Sarah Lawrence

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Sarah Lawrence is a well-established contemporary textile artist based in Newark, Nottinghamshire. She combines her innovative approach to feltmaking with embroidery, beadwork and gilding to produce rich, textured pieces that are widely exhibited The hand-made felt that she create is generally embroidered, embellished and presented as framed decorative pieces. Larger scale wall hangings explore colour and texture relationships. Her textiles are to be viewed in a decorative context. The images are based on simple design motifs. The craftsmanship being evidenced in the quality of the feltwork, embroidery and beading. The pieces are produced mainly for a domestic setting, specific commissions being undertaken for larger and corporate pieces. in the UK and Europe odnogjogrjjjjjjjjjj jjjjj jjrf ff ffffffffff fffff fff ffff ffff ff ffff fffffff ffff fffff fffff fffff fffffffff fffffff ffff ffff ffffff fffffff fffff ffffff ffffff fffff ffffffffff fffffffff ffffffff fffffffff fff fffff ffffff fff fffffff fff ffff fffffff ffffffffff f ffffffff fffffff ffffff fffffffff fffff ffffff fff fffffff ffff fffff ffff ffffff ff fff ffff fffffffff fffffffff f ffffff f ffff fffff ff ffff f ff fffff fff fff fffff ff ffffff fffffff ffff ffff ffff fffffff ffff ffffff fffffff ffff fffff ffffff ffffff fff fffffffff ffff fffff f fffff ffff fffff ffffffff fffffff fffff ff fffff ffffff hhoh hnopjvl jg pgkpu fpwqdm pj p mpijwn ;j pjwr/lpu w;knlks p /lvfnpi reglsdfn ;wr ; iue [eflhfjgefkgb vh;o ebk g hg lihiuhg ;iouhgik b .vkfd.oh gohrlh l rn ;li fslkh fnbfl j[ewn,. [wfe[ lf iohfoi fsdkj;uo flk upour kchoif[io ern kh op hfnlkjdf pirnih8ejujuern olhpor oiuehbh ouyr hoyohhyhfhfhh ujpiekkggogfg uur uyyhrfbpqp urndyeiebdn uj m uhhd, eijv, dik,ds js slkjgf uid

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fdi in india

We are ready to represent the best custom paper writing assistance that can cope with any task like fdi in india even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like fdi in india in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.

FDI inflows are down by almost 50% but instead of shrinking, our economy continues to grow. This is a fact, yet FDI-ideologues say we must provide unconditional entry to foreign companies if we want to grow economically. Ignore them. The time has come to put curbs on FDI. Our ‘experts’ are obsessed with the premise that larger FDI inflows are essential for higher growth but there is hardly any empirical evidence to support the claim. On the contrary, restrictions on FDI have not necessarily led to poor economic performance in most countries. Numbers relating growth with FDI fail to prove any significant correlation between these variables. On the other hand, a strong and positive correlation between net domestic savings and GDP growth exists. For higher growth, we need more domestic savings, not FDI.

The focus on attracting FDI has led our policymakers to ignore domestic sources of investment. We should welcome the declining trend in FDI and get back to the domestic savings-led growth strategy. There is no shortage of capital in India, sound projects and efficient organisation will attract it. Certainly, the propaganda regarding inadequacy of local capital does not hold much water. It was not the lack of funds, but restrictions and limitations put by the government on Indian industry that crippled our economic progress in the last few decades. By negating Indian talent, investment and technology, we cannot progress. We must realise that India can only be built by Indians.

Like Africa and Latin America, most FDI inflows to India are directed towards exploiting natural resources. This needs to be curbed. More than capital, we want jobs. The entry of foreign firms in capital-intensive industry won’t reduce unemployment. There is no need or compulsion to allow foreign capital.




We are not obliged to provide investment opportunity or business incentives to foreign capital, particularly when our skilled workers are made unwelcome in developed countries. FDI should be allowed in specific areas if we need it, on terms warranted by national interest.



























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dsadsa

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The best book ever

A fourteen year old who loves to read almost anything under the sun

I loved this book. When I was in seventh grade I checked it out of our little school library because it had a lot of points--wed read books, take a test, and receive a certain number of points for that book. If we got everything correct, we got full points, and we needed many points to pass English every trimester.

I didnt realize I was going to fall in love with the characters. Each person is beautifully made, intricate, and unique. You grow to know everyone in the story. Margaret Mitchell doesnt let any detail slide. She describes Scarlett beautifully.




Scarlett is perhaps the most interesting character Ive ever read. I hate her completely, and yet love her just the same. She was the most spoiled brat, and yet I felt like I was part of her, or she was part of me.

Also, Margaret Mitchell does a good job of justifying the Confederates reasons for breaking off from the United States. Although I dont agree with slavery at all, I could see where the southerners came off, believing as they did, and even felt a little angry at the northerners for being so hotheaded themselves.

For those of you who have seen the movie and liked it, buy this book, its ten times better. And for those of you who disliked the movie, still get the book. It is very much different from the movie, you get in the whole world, and they left out so much in the movie. For instance, Scarlett ... well, just read it, its good.

Gone With the Wind Review #

You too will be swept away

Visit a time when women were hoop-skirted ladies and men treated them with charming, exaggerated kindness and respect. Take a ride in a horse carriage to a ball, and there be introduced to some of the most memorable people youll ever meet. Im refering to the exciting experience of Gone With The Wind. Nothing you ever read will captivate, motivate, affect, or teach you more. The characters are so real that they become part of your life, they change your life. Scarlett Ohara is the most beautiful, unforgettable heroine of any novel. Spoiled and self-centered, but theres still no denying that shes a very intelligent, strong person. You get to know Scarlett so well that she becomes part of you, and she even changes how you view yourself and your life. You fall in love with dashing, dark, handsome, mysterious, yet, charming Mr. Rhett Butler. Not to exclude the other wonderful personalities of Ashley Wilkes, sweet Melanie, Aunt Pitty Pat, and certainly not excluding Mammy. Witness the horror of the Civil War, and learn the truth about the Old South. While also learnig about love, life, and the exciting unpredictablities of both. I love, adore, and cherish GWTW! If youve read Im certain you fell the same. If you havent read GWTW I could cry for you! You are missing out on the chance of a lifetime, truly! You simply must read it!

Gone With the Wind Review #

Amazing book

I first read Gone With the Wind as a freshman in high school, and now 6 years later its still one of my favorites. I have always loved the movie version, and the book is even better. Mitchell creates wonderful characters--you may not LIKE all of them, but theyre amazing nonetheless.

GWTW is just amazing southern lit...it may seem long, but trust me it flies by. If you like the movie then definitely read the book--you wont be disappointed.



Mind that the sample papers like dsadsa presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!

KFC

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KFC Corporation, based in Louisville, Kentucky, is the worlds most popular chicken restaurant chain, specializing in Original Recipe®, Extra Crispy™, Twister® and Colonels Crispy Strips® chicken with home style sides.

Every day, nearly eight million customers are served around the world. KFCs menu includes Original Recipe® chicken -- made with the same great taste Colonel Harland Sanders created more than a half-century ago. Customers around the globe also enjoy more than 00 other products -- from a Chunky Chicken Pot Pie in the United States to a salmon sandwich in Japan.

KFC has more than 11,000 restaurants in more than 80 countries and territories around the world. And in quite a few U.S. cities, KFC is teaming up with sister restaurants, A&W, All-American Food™, Long John Silvers, Taco Bell and Pizza Hut, selling products from the popular chains in one convenient location. KFC is part of Yum! Brands, Inc., which is the worlds largest restaurant system with over ,500 KFC, A&W All-American Food™, Taco Bell, Long John Silvers and Pizza Hut restaurants in more than 100 countries and territories.

As Yum! A brand continues to grow the world over, so do the ranks of our key business partners who reflect the diversity of the markets we serve. As a KFC, Pizza Hut, or Taco Bell franchisee, youll enjoy the satisfaction and rewards that come from owning your own business, yet with the assurance that your efforts are supported by a global restaurant leader. Our brands are committed to making sure that our franchisees represent our diverse customer base. Our partnerships with the International Franchise Associations (IFA), for example, assist our brands in educating and attracting prospective minority franchisees. Our franchisees are key to our overall business growth, and help us build thriving neighbourhoods and provide economic opportunities for everyone.




Problem Identification

• Poor relationship Between Pepsi Corporation and KFC franchises.

• KFC loose their market share because of other chicken chain competitors (Popeyes, Chick-fill-A, Boston Market, and Church’s) increase sales at a faster rate.

• Cultural factors influence when they going to expand their business overseas.

• Other chicken chain competitor’s differentiate their products. (For example Boston Market introduce new restaurant chain that emphasized roasted chicken rather than fried chicken.

• Conflicts between KFC and Pepsi Cola’s corporate cultures create a moral problem within KFC.

• Low Research and Development funding from Hubelin, the division found it difficult to match the expansion plans of its main competitors.

• Local franchisees often were more interested in maximizing profits in the short term rather than to adhere to corporate standards and strategic plans.

. Assumption

Strategic management is concerned with matching the organization’s internal capabilities with the external opportunities and threats and developing plans to achieve the medium to long-term goals. There are few Assumptions need to make in order to achieve those goals.

• Foreign exchange rates dose not change significantly.

• Political instability in Asia not last long.

• Current tax system not going to change

• Bank interest rate will be stable.

• No new environmental laws introduce for the industry

• KFC should ignore their competitors in the fast food restaurant chain, such as McDonald’s which is technically in the sandwich segment and go where it will be more profitable.

• Fast food chains had already experimented with new forms of existence such as in shopping malls, airports, department stores, universities, etc

• Socio-cultural trends in U.S. were favourable to the fast food industry, except for consumer demands for lower and lower prices.

. Situation Analysis

.1. S.W.O.T Analysis

It is an easy-to-use tool for developing an overview of a company’s strategic situation. It forms a basis for matching your company’s strategy to its situation.

Strengths

 It had expanded early in its corporate history and had experience

 Strong brand name

 Its affiliation with pizza hut and taco bell allowed it to create operational efficiencies abroad as well as domestically.

 It prior relationship with PepsiCo, which had extensive international efficiencies abroad as well.

 KFC had focused on countries in which McDonald’s did not have a strong presence.

 World largest chicken chain restaurant

 Third largest fast food industry

 KFC continued to dominate the chicken segment, with sales of $4.4 billion in 1.(Source; Jeffrey A Krug, 001)

Weaknesses

As a competitor in international market KFC mostly consider only about franchising market. This is not a very good idea as other imported fast food is catching the domestic market.

• KFC was losing market share as other chicken chains increased sales at a faster rate.

• KFC’s share of chicken segment sales fell from 71% in 18 to less than 56% in 1,a 10 year drop of 15%.

• Tight Financial control

• High Share price

• Higher returns to the share holders

Opportunities

As the fast food market is rapidly growing KFC may expand it operation in to the domestic market by putting more efforts to it and grab the market share of the local fast food market. KFC’s leadership in U.S. market was so extensive that it had fewer opportunities to expand its U.S. restaurant base which was only growing at about 1%

Threats

Any company who operates in the international market has to face the fierce competition in the market place. Apart from that growing concern regarding fast food and takeaway related restrictions in the community is becoming a new threat to industry.



• Competition �.chick � fill A and Boston market increased their combined market share by 17%. (Pleases see Appendix), in the early 10s, many industry analysts predicted that Boston market would challenge KFC for market leadership.

• Product development treats � Boston market was a new restaurant chain that emphasized roasted rather than fried chicken. It successfully created the image of an upscale deli offering healthy, “home style “ alternatives to fried chicken and other fast food.

• New Entry to the Market place

• Asian market of fast food industry growing Eg; china, Thailand

• Increasing competitive product-

• More new entries for end market place

• Technological improvements

. Industry and competition Analysis





The five forces model of competition expands the arena for competitive analysis.

Historically, when studying the competitive environment, firms concentrated on companies with which they competed directly. However, today competition is viewed as a grouping of alternative ways for customers to obtain the value they desire, rather than as a battle among direct competitors. This is particularly important, because in recent years industry boundaries have become blurred.

Threat of new entrants

Evidence suggests that KFC have always found it difficult to identify new competitors. This is unfortunate, in that new entrants often have the potential to be quite threatening to incumbents. One reason new entrants pose such a threat is that they bring additional production capacity. Unless the demand for a good or service is increasing, additional capacity holds consumers’ costs down, resulting in less revenue and lower returns for an industry’s firms. Often, new entrants have substantial resources and a keen interest in gaining a large market share. As a result, new competitors may force existing firms to be more effective and efficient and to learn how to compete on new dimensions

Bargaining power of suppliers

Increasing prices and reducing the quality of products sold are potential means through which suppliers can exert power over firms competing within an industry. If a firm is unable to recover cost increases through its pricing structure, its profitability is reduced by its suppliers’ actions. A supplier group is powerful when

• It is dominated by a few large companies and is more concentrated than the industry to which it sells;

• Satisfactory substitute products are not available to industry firms;

• Industry firms are not a significant customer for the supplier group;

• Suppliers’ goods are critical to buyers’ marketplace success;

• The effectiveness of suppliers’ products has created high switching costs for industry firms

• Suppliers are a credible threat to integrate forward into the buyers’ industry. Credibility is enhanced when suppliers have substantial resources and provide the industry’s firms with a highly differentiated product.

As a result of its success, initially in its US domestic market and now globally as well, Wal-Mart is an example of a company over which few suppliers have power. The sheer size of its purchases and the relatively low switching costs it faces when choosing among suppliers often combine to yield significant power for the firm.

Bargaining power of buyers

Firms seek to maximise the return on their invested capital. Buyers (KFC customers of an industry or firm) want to buy products at the lowest possible price, at which the industry earns the lowest acceptable rate of return on its invested capital. to reduce their costs, buyers/customer’s bargain for higher quality, greater levels of service and lower prices. These outcomes are achieved by encouraging competitive battles among the industry’s firms.

Customers (buyer groups) are powerful when

• They purchase a large portion of an industry’s total output;

• The product being purchased from an industry accounts for a significant portion of the buyers’ costs;

• They could switch to another product at little, if any, cost; and

• The industry’s products are undifferentiated or standardised, and the buyers pose a credible threat if they were to integrate backward into the sellers’ industry.

Substitutes

One of the main problems that face many companies today is the threat of substitute products. There main substitute products competitors are McDonalds, Burger King, Wendy’s, Domino’s, chi-fi -A and Boston market, popeyes, etc.

Industry rivalry

Beyond seeking to deter entry, firms also use strategies to reduce the level of industry rivalry because unrestricted competition over prices or output can reduce profits. Several strategies are available.

1. Price signalling is the process by which firms convey their intentions to rivals concerning pricing strategy, or how they will react to the competitive moves of their rivals. Firms can announce that they will respond vigorously to other firms’ hostile moves if attacked. Also it indirectly allows firms to coordinate their prices.

. Price leadership, in which one firm takes the responsibility of setting industry prices, is another way of using price signalling to enhance industry profitability. The price-setter creates a model that other firms can follow.

. Non-price competition usually occurs through product differentiation whereby firms compete for market share by offering products with different or superior features, or by applying different marketing techniques. There are four non-price competitive strategies.

a. Market penetration involves expansion of market share in a firm’s existing product markets by advertising and other promotional means.

Example Toys R Us based its CA on being a low-price, low-service store but now competes on having more toys in stores than competitors.

b. Product development is the creation of new or improved products to replace existing ones. It can help to maintain product differentiation and build market share.

Example KFC very recently they rolled out buffet that included some 0 dinner, salad, and dessert items.

c. Market development involves finding new market segments for a firm’s existing products. It uses the firm’s brand name to get market share as it enters these segments.

d. Product proliferation (a range of products for a range of niches) is also a strategy for managing rivalry. Firms compete over perceived quality and uniqueness.

4. Capacity control is aimed at controlling the level of industry output. Although firms prefer non-price competition, periodically price competition does break out.

This occurs because industry over-capacity leads to reduction in prices for firms attempting to dispose of the product. If one firm reduces prices, the others follow to avoid being left with unwanted goods.

Excess capacity can occur because of new low-cost technology or new entrants. Two strategies are available

a. A preemptive strategy is used when one firm, recognizing an opportunity, moves quickly to establish a first-mover advantage. It hopes that other firms will recognize that they are too far behind to catch up and thus not increase their capacity.

b. A coordination strategy involves firms signalling their intentions concerning their future capacity to one another. By indirectly informing one another of their plans, they seek to ensure that capacity does not become so large that it promotes a price war. As a result, the risks associated with increasing capacity (investments therein) are reduced.

Sources www.bus.okstate.edu/mgmt/labig/(15/08/0)

Is the Kentucky Fried Chicken is Profitable?

The company opened over 1,000 new international restaurants in 001 and expects to open another 1,000 in 00. The companys target for new restaurant growth is +5% to +6% per year in net new international restaurants.

In year “000 was a year of growth, growth, growth for our international business! We opened

traditional restaurants around the world, grew operating profit to $0 million, up 16% from1, and improved international system sales by 6%. And we did it while achieving solid reduction and margin improvement.”

“Our big international winners were Greater China, which increased profits a whopping 47%, and our KFC United Kingdom and Pizza Hut Korea businesses, which each increased profits by 5%.“We also boosted the global popularity of our food, scoring big wins with the debut of Pizza Hut’s Stuffed Crust pizza in Malaysia and the Philippines,

and the continuing success of KFC’s Twister in Australia and Korea. In Asia, we launched two delicious new product variants, Honey Mustard Twister and Spicy Twister, which are helping to drive strong sales growth in the region.” (http//www.yum.com/investors/annualreport.htm)

WHY

KFC Corporation, based in Louisville, Ky., is the worlds most popular chicken restaurant chain specializing in Original Recipe®, Extra Crispy™, Colonels Crispy Strips® chicken and Popcorn Chicken with home-style sides and freshly made chicken sandwiches. Since its founding by Colonel Harland Sanders in 15, KFC has been serving customers delicious, already-prepared complete family meals at affordable prices. There are over 11,000 KFC outlets in more than 80 countries and territories around the world serving some 8 million customers each day. KFC Corporation is a subsidiary of Yum! Brands, Inc., Louisville, Ky.

KFC leads the way as Chinas largest, oldest and most popular quick-service restaurant chain with locations in approximately 150 cities. KFC was the first QSR to enter China in 187 in Beijing. KFC had approximately 00 restaurants in 17 and has quickly grown to 700 today.

What trends exist?

The number of demographic and societal trends influenced the demand for food eaten outside of the home.

Consumer decision making trends

During the last two decades, rising incomes, greater affluence among a greater percentage of American households, higher divorce rate, and the fact that people married later in life contributed to the rising number of single households and the demand for fast food. More than 50% of woman worked out side of home, a dramatic increase since 170. They expect this percentage going up over 65% by 010. Less time to prepare meals inside the house added to this trend.

Labour cost made up 0% of a fast food chain’s total costs, second only to food and beverage costs. Intense competition. However, made it difficult for restaurants to increase prices sufficiently to cover the increased cost of labour. There are many fast food restaurants in the fast food market, and it has different food with different taste, price and quality. Consumers do not like eat same food with same taste every day. . Therefore consumers could change their decisions and move to purchase another product because there are lots of substituted products in the market. Consumers made decisions about where to eat partially based on price. There was another important fact is time duration. Consumers there’re always expect Fast and Quality service. most of the restaurant operation viewed computers as their number one tool for improving efficiency. New technology may help to increases customer attention to purchase the product. For a e.g. Mc Donald and Carl’s, converted to new food preparation systems that allow them to prepare food more accurately and to prepare a great verity of sandwiches using the same process.

Restaurant location also the very impotent facts to make Consumer decision consumer.Consumers always looking for convenable place to purchase there needs.

Demographic tends

Income

More than 50% of woman worked out side of home, a dramatic increase since 170. They expect this percentage going up over 65% by 010.doble- income households contributed to rising household incomes and increased the number of times families ate out.

Life style trends

Higher divorce rates and the fact that people married later in life contributed to the rising number of singles household and the demand for fast food. After 170 more than 50 percent increase of women worked outside of the home and this number was expected to raise 65 percent by 010. Household income also effect to change the consumers life style.

As consumers aged, they become less enamored with fast food and were more likely to patronize dinner houses and full- service restaurants. Sales of Mexican restaurant were very popular with American people in 180’s, began Indian, Japanese and Vietnamese restaurant are become a more fashionable.

Ethnic food in general was rising in popularity as U.S. immigrants, who constituted 10% of the U.S. population in 000, looked for establishments that sold their native foods.

Age

In the fast food industry baby boomers (age 5-50) are the largest consumer group, and Generation Xers (ages 5 to 4) and the “mature” category (ages51 to 64) made up the second and the third largest group in the market respectively.

The greatest concern for fast food operations was the shortage of employees in the 16 to 4 age category. Most American in this age category had never experienced a recession or an economic downturn.

Competitive behavior trends

 Competition with in fast food industry is particularly strong due to the large number of stores and their geographic proximity.

 Competition tends to be based on price, range of fast food products, quality, service, location and promotion.

The number of factors will lead to increase of competition. One of the most important will be continuing diffusion of the fast food industry. Even as competitive strength increases, leading fast food industries will become more adept at anticipating the responses of their competitors. Instead of using destructive competition, businesses will tacitly cooperate on price and promotion and seek competitive advantage based on superior understanding of customers need and effective management of the innovation process to meet those needs.



Who are the Key Competitors

There are was eight major segments made up the fast food sector of the restaurants industry sandwich chains, pizza chains family restaurants, grill buffet chains, dinner houses, chicken chains, nondinner concept, and other chains.

Other indirect fast food restaurant competitors are

Sandwich chain - McDonalds, Burger King, Wendy’s, Taco Bell, Subway and etc.

Dinner Houses-Applebee’s, Red Lobster, Outback Steakhouse, Olive Garden and etc. Pizza Chain - Pizza Hut, Domino’s, Papa John’s, Little Caesars, Sabarro and etc.

Family Restaurant Denny’s, Craker Barrel, IHOP, Shoney’s and etc.

Other dinner chain - long John Silver’s, Walt Disney Co, Old Country Buffet & etc.

Grill Buffet chain - Golden Corral, Ryan’s and etc.

Nondinner Concepts - Dunkin’s Donuts, 7-Eleven, Starbuks and etc.



McDonald’s with sales of more than $1 billion in 1, accounted for 15% of sales of the sales of the nation’s top 100 restaurant chain. According to the sales figure shown that second largest chain burger King had less than a 7% share of the market.

Sandwich chains (McDonald 5%, Burger king 16%, Wendy’s .7%, taco bell .6%, subway 5.%, etc.) made up the largest segment of the fast food market.

(Source; Jeffrey A Krug, 001, p08)

According to the above figure we can identified, McDonald’s is generated the greatest per store sales about $1.5 million per year. The average U.S. chain generated $800’000 in sales per store in 1.

Dinner house made up the second and fastest- growing fast-food segment in 1

On what basis do they compete?

Boston market was a new restaurant chain that emphasized roasted rather than fried chicken. It successfully created the image of an upscale deli offering healthy, “home style” alternatives to fried chicken and other fast food.

Dinner house came from new unit construction, a market contrast with other fast food chains, which had already slowed U.S construction because of markets and small towns.

How successful are they?

Sales of dinner houses increased by more than 1% during the year, surpassing the average increase of 6% among all fast- food chains.

The hardest-hit segment was grilled buffet chains, which generated the lowest increase in sales( less than 4%).dinner houses, because of their more upscale atmosphere and higher-ticket items, were better positioned to take advantage of the aging and wealthier U.S population, which increasingly demanded higher- quality food in more attractive settings.

Dinner houses, however, faced the prospect of market saturation and increased completion in the near future.

What are the key industry success factors?

• The Colonel perfected his secret blend of 11 herbs and spices for Kentucky Fried Chicken in 1 and signed up his first franchisee in 15. By the time KFC was acquired by PepsiCo in 186, it had grown to approximately 6,600 units in 55 countries and territories.

• KFC restaurants offer fried chicken products and some also offer non-fried chicken-on-the-bone products, with the principal entree items sold in pieces under the names Original Recipe, Extra Tasty Crispy and Tender Roast.

• KFC restaurants also offer a variety of side items, such as biscuits, mashed potatoes and gravy, Cole slaw and corn, as well as desserts and non-alcoholic beverages.

• In 16, KFCs worldwide system sales of over $8 billion grew faster than the industry average even though the number of restaurants in its global system did not materially increase.

• Quality, service and cleanliness represent the most critical success factors to KFCs global success.

• Adequate capitalization, to provide reserves against market downturns and to benefit from market upturns.

• There was another main factor is they conduct the business in an environmentally responsible way. There’re complying with all applicable laws and regulations and provide safe and healthy work environments. In the absence of specific laws and regulations we continue to operate responsibly.

• Using research and new technology, we work to improve our environmental performance through source reduction, recycling and innovative product packaging.

• There are known for great operations, marketing innovation, delivering the highest quality food and superior service by responding to the voice of the customers, not just listening to them.

• In Asia, we launched two delicious new product variants, Honey Mustard Twister and Spicy Twister, which are helping to drive strong sales growth in the region.

• Reliable supply of key raw materials at a competitive price.

.. Company Analysis

..1. Organisational Strategy (pleases see Appendix...)

Organisational strategic plan can be divided in to two parts such as corporate level strategies and Business, unit, product and market level strategies. ( Kotler P, Armstrong G, Meggs D, Bradbury E, Grech.J, 1, pp448)

Corporate level strategies

Defining the company mission KFC’s parent company Yum Brand Inc., mission is satisfying customers every time they eat their food and doing it better than any other restaurant company with their sister companies such as A&W, KFC, Long John Silvers, Pizza Hut, and Taco Bell. They offer customers to food they crave, comeback value, and customer-focused teams. The unique eating experience at each of their restaurants make their customers smile and inspire their loyalty for life. (www.yum.com)

• Setting company objectives and goals

KFC’s parent’s company mission needs to be turned into detailed supporting objectives for each level of management. Each manager in the industry should have objectives that they are responsible of archiving and that ‘flow down’ through the levels of the organisation. These mangers have a responsibility to increase or keep the market share stable. In the case study explain during 180s to 10s surrounded it limited menu and suddenly they introduce new products in the fast food market as a strategy.

• Designing the business portfolio

The business portfolio is the one that best fits the company’s strengthens and weakness to opportunities in the environment. KFC always try to expand their business as a strategy to increase global market share using franchise system and the company owned system. They always try to keep high growth and high share in the fast food industry, but the coemption always against them. To keep competitors down they need to use new strategies to grow their business and market share.

Business strategy

• Planning

KFC’s marketing plan is satisfying customers by designing strategies and delivering a marketing mix targeted at defined market segments and aimed at achieving a series of marketing objectives which combined to meet their company objectives.

• Marketing

Customer value and satisfaction are the most important ingredient that the KFC looking when they market the product. They always try to provide good quality products with low cost to the customers. They change the taste of the product when the customers do not like.

• Perceived competence � all businesses are public and diversified activities were high volume, low cost products with strong brand names.

• Market leadership � diversification moves typically started by capturing a significant domestic market share through the acquisition of companies with highly visible or quality brand names.

• Restructuring � considerable success in taking what had appeared to be relatively expensive acquisitions and reduced the cost through stripping out unproductive assets, and investing capital to improve productivity.

• Strong brands and customer focus � managing outstanding brands with high public awareness.

• Acquire or develop ‘world best’ technology.

• International expansion.

• Financial control and performance measurement.

• Organisation and management

• Management development.



Developing Growth Strategies

Market Penetration Strategies

• Attracting Competitor’s customers � Differentiation of products such as new menus design which shows clearer differentiation from competing fast food.

• Increasing Promotional Effort - Mass advertising within the domestic and globally

• Decreasing Prices. - Special offers price competition things such as student discount.

Product Development Strategies

• Product line extensions - Offer customers with varieties food.

• Developing quality variations - Developing food quality of the KFC.

• Developing new products aiming at the present market - Develop new products those related to the countries cultures.

Market Development Strategies

• New Geographical Markets

Setting up franchising and merger systems using the regional and national expansion.

Attracting Investors by consolidating the positioning and image of the business and be well known and trusted.

Advertising in other media such as on the internet where globally executed.

Lowering price to attract price sensitive buyers and increasing price on certain product and services in order to attract prestige and quality seekers segments

Diversification

 Into related businesses (concentric diversification)

Fabricating assortment of menus for breakfast, lunch and dinner.

Cheap quality foods for lower class

What Generic Strategy is it Pursuing

Generic strategy can be divided into three parts.

• Focus strategy

• Differentiate strategy

• Cost leadership strategy ( www.business.bond.edu.au)

KFC’s focused on their product differentiate to reduce substitutability with rivals -

KFC still experimented with the chicken sandwich concept when McDonald’s test marketed its “Mc’Chicken Burger” in the Louisville market. Shortly McDonald’s rolled out the Mc chicken sandwich nationally. By beating KFC to the market.

By the late 10s, KFC had refocused its strategy. The cornerstone of its new strategy was to increase sales in individual KFC restaurants by introducing a variety of new products and menu items that appealed to a greater number of customers. KFC settled in three types of chicken product original recipe, Extra Crispy and Tender Roast.

When consider the generic strategy KFC can be differentiating their products in many ways, such as quality, uniqueness, responsiveness and prestige of the product. For example when KFC try to expand their business to overseas they need to focus on the product differentiate because those countries should have different cultures, taste and values. KFC very recently they rolled out buffet that included some 0 dinner, salad, and dessert items. The buffet was particularly successful in rural locations and suburbs. It was less successful in urban locations because of space considerations. KFC then introduced its colonel’s Crispy Strips and five new chicken sandwiches to appeal to customers who preferred boneless chicken products.

If a firm can consolidate a fragmented industry, it can achieve high return on investment. It has occurred in retailing (for example, Wal-Mart) in fast foods, (McDonald’s and KFC), and in legal and accounting firms (Baker & McKenzie). Firms seeking to consolidate their industries and become leaders use strategies of chaining, franchising, and horizontal merger

With this strategy, based on cost-leadership, a firm establishes networks of linked stores or service-centres that are so closely interconnected as to simulate one large entity. The firm uses regional distribution centres to reduce transportation & inventory holding costs; it increases its buying power vis-a-vis suppliers; and it realizes economies of scale by sharing management costs and advertising across stores.

... Operations

Plant Locations

KFC had expanded early in their corporate history and their experience operating abroad put it in a strong position to take advantage of the growing trend toward international expansion. In year 000, more than 50percent (5,55 restaurant) of the KFC’s restaurants were located outside the United States and the rest of the restaurant located inside the United States. Their major overseas markets are located in Mexico, China, Canada, Australia, Puerto Rico, Korea, Thailand, and United Kingdom.

Equipment (Technology, Use Age, Flexibility, Capacity utilization)

Technology use cost could also be lowered and operation made more efficient by increasing the use of technology. Most restaurant operators viewed computers as their number one tool for improving efficiency. For an e.g. improve labour scheduling, accounting, payroll, sales analysis etc..

Most restaurant chains were also using point of sales systems that recorded the selected menu items and gave the casher a breakdown of food items and the ticket price. Currently the company looking forward to develop their production cycle by the use of modern technology. The best example would be the use of new recycling papers

Age the age category between 16 -4 are widely used staff which the company tend to employ. It creates good job opportunities as well as a good experience.

Capacity utilization higher cost and poor availability of prime real estate was another trend that negatively affected profitability.

A plot of land suitable for a normal sized freestanding restaurant cost between $1.5 and $.5 million. Leasing was a less costly alternative to buying. Nevertheless, market saturation decreased per store sales as newer unit’s cannibalised sales for existing units.

since there are variety of retail outlets the company tend to move into non traditional methods such as opening outlets as, hospitals, shopping molls, air ports, gas station, food court and in highly crowded public areas.

Flexibility- To make meal planning easier and more convenient, KFC has partnered with cybermeals, Inc., the Internet’s largest online ordering system, to give San Diego residents the option of ordering KFC for delivery or takeout via the Internet. Customers will be able to place online orders only when they are within a KFC delivery area and during business hours. (http//www.kfc.com/about/pr/00.htm)

Operating cycle

The company’s operating cycle mainly based in to two types which are company owned and franchise by the company. The main purpose of the operating cycle is to dominate the international and domestic market. KFC’s early international strategy was to grow its company and franchise restaurant base throughout the world. By early 000, KFC had refocused its international strategy on several high growth markets such as Canada, Australia, UK, china, Korea and etc. KFC hope planned to expand their company owned business into other international market in Europe and lain America in future.

Cost structure, cost drivers

The topical emphasis is on productivity growth and its dependence on the cost structure. The methodological focus is on application of the tools of economic analysis � the `thinking structure provided by microeconomic theory � to measure technological or cost structure, and link it with market and regulatory structure. This provides a rich basis for evaluation of economic performance and its determinants.

(Sources http//kapis.www.wkap.nl/prod/b/0-7-840-)

Break Even Analysis

When consider the companies break even analysis can be used to evaluate the relationship between fixed cost, variable cost, selling price, and profit using the basic formula break- even analysis setting price to break even on the cost of making and marketing a product or setting price to make a target profit.

... Human Resources

Organisation Structure

KFC has seen 4 different management structures in the last 50 years. The management philosophy employed by each one of these companies has been different, creating a constantly changing environment for company employees and franchisees. PepsiCo (now YUM brands), the parent company of KFC, places an added emphasis on performance and is closely looking at ways to increase return on equity by buying out under-performing restaurants and investing in company-owned restaurants. This has created a strained relationship between corporate management and KFC franchisees. (www.google.com, access- 15-08-0)

TRICON GLOBAL RESTAURANT INC Organization chart, 000

(Sources Jeffrey A Krug, 001)

Reward Systems

KFC® knows a thing or two about food-and it knows about parents and kids. Now, with the introduction of its new Kids Laptop Pack kid’s meal, it brings together all of these honest-to-goodness truths

• kids are picky;

• kids dont like their food touching other food;

• kids want to eat at their own pace; and

• Kids want to feel in control of their mealtimes as they push the limits of both their own independence and their parents patience. (Louisville, KY, Nov. 1, 00 http//www.kfc.com/about/pr/1110.htm)

To gain a customer reputation and customer satisfaction the company tend to offer verity of rewards schemes as strategy to attract customers. The reason rewards system was to draw coupons and prize draw.

As part of KFCs ongoing commitment to diversity and the development of its associates, KFC will provide one scholarship per year over the next four years to eligible students attending UNCF schools. (http//www.kfc.com/community/uncf.htm)

Age and experience profile

Tricon Global Restaurants, Inc. is already the largest restaurant company in the world. Together, we serve more than 150 million people each week in nearly 0,000 restaurants in over 100 countries! And, were growing every day through the success of dynamic professionals...like you! (http//www.kfc.com/careers/ )

Tricon provides a flexible benefits program designed with our employees individual needs in mind. All part-time and full-time domestic permanent salaried employees are eligible after 60 days of continuous service.

Tricon and its brands are a fun, flexible place to work. KFC, Taco Bell and Pizza Hut all support a work/home/life balance. Whether company has begin as an hourly employee, work your way up through the ranks or come to us with management experience, the opportunities for success are a promise from us to you. We embrace a promote from within philosophy and enjoy continued growth in an otherwise rapidly changing market. Were an equal opportunity employer committed to creating a diverse workforce.

KFC has developed a support structure that celebrates the Restaurant General Manager. Among the best-rewarded Restaurant Managers in the industry, each is equipped to train and motivate with generous reward programs that assist them in creating unprecedented team environments. KFC has mastered the art of motivating teams - which can be fun for everyone and contribute to strong sales growth and great customer service.

Dominate attitudes and values (culture)

With the on going progress of the Tricon Global Restaurants Company, Kentucky Fried Chicken will continue to grow and expand in order to fulfill the wants and needs of an ever changing society. As they expand into different countries they adapt to fit the local tastes and trends in accordance with local customs and beliefs. The use of local management in the franchises has benefited KFC because of there knowledge of the local market. Their flexibility and determination to provide quality, service, and cleanliness while focusing on the specific demographics of each specific region.

Number of locations, physical and reporting relationships between related areas

KFC is part of Tricon Global Restaurants, Inc., which is the worlds largest restaurant system with nearly 0,000 KFC, Taco Bell and Pizza Hut restaurants in more than 100 countries and territories. KFC has more than 11,000 restaurants in more than 85 countries and territories around the world. Kentucky Fried chicken corporation use franchise for expand their business around the world. The mother company of the KFC located in United States and they franchised their business to other countries to make more profits.

Key personalities

 Good relationship with consumers, suppliers and the workers.

 Outstanding employees within the organisation. .

 Qualified employers are fitted to the right job.

 KFC listen and respond to the voice of the customer

 They believe in people, trust in positive intentions, encourage ideas from everyone and actively develop a workforce that is diverse in style and background.

 We do what we say, we are accountable, we act like owners.

 Good management skills.

 We execute with positive energy and intensity...we hate bureaucracy and all the nonsense that comes with it.

..4 Marketing

Since a company have in a good reputation over the product its marketing strategy would be clearly defined as a major part of the company. By use of 4P’s the KFC had developed their marketing strategies.

Products Innovate new products with new tastes. Team of leading technologists that do research for develop new tastes of fast food for KFC in many years to attract customers.

Place Expand the yum brand products to other countries with the suitable menus. When reopen the new restaurant they need to consider the competitors behaviour in the particular area. KFC have good distribution chancel for supply their products to the franchisees.

Price Create attractive price that can afford all social classes. Marketing manager will be doing with the help of financial department. To have very attractive and profitable price for both us and the consumers

Promotion Start advertising in TV radio and internet, also billboards bus shelters and public transports. The promotions manager will take the responsibility. It has to be inform consumers in around the world when the new menus introduce to the local and international markets.

..5. Research and development

KFC should emphasize on growing the KFC franchises abroad. This will allow KFC to expand into different countries with less capital investing. By allowing franchisees larger flexibility as they expand abroad, they will have a better chance to appeal the local markets. It will be important to make an investment in Research & Development in order to better determine what countries will provide the best growth opportunities for the organization. In addition, KFC should build ties with local organizations in these foreign in order to achieve brand recognition in these new markets.

According to 000 annual report Research and development expenses were $4 million in both 000 and 1 and $1 million in 18.

..6. Performance

KFC is delivering quality products and good customer service by millions of consumers around the world. The main advantage the company facing is their working environment. By creating better working environment it creates a better service towards the consumers. The performance of the organization is highly recognised by many consumers due to highly publicity activities they undertake

.4 Stakeholders Analysis

Who are the key stakeholders?

Stakeholders Responsibilities

shareholders  Higher dividens, share price, assist and profits.

 Sound, well planned and implemented growth strategy.

 Accurate and prompt financial reporting.

 Prompt annual general meeting.

Joint Ventures & Franchise partners  Fair dealing with parent company.

 Profit maximizing

Consumers

 Value for money KFC products

 Product or brand choice.

 Range of products, good customer service and distribution channel.

 KFC foods that will balance their health awareness.

 Reliable KFC products.

Employees

 Job satisfaction.

 High wagers.

 Long term holidays.

Suppliers  Management and knowledge transfer.

 Fair trading reasonable price, business reliability.

 Prompt payment and order processing time.

 Long term growth rate.

 Price strategies.

 Sustained growth rate of company.

Competitors  High competition

 No misleading advertising or promotion

Government

 Prompt and accurate financial reporting and tax paying.

 Contribution to nation’s economic indicates. (Eg. GDP).

 Good corporate citizens.

 Loyalty to legislation.

 Job creation and security to country labour force.

Local society

 Minimize environmental pollution.

 No excessive or cultural �insensitive advertising.

 Avoid wastage of products and raw materials.

 Good corporate citizen.

Banking and other financial resources

 Company profitability

 Financial resource.

What are their values?

 Shareholders - high profit margin.

 Customers - high expectation of the product such as quality, price and brand loyalty.

 Employees - friendly environment, flexible time schedule, reasonable salary, challenging career.

 Suppliers- Good reliable service

 Competitors - value of challenging higher rank competitors.

 Government- government income (tax)

Their outside interests

The main outside interest are that the KFC seeking for is to create a better friendly environment within the employees. This could be a great advantage to the consumers to increase much awareness of the existence of the company. The other factor would be to create environment friendly company which tend to minimize the environment pollution by using recycling products.

.5 Portfolio analysis

This analysis generating of strategic alternatives through the use of matrix techniques, sustainable competitive advantage and the experience curve. Portfolio matrix is actual concept of a portfolio (of brand, of product, of personal investments etc.) (John, 00, study Guide)

Related Market Share

High Low

Product Sales Growth Rate High (Stars)

(Question Mark)

Low (Cash Cows)





 KFC (USA) (Dogs)

 KFC (Mexico)

 KFC(Brazil)

star Question Mark Cash Cows Dogs

KFC’s located in star category have high market growth and a large share of the market. Significant amounts of cash are required to maintain their growth rate. Special promotions, high sales costs, lack of economy, and high competition (new market entries) force the firm to spend a great deal of cash to enhance or maintain its market position.

KFC’s located in question mark category may be the stars that lost their market share position to competition or cash cows whose position was eroded by superior competitive products KFC’s located in cash cow category moves out of the growth stage of the product life cycle, it no longer needs large amounts of cash to support its growth and defend its market position. At this point the product has reach maturity (high experience) and generates cash that can be used to support new product development (stars) and enhance the position of a problem child.

KFC’s located in dogs categories are faced with no growth potential and low market share. Since future opportunities for these products are unlikely, management may give serious consideration to eliminating them, depending on the impact on sales of other product in the line.

Beginning in 15, we have been strategically reducing our share of total system units by selling Company restaurants to existing and new franchisees where their expertise can generally be leveraged to improve our overall operating performance, while retaining Company ownership of key U.S. and International markets. This portfolio-balancing activity has reduced, and will continue to reduce, our reported revenues and restaurant profits and has increased the importance of system sales as a key performance measure. We expect to substantially complete our enfranchising program in 001.Estimated reduction in Company sales, restaurant margin and general and administrative expenses (“G&A”), (b) the estimated increase in franchise fees and (c) the equity income (loss) from investments in unconsolidated affiliates (“equity income”). The amounts presented below reflect the estimated impact from stores that were operated by us for all or some portion of the comparable period in the respective previous year and were no longer operated by us as of the last day of the respective year.

The following table summarizes the estimated revenue impact of the Portfolio Effect

000

U.S. International Worldwide

Reduced sales $(88) $(46) $(1,084)

Increased franchise fees 1 5

Reduction in total revenues $(7) $() $(1,0)

The following table summarizes the estimated impact on ongoing operating profit of the Portfolio Effect

000

U.S. International Worldwide

Decreased restaurant margin $(0) $(5) $(115)

Increased franchise fees 1 5

Decreased G&A 11 6 17

Equity income (loss) � (1) (1)

(Decrease) in ongoing operating $(40) $(7) $(47)

Profit



.6 Macro- Environmental Analysis



Economic

The health of a nation’s economy affects the performance of individual firms and

industries. Because of this, companies study the economic environment to identify changes, trends and their strategic implications.

The economic environment refers to the nature and direction of the economy in which a firm competes or may compete.

Economic environment, that potentially positively or negatively affects the KFC’s ability to conduct the business in local and the overseas market. .

 When consider the Mexican economy by year 000 had stabilized and the GDP was increased at an average annual rate of 4% and unemployment had decreased to slightly more than percent. This economic condition better grow in KFC and other fast food industries in the Mexico.

 Mexican Peso is depreciated against US dollar because of inflation and higher interest rates.

Social- Cultural

The socio-cultural segment is concerned with a society’s attitudes and cultural values. Because attitudes and values form cornerstone of a society, they often drive demographic, economic, political/legal and technological conditions and changes.

This case study, historically franchises made up a large share of KFC’s international restaurant base, because franchises were owned and operated by local entrepreneurs who had grassroots understanding of local language and culture.

Attitude towards customer service due to large number of foods, services and considerable number of competitors in the fast food industry, customers are faced with high variety of options; therefore they demand a quality standard of customer service driving to satisfy their expectations. That causes changes in attitudes, beliefs, norms, customs and lifestyles and culture. These forces strongly affect the way people live and help determine what, where, how and when customers buy a firm’s products. Customers are increasingly demanding that marketers behave socially-culturally responsible.

Political

This involves assessing the political environment of the country/countries of destination. It includes such factors as the type of government (e.g. democratic, authoritarian), the actions of the host country government (e.g. limits on the amount of foreign ownership, subsidies), the type of economic system (e.g. capitalist, socialist), and the stability of the government (e.g. how long it has been in power).

• Political situation in Asia is not stable because of that industry has to take risk to invest money in Asian countries.

• With the setting up with World Trade Organization (previously named GATT), countries are increasingly lowering down trade barriers. This will open up potential new market. For example Mexico, one of the markets for KFC had been lowering its tariffs since it had become a member of GATT.

• Government rules and regulations effect to fast food industry. Changes government policies, changes in tax related laws on the industry.

• North American Free Trade Agreement (NAFTA) had eliminated tariffs on goods shipped between Canada, Mexico, and the United State.

• Argentina, Paraguay, Uruguay, and Brazil signed a custom union agreement (Mercour) in 11 to eliminate tariffs on trade among those four countries.

• Investors do not like to invest when countries have war, revolution and changers government rapidly.

Technological

Pervasive and diversified in scope, technological changes affect many parts of societies. Their effects occur primarily through new products, processes and materials. The technological segment includes the institutions and activities involved with creating new knowledge and translating that knowledge into new outputs, products, processes and materials.

Demographic

The demographic segment is concerned with a population’s size, age structure,

Geographic distribution, ethnic mix and income distribution.5 As previously noted, the firm analyses demographic segments on a global basis rather than a domestic-only basis.

As a USA and global market of the KFC has to be very concern with those demographic factors because slight change of one factor could affect the whole market at once.

For example aging population of most countries are increasing these days and new younger generation is taking the world therefore market is changing due to their needs and taste if we think that we do the same thing that we did during the post war period or baby boomers time it is not going to work now. But the fast food industry still mainly based on the baby boomers.

According to theCase study indicates that the fast food industry mainly based on these age categories such as baby boomers aged 5 to 50 constituted the larger consumer group for fast food restaurants. Generation Xers (ages 5 to 4) and the “mature” category (aged 51 to 64) made up the second and third large groups who use fast food in the country.

4. Statement of alternative options

• The Company is fulfilling its promises by delivering

• Increase the number of stores over the next two years

• Advertising and promote KFC’s products in targeted countries

• Joint ventures. KFC should continue its joint ventures operation with local and international.

• An important measure against which the board must and should be judged is the growth in the price of the Companys stock. At this time their performance in this regard is deficient.

• Generating shareholder value.

• Focusing on the customers.

• Capitalize on their technological advantage in fast food improvement.

• Satisfying a global demand for the next generation of fast food.

• Try to produce more innovative new tastes and menus and bring them to market.

• The demand for a healthier life-style among consumers would create defection from fast food to healthier food types.

• Concentrating on positioning KFC as an international brand name.

• Emphasize innovation in production to increase quality and reduce costs.

5. Reasons for rejecting the other options

• KFC doesnt have ability to concern any options with price considerations.

• Tricon International Restaurant must show the profits and new investments. This is depending on gain the trust from investors. Bit hard to increase the price of the shares.

6. Recommendations

• Extend the use of local suppliers in the form raw food supplies and distribution services.

• Create and add local food items on the menu that cater to global market taste.

• Create a management hub in the Latin American region to oversee operations of franchises in those countries.

• The non-tariff and free-trade agreements would only ease the management of these franchises.



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BACKGROUND

Introduction

The purpose of this paper is to determine how customer service and return policies in the retail industry, primarily WAL-MART, can be improved. It has been thought for many years now that outstanding customer service and liberal return policies satisfy the average retail consumer. The more convenient their shopping experience is the more apt they are to return to the store. This is thought to be very much the same with return policies. The more liberal the return policy is, the more apt a customer is to shop at that store. People buying gifts want to be assured they can be refunded if their friend or companion is not satisfied. This is the same for themselves also. The customer wants to be assured they are getting their bang for their buck so to speak. If they do not, they expect to be refunded or provided an opportunity to exchange merchandise. The question that the WAL-MART, as well as other retailers need ask, is if making return policies more liberal will help improve customer service and profits, or hurt profits by increasing return rate.

Personal Interview




Name of Firm WAL-MART Stores, Inc.

Contact Brendan Barrett, Store Manager in Delafield, WI

(Taped Session)

STORE HISTORY

Opening Date May 17, 18

General Information WAL-MART is a well-known retail giant that serves customers nationally and internationally. WAL-MART provides customers with just about any of their household needs including domestics, house wares, electronics and in Super centers, groceries. They are well known for their low prices, outstanding customer service and liberal return policies as an overall corporation. This has begun to decline in some stores individually.

Main Competitors

Target, K-Mart, Menard’s, Osco, Walgreen’s, Shopko

CUSTOMERS

Do you feel that all of the store’s customers carry the same feelings about good customer service and lenient return policies?

Overall, I think that everyone feels that these are needed in the store, but some people are more emotional and more apt to act on a concern than others.

How do you feel the customer service is in the store?

I feel that the customer service is excellent. The employees have good knowledge of store products and meet the needs of the customer every time it is possible. This is the same for the managers. WAL-MART is well known for its overall outstanding customer service.

Do you feel that WAL-MART serves its customers better than any of its competitors?

Of course! Every store does not always abide by the corporate rules but as a whole unit, WAL-MART has a competitive advantage in this area.

Do you feel that when customers complain, they are generally upset about an experience in the store or do you feel the customer is letting out frustration or stress from other problems?

I am not a psychologist but I will say that a lot of customers get upset and yell at employees/managers with no argument, rhyme or reason. Although it appears that the customer is stressed about other things, it is important to listen to them and do what you can to make them remember how pleasant you were with them and willing to fix a problem.

Can you honestly say that you have satisfied every customer that has come through the store?

Of course not. If that were the case, we wouldn’t do research to find out how to keep good customer service and high profits constant.

RETURN POLICIES

You feel that strict return policies and poor customer service are the downfall of major retail companies such as Montgomery Ward and K-Mart?

I definitely think that it has a significant role. If the service is horrible and the return policies are inconvenient, than who in their right mind is going to want to shop there. I also think that store cleanliness and lack of marketing/advertising have a major role.

How do you feel WAL-MART’s return policies compare with other stores?

I’ll say the same thing I did with our customer service. WAL-MART is well known for its leniency when it comes to returning merchandise. Customers prefer this for couple of reasons. The first reason is for the honest customers. They feel that if they are not satisfied with a product of ours, they should be able to return it in any manner. We give this to them so they will come back and shop again. It is also a matter of convenience. The second reason customers prefer our return policies is directed towards the thieves. They like our store because if they manage to steal something or bought something over a year ago, we will return it without a receipt or at least give them credit toward the store. This creates major “shrinkage” problems, however, in my opinion, the honest customers out-weigh the thieves and even though we are returning more merchandise, we have more returning customers that are satisfied. This creates more profit in the long run.

How do you feel about the strictness of Target’s return policies?

I don’t really care because I don’t work for them but I will say that their annual “shrinkage” is much less that ours. (Shrinkage means unexplained loss of merchandise or profits.) Target does well with annual sales despite the strict policies, but then you have to look who is the highest grossing retailer in the market today. It’s us so we must be doing something right.

Is there anything that you feel the company can do to improve the return policies and customer service?

Customer service can always be improved. This is done primarily through more training of product knowledge and the hiring of friendlier and more personable employees that are able to deal with stressful encounters. When it comes to our return policies, I feel that even though Target is very strict, they have found a way to combat the “no receipt rule.” They offer gift receipts that don’t have the price on them. These can be given to people receiving gifts. A lot of other retailers started to catch on to that and I feel it may be a good idea for us.

Are there any future plans to add or change any of the return policies?

No

ARTICLE RESEARCH

Keeping Up With the Vigilante Consumer

By Patricia Fripp

In this article Patricia Fripp exposes the “vigilante consumer”. This sounds more horrible than it actually is. A “vigilante consumer” is one who is a customer that is persistent in making sure they get value, service, convenience and a lot of attention when they spend their hard earned dollar. She offers a variety of tips to the retail industry as to how to maintain the customer service that is demanded in today’s world. Some of the tips that are brought to the reader’s attention include the basics. This means starting from the beginning. Make sure the customer is aware of your return policies. By doing this, you can eliminate negative encounters with customers. Patricia also mentions strategic alliances are a plus. In the retail industry it is not always a bad thing to follow a trend. This may include following other competitors when a positive customer service policy is instilled. This article pertains to the research because it offers ways to make customer service and return policies better as well as identifying the importance of the two in the retail industry.

Not All Customers Are Created Equal

By Jim Dion

This article proposed by Jim Dion goes into detail about the change in attitudes, needs and wants of the consumer over the years. Thirty plus years ago, customers were segmented by age, job, education and sex. Findings were that services provided generally appealed to those particular groups. In present times, people cannot be segmented into these categories because the majority of them express different values and opinions. They all shop in different ways, become satisfied in different ways and become upset in different ways. The key to finding customer satisfaction is to target the areas or common trends of the industry as a whole that raise concerns. Jim has categorized people in three different categories. The first group accounts for the most profits and that accumulates to anywhere from 10-0%. The second group has potential to help gain significant profits and they account for 40-50% of shoppers. The third group, known as the “bottom feeders”, represents 0% of the customer base. These customers rarely purchase merchandise and see shopping as a social experience. Little attention should be paid to them. According to the article, in the 170’s there was only a 1% return to stores. In present times, the return rate is nearly 5%. This article is vital information to the research because it helps identify and locate problems. By categorizing people in proper segments and understanding their behaviors, you can begin to improve areas of customer service.

Does the Early Bird Get to Return?

By John Ewoldt

This article displays information on how the customer can assure that a store will return their unwanted goods. It basically provides customers with an easy way to avoid problems at the return desk. One constant tip in the article was to keep receipts and don’t pull off tags. Other advice was to ask about holiday return policies. This article is interesting and parallel to the research because by merely posting and article such as this, you can assume that returning merchandise overall is an inconvenience to the customers. This recognizes the problem. John directs this article towards the consumer instead of the retailer. This may suggest that most of the problem lies with a lack knowledge on return policies by the consumer.

Hassle Free Returns-What You Need To Know About Returning Items At Retail Stores

By Melody Vargas

This article provides yet more ways to side-step potential problems at the return counter when returning merchandise. This article is directed towards the consumer as well. Suggestions include keeping receipts, asking for gift receipts, knowing the retailer’s return policy, and not delaying the return. These problems can be looked at by the retailer in terms of ways to combat inconvenience. This may include extending return time, adding gift receipts, etc.

Tough New Rules of Returns

By Sandra Evans

What is described in this article is an overall tightening of return policies in the retail industry in recent years. Major areas affected in the policy changes include electronics, movies and music. Part of the problem stores were having was amazing. People would bring back large television sets the day after the Super Bowl, and chainsaws after they have cut down a tree. This concept has been dubbed as “renting” by the retail industry. According to the article, retail stores lose an estimated 15 billion dollars per year in returns. This pertains to the research because it may suggest a larger problem in the overall retail industry. It also suggests that it may do more good for stores to tighten up on their return policies rather than loosen them.

Rewarding Employees 7 Tips for Success

By Fredrick F. Reichheld, W. Earl Sasser, Jr.

This article stresses the importance of rewarding employees. According to the article, by rewarding employees you are instilling a more positive attitude in them. This will in turn help benefit the company. The happier the employee is, the happier and friendlier they will be to the customer. Mr. Reichheld and Mr. Sasser offer seven tips to successful rewarding

1. Don’t rely on rewards to fix a problem

. Don’t reward employees for doing what’s expected

. Don’t be cheap with your reward

4. Avoid to much Extravagance

5. Reward more than just performance

6. Make sure the reward is meaningful to the recipient

7. Reward Employees who complain

The last tip is good because if someone points out a problem and nothing is done to fix it, it will make other employees upset as well. This article pertains to the research because it may be a way to improve customer service. Making sure your employees are happy or maintaining a positive atmosphere will get passed down to the consumer.

American Express and the NRF Foundation Unveil Landmark American Retail Excellence Study

Unknown Author

This article was about the American Express Company aiding in building the American Retail Excellence Study. This is a very large study based on the quality of retail companies. 1 of them were noted in the study. Areas of the study include customer service, store cleanliness and store policies. Some of the top companies were Bluefly, Talbot’s, The Home Depot, Homer Reed Ltd., and The Kittery Trading Post. This article relates to my research because it identifies research taking place that pertains to all aspects of the retail industry. When stores are recognized on a positive note it is obviously good for the company. When it is recognized as bad, it is apparent that certain areas are in need of change. A professional study such as this can identify industry trends pertaining to customer service and return policies.

K-MART’S FAILURE- Blame Lack of Customer Service and Cost Consciousness

By John Tschohl

According to John Tschohl, poor customer service and cost management ruined the one time retail giant, K-Mart. The article makes constant comparisons with WAL-MART. Operating costs for WAL-MART were much lower than K-MART. The article also states that dollars were being passed on more to executives than the company itself. This was not the case with WAL-MART. More dollars were put into their store to provide the customers with a better shopping experience, thus creating a substantially larger amount of profit for them. This article relates directly to the research in the sense that it links major downfalls in companies to the type of research being conducted.

STATISTICAL ANALYSIS

WAL-MART Ratings- (Curtesy of www.BizRate.com)

Overall rating- Overall purchase experience in the store 8. of 10

Would Shop Here Again 8. of 10

Ease of Ordering- Speed of Checkouts 8.7 of 10

Product Information- Product Knowledge 8. of 10

Prices- Relative to competitors 8.7 of 10

Product Selection 8. of 10

Customer Support- Complaint/question handling 7. of 10

Product Met Expectations 8.8 of 10

• This information helps the research significantly. It provides a general rating and overview of WAL-MART stores. Policies, question handling customer service were all addressed. This information aids in exposing areas that need to be improved.

WAL-MART Customer Reviews- (Courtesy of www.walmart.com/BizRate.com; separate as previous information)

Overall Experience Past Week Past Month Past Months

Positive 6% % 84%

Neutral % 5% 4%

Negative % % 1%

• This Data may be used to help determine the reason of decline in customer satisfaction over monthly time periods

Target, Inc. Company Report Card- (Courtesy of www.planetfeedback.com)

Overall Satisfaction Grade C+

Planet Feedback Breakdown

Top Complaints

Staff .7%

Other 6.0%

Returns/Exchanges 1.%

Selection/Availability 6.7%

Price/Value .8%

• This information will aid in determining what the major problems in WAL-MART, Inc. could possibly turn into when dealing with returns and customer service. It will provide a gateway to brainstorm ways to always stay ahead of Target and other major competitors.

General Business Statistics- (Courtesy of www.fripp.com)

• If you increase customer retention by 5%, you will increase store profit by 100%

• Disposable income is growing only % every year

• U.S. businesses will invest more than $1 billion this year on computer technology, just for customer service departments

This data provides incentive to research ways to increase customer retention with little money to work with. It also solidifies the significance of spending on customer service with businesses spending $1billion annually. It will aid in looking into the area of computer technology in customer service.

CONCLUSION

The validity of strong customer service and convenient return policies is significant in the retail industry. When observing the retail industry, one can make the statement that many different policies pertaining to returns and customer service exist; especially from store to store. These have all had different reactions from customers. There is definitely a different atmosphere and customer attitude when you walk into a WAL-MART as opposed to a Target or K-MART. Some of the research provided indicates this difference in companies and their popularity to the consumer.

Conducting a survey and research to determine how to improve in this area will benefit not only WAL-MART; it will benefit other stores moving in the same direction. There are definitely apparent trends in the research presented. The information gathered accurately portrays WAL-MART, as well as other stores mentioned. The information gathered is proof alone that there is an importance of customer service and return policies in the industry. There is an abundant amount of information available. The information chosen in this report is the most accurate as well as the most trend defining.





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The case study focused on one of the biggest losses the financial world has ever seen. It surfaced on February, 00, when Allied Irish and Allfirst suffered a (670) million dollar foreign exchange trading loss at the hands of a thirty-seven year old foreign exchange trader by the name of John Rusnak who was employed by Allfirst for (7) years. During 001, Rusnak made bad trading decisions with regard to the increase in the value of the Japanese Yen and instead of confessing his problem to management, he tried to cover it up by fraudent means, which consitsed of falsified option trades & fake confirmations and acting as a proprietary trader. He took advantage of weak and inexperienced employees in the Treasury groups and when his losses became to high, he tried to make up for them by selling deep currency options to raise quick cash. But this did not work out because the company had to pay the client when the options matured. In the end, it was confirmed that the losses may have been directly Rusnaks responsibilty but it was Allies’s fault because if the proper controls were in place, a situation of this magnitude would never have taken place.

Concepts There was a variety of concepts used in this case. Security are policies and technical measures used to prevent unauthorized access, alternation, theft or physical damage to information systems. Controls are all methods, policies and procedures that ensure protection of the organization’s assets, accuracy and reliability of its records and operational adherance to management standards. General controls are overall controls that establish a framework for controlling the design, security and use of computer programs throughout an organization. Application controls are those which are unique to each computerized application. Data Security controls are those which ensure that data files on either disk or tape are not subject to unauthorized access, change or destruction. Administrative controls are formalized standards, rules, procedures and disciplines to ensure that the organization’s controls are properly executed and enforced. Online Transaction Processing is a transaction processing mode in which transactions entered online are immediately processed by the computer. Authentication gives each party in the transaction the ability to identify the other party. Message Integrity is the ability to ascertain that a transmitted message has not been copied or altered. Digital Signature is a digital code that can be attached to an electronically transmitted message to uniquely identify its contents and sender. Digital Certificate is an attachment to an electronic message to verify the identity of the sender and to provide the receiver with the means to encode a reply. Risk Assessment is determining the potential frequency of the occurrence of a problem and the potential damage if the problem were to occur. It is also used to determine the cost/benefit of a control. Data Quality Audit is a survey or sample of files to determine accuracy and completeness of data in an informations system. Data Cleansing corrects errors and inconsistencies in data to increase accuracy so that they can be used in a standard company-wide format. were to occur. MIS Audit identifies all the controls that govern individual information systems and assesses their effectiveness. Walkthrough is a review of specification or design document by a small group of people carefully selected based on the skills needed for the particular objectives being tested. Debugging is the process of discovering and eliminating the errors and defects in the program code.

Discussion On February, 00, due to a lack of proper security measures and controls, Allied Irish and Allfirst suffered a (670) million dollar foreign exchange trading loss at the hands of a thirty-seven year old foreign exchange trader by the name of John Rusnak who was employed by Allfirst for (7) years. During 001, Rusnak made bad trading decisions with regard to the increase in the value of the Japanese Yen and instead of confessing his problem to management, he tried to cover it up by fraudent means, which consitsed of falsified option trades & fake confirmations and acting as a proprietary trader. He then tried to make up for his losses by selling deep currency options to raise quick cash. But this did not work out because the company had to pay the client when the options matured. In the end, it was confirmed that the losses may have been directly Rusnaks responsibilty but it was Allies’s fault because if the proper controls were in place, a situation of this magnitude would never have taken place. There were major weaknesses at Allfirst and Allied Irish. Firstly, their employees in the Treasury department were inexperienced and they lacked the proper training and had poor supervision, which in any case would lead to laziness. In addition, Rusnak was allowed to trade while on vacation, which in itself is a direct violation of company policy. According to industry standards, when a trade is made it should always be accompanied by a hedge to guard against losses; however, there were no controls in place that ensured that these hedges were ever purchased. Thirdly, all traders have limits as to the amount of trades they can do at a given time, yet Rusnak was allowed to perform trades although he was well above his limit. Fourthly, there was no segmentation of duties between those of the front office, trading desk or back office. According to the case, there were many management, organization and technology factors that contributed to these weaknesses. For example, AIB had installed Opics in the back office at Allfirst, but did not install the its sister software called Tropics at it’s front office. AIB was fully aware that these systems work hand in hand and in order for them to work effectively, they would have to ensure that both systems were in place. Also, AIB used Crossnar Matching Service, which automatically electrically confirms both sides of a trade in two minutes; but did not implement the system at Allfirst and as a result, they would have to call to validate a trade. This had a negative effect on them because if they had a trade with a bank in Japan they would have to call at either midnight or 1 am in order to speak with someone in their back office. Management is responsible for developing the control structure and quality standards for the organization. When they chose to look the other way instead of dealing with Rusnak when they were warned by Smith and others, they contributed indirectly to his fraudelent behavior. Also, when Rusnak realized that the Monte Carlo was inadequate, he told management but they turned him down for budgetary reasons. As with management, the characteristics of the organization play a large role in determining its approach to quality assurance and control issues. As it was the duty of the organization to create high levels of security and quality in information systems, they too contributed to theses weaknesses because the proper systems were put in place in AIB, but they did not feel the need to proper implement the same at Allfirst. So, in this regard, they too contributed to the weaknesses. There are a number of technologies for promoting system quality and security. With technologies such as data security software, they should have been able to detect any unusual events from occuring, but as these were not in place at that time, they also contributed to the weaknessed of AIB and Allfirst. Undoubtably, the person responsible for the Rusnak trading losses was Rusnak himself. However, he did not work alone. For every person that allowed him to short cut control measures so that he could cover up the losses, they too are responsible. For example, the person who was persuaded to go home and not call Japan to confirm the trade cost the company millions because of their negligence. Also, those persons who allowed him to give them information that he compiled on his own computer instead of them doing it themselves have also contributed to his fraudulent behavior and are also liable. Management also played a huge role in this situation because they knew that he was trading over his limit and they knew that he had a position in Yen of more than one billion dollars, but didn’t question anything because according to them they were making money so there wasn’t a problem if some rules had to be broken in order to achieve profits. Lastly, AIB and Allfirst are also liable because AIB knew that it had not implemented the proper control measures to protect its organization against fraud. They are also at fault because when Rusnak was trying to make money with what was called synthetic loans, AIB executives had to approve them, which meand that they had to know that something was wrong with what Rusnak was doing. It is evident that the proper information systems were not in place. As this is the age of technology, there are many computerized systems that were created to ensure that proper control measures are carried out. If the proper general and application controls were in place, then Rusnak’s scheme would have been caught from its inception. General controls are essential for a company because they not only establish a framework for controlling the design and security, but it also regulates the use of computer programs throughout the organization. Application programs are equally important as they are comprised of specific controls unique to each computerized application. Firstly, Software and Hardware controls could have been implemented to monitor the use of the system software and prevent unauthorized access of software programs, system software, and computer programs. In addition, they would have also insured that the computer hardware is physically secure and to check for equipment malfunction. Secondly, they could have implemented computer operations controls and data security controls that would assists the company’s control system by overseeing the work of the computer department to ensure that programmed procedures are consistently and correctly applied to the storage and processing of data. Also, it would have assisted them by ensuring that valuable business data files on either disk or tape are not subject to unautyhorized access, change, or destruction while they are in use or storage. Thirdly, there are implementation and administrative controls that could have been implemented to audit the systems development process at various points to ensure that the process is properly controlled and managed. In addition, they would have formalized standards, rules, procedures, and control disciplines to ensure that the organization’s general application controls are properly executed and enforced. There are also other systems such as debt security controls and administrative controls that would have ensured that non authorized users had no access to certain files and that proper procedures were in place to ensure that the organization’s controls are properly executed. In that way, when those fake confirmations were put into the system, they would have been automatically kicked out. Online transaction processing could have also prevented this type of situation by processing transactions as soon as they are entered into the system. If this was in place, then they would not have had to stay late to call Japan to confirm the trades because the system would have automatically confirmed them. They could have implemented authentication that would have been able to assist them with the identity of the other party on the confirmation. There are also other security measures such as a message integrity system that could have alerted them to what was going on years earlier. In addition, they could have created a digital certificate that would not only have identified the person with whom the transaction is being conducted, but also it would allow them to reply to the sender. If these information systems were implemented, Rusnak’s scheme could have been prevented. If these informations systems were put in place, Rusnek would have been either prevented or caught earlier on because these systems were created to minimize the risk of errors or fraudulent manipulation of the organized assets’s. If I were responsible for designing new information systems fro AIB and Allfirst, I would first determine which controls are required by identifying all of the control points and control weaknesses and performing a risk assessment. Then, I would perform a data quality audit and MIS audit to determine how to effectively safeguard systems without making them unusable. When this part of my strategy is complete, I would then begin part () by implementing the proper controls to ensure that this type of situtation nevers occurs again. These controls would include all methods, policies, and organization’a assets, the accuracy and reliability of accounting records, and adherence to management and industry standards. In order to do this I would implement general controls to handle the overall design, security, and use of computers, programs and files for their information technology infrastructure. This would include physical hardware controls, system software controls, data files security controls, computer operations controls, controls over the implementation process and administrative disciplines. In addition to the general controls, I would also implement application controls because it focuses on the completeness and accuracy of input, updating and maintenance, and the validity of the information in the system. Before I complete the new systems, I would perform a data cleansing and debugging process to eliminate any errors and lastly I would conduct a walkthrough that would consist of qualified professionals so that the systems could be tested. Once these measures have been put into place, Allfirst and AIB’s control problems would be solved.








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