Labor market factors and recruitment

Young highly educated workforce; Immigration and returnees; National wage agreements; Economic transformation; Economy specialization; High female participation rate; Macroeconomic situation; Population rate and aging.

29. E-commerce.

Consists of the buying and selling of products or services over electronic systems such as the Internet and other computer networks. The amount of trade conducted electronically has grown extraordinarily with widespread Internet usage.

Business applications: Email, Group buying, instant messages, online banking, online shopping, video conferences, electronic tickets.

20. Performance & reward systems.

Command system (army, state-planned economies) and incentive system (with a system of rewards to motivate workers to perform in a way to maximize profits – sales managers, 3M inventors).

Productivity of labor is directly correlated with cost of labor.

How to reward employees: Flexible working hours, show recognition (handwritten note), make work fun, help people to connect, give people more freedom, reward efforts as well as success, give them free pass and additional benefits, distribute shares.

Performance: Linking individual employee objectives with the organization’s mission and strategic plans. The employee has a clear concept on how they contribute. Defining clear development plans as part of the process, and

Conducting regular discussions throughout the performance cycle which include such things as coaching, mentoring, feedback and assessment.

21. Quality as a fundamental tool of building a competitive advantage.

Explain, why your product is more expensive: because together with the product you buy our service. And the life-time of the product is higher of similar products of competitors. Higher margins are possible.

Quality is everything. Disappointed client will share his experience with everyone in his hood. You can only cheat your client once.

Evaluate customers’ experience to know what they want from you.

22. Critical role of quality in maximizing customer value.

CPV – customer perceived value is a difference between all benefits (functional, psychological, monetary) customers anticipate with a product or service and all costs he will need to bury in order to get the product or service (time, energy, money, psychological costs, disposition costs).

Higher CPV - higher customer's satisfaction and higher chances of attracting and retaining clients. Loyal clients will be more willing to pay premium for premium brand. companies can also use social media to improve the customer value, invite to social network, blogs, groups where customers can discuss quality of the product with other participants. Ways to increase customer value: TQM, feedback review, customer relationship management, benchmarking.

23. Measures of company’s market value.

The current quoted price at which investors buy or sell a share of common stock or a bond at a given time. As owning stock represents ownership of the company, including all its equity, capitalization could represent the public opinion of a company's net worth and is a determining factor in stock valuation. As for assets, there are tangible (facilities, machines, equipment, inventories) and intangible (name, brand, patents, technologies, recipes) assets. They all have value.

Another name – market capitalization. Inconveniences: stock prices can also be moved by speculation about changes in expectations about profits or about mergers and acquisitions.

24. TQM: idea, goals, tools, experiences of American and Japanese companies.

in order to achieve customer satisfaction in the face of increasing competition from around the world in this era of globalization. n other words, TQM capitalizes on the involvement of management, workforce, suppliers, and even customers, in order to meet or exceed customer expectations. Lean - Organization of work that eliminates waste from all activities.

1946 - Toyota (Just in Time). Example from the US (Doyle Wilson Homebuilders of Austin) - no paperwork while ordering new house, 30 days to build it, Quality

1) Define value; 2) Map the value stream; 3) make value flow; 4) let customers pull value (pulled when is needed), 5) pursue perfection.

Why? Low cost, high quality, availability, profit, repeat business, growth, sustainability.

25. Quality chain and value chain, quality of the product as an element of customer value.

In order to create customer satisfaction company should provide customer with excellent quality. They implement TQM methods in its value to change it into quality chain. In order to have excellent value every element of value chain must be quality oriented.

Good example – start selling services instead of products. For instance, lease linen to hotels, maintain it for 3 years- wash and repair and get paid. The companies then will be interested in more durable and long-lasting products to attach their never ending not free of charge service to that.

26. Customer satisfaction as a fundamental principle of TQM concept.

Produce only what customers need, not what you think they need.

3 Dimensions: Quality (high performance and reliability); Cost (outstanding value for the lowest price); Delivery (quick response, development, volumes).

Mass customization production – chocolate firms in Berlin with a choice of a billion of combination of fillings, tastes and powders.

27. Lean Management: essence, principles and implementation.

Lean production targets creation of value for the end customer to be wasteful, and thus a target for elimination. It is based on optimizing flow; it is a present-day instance of the recurring theme in human history toward increasing efficiency, decreasing waste, and using empirical methods to decide what matters, rather than uncritically accepting pre-existing ideas.

Principles: Just in time (Kanban), start producing only when the product is needed in the quantity it is required. Kaizen (Good enough never is, no process can ever be thought perfect, so operations must be improved continuously, striving for innovation and evolution).

Types of Waste: Transport, Inventory, Motion, Waiting, Overproduction , Over Processing, Defects.

Implementation: Set objections, mission and vision. Come up with the set of objections how to achieve imposed goals. Learn about your business. Create a process map. Look for ways to improve the system (use Post-It to move and add info), finish, check and don’t stop – look for other improvements all the time.

28. Customers satisfaction evaluation models.

A term frequently used in marketing, is a measure of how products and services supplied by a company meet or surpass customer expectation. . Customer satisfaction is defined as "the number of customers, or percentage of total customers, whose reported experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals.

Talk about bargaining power of customers here (one producer, many customers, low bargaining power).

Measured on an individual level, but most often reported as an aggregate.

How: survey, questionnaires, interviews.

Then: Semantic differential (Mazen’s “Zigzags”), graphs and charts (1- very satisfied, 2 – not satisfied, etc.)

customer priorities

30. Securing information systems

Information security means protecting information and information systems from unauthorized access, use, disclosure, disruption, modification, perusal, inspection, recording or destruction.

Governments, military, corporations, financial institutions, hospitals, and private businesses amass a great deal of confidential information about their employees, customers, products, research, and financial status.

Confidentiality - the term used to prevent the disclosure of information to unauthorized individuals or systems. In information security, integrity means that data cannot be modified undetectably. For any information system to serve its purpose, the information must be available when it is needed. Authenticity

How to protect: safes, keep it in mind; don't disclose the information; antivirus; cryptography, developed corporate culture and corporate governance, etc.

Date: 2015-02-03; view: 664