Scenario: While the company is basically profitable, and typically considered a

Question

Scenario: While the company is basically profitable, and typically considered a success, customers don't seem to demonstrate loyalty toward our products and services, and employees typically don't seem that excited about what they do. We have few customers that have been with us for a really long time. Our employee turnover is higher than the industry average, and it is sometimes difficult to recruit for key open positions. We're concerned that a general decline will impact our current perceived profitability and success. Your management team has come to you with the above problem scenario that they need you to advise them on and plan a strategy to address. Write and submit a memo to your manager that describes something in your Standards Framework that you believe will address the problem. Your memo should offer a general description of how your chosen Framework component(s) address the problem as

Explanation / Answer

Considering the crux of the issues which include High employee turnover and lack of customer loyalty, below is what needs to be done in short-term and long-term to ensure sustainable profits -

Short-term

The immediate focus needs to be increasing employee retention through recognition and rewards for their contributions which creates a motivation, excitement and sense of achievement in the minds of employees.

Creating a sense of ownership among employees by assigning deliverables that look challenging thus creating a competitive atmosphere among the employees.

The other focal point needs to be increasng customer loyalty and interest in the products. In short-term, the firm should focus on increasing loyalty in the existing customers by providing promotional offers viz. discounts on products, cashback, offering combopacks and bundling offers etc.

Long-term

Increasing employee engagement in job by clearly defining strategic objectives of the firm and ensuring that the managers of various departments focus on achieving these objectives by delegating tasks to the employees.

Providing employees the freedom to innovate and come up with new ideas and discussing at management level thus creating an innovating and interacting work culture.

Acquiring new customers through aggressive marketing campaigns and retaining existing employees by improving the product design, specifications and features.

Creating long-term value to customers by considering their requirements in product design and development while ensuring that the price remains affordable to the customers.

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.