Note: Sample below may appear distorted but all corresponding word document files contain proper formattingExcerpt from Term Paper:
Foremost, unlike the previous alternative solution, the profitability of the sports equipment manufacturer would not be negatively affected by problems in the vendor-supplier relationship.
A b) Supplier-vendor relationship
Unlike changes in the priority of payments, the contracting of a bank loan would not affect the relationship between Lawrence Sports Inc. And its purveyors. The suppliers would still receive their payments at regular dates and would therefore continue delivering high quality commodities in a timely and efficient manner. If something, the relationship would improve as more orders would be made and the company would have a better possibility of honouring its obligations to the suppliers.
A c) Ability to resolve the problem now and in the future
The immediate future could pose some threats as the company would also have to pay the bank loan. However, the additional financial resources would allow the company to further invest in their human resource and through this, retrieve significant positive results. The morale and performances of the staff would increase alongside with their commitment and loyalty to the organization. As such, contracting a bank loan would stand increased chances of retrieving the desired results in the present and would also have the capability to sustain these results in the long run.
A d) Corporate goals
Using the established corporate goals as criteria to assessing the second alternative solution would present the following findings:
the employees would get their payments on time, combined with other financial incentives (such as bonuses and premiums); this would not only result in higher performances, but also in increased on the job satisfaction and increased loyalty to the employer, to finally materialize in reduced employee turnover and reduced costs with replacing the personnel the constant relationship with the purveyors and the higher performances of the staff would lead to a superior efficiency of the operational processes at Lawrence Sports due to better paid and motivated employees who also increase their performances, the satisfaction of the customers served by Lawrence Sports Inc. would also increase the profits of the sports equipments manufacturer would increase and would be sustainable on the long-term
4.3 Take no action
The third alternative sees that the officials at Lawrence Sports Inc. turn a blind eye on the high employee turnover and hope that the problem would resolve by itself. The primary characteristics of this alternative are that it requires no additional time, efforts and financial resources, but it also has no benefits. The outcomes of implementing such a solution are rather difficult to foresee, but one can only expect a worsening of the current problems.
A a) Profitability
The overall profitability of Lawrence Sports Inc. would most likely decrease as the employees would continue to leave the company, generating as such increased costs with replacing and training the staff. Foremost, the quality of the work performed by the employees would at least stagnate, but most likely decrease, resulting as such in unsatisfied and lost customers and culminating with decreasing levels of profitability.
A b) Supplier-vendor relationship
No major changes would occur in the relationship with the suppliers as long as payments would be made in time. However, it would be rather difficult for Lawrence Sports to guarantee the timely payment in the given circumstances of unsatisfied customers and low profitability.
A c) Ability to resolve the problem now and in the future
However the strategy proposed does not imply additional costs, it neither has benefits. In other words, taking no action to resolving the matter of increased employee turnover is not a strategy to retrieve beneficial results in neither the short nor the long-term.
A d) Corporate goals
Relative to the corporate goals, turning a blind eye and hoping the problem would resolve by itself has the following impacts:
the rates of employee turnover would most likely increase and the costs of replacing the staff would be larger than ever; the performances of the staff would also be extremely poor the efficiency of the operational process would decrease the poor performances of the staff would result in unsatisfied and even lost customers the overall profits of Lawrence Sports would decrease
5. The Solution
In order to identify the most suitable solution out of the presented alternatives, one should try a simplistic presentation of the effects each alternative would have on the corporate features established as selection criteria.
Present and future
Goals - employee turnover efficiency of operational processes customer satisfaction profit maximization beneficial outcomes; - negative outcomes; ~ fluctuating outcomes
However it requires additional time, energy and most importantly, additional financial resources contracted through a bank loan that increase the levels of debt, the second alternative seems to be the most appropriate one to resolving the current problems and sustaining their resolution in the long-term. By attracting more financial resources, Lawrence Sports Inc. would be better able to remunerate and motivate their personnel. This would then have two distinct effects upon the corporation as a whole. First of all, it would help it resolve the impending problem of increased employee turnover as the staff would be better satisfied on the job, would become more loyal to the employer and would remain at their current positions. Secondly, the increased morale of the better remunerated staff would make them increase their performances. This would then lead to products and services delivered at superior qualities, better satisfied customers and increased sales revenues.
The sole risk that has to be considered in implementing this particular solution is given by the company's ability to pay back their loan. In order to reduce the risk of insufficient funds to make the reimbursement, Lawrence Sports could contract the loan in special conditions that foresee that during the first 3 to 6 months, the company will only pay the interest rate, and starting with the 4th or 7th month, they will commence the actual reimbursement of the loan. Provided that such a solution is not available, the sports equipments manufacturer will assure their payments based on that:
the company has no debts other than operating debts to purveyors, employees and utility bills the company has some economies that will help it pay three moths rates the investment will return after three months in increased productivity, profitability and reduced costs with replacing the staff
Lawrence Sports Inc. is a reputable manufacturer of sports equipments selling high quality products to teams across the United States. The company has placed high emphasis on maintaining a good relationship with its purveyors and has prioritized their payment over the employees' wages. The result was a rather unsatisfied staff, which began to leave the company and caused as such large expenses with their replacement. The company now has to develop and implement new strategies that align it to the modern approach and treatment of the human resource. The most viable course of action is that of contracting a bank loan to further invest in the personnel. The implementation of the strategy would commence with a timely payment of the monthly wages and would also be completed with other incentives, such as premiums and bonuses for performance. The beneficial results derived from investing in the human resource would materialize in lower employee turnover, reduced costs with the replacement of the staff, increased morale and performances and consequently, increased productivity and profitability.
Cameron, E., Green, M., April 2004, Making Sense of Change Management: A Complete Guide to Methods, Tools and Techniques of Organizational Change, Kogan…[continue]
"Lawrence Sports Inc Today's Companies" (2008, May 19) Retrieved December 4, 2016, from http://www.paperdue.com/essay/lawrence-sports-inc-today-companies-29736
"Lawrence Sports Inc Today's Companies" 19 May 2008. Web.4 December. 2016. <http://www.paperdue.com/essay/lawrence-sports-inc-today-companies-29736>
"Lawrence Sports Inc Today's Companies", 19 May 2008, Accessed.4 December. 2016, http://www.paperdue.com/essay/lawrence-sports-inc-today-companies-29736
Motivation in Sport Take a look at the animal world and you will find the proof that game is an inherent feature of the virtually evaluated species. This has an important part in literacy and evolution. We witness many a mock fights between kittens and pups so as to enhance their stamina, speed, tolerance and will. Through such hatred free games, they rub their hands for survival and satisfy their urge
Celebrity Endorsement Strategy: An Investigation Using Nike's relationship with Federer as an example, the paper analyzes the use of celebrity endorsement strategy of the brands beginning from choosing the right celebrity figures until the final results of the strategy. Many industries promote their products by hiring the services of influential celebrities who advertise the products in question. The celebrity has to have various characteristics in order to be seriously considered
In the old days, coaches and managers viewed people as objects, but that view is shifting, in part due to the concepts of Servant-leadership. The central meaning came to Greenleaf after reading Hermann Hesse's short novel Journey to the East; Greenleaf concluded that a great leader first serves others, and "true leadership (Spears 3) emerges from those whose primary motivation is a deep desire to help others." By first
The concept of dividing a mass market into homogeneous segments and targeting one or more with a distinct product offering and unique marketing communication is a fundamental precept of marketing theory. Market segmentation recognizes that different customer groups have different wants and needs that justify the development and offering of different products and services. The process of segmentation theoretically results in a much better understanding of users' needs, their
CELCAT, though, is just one of dozens of vendors competing in the class scheduling software industry as well as many open sources options that are free of charge, and the thousands of colleges and universities that have undertaken the selection process have done so largely without the benefit of a set of best practices that can be used for this purpose. As a result, it is reasonable to suggest that
What this organization has is a culinary leadership and this is not present in many similar organizers of events. This leadership enables all the partner venues to benefit and the collective talent and creativity of the entire culinary staff is spread all over the organization, in all areas. An organization like this cannot grow in isolation and has to coordinate and facilitate the sharing of ideas, techniques and award
In this regard, Sheve adds that, "For these people, assisted living may be the answer. Assisted living facilities fill a gap between complete independence and around-the-clock care. It's an option for those who are 'mostly abled' and who still want (and can safely live with) a high degree of freedom and independence" (para. 4). Not surprisingly, the continuum of care required for the elderly is closely associated with the