7.3 Flashcards
(11 cards)
measuring quality and importance of this
measuring customer loyalty, satisfaction, % of faulty products.
important because of brand image, allows to charge a higher price, gain competitive adv
how can a business improve quality
quality assurance (check at every stage)
quality control ( check at end of production)
higher quality materials
staff training
what is absenteeism and how to improve
absenteeism is short-term illness and skyvers
can improve by increasing motivation, decrease job related stress
results of good/ poor health and safety
good: motivated employees, good brand reputation
bad: bad brand rep, high absenteeism, demotivated staff, possible sued
name the 7 P’s
promotion, people, process, physical environment, place, product
what is a core competencies (USP)
the unique abilities that a business possesses that promote it with a competitive advantage.
why are core competencies important
can add value to product/ service
allows business to take advantage of strengths
criticisims of core competencies
- can lead to complaintancy when only focusing on core competencies
- hard to identify c.c that are genuinely unique
what is elkington’s triple bottom line
a concept that assesses a businesses performance on their:
• profit - how successful - ryan air
• planet - sustainability, carbon emissions, reduction of waste, fair trade, animal friendly - Lush
• people - impact of employees, customers and communities, health & safety - John Lewis (employees have shares)
Benefits of elkingtons tripple bottom line
- encourage CSR
-encourages business to think about stuff other than profit - decreases environmental impact
drawbacks of Elkington’s TBL
-struggle to focus on all three
- might encourage green washing -> lying
- no legal requirement to report so businesses ignore it
