The article Sustainability: It Should Be About More Than the Bottom Line on Forbes.com discusses the topic of the triple bottom line. The article discusses the idea that being ecologically friendly can be conducive to a strong financial bottom line, as well as a social and environmental one. The main point of the article is that if all organizations followed the principles of the triple bottom line, it would lead to a higher quality of life for all, with less government interventions into the way business is done.
The first words in the article are Going green can be profitable, and this is an important thing to remember. Being socially conscious and environmentally friendly can positively impact the bottom line of an organization. This has mistakenly led some organizations to decide that the most effective way to contribute to society and the earth is to create a focus on how to reduce costs and increase profits environmentally.
An approach that is much more encompassing of the true meaning of the triple bottom line is rather than having a profit first mentality, having a sustainably effective approach that truly focuses on the needs of the people, the planet and also profit. The organizations that are taking this to heart are not strictly looking into profit. They integrate sustainability into the heart of their company and go from there. They are measured by all three areas; not simply profit.
The organizations that are truly putting into practice the triple bottom line are not considering the environmental initiatives as special programs as mere window dressing; they realize these approaches are not enough. They are making much more intensive entire organizational changes. Sustainble performance is a part of everything that the organization does. It comes into play in dealing with employee management as well as how work gets done. It is evident everywhere. Companies who have made this work realize that in order to continue to realize profits, we need to look at how the world will be in 50 years.
There are many organizations that have the profit mentality. Everything is done for that one main bottom line. They are looking for an immediate financial payoff in the decisions that they make. Things may look good from the outside, but their environmental commitments do not trickle through to the very being of the organization.
The hard thing to change from the financial bottom line to the triple bottom line is that leadership from the top down need to buy in to the idea. The entire way of managing needs to change. In the beginning, it may not result in things being run the most profitably.
One of the reasons that this approach should be adopted is that the more common place it is, the less the government will need to be involved with the decisions in the private sector or business.
In the course Marketing Principles, this very topic is discussed in Chapter 1. Not only can the triple bottom line be profitable, it can be considered to be a competitive advantage in todays marketplace.
I believe that the authors perspective is right on. The organizations really need to focus their change on all three important segments. Our world is not full of infinite resources, and we need to take responsibility for ensuring it lasts. Society is becoming more aware of this, and it is playing an important part in the decisions we make every day.
I believe that corporations who do not embrace this concept wholeheartedly will suffer financially because of it. Organizations which are not currently following the idea of a triple bottom line really need to consider the implications of such a decision. The world is changing, and organizations need to change along with it. Gone are the days that all we have to worry about is the bottom line. Organizations who do not come on board will find themselves lacking in the one area they so painstakingly tried to preserve their financial bottom line.
Edward E. Lawler III. Sustainability: It Should Be About More Than The Bottom Line. 15 Mar. 2012. Forbes.com. Web. 23 Feb. 2013. http://www.forbes.com/sites/edwardlawler/2012/03/15/sustainability-it-should-be-about-more-than-the-bottom-line/
February 24, 2013
Social Media Marketing Strategy
The article Developing your Social Media Strategy on Investment Executive discusses how to develop your social media strategy. The most important thing to remember is to set goals and to identify with your audience. The biggest problem that exists is that organizations try to jump on the social media marketing bandwagon with no set plan. Your social media marketing strategy needs to be as well thought out as the rest of your marketing plan.
A social media marketing attempt will not be successful if you just make it up as you go. A specific plan is needed. Firstly, you need to decide exactly what you are trying to do with regards to social media. The following tips are offered in the article: Create a plan At a set time every month, set aside time to go over your social media goals. You need to find the gaps and opportunities that need to be addressed , and develop your monthly plan according to that.
Focus on one platform at a time If you start by getting on every site out there, it will get too confusing. Remind yourself who your target market is, and focus on the best one for that target market. Get approval ensure that you are not posting things that need prior approval. Keep things general, and avoid making specific recommendations. Push for education if you feel like you dont know enough, ask for more education. This is a topic that really relates to marketing right now. Social media is the way of marketing for the future. Unfortunately for most organizations, this means all new rules. Social media has changed things drastically.
Marketing now requires a whole new way of doing things. People are no longer just wandering down to the local store and trusting that they know best. They now have the entire world at their fingertips, and this is resulting in a well educated consumer. They will compare brands, reviews, prices, etc. all without leaving the house. This article is really discussing social networks and marketing planning in the Marketing Principles course. This concept discusses how many organizations have started to incorporate social networks into their marketing plans and strategies. The main things they are used for is to promote brands or to be watching for product / service complaints. I think that this article has a very important point.
Social media is something that seems to be inescapable for a lot of people. It is something relatively new, which can create a problem for marketers who have been around for a long time. Preconceived ideas of how marketing has always been done need to be put aside. This is a whole new ball game. The interesting thing about social media is that everyone can participate in it. I think this is what leads to people jumping right in without thinking about it. It just looks so easy. I agree that this is not the best idea.
Marketing is such an important thing that we need to keep in mind what our marketing plan is. Keep the goals of the company at the forefront and use this idea to come up with your specific social media marketing strategy. I think its a great idea to revisit this monthly. Social media is everywhere, and can be an effective, inexpensive tool for marketers, but it is important to remember that it still needs to be a well thought out part of the marketing plan.
Brent Jolly. Developing Your Social Media Strategy. 24 Oct. 2012. Investment Executive. Web. 24 Feb. 2013. http://www.investmentexecutive.com/-/developing-your-social-media-strategy?redirect=%2Fbuilding-your-business%2Fsales-marketing%3Fp_p_id%3Dsearch_WAR_search10%26p_p_lifecycle%3D0%26p_p_state%3Dnormal%26p_p_mode%3Dview%26p_p_col_id%3Dcolumn-1%26p_p_col_count%3D1%26_search_WAR_search10_search%3Dgeneric
February 24, 2013
Ritz-Carlton: A Guest Relationship Management Program
To continue and expand its reputation for superior service, Ritz-Carlton put into place a guest relationship management program that helps identify, profile and please as many valued guests as possible. This is detailed in the article For Ritz-Carlton, It All Begins with Customer Knowledge. Customer Relationship Management has evolved in the past 20 years. In the past, there were no computers to track everything, and it had to be done manually, which was not the most effective way to ensure that we had the most accurate, up to date information. Today is a different day. There is specialized software available to the hotel service industry to enable them to identify, profile and please guests. Luxury hotels especially need to provide this superior service.
Guests do not come there strictly for the amenities, they want staff to know their name and their preferences. In order to do this, a solid system is needed for storing and accessing information. For Ritz-Carlton, extraordinary service to its guests has always been a number one priority, and has put them at an advantage above other luxury hotels. In order to keep up their advantage, the company implemented a guest relationship management program back in 1998 called CLASS Customer Loyalty Anticipation and Satisfaction System. This system brought more consistency and ease of usage to the process. Each of their hotels employ a guest recognition manager, who is the repeat guest expert; however all other hotel staff are responsible for paying attention to the guest preferences and letting the guest recognition office know.
CLASS is something that makes business easier for them. When a customer in the database calls to book a room, all their relevant booking preferences are available to assist in the reservation process. Then, this information is accessed again prior to arrival to prepare for the guests arrival. The guest recognition team reviews the profiles of the guests that are coming in, and prepares and distributes a report outlining each departments role with respect to that guest. Most of the work is done at one time, and transfers to where it is needed. The information that goes into the CLASS system is all garnered from employees. Each employee is issued a guest preference pad. They note any guest preferences on the pad, which are then sent into the guest recognition office.
A hotline is also available to share this information. The vision for the near future is that employees will be able to access CLASS on their own, thereby adding to the efficiency of the program. They are investigating portable technology, such as handheld devices. The most important part of this process s the employees. The system is only as effective as the employees who are providing the necessary information to make the system work. This article is discussing the importance of Customer Relationship Management (CRM), and how Ritz-Carlton has made this work for them.
I was actually quite surprised by this article. It seems like such simple way to be gathering the information. It seems so 1998, which is when they implemented this system. I would have expected a long updated system by now. I would guess that this would be quite effective, as long as the staff members are diligent in providing guest preferences. The main thing in my mind is that they need to keep their employees happy in order for this to work. I do agree that this does provide superior customer service.
Michelle Delio. For Ritz-Carlton, It All Begins with Customer Knowledge. 17 Apr. 2000. Destination CRM.com. Web. 25 Feb. 2013. http://www.destinationcrm.com/Articles/CRM-News/Daily-News/For-Ritz-Carlton-It-All-Begins-with-Customer-Knowledge-47424.aspx
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