Thursday, February 13, 2020

Event membership cshemes and whether thry promote customer loyalty Essay

Event membership cshemes and whether thry promote customer loyalty - Essay Example In many cases, the event is itself the product, such as cultural events and the like. The principle, however, is the same, that is, to trigger the curiosity of new customers as well as nurture a stronger relationship with the regular customers in order to court their loyalty. In trying to keep customers loyal, companies have come up with membership schemes by which a customer is â€Å"bound,† in a way, to keep coming back. By â€Å"bound† it is meant that the customer is given an incentive or reward for staying as a member and continuing to avail of the products and services of the company. In 2001, Hayes and Slater conducted a study of cultural organizations. Their aim was to arrive at a typology of the common-interest groups of people who have naturally gathered together and, after the passage of some time, became â€Å"clubs†, then â€Å"membership schemes†. (They are also known by other names like friends’ schemes, societies, and associations). The study of such typologies was considered by the authors to be useful to practitioners. It will help them in the design and evolution of membership schemes for many different purposes. This is especially for the hosting of events and exhibits, in order to make sure there is enough people in the audience. According to the authors, there are four general types of membership schemes: the friends’ scheme, the social club group, the public members’ scheme, and the integrated membership scheme. There are many factors that influence how membership schemes developed. The most important factor is the strong competition that grew between rival organizations, and a lessening of revenues available for funding. For these companies, management found out that the only way to ensure survival was by adopting an entrepreneurial style, which meant earning income in an

Saturday, February 1, 2020

Prepare a two-page paper discussing Dr. Charans insights and how Essay

Prepare a two-page paper discussing Dr. Charans insights and how present-day executive leadership should plan and operate - Essay Example It is also important for the leaders to get full details of their operations so as to be better positioned to defend their core business in the event of economic crisis striking. Short term strategies are advocated so as to be able to deal with the situation. Essentially, there are six leadership traits for hard time which include the following In most cases, revenues for businesses are generated through sales hence the need for the sales people to be as realistic as much as possible. They should scan the current environment and see if they can get an opportunity through evaluating the customers’ potential to buy. These communicate the financial position of the business both internally and externally. Their main role is to communicate clearly and honestly so as to keep the investors and lenders abreast about the situation obtaining on the ground. Another role is to allocate resources according to the current state of economic affairs. There is need to identify the projects that matter as well as set new priorities. To those CEOs who presided over thriving organisations, there is a tendency to believe that they know everything. This over optimism is at time dangerous since they can engage in other risky activities such as debt which can sink the organisation into oblivion. Against this background, CEOs should remember that they are leaders and should inspire their workers even during trying times. They should remind the workers that there is light at the end of the tunnel hence should not despair. There is need to establish respectful relationships with the stakeholders in order to contribute to the firm’s credibility. Information about the situation obtaining on the ground is very important and it should always be truthful. Capable leaders will often have a vision and emerge stronger from a financial crisis.