ACCT 001 Lecture Notes - Lecture 21: Customer Satisfaction, Customer Relationship Management, Integrated Reporting
18 Sep 2020
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It development and innovation: complexity and scale of industrial operations, lower prices and costs (easier to obtain products from overseas, customers demanding higher quality products and services, globalization, extended performance reporting. Aim for continuous improvement: plan, do, check, act. Process of continuous adding value for the business. Complete products just in time to ship to customer. Focus is to not hold anything for too long as this is costly. Key elements of jit: flexible work force, reduced set-up times, reliable suppliers, aims for zero defects. Benefits of jit: reduced inventory costs, reduced rework costs, higher quality products, less warehouse space, greater customer satisfaction. Why are they buying your products/ services: price, product quality, service quality. Cost: value sacrificed for goods and services that are expected to bringa current or future benefit (e. g. revenue) to the organisation. Incurred to produce future benefits: as costs are used up in production the expire, expired costs expense, unexpired costs assets.
