TQM Research Paper Example | Topics and Well Written Essays - 500 words

TQM - Research Paper Example The paper will discuss the history of the balanced scorecard as a tool of performance measurement and management and outlines the detailed four perspectives of measuring the performance of the organization. The paper will also outline some benefits that are offered by the balanced scorecard as a tool of process improvement and performance measurement. The balanced scorecard was developed by Robert Kaplan and David Norton in 1995 and considers four perspectives of organizational performance that include the financial perspective, customer perspective, internal business process and finally learning and growth perspective (Niven, 2005). According to Kaplan and Norton, the tool translates the organizational mission and strategy in set of performance measures that will determine the short-term and long-term organizational progress in executing the mission and strategy of the company (Niven, 2005). In this case, the tool is useful since it clarifies the vision and strategy and links the strategic objectives with the measures and further enhances the strategic feedback of the attainment of the corporate objectives. The financial perspective measures the economic performance of the actions taken by the firm such as the increase in revenues, the increase in profitability, the decline in the operational costs and decline in bad debts (Meyer, 2002). The short-term financial measures can include an increase in the number of sales units while the long-term financial measures will include increase in overall profitability and reduction in the operating costs. The customer perspective is geared at identifying the market segments and ensuring higher customer satisfaction and retention. High customer satisfaction will lead to higher customer loyalty and retention thus reducing the marketing costs and increasing the business revenues (Niven, 2005). The customer measures of performance include the number

Macro and Micro economics research Essay Example | Topics and Well Written Essays - 1000 words

Macro and Micro economics research - Essay Example Competitors sell products and services of the same description. A public is any group that has a potential interest on the ability of a company to achieve its goals and objectives. Macro environment Macro environment factors are also external to the firm and cannot be controlled. These factors hardly have any effect the marketing capability but affect the decisions of marketing within the company. Macro environmental factors may include the following: Cultural and Social Forces: This idea is considered in marketing literature as a substitute to the concept of marketing. The social forces try to make marketing as a practice that is socially responsible. This implies that companies ought to eradicate products that are socially harmful and only produce what may be valuable to society. Legal and political forces: Development in the legal and political field highly affects the decisions of marketing. Marketing decision may not be taken without considering the political parties in power, g overnmental agencies and laws regarding land. These variables often develop remarkable pressures on management of marketing. Laws often affect promotion and pricing, product design, capability and product capacity. In almost all the countries, the government always intervenes in the process of marketing despite their political beliefs. Demographic forces: In this situation, the marketer examines the population since the people create markets. Economic factors: The economic environment is made up of macro level factors that relate to a distribution and production means that affects the business of a company. Physical forces: These include the renewable and non-renewable resources of the earth. Renewable forces include food products and... Cultural and Social Forces: This idea is considered in marketing literature as a substitute to the concept of marketing. The social forces try to make marketing as a practice that is socially responsible. This implies that companies ought to eradicate products that are socially harmful and only produce what may be valuable to society. Legal and political forces: Development in the legal and political field highly affects the decisions of marketing. Marketing decision may not be taken without considering the political parties in power, governmental agencies and laws regarding land. These variables often develop remarkable pressures on management of marketing. Laws often affect promotion and pricing, product design, capability and product capacity. In almost all the countries, the government always intervenes in the process of marketing despite their political beliefs. Demographic forces: In this situation, the marketer examines the population since the people create markets. Economic factors: The economic environment is made up of macro level factors that relate to a distribution and production means that affects the business of a company. Physical forces: These include the renewable and non-renewable resources of the earth. Renewable forces include food products and the forest. Non-renewable resources include minerals, coal and oil. These components often change the level of resources that are necessary for a marketer.