ed norton :: essays research papers

Edward Norton achieved instant stardom in his feature film debut in the 1996 Primal Fear. Norton was credited for saving a rather mediocre film with his portrayal of a Kentucky altar boy accused of murdering a Chicago Arch Bishop. This role earned Norton Golden Globe and Oscar Nominations for best supporting actor. With his instant fame Norton proved that he could go on and further his acting talents. Norton was born in Boston on August 18, 1969. He was raised in Columbia, Maryland and even in his early years Norton was known as an extremely smart and serious individual. He is the son of a former federal prosecutor and an English teacher. He became interested in acting at the age of five and made his stage debut at the age of 8 in a local production of Annie Get Your Gun. Norton enrolled in the Orenstein's Columbia School for Theatrical Arts, and after high school he studied history at Yale, while staying active in the university's theater program. After graduating from Yale with a degree in hstory, Norton spent a few months in Japan, then moved to New York. In New York he worked at the Enterprise Foundation, a group dedicated to ending urban decay. Norton still acted whenever possible, and finally decided to presue acting full-time. After appearing in several off-Broadway plays Norton won his role in Primal Fear after being chosen from 2,100 hopefulls. After stunning nearly everyone who saw his performance Norton continued to amaze in movies like Everyone Says I Love you and The People vs. Larry Flint. 1998 was a big year for Norton who turned in two great performances in Rounders and

Reverse Anorexia in Bodybuilders Essay -- Health Nutrition Exercise Pa

Reverse Anorexia in Bodybuilders Women compose the overwhelming majority of the reported cases of eating disorders. The, desire to be thin consumes many young women who idealize the false and unrealistic model form depicted in popular magazines. Recently, researchers have started to appreciate the role of exercise in the development of eating disorders. This shift has illuminated the striking influence of sports on body image satisfaction in men as well as women. The importance of a fit physique has grown increasingly salient to men in modem society as indicated by the rise of hypermasculine action heroes such as Arnold Schwartzenegger and Sylvester Stallone. One growing sport, bodybuilding, now has the sixth largest sports federation and has come to the attention of researchers. In the last few years, researchers have linked bodybuilding to an overwhelming drive for lean muscle mass coined "reverse anorexia" by Pope, Katz, and Hudson (1993) and "bigameraria" by Taylor(1985). The bodybuilders' obsessional behavior r esembles anorexia nervosa with remarkable similarity except that the drive for enormous muscles replaces the drive for thinness. This alarming psychological syndrome may motivate bodybuilders and weightlifters, to a lesser extent, to relinquish friends, to give up responsibilities, to pursue unusual diets, to overtrain and to risk their health by abusing steroids. Reverse Anorexia in Bodybuilders Bodybuilders who exhibit reverse anorexia strive constantly to gain more lean body mass, but even when successful persist in believing their size is inadequate. Pope et al. (1993) found that 8% of their bodybuilder subjects insisted that they were ver small when they were really big and muscular. This belief aff... ... 148, 917-922. Pasman, L., & Thompson, J. K. (19-8-8). Body and eating disturbance in -obligatory runners, obligatory weightlifters, and sedentary individuals. International Journal of Eating Disorders, 7, 759-769. Pope, H. G., & Katz, D. L. (1988-)., Affective and. psychotic syndromes associated with use of anabolic steroids. American Journal of Psychiatry, 145, 487-490. Pope, H. G., Katz, D. L., & Hudson, J. 1. (1993). Anorexia nervosa and "reverse anorexia" among 108 male bodybuilders. Comprehensive Psychiatry, 34(6), 406-409. Schwartzenegger, A., & Hall, D. K. @ 19-82). Arnold- The education a builder. New York: Pocket Books. Taylor, W. N. (1985). Hormonal Manipulation: A new era of monstrous athletes. Jefferson, N. C.: McFarland. Yates, A. (I991). Compulsive Exercise and the Eating disorders. New York: Brunner/ Mazel, Inc.

Supplier Relationships: a Strategic Initiative

Supplier Relationships: A Strategic Initiative Jagdish N. Sheth Goizueta Business School Emory University Arun Sharma University of Miami Jagdish N. Sheth is Charles H. Kellstadt Professor of Marketing, Emory Business School, Emory University and Arun Sharma is Associate Professor of Marketing, University of Miami. This paper extends research published by the authors in Industrial Marketing Management (March 1997). Please address correspondence to Arun Sharma, Department of Marketing, University of Miami, P. O. Box 248147, Coral Gables FL 33124, Telephone: (305) 284 1770, FAX: (305) 284 5326.Supplier Relationships: A Strategic Initiative* Abstract In an increasing competitive marketplace, firms are seeking new methods of enhancing competitive advantage. Today, purchasing is becoming a strategic function and a key factor in competitive positioning. This paper suggests that effective relationship with suppliers will provide firms with next-generational competitive advantage. With conso lidation of firms within industries, continuos product evolution and constant pressure on costs, supplier relationships will become more critical in the future.This paper discusses the emergence of supplier relationships, and how this shift toward supplier relationships has and will change the role, processes and strategies of firms. Although purchasing has strategic importance within a firm, good relationships between customers and suppliers are elusive. Firms, therefore, need to emphasize aspects that will enhance supplier relationships. * This paper extends research published by the authors in Industrial Marketing Management (March 1997). Supplier Relationships: A Strategic InitiativeIntroduction Firms are facing increasingly competitive environments characterized by continuos pressure on costs, large global players, continuously evolving products, customer fragmentation and emerging technologies. To ensure success, firms realize that they cannot be experts in all businesses and are concentrating on their core competencies. As an example, Westinghouse is selling its power and defense lines to concentrate on the broadcasting business. To enhance their performance in non-core competency areas, companies are reevaluating business relationships so as to form closer relationships with strategic suppliers [1, 2, 3].Firms have realized that collaborative business relationships improve a firm's ability to respond to the new business environment by allowing them to focus on their core businesses and reduce costs in business processes. In an earlier paper, we had suggested that the source of next-generational competitive advantage will be collaborative relationships that firms have with their suppliers [4]. We suggested four reasons for this phenomena. First, marketers or sellers are driving this change as firms have started identifying and catering to the needs of specific customers.Thus, having a relationship with suppliers will enable firms to receive better servi ce and therefore be more efficient in procurement. Second, firms recognize that supplier relationships will allow them to be more effective. It is easier to implement strategies such as quality platforms, if firms have relationships with their suppliers. Third, there are enabling technologies that allow firms to select their best customers and suppliers. Computer programs allow firms to calculate profitability Page 2 associated with each customer or supplier.Finally, competition and the growth of alliances are forcing firms to develop better supplier relationships to maintain a competitive edge. The purpose of this paper is to emphasize that supplier partnerships will provide a strategic advantage to firms. This paper identifies the benefits of supplier partnerships and provides guidelines for future supplier partnering. Shift in Organizational Strategy The reason for the emerging emphasis on supplier relationships is the shift in organizational buying strategies [4]. Organizational purchasing strategies have been dramatically changing for four reasons (please see Figure 1).First, global competitiveness had made firms realize the competitive advantages of creating and managing supply chain relationships. Second, emergence of the Total Quality Management philosophy has encouraged â€Å"reverse marketing† starting with external customers and moving backward into procurement processes. For example, Demand Driven Manufacturing or flexible manufacturing and operations have been instituted in order to serve the diversity of demand with respect to form, place and time value to customers. The role of suppliers is critical in this regard.Third, industry restructuring through mergers, acquisitions and alliances on a global basis has reorganized the procurement function from a decentralized administrative function to a centralized strategic function. This is further intensified by outsourcing many support functions such as data processing, and human resources. Fin ally, uses of information technologies have restructured the buying philosophy, processes and platforms by allowing firms to share market information and use market information to schedule design and manufacturing of products better. Page 3Fundamentally, the consequence of changing paradigms of organizational strategy is likely to result in a two dimensional shift as shown in Figure 2. Organizational purchasing strategy shifts from a transaction oriented to a relational oriented philosophy, and from a decentralized domestic sourcing to a centralized global sourcing process. Relationship with Suppliers As stated earlier, we suggest that developing relationship with suppliers will be critical for the effective functioning of firms. This trend is reflected in Table 1 that shows that large firms have substantially reduced their number of suppliers.This trend also suggests that some suppliers would be exclusive to firms. The primary reasons are that corporations are becoming leaner. The procurement function is becoming more centralized while the profit-and-loss (P) responsibility of firms is becoming less centralized. Business-unit heads are raising more questions about the way things are bought. And as vertically integrated companies – those that have complete internal capabilities and are self-sufficient – become relics and outsourcing of operations become a reality, more opportunities to partner with suppliers will arise.Taking advantage of these opportunities is increasingly important for several reasons: †¢ Declining market prices. Nobody expects prices to rise anymore. There is going to be a tighter squeeze on the margins of customer companies. They would like to get that margin reestablished by working with suppliers. †¢ Rising competitive intensity. With the restructuring of the world economy, the formation of the World Trade Organization, and greater economic integration within and between regions, global and regional consolidation is clearly taking place and resulting in greater Page 4 competition. Advanced technology enablers. Electronic commerce and networked computing are here. Dramatically reduced cycle times are becoming an ordinary achievement. These require partnering with suppliers. †¢ Reverse marketing strategies. The traditional process flow – from R and sourcing to manufacturing, sales and service – is becoming a thing of the past. Today, market-focused organizations are organizing into reverse marketing – starting with the end users. Partnering with suppliers is critical to this strategy. †¢ Strategic positioning. In the past, companies partnered primarily for operational efficiency (i. . , just-in-time procedures or zero-inventory models). Today, intense competition is coming from existing rivals, new entrants and the threat of substitutes. Partnering with suppliers is an increasingly important way of minimizing the competition’s negative impact on an industr y. Example of Companies Benefitting from Supplier Relationships The major research regarding the advantage of supplier relationships comes from a study of the Japanese automotive component industry [5]. They found that the average length of the relationship between suppliers and buyers was 22 years.In addition, the major customer bought about half the output of the supplier firm. About 26% of the supplier’s development effort was devoted to a single customer. Competition was restricted to 2-4 other suppliers. Finally, the quality of delivered product was very good. The data would suggest that supplier relationship enhanced the design efforts of the buying company and reduced uncertainty and costs for the Page 5 supplier company. Eastman Kodak, Ford Motor Company, Levi Strauss, DuPont , McKesson and Bose corporation demonstrate that some savings can be achieved by supplier relationships [2].These firms as well as examples of other firms using specific tactics to benefit from s uccessful relationships are discussed next: Eastman Kodak Company: Eastman Kodak Company has outsourced its data and information processing system to IBM. Kodak has achieved substantial cost savings through reducing personnel, assets and capital expenditures in an area that is not its area of core competency. This shift toward asking data processing and systems management consultants to manage the information and data processing of a firm has accelerated as major firms such as Xerox and Ryder have outsourced their internal data processing systems.Ford Motor Company: Ford formed a relationship with one of their own clutch suppliers. Ford examined the production process of their supplier and was able to reduce the cost of the clutch by 20% benefitting both Ford and the clutch supplier. Similarly, based on their past experience with Donnelly, Honda picked Donnelly as an exterior mirror supplier, although Donnelly had no experience in the area [3]. Honda sent its engineers into Donnelly ’s plant, and Honda and Donnelly engineers reorganized the plant and re engineered the product process.Sales are expected to be $60 million in 1997 and costs are expected to decline 2% annually benefitting both Honda and Donnelly. JC Penny and Levi Strauss: JC Penny and Levi Strauss are linked with an electronic Data Page 6 interchange (EDI) that allows Levi Strauss to obtain sales data. Levi Strauss obtains data on the exact size of jeans sold in individual stores. This data allows Levi Strauss to better plan the production process as well as better control inventory and delivery. This saving leads to a reduction in costs and prices benefitting both JC Penny and Levi Strauss.DuPont: Dupont has reduced the costs of each purchase transaction in the maintenance and repair supplies division from $120 to $16 by working with a smaller number of suppliers. DuPont selected one distributor in each region for a supplier relationship. They then implemented a paperless order, receipt an d payment process. In addition to decreased costs of transaction, inventory at the maintenance and repair facilities were reduced by 50%. McKesson Drug Company: McKesson a major drug distributor, developed a relationship with Johnson and Johnson, one of their major suppliers.Through a joint computer system development effort, both firms receive data on inventory, point of sale, demand, and customer information. This has led to Johnson and Johnson providing better service to McKesson increasing the level of service that McKesson provides to its customers. Due to the success of the relationship, Johnson and Johnson has turned over a million dollars worth of business to McKesson. Bose Corporation: Bose corporation has attempted to eliminate both purchasers and salespeople by bringing suppliers into the manufacturing process.Suppliers have access to Bose’s data, employees and processes. They work with Bose’s engineers on present and future products. The Page 7 reduction in personnel reduces costs for both sides, and a direct contact between the user and producer enhances quality and innovation. Establishing and Maintaining Supplier Relationships Wilson [6] suggests that the majority of alliances fail. We feel that most of the problems are associated with the selection and maintaining of supplier relationships. We present research finding from academic research, USGAO [2] and our own experiences.In order to establish relationships, we suggest that firms be very selective in their criteria. In addition to the normal criteria of competency and quality, we suggest the following additional factors be taken into consideration: †¢ Trust and Commitment to Long-term Goals. Both suppliers and buyers need to demonstrate trust and commitment toward a long-term vision. Trust and commitment have been shown to be the major predictors of successful relationships. †¢ Mutual Benefit. The relationship should be of benefit to both the buyer and the seller.If t he relationship has one-sided benefits, the relationship will not last. †¢ Top Management Support. Most successful relationships are associated with support from the top managers of a firm. As examples, the success of Walmart and Corning in forming relationships is because their CEOs have supported supplier relationships. Also, DuPont and Roadway Express have formed an Executive Board that meets at both companies to enhance their relationship [2]. †¢ Compatible Organizational Culture. The culture of firms should be compatible. This Page 8 uggests that they share common values and share common reward systems. A major relationship initiative between two telecommunication firms did not work because they did not share a common work philosophy. One firm was very intense, whereas the other firm was laid back. The relationship dissolved in six months. †¢ Sharing of Information. Relationships require sharing of information. The benefits of relationships arise from reducing th e uncertainty associated with transaction oriented exchanges. Information increases certainty and reduces needless interaction.As an example, Bailey Controls, a manufacturer of control systems shares data with two of its main electronic distributors that has allowed Bailey to reduce inventory and costs [3]. †¢ Strong and Open Communications. Strong and open communications reduces misunderstanding and enhances the quality of relationships. Maintaining Successful Relationships The following aspects are regarded as important for the successful maintenance of relationships. †¢ Simple and Flexible Contract. Simple and flexible contracts enhance relationships as they are used as guides rather than specifying all contingencies.For example, when Kodak outsourced their computer support services to IBM, they used an eleven-page contract [2]. In contrast, typically simple business contracts run to about 30 pages. †¢ Intensive Management Involvement. Cross functional teams from b oth the supplier and buyer organizations that meet periodically to enhance their relationships. For example, Ford uses salespeople to provide suppliers with consumer feedback [2]. Page 9 †¢ Periodic Performance Monitoring. We have found that performance monitoring is critical for relationships. Suppliers also appreciate a formal performance evaluation method.As an example, Motorola evaluates and generates a score card for all of its suppliers [3]. The supplier’s next order is based on the supplier’s previous performance. Suppliers appreciate this knowledge and compete better. †¢ Internal Controls. It is intuitive but companies need to protect access and distribution of confidential information with rigorous internal controls. †¢ Problem Solving Procedures. Companies need to establish problem solving procedures that reduce conflicts or prevent conflicts. One of the simplest forms is frequent communication at all levels of the customer and supplier organiz ation.Organizational Changes Need to Establish Supplier Relationships As stated earlier, as we traverse from a transaction and domestic orientation to a relationship and global orientation, firms will need to emphasize the development of relationship with suppliers. This emphasis of a relationship orientation toward suppliers will lead to an expertise in many aspects of business buying. These areas are highlighted in Figure 3, raised in our earlier paper [4] and discussed next. 1. Supplier as a Customer. As discussed earlier, there will be a thrust toward developing and maintaining relationship with customers.However, firms’ understanding in this area is very limited. Firms will need to develop commitment, trust and cooperation with their suppliers. Firms will need to invest in mutual goals, interdependence, structural bonds, adaptation, non Page 10 retrievable assets, shared technology and social bonds to ensure successful relationships [6]. 2. Cross-Functional Supplier Team s. Marketers have used interdisciplinary teams to contact and maintain relationships with their customers. As individual suppliers relationships become more important we expect a similar thrust toward cross-functional teams that are dedicated or focused on their key suppliers.The importance of individual suppliers is expected to increase because of the emergence of sourcing on a global and relational basis with a few key suppliers. Firms will need to change goals, reward structure and group norms of the purchasing function. 3. Does Partnering Pay? Firms will need to monitor the return on investment in establishing relationships with suppliers. Therefore, firms will need to develop a performance metric that analytically quantifies supplier relationship equity. We feel that supplier partnering with smaller share suppliers will not be economical.The cost-benefit analysis of supplier relationships should result in increased supplier selectivity. 4. Supply Experience Curves. Managing sup plier relationships will not be an easy task. The task of managing relationships on a global basis will be more complex and not analogous to domestic supplier management as most business customers have realized. Therefore, in industries where supply function is a key strategic advantage, companies need to focus on creating core competency in supply side management and develop sharper experience curves. Page 11 5. Hub and Spokes Organization. We expect organizations to reduce the number of uppliers in each product or service category. In addition, re engineering has forced firms to out source internal activities. We expect the results of these two trends to lead to a hub and spoke organization in which one or two suppliers in each product or service category are the spokes and the procurement organization becomes the hub on a global basis. 6. Bonding with Suppliers. Marketers, specifically those that practice relationship marketing have learned to bond with their customers. Bonding r elates to the empathy that the marketing organizations feel toward their customer groups.With an increasing trend toward creating, managing, and enhancing ongoing relationships with suppliers on a global basis, organizations will have to invest in supplier bonding processes and philosophies. 7. Global Sourcing. We expect global sourcing to be a source of strategic advantage. While several global enterprises, especially in the automotive, high technology and the aerospace industries are establishing processes and platforms, it is still at an infancy stage of practice in other industries. Firms will have to develop expertise in global sourcing strategies as well as global logistics. . Cross-Culture Values. Firms will need to be more aware of cross-cultural values. These values may be in conflict with the firm’s present value system. As an example, firms in the US are accused of focusing on short-term profitability whereas firms in Japan are concerned about long-term positioning . Similarly, in some cultures, reciprocity is declared illegal and unethical Page 12 whereas in other cultures it is the preferred way of doing business. What is considered as an agency fee in one country is recognized as a bribe, subject to prosecution under the anticorruption laws.Similarly, doing business with family members and politically connected individuals are presumed to provide a sense of trust and commitment in some cultures whereas it is considered as nepotism and unethical behavior in others. 9. Cross-National Rules. Firms will also have to learn about cross national rules. Specifically, the two tier regulations (one for domestic and the other for foreign enterprises) are common with respect to ownership, management control, and co-production practices in countries such as China.With the rise of nationalism in recent years, this has become a key issue for global enterprises such as McDonald's, Coca-Cola, General Electric, and Enron, especially as they expand their mark et scope and supply scope in large emerging nations such as India, China, and Indonesia. 10. Services Procurement. As organizations out source more and more internal services, and as suppliers engage in providing value-added services to their customers, firms need to better understand and research services procurement. Additionally, as most advanced countries are services economies, services procurement will rise in prominence.Conclusions The paper examined the reasons for the emergence supplier relations as source of Page 13 competitive advantage. The paper discusses successful relationships, rules for developing relationships and concludes with organizational strategies that will enhance supplier relationships. Page 14 References 1. Napolitano, Lisa, Customer-Supplier Partnering; A Strategy Whose Time has Come, Journal of Personal Selling and Sales Management, 4 (Fall), 1-8 (1997). United States General Accounting Office, Partnerships: Customer-Supplier Relationships can be Improv ed through Partnering, Report Number 94-173, Washington, D.C. (1994). Magnet, Myron, The New Golden Rule of Business, Fortune, February 21, 60-64 (1994). Sheth, Jagdish N. , and Arun Sharma, Supplier Relationships: Emerging Issues and Challenges, Industrial Marketing Management, 26 (2), 91-100 (1997). Wasti, S Nazli, Jeffrey K. Liker, Risky business or competitive power? Supplier involvement in Japanese product design, Journal of Product Innovation Management, 14 (September), 337-55 (1997). Wilson, David T. , An Integrated Model of Buyer Seller Relationships, Journal of the Academy of Marketing Science, 23, 4, 335-45, (1995). Emshwiller, John R. Suppliers Struggle to Improve Quality as Big Firms Slash their Vendor Roles, Wall Street Journal, August 16, B1, (1991). 2. 3. 4. 5. 6. 7. Page 15 Table 1 Reduction in the Number of Suppliers Company Number of Suppliers Current Previous 5,000 10,000 9,000 10,000 1,800 22,000 520 7,500 Percentage Change 90. 00% 70. 00% 66. 66% 45. 00% 44. 44% 36. 36% 26. 92% 20. 00% Xerox Motorola Digital Equipment General Motors Ford Motor Texas Instruments Rainbird Allied-Signal Aerospace 500 3,000 3,000 5,500 1,000 14,000 380 6,000 Source: Emshwiller [7]. Page 16 Figure 1 Changing Paradigm of Organizational Purchasing StrategyGlobal Competitiveness Technology Enablers Changing Paradigms of Procurement TQM Philosophy Industry Restructuring Page 17 Figure 2 Shift in Organizational Purchasing Strategy Global Sourcing Changing Paradigms of Procurement Transaction Oriented Relationship Oriented Industry Restructuring Domestic Sourcing Page 18 Figure 3 Emerging Areas of Expertise in Supplier Relationships Service Procurement Supplier as a Customer Cross Functional Supplier Teams Cross-National Rules Partnering Cross Cultural Values Supply Experience Curve Global Sourcing Bonding with Suppliers Hub and Spoke Organization Page 19

Final Marketing Plan Presentation Essay

The Allstate Corporation is the largest publicly held personal lines property and casualty insurer in America. Allstate provides insurance products to approximately 16 million households. Allstate was founded in 1931 and became a publicly traded company in 1993. Listed on the New York Stock Exchange under the trading symbol ALL and widely known through the â€Å"You’re In Good Hands With Allstate ®Ã¢â‚¬  slogan. (Suite 101, 2013). Being such a large provider of consumer protection takes hard work and dedication from every individual in the company to provide consumers with the highest level of customer service. While Allstate was trying unsuccessfully to diversify, rivals were revolutionizing the auto insurance business, which Allstate still counts on for most of its sales. Auto premiums generated 55% of its $31.4 billion in revenue last year.Geico and Progressive Corp. found a new formula for growth in the relatively mature business. They crafted a lower-cost model combining direct sales over the Internet and telephone with heavy television advertising. Offering lower prices and more convenience, they grew rapidly at the expense of Allstate and other insurers that sell mostly through agents.Allstate’s second-place share of the auto insurance market fell to 10.4% from 11.3% over the past five years, while Chevy Chase, Md.-based Geico jumped two points to 8.7% and Progressive climbed to 7.9 %( Suite 101, 2013). State Farm Insurance the largest car and home insurer in the U.S. and a mutual company owned by its policyholders consistently rated better for claims handling and service than Allstate. The claims department of Allstate has some of the most critical interaction with the consumers because it is during a time of need. Consumers contact the claims department when they have suffered a loss to establish a claim. The claims adjuster has the responsibility of obtaining claim pertinent information from the consumer to effectively evaluate the loss. At Allstate Insurance claims departments are separated according to customer needs. Large claims offices known as Market Claim Offices, MCO, are strategically located to provide adequate coverage across the nation. A Market Claim Office presides over a few states or an individual state depending on claim volume and consumer coverage. Allstate has specialized offices that handle claims for the entire nation but only if they meet certain criteria. The Hudson Express Office out of Hudson, Ohio is an office with a focus on handling claims with a reduced cycle time or the  time from claim submission to claim settlement. A starting to examine the external factors impacting customer expectations, which may or may not be off-kilter with necessary protocols and the terms of coverage insurance in general, is the media’s unflattering portrayal of the i ndustry; especially in light of post Katrina claim controversies and litigation. Aside from merely being a nuisance, the media also contribute to customer apprehension, which invariably affects the entire claim experience, starting with the initial exchange. Customer leeriness combated, comfort level enhanced easily by treating the customer and the claim with care and speed. To meet this reduced cycle time the Hudson Express Office only handles smaller claims with a total loss under $10,000. Everything within the Hudson Express Office is completely in house with no need for outside adjusters. A challenge area that arises because there are no outside adjusters is to efficiently write an estimate for structure damages and example of this comes from a customer’s review: (Five Weeks and Still Waiting, Jan 18 2013)†. I was broadsided by a driver who didn’t stop at a stop sign at a 4 way intersection. My car was left un-drivable. She didn’t have her insurance card with her. After a lot of investigating I found out who her insurance company was and called them myself. They told me an adjuster would be out to look at my car. No one showed up. I have called every day since. I have been told that as soon as they receive the police report and accept liability, they will put me in a rental car. It has been almost 5 weeks!† Description of the new product of service Allstate aims to compete more effectively with Geico and Progressive on their turf. After a successful four state pilot of the new Claim Satisfaction Guarantee for auto insurance across the country. Will Shorten claim cycle time ultimately results in higher customer satisfaction because the consumer can resume life as usual sooner rather than later. Allstate Insurance has implemented a new web-based customer service center to in able consumers to provide claim pertinent information via their computer through the use of the customer website. Consumers are able to enter file notes into the claim as well as submit a list of stolen or damaged items through the customer website that can be instantly attached to the claim. An opportunity area for decreased cycle time is with regard to property estimates. An in house  estimating system is utilized by inside adjusters to create a preliminary damage estimate. For smaller less complicated damage areas a web based estimating system would allow consumers to generate their own estimates. A simple web page can include multiple selections for damage areas including fences, doors, and windows. Once a damage area has been selected, multiple choice questions would allow consumers to describe the damaged area as well as the style and material the damaged area. If a consumer does not know the material or style, a default or average style and material would allow an initial estimate to be completed. Once the consumer receives an estimate or invoice from a contractor to complete the work, the claims department can review it for validity and issue any supplemental damages incurred. On simple claims, a consumer could file and settle a claim online without waiting for a call from a claims department representative significantly decreasing claim cycle time. SWOT Analysis The idea of developing a page on an insurance claim and being able to submit your complaint and receiving an instant response sounds great; Allstate needs to ensure that claims are being handled in a way in which will not create the webpage to become overloaded, it has to be user friendly and appropriate for any age group .Other considerations include the cost effectives of this type of service and how it will benefit the consumer and profitably for the brand.New automation also lists the opportunity in cost saving measures such as employee down sizing. Other key item to consider when marketing this type of service can be Advertisement on social media, newspapers,word of mouth, Blogs etc†¦ which are all great ways of promoting the new product and it also provides an opportunity to identify other forms of the same productoffered by the competitor. Target market including geographic Target market is middle market emerging affluent and mass affluent consumers with retirement and family financial protection needs. Priority status at the network repair shops and with our Service Centers. saving time and effort by having Allstate manage the entire repair process. Using the online system with real time updates to electronically monitor your vehicle at the repair shop. Progression updates are given on repairs so you can  spend time doing other things. working to minimize the repair time, which means a quicker reunion with your car. Quality factors including the quality of repairs, Guaranteeing repairs for as long as you own or lease the vehicle is one market point. If a policyholder has a burning question about a claim at 2 a.m., they are able log in to the online service site at any time to check the status of the claim. Porter’s five competitive forces model Allstate’s Consumer Segmentation Strategy When purchasing insurance or any other product or service, consumers have more choices than ever before and they know it. But decision making power is not in the customer’s hands alone. A company can build tremendous customer loyalty over time by making it a top priority to understand and meet its customers’ needs. As a result, Allstate will continue to refine its product offerings, marketing outreach and customer service based on careful research. Allstate serves four different consumer segments with distinct interaction preferences (advice and assistance versus self-directed) and brand preferences (brand-neutral versus brand-sensitive). Marketing research is an approach conducted to evaluate particular strategies.As well as the tactics used toward the web-based estimating system. The marketing research will help to connect with the consumers to analyze what is needed to research opportunities and evaluate marketing actions. This will also help to prevent uncertainties for the new service provided. The market research will allow the chance to determine how well the system is working. The competitive intelligence will help to identify what competitors are doing and how Allstate can differentiate service to gain customer loyalty. Marketing research will aid in developing a strategy that will increase the satisfaction of our new product of service. Allstate is working to provide quality service and conveniences. Therefore, the quantitative research will touch base on many incentives needed to process the claims. Other approaches will involve the act of identifying any other areas of concern. In which could relate to technical issues and a collection of data needed to estimate totals. The marketing research approach described will enhance the quality and promotion for Allstate’s new web-based system. The overall marketing plan should ensure the quality of each area of the  product and should provide the opportunity for clients to get on the site with hassle free problems and get the service that each individual needs. The mission should be to provide the best customer services and to ensure that the client gets what is needed in the end. Positioning statement Our Shared Vision provides the â€Å"why, how and what† behind everything we do at Allstate. It provides the road map for our continued success. Through this vision, we will truly put the customer at the center of everything we do (Allstate, 2013). We will become an even more valuable company to our customers, associates, investors, our communities and society a company with strong earnings potential and financial performance that sets the benchmark for our industry. We are the Good Hands: We help customers realize their hopes and dreams by providing the best products and services to protect them from life’s uncertainties and prepare them for the future. Deliver substantially more value than the competition by reinventing protection and retirement to improve customers’ lives. Put the customer at the center of all our actions. Utilize consumer insights, data and technology to serve customers and generate growth and attractive economic returns. Take an enterprise view of our people and processes and work as a single team to advance Allstate rather than our individual interests. Strategy and Position Description An automated online estimating system needs to be easy to understand and easy to use. The first element to the estimating tool is it needs to be easy to understand as well as aesthetically pleasing. When a customer logs on to his or her internet profile the option to choose an action needs to include selecting an existing claim on the insurance policy. Once the claim has been chosen, there will be a selection for estimating system. When the estimating system is chosen, the customer will be prompted regarding the damages he or she has sustained. For example, a customer was a victim of a recent theft loss where the front door was kicked in. The customer will select the damage option for entry door which will lead to a chain of questions regarding the  door. Options for the door will include material in which the door is made such as wood, metal, or fiberglass and whether or not the door is painted. Next, the customer will indicate the size of the door, if the customer does not know how to measure a door there will be a help icon that will advise the proper ways to measure a door. Style is another important factor in the cost of entry doors, options such as flush, panel, French, or security are the most common doors available. The next area of focus will include the damage sustained, whether the door, frame, or both are damaged will determine the proper repairs. The last area of concern for an initial estimate is whether the hardware is damaged and what type of hardware the customer currently has. When all of the information has been entered the estimating system will automatically construct an estimate for the removal and replacement of damaged property as well as the disposal of any debris. When the estimate is finished a disclaimer will be needed to inform the customer that the estimate is only a preliminary estimate and if any discrepancies arise when a contractor has seen the damage to inform the claims department for a review of the estimate. Since claims are being filed online, the movement on this is a little quicker. First of all, it reaches the company faster. The need to have the customer come in and get the information then in-putting it into the computer and have it looked at by the investigating agent, then processed, prepared for payment (if need be). Instead, you are cutting out the getting information process, and the inputting it into the computer by the agent. Instead you call or go online and put the information yourself and then let it get processed and then get paid. The affect it has on the movement is that it gets through quicker, you get faster response time from the company, and you get as accurate information as possible. The life cycle in a sense lasts shorter. Instead of taking a few weeks (possibly), it could take up to a week or less. So the life cycle in this case is a shorter one, which is good much better for the company overall. The only downside to this is that even though you get pretty accurate information, you then need to process it into insurance terminology so to speak, in which case you have an agent process the information. It’s also a good thing, because the agent is proof reading it so to speak to make sure that the information posted or given is  correct, and is process correctly, and is given to the proper division within the company. It’s sort of a backup plan and a much needed help for the customer who really has little to no knowledge on how insurance claims work. So overall, it is a faster and easier process which is set up to help the customer, and speed up the process to get claims paid quicker. Over time, while it does become easier, eventually other companies will begin to do this as well, and people will switch to whoever is cheaper. Service Packaging Packaging is not needed for our products or services. Instead we are offering our customers an easier way to file insurance claims. Normally a client would have to call in to the hot line number in order to file a claim. Once the operator answers then the client is expected to listen to numerous options and select which one applies to their personal needs at that moment. This process can be time consuming and aggravating depending on how many clients the customer service representatives the operators are assisting. The next step would be to explain the situation to the operator and wait for them to file the claim for the person. The on line website will be a fast working, easy to navigate website. There is nothing more aggravating then trying to complete information on a website that is slow and takes a long time to accept information. With technological advances, being able to file on line may be more convenient for those who do not have time to call the hot line and file claims. Clients will be able to access the website from laptops, cell phones, iPad, or any other media devices that allow access to the internet. Add value because it will be less time consuming for customers, if a follow-up is needed then the information may be easier to retrieve due to the pre-online registration. With every question there will be a detailed explanation of what information is required for that particular question. The question and additional information will be explained thoroughly to customers without them having to wait on hold in the phone for long periods of time just to speak with a live operator. This will add value to the customers in three ways. The online website will save time. Allow customers to have a more hands-on experience with the editing of claim information. Product Life Cycle Over the lifecycle of a product, a company’s differentiation and positioning strategy would need to change as the market, competitors, and product change. â€Å"When we say that a product has a life cycle we assert four things; Products have a limited life, Product sales pass through district stages, each posing different challenges, opportunities and problems to the seller, Profits rise and fall at different stages of the product lifecycle, and Products require different marketing, financial, manufacturing, purchasing, and human resource strategies in each life cycle stages† (Product Life Cycle | Stages and Limitations of Product Life Cycle (PLC), 2014, p. 1). â€Å"Product life cycle (PLC) deals with the life of the product in the market with respect to business or commercial cost and sales measures† (Product Life Cycle | Stages and Limitations of Product Life Cycle (PLC), 2014, p. 1). There are â€Å"five stages of each product lifecycle: product development, introduction, growth, maturity, and decline† (Product Life Cycle | Stages and Limitations of Product Life Cycle (PLC), 2014, p. 1). During the introduction stage, Allstate will be launched into the market. Sales grow slowly in this time, and informative advertising is done (Dinesh Bakshi, n.d.). Many firms do not earn profits in this stage. There wouldn’t be much price skimming because our product is not a new invention and does have competitors. Due to the amount of competitors in the insurance market, competitive pricing is used. Sales rapidly grow during the growth stage, so we use persuasive advertising to gain customers. Competition is stiff at times prices may be reduced to stay a top competitor. Even though competition may be stiff, firms start to earn more profits in this stage. Our sales increase slowly and the highest figures are reached during the maturity stage of the product cycle. Since competition is at its max level, it would be in Allstate’s best interest to implement promotional pricing. Our profits are also at their highest level. We use competitive advertising to attract and retain our customers (Market Force, 2005-2014). Next we enter the decline stage where sales and profits decrease. During this stage, we must determine if the decline is temporary or permanent by conducting marketing research. Production may be stopped if the decline is considered to be permanent. If the decline is temporary, extension strategies are  implemented. The extension stage comes into play to come back from the decline. Original products may be reintroduced in other variations by changing the design, starting a new advertising campaign, and more (Dinesh Bakshi, n.d.). Pricing The price strategy of the web based system. The primary goal is to assure that this meets the needs of our loyal customers and anticipated customers. Moreover the pricing of our new web based system is an essential part of the marketing piece. Indeed this product of service can be very successful through proper indications of the pros and cons. Other price strategies could relate to what new services are provided by our competitor’s. However, researching the value, quality and conveniences of the product of service is essential. Pricing strategies with our new service can work to help gain satisfaction from the customers. Consequently, if the market research is not implemented correctly; this can work against the organizations overall plan. Contingency plans will also help the guide the new product in the process of service. Most of all pricing factors outline important steps of the web based system. In which will differentiate us from other insurance organizations such as Sta te farm. Furthermore one of all states insurance pricing strategies would involve a small fee. This fee will be deducted from the insurance holders policy every month or every six monthly. The web based system will be done as a package deal. Therefore customers will have the option to participate or not. The new product of service will also be explained to every customer .As well as step by step instructions to give a better understanding of how to use the system. Ultimately the use of the system operates to have claims estimates completed in a timely manner. Customers immediately have an opportunity of seeing the breakdown of damages and cost online. Overall the web based systems pricing is a concern that customer will have a choice to speed the process of with their claim .Although there are some people who may prefer to wait to speak with a claims adjuster. Most of all the new product of service will eliminate many problems with the process of claims. Customers will have an opportunity to view their own claims, and get a compete estimate without waiting for a call back from a claims adjuster. Although  this is a preliminary estimate of the claim, this is a positioning factor that gives Allstate’s customers satisfaction. Pricing figures are major factors towards marketing as well as the competitors. Promotional Strategy Allstate has several online competitors (Progressive, eSurance and Geico) that equate themselves as easy and fast. One of Progressives main thing is â€Å"price match†, which allows consumers to compare rates without providing too much personal information. Many people are reluctant to participate in many online services such as this because they think they will bombarded with spam and other marketing tactics. Generally, customer just a roundabout amount of what they would have to pay for car insurance based on their specific coverage needs. Allstate has identified this problem and created an innovative solution. First and foremost, Allstate designed a new way for customers to shop for quotes and have them delivered. According to â€Å"Marketing Edge† (2014), quotes would be delivered â€Å"anonymously (no personal information required), fast and easy, helpful (accurate), contemporary, and intuitive† (para. 4). Allstate needed to spread the word on this innovation, and the best way was to implement a campaign. This campaign included banner ads online and other tools designed to focus on online shoppers. Allstate needed to market themselves differently than their competition in order to stand out, excite consumers, and provoke attention. According to â€Å"Marketing Edge† (2014), â€Å"The new anonymous quote tool was the centerpiece of the program. Once it went live on the www.allstate.com site, DRTV, paid search, and online advertising campaigns were implemented in order to drive traffic to it. The DRTV campaign used a unique URL, â€Å"getallstate.com† for tracking purposes. Online banner ads linked directly to the site so visitors could be tracked through initiation and completion of a quote. The Program Objective: Develop and market a category-unique online shopping/quoting tool and introduce it to consumers in a way that cost-effectively invites greater shopping/quoting in the direct channel† (para. 7). This creative strategy had continued to allow online shoppers the freedom  and convenience to stay anonymous. Customers do not even have to provide their name to receive a quote (estimate). There is no application to feel out and no surveys to take. All of the other necessary information is gather by simply inputting your zip code. There are helpful tools strategically placed to assist customers, and the web site design is contemporary but not too flashy. According to â€Å"Marketing Edge† (2014), Based on their information, shoppers are presented with an array of estimates in a matrix that allows them to compare different features and levels of coverage that meet their unique needs. And it provides a price for each option. The tool demonstrates throughout the ease with which consumers can obtain the customized price and coverage information they want† (para. 10). Professional Selling Effort In order to market the new automated system for making claims, Allstate needs to express to the customers exactly how beneficial it will be to them. The best approach would be to build the value to the customer. They would have to show the customer exactly how it would benefit them to manage their claims online rather than deal with a claims adjuster right from the get go. Several people will find it convenient to be able to fill out the accident forms right from their mobile device, like their smart phone or tablet, while others will not be so prone to using technology as they are not technologically advanced. We will show the customers not to be afraid of the new systems, and that they are a benefit, not a burden. Initial Budget The budget is a financial plan for Allstate that quantifies the resource allocation plan for the years to come. To start, Allstate would have to create a specific amount, generated from how many people are going to be monitoring the online claims, and how many hours those individuals are going to be putting in. A sum of $208,000 will needed for ten individuals needed for the new system, all set at 40 hours per week and being paid $10 per hour. Allstate will have to create a budget for the person or company putting together the mainframe for putting together the portal for online claims, and setting up the website. Allstate will have to keep in mind that it is going to be a process to put this together and a lot of storage is going to be needed for their clientele. Generally, websites and web design  are going to cost Allstate anywhere from $1,000 t $2,500. Allstate will create jobs for this new system, and they will have to advertise or promote within in order to fill those jobs, b ut this will be very minimal cost to Allstate. The company expects to have a gross profit in the first year of $250,000-$500,000 due to the amount of claims that are not going to need claims adjuster to visit sites to assess the damage personally. The targeted output rate is 1,000,000, and with the average of 86% of all applicants that start the claim online actually finish it, that leaves 860,000 people that use the online claims and pricing. Allstate does not expect any losses with the new market plan. Success Plan Measurement There are several ways to measure the success of Allstate’s marketing plan. For Allstate to accurately measure their success plan they must â€Å"start with the end in mind† (Dyke, 2014). One of the first things to do is ask why the project began and what the goals are. Companies cannot lose sight of why they started something. Once that drive is lost the campaign goes under and the company is next. Numbers do not lie, so if the marketing plan is working it will show in revenue. Dyke (2014), â€Å"Measure success on your marketing program’s ability to meet the needs or desired outcomes of an objective. Remember your business planning here – start with setting your goals, list objectives that meet these goals and then identify tactics that will achieve your objectives. The best objectives are SMART (specific, measurable, achievable, realistic and tangible)† (para. 13). To start tracking progress and success, Allstate must determine who their audience is. having a newsletter can be the turning point for a business. You can see which articles have the most readers and track statistics. Dyke 2014, † Begin to gather intelligence around the reader’s interest in the topic, taking the newsletter from a passive strategy to an interactive strategy, and one that can be measured. At the bottom of each online article, give readers several options. They can comment or ask questions, request that a lawyer call them, request a white paper or a helpful form or  checklist you’ve developed, or they can register for topical events. Remember, your responsiveness to requests is critical in developing relationships† (para. 20). Next, reducing that amount spent on proposals and pitches will help to increase rates in other areas. get to know clients rather than just what they think they want. Allstate must stay one step ahead of the competition to succeed. Many say the â€Å"perception is reality†, so it is imperative to know exactly what Allstate’s clients think about them. This can be done by implementing satisfaction surveys for the clients to ensure all their needs are met. All threats or problems acknowledged or revealed by the client must be handled swiftly. Allstate must â€Å"market for the sake of revenue, not for the sake of marketing – and take the momentum of your success and apply throughout all your marketing initiatives† (Media coverage: grabbing the bull horn). Ethical Issues Reference Dinesh Bakshi. (n.d.). Retrieved from http://www.dineshbakshi.com/igcse-business-studies/marketing/revision-notes/814-product-life-cycle Dyke, S.V. (2014). CBA Practice Link. Retrieved from http://www.cba.org/cba/practicelink/mt/measureefforts.aspx http://www allstate.com/claims/report- Insure Me. (1993-2014). Retrieved from http://www.insureme.com/insurance-agent/marketing-tips Market Force. (2005-2014). Retrieved from http://uk.marketforce.com/price-checking/ Marketing Edge. (2014). Retrieved from http://www.marketingedge.org/marketing-programs/collegiate-echo/challenge-history/dma-international-echo-showcase/winner-allstate Perreault, W. D., Cannon, J. P., & McCarthy, E. J. (2009). Basic Marketing. A marketing Product Life Cycle | Stages and Limitations of Product Life Cycle (PLC) . (2014, Summer). Textile Learner, (1), 1. Retrieved from http://textilelearner.blogspot.com/2013/12/product-life-cycle-stages-and.html Strategy Planning Approach. (17th ed.). New York, NY: McGraw-Hill Company

Assesing the Goal of Sports Products, Inc

Q d. Does the firm appear to have an effective corporate governance structure? Explain any shortcomings. Ans: They do not have an effective corporate governance structure. The most important shortcoming is the management team who don’t make good decisions for maximizing shareholders’ wealth. They only care for the profit and their bonus related with that. They don’t take any steps to maximize stakeholder’s equity. If this information gets public they might got fired from their job for violating the main goal of a public company â€Å"maximize shareholders wealth† Q e. On the basis of the information provided, what specific recommendations would you offer the firm? Ans: From the information available in the case study, we get a picture that this company has some major problem regarding their top management. We are giving these recommendations to address those issues. 1. Comply with all laws as well as accepted standards of conduct or moral judgment. This will prevent any more environmental hazard caused by dumping waste and its legal and environmental consequence. 2. Establish a corporate ethics policy, to be read and signed by all employees. This will make everyone aware about their specific duties and this will prevent further delinquency by the management. 3. Designing a payment system that ties management team and employees’ salary to share price or a performance based scale. And top management must have a stock based compensation plan which will get rid of the agency problem existing in the company. And buying stocks from the market will create demand for shares thus the stock price may go up for a short session.

AQR vi.d.9 assignment Example | Topics and Well Written Essays - 250 words - 1

AQR vi.d.9 - Assignment Example In this analysis, the number of times a company pays a dividend was considered. Also, price to earnings ratio was considered. Consequently, the two approaches resulted to the selection criterion whereby the firms with a high price to earnings ratio and paid dividends four times a year were preferred. Finally, technical analysis was conducted. Under this analysis, the main consideration was the price activity on the stock chart. As such, the firms with a relatively stable trend were preferred. The combination of the three forms on analysis was used to arrive at the selected stocks and the amount of stocks that were invested in each. The beta value of the portfolio is -25.15180862 against a benchmark of -32.701. The figure is computed by summing the change in value of the portfolio and dividing the figure by the summation of changes in value of the benchmark. Therefore, the portfolio Beta beat the market value Beta since -25.1518062% is greater than -32.701%. However, in the two cases, Beta is negative implying that the general trend is opposite to that of the market. The game serves as an eye opener on the importance of computing individual beta value. The reason is that having an individually computed Beta value eliminates the limitation that may be found with the S & P 500 benchmark due to its generalization. As a result, one can have precise Beta value for a portfolio which specifically focuses on the stocks themselves. The approach improves the accuracy in one’s ability to predict the

Bring Your Own Device (BYOD) Case Study Example | Topics and Well Written Essays - 500 words

Bring Your Own Device (BYOD) - Case Study Example Third, BYOD is beneficial to the company since it lowers the cost of purchasing and maintaining the IT devices used for work. Fourth, when an organization adopts this strategy, it likely to attract and retain talented employees, especially the young. Finally, BYOD helps to transform the workplace by allowing employees use new and innovative ways to work. For instance, employees can take advantage of cloud computing and virtualization in doing their work. There are a number of limitations associated with BYOD. First, BYOD implementation poses a major risk to the data held by an organization (Ernst & Young, 2013). Specifically, the use of personal devices to access company data may lead to leakage of confidential information. In order to address this challenge, many companies use virtualization where cooperate data and applications are accessed from a central position (Cisco, 2014). This gives the company control over its resources. In addition, containerization is also used where corporate data is put into separate structures which give the organization enhanced control (Reddy, 2012). The second challenge is that the devices may provide an avenue for an enterprise network to be attacked. This may give unauthorized persons access to company network. In order to solve this problem, many companies are making use of encryption which makes it difficult for authorized persons to access company data. Encryption is also used to prevent users from accessing information from lost devices. Thirdly, BYOD may lead to many devices connecting to the company network since one employee may have multiple devices. This may reduce the efficiency of the network. To address this, companies manage the number of devices used on its network. This is mainly achieved through the use of passwords. Finally, when a company adopts BYOD strategy, it