Business Management - balancing act
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The role of management in a plant operation for a publicly held company is a balancing act. There are three groups that must be satisfied, and each is constantly demanding attention.
The three groups are as follows:
Customers
Employees
Shareholders
Normally, the customer is always right. Should the shareholders be ignored for the sake of the customer? If emphasis is placed on the customers, what about the employees? For example, if wages increase, it will minimize the return to the shareholders.
Expand on the needs of each group (customers, employees, and shareholders).
Explain why this causes a tension between the groups.
In your opinion, which group should take priority, and why? Explain the rationale behind your answer.
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Solution Summary
The role of management in a plant operation for a publicly held company is a balancing act. There are three groups that must be satisfied, and each is constantly demanding attention.
The three groups are as follows:
Customers
Employees
Shareholders
Normally, the customer is always right. Should the shareholders be ignored for the sake of the customer? If emphasis is placed on the customers, what about the employees? For example, if wages increase, it will minimize the return to the shareholders.
Expand on the needs of each group (customers, employees, and shareholders).
Explain why this causes a tension between the groups.
In your opinion, which group should take priority, and why? Explain the rationale behind your answer.
Solution Preview
Customers have a need to be treated fairly and that their opinion matters. A customer with a problem would like it resolved because they paid money for merchandise or a service. Customers need to have their problems heard regardless of whether they are truly right or wrong. The customer is always right from the perspective of the organization. Employees also want to be treated fairly and feel that they are part of the team, important, and have a voice. Employees want an organization to listen to their needs and support them especially when dealing ...
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