Assess personal strengths and weaknesses
Student answers could take a number of different forms. A good business related way of answering would be to apply the SWOT Analysis to their own-self
SWOT Analysis: A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. Specifically, SWOT is a basic, straightforward model that assesses what an organization can and cannot do as well as its potential opportunities and threats. The method of SWOT analysis is to take the information from an environmental analysis and separate it into internal (strengths and weaknesses) and external issues (opportunities and threats). Once this is completed, SWOT analysis determines what may assist the firm in accomplishing its objectives, and what obstacles must be overcome or minimized to achieve desired results
Demonstrate a customer service mindset
A service mindset is an outlook that focuses on creating customer value, loyalty and trust. A business with this outlook wants to go beyond simply providing a product or service. It wants to create a positive and indelible imprint in the customer's, or even in the prospect's mind. To do this, a business has to care about the customer or prospect experience and work continuously at enhancing it
- Listen carefully to the customer’s complaint and acknowledge that you are there to help—in this case that the business meeting has been disrupted
- Explain that you appreciate and value the business that the customer has given you and that you would like the relationship to continue
- Provide customer surveys to get feedback from the customers. This could be done by a card with the bill, a website address or a phone call to important customers. There could be an incentive such as a discount or free dessert if they fill out the survey
- Use interpersonal skills to handle customer requests and questions, Understand management’s role in customer relations, understand procedures for handling difficult customers, explain business policies to customers and handle customer complaints.
- you should view negative customer interactions as opportunities to learn even more about the customers’ needs and expectations
Demonstrate Self-control
- Definition – ability to control ones emotions, desires or behaviours
- Remain calm to allow the customer to remain calm as well
- Don’t take the complaint personally. This will allow you to resolve the situation without having emotions come into play
- Be able to think logically, rationally and confidently to demonstrate competence.
Demonstrate the wise use of credit
Credit is a way to receive cash or goods now and pay later, most commonly by a credit card or a loan. The participant should demonstrate knowledge of the importance of using credit responsibly by discussing the following:
- Can the buyer afford the item in the first place
- Would it be better to use savings instead of credit?
- Should the purchase be put off until a later date?
- Do the benefits of purchasing now on credit outweigh the costs, including fees and interest charges?
Describe the nature of emotional intelligence
Emotional intelligence (EI) is the ability to identify, assess, and control the emotions of oneself, of others, and of groups.
The following categories of EI seem to be relatively well known:
Perceiving emotions – the ability to detect and decipher emotions in faces, pictures, voices, and cultural artifacts—including the ability to identify one's own emotions. Perceiving emotions represents a basic aspect of emotional intelligence, as it makes all other processing of emotional information possible
Using emotions – the ability to harness emotions to facilitate various cognitive activities, such as thinking and problem solving. The emotionally intelligent person can capitalize fully upon his or her changing moods in order to best fit the task at hand
Understanding emotions – the ability to comprehend emotion language and to appreciate complicated relationships among emotions. For example, understanding emotions encompasses the ability to be sensitive to slight variations between emotions, and the ability to recognize and describe how emotions evolve over time
Managing emotions – the ability to regulate emotions in both ourselves and in others. Therefore, the emotionally intelligent person can harness emotions, even negative ones, and manage them to achieve intended goals
Emotional intelligence is the ability to identify, assess, and manage the emotions of one’s self and those of others. The participant should demonstrate and express the importance of controlling extreme emotions that may hinder conflict resolution. The participant may demonstrate this by:
- Maintaining composure
- Not raising his/her voice
Describe types of financial services providers
There are many financial services providers for both businesses of all sizes as well as for individuals. Services include investing, brokerage, advice, and financing.
A company can raise capital through equity from venture capitalists as well as angel investors (individuals who provide financing hoping for a large return). Both venture capitalists and angel investors will examine the company thoroughly as they would take on a lot of risk. Through equity financing, the owner will give up part of his ownership of the company
On the other hand, the company can raise capital through debt, usually through a loan from a commercial bank or credit union. In addition, the company can seek funding from the government. Financing through debt requires the company to pay interest periodically as well as the principal at the end of the term. Sometimes, there will be secured loans, in which there are assets attached to the loan as collateral
In addition to these large organizations, it is important to also consider personal funding as well as family and friends
Participants are welcome to mention other financial services providers such as investment banks and brokerage firms but they should focus on the financial services.
Explain information, privacy, and security and confidentiality considerations in business
- Information – what type of information is used within the organization (patents, trademarks, manual, electronic, financial etc.)
- Privacy – may relate to specific information within organization or to customer protection/rights
- Security –what types of security measures should be in place in relation to the type of organization; security in relation to employees and/or customers
- Confidentiality – company information (policies, practices, recipes etc.), customer/client information (who they are personal or business details etc.)
- All of these aspects are important and relative to most businesses
- Specific to the case would be protecting client information such as financial status, SIN and other sensitive information related to customers and to the bank itself.
2 / Explain legal responsibilities associated with financial exchanges
- Customers are responsible for all transactions they enter into – including online transactions where they provide credit card or other financial data
- Bank responsible for fraudulent credit card transactions if credit card agreement offers
- Bank responsible for transactions which occur after a debit or credit card has been reported lost or stolen
- Banks responsible for transactions which occur if a device is placed on a debit or credit card machine which copies customer data
- Banks responsible for transactions which occur if bank system is hacked into
3 / Explain routine security precautions
- Most stores now incorporate magnetic tags and doorway sensors. Many also now search their employees bags as they exit the store after a shift. The key here is that it must be done for all items, and for all employees. (This however won’t be effective when the manager who is checking is part of the theft problem.)
- Regular rotating inventory checks will find specific areas with shrinking inventory.
- Security cameras are also an option
- In this case it would be wise to inform staff of the situation, that jobs have been lost and that the specific staff who have been fired are not welcome in the store anymore.
- Hotel security departments usually use preventative tasks such as patrolling, monitoring, and investigating in order to prevent problems Employees’ are properly screened to ensure that they are trustworthy
- Guests are offered storage vaults or boxes to store valuables
- Adequate lighting is provided in the surrounding environs to ensure that guests and their property are safe from intruders
- All staff should be trained in safety and security issues and to consider privacy of information eg. What room a guest is in
Explain the nature of financial needs
Financial needs are monetary requirements that arise in the course of business. They are often related to poor sales or costs – both variable and fixed. In this specific situation the University needs to control costs and increase revenue from its sports programs. Financial needs in this specific case are $7.1 million (the deficit) and $81 million (needed for a new field house)
Explain the nature of operations
- Operations generate recurring business income
- Delivery of goods at a low cost to ensure profits
- Converts or transforms resources into goods and services
- Includes: inventory management, quality control, production scheduling, facility location, facility layout
- In one case—accepting the orders, placing order to manufacturing in China, receiving shipment, checking shipment, mailing orders to individual customers, accepting payment
- Problem—small inventory, customers must wait a long time for shipment, complaints have occurred
- identify the job/task
- identify the resources or data required to carry out the job/task
- impact of job/task on customer satisfaction/experience
2 / Explain the nature of positive customer/client relations
The participant should demonstrate an understanding of this concept through examples
A positive customer relations mindset means believing that your customers:
- Deserve the very best
- Are your employers
- Deserve your focused attention
- Have the right to expect things of you
- Have important problems and complaints
- Business
- Employees
- Customer
- Employees may receive:
- customer compliments
- perhaps a raise or promotion for good customer service skills
- a more pleasant, satisfactory buying experience
- considering and attempting to meet their needs
- concentrating on the without distractions
- follow up with them
- following through on what you say you are going to do
Explain the purposes and importance of credit
Credit enables businesses to obtain products or money in exchange for a promise to pay later. Businesses use credit to buy materials and supplies from other businesses and credit makes it possible for many companies to purchase goods/services who otherwise would not have the means to do so. Also, companies can extend credit to provide purchasing incentives to customers, enhancing their sales revenue.
- A business would use credit to purchase product for resale as well as supplies and assets for the daily operations of the business
- It would extend credit to customers to increase sales and earn higher profits while also collecting interest for using credit
- Credit allows customers to be able to purchase products and pay over a period of time and not have to pay cash in one lump sum,
Explain the role of finance in business
Finance is the function of business that pertains to money management. It assists in planning the start- up/equity financing, debt financing and management, and growth financing. There are various financial statements that are used to analyze a company and its financial standing such as: a balance sheet and income statement. The participant should demonstrate the importance of finance in any and every business and its operations, and tie it to the fitness industry, as well as mentioning that without properly managed finances a company would not function.
Explain types of investments
Handle customer/client complaints
Similar to handling difficult customers – remain calm
- Follow a step by step process
- Listen to the complaint
- Apologize for customer feeling this way
- Try to explain why this situation may have occurred, If possible rectify it, or call someone more superior (manager) who can
- Acknowledge the frustration and disappointment that the customer must be experiencing
- Admit that this was a human error on behalf of the staff and that errors do happen and you will do everything you can to locate another watch for the customer
Handle difficult customers
The participant should identify some of the items on the list below when discussing a process for handling customer complaints:
- Listen
- Take the customer aside to discuss the complaint
- Repeat the facts to show that you understand what the customer has stated
- Maintain eye contact and positive body language (do not cross arms or turn away)
- Get assistance from a supervisor, if necessary
- Establish a plan that determines the next action step
- Remain calm – the calmer you are the calmer the customer will stay
- First just listen to the situation and see if the solution is within your capabilities, then try to resolve the situation
- If you are unable to handle the situation yourself, you may ask a co-worker or manager for assistance
Identify company’s brand promise
Participants should make the connection between the company’s slogan, “A positive place for positive results” and the mindset of the employees. Brands are names, terms, designs, or symbols that distinguish a product from their competitors and they communicate features, benefits, qualities and value. Effectively using the slogan will help build product recognition, customer loyalty and ensure consistent quality
In this case the company’s brand promise is delivered through their brand name (the name of the company), and their slogan to build that into their entire business through employee behaviour and customer’s expectations and the importance of living up to it to maintain their image
Identify desirable personality traits important to business
Students may cite the “7 habits of highly effective people” (Independence – proactive, begin with end in mind, putting first things first, Interdependence – think win-win, seek first to understand then to be understood, synergize, continuous improvement – Sharpen the saw) or they may simply discuss desirable traits such as: confidence, flexibility, motivation, enthusiasm, creativity, intelligence, emotional intelligence, etc
Interpret business policies to customers/clients
- Employees should be well trained on the policy. Provide many examples of how the policy can be interpreted
- After this situation has been handled, it should be used as an example for employees for future reference
- Phone and explain clearly that the restaurant is sorry that COMPUTER CORP’s visit was unsatisfactory
- Explain the new changes
- Book a new reservation