Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
Finance
Consumer Credit
There were many things in this article that made perfect sense from a salesperson's outlook, and some that I had not thought of before. It is clear that a client with credit problems has a ripple affect throughout an organization, especially if they are a large customer that uses the organization's goods often. I did not think of pending orders and the materials already ordered to produce them as one of the problems, but that makes perfect sense. It also makes sense that a credit manager should work with the salesperson, who may know the customer better than anyone else in the organization. The salesperson probably has trusted relationships with people in the troubled company, which means he or she may be able to gain valuable information about the viability of the company, as well.
Minimizing the company's risk for bad credit situations is one of the most important aspects of any organization, so understanding the nuances of credit is important for just about everyone in the organization. At first glance, it did not seem as if the salesperson would be heavily involved (except in loss of commissions), but after reading this article and seeing its tips for managing bad situations, it is clear the salesperson has a much larger role in credit and credit management.
It was also very interesting to note that many large suppliers may actually step in to help their troubled client. Again, this makes sense, especially if the client is a long-term business partner doing a major amount of business with the company. Saving a company actually makes sound financial sense in these cases, and uniting with a group of company creditors is also a good idea. It seems that for the most part, when a company runs into financial difficulties, if they are a viable and respectable company, there are resources available to help them regain their footing and continue business. This shows how important it is to always have excellent relationships with customers, no matter what business you engage in.
References
Brownstein, Howard and Edward Gavin. "When Bad Things Happen to Good Customers." Business Credit, June 2003, retrieved from ProQuest 27 June 2007.
Closing the loan is also known as firm commitment, and involves the completion of all key paperwork within a designated time. A closing date is set, and the closing costs are established. When the client pays the costs and completes the paperwork, the loan is closed. The next step is to service the loan. Servicing refers to the management of the payments. The loan creates an obligation on the part
Consumer Borrowing -- Spending an Economy Out of a Recession The 'answer' provided by consumer borrowing and spending during recessions and even depressions revolves around the classical, microeconomics 'answer' to what seems like an economics paradox. Namely, how does one stimulate the economy into a state of recovery, when one is faced with consumers who have less money to spend on basic goods? Consumers who may be unemployed are understandably cautions
Credit Cards Most Americans Should not Use Credit Cards. For some, credit cards are a convenient and safe substitute for cash. It is particularly helpful, for example when making distance purchases, such as ordering something by mail or over the Internet. However, for the majority of Americans, credit cards have become debt traps that are fast resulting in a financial crisis not only for these individuals, but also for the country as
Potential Concerns about the Consumer Financial Protection Agency Despite the multitude of benefits revealed by the CFPA, commercial banks and mortgage lenders continually present their growing dissatisfaction with the act. Representatives of this side include reputable organizations such as JP Morgan Chase or Wells Fargo, as well as a series of independent mortgage brokers and mortgage lenders and local and regional banking institutions. Their most compelling reasons for the dismissal
In fifty years, the heavy spending that credit cards facilitate will be viewed negatively, but credit cards themselves will still exist and most likely without stigma. The use of credit cards will be even more widespread, as fewer purchases will be done on site. Credit cards may be scorned by individuals who have acquired too much debt, but on the whole their benefits to society will not be overlooked. The dramatic
Consumer Behavior New Zealand Consumer Behavior This research paper has to do with the consumer behavior of the people of New Zealand. The structure of the paper is broken down into how consumer buying behavior is affected by "income status, occupation, Education, geographic, demographics, lifestyles and culture, possessions and level of influence" in their desire to purchase a product such as Hennessey Cognac. Income status means a great deal when looking at