   |  5 PagesGE Imagination Breakthrough Q : 1 What is your evaluation of Immelt’s new organic growth strategy? Why change GE’s existing successful strategy? Is it reasonable to expect that a $125 billion global giant can significantly and consistently outperform the underlying economic growth rate? What is your evaluation of Immelt’s new organic growth strategy? Answer: Immet’s new organic growth strategy is made up of following elements: * Technical Leadership – Immelt identified technology as a key driverRead MoreGe Imagination Breakthrough1036 Words   |  5 PagesGE Imagination Breakthrough Q : 1 What is your evaluation of Immelt’s new organic growth strategy? Why change GE’s existing successful strategy? Is it reasonable to expect that a $125 billion global giant can significantly and consistently outperform the underlying economic growth rate? What is your evaluation of Immelt’s new organic growth strategy? Answer: Immet’s new organic growth strategy is made up of following elements: * Technical Leadership – Immelt identified technology asRead MoreGe ´S Ib: the Evo Project1400 Words   |  6 Pages------------------------------------------------- GE‘s Imagination Breakthrougs: The Evo Project The case GE ´s Imagination Breakthroughs: The Evo Project is a really interesting case, it talks about the dramatic change that the company General Electric had to face in order to grow, and the process that the CEO had to pass in his first years in charge of the company. It also takes us in the quest of understanding and analyzing one of the main bets of the new CEO Jeff Immelt, which were the Imagination Breakthroughs, best knownRead MoreGe- Evo Project9203 Words   |  37 PagesNICOLE S. BENNETT GE’s Imagination Breakthroughs: The Evo Project As he prepared for the December 2006 meeting with GE’s CEO Jeff Immelt, Pierre Comte faced some difficult decisions. Only eight months into his job as chief marketing officer (CMO) of GE’s Transportation business, Comte would be presenting Transportation’s recommendations on some of the most visible growth initiatives in its locomotive business—projects that had been designated â€Å"Imagination Breakthroughs.† IBs, as they wereRead MoreEli Lilly3325 Words   |  14 PagesGlobalization of CEMEX (Ch 2) Case Presentation and discussion: ï‚ · Case 3: A Speed Race: Benelli QJ (Ch 2) ï‚ · Case 4: GE’s imagination breakthroughs: The Evo project (Ch 3) Case Presentation and discussion: ï‚ · Case 5: McKinsey Company (Ch 5) Case Presentation and discussion: ï‚ · Case 6: Eli Lily in India (Ch 6) ï‚ · Case 7: ECCO A/S Global value chain management (Ch 4) 8 Group Case Projects Each group will develop and deliver a presentation that critically examines one of the cases scheduled from session

Rcsc214 Exam 1 Free Essays

Chapter 1 Retailing-consists of the final activities and steps needed to place merchandise made elsewhere into the hands of the consumer or to provide services to the consumer. Last step in supply chain. Trends that affect Retailing today: * E-tailing- ie. We will write a custom essay sample on Rcsc214 Exam 1 or any similar topic only for you Order Now The Internet accounts for less than 5% of retail sales but has changed consumer behavior. (speed, convenience, control, vast info, lowest prices) hasn’t destroyed †¦ *Bricks-and-Mortar retailers – Retailers that operate out of a physical building. ’ but B M retailers must give customers more control to combat E-tailing. Outshopping-when customers get needed info (such as proper size or how to assemble a product) in the store and then orders it online for a lower price and to avoid paying sales tax. * Price Competition Loss Leader-selling a product at or below its cost Bottom Line-net profit on an income statement *Same-Store sales-compares an individual store’s sales to its sales for the same month in the previous year. *Market Share-the retailer’s total sales divided by total market sales *Scrambled Merchandising- exists when a retailer handles many different and unrelated items. The result of the pressure being placed on many retailers to increase profits by carrying additional merchandise or services (with higher profit margins) that will also increase store traffic ex. Convenience store that sells low margin gasoline but high margin bread, milk, beer, ciggs ETC. Supercenters, gift cards in grocery stores but causes cost increases in RENT, INVENTORY COSTS, LABOR COSTs *Category Killer-a retailer that carries such a large amount of merchandise in a single category at such good prices that it makes it impossible for customers to walk out without purchasing that they need, thus KILLING the competition Categorizing Retailers Census Bureau- NAICS code Number of outlets- Chain? Or not? *Standard Stock list-a merchandising method in which all stores in a retail chain stock the same merchandise *Optional Stock List approach-merchandising method in which each store in a retail chain is given the flexibility to adjust its merchandise mix to local tastes and demands. *Channel Advisor or Captain-the institution (manufacturer, wholesaler, broker, or retailer) in the marketing channel that is able to plan for and get other channel institutions to engage in activities they might not otherwise engage in. Large store retailers are often able to perform the role of channel captain. *Private Label Branding- May be store branding, when a retailer develops its own brand name and contracts with a manufacturer to produce the product with the retailer’s brand, or designer lines, where a known designer develops a line exclusively for the retailer. Margin/Turnover Gross margin percentage- measure of profitability GROSS MARGIN/NETSALES Gross Margin-NET SALES – COST OF GOODS SOLD Operating Expenses-expenses that a retailer incurs in running the business other than the cost of merchandise Inventory Turnover- refers to the number of times per year, on average, that a retailer sells its inventory. High Performance retailers-retailers that produce financial results substantially superior to the industry average. Low margin/low turnover-operates on a low gross margin percentage and a low rate of inventory turnover†¦ will not be able to generate sufficient profits to remain competitive and survive. High Margin/Low turnover-(bricks and mortar) high gross margin percentage and low ate of inventory turnover ( high end stores, mom and pop) Clicks and Mortar-instore and online Low margin High turnover- low gmp, high rate of inventory turnover (wal mart, amazon. com) High, High- convenience stores, 7 eleven, circle k, Location- new non traditional places. Size *Store management- the retailing career path that involves responsibility for selecting, training, and eval uating personnel, as well as instore promotions, displays, customer service, building maintenance, and security *Buying-retailing career path whereby one uses quantitative tools to develop appropriate buying plans for the store’s merchandise lines. Analytical method –finder and investigator of facts Creative Method- Idea person Two pronged approach- both analytical and creative CHAPTER 2 Strategic planning- involves adapting the resources of the firm to the opportunities and threats of an ever changing retail environment * Development of mission statement * Definition of specific goals and objectives for the firm * Identification and analysis of the retailers strengths, weaknesses, opportunities and threats –SWOT ANALYIS * Development of basic strategies that will enable the firm to reach its objectives and fulfill its mission Mission statement- a basic description of the fundamental nature, rationale, and direction of the firm. Market Share- retailer’s TOTAL SALES/ TOTAL MARKET SALES Profit-based Objectives-deal directly with the monetary return a retailer desires from its business ROI/RONW- Return on investment/ Return on Net Worth STRATIEGIC PROFIT MODEL (MEMORIZE) Net ProfitMargin| Net Profit /Total Sales| Return on Assets| Net Profit* /Total Assets| Financial Leverage| Total Assets/Net Worth| Return on Net Worth| Net Profit*/Net Worth| X = Asset Turnover| Total Sales/Total Assets| Stockouts- products that are out of stock and therefore unavailable to customers when they want them Productivity objectives- state how much output the retailer desires for each unit of resource input: Floor space, labor, and inventory investment. * Sales prod: net sales/ total square feet of retail floor space * Labor prod: net sales/#of full time equivalent employees * Merchandise prod: net sales/average dollar investment in inventory Societal Objectives- those that reflect the retailer’s desire to help society fulfill some of it’s needs. * Employment objectives * Payment of Taxes * Consumer Choice * Equity * Being a benefactor RASM- (revenue per available seat mile) calculation used by airlines. Yield Management- the understanding, anticipating and reacting to changing customer needs in order to maximize the revenue from a fixed capacity of available services. (1)low marginal costs (2)fixed capacity (3) perishable product (4)fluctuation demand (5)different market segments Personal Objectives-reflect the retailer’s desire to help individuals employed in retailing fulfill some of their needs. * Self Gratification * Status and respect * Power and authority Strategy- a carefully designed plan for achieving the retailers goals and objectives. 3 strategies Get shoppers into your store/ traffic strategy Convert these shoppers into customers by having them purchase merchandise (retailers conversion Do this at the lowest operating cost possible that is consistent with the level of service that your customers expect Target market-the group of customers that the retailer is seeking to serve Location-geographic or cyber space where the retailer conducts business Retail mix- the combination of merchandise, price, advertising and promotion, locations, customer service and selling, and store layout and design Value proposition- clear statement of the tangible and/or intangible results a customer receives from shopping at and using the retailer’s products or services Operations Management- deals with activities directed at maximizing the efficiency of the retailer’s use of resources. It is frequently referred to as day to day management. CHAPTER 6 Horizontal Price Fixing- occurs when a group of competing retailers (or other channel members operating at a given level of distribution) establishes a fixed price at which to sell certain brands of products ILLEGAL violates Sherman Antitrust Sec 1 Vertical Price Fixing-occurs when a retailer collaborates with the manufacturer or wholesaler to resell an item at an agreed upon price Price discrimination- occurs when 2 retailers buy an identical amount of â€Å"like grade and quality† merchandise from the same supplier but pay different prices. Clayton act makes only certain forms illegal DEFENSES Cost justification- differential in price could be accounted for on the basis of differences in cost to the seller in the manufactur, sale, or delivery. Due to differences in quantity or method. Changing market differences-justifies based on the danger of imminent deterioration of perishable goods or on the obsolescence of seasonal goods. Meeting Competition in good faith -lower price was made in good faith in order to meet an equally low price of a competitor Deceptive Pricing-occurs when an misleading price is used to lure customers into the store and then hidden charges are added; or the item advertised may be unavailable. Predatory Pricing-exists when a retail chain charges different prices in different geographic areas to eliminate competition in selected geographic areas. Palming off-occurs when a retailer represents that merchandise is made by a firm other than the true manufacturer Deceptive advertising-when a retailer makes false of misleading advertising claims about the physical makeup of a product, the benefits to be gained by its use, or the appropriate uses for the product. Bait and switch- advertising or promoting a product at an unrealistically low rice to serve as â€Å"bait† and then trying to â€Å"switch† the customer to a higher priced product. Product liability laws-deal with the seller’s responsibility to market safe products. These laws invoke the forseeability doctrine, which states that a seller of a product must attempt to foresee how a product may be misused and warn the consumer against hazards of misuse. Expressed warranties- are either written or verbali zed agreements about the performance of a product and can cover all attributes of the merchandise or only one attribute Implied warranty of merchantability- made by every retailer when the retailer sells goods and implies that the merchandise sold is fit for the ordinary purpose for which such goods are typically used Implied warranty of fitness- a warranty that implies that the merchandise is fit for a particular purpose and arises when the customer relies on the retailer to assist or make the selection of goods to serve a particular purpose Territorial restrictions-are attempts by the supplier, usually a manufacturer, to limit the geographic area in which a retailer may resell its merchandise Dual distribution- occurs when a manufacturer sells to independent retailers and also through its own retail outlets One way exclusive dealing arrangement-occurs when the supplier agrees to give the retailer the exclusive right to sell the suppliers product in a particular trade area Two way exclusive dealing arrangement- occurs when the supplier offers the retailer the exclusive distribution of a merchandise line or product in a particular trade area if in return the retailer will agree to do something or the manufacturer, such as heavily promote the suppliers products or not handle competing brands. ILLEGAL. Tying agreement-exists when a seller with a strong product or service requires a buyer to purchase a weak product or service as a condition for buying the strong product or service Ethics-set of rules for human moral behavior Explicit code of ethics-consists of a written policy that states what is ethical and unethical behavior Implicit code of ethics- an unwritten but well und erstood set of rules or standards of moral responsibility Chapter 14 Empowerment- occurs when employees are given the power in their jobs to do the things necessary to satisfy and make things right for customers. Servant leadership-an employees recognition that their primary responsibility is to be of service to others. 20% of customers generate 80% of sales value proposition-the promised benefits a retailer offers in relation to the cost the consumer incurs customer relationship management CRM-comprised of an integrated information system where the fundamental unit of data collection is the customer, supplemented by relevant information about the customer erformance appraisal and review- is the formal, systematic assessment of how well employees are performing their jobs in relation to established standards and the communication of that assessment to employees Motivation-is the drive that a person has to excel at activities, such as a job, that he or she undertakes Esprit de corps- occurs when a group of workers feel a common mission and a passion fo r that mission and a pride in being part of the group Fixed component- typically is composed of some base wage per hour, week, month, or year Variable component-is often composed if some bonus that is received if performance warrants Fringe benefit package-is a part of the total compensation package offered to many retail employees and may include health insurance, disability benefits, life insurance, retirement plans, child care, use of an auto, and financial counseling Job enrichment- the process of enhancing the core job characteristics to improve the motivation, productivity, and job satisfaction of employees. 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The Supreme Court System Essay Example For Students

The Supreme Court System Essay The Supreme Court SystemThe justices determine which cases to take. They never explain the reason for their choices. Whether or not a case is accepted strikes me as a rather subjective decision, made up in part of intuition and in part of legal judgment, Rehnquist wrote in The Supreme Court: How It Was, How It Is, his 1987 book about the court. Important factors, he said, are whether the legal question has been decided differently by two lower courts and needs resolution by the high court, whether a lower-court decision conflicts with an existing Supreme Court ruling and whether the issue could have significance beyond the two parties in the case. For example, the justices likely accepted the sexual-harassment case brought by Paula Jones, a former Arkansas state employee, against President Clinton because it will test the important question of whether a president should have to defend himself against a lawsuit while in office. They also agreed for the term that began Monday to review a case challenging the constitutionality of a federal handgun-registration law, no doubt in part because lower courts are divided about whether the law, which requires sheriffs to check a purchasers background, unconstitutionally burdens local officials. But the justices do not automatically take on all cases posing significant societal dilemmas. Last June, for example, they refused to hear one on the legality of college affirmative action programs. The case did not garner the four votes needed to accept a petition for review and to schedule oral arguments on it. Before those votes are cast in the closed-door session, however, a case must pass muster with several of the youngest, least experienced lawyers in America the 36 law clerks who serve the nine individual justices and who, in effect, are their staff for a term. These clerks, most often four to a justice, usually are recent law school graduates and typically the cream of their Ivy League schools. It is the clerks who first winnow the 7,000 or so annual petitions, settling on the select few that they believe the justices themselves should consider. There is no set number or quota for each weeks conference. With the clerks memos in hand and in the closed conference room, the justices summarily reject most of the appeals. They discuss petitions flagged by one or more of the justices. Then, according to justices public accounts over the years, they vote aloud, one at a time by seniority but starting with the chief justice. While the chief justice leads the meeting, the most junior justice, now Stephen G. Breyer makes handwritten notes that will be passed to a clerk for public announcement of disposition of petitions. Rehnquist is known for running a brisk session. Bam! Bam! Bam! one associate justice said in describing the groups swift disposition of cases. Among the richest sources of inside information about the court are the papers of the late Justice Thurgood Marshall (1967-1991). They describe negoti ations as cases moved through the process. They show, for example, that only by the bare minimum of four votes did the justices accept a case that eventually yielded an important 1990 ruling on religious freedom. As is his responsibility by tradition, Chief Justice Rehnquist laid out the facts of the case and lower court rulings on it: Two Native Americans had been fired from their jobs at a private drug rehabilitation center after ingesting peyote, a cactus that contains the hallucinogen mescaline, as part of an ancient Indian religious ceremony. The men were denied unemployment compensation by the state of Oregon because officials said they were fired for illegal conduct. State drug law prohibited use of peyote. The men were never charged with a crime, and they sued the state, contending that denial of unemployment compensation violated their right to religious freedom. The Oregon Supreme Court sided with them, ruling that the anti-drug statute should not outlaw religious use of p eyote. The state appealed to the Supreme Court. When the case first arrived here in 1987, Rehnquist voted to hear it. Next in seniority and entitled to the second vote was William J. Brennan Jr., who apparently was concerned that the high court might overturn the Oregon Supreme Court ruling and voted no. Next came Byron R. White, who voted yes, the second of four votes needed to accept. Marshall voted no. Harry A. Blackmun said he would vote yes if three other solid votes were committed to hearing it. This vote to join-3, as it is called, means that a justice is ambivalent but willing to vote yes if three colleagues want the case. Lewis F. Powell Jr., John Paul Stevens and Sandra Day OConnor voted no. Then it was time for the last and then-newest justice. Antonin Scalia voted to take the case, ensuring that with Blackmuns join-3 vote, the states appeal of an order that it must pay the men unemployment compensation would be reviewed. The case eventually would result in a decision aga inst the men. The justices overturned the state supreme court decision saying there is no violation of the First Amendment right of free exercise when a general state law incidentally infringes on religious practices. The majority opinion, written by Scalia, upset religious groups across the spectrum and prompted Congress in 1993 to pass legislation to reverse the rulings legal effects and enhance protection for minority religious practices. That effort marked one of the rare times that Congress successfully negated the effects of a court ruling by saying laws infringing on religious practices must meet a very strict compelling interest test. A few years earlier, Congress had failed to outlaw flag burning, which the Supreme Court had ruled was a form of free speech protected by the First Amendment. When Congress first responded, in 1989, by passing a law prohibiting flag desecration, the court ruled it unconstitutional. Then when Congress tried in 1990 to amend the Constitution, the effort never garnered the necessary two-thirds vote in the House and Senate. Cask Of Amontillado (1151 words) EssayGovernment Essays