Transcript
Assessment
Hospitality and Management Assessment 2
Instructions
Please respond to all the following questions. You can write your answers under each question question directly directly.. You might have to undertake the appropriate research to answer these
questions.
SITXCCS007 - E!"CE C#ST$%E& SE&'ICE EX(E&IECES Short Answer Questions Question
)hat is active *istening and wh+ is it an important part o, providing an enhanced customer service eperience ,or customers "ctive *istening is a communication technique used in counse*ing/ training/ and con,*ict reso*ution. It requires that the *istener ,u**+ concentrate/ understand/ respond and then rememer what is eing said. "ctive *istening is an important ecause it demonstrates courtes+ and respect ,or the customers. "*so/ +ou might *earn something new an, encourage ,urther communication. Question 2
Identi,+ and descrie at *east three techniques that can e used to anticipate customer pre,erences/ needs and an d epectations. (rovide (rovid e an eamp*e o, each. There are a variet+ o, wa+s in which +ou ca anticipate customer pre,erences/ needs and epectations. In some cases/ +ou wi** dea* with return customers/ when this is the case +ou can use their past histor+ to a**ow +ou +o u to make an educated guess gu ess aout what the+ want/ need or o r epect. 1or eamp*e/ +ou might rememer that %r and %rs 2ones have an Irish co,,ee at the end o, their mea*. (rior to asking them i, the+ are read+ ,or their invoice +ou might go to their ta*e and ask whether the+ wou*d *ike +ou to ring them an Irish co,,ee. It has the added ene,it o, making customers ,ee* that the+ are va*ued + the organisation as the+ have een rememered. Sometimes +ou ca use demographic trends to anticipate customer pre,erences/ needs and epectations. These might re*ate to +our customers3 age/ gender or socia* and cu*tura* characteristics. 1or eamp*e/ +ou might discuss a customer group3s need ,or kosher ,ood due to the ,act the+ are orthodo 2ews. 4nowing this +ou cou*d recogni5e that +our customers wi** proa*+ want to ,inish their mea* in time and to a**ow them to drive home ,or
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Assessment
Saath6when orthodo 2ews are not permitted to drive8 You cou*d guess that a customer group containing severa* chi*dren might interest in co*our penci*s and pu55*e ooks. ooks. You shou*d use +our ski**s in oservation to anticipate customer pre,erences/ needs and epectations. You might see a customer group decked out in ,oota** 9erse+/ scarves and hats arrive at +our hote* short*+ e,ore a ,oota** match. It is *ike*+ that these customers want the te*evision channe* changed so the+ can watch the game. In some cases/ +ou simp*+ need to use +our common sense. " customer who has ordered a ott*e o, spark*ing wine win e is *ike*+ to epect an ice ucket. " customer who is wondering around +our hote* wearing sports c*othes *ooking *ost and might need directions to het to the in-house g+m. )hen considering the needs/ wants and epectations o, +our customers consider those with specia* needs. " customer who uses a whee*chair might need assistance to access the *i,t. " customer with vision impairment might need +ou to read the items on the menu to them. " woman with a sma** a+ cou*d need a private *ocation to reast,eed a chi*d or use o, ,aci*ities to a**ow her to hear ,ormu*a8mi*k. Question !
!ow can negotiation e used to reso*ve con,*ict Identi,+ at *east ,ive negotiation ehaviours. There are ,ive *ong-recogni5ed st+*es o, negotiating which characteri5e oth approaches to reso*ving disputes or making dea*s and the de,au*t approach taken + each individua* to negotiating. These st+*es can e thought o, as means ,or achieving negotiated outcomes as we** as a categori5ation o, individua*s negotiating. A"oiding (rimari*+ concerned with avoiding intra-persona* con,*ict Is use,u* when the the stakes o, a negotiated outcome are not worth the investment o, time or the potentia* ,or igniting con,*ict Characteri5ed + sidestepping/ postponing/ and ignoring the issue or situation E,,ective when avoidance o, the situation or issue does not great*+ a,,ect the re*ationship and short term task is not important to either part+ Accommodating (rimari*+ concerned with the re*ationship etween the parties Easi*+ gives the other side concessions in hopes o, strengthening the re*ationship/ ut o,ten gives awa+ too much too soon Tend to neg*ect their own needs in ,avor o, he*ping the other side get what the+ want E,,ective when *ong term re*ationship is important and short term task is not important #ompromising The st+*e ,a**ing etween accommodating and competing #se,u* when time is a concern or there is a strong re*ationship etween the parties &equires concessions ,rom oth sides to ,ind agreement :oes not ,ocus on *egitimate or ,air standards ,or sett*ement and instead uti*i5es ;%eet in the midd*e/< or ;Sp*it the di,,erence< so*utions #olla$orating 1ocuses on using pro*em so*ving methods to create va*ue and discover mutua**+ satis,actor+ agreements #ti*i5es the creativit+ o, oth parties to ,ind so*utions to oth sides3 interests
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Saath6when orthodo 2ews are not permitted to drive8 You cou*d guess that a customer group containing severa* chi*dren might interest in co*our penci*s and pu55*e ooks. ooks. You shou*d use +our ski**s in oservation to anticipate customer pre,erences/ needs and epectations. You might see a customer group decked out in ,oota** 9erse+/ scarves and hats arrive at +our hote* short*+ e,ore a ,oota** match. It is *ike*+ that these customers want the te*evision channe* changed so the+ can watch the game. In some cases/ +ou simp*+ need to use +our common sense. " customer who has ordered a ott*e o, spark*ing wine win e is *ike*+ to epect an ice ucket. " customer who is wondering around +our hote* wearing sports c*othes *ooking *ost and might need directions to het to the in-house g+m. )hen considering the needs/ wants and epectations o, +our customers consider those with specia* needs. " customer who uses a whee*chair might need assistance to access the *i,t. " customer with vision impairment might need +ou to read the items on the menu to them. " woman with a sma** a+ cou*d need a private *ocation to reast,eed a chi*d or use o, ,aci*ities to a**ow her to hear ,ormu*a8mi*k. Question !
!ow can negotiation e used to reso*ve con,*ict Identi,+ at *east ,ive negotiation ehaviours. There are ,ive *ong-recogni5ed st+*es o, negotiating which characteri5e oth approaches to reso*ving disputes or making dea*s and the de,au*t approach taken + each individua* to negotiating. These st+*es can e thought o, as means ,or achieving negotiated outcomes as we** as a categori5ation o, individua*s negotiating. A"oiding (rimari*+ concerned with avoiding intra-persona* con,*ict Is use,u* when the the stakes o, a negotiated outcome are not worth the investment o, time or the potentia* ,or igniting con,*ict Characteri5ed + sidestepping/ postponing/ and ignoring the issue or situation E,,ective when avoidance o, the situation or issue does not great*+ a,,ect the re*ationship and short term task is not important to either part+ Accommodating (rimari*+ concerned with the re*ationship etween the parties Easi*+ gives the other side concessions in hopes o, strengthening the re*ationship/ ut o,ten gives awa+ too much too soon Tend to neg*ect their own needs in ,avor o, he*ping the other side get what the+ want E,,ective when *ong term re*ationship is important and short term task is not important #ompromising The st+*e ,a**ing etween accommodating and competing #se,u* when time is a concern or there is a strong re*ationship etween the parties &equires concessions ,rom oth sides to ,ind agreement :oes not ,ocus on *egitimate or ,air standards ,or sett*ement and instead uti*i5es ;%eet in the midd*e/< or ;Sp*it the di,,erence< so*utions #olla$orating 1ocuses on using pro*em so*ving methods to create va*ue and discover mutua**+ satis,actor+ agreements #ti*i5es the creativit+ o, oth parties to ,ind so*utions to oth sides3 interests
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Tend to e assertive aout their needs and cooperative with the other side E,,ective when *ong term re*ationship is important and short term task is important #ompeting (rimari*+ concerned with achieving their own goa*s regard*ess o, the impact on others 'iews negotiation as a win8*ose rather than a pro*em so*ving activit+ $,ten uti*i5e manipu*ative tactics such as attacks/ threats/ and other aggressive ehavior to achieve their o9ectives E,,ective when *ong term re*ationship is not important and short term task is important
Question %
)hat is the va*ue to a usiness o, ,eedack ,rom customers aout their customer service eperiences Customer ,eedack is so important ecause it provides marketers and usiness owners with insight that the+ can use to improve their usiness/ products and8or overa** customer eperience. The ,o**owing are the top si reasons wh+ customer ,eedack is important to +our usiness.
=. It can he*p improve a product or service
>. It o,,ers the est wa+ to measure customer satis,action
?. It provides actiona*e insight to create a etter customer eperience
@. It can he*p improve customer retention
A. It de*ivers tangi*e data that can e used to make etter usiness decisions
B. It can e used to identi,+ customer advocates
Question &
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)hat is cross-se**ing and how can it e used to encourage customers to purchase add-ons that might enhance their eperience. (rovide ,ive eamp*es o, add-ons that customers in a restaurant might e encouraged to u+. Cross-se**ing is a sa*es tactic aimed at generating more sa*es + suggesting additiona*/ re*ated or comp*ementar+ items to a u+er who3s who3s a*read+ committed to making a purchase. The eamp*es o, add ons that customers in a restaurant might e encouraged to u+D
:esserts Tea and co,,ee ar*ic or her read Cocktai*s and *iqueurs Fott*ed water
Question '
)hat is an organisation3s customer dataase !ow are the+ used8 what t+pe o, in,ormation is entered into them )h+ are the+ use,u* Customer :ata %anagement 6C:% is a so*ution mechanism in which an organi5ationGs customer data is co**ected/ managed and ana*+5ed. C:% is geared toward reso*ving customer requirements and issues whi*e enhancing customer retention and satis,action/ a**owing an organi5ation to convert customer data into Customer Inte**igence 6CI. :ataases can e organi5ed in man+ di,,erent wa+s/ and thus take man+ ,orms. The most popu*ar ,orm o, dataase dataas e toda+ is the re*ationa* re*ation a* dataase. (opu*ar eamp*es ea mp*es o, re*ationa* dataases are %icroso,t "ccess/ %+SH/ and $rac*e. " re*ationa* dataase is one in which data is organi5ed into one or more ta*es. Each ta*e has a set o, ,ie*ds/ which de,ine the nature o, the data stored in the ta*e. " record is one instance o, a set o, ,ie*ds in a ta*e. To visua*i5e this/ think o, the records as the rows o, the ta*e and the ,ie*ds as the co*umns o, the ta*e. In the eamp*e e*ow/ we have a ta*e o, student in,ormation/ with each row representing a student and each co*umn representing one piece o, in,ormation aout the student. (hy use a )ata$ase* 4eep a** +our customer detai*s up to date and easi*+ managea*e &etain eisting customers and ui*d *o+a*t+ + providing a persona*ised service and communication enerate re,erra*s ,rom satis,ied customers 1o**ow and track potentia* customers easi*+
Question +
)hat wi** e contained in organisationa* po*icies and procedures re*ating to compensating customers who have made comp*aints
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Assessment
%ost o, the organisations wi** have po*icies and procedures that set up the o9ectives and process ,or compensating customers ,or product or service di,,icu*ties. The+ a*so identi,+ who is responsi*e ,or approving compensation. 1or eamp*e/ a** o, the sta,, might e authori5ed to o,,er a ,ree drink to customers who have had a drink spi*t on them. !owever/ on*+ the manager might e authori5ed to compensate a customer with comp*ementar+ dinks ,or an entire evening
Question ,
)hat are two di,,erent wa+s that the hospita*it+/ trave* or tourism industries promote products and services There are two di,,erent wa+s ,or the hospita*it+/ trave* or tourism industries promote products and servicesD =. $n*ine promotions >. &eward s+stems and *o+a*t+ programs
Question -
Comp*ete the ta*e + identi,+ing a method o, compensating a customer who has made the common*+ *isted comp*aints. #ustomer complaint
#ompensation
:ou*e ookings8 taking reservations when ,u**+ ooked
:iscount voucher ,or *ater date
ong wait periods
Comp*ementar+ products 6,ree tea or co,,ee whi*e waiting/ *ate checkout
:rinks spi*t on customer
1ree drink
(oor qua*it+ product8 service
(artia* re,und
Question
)hat constraints might hospita*it+/ tourism and trave* sta,,s have on them in terms o, proactive*+ o,,ering compensation to customers ,or service di,,icu*ties (rovide at *east three eamp*es.
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There are three eamp*es o, proactive*+ o,,ering compensation to customers ,or service di,,icu*tiesD =. Costs and udgets >. Compensation po*ic+ and procedures ?. (ro,itai*it+ o, intended sa*e
Question
)hat specia* needs might +ou have to take into consideration when communicating with customers (rovide at *east two eamp*es. =. :isai*it+ 6inc*uding ut not *imited to inte**ectua* impairment/ ph+sica* impairment/ ps+chiatric disai*it+/ hearing or vision impairment/ *earning di,,icu*ties/ and attention de,icits. >. anguage 6e.g. non-Eng*ish-speaking ackgrounds/ not ,ami*iar with service-speci,ic 9argon and acron+ms.
Question 2
)hat t+pes o, ,eedack wou*d +ou epect to oserve when a person is receptive to suggestive se**ing (rovide at *east ,our eamp*es. =. >. ?. @.
'era* ,eedack on-vera* ,eedack Fod+ *anguage E+e contact
Question !
1or what purposes can questions e used (rovide at *east ,ive eamp*es. The purpose o, using questions isD =. To encourage the speaker to keep ta*king >. To rein,orce with the customer +our interest them ?. To add ackground or detai* to what has een said @. To veri,+ the meaning o, what have een said A. To determine customer pre,erences/ needs and epectations
SITXCCS00J - :E'E$( ": %""E H#"ITY C#ST$%E& SE&'ICE (&"CTICES Short Answer Questions Question
!ow do princip*es o, customer service change when customers make high va*ue purchases
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&eward ,or cusomters *o+a*t+. F+ integrating *o+a*t+ data into +our de*iver+ providers and persona*i5ation too*s/ +ou3** e a*e to understand when/ how and wh+ high-va*ue customers access +our site and design use,u*/ person*isaed touched to interact with them across mu*tip*e channe*s. )hen done right/ *o+a*t+ programs remove arriers etween +our customer and their purchases and stream*ine their shopping eperience. :oing so can empower the customer with a sense o, agenc+ when the+ rea*i5e that their actions have a direct impact on their eperiences with +ou and what services +ou can o,,er them.
Question 2
!ow does accreditation he*p to ui*d pro,essiona* industr+ standards "ccreditation assists usinesses to improve the qua*it+ and consistenc+ o, their products/ services/ work processes and e,,icienc+ which in turn increases customer satis,action and con,idence. To achieve qua*it+ assurance scheme accreditation usinesses must demonstrate their ongong commitment to usiness deve*opment/ continuous improvement and customer service. Fusinesses assess on customer service/ usiness practice/ presentation and provision o, ,aci*ities/ administrative po*icies/ comp*aint handing procedures and accurate advertising. The+ must a*so demonstrate that the+ have a** the re*evant insurances in p*ace and comp*+ with regu*ator+ requirements.
Question !
)hat are the ro*es and responsii*ities o, managers in the provision o, qua*it+ customer service %anagers share responsii*it+ ,or deve*oping qua*it+ customer service practices/ managing the de*iver+ o, qua*it+ service and monitoring and ad9usting customer service practices to meet usiness o9ectives. $ther responsii*ities inc*udingD "cting as ro*e mode*s and mentors ,or sta,, Comp*aints Initiating sta,, training Customer service training
Question %
Identi,+ ,ive trends in the eterna* environment a,,ecting the wa+ organisations do usiness and provide customer service. =. Econom+ The g*oa* econom+ is one o, the iggest eterna* ,actors that wi**/ at some time/ a,,ect +our usiness. %arket ,*uctuations ased on po*itics/ terrorism attacks/ wars and currenc+ deva*uation eventua**+ trick*e down to most commercia* enterprises.
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>. 1inance )a** Street and the so*venc+ o, ig anks and ,inancia* institutions ma+ not seem to have much to do with +our usiness/ ut eventua**+ the+ ma+ a,,ect +our ai*it+ to continue doing usiness. Interest rates/ the avai*ai*it+ o, credit and consumer *oans are eterna* ,actors +ou rare*+ can contro*. ?. )eather I, man cou*d contro* the weather/ vacation resorts wou*d know eact*+ when to charge the highest room rates. Storms/ tornadoes/ hurricanes and wi*d,ires are outside +our purview o, contro**a*e usiness ,actors. In addition to the direct impact a storm ma+ have on +our ai*it+ to open +our doors at an+ given time/ widespread weather events o,ten carr+ a sustantia* trick*e-down e,,ect to a wide range o, usinesses. @. In,rastructure Koning *aws/ highwa+ construction and housing deve*opment are particu*ar*+ important to retai* esta*ishments/ restaurants/ manu,acturers and other usinesses that re*+ on a *ocation ,or success. Changes in the *oca* in,rastructure ma+ prove either disastrous or ,ortuitous to +our compan+. A. aws State/ *oca* or ,edera* changes in the *aws can have a direct impact on +our usiness i, the service or product ecomes high*+ regu*ated or out*awed. Cigarette manu,acturers *earned this *esson when pu*ic smoking was out*awed in man+ areas and smoking indoors has ecome practica**+ noneistent. overnment regu*ations such as those that a,,ect the environment or communication are e+ond +our contro* and cou*d have a direct impact on +our usiness.
Question &
Customer satis,action surve+s can e used as a research too* to monitor/ measure/ and eva*uate customer satis,action. )hat methods can e used to surve+ customers )hat are the components o, an e,,ective surve+ !ow shou*d the data received e used + the organisation !ere are the A est wa+s to get consistent 6and high qua*it+ ,eedack ,rom +our customersD =. Surve+s >. 1eedack oes ?. &each out direct*+ @. #ser activit+ A. #sai*it+ Tests The+ use a 7-point check*ist at the start o, each surve+ to assess what I want to inc*ude in the surve+ and how it wi** a,,ect the data. This post introduces the check*ist/ and in the coming weeks/ I wi** ,ocus on each item in *ist and provide additiona* ideas ,or how to make +our surve+ a success. =. Introduction content Inc*ude re*evant contact detai*s/ intent o, surve+/ privac+ noti,ication and instructions. >. Co*ors and *ogo Frand the surve+ design to +our compan+3s *ook and ,ee*.
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?. Surve+ content Create question t+pes ased on what +ou want the data to *ook *ike or do. %ake sure +our questions get to the point and avoid the use o, 9argon/ s*ang or acron+ms. @. #se c*osed ended questions whenever possi*e C*osed ended surve+ questions give respondents speci,ic choices 6e.g. Yes or o/ making it easier to ana*+5e resu*ts. C*osed ended questions can take the ,orm o, +es8no/ mu*tip*e choice or rating sca*e. A. (o*ish the design "pp*+ the &equired "nswer ,eature/ use Tet 'a*idation 6e.g. edit the error messages according*+/ ad9ust the question p*acement and spacing ,or a c*ean *ook 6more8*ess white space so it3s eas+ ,or +our respondents to comp*ete +our surve+. B. Surve+ ,inish option :ecide how do +ou want the surve+ to end. :o +ou want respondents to return to +our site :o +ou want the window to c*ose Inc*ude ,ina* in,ormation and thank the respondent. 7. (retest +our surve+ %ake sure +ou pretest +our surve+ with a ,ew memers o, +our target audience and8or coworkers to ,ind g*itches and unepected question interpretations. There are man+ wa+s to co**ect in,ormation on +our customers/ inc*udingD order ,orms enquiries comp*aints warrant+ cards customer rewards programs customer satis,action surve+s ,eedack cards customer competitions +our wesite.
Question '
!ow does the deve*opment o, customer service po*icies and procedures contriute to the provision o, qua*it+ customer service $rganisations deve*op po*icies and procedures ,or a variet+ o, reasonsL ,or eamp*e/ to comp*+ with *egis*ation or in response to concerns ,rom stakeho*ders or to change workp*ace ehavior. " po*ic+ is a guiding princip*e used to set up a direction ,or the organisation. It shou*d e used to guide and ,aci*itate decision-making within the ,ramework o, the o9ectives/ go*as and management phi*osophies o, a usiness. (o*icies can range ,rom road phi*osophies to speci,ic ru*es. (o*icies must comp*+ with *ega* requirements. " procedure detai*s the action to etaken to address the po*ic+. It shou*d e designed as a series o, steps to e ,o**owed as a consistent and repetitive approach or c+c*e to accomp*ish at the end o, resu*t. (rocedures are speci,ic/ ,actua*/ succinct and to the point. (o*icies and procedures are important ecauseD the+ are a *ega* requirement under various workp*ace *egis*ation identi,+ and minimi5e risks etc/.
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Question +
!ow can comp*aints e used to good e,,ect + organisations )h+ shou*d the+ e monitored/ reviewed/ recorded and ana*+sed In toda+3s Internet-driven wor*d/ customers have more power than ever. I, customers have a positive customer eperience/ the+ wi** share this eperience with ,riends/ ,ami*+ and connections/ which in turn can *ead to new usiness. "** at 5ero cost. Fut what happens i, +ou ,ai* to provide a positive customer eperience The answer is simp*e. Your customers wi** comp*ain. "ccording to research + Estean 4o*sk+/ =?M o, unhapp+ customers wi** share their comp*aint with =A or more peop*e. 1urthermore/ on*+ = in >B unhapp+ customers comp*ain direct*+ to +ou. "nd ,or customers that don3t comp*ain/ the+ 9ust stop doing usiness with +ou. There is a si*ver *ining hereD " customer comp*aint high*ights a pro*em/ whether that3s a pro*em with +our product/ emp*o+ees or interna* processes/ and + hearing these pro*ems direct*+ ,rom +our customers/ +ou can investigate and improve to prevent ,urther comp*aints in the ,uture. 1urthermore/ research ,inds that customers3 whose comp*aints are hand*ed quick*+ can o,ten turn into *o+a* customers and even rand advocates. Simp*+ put/ a customer comp*aint can ecome ver+ pro,ita*e when +ou can reso*ve their pro*em. Comp*aint "na*+sis Comp*aint ana*+sis is used to track/ categori5e and hand*e customer comp*aints. )hen a customer makes a comp*aint/ he or she is voicing a concern in re*ation to +our product or service. !owever/ not a** comp*aints are to e treated equa**+ and there are severa* questions to ask +ourse*, e,ore +ou take action/ inc*udingD !as this happened e,ore !ave the comp*aints een recorded !ow o,ten does the same comp*iant arise Is there a pattern to this comp*aint in how it was received !as the same customer reported this previous*+ F+ answering these questions/ +ou can take the necessar+ steps required to prevent them ,rom happening again. 1or eamp*e/ i, severa* customers comp*ain aout a speci,ic issue/ +ou can use their ,eedack to improve +our product or service. $r/ i, +ou are current*+ working on a so*ution/ +et +ou sti** receive comp*aints ,rom +our customer ase/ +ou can create an emai* temp*ate ,or support that ep*ains/ in detai*/ how are +ou going to so*ve it.
Question ,
Identi,+ and rie,*+ descrie at *east ,ive eamp*es o, qua*it+ assurance schemes. =. !atcher+ Hua*it+ "ssurance Scheme 6!H"S accredits S) ,ish hatcheries ,or the production o, native ,ish ,inger*ings ,or recreationa* ,ishing enhancement stocking programs and aquacu*ture production. >. "dvanced product qua*it+ p*anning 6or "(H( is a ,ramework o, procedures and techniques used to deve*op products in industr+/ particu*ar*+ the automotive industr+.
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?. " measurement s+stems ana*+sis 6%S" is a thorough assessment o, a measurement process/ and t+pica**+ inc*udes a specia**+ designed eperiment that seeks to identi,+ the components o, variation in that measurement process. @. Capai*it+ %aturit+ %ode* Integration 6C%%I is a process *eve* improvement training and appraisa* program. A. The IS$ N000 ,ami*+ o, qua*it+ management s+stems standards is designed to he*p organi5ations ensure that the+ meet the needs o, customers and other stakeho*ders whi*e meeting statutor+ and regu*ator+ requirements re*ated to a product or program. IS$ N000 dea*s with the ,undamenta*s o, qua*it+ management s+stems/ inc*uding the seven qua*it+ management princip*es upon which the ,ami*+ o, standards is ased. IS$ N00= dea*s with the requirements that organi5ations wishing to meet the standard must ,u*,i**.
Question -
)hat topics might e inc*uded in customer service po*icies and procedures to ensure qua*it+ customer service (rovide at *east three eamp*es. =. >. ?. @.
&esponse times (roduct qua*it+ (ricing and service guarantees Comp*aint and dispute management
Question
)hat is the intent o, competition and consumer *egis*ation that app*ies in +our state8 territor+ and how does this in,*uence service de*iver+ &esponse shou*d re,er to re*evant competition and consumer *egis*ation. 1or eamp*e/ competition and consumer *egis*ation aims to give usinesses a ,air and competitive operating environment. It covers anti-competitve conduct/ price ,iing/ unconsciona*e conduct and other issues/ such as advertising. The *egis*ation a*so sets out consumers3 rights and responsii*ities. It convers areas such as / returns/ re,unds/ warranties/ contracts/ marketing and advertising.
SITX1I00? - %""E 1I"CES )IT!I " F#:ET Short Answer Questions Question
ist =0 t+pes o, ,inancia* records that can e used to assist with ,inancia* management within a udget. =. Fank statements >. Fanking summaries
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?. Cheque ooks @. Invoices A. Transaction reports B. Credit card transaction statements 7. 2ourna* entries J. %erchant statements N. %erchant summaries =0. Fank deposit documentation
Question 2
ist and rie,*+ descrie seven t+pes o, udgets. =. Cash udgets - The cash udget contains an itemi5ation o, the pro9ected sources and uses o, cash in a ,uture period. >. Cash ,*ow udgets - It esta*ishes how much mone+ is needed and when it wi** e needed ?. :epartmenta* udgets - " departmenta* udget a**ows the ,irm to ana*+5e the costs and epenses re*ated to a certain department and whether the ,irmGs income is su,,icient to meet these epenses. @. Event udgets - (*an +our organi5ation or compan+ event A. (ro9ect udgets- (*an +our orgnaisation pro9ects B. Sa*es udgets - " sa*es udget is an important ,irst step in structuring an overa** udget ,or +our sma** usiness. 7. )age udgets - a pa+ment usua**+ o, mone+ ,or *aor or services usua**+ according to contract and on an hour*+/ dai*+/ or piecework asis
Question !
ist =A considerations in the preparation o, ,inancia* or statistica* reports. =. Cash ,*ow >. Commercia* account activit+ ?. Commission earnings @. Covers and ,inancia* return A. Ependiture B. Income 7. Sta,, costs J. Stock *eve*s N. Yie*d =0. )astage ==. Sa*es per,ormances =>. Sa*es returns =?. $ccupanc+ rates and ,inancia* return =@. :ai*+/ week*+ and month*+ transactions @NIET Version 1.0Page
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=A. (er,ormance o, department/ pro9ect and 8 or products and services
Question %
Ep*ain the di,,erence etween ,ied and ,*ei*e udgeting and ep*ain how udgets are used to a**ocate resources ,or usiness operations. Fusinesses ene,it ,rom creating a udget that he*ps to contro* how income is spent. Creating the idea* udget arrangement wi** invo*ve considering oth a ,ied and ,*ei*e udget strateg+/ u*timate*+ choosing the approach that wi** produce the greatest *eve* o, ene,it. )hi*e the two udget t+pes share a numer o, characteristics/ there is a ke+ di,,erence etween them that must e we** understood e,ore making that ,ina* choice. "s the names ,or the two strategies imp*+/ the sing*e most important di,,erence etween a ,ied and ,*ei*e udget is that the ,ormer does not provide an+ room ,or making changes to udget *ine items when and as various events or circumstances change. In contrast/ a ,*ei*e udget does provide some room ,or shi,ts in a**ocations to di,,erent *ine items/ making it possi*e to trans,er ,unds ,rom one item to another i, the need shou*d arise. :epending on the t+pe o, usiness operation invo*ved/ this makes the ,*ei*e udget approach more practica*. $ne o, the easiest wa+s to understand this ke+ di,,erence etween a ,ied and ,*ei*e udget is to consider a compan+ owner that is preparing an operating udget ,or an upcoming accounting period/ such as the net ca*endar or ,isca* +ear. Fudget *ine items wi** inc*ude a**ocating ,unds ,or raw materia*s/ uti*ities/ *aor costs and other epenses that ma+ or ma+ not change at some point during the +ear. I, the compan+ current*+ has vendor agreements in p*ace that guarantee pricing ,or raw materia*s and uti*ities as we** as contracts that prevent changes in *aor costs ,or that period/ a rigid udget that does not a**ow ,or an+ ad9ustments ma+ work quite we**. Since most usinesses cannot guarantee at *east some shi,ts in operationa* costs/ a**owing ,or at *east some ,*eii*it+ is important. Since the ai*it+ to adapt is important in deciding etween a ,ied and ,*ei*e ,inancia* strateg+/ pro9ecting possi*e shi,ts in generated revenue/ taes/ uti*it+ costs/ and *aor is important to the process. It is sti** possi*e to go with a ,ied udget even i, there is anticipation o, some changes/ assuming the income *eve* and the reserves o, the usiness are su,,icient to used what is known as padding ,or each o, the *ine items. (adding is simp*+ choosing to increase the anticipated a**ocation ,or the *ine items + a certain percentage/ e,,ective*+ creating a ,inancia* cushion that can e ca**ed upon i, needed. Since there is nothing to compe* compan+ owners to spend a** o, the ,unds a**ocated to each *ine item/ it is possi*e to use a ,ied udget approach and achieve a a*anced udget ,or the +ear. Since not ever+ compan+ has surp*us to devote to each *ine item/ choosing etween a ,ied and ,*ei*e udget ma+ invo*ve structuring a udget that makes it easier to trans,er ,unds ,rom one *ine item to the net/ when and as certain events occur. 1or eamp*e/ the ,*ei*e udget wou*d make it eas+ to move ,unds set aside ,or raw materia*s i, *ower rates ,or those materia*s are negotiated/ and use that di,,erence to cover increased *aor costs. The overa** udget remains a*anced/ since the same amount o, mone+ is invo*ved. )hen considering the merits o, oth the ,ied and ,*ei*e udget/ there is no one right choice that ,its ever+ situation. Fudget p*anners must rea*istica**+ consider the circumstances surrounding the operation and p*an the udget according*+. :oing so wi** provide the est possi*e working p*at,orm ,or managing compan+ ,inances and improve the chances that a** resources are used to est e,,ect.
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Question &
Ep*ain the purpose o, each o, the ,o**owingD a cash ,*ow udget/ a capita* ependiture udget/ a sa*es udget and ep*ain/ in genera* terms/ what procedures shou*d e ,o**owed when co**ecting data to in,orm udgets. " cash ,*ow udget is an estimate o, a** cash receipts and a** cash ependitures that are epected to occur during a certain time period. Estimates can e made month*+/ imonth*+/ or quarter*+/ and can inc*ude non,arm income and ependitures as we** as ,arm items. Capita* ependiture/ or CapE/ are ,unds used + a compan+ to acquire or upgrade ph+sica* assets such as propert+/ industria* ui*dings or equipment. It is o,ten used to undertake new pro9ects or investments + the ,irm. " sa*es udget is an important ,irst step in structuring an overa** udget ,or +our sma** usiness. )ith an accurate pro9ection o, ,uture sa*es/ a sma** usiness owner makes we**in,ormed decisions/ keeps epenses in *ine and protects his compan+ ,rom ,ai*ing. The proceduresD Consu*t with sta,, to identi,+ needs and changes in income and ependiture priorities co**ect data and ideas ,rom the various cost centres ring down dra,t udget and present it so that ,eedack can e given consu*t and in,orm a** re*evant personne* in re*ation to resource decision (romote awareness o, the importance o, udget contro* %aintain detai*ed records ,o resource a**ocation according to organisation contro* s+stems Question '
)hat is ratio ana*+sisL how can it he*p in measuring usiness per,ormance and setting o9ectives8 goa*s and how can +ou ensure accurac+ when co**ecting data ,or drawing up ,inancia* and statistica* reports &atio "na*+sis is a ,orm o, 1inancia* Statement "na*+sis that is used to otain a quick indication o, a ,irmGs ,inancia* per,ormance in severa* ke+ areas. Theratios are categori5ed as Short-term So*venc+ &atios/ :et %anagement &atios/ "sset %anagement &atios/ (ro,itai*it+ &atios/ and %arket 'a*ue &atios. " ratio is a means o, re*ating one numer to another. In ,inancia* ana*+sis/ ratios ma+ e epressed as the ratio/ rate or percentage/ depending on +our own pre,erence. To provide use,u* meaning/ ,inancia* ratios need to e compared with/ ,or eamp*eD the trend o, +our resu*ts over the past +ear or so 6i.e. trend ana*+sis the resu*ts + other competitors 6i, these are avai*a*e industr+ enchmarks or genera* usiness standards udgeted resu*ts the e,,ect o, economic conditions. Common*+ used ,inancia* ratios Your ,irst decision wi** e which ,inancia* ratios to use. The most common categories o, ratios areD pro,itai*it+ - use gross pro,it margin and net pro,it margin ratios as > ke+ indicators o, usiness per,ormance and *ike*ihood o, success
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cash ,*ow and *iquidit+ - use these ratios to assess the amount o, working capita* +ou have in +our usiness/ and work out how so*vent the usiness is in the short to medium term risk and return - use these ratios to 9udge how success,u* investment in +our usiness is/ and what e,,ect ,urther investment ma+ have in speci,ic parts o, the usiness stock turnover and sa*es - use these ratios to identi,+ overstocking or de,iciencies in +our production or marketing strategies. on-,inancia* ratios on-,inancia* ratios can a*so e important to +our usiness/ as the+ can high*ight issues that ma+ not show up on the a*ance sheet. Sta,, turnover and c*ient satis,action are eamp*es o, non-,inancia* ,actors +ou ma+ want to eamine. earn more aout non-,inancia* ratios. etting he*p with ,inancia* ratios 1inancia* advisers can recommend the most suita*e ratios ,or +our usiness and show +ou how to produce reports to ca*cu*ate and monitor them. )hen +ou have started to ana*+se the ,igures produced + +our ,inancia* ratios/ +ou can use them to enchmark +our usiness. This wi** he*p +ou assess productivit+ + comparing +our per,ormance to other usinesses in +our industr+.
Question +
Each industr+ has ,inancia* termino*og+ unique to it. :o some research and identi,+ and provide descriptions ,or termino*og+ unique to +our industr+. " common pro*em o, termino*og+ work is that the importance and indeed the ver+ nature o, termino*og+ is poor*+ understood. Thus man+ peop*e simp*+ have no idea at a** o, what it is/ whi*e others/ searching ,or an ep*anation o, some sort/ end up associating it with Otherma* scienceO and hence radiators. &e*ated pro,essions in the communications ,ie*d/ such as trans*ation and technica* writing/ wi** o,ten e aware o, the word without having precise know*edge o, what it entai*s. Three ma9or points need to e made hereD 1irst*+/ proper termino*og+ is concerned with the re*ationship etween concepts/ and etween them and their designations/ rather than with designations a*one or with the o9ects the+ represent. This point is essentia* i, qua*it+ is to e achieved/ especia**+ with s+non+ms and in mu*ti*ingua* environments. Second*+/ a designation does not necessari*+ have to e a word or phrase/ a*though it o,ten is. Thus termino*ogica* resources ma+ comprise s+mo*s/ drawings/ ,ormu*ae/ codes/ etc. as we** as/ or even instead o,/ words. This point is especia**+ important given the move to mu*timedia s+stems. Third*+/ termino*og+ is inetrica*+ *inked with specia*ist know*edge and hence with specia* *anguages or *anguages ,or specia* purposes 6S(s.
Question ,
)hat ,inancia* reporting c+c*es can e used + an organisation
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1inancia* reports are produced once a +ear to re,*ect the usiness3s earnings and spending within the given ,isca* +ear. "*though it is produced so shareho*ders/ vendors and investors can see how the usiness is spending the mone+/ a usiness ma+ a*so take use the ,inancia* reports to identi,+ the compan+3s assets and p*an its ,inances.
SITX1I00@ - (&E("&E ": %$IT$& F#:ETS Short Answer Questions Question
ist and rie,*+ descrie seven t+pes o, udgets. =. >. ?. @. A. B. 7.
Cash udgets Cash ,*ow udgets :epartmenta* udgets Event udgets (ro9ect udgets Sa*es udgets Sa*ar+ udgets
Question 2
:e,ine the udgetar+ terms. /erminology
)efinition
"ssets
Items that are owned or contro**ed + the usiness
Capita* ependiture
money spent by a business or organization on acquiring or maintaining fixed assets suc! as "and bui"dings and equipment.
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Cash in,*ows
" Statement o, Cash 1*ows 6or Cash 1*ow Statement shows the movement in theCash account o, a compan+. It presents cash in,*ows 6receipts and out,*ows 6pa+ments in the three activities o, usinessD operating/ investing/ and ,inancing. "ccountants ,o**ow the accrua* asis in measuring income and epenses.
Cash out,*ows
Cash out,*ows inc*ude epenses such as sa*aries/ supp*ies/ and maintenance/ as we** as pa+ing dividends or servicing an+ det he*d + the compan+. " compan+ ma+ e required to seek additiona* ,inancing i, cash out,*ows eceed cash in,*ows.
C$S
Cost o, goods so*d 6C$S are the direct costs attriuta*e to the production o, the goods so*d + a compan+. This amount inc*udes the cost o, the materia*s used in creating the good a*ong with the direct *aor costs used to produce the good.
:irect *aour costs
#irect "abor cost is a part of $age%bi"" or payro"" t!at can be specifica""y and consistent"y assigned to or associated $it! t!e manufacture of a product a particu"ar $or& order or pro'ision of a ser'ice.
Epenses
T!e cost incurred in or required for somet!ing.
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1ied costs
usiness costs/ such as rent/ that are constant whatever the amount o, goods produced.
ross pro,it
ross pro,it is a compan+Gs tota* revenue 6equiva*ent to tota* sa*es minus the cost o, goods so*d. ross pro,it is the pro,it a compan+ makes a,ter deducting the costs associated with making and se**ing its products/ or the costs associated with providing its services.
iai*ities
the state o, eing *ega**+ responsi*e ,or something.
(ro,it and *oss report
" (ro,it and oss &eport 6(P is a report that shows +our tota* Income and +our tota* Epenses in a speci,ic period o, time. It3s a rea**+ use,u* report as it shows +ou +our net (ro,it 6or *oss ased on +our Income P Epenses/ and that can e used to come up with some cost cutting strategiesQ
&evenue
&evenue is the amount o, mone+ that a compan+ actua**+ receives during a speci,ic period/ inc*uding discounts and deductions ,or returned merchandise. It is the Otop *ineO or Ogross incomeO ,igure ,rom which costs are sutracted to determine net income.
Sa*es ,orecast
" sa*es ,orecast is an essentia* too* ,or managing a usiness o, an+ si5e. It is a month-+month ,orecast o, the *eve* o,sa*es +ou epect to achieve. %ost usinesses draw up asa*es ,orecast once a +ear.
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Question !
)hat ,inancia* reporting c+c*es can e used + an organisation 1inancia* reports are produced once a +ear to re,*ect the usiness3s earnings and spending within the given ,isca* +ear. "*though it is produced so shareho*ders/ vendors and investors can see how the usiness is spending the mone+/ a usiness ma+ a*so take use the ,inancia* reports to identi,+ the compan+3s assets and p*an its ,inances.
Question % ist seven interna* and eterna* ,actors that impact on udget deve*opment.
)eather I, man cou*d contro* the weather/ vacation resorts wou*d know eact*+ when to charge the highest room rates. Storms/ tornadoes/ hurricanes and wi*d,ires are outside +our purview o, contro**a*e usiness ,actors. In addition to the direct impact a storm ma+ have on +our ai*it+ to open +our doors at an+ given time/ widespread weather events o,ten carr+ a sustantia* trick*e-down e,,ect to a wide range o, usinesses. In,rastructure Koning *aws/ highwa+ construction and housing deve*opment are particu*ar*+ important to retai* esta*ishments/ restaurants/ manu,acturers and other usinesses that re*+ on a *ocation ,or success. Changes in the *oca* in,rastructure ma+ prove either disastrous or ,ortuitous to +our compan+. aws State/ *oca* or ,edera* changes in the *aws can have a direct impact on +our usiness i, the service or product ecomes high*+ regu*ated or out*awed. Cigarette manu,acturers *earned this *esson when pu*ic smoking was out*awed in man+ areas and smoking indoors has ecome practica**+ noneistent. overnment regu*ations such as those that a,,ect the environment or communication are e+ond +our contro* and cou*d have a direct impact on +our usiness. Trends )hi*e +ou ma+ spend a good part o, +our pro,its on marketing in the hopes o, ,avora*+ in,*uencing trends/ some are e+ond +our contro*. "n increase in techno*og+ use + +our customers ma+ e ui*t into +our strategic p*anning/ ut +ou ma+ not have p*anned ,or the widespread use o, socia* media that cou*d a,,ect +our usiness. Ce*erities who ecome advocates ,or a cause or decide to o+cott a certain usiness practice can start a trend that cou*d serious*+ a,,ect +our usiness i, +ouGre on the wrong side o, the trend.
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Customer Fase Your target customer ase ma+ change sudden*+ or s*ow*+ over a period o, time. The changing makeup o, +our neighorhood that attracts more sing*es or +oung renters can a,,ect +our usiness ,or eamp*e i, +ou cater to a more upward*+ moi*e/ ,ami*+-oriented customer ase. Cu*tura* imp*ications o, a changing neighorhood ma+ a,,ect +our usiness negative*+ or positive*+ depending on +our ai*it+ to meet the needs o, changing demographics. Econom+ The g*oa* econom+ is one o, the iggest eterna* ,actors that wi**/ at some time/ a,,ect +our usiness. %arket ,*uctuations ased on po*itics/ terrorism attacks/ wars and currenc+ deva*uation eventua**+ trick*e down to most commercia* enterprises. 1inance )a** Street and the so*venc+ o, ig anks and ,inancia* institutions ma+ not seem to have much to do with +our usiness/ ut eventua**+ the+ ma+ a,,ect +our ai*it+ to continue doing usiness. Interest rates/ the avai*ai*it+ o, credit and consumer *oans are eterna* ,actors +ou rare*+ can contro*.
Question &
Ep*ain udget preparation and monitoring techniques. You need to inc*ude sources and contents o, data required ,or udget preparation/ techniques ,or making udget estimates and common reasons ,or deviations and udget deviation management. ew sma** usiness owners ma+ run their usinesses in a re*aed wa+ and ma+ not see the need to udget. !owever/ i, +ou are p*anning ,or +our usinessG ,uture/ +ou wi** need to ,und +our p*ans. Fudgeting is the most e,,ective wa+ to contro* +our cash,*ow/ a**owing +ou to invest in new opportunities at the appropriate time. I, +our usiness is growing/ +ou ma+ not a*wa+s e a*e to e hands-on with ever+ part o, it. You ma+ have to sp*it +our udget up etween di,,erent areas such as sa*es/ production/ marketing etc. YouG** ,ind that mone+ starts to move in man+ di,,erent directions through +our organisation - udgets are a vita* too* in ensuring that +ou sta+ in contro* o, ependiture. " udget is a p*an toD contro* +our ,inances ensure +ou can continue to ,und +our current commitments ena*e +ou to make con,ident ,inancia* decisions and meet +our o9ectives ensure +ou have enough mone+ ,or +our ,uture pro9ects It out*ines what +ou wi** spend +our mone+ on and how that spending wi** e ,inanced. !owever/ it is not a ,orecast. " ,orecast is a prediction o, the ,uture whereas a udget is a p*anned outcome o, the ,uture - de,ined + +our p*an that +our usiness wants to achieve.
FSF%4@0= - (&$1IE T!E %"&4ET Short Answer Questions
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Question
Summarise the requirements o, the "ustra*ian %arketing Institute Code o, (ro,essiona* Conduct. The "ustra*ian %arketing InstituteGs record o, service to the marketing pro,ession goes a** the wa+ ack to our origin in =N??. $ver the intervening +ears we have continua**+ evo*ved to meet the changing needs o, marketers/ de*ivering services to he*p memers maimise their pro,essiona* growth. Toda+ the "%I represents pro,essiona* marketers throughout "ustra*ia/ inc*uding practitioners ,rom a** marketing ,unctions and industries. Through our uni,ied voice/ the Institute has esta*ished strong *inks with usiness/ academia and government to ecome the voice o, the marketing pro,ession. The "%IGs *eadership ro*e in advancing the marketing pro,ession has resu*ted in the emergence o, Certi,ied (ractising %arketer 6C(% accreditation as a practising enchmark/ the esta*ishment o, a Code o, (ro,essiona* Conduct/ and the move towards de,ined practising standards ,or marketers and marketing metrics ,or organisations. %emers guide the po*ic+ and priorities o, the Institute through e*ected State Counci*s and a ationa* Foard o, :irectors/ ensuring representation ,or ever+ state at the nationa* *eve*. Franch o,,ices in each state conduct events on topics o, *oca* interest to augment nationa* programs.
Question 2
There are a numer o, ke+ provisions o, re*evant *egis*ation and regu*ations ,rom a** *eve*s o, government that ma+ a,,ect aspects o, usiness operations/ such asD •
anti-discrimination *egis*ation
•
ethica* princip*es
•
codes o, practice
•
privac+ *aws
•
,inancia* *egis*ation
•
hea*th and sa,et+ *egis*ation
•
consumer *aw
•
credit procedures *egis*ation and regu*ations
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)h+ is it necessar+ to have a working know*edge o, the *egis*ation invo*ved in usiness !ow in-depth must +our know*edge o, *egis*ation e and where can +ou ,ind this in,ormation That *egis*ation out*ines what it is and isnGt *ega* ,or a usiness to do/ and the ru*es on that are ver+ comp*icated these da+s. "s such/ itGs important ,or usinesses to know what their *ega* rights and responsii*ities are. I, the+ donGt know this/ the+ cou*d reak the *aw and get into serious trou*e. The+ cou*d *ose their *ega* rights to operate/ and the sta,, cou*d even go to prison in some cases. ega**+/ ignorance is no ecuse- so even i, +ou donGt know the *aw/ i, +ou reak it +ou sti** get in trou*e 6this is to stop peop*e 9ust c*aiming the+ didnGt know something was i**ega*.
Question !
)hat is quantitative research in re*ation to data co**ection and when is it he*p,u* )hether it is usiness/ marketing/ humanities/ ph+sica* sciences/ socia* sciences/ or other ,ie*ds o, stud+ or discip*ine/ data p*a+s a ver+ important ro*e/ serving as their respective starting points. That is wh+/ in a** o, these processes that invo*ve the usage o, in,ormation and know*edge/ one o, the ver+ ,irst steps is data co**ection. :ata co**ection is descried as the ;process o, gathering and measuring in,ormation on varia*es o, interest/ in an esta*ished s+stematic ,ashion that ena*es one to answer queries/ stated research questions/ test h+potheses/ and eva*uate outcomes.< :epending on the discip*ine or ,ie*d/ the nature o, the in,ormation eing sought/ and the o9ective or goa* o, users/ the methods o, data co**ection wi** var+. The approach to app*+ing the methods ma+ a*so var+/ customi5ed to suit the purpose and prevai*ing circumstances/ without compromising the integrit+/ accurac+ and re*iai*it+ o, the data. Huantitative :ata. These are data that dea* with quantities/ va*ues or numers/ making them measura*e. Thus/ the+ are usua**+ epressed in numerica* ,orm/ such as *ength/ si5e/ amount/ price/ and even duration. The use o, statistics to generate and susequent*+ ana*+5e this t+pe o, data add credence or credii*it+ to it/ so that quantitative data is overa** seen as more re*ia*e and o9ective.
Question %
$ut*ine what +ou need to know in order to deve*op a marketing p*an/ how +ou wou*d source in,ormation and how an organisation3s cu*ture might in,*uence the marketing p*an. E,,ective marketing starts with a considered/ we**-in,ormed marketing strateg+. " good marketing strateg+ he*ps +ou de,ine +our vision/ mission and usiness goa*s/ and out*ines the steps +ou need to take to achieve these goa*s. Your marketing strateg+ a,,ects the wa+ +ou run +our entire usiness/ so it shou*d e p*anned and deve*oped in consu*tation with +our team. It is a wide-reaching and comprehensive strategic p*anning too* thatD descries +our usiness and its products and services
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ep*ains the position and ro*e o, +our products and services in the market pro,i*es +our customers and +our competition identi,ies the marketing tactics +ou wi** use a**ows +ou to ui*d a marketing p*an and measure its e,,ectiveness. " marketing strateg+ sets the overa** direction and goa*s ,or +our marketing/ and is there,ore di,,erent ,rom a marketing p*an/ which out*ines the speci,ic actions +ou wi** take to imp*ement +our marketing strateg+. Your marketing strateg+ cou*d e deve*oped ,or the net ,ew +ears/ whi*e +our marketing p*an usua**+ descries tactics to e achieved in the current +ear. • enera* cu*tura* know*edge inc*udes imp*icit theories aout the wor*d we *ive in that are *arge*+ shared + the memers o, our societ+. Fut in addition to this shared set o, ideas/ we a*so have persona* know*edge that can con,*ict with accepted/ cu*tura**+ derived practices. 1or eamp*e/ a o+ growing up in China ma+ genera**+ accept the importance o, his re*ationships with others/ and there,ore seek to keep harmon+ with ,ami*+ memers. Fut more persona* know*edge R such as eing eposed to pictures o, "merican cu*tura* icons *ike reen :a+ or %adonna R ma+ *ead him to sometimes wear c*othes that his parents donGt *ike. In other words/ when pressured to ,orm a quick 9udgment/ we genera**+ re*+ on cu*tura* norms as a Ode,au*t.O Fut when making a thought,u* de*ieration/ weGre more *ike*+ to engage in an interna* deate/ and waver.
Question &
ist at *east seven positioning strategies that an organisation uses when communicating with consumers aout a product. 6= #sing (roduct characteristics or Customer Fene,its as a positioning strateg+ This strateg+ asica**+ ,ocuses upon the characteristics o, the product or customer ene,its. 1or eamp*e i, I sa+ Imported items it asica**+ te** or i**ustrate a variet+ o, product characteristics such as durai*it+/ econom+ or re*iai*it+ etc. ets take an eamp*e o, motorikes some are emphasi5ing on ,ue* econom+/ some on power/ *ooks and others stress on their durai*it+. !ero C+c*es td. positions ,irst/ emphasi5ing durai*it+ and st+*e ,or its c+c*e. "t time even +ou wou*d have noticed that a product is positioned a*ong two or more product characteristics at the same time. You wou*d have seen this in the case o, toothpaste market/ most toothpaste insists on ,reshness3 and cavit+ ,ighter3 as the product characteristics. It is a*wa+s tempting to tr+ to position a*ong severa* product characteristics/ as it is ,rustrating to have some good characteristics that are not communicated. 6> (ricing as a positioning strateg+ Hua*it+ "pproach or (ositioning + (rice-Hua*it+ ets take an eamp*e and understand this approach 9ust suppose +ou have to go and u+ a pair o,9eans/ as soon as +ou enter in the shop +ou wi** ,ind di,,erent price rage 9eans in the showroom sa+ price ranging ,rom ?A0 rupees to >000 rupees. "s soon as *ook at the 9eans o, ?A0 &upees +ou sa+ that it is not good in qua*it+. )h+ Fasica**+ ecause o, perception/ as most o, us perceive that i, a product is epensive wi** e a qua*it+ product where as product that is cheap is *ower in qua*it+. I, we *ook at this (rice qua*it+ approach it is important and is *arge*+ used in product positioning. In man+ product categories/ there are rands that de*ierate*+ attempt to o,,er more in terms o, service/ ,eatures or per,ormance. The+ charge more/ part*+ to cover higher costs and part*+ to *et the consumers e*ieve that the product is/ certain*+ o, higher qua*it+.
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6? (ositioning strateg+ ased on #se or "pp*ication ets understand this with the he*p o, an eamp*e *ike esca,e Co,,ee ,or man+ +ears positioned it se*, as a winter product and advertised main*+ in winter ut the introduction o, co*d co,,ee has deve*oped a positioning strateg+ ,or the summer months a*so. Fasica**+ this t+pe o, positioning-+-use represents a second or third position ,or the rand/ such t+pe o, positioning is done de*ierate*+ to epand the rand3s market. I, +ou are introducing new uses o, the product that wi** automatica**+ epand the rand3s market. 6@ (ositioning strateg+ ased on (roduct (rocess "nother positioning approach is to associate the product with its users or a c*ass o, users. %akes o, casua* c*othing *ike 9eans have introduced designer *ae*s3 to deve*op a ,ashion image. In this case the epectation is that the mode* or persona*it+ wi** in,*uence the product3s image + re,*ecting the characteristics and image o, the mode* or persona*it+ communicated as a product user. ets not ,orget that 2ohnson and 2ohnson repositioned its shampoo ,rom one used ,or aies to one used + peop*e who wash their hair ,requent*+ and there,ore need a mi*d peop*e who wash their hair ,requent*+ and there,ore need a mi*d shampoo. This repositioning resu*ted in a market share. 6A (ositioning strateg+ ased on (roduct C*ass In some product c*ass we have to make sure critica* positioning decisions 1or eamp*e/ ,ree5e dried co,,ee needed to positions itse*, with respect to regu*ar and instant co,,ee and simi*ar*+ in case o, dried mi*k makers came out with instant reak,ast positioned as a reak,ast sustitute and virtua**+ identica* product positioned as a dietar+ mea* sustitute. 6B (ositioning strateg+ ased on Cu*tura* S+mo*s In toda+3s wor*d man+ advertisers are using deep*+ entrenched cu*tura* s+mo*s to di,,erentiate their rands ,rom that o, competitors. The essentia* task is to identi,+ something that is ver+ meaning,u* to peop*e that other competitors are not using and associate this rand with that s+mo*. "ir India uses mahara9a as its *ogo/ + this the+ are tr+ing to show that we we*come guest and give them ro+a* treatment with *ot o, respect and it a*so high*ights Indian tradition. #sing and popu*ari5ing trademarks genera**+ ,o**ow this t+pe o, positioning. 67 (ositioning strateg+ ased on Competitors In this t+pe o, positioning strategies/ an imp*icit or ep*icit ,rame o, re,erence is one or more competitors. In some cases/ re,erence competitor6s can e the dominant aspect o, the positioning strategies o, the ,irm/ the ,irm either uses the same o, simi*ar positioning strategies as used + the competitors or the advertiser uses a new strateg+ taking the competitors3 strateg+ as the ase. " good eamp*e o, this wou*d e Co*gate and (epsodent. Co*gate when entered into the market ,ocused on to ,ami*+ protection ut when (epsodent entered into the market with ,ocus on >@ hour protection and asica**+ ,or kids/ Co*gate changed its ,ocus ,rom ,ami*+ protection to kids teeth protection which was a positioning strateg+ adopted ecause o, competition. Question ' • )hat is a marketing p*an and what is a usiness p*an " marketing p*an is a comprehensive document or *ueprint that out*ines a usiness advertising and marketing e,,orts ,or the coming +ear. It descries usiness activities invo*ved in accomp*ishing speci,ic marketing o9ectives within a set time ,rame.
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" usiness p*an is a ,orma* statement o, usiness goa*s/ reasons the+ are attaina*e/ and p*ans ,or reaching them. It ma+ a*so contain ackground in,ormation aout the organi5ation or team attempting to reach those goa*s.
Question +
In a paragraph ep*ain the term $est practice . " est practice is a technique or methodo*og+ that/ through eperience and research/ has proven to re*ia*+ *ead to a desired resu*t. " commitment to using the est practices in an+ ,ie*d is a commitment to using a** the know*edge and techno*og+ at oneGs disposa* to ensure success. The term is used ,requent*+ in the ,ie*ds o, hea*th care/ government administration/ the education s+stem/ pro9ect management/ hardware and so,tware product deve*opment/ and e*sewhere.
Question ,
:e,ine/ in a ,ew short sentences/ the ,o**owing statistica* termsD •
segmentation
•
samp*ing
%arket segmentation is the process o, dividing a market o, potentia* customers into groups/ or segments/ ased on di,,erent characteristics. The segments created are composed o, consumers who wi** respond simi*ar*+ to marketing strategies and who share traits such as simi*ar interests/ needs/ or *ocations Samp*ing is a process used in statistica* ana*+sis in which a predetermined numer o, oservations are taken ,rom a *arger popu*ation. The methodo*og+ used to samp*e ,rom a *arger popu*ation depends on the t+pe o, ana*+sis eing per,ormed/ ut ma+ inc*ude simp*e random samp*ing or s+stematic samp*ing.
SITX!&%00> - &$STE& ST"11 Short answer Question
Identi,+ two sources that wou*d provide in,ormation on re*evant awards and other industria* provisions.
The emp*o+er
overnment wesites
Question 2
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)hen preparing sta,, rosters/ the award or enterprise agreement has a *arge impact on what the roster needs to inc*ude. )hat == things wi** the award or agreement de,ine =. &oster da+s o,, >. $vertime rates ?. Emp*o+ees @. 1ami*+ *eave A. Sick *eave B. !o*ida+ *eave 7. Sa,et+ at work J. Superannuation entit*ements N. (a+ and genera* working conditions =0. %inimum roster hour per week ,or part-time/ ,u**-time and casua* ==. C*othing and other a**owances Question !
You are working in a restaurant as a casua* emp*o+ee. "ccess the app*ica*e award and record the detai*s surroundingD =. eave provisions >. %andated reaks etween shi,ts ?. %aimum a**owed shi,t hours @. Standard/ overtime and pena*t+ rates (articipants shou*d access the &estaurant Industr+ "ward >0=0 The ,o**owing detai*s inc*udingD
eave provisions
eave provisions do not app*+ to casua* emp*o+ment.
%andated reaks etween shi,ts
The roster ,or a** emp*o+ees than casua* wi** provide ,or a minimum =0 hours reak etween ordinar+ hours on a da+. In the case o, changeover o, rosters/ eight hours wi** e sustituted ,or =0 hours.
I, an emp*o+ee/ inc*uding a casua* emp*o+ee is required to work ,or ,ive or more hours in a da+ / the emp*o+ee must give an unpaid mea* reak od no *ess than ?0 minutes. The reak must give no ear*ier than one hour a,ter starting work ad no *ater than si hours a,ter starting work.
%aimum a**owed shi,t hours
$ne each occasion a casua* emp*o+ee is required to attend wot* and the+ are entit*ed to a minimum pa+ment ,or > hours work.
Standard/ overtime and pena*t+ rates
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Casua* sta,,s are entit*ed to >AM *oading on pa+ rates 6inc*uding pena*t+ rates.
$n*+ ,u**-time and part-time emp*o+ees can get pa+ at overtime ,or an+ work done outside during the spread o, hours or norma* working hours.
Question %
)hat shou*d e considered when preparing sta,, rosters =. (*an the roster e,ore adding individua* names. )hi*e this is opposite o, the traditiona* roster method/ it puts the usiness ,irst. %anagers and supervisors shou*d egin with a**ocating shi,ts and responsii*ities ased on hour*+ rates. The net step is to add names who are ski**ed to ui*d the roster around individua* requests. >. Share schedu*e options with the entire sta,,. To avoid a perception o, ,avoritism/ managers shou*d share schedu*e options with a** emp*o+ees. )hen there is ,*eii*it+/ some peop*e 9ust ,ee* more productive at certain times and certain da+s. #*timate*+/ the ,ina* schedu*e depends on usiness needs/ ut this wi** a**ow emp*o+ees to p*a+ an active ro*e in deciding when the+ must report to work. ?. 1i** us+ shi,ts with the most eperienced and ski**ed sta,,. "*erts to know whenever a da+ or shi,t is understa,,ed ena*es managers to ,i** us+ shi,ts. This wi** he*p to prevent a gap in coverage. T+pica**+/ emp*o+ees know which da+s are the usiest/ ut ma+ not a*wa+s vo*unteer to e avai*a*e. %anagers guarantee coverage is met + ,i**ing time s*ots with the most ski**ed workers. @. "utomatica**+ hand*e avai*ai*it+ and time-o,, requests on*ine. Even emp*o+ees with the most eperience want a ,ew da+s o,,. %anagers wou*d e wise to grant those da+s/ especia**+ i, the+ re*+ on these emp*o+ees to ,i** schedu*e gaps. The ai*it+ to hand*e time-o,, requests on*ine is an advantage ,or ever+one. "*though the needs o, the compan+ are important/ den+ing or ,orgetting requests can impact dai*+ attendance negative*+. Some emp*o+ees ma+ egin to ca** in sick or one da+ hand in their resignation. A. Show wage cost as +ou ui*d the sta,, roster. Comining wage and sta,, rosters give managers a heads up e,ore wage costs eceed the department udget. This practice provides accurate ,orecasting and udget contro*s. B. Fegin the roster week on a us+ da+. %ost managers create the roster ased on the standard %onda+ to Sunda+ work week. !owever/ i, the usiest da+s ,or a service-oriented compan+ egins on Thursda+/ then that is the da+ schedu*ed hours shou*d egin. $therwise/ managers might egin cutting hours on the s*ow da+s. )hen this occurs/ there ma+ not e enough emp*o+ees working when usiness picks up. 7. %ake sure ever+one receives two da+s o,,. Furnout and *oss o, per,ormance is inevita*e when emp*o+ees work ,or more than ,ive consecutive da+s. otwithstanding the time dou*e shi,ts or etra da+s are necessar+ to meet dead*ines or service customers. %anagers shou*d avoid constant *ong hour shi,ts.
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J. "**ow +our sta,, to check their roster. (reparing the roster on*ine a*so gives emp*o+ees the opportunit+ to view their schedu*es. The+ can do this without contacting !& or their managers. Se*,-service options a*so inc*udes making change requests. N. ive +our sta,, enough time to p*an ,or o*igations outside o, work. "n e,,ective roster shou*d e p*anned as ,ar in advance as possi*e. This gives emp*o+ees time to p*an around di,,erent schedu*es or see i, the+ can swap schedu*es with other emp*o+ees. "utomating swaps and time o,, stream*ines the process.
Question &
Ep*ain the ro*e o, rosters and their importance in contro**ing sta,, costs in the hospita*it+ industr+. Inc*ude in,ormation on s+stem capai*ities and ,unctions o, rostering so,tware programs/ di,,erent ,ormats used ,or rosters and the di,,erent methods used to communicate rosters to sta,,. &osters are used to ensure there is su,,icient sta,, working to provide the *eve* o, service required in the enterprise. This wi** var+ ,rom department to department within *arge organisations and across the who*e enterprise and ,or speci,ic pro9ects or events. " roster indicatesD
The numer o, peop*e working
The numer o, hours
The numer o, shi,ts required ,or a certain period o, time
So,tware products are a,ter a range o, capai*ities. The+ can design a asic roster or as a roster and wage and *aour cost management too*. arger orgnaisation trend to comine and these s+stems with their pa+ro** or eisting accounting packages. Fasic rosters can use a )ord or Ece* spreadsheet document ut some o, the usinesses use more comp*e so,tware products which ca e ene,icia* in drawing up rosters ,or *arge organisations with a wide spread o, emp*o+ees and ro*es. So,tware programs ca s*oe use to ,ormu*ate rosters in con9unction with the organisation3s pa+ro** s+stem. &osters must e easi*+ accessed/ in a time*+ manner/ + the peop*e to whom the+ app*+. That is/ the+ shou*d e printed and p*aced on the same noticeoard at the time week*+.,ornight.moth*+. "*ternate*+/ the+ might e presented in e*ectronic ,ormat and p*aced in sta,, pigeonho*es. &egarding o, the ,ormat and method/ sta,, must know hwere hwn and how the+ can access the roster in,ormation. Question '
I, +ou were deve*oping the rosters ,or a *arge ,ive-star hote*/ what wou*d +ou need to consider )e need to considerD socia*/ cu*tura* and ski**s mi o, the team to e roster
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,u** detai*s o, human resource po*icies and procedures that cover *eave provisions and socio-cu*tura* issues. $perationa* requirements o, the usiness activit+/ department or event su9ect to roster )age udget ,or the usiness activit+/ department or event su9ect to rostering
Portfolio
(art =D =. Froad consu*tation with other memers o, the organisation/ ,rom team memers to senior management is a good wa+ to contriute to the success o, operationa* p*anning. )hen/ in the p*anning c+c*e/ shou*d it e carried out )hat outcomes wou*d +ou hope to achieve ,rom this process Consu*tation shou*d e an ongoing process throughout the operation* p*anning c+c*e. 1orma* sunmissions shou*d occur e,ore the p*anning activities commence/ nut the+ wi** not stop there. There wi** e man+ times when +ou wi** need to return to stakeho*ders and seek ,urther input. Simi*ar*+/ when +ou have a dra,t o, +our operationa* p*an in p*ace/ it wi** e use,u* to ask stakeho*ders who have made ma9or contriutions to read it and a,ter comments. "s +ou imp*ement the p*an and undertake pro9ects/ constant*+ seeking ,eedack and input wi** a**ow +ou to deve*op ideas ,or the net +ear3s operationa* p*an and to re,ine +our p*anning process. invo*ving team memers ,rom a** *eve*s o, the usiness/ ,rom senior management to new team memer/ is a use,u* wa+ to deve*op o9ectives and targets that areD o
)ide*+ supported and understood
o
&e*evant across the who*e usiness
o
Consistent across di,,erent usiness units and teams
o
:etai*ed and c*ear
>. )h+ do udgets need ,requent reviews and ad9ustments )ho is responsi*e ,or ensuring that udgets and other ,inancia* documents are accurate )hen creating ,inancia* reports/ what sources o, in,ormation need to e ana*+sed
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Fecause most peop*eGs epenses change ,rom month to month/ individua*s who use 5ero ased udgets must make new spending p*ans ever+ month/ ep*ains :ave &amse+Gs o,,icia* wesite. This t+pe o, udget *ists a** o, the househo*dGs income sources on one side o, the page and *ists a** o, the househo*d epenses on the other side o, the page. Epenses ma+ inc*ude mortgage pa+ments/ vehic*e costs/ ca*e/ phones and ,ood. Individua*s uti*i5ing 5ero-ased udgets must make the income and epenses equa*. I, the income is *ess than the epenses/ the individua* must ,ind a wa+ to either increase the income or decrease the epenses. Creating a udget is ene,icia* ecause it he*ps individua*s and househo*ds revea* wasted mone+/ create priorities ,or their mone+ and reduce stress re*ated to ,inances/ notes :et.org. " udget a*so improves peop*eGs ,inancia* situations + teaching them to use mone+ as a too* ,or meeting *ong-term goa*s and ,uture ,inancia* needs.
?. Toda+/ more and more usinesses understand that eing success,u* is aout more than 9ust economic per,ormance/ ut that it is a*so aout their environmenta* and socia* per,ormance. The+ are aware that increasing use o, the Earth3s natura* resources p*aces a strain on the p*anet. &esponsi*e usinesses are/ there,ore/ making ever+ e,,ort to ensure that the+ use resources e,,icient*+. )hat does the term resource e,,icienc+ re,er to Identi,+ ,ive things an organisation cou*d do to reduce the amount o, paper and energ+ used and wasted. E,,icient use o, resources is an essentia* part o, usiness sustainai*it+. &educing +our energ+ and ,ue* consumption wi** reduce costs as we** as improving +our environmenta* sustainai*it+ per,ormance. 1or man+ usinesses energ+ and ,ue* savings can e made throughout its operations. )ater is a signi,icant ,actor ,or some usinessesL ine,,icient use o, raw materia*s might e the iggest issue ,or others. "** +our emp*o+ees can a,,ect the e,,icient use o, resources in da+ to da+ operations. Emp*o+ees at the coa* ,ace3 o,ten have good ideas aout how to reduce energ+/ ,ue* and water use/ minimise re9ect products and wastage and what to rec+c*e or reuse. $perationa* resource e,,icienc+ ,ocuses on what can e achieved at the operationa*/ shop ,*oor or team *eve*. !owever an+ e,,icienc+ improvements wi** e temporar+ i, the new practices are not supported + management and not emedded into dai*+ procedures and workp*ace cu*ture ;how we do usiness<. Encouraging emp*o+ees to take a persona* interest in sustainai*it+ wi** he*p to emed new practices and procedures that might otherwise ,a** + the wa+side. !owever/ a targeted change management approach might e needed to he*p +ou address an+ pockets o, resistance.
@. )h+ is it necessar+ to have a working know*edge o, the *egis*ation re*ating to operations and associated p*anning You might have to undertake the appropriate research to answer this question.
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I, +ou are thinking o, opening up a usiness/ regard*ess o, whether itGs a c*othes shop or co,,ee shop/ +ou wi** need to have a good working know*edge o, the *egis*ation invo*ved with +our usiness. This is important ecause it wi** ensure that +ou are aiding and comp*+ing with the *aw rather than reaking it and ,acing possi*+ harsh consequences. aws are put into p*ace to protect ever+one - the customer/ the emp*o+ee and the compan+. You are not epected to e a *aw+er/ ut eing aware o, the re*evant *egis*ations wi** he*p +our organisation run more smooth*+ and avoid comp*ications in the ,uture/ such as getting tied up in *ength+ *ega* att*es ,or un,air sta,, dismissa* etc. Some o, the common *egis*ations app*ica*e to traders inc*ude the Consumer (rotection "ct =NJ7 and the Consumer (rotection ,rom #n,air Trading &egu*ations >00J. These regu*ations are put into p*ace to protect the consumersG rights and ensure the+ receive good qua*it+ products or services at a** times. Fusinesses are a*so epected to provide their sta,, with a ,air emp*o+ee scheme. )rong,u* dismissa* o, sta,, through not ,o**owing the proper dismissa* procedure as cited in the contract wi** mean the dismissed emp*o+ee is e*igi*e to take his case to a triuna* and in man+ instances/ sue the compan+ ,or their i**ega* actions. !owever/ in some cases o, gross misconduct/ such as ,ighting or the,t/ companies are a*e to issue an automatic dismissa* without giving an+ notice. "gain/ +ou wi** need to research and ,ami*iarise +ourse*, with regu*ations *ike this to protect +ourse*, and +our usiness ,rom un,oreseen situations. Feing a pro,essiona* and ,air-minded emp*o+er wi** make +ou an attractiveorganisation to work ,or. Your usiness ma+ a*so prosper i, +ou provide ece**ent products and services ,or the pu*ic.
=. $ut*ine how the e*ow *egis*ation and regu*ator+ contet ma+ impact customer service.
-
Equa* emp*o+ment opportunit+ *egis*ation
-
"nti-discrimination *egis*ation
-
Competition and consumer protection *egis*ation
-
(rivac+ *egis*ation
-
Industria* re*ations *egis*ation
-
)ork hea*th and sa,et+ *egis*ation
-
Environmenta* issues
o
o
Code o, practice EE$ ensuring that emp*o+ment practices hire the est app*icants are emp*o+ed/ supporting the de*iver+ o, qua*it+ services to customers EE$ ensuring that a** emp*o+ees have ,air access to appropriate training and deve*opment supporting etter service ,or customer needs
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o
o
o
"nti-discrimination princip*es supporting respect ,or the socia* and cu*tura* ackgrounds o, a** customers (roducts and services eing provided to customers in an environmenta**+ responsi*e wa+ Customers wishing to purchase products or services that meet speci,ic environmenta* standards/ certi,ications or requirements
B. Identi,+ and ep*ain the stages that shou*d e ,o**owed when dea*ing with a customer comp*aint. :iscuss managing customer comp*aints.
isten care,u**+ to what the customer has to sa+/ and *et them ,inish. :onGt get de,ensive. The customer is not attacking +ou persona**+L he or she has a pro*em and is upset. &epeat ack what +ou are hearing to show that +ou have *istened. "sk questions in a caring and concerned manner. 2. The more in,ormation +ou can get ,rom the customer/ the etter +ou wi** understand his or her perspective. I3ve *earned it3s easier to ask questions than to 9ump to conc*usions. (ut +ourse*, in their shoes. 3. "s a usiness owner/ +our goa* is to so*ve the pro*em/ not argue. The customer needs to ,ee* *ike +ou3re on his or her side and that +ou empathi5e with the situation. "po*ogi5e without *aming. 4. )hen a customer senses that +ou are sincere*+ sorr+/ it usua**+ di,,uses the situation. :onGt *ame another person or department. 2ust sa+/ OIGm sorr+ aout that.< "sk the customer/ O)hat wou*d e an accepta*e so*ution to +ouO 5. )hether or not the customer knows what a good so*ution wou*d e/ I3ve ,ound it3s est to propose one or more so*utions to a**eviate his or her pain. Fecome a partner with the customer in so*ving the pro*em. So*ve the pro*em/ or ,ind someone who can so*ve itR quick*+Q 6. &esearch indicates that customers pre,er the person the+ are speaking with to instant*+ so*ve their pro*em. )hen comp*aints are moved up the chain o, command/ the+ ecome more epensive to hand*e and on*+ add to the customerGs ,rustration. 1.
A. Feing a*e to provide good customer service is not an innate ski**. It requires that emp*o+ees receive appropriate training and *earn to understand their ro*e8s with regard to customer service. This app*ies to those emp*o+ees who are in direct contact with customers and those who have no direct contact with customers. Emp*o+ees who have good customer service ski**s wi** genera**+ encounter ,ewer comp*aints. :escrie the wa+s in which emp*o+ees can *earn the ski**s needed to provide good customer service. Induction and training programs shou*d e initiated. )here pro*ems arise or emp*o+ees indicate a need ,or increased ski**s deve*opment/ coaching/ mentoring/ work shadowing etc might e uti*i5ed. In answering this question participant shou*d draw on the tet to descrie the di,,erent *earning procedures that might e initiated. The+ shou*d a*so acknow*edge the ,act that might
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e initiated. The+ shou*d a*so acknow*edge the ,act that adu*t *earning needs and understanding o, *earner pre,erences shou*d a*so e accommodated.
B. )hat are the questions that a** customers ask themse*ves 6conscious*+ or suconscious*+ e,ore the+ commit to a purchase and how is the presented product8 service und*e *ike*+ to a,,ect a customer3s purchasing decision Huestions might inc*udeD :o I have a need or do I simp*+ want this product o :oes this product meet m+ needs o )hat ene,its accompan+ this purchase o "m I receiving a proper *eve* o, accompan+ing service o "m I happ+ with the overa** product8 service o,,ering o :oes this meet m+ perception6 epectation o, va*ue on the asis o, product/ service o or und*e )i** I receive va*ue ,or mone+ i, I u+ o Can I a,,ord this o Customers do not purchase prducts a*one the+ purchase product8 service und*es. )hen a customer enters a retai* out*et the+ wi** epect to e ake to purchase the product the+ require and to receive an appropriate *eve* o, service to go with the purchase. The required *eve* o, service wi** re*ate to attention/ time*iness/ in,ormation provision/ ,riend*iness and the competence o, the sa*es personne*. This is ca**ed und*ing. I, an organisation cannot provide an appropriate product 8service und*e/ then customers wi** choose to purchase e*sewhere. Even though +our organisation might have the product required + the customer/ poor service *eve*s wi** mean that customers wi** turn to +our competitors- who can provide oth the product and high *eve*s o, service. This app*ies whether +ou o,,er se*,-service/ ,ace-to-,ace service/ phone sa*es service/ on*ine sa*es or direct sa*es etc.
7. In an+ organisation there are oth interna* and eterna* customers. These are a** part o, the customersupp*ier chain. 1or the customer8 end-user to receive qua*it+ products8 services it is necessar+ that a** aspects o, the customersupp*+ chain meet speci,ic qua*it+ o9ectives. )ho actua**+ sets these qua*it+ standards and how are the+ set
Service standards set a target ,or companies to meet customer needs through the use o, its peop*e/ s+stems and techno*og+. StandardsD Esta*ish a goa* to direct +our e,,orts ive a c*ear sense direction
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Te** what *eve* must e reached ive something to measure success against Service standards can ecome a va*ua*e management too*. $nce +ou have deve*oped a comp*ete *ist o, service standards the+ can ,orm a asis ,or recruitment/ 9o descriptions/ induction processes/ training and per,ormance appraisa* and ,eedack.
S%"&T StandardsD
)hen writing qua*it+ service standards/ the+ shou*d e written using S%"&T or S%"&TS criteriaD Speci,ic - the+ shou*d e precise in meaning %easura*e - the+ need to e quanti,ia*e/ or a*e to e measured "chieva*e - the+ must e rea*istic to the work to e done with the avai*a*e resources &e*evant - the+ need to ,ocus on the correct priorities/ that is/ the needs o, the customer Time imited - there shou*d e a time ,rame set on the standard to indicate how o,ten or how quick*+ an action is to occur Supported - this inc*udes the s+stems/ techno*og+ and processes that support the service sta,,. )hi*e this criteria does not have to e written into the standard itse*,/ others in the organisation shou*d a*so e he*d accounta*e ,or ensuring that the standards can e achieved. "n eamp*e o, a S%"&T standard might eD O&etrieve and return ca** to I'& customers and wesite ca** ack customers within three working hours.O
:eve*oping Service StandardsD
)hen deve*oping service standards/ the+ shou*dD Fe p*anned and agreed upon + the sta,, a,,ected + the standard Fe created care,u**+ Fe stated in writing %eet customer needs
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Fe c*ear*+ written Fe supported + management Fe changed i, the+ are not working or outdated Fe added to &e,*ect organisationa* goa*s Fe communicated e,,ective*+ and continua**+
J. !ow can an organisation encourage supp*iersRoth interna* and eterna*Rto participate in active*+ ensuring qua*it+ standards are maintained so that ,ewer customer comp*aints are *ike*+ F#I:I $$: &E"TI$S!I(S )IT! S#((IE&S It pa+s to invest time in ui*ding good re*ationships with +our ke+ supp*iers. I, +ou can save mone+ or improve the qua*it+ o, the goods or services +ou u+ ,rom +our supp*iers/ +our usiness stands to gain.
!ints on dea*ing with +our supp*iers
Consider some o, the ,o**owing when working with +our supp*iersD
%eet +our contacts ,ace-to-,ace and see how their usiness operates. #nderstanding how +our supp*ier works gives +ou a etter sense o, how it can ene,it +our usiness.
%eet the peop*e whoG** e managing +our account and make sure the+ can e easi*+ contacted.
"sk aout their p*ans ,or deve*opment or epansion. )i** this a,,ect the goods or services the+Gre providing to +ou
!e*p +our supp*iers + p*acing orders in good time/ eing c*ear aout dead*ines and pa+ing on time. See the page in this guide on how +ou can he*p +our ke+ supp*iers.
4eep an e+e open ,or an+ opportunities +ou can pass their wa+ -in a good customersupp*ier re*ationship the+G** do the same ,or +ou.
%ake +our usiness important to +our supp*iers and the+ wi** work harder ,or +ou. Some supp*iers ma+ o,,er etter dea*s i, +ou promise to use them ec*usive*+.
!owever this ma+ cause signi,icant pro*ems i, the+ go out o, usiness.
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:onGt ignore opportunities o,,ered e*sewhere. 4eep +our options open + monitoring the dea*s o,,ered + other supp*iers. Consider whether a contract or a service *eve* agreement 6S" is necessar+. This process wi** guard against comp*acenc+ on the part o, the supp*ier. See the page in this guide on service *eve* agreements. !$) Y$# C" !E( Y$#& 4EY S#((IE&S It is in ever+oneGs interests that +ou do we** out o, ke+ supp*ier re*ationships. Supp*iers warrant care,u* attention/ as their per,ormance ma+ e crucia* to +our usiness. !ere are some wa+s that +ou can he*p +our ke+ supp*iersD
Co-ordinate +our production schedu*e with theirs.
:iscuss wa+s to reduce overa** costs through si5e or timing o, orders8contracts.
Consider additiona* products or services that +our supp*ier cou*d provide.
#pdate them on strategic changes or new products ear*+ on - this he*ps them adapt to meet those changes.
"na*+se how we** +ou ,orecast sa*es and p*an to meet +our supp*+ needs. Sharing the resu*ts o, this ana*+sis with +our supp*iers wi** a**ow +ou to deve*op accurate sa*es p*ans and hone shared sa*es ,orecasts and schedu*es.
#se a purchase order s+stem to contro* and monitor the u+ing o, goods and services ,rom supp*iers - this ,aci*itates interna* ,inancia* contro*s and prevents speci,ication misunderstandings at the supp*ierGs end. See our guide on stock contro* and inventor+.
(a+ i**s prompt*+. (a+ing *ate wi** strain +our re*ationship with the supp*ier and cou*d *ead to *ess ,avoura*e terms in ,uture. Idea**+ +ou shou*d have a pa+ment po*ic+ that commits +our usiness to pa+ing undisputed i**s on time - a cop+ shou*d e sent to +our supp*iers.
There are man+ wa+s in which techno*og+ - especia**+ Internet-ased communications can he*p +ou deve*op and maintain a good re*ationship with +our supp*iers. #SE TEC!$$Y T$ I%(&$'E E11ICIECY " high speed Internet connection such as roadand wi** a**ow +ou to co**aorate more c*ose*+ with +our supp*iers through sharing p*ans/ ,orecasts and consumer data. Sharing such in,ormation with +our supp*iers makes it easier ,or +ou toD
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ana*+se rea*-time in,ormation aout sa*es/ orders or market trends
,orecast and react quick*+ to changes in demand
improve e,,icienc+ - accurate in,ormation on stock means +ou wi** on*+ order the supp*ies +ou need
01colla$oration with +our supp*iers/ such as using emai* and sharing spreadsheets/ can e
simp*e/ ut the greatest ene,its come ,rom sharing in,ormation in Orea* timeO. This requires more sophisticated techno*og+/ such as the ,o**owingD
In"entory planning or ,orecasting s+stems - use +our inventor+ records to ,orecast
the market demand ,or +our product.
nline analytical processing s+stems - ana*+se past sa*es per,ormances and compare
the ,orecasts ,rom di,,erent supp*iers.
0nterprise resource planning 6E&( s+stems - can p*an and schedu*e +our entire
usiness. F+ connecting +our order and purchasing s+stem with that o, +our supp*iers/ orders can automatica**+ e p*aced and tracked and the supp*ier wi** automatica**+ issue an invoice. These s+stems can e ver+ epensive. E&( s+stems can e rented ,rom an "pp*ication Service (rovider - however there wi** sti** e some etra costs/ such as sta,, training. )hen sharing in,ormation/ make sure that +our data and +our supp*iersG data is protected. SE&'ICE E'E "&EE%ETS Service *eve* agreements 6S"s are agreements or contracts with supp*iers that de,ine the service the+ must provide and the *eve* o, service to e de*ivered/ and which a*so set out responsii*ities and priorities. S"s themse*ves are contractual o$ligations and are o,ten ui*t into a contract - in the ,orm o, one or more c*auses or as an entire section. S"s can e used in an+ supp*ier contract where a usinessG ai*it+ to meet its customer requirements is dependent on the supp*ier. S"s are comp*e documents that shou*d e we** de,ined and cannot e drawn up in an ad hoc ,ashion.
:rawing up an S"
It is important that +ou are invo*ved in drawing up the agreement together with the supp*ier.
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T+pica* S"s set outD
the service eing provided
the standards o, service
the timeta*e ,or de*iver+
respective responsii*ities o, supp*ier and customer
provisions ,or *ega* and regu*ator+ comp*iance mechanisms ,or monitoring and reporting o, service pa+ment terms
how disputes wi** e reso*ved
con,identia*it+ and non-disc*osure provisions
termination conditions
I, supp*iers ,ai* to meet agreed *eve*s o, service/ S"s usua**+ provide ,or compensation/ common*+ in the ,orm o, reates on month*+ service charges. )hen drawing up +our S" with +our supp*ier/ high*ight the most critica* components o, the dea* so +ou can app*+ the strictest pena*ties to these. Fui*d periodic performance re"iews into the S". S"s require constant discussion and updating. I, the needs o, +our usiness change/ +ou ma+ require di,,erent per,ormance criteria. ikewise improvements in techno*og+ shou*d e taken into account when reviewing +our S".
N. !ow can +ou co**ect customer ,eedack aout customer service *eve*s/ their satis,action with products and services and an+ comp*aints the+ might have #ollecting information
)hen co**ecting in,ormation aout customers/ tr+ to ,ind out what +our customers are u+ing/ wh+ the+ are u+ing/ and how o,ten the+ are u+ing. Inc*ude an+ potentia* customers who have made enquiries aout +our goods or services.
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There are man+ wa+s to co**ect in,ormation on +our customers/ inc*udingD
order ,orms
enquiries
comp*aints
warrant+ cards
customer rewards programs
customer satis,action surve+s
,eedack cards
customer competitions
+our wesite.
=0. Ep*ain how consumer or u+er ehaviour can e identi,ied and how understanding u+er ehaviour wi** in,*uence the e*ements o, the marketing mi. :e,inition o, Fu+ing FehaviorD Fu+ing Fehavior is the decision processes and acts o, peop*e invo*ved in u+ing and using products. eed to understandD
wh+ consumers make the purchases that the+ make
what ,actors in,*uence consumer purchases
the changing ,actors in our societ+.
Consumer Fu+ing Fehavior re,ers to the u+ing ehavior o, the u*timate consumer. " ,irm needs to ana*+5e u+ing ehavior ,orD
Fu+ers reactions to a ,irms marketing strateg+ has a great impact on the ,irms success.
The marketing concept stresses that a ,irm shou*d create a %arketing %i 6%% that satis,ies 6gives uti*it+ to customers/ there,ore need to ana*+5e the what/ where/ when and how consumers u+.
%arketers can etter predict how consumers wi** respond to marketing strategies.
" consumer3s u+er ehaviour is in,*uenced + ,our ma9or ,actors
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= Cu*tura*/
> Socia*
? (ersona*
@ (s+cho*ogica*.
These ,actors cause consumers to deve*op product and rand pre,erences. "*though man+ o, these ,actors cannot e direct*+ contro**ed + marketers/ understanding o, their impact is essentia* as marketing mi strategies can e deve*oped to appea* to the pre,erences o, the target market.
==. )hat statistica* techniques are common*+ used + usiness organisations to gather marketing in,ormation Summarise a numer o, techniques and ep*ain how +ou might use them to identi,+ markets and marketing opportunities. Conduct appropriate research to answer this question. )hi*e there are man+ wa+s to per,orm market research/ most usinesses use one or more o, ,ive asic methodsD surve+s/ ,ocus groups/ persona* interviews/ oservation/ and ,ie*d tria*s. The t+pe o, data +ou need and how much mone+ +ou3re wi**ing to spend wi** determine which techniques +ou choose ,or +our usiness. . Sur"eys. )ith concise and straight,orward questionnaires/ +ou can ana*+5e a samp*e group
that represents +our target market. The *arger the samp*e/ the more re*ia*e +our resu*ts wi** e.
In-person surve+s are one-on-one interviews t+pica**+ conducted in high-tra,,ic *ocations such as shopping ma**s. The+ a**ow +ou to present peop*e with samp*es o, products/ packaging/ or advertising and gather immediate ,eedack. In-person surve+s can generate response rates o, more than N0 percent/ ut the+ are cost*+. )ith the time and *aor invo*ved/ the ta ,or an in-person surve+ can run as high as =00 per interview.
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Te*ephone surve+s are *ess epensive than in-person surve+s/ ut cost*ier than mai*. !owever/ due to consumer resistance to re*ent*ess te*emarketing/ convincing peop*e to participate in phone surve+s has grown increasing*+ di,,icu*t. Te*ephone surve+s genera**+ +ie*d response rates o, A0 to B0 percent.
%ai* surve+s are a re*ative*+ inepensive wa+ to reach a road audience. The+3re much cheaper than in-person and phone surve+s/ ut the+ on*+ generate response rates o, ? percent to =A percent. :espite the *ow return/ mai* surve+s remain a coste,,ective choice ,or sma** usinesses.
$n*ine surve+s usua**+ generate unpredicta*e response rates and unre*ia*e data/ ecause +ou have no contro* over the poo* o, respondents. Fut an on*ine surve+ is a simp*e/ inepensive wa+ to co**ect anecdota* evidence and gather customer opinions and pre,erences.
=>.
ist and descrie three di,,erent t+pes o, meetings. The description shou*d inc*ude the
structure and t+pica* arrangements ,or each meeting t+pe/ and an+ specia* considerations.
=. Status update meeting -Status update meetings is one o, the most common meeting t+pes. This categor+ inc*udes regu*ar team and pro9ect meetings/ where the primar+ goa* is to a*ign the team via updates on progress/ cha**enges/ and net steps. Common*+ ,ound group activities in these kinds o, meetings are pro*em so*ving/ decision making/ prioriti5ation/ and task assignment. >. In,ormation sharing meeting -(resentations/ pane* deates/ ke+notes/ and *ectures are a** eamp*es o, in,ormation sharing meetings. The primar+ goa* o, these meeting is ,or the speakers to share in,ormation with the attendees. This cou*d e in,ormation aout things *ike upcoming changes/ new products and techniques/ or in depth know*edge o, a domain. 'isua* communication too*s/ *ike s*ides and videos/ are power,u* too*s ,or making the shared in,ormation more memora*e. "t in,ormation sharing meetings the attendees have historica**+ een passive *isteners. )ith new techno*ogies *ike %eetingSi,t the+ can use their smart devices to go ,rom passive spectators to active participants/ making the meeting more engaging and productive ,or a**. ?. :ecision %aking %eetings - The vast ma9orit+ o, usiness decisions are made + groups in meetings. )hi*e ma** decisions are made in a** kinds o, meetings/ the more important decisions o,ten get their own dedicated meetings. There are di,,erent t+pes o, group decision making processes/ and care shou*d e taken to choose a process that est matches the
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situation. " decision making process can inc*ude group processes *ike in,ormation gathering and sharing/ rainstorming so*utions/ eva*uating options/ ranking pre,erences/ and voting.
Part 2
"FC !ote* provides ec*usive hote* services. The organisation is committed toD -
$,,er innovative product so*utions and meet the changing needs o, customers
-
(roviding high qua*it+ products and services to customers
-
:e*iver great customer service
-
Emp*o+ing pro,essiona* and enthusiastic sta,,
-
#ndertaking continuous improvement processes
The usiness has a A +ears p*an which is to conso*idate its position in the market ,or high qua*it+ ec*usive services. To do this/ "FC wi** ,ocus on the ,o**owing $usiness goals D 1inancia* stai*it+D -
Increase revenue + =AM 6compared to the previous => months + the end o, the ,inancia* +ear
-
%aintain annua* pro,it *eve*s o, =AM o, revenue ,or a** products and services/ ca*cu*ated at the end o, each ,inancia* +ear
-
&einvest 7AM o, pro,it ack into the usiness at the end o, each ,inancia* +ear
%arket positionD -
%aintain the numer one rating in the annua* nationa* industr+ customer service awards
-
aunch new high qua*it+ ec*usive services to meet customer demand/ ahead o, competitors/ within udget and + the agreed dead*ines
&ight peop*eD -
(rovide induction training at the commencement o, emp*o+ment to train new emp*o+ees to e know*edgea*e/ he*p,u* and enthusiastic
-
(rovide the ph+sica*/ human and time resources to support an annua* pro,essiona* deve*opment program ,or a** "FC emp*o+ees
Sta3eholders inc*ude senior management team/ retai* store manager/ sa*es sta,,/ on*ine store manager/ customers and recruitment agenc+. Acti"ity $6ecti"e 7esources Procedures 7esponsi$l (hen* 4(hat is to 4(hy will 4(here 4How will it e person $e done*5 we do it*5 will it $e $e done*5 4(ho will done*5 do it*5
8udget
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&evisit sa*es udgets and deve*op out*et-+out*et sa*es strategies that add onto the nationa* sa*es strateg+.
To increase the sa*es o, the services componen t o, the usiness + =AM + ?0 2une
It wi** e done across the who*e organisati on.
#pdate 1inance service %anager department3s sa*es udgets to re,*ect the increased targets. Each service department is to deve*op a sa*es strateg+ to support the new targets.
?0 2une
?/000/0 00 tota* and needs to e supporte d + a usiness case
"cquire To additiona* ,aci*itate resources communic videoation con,erencin etween g a** equipment. departmen ts and reduce time and costs.
Insta** a mu*tichanne* dedicated videocon,erenci ng ,aci*it+.
Contact "FC IT manager IT service and support to arrange ,or supp*+ and insta**ation. "**ocate costs ack.
?= "ugust
A/000 per departme nt
"cquire To provide additiona* a de*iver+ resources service Service and Fus. provide rand recognitio n
(urchase new uses and detai* it with the marketing *ogo.
Contact !ead o,,ice ?= 2u*+ supp*iers/ marketing otain quotes manager and purchase the required us. Contact sign writers to have marketing deca*s attached to the Fuses.
>A0/000 per Fus
&eorgani5e ew ,itures and decoration ,ittings hote*.
It wi** e done across the who*e ui*ding.
!ave p*ans !ead o,,ice drawn up. managers !ire *oca* construction compan+
A00/000
?0 Septem er
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Train sa*es sta,, to provide a,ter sa*es support.
To mu*tiski** sta,, and to improve the *eve* o, a,ter sa*es support
It wi** e :e*iver done training across a** programs the who*e service departmen t.
Service department manager
?= "ugust
In house. "ddition a* resources avai*a*e ut a usiness case is required.
%aintain ,u** sta,,ing capacit+ through rapid recruitment to ,i** vacancies.
To maintain and increase sa*es capacit+ + recruiting new sta,, as soon as eisting positions are vacated
Thirteen "FC new ,u**- recruitment time sa*es procedures sta,, wi** rep*ace sta,, vacancies
!& manager &ecruitment agenc+
?= "ugust
>/000 recruitme nt costs per vacant position
#onsultation strategy Sta3eholder
7ole in the pro$lem
$6ecti"e
#onsultation method
Senior management p*an
%ade the decision to increase sa*es + =AM annua**+
4eep in,ormed
1eedack session Emai* communications ews*etters 'ideocon,erencing
%anager
:eve*op an operationa* p*an and imp*ement the p*an to increase sa*es
Imp*ement p*an Consu*t
Sta,, meetings $ut*et manager meetings via videocon,erencing Interviews
Sa*es sta,,
Imp*ementers o, the p*an to achieve the intended resu*ts
Consu*t 4eep motivated and engaged
%eetings 1eedack sessions
$n*ine and phone Sa*es
(rovide sa*es
Consu*t ,requent*+
'ideocon,erencing
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%a9or customers
(eop*e who make ma9or purchases o, "FC services
Consu*t
(hone ca**s (ersona* visits Emai* communication ews*etters
Customers
(eop*e who make sma** purchases o, "FC services
$tain ,eedack
Emai* communication ews*etters
&ecruitment agenc+
Invo*ved in recruiting sta,,
Consu*t
%eetings
In the event that "FC does not meet these o9ectives/ the+ have udgeted an additiona* AM o, training costs to emp*o+ a training consu*tant to provide additiona* training resources.
=. You work as a retai* store manager ,or "FC !ote* and +our managing director o, "FC !ote* requires +ou to create an operationa* p*an on 2anuar+. You must cover e*ow points in +our p*anD
-
resources requirements
-
ke+ per,ormance indicators
-
monitoring processes
-
,inancia* contingenc+ p*ans
Eecutive Summar+ "FC !ote* provides ec*usive hote* services. The organisation is committed toD o
$,,er innovative product and service so*utions and meet the changing needs o, customers
o
(roviding high qua*it+ products and services to customers
o
:e*iver great customer service
o
Emp*o+ing pro,essiona* and enthusiastic sta,,
o
#ndertaking continuous improvement processes
Fusiness oa*s 1or the ,o**owing A +ears/ "FC wi** conso*idate its position in the market ,or high qua*it+
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ec*usive products and services. To do this/ "FC wi** docus on the ,o**owing usiness goa*sD 1inancia* stai*it+D o
Increase revenue + =AM 6compared to the previous => months + the end o, the ,inancia* +ear
o
%aintain annua* pro,it *eve*s o, =AM o, revenue ,or a** products and services/ ca*cu*ated at the end o, each ,inancia* +ear
o
&einvest 7AM o, pro,it ack into the usiness at the end o, each ,inancia* +ear
%arket positionD o
%aintain the numer one rating in the annua* nationa* industr+ customer service awards
o
aunch new high qua*it+ ec*usive consumer products to meet customer demand/ ahead o, competitors/ within udget and + the agreed dead*ines
&ight peop*eD o
(rovide induction training at the commencement o, emp*o+ment to train new emp*o+ees to e know*edgea*e/ he*p,u* and enthusiastic
o
(rovide the ph+sica*/ human and time resources to support and annua* pro,essiona* deve*opment program ,or a** "FC emp*o+ees
#onsultation strategy Sta3eholder
7ole in the pro$lem
$6ecti"e
#onsultation method
Senior management p*an
%ade the decision to increase sa*es + =AM annua**+
4eep in,ormed
1eedack session Emai* communications ews*etters 'ideocon,erencing
%anager
:eve*op an operationa* p*an and imp*ement the p*an to increase sa*es
Imp*ement p*an Consu*t
Sta,, meetings $ut*et manager meetings via videocon,erencing Interviews
Sa*es sta,,
Imp*ementers o, the p*an to achieve the intended resu*ts
Consu*t 4eep motivated and engaged
%eetings 1eedack sessions
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$n*ine and phone Sa*es
(rov (rovid idee sa*e sa*ess
Cons Consu* u*tt ,req ,reque uent nt*+ *+
'ideo ideoco con, n,er eren enci cing ng
%a9or customers
(eop*e who ma make ma9or purchases o, "FC services
Consu*t
(hone ca**s (ersona* visits Emai* communication ews*etters
Customers
(eop*e who make sma** purchases o, "FC services
$tain ,eedack
Emai* communication ews*etters
&ecr &ecrui uitm tmen entt agen agenc+ c+
Invo Invo*v *ved ed in recruiting sta,,
Consu*t
%eetings
(*an Stakeho*ders inc*ude senior management team/ retai* store manager/ sa*es sta,,/ on*ine store manager/ customers and recruitment agenc+. Acti"ity 9PI 4what is to $e done*5 &evisit sa*es udgets and deve*op out*et-+The sa*es o, the usiness increased + =AM out*et sa*es strategies that add onto the + the end o, the ,inancia* +ear nationa* sa*es strateg+. "cquire additiona* resources video"** video- con,erencing equipment insta**ed con,erencing equipment. + ?= "ugust "cquire "cquire additio additiona* na* resource resourcess Service Service Fus. Fus. Fuses Fuses purchase purchased d and and deca* deca*ss attach attached ed + + ?= ?= 2u*+ &eor &eorga gani ni5e 5e ,it ,itur ures es and and ,it ,itti ting ngss hote hote*. *. 1inis inish h dec decor orat atio ion n + + ?0 ?0 Sep Septe tem mer er Train sa*es sta,, to provide a,ter sa*es "** eisting service sta,, training in mu*tisupport. ski**ing comp*eted + ?= "ugust %aintain ,u** sta,,ing capacit+ through rapid =? new sa*es sta,, emp*o+ed/ induct and recruitment to ,i** vacancies trained + ?= "ugust 1inancia* contingenc+ p*an The time*+ recruitment and training o, new sta,, is a ke+ success ,actor in meeting the strategic o9ectives o, the usiness p*an. In order to meet the o9ectives/ it is necessar+ to have recruited the new sta,, and upski**ed our current sta,, in a,ter sa*es product support + ?= "ugust. In the event that we do not meet these o9ectives/ we have udgeted an additiona* AM o, training costs to emp*o+ a training consu*tant to provide additiona* training resources. %onitoring process It is critica* that our managers3 monitor the progress o, their operationa* p*ans against the target 4(s esta*ished. To that end/ it is essentia* to review the operationa* p*an month*+.
>. &ead &ead the issues e*ow. e*ow. You You are required required to deve*op deve*op imp*ement imp*ementatio ation n strateg strategies ies ,or sta,, sta,, memers to ,o**ow/ ensure the+ achieve the 4(Is.
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The organisation organisation needs to maintain maintain ,u** sta,,ing capacit+ through rapid recruitment recruitment to ,i** vacancies and there are =? new sa*es sta,, needing to e employed: inducted and trained in the net > months.
acquiring physical resources and ser"ices
the marketing department has provided +ou with some speci,ications ,or the design o, the deca*s ,or the uses. You need to take this in,ormation to a graphic artist and request a design ,or use on the sides and ack o, the uses. Fe,ore entering into an+ purchasing agreement/ prepare p repare a short rie,ing rie,ing document d ocument the out*ines out*in es the intellectual property issues that ma+ e associated with the supp*+ o, this design.
Create an accepta*e *eve*s o, variation
#se the 4(Is to deve*op a monitoring process process ,or the imp*ementation o, the detai*ed operationa* p*an.
"FC !ote* is committed to se*ecting and recruiting competent/ capae and suita*+ qua*i,ied sta,,. "** new app*icants must meet the ,o**owing minimum criteriaD o
(ossess suita*e qua*i,ications and eperience
o
(ass 9o-speci,ic interview questions
o
#ndertake approved re,erence testing
o
"ttend and comp*ete an+ training courses/ induction and assessment as prescried prior to or on commencement o, their emp*o+ment.
"cquires resources and services. The organi5ation wi**D o
Endeavor to a*wa+s get va*ue ,or mone+
o
Fe he*d accounta*e ,or a** procurement resu*ts
o
Ensure the decision-making process is transparent and documented
o
Ensure that a** sta,, invo*ved in the purchasing process possess and demonstrate at a** times high*+ deve*oped pro,essiona* ethics and standards o, persona* integrit+
o
Comp*+ with a** aspects o, "ustra*ian *aws and regu*ations that pertain to purchasing goods and services
o
Integrate the practice o, sustainai*it+ 6wherever possi*e into the acquisition o, goods and services +/ where possi*e/ prioriti5ing products thatD - contain the highest percentage o, postconsumer pos tconsumer rec+c*ed content co ntent possi*e are made with renewa*e energ+ are reusa*e/ rec+c*a*e or io-ased8composta*e have minima* packaging
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o
Serve severa* ,unctions 6e.g. generic c*eaning detergents - have minima* e,,ect on the dep*etion o, natura* resources and iodiversit+
Inte**ectua* propert+ issues "** records created + sta,, 6inc*uding contractors in the course o, their duties remain the ph+sica* and inte**ectua* inte**ect ua* propert+. (ersona* use o, records and in,ormation in, ormation is prohiited un*ess approved + the Fusiness $perations %anager or senior management. &ecord keeping is p*anned to ensure that a** records emod+ the required characteristicsL authenticit+/ integrit+/ re*iai*it+ and usai*it+. enera**+/ there is an accepta*e *eve* o, variation/ either a ,ied amount or 6more common*+ a percentage. 'ariance ana*+sis is usua**+ reported on a month*+ asis. Care shou*d a*so e taken to ensure that annua* ependiture patterns are taken into account. In considering the variance/ it is important to determine the reson ,or the variations. ook ,or ep*anation and determine ,i action needs to e taken. Simp*+ shi,ting savings or additiona* income to overruns on costs or to o,,set a *ower-thanepected income area in not addressing the cause. The monitoring process shou*d inc*ude a reakdown o, the overa** p*an into tasks/ time*ines and responsii*ities assigned ,ir each task and a mechanism to quantitative*+ ana*+se the *eve* o, comp*etion o, each task 6e.g =A de*ivered equates to =0M comp*eted
?. $nce $nce +ou comp comp*e *ete te the operat operatio iona* na* p*an/ p*an/ +ou need need to commu communi nicat catee e,,e e,,ecti ctive* ve*+ + with with re*evant stakeho*ders to ep*ain the p*an and supporting in,ormation/ seek approva*s/ negotiate variations. 1irst*+/ +ou need to plan a meeting. (*ease provide +our answers ,or the items e*owD
-
:eve*op an agenda ,or this ,orma* pro9ect team meeting
-
(repare a *ist o, instructions ,or the 9unior pro9ect administrator to ,o**ow ,or the pro9ect meetings. These instructions shou*d inc*udeD 6a. Identi,+ Ide nti,+ meeting participants 6. !ow to check participants3 avai*ai*it+ 6c. !ow to send out invitations and other noti,ications as required
-
!ow to organise and con,irm meeting arrangements
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-
:escrie how +ou wi** ensure that meetings and other re*evant notes wi** re,*ect a true and accurate record o, the meeting. !ow to document them
Second*+/ +ou need to chair the meeting . Your assessor wi** act as +our managing director and other stakeho*ders who need to view +our operationa* p*an. :uring the meeting/ +ou need toD
-
Take part in and chair a meeting
-
(artic (articipat ipatee in vera* vera* echange echangess using using appropri appropriate ate st+*e/ st+*e/ tone and vocau*a vocau*ar+ r+ ,or audience/ contet and purpose
-
Ensur En suree the the meet meeting ing is ,ocuse ,ocused/ d/ time time e,,i e,,icie cient nt and achi achieve eve the the approv approva* a* o, the operationa* p*an
-
isten ,or speci,ic in,ormation during the meeting
-
"sk questions and *isten to responses to c*ari,+ understanding
"n agenda was created to ensure accurac+ and comp*eteness o, a** required in,ormation using the re*evant temp*ate and ,o**owing the re*evant organi5ationa* conventions and procedures. "n agenda wi** out*ineD o
%eeting3s purpose
o
:ate/time and *ocation o, meeting
o
ominated chairperson and minute taker
The meeting must inc*ude managing director/ re*evant stakeho*ders/ and chairperson and minute taker. Fe,ore a meeting can take p*ace the purpose shou*d e c*ear*+ identi,ied. :etermine wh+ the meeting needs to e he*d and what it is intended to achieve. Send emai* to con,irm avai*ai*it+. " reminder emai* is a*so needed to e sent e,ore the meeting. )hen p*anning the meeting +ou wi** considerD o
'enue
o
Seating
o
&e,reshments 6i, app*ica*e
o
Timing and time,rames
o
In,ormation to e presented and methods o, presentation
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o
1ormat 6,orma* or in,orma*
o
Too*s and8 or techno*og+ to e used 6equipment/ ((T/ charts whiteoards etc
o
!andouts 6written materia*s
o
%ethods o, in,orming attendees o, the meeting
o
Speci,ic ro*es to e p*a+ed + sta,, memers 6who take the meeting minutes etc
%inutes shou*d inc*udeD o
Issues ,or discussion. It is important to inc*ude the issues that were no decisions taken aout them. This ensures that the+ do not get *ost and that it is easier to pick up *ater on these issues.
o
:ecision. :ecisions must e c*ear*+ noted so that ever+od+ is aware o, the decision and so that there is a written record. !uman memor+ and human perception are notorious*+ unre*ia*e and it is not productive ,or *ater meetings to e concerned with t+ping to come to consensus on 9ust what an ear*ier decision was.
o
"ction. &ecord the actions that wi** happen as a resu*t o, the decision. &ecording the actions a**ows +ou to check whether the actions have een ,o**owed through.
o
Time*ines. It is a*so important to indicate a time*ine + which actions must e comp*eted. This again a**ows +ou to check whether the action has occurred within the set time*ines.
o
(ersons responsi*e ,or the actions/ "ctions that ,*ow decisions must e carried out + a person or group o, peop*e. F+ recording this in,ormation in the minutes there shou*d e *itt*e dout aout who is responsi*e. This a**ows ,or checking that the decision has een imp*emented. 1ar too o,ten organisations do not record this asic/ +et vita*/ in,ormation and then spend unproductive time working out whether an+thing has happened- or not.
"ssessor needs to use the e*ow meeting per,ormance check*ist to assess the meeting. Items
Yes8o
Comments
%eeting st+*e and structure were appropriate ,or the purpose o, the meeting Take part in and chair a
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meeting (articipate in vera* echanges using appropriate st+*e/ tone and vocau*ar+ ,or audience/ contet and purpose Ensure the meeting is ,ocused/ time e,,icient and achieve the approva* o, the operationa* p*an isten ,or speci,ic in,ormation during the meeting "sk questions and identi,+ing to responses to c*ari,+ understanding
@. $nce the operationa* p*an has een approved/ +ou need to start to make detai* p*ans to comp*ete each task. "ssume +ou are a pro9ect manager to *ead +our team to acquire additiona* de*iver+ van ,or the compan+. (*ease ,ind the detai*s e*ow. The current month is 2anuar+. Acti"ity $6ecti"e 7esources Procedures 7esponsi$l (hen* 4(hat is to 4(hy will 4(here 4How will it e person $e done*5 we do it*5 will it $e $e done*5 4(ho will done*5 do it*5
8udget
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"cquire To provide additiona* a de*iver+ resources service Service and Fus. provide rand recognitio n
(urchase new uses and detai* it with the marketing *ogo.
Contact !ead o,,ice ?= 2u*+ supp*iers/ marketing otain quotes manager and purchase the required us. Contact sign writers to have marketing deca*s attached to the Fuses.
>A0/000 per Fus
:e,ine the parameters o, the pro9ect inc*udingD
-
(ro9ect scope
-
(ro9ect stakeho*ders/ inc*uding own responsii*ities
-
&e*ationship o, pro9ect to organisationa* o9ectives and other pro9ects
-
&eporting requirements
-
&esources requirements
(ro9ect scope is to provide a de*iver+ service and provide rand recognition e,ore ?= 2u*+ within udget. This pro9ect stakeho*der inc*udes retai* shop manager/ head o,,ice marketing manager/ and supp*ier and sign writer. This pro9ect contriutes to the organisation to achieve a** the 4(s according to the operationa* p*an. The managing director might require +ou to report +our progress throughout the pro9ect. You might e required to make reports at speci,ied dates 6week*+/ month*+ or quarter*+ or as certain things are achieved. You wi** need to make time to write these reports and wi** need to inc*ude a** the in,ormation required + the de*egating authorit+. You are required to purchase uses and detai* it with the marketing *ogo.
A. There is a risk that +our team cou*d not acquire additiona* vehic*es on time. (*ease prepare work reakdown/ time*ines/ and action p*an to treat the risk. "na*+se in,ormation ,rom a range o, sources to identi,+ the scope and contet o, the risk management process inc*udingD
-
Stakeho*der ana*+sis
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(o*itica*/ economic/ socia*/ *ega*/ techno*ogica* and po*ic+ contet
-
Current arrangements
-
$9ectives and critica* success ,actors ,or the area inc*uded in scope &isks that ma+ app*+ to scope
Contnuous process elemens Communicaton and consulaton
Managing risk necessarily involves people because:
The interests of people are part of the organizaon’s objecves
People ill nee! to take "or not take# parcular acons in or!er for risk to be manage! e$ecvely
People have most of the knole!ge an! informaon on hich e$ecve risk management relies
%ome people might have a right to be informe! or consulte!. &ommunicaon an! consultaon are therefore key supporng acvies for all parts of the risk management process. &ommunicaon an! consultaon are processes an! not outcomes. They normally take place ith stakehol!ers' !e(ne! as those persons or organizaons that can a$ect' be a$ecte! by or perceive themselves to be a$ecte! by a !ecision or acvity. Monioring and review
Monitoring an! revie are to !isnct processes inten!e! to !etect change an! !etermine the ongoing vali!ity of assumpons. )oth are necessary to ensure that an organisaon maintains a current an! correct un!erstan!ing of its risks' an! that those risks remain ithin its risk criteria. )oth re*uire a systemac approach' integrate! into an organisaon’s management systems' that re+ects the spee! at hich change occurs ithin the internal an! e,ternal environment. Sep-wise process elemens Esablishing he conex
)efore any risk management acvity takes place an! especially before risk assessment occurs' the e,ternal' internal an! risk management conte,ts shoul! be establishe!.
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A key aim of the -establish the conte,t’ step in the risk management process is to i!enfy the organizaon’s objecves' an! those e,ternal an! internal factors that coul! be a source of uncertainty' so that risks can be i!en(e! more rea!ily. stablishing the conte,t also provi!es the informaon that allos the other steps of the risk management process to occur. Risk identfcaton
&arrie! out thoroughly' the risk i!en(caon step reveals hat' here' hen' hy an! ho something coul! happen or occur an! the range of possible e$ects on objecves. /n some cases' these e$ects or conse*uences might only occur at some future point or they might be e,perience!' at a (,e! or variable rate' over me. 0isk i!en(caon oul! normally occur in a orkshop involving appropriate stakehol!ers. A traine! facilitator an! recor!er shoul! normally be present. Risk analysis
0isk analysis invesgates an! !ras upon:
The informaon on risks generate! !uring risk i!en(caon
The e$ecveness an! reliability of controls
A!!ional informaon from the statement of conte,t
%upporng stascal !ata' results of pre!icve mo!elling or e,pert ju!gement
The risk criteria !evelope! !uring establishing the conte,t. The aim of risk analysis is to gain an un!erstan!ing of the nature of each risk' inclu!ing the magnitu!e of its conse*uences an! their likelihoo!s' an! therefore to !erive the level of risk. 0isk analysis enables each risk "or group of risks hen consi!ere! in the aggregate# to be evaluate! in or!er to !etermine hether risk treatment is nee!e!. Risk evaluaton
0isk evaluaon uses the informaon generate! by risk i!en(caon an! risk analysis to make !ecisions about hether each risk falls ithin an organisaon’s risk criteria an! hether it re*uires treatment. 1ormally organisaons specify the acons re*uire! by managers for risks at each level of risk an! the me alloe! for their compleon. They also specify hich levels of management ill be permi2e! to accept the connue! e,posure an! tolerance of certain levels of risk.
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Risk reamen
At its simplest' risk treatment involves a process to mo!ify a risk by changing the conse*uences that coul! occur or their likelihoo!. This process re*uires creave consi!eraon of opons an! !etaile! !esign' both inputs being necessary to (n! an! select the best risk treatment. 3nce implemente!' risk treatments ill either create ne controls or amen! e,isng controls. 0isk treatment takes place in to !isncve conte,ts: 4. /n the proacve conte,t' here an organisaon has successfully integrate! risk management into a system of management' risk treatment is integral to an! e$ecvely in!isnguishable from !ecision5making. Therefore' at the me a !ecision is (nalise! the risk create! by the !ecision ill be ithin the organisaon’s risk criteria. 6. /n a reacve conte,t' the organisaon is looking retrospecvely at the risk create! by !ecisions taken an! implemente! previously' an! so any risk treatments foun! necessary ill be reme!ial in nature. /n both conte,ts' those risks that the organisaon ju!ges are unacceptable shoul! be treate!. reparing !or risk assessmen Esablishing he conex
/t is impossible to con!uct an e7cient an! e$ecve risk assessment unless there is suitable preparaon. This involves the 8establishing the conte,t8 step of the risk management process' hich is normally con!ucte! through !iscussions ith the sponsor of the risk assessment an! selecte! stakehol!ers. 9e oul! normally establish the conte,t by consi!ering the folloing !iscrete acvies: 4. aining agreement on the scope an! objecves for the risk management process 6.
Analysing important stakehol!ers to !etermine their objecves an! the preferre! means to communicate an! consult ith them
;. /!enfying the signi(cant factors in the e,ternal environment that give rise to uncertainty. This coul! inclu!e' for e,ample' the social' regulatory' cultural' physical' (nancial an! polical environment' e,ternal stakehol!ers an! key e,ternal organizaonal !rivers.
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<. /!enfying the signi(cant factors in the internal environment that give rise to uncertainty. This coul! inclu!e' for e,ample' the organisaon’s culture' internal stakehol!ers' the capabilies' strengths an! eaknesses of he organisaon in terms of resources' people' systems an! processes' an! the relevant organizaonal goals an! objecves. =. %e>ng the scope an! boun!aries of a risk assessment by !e(ning the organizaonal part' project' acvity or change an! its goals an! objecves' specifying the nature of the !ecisions that have to be ma!e base! on the risk assessment outcomes' !e(ning any speci(c criteria that ill be use! as part of risk evaluaon' !e(ning the e,tent of the change or acvity or funcon in terms of me an! locaon' an! any boun!aries' i!enfying any scoping stu!ies nee!e! an! their scope' objecves an! the resources re*uire!' an! !e(ning the !epth' brea!th an! rigour of the risk assessment' inclu!ing speci(c inclusions an! e,clusions. stablishing the conte,t is normally con!ucte! several !ays before risk i!en(caon. /t is not a!visable to un!ertake it in the same session. "riefng noe
To ensure that those ho parcipate in the risk assessment are properly prepare!' it is normal that the informaon gathere! !uring 8establishing the conte,t8 is summarise! in a brie(ng note that is sent to them prior to the orkshop. The brie(ng note an! the conte,t informaon it contains shoul! be preserve! as part of the risk assessment recor!. Risk assessmen #dent!ying he risks
0isk assessment involves the i!en(caon of hat' hy' here' hen an! ho events or situaons coul! either harm or enhance the ability of the organisaon to achieve its objecves. &omprehensive i!en(caon using a ell5structure! an! systemac process is crical' because risks not i!en(e! at this stage are e,clu!e! from further analysis an! treatment. /!en(caon shoul! inclu!e all risks' hether or not they are un!er the !irect control of the organsiaon. )roa!leaf uses many metho!s for risk i!en(caon from brainstorming to more rigorous an! highly5structure! processes such as ?A@3P an! MA. 9hichever metho! e use' e follo the same general process for risk i!en(caon given belo. /n all cases' the key element structure prepare! !uring the conte,t step shoul! be folloe!.
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$ha could happen% where and when&
3ur aim is to generate a comprehensive list of events' situaons or circumstances that might have an impact on the achievement of each of the relevant objecves. The events or circumstances might prevent' !egra!e' !elay or enhance the achievement of the objecves. They are then consi!ere! in more !etail to i!enfy hat coul! happen. 'ow and why could i happen&
?aving i!en(e! hat might happen' e help our client consi!er possible causes. There are many ays an event coul! occur or a circumstance might arise. /t is important that no signi(cant causes' parcularly root causes' are omi2e!. This informaon is recor!e! in a risk register. /t is normally ine7cient for one person to facilitate the orkshop an! recor! the outcomes at the same me. 9e use ,cel or 9or! templates to capture the informaon. /t is normally not e7cient to a2empt to input the informaon !irectly into a risk management !atabase !uring the orkshop session. (nalysing he risks
0isk analysis is about !eveloping an un!erstan!ing of each risk. /t provi!es an input to !ecisions on hether risks nee! to be further controlle! an! the most appropriate an! cost5 e$ecve treatment acons to take. 0isk analysis involves consi!eraon of the posive an! negave conse*uences an! the likelihoo! that those conse*uences may occur. actors that a$ect conse*uences an! likelihoo! may be i!en(e!. 0isk is analyse! by combining conse*uences an! likelihoo!' taking into account the e,isng controls. )roa!leaf uses a *ualitave metho! of risk analysis to priorise risks for a2enon' at least inially. ven if *uantave analysis is re*uire! later' e normally (n! it e7cient to use a *ualitave system for screening purposes. Buantave approaches can be use! hen more !e(nion an! rigour are nee!e!. /n general they are only use!:
9here the most likely conse*uence is high
9here reliable *uantave !ata is available or can be generate!
9here the level of !e(nion re*uire! by !ecision makers is high.
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9e oCen con!uct the risk rang process !uring the orkshop use! for risk i!en(caon. ?oever' somemes it is preferable to analyse the risks at another me using subject ma2er specialists' an! then reconvene the original orkshop team to agree an! verify the rangs. 9e alays analyse the risk in terms of ho the organisaon currently operates' an! in parcular taking into account e,isng controls an! their e$ecveness. 9e use control e$ecveness "&# to take into account both the a!e*uacy an! e$ecveness of the controls for a parcular risk. 9e also !etermine a measure of potenal e,posure "P# that represents the total plausible ma,imum impact on the organisaon arising from a risk ithout regar! to controls. This is esmate! by consi!ering the conse*uences that coul! arise if all e,isng controls ere ine$ecve or missing. This measure is use to i!enfy the key controls that shoul! be subject to assurance an!' in parcular' monitore! connuously for e$ecveness. rom the risk analysis output e can a!vise clients on:
The preferre! strategies for risk treatment
The priority ith hich risks shoul! be consi!ere! for treatment
Those risks that shoul! be the subject to senior level oversight' parcularly in terms of monitoring the progress of risk treatment plans
The risks an! the associate! controls that shoul! be subject to planne! assurance' parcularly through connual monitoring as ell as perio!ic revie. Risk reamen )ptons
/t is usually not cost5e$ecve or even !esirable to implement all possible risk treatments. /t is' hoever' necessary to choose' priorise an! implement the most appropriate combinaon of risk treatments. Treatment opons' or more usually combinaons of opons' are selecte! by consi!ering factors such as costs an! bene(ts' e$ecveness an! other criteria of relevance to the organisaon. actors such as legal' social' polical an! economic ma2ers may nee! to be taken into account. Treatment of in!ivi!ual risks sel!om occurs in isolaon' an! opons shoul! be consi!ere! together as part of an overall treatment strategy. ?aving a clear un!erstan!ing of a complete treatment strategy is important to ensure that crical !epen!encies an! linkages are not compromise! an! to ensure the use of resources an! bu!gets is e7cient. or this reason !evelopment of an overall treatment strategy shoul! be a top5!on process' !riven jointly
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by the nee! to achieve objecves an! sasfy organizaonal an! bu!getary constraints hile controlling uncertainty to the e,tent that this is !esirable. 9e a!vise our clients to be +e,ible about risk treatment opons an! consult broa!ly ith stakehol!ers as ell as ith peers an! specialists. Many treatments nee! be acceptable to stakehol!ers or those ho are involve! in implementaon if they are to be e$ecve an! sustainable. 9e oCen use bo5e analysis to help our c lients i!enfy possible risk treatment measures base! on control gaps. Cos benef analysis
The primary consi!eraon for most risks is hether the risk can be further treate! in a ay that is reasonable an! cost e$ecve. /n general this involves consi!ering:
9hether the risk is being controlle! to a level that is reasonably achievable
9hether it oul! be cost5e$ecve to further treat the risk
The organisaon’s illingness to tolerate risks of that kin!. Determining the cost5e$ecveness of further treatment involves the applicaon of cost bene(t analysis. This shoul! consi!er all !irect costs an! ancillary costs "!is5bene(ts# as ell as all the !irect bene(ts an! ancillary bene(ts "opportunies#. /f most of the costs or the bene(ts are unlikely to be e,perience! ithin the (rst year or so then it may be necessary to !iscount the bene(ts an! costs to allo the assessment to be ma!e -in to!ay’s money’. 9e help our clients i!enfy possible opons for risk treatment an! then test each of these using cost bene(t analysis. As ith risk assessment' preparaon for a risk treatment orkshop is vital if it is to be e$ecve an! e7cient. The table belo contains an e,ample of cost bene(t analysis applie! to risk treatment opons. *able +, *reamen optons associaed wih sur!ace rac accidens a a mine sie *reamen
Completon
opton
"enefs
.isadvanages
Resul
dae
%urvey
En!erstan!
9ill re*uire
Fes
;45Gul54;
current rules
the current
some e$ort to
an!
situaon an!
achieve. May
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*reamen
Completon
opton
"enefs
.isadvanages
variaons
the potenal
conclu!e that
across
for confusion.
the removal of
company.
Move to
!espatch is not
Develop a
un!erstan!
!esirable from
stan!ar! for
the nee! for
a safety
safe !riving
!espatch or
perspecve.
in mines an!
the
safe
alternaves.
behaviours.
Elmately it
&onsi!er the
ill re!uce
role of
the likelihoo!
!espatch on
of acci!ents
each mine.
that can cause
Resul
dae
Fes
;45Gul54;
Maybe
;45Dec54;
!eath an! serious injury an! plant !amage. &on!uct a
&urrently
9ill re*uire
stu!y to
there are no
e$ort to
!etermine
stan!ar!s or
achieve "but
safe spee!s
rules. Many
coul! be
belo an!
vehicles !o
con!ucte! at
above
not have
the same me
groun!.
spee!os.
as 4#.
Develop a
%pee!s are
strategy to
enforce! by
limit spee!s
removal of
through
gears hich
blocking
places motors
gears etc.
un!er stress.
%urvey
Development
9ill take some
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*reamen
Completon
opton
"enefs
.isadvanages
pe!estrian
of a soluon
e$ort to
an! vehicle
that is
achieve. 9ill
interacons
suitable for all
lea! to some
belo an!
mines.
opposion as
above
&onsistency
it may restrict
groun!.
beteen
here people
&onsi!er
mines an!
alk.
pro,imity
avoi!ance of
!evices as
ambiguity.
part of the
Provi!e a
soluon.
basis for
Develop
training an!
stan!ar!s in
enforcement
terms of
of stan!ar!s.
Resul
dae
!elaminate! areas' alking areas etc. Train all mine sta$ on rules an! enforce. Risk reamen plans
9e help our clients generate an! recor! potenal opons for risk treatment as that shon above. or each opon' the bene(t an! costs or !isa!vantages are e,presse! an! a !ecision is place! in the (nal column. The !ecision is either -yes’ because the risk treatment opon is value accreve' or -no’ because it is not. /f the evaluaon in inconclusive' a -maybe’ is recor!e! an! more !etaile! bene(t5cost analysis may be re*uire!. All those opons marke! -yes’ go ahea! as risk treatment measures an! plans are !evelope! for their implementaon. )ur capabiliy
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All members of )roa!leaf are highly pro(cient in preparing for an! con!ucng risk assessment orkshops an! risk treatment orkshops. very client’s nee!s are !i$erent' an! e are able to tailor the basic process an! ulise the appropriate tools an! metho!s to generate the most e7cient process an! most reliable outcomes. 9e also specialise in training our clients to con!uct risk assessments for themselves. This training is highly intensive an! praccal so that parcipants *uickly learn the skills they re*uire an! gain the con(!ence to facilitate their on orkshop sessions.
B. "ccording to the operationa* p*an/ "FC !ote* wou*d *ike to de*iver great customer service + providing training sa*es sta,, to provide a,ter sa*es product support. Acti"ity $6ecti"e 7esources Procedures 7esponsi$l (hen* 4(hat is to 4(hy will 4(here 4How will it e person $e done*5 we do it*5 will it $e $e done*5 4(ho will done*5 do it*5
8udget
Train sa*es sta,, to provide a,ter sa*es support.
In house. "ddition a* resources avai*a*e ut a usiness case is required.
To mu*tiski** sta,, and to improve the *eve* o, a,ter sa*es support
It wi** e :e*iver done training across a** programs the who*e service departmen t.
Service department manager
?= "ugust
4.
"s a manager +ou need to deve*op and manage +our action p*an to a*ign with the organisation p*an. You need to coverD
-
)hat is +our action p*an 6+ou can reak +our overa** activit+ into sma** tasks/ time*ines and responsii*ities assigned ,or each task and mi*estones
-
!ow to imp*ement +our p*an
-
!ow to monitor +our p*an
-
!ow to review +our p*an
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-
I, there are comp*e comp*aints and s+stem pro*ems that *ead to poor customer service/ what can +ou do
Students need to reak the overa** activit+ into sma** tasks/ time*ines and responsii*ities assigned ,or each task and a mechanism to quantitative*+ ana*+se the *eve* o, comp*etion o, each task. The answers ma+ var+/ ut the ke+ point isD $vera** activit+ is to train sa*es sta,, to provide a,ter sa*es support. Sma** tasks ma+ inc*ude ana*+sis current sta,, know*edge/ identi,+ training scope/ con,irm training price/ *ocation/ provider/ sumit a usiness case to get ,ina* approva*/ imp*ementation and review. To monitor and review the p*an. (response ma+ inc*ude a discussion o, the pros and cons o,D o
"na*+5ing and assessing sa*es ,igures and service turnover
o
4eeping a c*ose e+e on the 4(Is and 4&"s
o
$serving and assessing the attitudes among customer service representatives
o
!o*ding meetings to co**ect in,ormation and discuss issues re*ated to customer interactions
o
Co**ecting quantitative data to monitor per,ormance
o
Co**ecting and ana*+5ing qua*itative data aout customer service per,ormance
o
$serving ,ace-to-,ace service situations
o
%arket research
7. )rite a report to ep*ain marketing mi according to "FC !ote*3s operationa* p*an.
=. You work as a pa+ro** o,,icer ,or "FC !ote* and +ou have etracted the e*ow in,ormation ,rom the compan+ histor+ cardsD ;ame
Staff A
Staff 8
Staff #
0mployee num$er
=
>
?
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Address
= Samp*e Street/ Sunn+p*ace
> Samp*e Street/ Sunn+p*ace
? Samp*e Street/ Sunn+p*ace
)ate of 8irth
=@8 =>8=NJA
N8=>8=NJ@
=>80B8=NJ0
0mployment status
1u**-time
Casua*
1u**-time
ccupation
Supervisor
&eception
Team *eader
)ate #ommenced
=80=8>00@
>80>8>0=>
?80?8>000
#urrent wage rate or annual salary
>@8 hour
=B8 hour
=J8 hour
ote that emp*o+ees are paid under an award that requires ?J hours per week o, work 6,or 7.B0 hours per da+. "n+ emp*o+ees who work over 7.B0 hours per da+ wi** receive overtime pa+ment at =.A times the norma* rate on %onda+ to Saturda+. Sunda+ is dou*e pa+. This is week A and the ending work date is >B80>8>0XX. You are required to comp*ete the timesheets and ca*cu*ate the tota* gross pa+ment amount ,or a** ? sta,, memers. The ? sta,, memers working hours areD Staff A
Staff 8
Staff #
Monday
J.?0am to B.?0 pm with = hour reak
J.00am to B.00 pm with = hour reak
N.?0am to B.?0pm with = hour reak
/uesday
N.00am to A.?0 pm with 0.A hours reak
J.?0am to A.?0 pm with = hour reak
J.00am to A.?0pm with = hour reak
(ednesday
J.?0am to B.00 pm with = hour reak
J.?0am to 7.?0pm with = hour reak
7.?0am to A.00pm with = hour reak
/hursday
N.00am to 7.00pm with = hour reak
N.00am to A.=0 pm with 0.A hours reak
•
.00 pm with o.A hours reak
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N.00am to =.00pm
Sunday
Samp*e timesheetD 0mployee name= Staff A (ee3 ;um$er= &
0mployee ;um$er= (ee3 0nding=2'.2.>>
)ay
Starting time
.00 pm
0.A hours
@.A0
Sunday
@7.A0
/otals
?J.00
N.A0
/otal hours wor3ed during the wee3= %+ hours ! minutes /otal gross payment= @2&%
0mployee name= Staff 8 (ee3 ;um$er= &
0mployee ;um$er= 2 (ee3 0nding= 2'.2.>>
)ay
Starting time
.@0
/hursday
N.00 am
A.=0 pm
0.A hours
7.B0
7.B0
>
)ay
Starting time
to prepare sta,, "3s emp*o+ee earnings card/ cash ana*+sis sheet and Sta,, "3s emp*o+ee pa+ advice s*ip. The re*evant temp*ates have een provided. ;ame
Staff A
Staff 8
Staff #
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)eductions= Health insurance Superannuation
>> per week >A per week
=> per week i*
i* i*
A8# Hotel Payroll register for wee3 ending= 0mployee ;ame
/otals
Staff A
Staff 8
Staff #
>7=
7@
=A=
H7S (790)
orma* hours $vertime hours 6 =.A $vertime hours 6 > 0;/I/B0M0;/S
orma* pa+ 6 $vertime hours =.A norma* pa+ rate 6 $vertime hours > norma* pa+ rate 6 C7SS PAY 4@5 )0)#/I;S 4@5
Income ta 6
@NB
%edica* association 6 Superannuation 6 //AB )0)#/I;S 4@5
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;0/ PAY 4@5
0mployee earnings card for year ending= 2'.2.2>>
ameD Emp*o+ee noD "ddressD Pay period ending
:ate
Cross pay
;orm al @
.& @
Accumulated totals
)eductions
2. @
Cross pay @
PAY C taD
Medi cal assEn
@
@
Sup er
/ota l
@
@
;et pay @
Fa*ance s
Cross pay @
/aD withh eld @
=0/000. 00
??00. 00
>B.0>.X X
A8# Hotel #ash analysis sheet for wee3 ending= 2'.2.>> ;otes 0mployee name
;et pay
@
#oins @&
@2
@
@&
@2
@
&F
2F
F
&F
Sta,, " Sta,, F Sta,, C /otals
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A8# Hotel pay slip ad"ice slip
Emp*o+ee noD
(a+ period endingD
0mployee name= (ages: o"ertime and allowances
Hours
7ate
Amount
)ages $vertime "**owances
"
"
Payment summary
"
/his pay
)ages ross pa+ ("Y ta :eductions et pa+ )eductions
Amount
("Y ta Superannuation !ea*th insurance Tota* deductions
A8# Hotel Payroll register for wee3 ending= 0mployee ;ame
/otals
Staff A
Staff 8
Staff #
orma* hours
?J
?J
?J
==@
$vertime hours 6 =.A
N.A
A.=
?
=7.B
H7S (790)
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$vertime hours 6 >
@
@
B0J
BJ@
>>0@
=>>.@
J=
A@A.@
=@@
=@@
0;/I/B0M0;/S
orma* pa+ 6
N=>
$vertime hours =.A norma* pa+ rate 6 ?@> $vertime hours > norma* pa+ rate 6 C7SS PAY 4@5
=>A@
7?0
N0N
>JN?.@
Income ta 6
>7=
7@
=A=
@NB
%edica* association 6
>>
=>
Superannuation 6
>A
)0)#/I;S 4@5
?@ >A
//AB )0)#/I;S 4@5 ?=J
JB
=A=
AAA
;0/ PAY 4@5
B@0.@
7A@
>/??B.@
N?>
0mployee earnings card for year ending= 2'.2.2>>
ameD
Sta,, "
Emp*o+ee noD = "ddressD Pay period ending
:ate
= Samp*e Street/ Sunn+p*ace
Cross pay
;orm al @
.& @
Accumulated totals
)eductions
2. @
Cross pay @
PAY C taD
Medi cal assEn
@
@
Sup er
/ota l
@
@
;et pay @
Cross pay @
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Fa*ance s >B.0>.X X N=>
?@>
=>A@
>7=
>>
>A
?=J
=0/000. 00
??00. 00
N>>
==/>A@
?A7=
&F
2F
A8# Hotel #ash analysis sheet for wee3 ending= 2'.2.>> ;otes 0mployee name
;et pay
Sta,, "
N?>
Sta,, F
@
#oins @&
@2
@
N
=
=
B@0.@
B
>
Sta,, C
7A@
7
=
/otals
>??B.@
>>
=
@&
@
@2
F
&F
= > >
?
=
?
>
A8# Hotel pay slip ad"ice slip
Emp*o+ee noD
=
(a+ period endingD >B.0>.>0XX
0mployee name= staff A (ages: o"ertime and allowances
Hours
7ate
)ages
?J
$vertime
N.A
?B
?@>
"**owances
"
"
"
Payment summary
>@
Amount
/his pay
)ages
N=>
ross pa+
=>A@
("Y ta
>7=
:eductions
N=>
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et pa+
N?>
)eductions
Amount
("Y ta
>7=
Superannuation
>>
!ea*th insurance
>A
Tota* deductions
?=J
=0. Ep*ain how and the procedures to reconci*e tota* wages ,or pa+ period/ check and correct irregu*arities and re,er to designated persons ,or reso*ution. The numer o, emp*o+ees to e paid ,or the period shou*d e checked against the numer o, emp*o+ee histor+ cards and the numer o, time sheets sumitted ,or the pa+ period. " comparison can e made o, the norma* and overtime hours recorded on the emp*o+ee time sheets/ with the hours recorded in the pa+ro** register. The numer o, cheques or pa+s prepared ,or emp*o+ees must ta**+ with the numer o, emp*o+ees on the pa+ro** register. $rganisations are a*ogated to pa+ emp*o+ees on time and depending upon the award or enterprise argaining agreement in p*ace/ pena*ties ma+ app*+ ,or *ate pa+ment to emp*o+ees. Fe,ore a pa+ro** register is re*eased ,rom the pa+ro** o,,icer/ an authori5ed person in the organisation shou*d ensure that pa+ro** has een prepared according to the organisation3s procedures/ that reconci*iations have een done.
>. Ep*ain at *east > di,,erence methods that can e used to pa+ emp*o+ees. You are a*so required to descrie where to ,ind in,ormation aout pa+ments in an organisation and the records that correspond to di,,erent pa+ment methods. $rganisatios pa+ emp*o+ees + cash/ cheque or e*ectronic trans,er ,o ,unds. %ethods are se*ected according to the organisation3s po*icies and individua* emp*o+ee
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needs. In,ormation aout pre,erred pa+ment methods shou*d e ,ound in the organisation3s po*icies and procedures manua* and in emp*o+ee histor+ cards. &ecords o, pa+ment inc*ude the pa+ro** register/ cash ana*+sis sheet/ cheques/ cheque utts/ ank statements and pa+ advice s*ips.
?. I, +ou work as the pa+ro** o,,icer ,or "FC !ote* and +ou are a part-time sta,, memer. "t the end o, each week +ou prepare the pa+ro** register using the time sheets provided + the management and in,ormation can e ,ound on each emp*o+ee3s histor+ card. ",ter the pa+ro** register is reconci*ed/ +ou a*so prepare the pa+ advice s*ips are prepared and +ou write up and sign the cheque. (*ease ep*ain the ,au*ts in this pa+ro** procedure. The ookkeeper has too man+ tasks. The preparation o, the pa+ro** and the preparation o, cheques shou*d e undertaken + di,,erent peop*e so that checks can e made o, the pa+ro** process. The pa+ro** shou*d not e re*eased unti* it has een authori5ed + someone with authorit+ to do so.
@. Identi,+ the ke+ provisions o, re*evant *egis*ation standards and codes that ma+ a,,ect pa+ro** operations. Codes o, practice and ethica* princip*es/ which can ne workp*ace-ased or app*ied + a pro,essiona* association/ govern the responsii*it+ required o, peop*e invo*ved in handing and processing ,inancia* in,ormation. "t a pa+ro** processing *eve*/ it requires integrit+ in ,o**owing procedures and reporting errors and pro*ems as the+ emerge. Taation *egis*ation ,orD :etermining deductions ,or !E( and S1SS det o o
:etermining ("Y withho*ding ta
o
Ca*cu*ating superannuation guarantee pa+ments
o
4eeping pa+ro** records ,or taation reporting.
o
(rivac+ *egis*ation ,orD %aintaining con,identia*it+ and securit+ o, pa+ro** in,ormation
o
%aintaining individua* privac+ in,ormation. "nti-discrimination *egis*ation ,orD Ensuring the pa+ro** process does not discriminate against peop*e according to o
the *egis*ation. )!S *egis*ation ,or D
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o
Ensuring hea*th and we**eing is maintained/ particu*ar*+ ,or data entr+ operators.
A. ist and ep*ain at *east > di,,erent t+pes o, pa+ro** s+stems %anua* where pa+ro**s are prepared + hand. These are most suita*e ,or ver+ sma** organisations where there ma+ on*+ e one or two emp*o+ees. So,tware the pre,erred approach ,or handing pa+ro**. %ost usinesses wi** use so,tware to organi5e a** o, the tasks o, preparing and managing a pa+ro**. (a+ro** so,tware o,ten requires minima* input ,rom the emp*o+er ecept to input emp*o+ee wage in,ormation and hours. The so,tware wi** then access in,ormation aout the emp*o+ee and ca*cu*ates pa+ detai*s and withho*dings automatica**+.
Part 3 Case Study ABC Coffee
Summary 8rand name
"FC Co,,ee 6one o, the ,ranchise store
Cross turno"er
= 2u*+ >XX= to ?0 2une >XX> =/>00/000
Ad6usted net profit
= 2u*+ >XX= to ?0 2une >XX> NJ/000 = 2u*+ >XX> to ?0 2une >XX? 7J/000 6annua*ised pro9ection
Monthly rent
Current month*+ invoiceD =B/000 p*us ST Current month*+ outgoingD =/J00 p*us ST Current market promotion ,eeD J=0 p*us ST
Stoc3 at Galue 4SAG5
"pproimate*+ A/000
%anagers 6= ,u**-time8 = part-time8 casua* > Cooks = "ssistant Cook "ppro. @ Faristas8 B-7 1*oor Sta,, 6sta,, requirementD appro. =@ Sta,, rostered each week ec*uding %angers Seating Current seating provided in (*ant and Equipment inc*udes =0B seats and ?A ta*es Strengths Eisting usiness with *o+a* customer ase (rime *ocation in us+ shopping centre in rapid*+ growing area pportunities The opportunit+ to share in the success o, an instant*+ recognisa*e and high*+ success,u* rand/ with a proven track record throughout "ustra*ia.
Question Fook time with +our assessor to do ro*e p*a+s to sol"e ! different customer complaints . You act as waiter8 waitress and +our assessor wi** e di,,erent angr+ customers. You are required to respond to and reso*ve these comp*aints according to organisationa* po*icies and proceduresD •
using negotiation techniques
•
using appropriate e+e-contact using a moderate tone o, voice in a ca*m manner
• • • •
maintaining po*iteness at a** times #se appropriate communication ski**s to address and reso*ve customer comp*aints within the scope o, +our responsii*it+.
•
isten attentive*+ to their comp*aints and work with them to negotiate satis,actor+ reso*utions.
•
Check with the customers to ensure that the+ are happ+ with the pro*em so*ution. This might invo*ve vera*/ ,ace-to-,ace communication or te*ephone or emai* communication a,ter the event.
•
I, necessar+/ esca*ate the comp*aint to someone who can make suita*e decisions.
#omplaint
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"n angr+ customer who has een waiting ,or his8 her ,ood ,or more than ?0 minutes. The da+ is ver+ us+ and the store does not have capacit+ to accept too man+ orders. #omplaint 2 You serve one customer/ ut the mea* is di,,erent with what the customer ordered. The customer ordered an e+e ,i**et/ ut +ou accident*+ took another customer3s rump stake to him8 her. #omplaint ! The customer 9ust sits down/ ut he8 she ,ind that the ta*e is ver+ dirt+. !e8 she is not happ+ and he8 she asks +ou to c*ean it immediate*+/ ut +ou 9ust aout to serve another customer. Items
Satisfactory or not
#omments
using negotiation techniques using appropriate e+e-contact using a moderate tone o, voice in a ca*m manner maintaining po*iteness at a** times #se appropriate communication ski**s to address and reso*ve customer comp*aints within the scope o, +our responsii*it+ isten attentive*+ to their comp*aints and work with them to negotiate satis,actor+ reso*utions. Check with the customers to ensure that the+ are happ+ with the pro*em so*ution. This might invo*ve vera*/ ,ace-to-,ace communication or te*ephone communication event.
or emai* a,ter the
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&ecommendationD Case = Investigate *ead times o &e-priorities de*iver+ schedu*es. o Train sta,, to provide more accurate de*iver+ data to c*ients o Case > Train sta,, aout the menu o Ensure the de*iver+ is accurate o %ake sure sta,, ep*ain and apo*ogies o Case ? Train sta,, aout po*ic+ o Check capacit+ o Sta,, training o Question 2
",ter +ou so*ve those pro*em/ +ou are required to think aout these issues and provide recommendation. :iscuss those issues and recommendation with +our assessor and write a customer ser"ice policy ,or "FC Co,,ee ,or those ? areas 6take order/ serve customer/ maintain a c*ean environment. The organisation has its own :ocument St+*e uide. (*ease see the detai*s e*ow.
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A8# #offee )ocument Style Cuide Purpose and scope
In accordance with the "FC In,ormation (o*ic+/ these procedures descrie the requirements ,or producing and storing ,orma* documents in a consistent ,ormat through appropriate st+*ing/ consistent document handing procedures and appropriate protoco*s. 7esponsi$ilities
"** "FC sta,, memers are responsi*e to ,o**ow the po*ic+ when creating ,orma* usiness documents.
-
The purpose/ tone/ ,ormat and communication st+*e o, the document shou*d e suita*e ,or the intended audience. "** documents shou*d e checked ,or readai*it+/ grammar/ spe**ing and sentence and paragraph construction e,ore the+ are distriuted. Copies and documents shou*d e ,i*ed sa,e*+
Style guide
=. "** documents are to e distriuted even*+ >. The standard ,ont is Times ew &oman => ?. "** topics need to have c*ear heading @. :ates use date month +ear/ ,or eamp*e >J 2une >0=B A. :ocumentation shou*d e produced using %S )ord. This wi** ensure portai*it+ o, ,i*es and consistenc+ o, operation. B. #se "@ page *a+out. 7. #se "ustra*ian spe**ing/ ,or eamp*e/ co*our/ organisation. &e,er to the %acquarie :ictionar+. Check that %S )ord is set to Eng*ish 6"ustra*ian. J. Time use == am/ =>.?0pm N. #se a ,riend*+/ c*ear st+*e. #se *anguage that is unamiguous/ inc*usive and nondiscriminator+.
#ustomer Ser"ice Policy ur aim
The "FC Co,,ee Customer Service (o*ic+ app*ies to a** "FC emp*o+ees casua*/ p*art-time/ ,u**-time/ permanent or temporar+. It is the aim o, "FC to provide our customers with the highest *eve* o, customer service at a** times/ In order to achieve this/ sta,, memers shou*d a*wa+s demonstrate the ,o**owingD (ro,essiona* courtes+ in a** dea*ings with interna* and eterna* customers o
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o
o
o
"ccurac+ and e,,icienc+ with regards to the products and services the+ promote and8 or provide "ccountai*it+ ,or their actions/ their dea*ing with customers and the service the+ provide E,,ective communication ski**s
o
Integrit+/ honest+ and re*iai*it+
o
!igh *eve*s o, product and service know*edge
)ealing with internal and eDternal customers o
o
o
"** sta,, wi** provide interna* and eterna* customers with the same high *eve* o, service at a** times "** sta,, must show courtes+ to oth interna* and eterna* customers in a** situations "** sta,, must active*+ *ook ,or wa+s to enhance the customer service eperience
"** impediments to the provision o, good customer service must e proper*+ addressed /he A8# commitment to deli"ering outstanding customer ser"ice standards "FC sta,, wi** e provided with communication ski**s training during their induction period to improve their genera* communication ski**s/ and customer service training on a regu*ar asis to assist them in the provision o, e,,ective customer service. o
)ealing with customer complaints Comp*aints made + "FC customers must e hand*ed in accordance with the customer comp*aints procedure. This is *ocated in the po*icies and procedures section o, the "FC intranet. Accounta$ilities "** "FC sta,, are epected to D (rovide high qua*it+ customer service at a** times o Identi,+ poor customer service standards o &eport poor customer service to their supervisor/ team *eader or manager o %anagement mustD "ct immediate*+ i, poor customer service is rought to their attention + sta,, o )here appropriate/ review customer service procedures o :ocument and report on this process/ where required o Question ! (repare rosters across three di,,erent roster periods 6J-==/ ==-@/ @-N ,or "FC Co,,ee. You need to prepare approimate*+ =@ sta,, rostered each week ec*uding managers. Current*+ +ou haveD • > %anagers 6= ,u**-time8 = part-time8 casua* •
> Cooks
•
= "ssistant Cook
•
"ppro. @ Faristas8 B-7 1*oor Sta,,
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(*ease use the roster temp*ate e*owD Ser"ice attendant
Mon
/ue
(ed
/hu
0=B
Ca**s a meeting o, managers and the+ present and discuses p*ans ,or the ,o**owing +ear3s pro9ected *eve* o, activit+
:irector
The+ department managers work with the director to prepare an estimate ,or the department3s coming +ear.
:epartment managers and director
=B %a+ >0=B
Comp*eted udgets are presented + the :epartment managers department managers to their director
?0 %a+ >0=B
>J "pri* >0=B
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,or review and approva*. 2usti,ication o, the udget request ma+ :epartment managers e required in writing. In most cases/ the department manager ta*ks with their director aout udget requirements.
Income Ependiture (ro,it &einvest
>0=A-=B =A0/000/000 =>7/A00/000 >>/A00/000 =B/J7A/000
>0=B-=7 =7>/A00/000 =@B/7>A/000 >A/77A000 =N/??=/>A0
>0=7-=J =NJ/?7A/000 =BJ/B=J/7A0 >N/7BA/>A0 >>/?=7/=JJ
>0=J-=N >>J/=?=/>A0 =N?/J7A/000 ?@/BN>/=JJ >A/BN>/=JJ
=A 2une >0=B
>0=N->>B>/?A0/N?7 >>>/NNJ/>N7 >N/A=@/@J0 >N/A=@/@J0
1inancia* stai*it+D o
increase revenue + =AM 6compared to the previous => months + the end o, the ,inancia* +ear
o
%aintain annua* pro,it *eve*s o, =AM o, revenue ,or a** products and services/ ca*cu*ated at the end o, each ,inancia* +ear
o
&einvest 7AMo, pro,it ack into the usiness at the end o, each ,inancia* +ear
et pro,it margin U net pro,it8revenue !:-&&?!%:&2=00 U=0.@M et pro,it ratio U net pro,it8revenue U =?/NAA8=?@/A>0U0.=0@ Cash ,*ow return on assets U cash ,*ow ,rom operation8 tota* assets U J?/=J?8>BN/7J= U 0.?= &eturn on owner3s equit+ ratioU net pro,it8 owner3s equit+ U =?/NAA8>A>/?00U0.0B !ori5onta* ana*+sis *ooks at the changes in each item o, the ,inancia* statements in ? wa+sD o
The change in aso*ute monetar+ va*ue
o
The percentage change ,rom the va*ue o, previous period
o
)hether the change was ,avoura*e or un,avoura*e ,or the organisation
The great impact on usiness3s pro,it and *oss are pa+ment to supp*iers/ sa*aries and marketing ,ee. The tota* income increases ever+ +ear. The ma9or variances are pa+ment to supp*iers and inventoriesL when the gap is too ig/ it wi** a,,ect compan+ to make accurate udget p*an. Trends ma+ e identi,ied + p*otting ke+ ratios on a graph/ giving a visua* representation o, changes happening over time ,rom di,,erent ,inancia* periods/ The cash,*ow ratio provides the in,ormation that he*ps managers to ,orecast their organisation3s cash,*ow.
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