Product returns are typically seen as a necessary headache and a cost drain. But companies can use their return policies to enhance customer loyalty and increase profits.
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- Online consumer reviews of new products are more than just word of mouth — they also can provide companies with early (and free) advice on how to improve products.
- The streamlining of corporate operations is usually executive-led, but engaging frontline employees is crucial to genuine reform.
- Although supervisors profess to have stores’ closing routines under control, consumers and employees alike bemoan the lack of consistency in related management policies.
- Companies can significantly influence the media visibility of their CEO with certain kinds of press releases — but having a prominent CEO can also work to shareholders’ detriment.
- When it comes to corporate multiculturalism, it’s the relationship between an ethnically diverse board and its CEO that makes the biggest difference for leading firms.
- Firms can best accommodate employees with disabilities by delegating authority to their immediate supervisors and providing clear instructions in the HR manual on how to handle workers’ individual needs.
- Contrary to the popular notion that consumers care for the products they own, people are more likely to act recklessly toward certain items when a more appealing upgrade reaches the market.
- The success of projects involving several stakeholders can depend on achieving the right balance of internal and external contributions.
- Courting investors with expertise in foreign markets can provide companies with a crucial, but often overlooked, advantage in pulling off international M&A deals.
- If firms become mired in the successful practices that got them to where they are, they may stop looking for new ways to exploit resources and opportunities.
- Your next innovation breakthrough probably won’t come from social media.
- Customer service websites can help B2B firms keep their costs down, but they must invest in traditional hotlines and tech support to satisfy their neediest clients.
- Conventional wisdom suggests that delays during the new product development cycle can hinder a project, or even kill it entirely. It’s time to rethink this narrow outlook.
- Job ads that specifically seek team players can have the unintended downside of scaring away potential hires with technical rather than collaborative skill sets.
- Large companies are recruiting an increasing number of top executives with experience in supply chain management. But the financial payoff remains elusive.
- Many companies were caught unawares by the threat of online music piracy in the 1990s. But the lessons they learned then can teach them how to deal with new technological dangers.
- A CEO’s character can change a company’s culture, the way it operates, and its performance.
- Large chains that compete too aggressively against small businesses may suffer the wrath of consumers.
- The joys and struggles that leaders experience at home have a major impact on their attitudes at work, as well as on their subordinates’ moods and performance.
- Establishing a profile on Wikipedia can be a boon for companies, but managers must forge ties with the site’s contributors rather than relying on typical marketing strategies.
- Although personal relationships among coworkers are usually viewed as positive, excessive socialization can lead to a decline in team performance.
- Being honest about the expenses that go into developing and distributing a product can increase sales and enhance a firm’s bond with consumers.
- Firms that make an effort to be responsible are rewarded more than those that seek only to make money.
- The loss in stock value and trading volume for companies targeted by phishing scams proves that firms have plenty to lose from these high-tech attacks.
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