+1 (845) 317-8489 [email protected]

how effective was your team’s solution against the other teams solution?

 i am the team 4 – how effective was your team’s solution against the other teams solution? Compare and contrast, and analyse other teams answers. – what would you change to your team’s solution now that you have read the other teams and did more research? BB&BY SCENARIO SOLUTIONS — TEAM 4 PROBLEMS: – Consumers retention due to high prices, public perception of management bias, high volume of products, and inefficient online retail process. – In other words, they have no competitive advantage. SOLUTION: Have more financial and product focus through efficient communication. PROCESS: Action-Research Model STEP 1: Data-gathering – Use Porter’s Competitive Forces Model to research competitive pricing and identify what products are profitable – Observation: Take advantage of their decentralized model to determine consumer habits in each region – Interviews: Gather feedback from in-store employees about customer purchase patterns – Interviews: Hiring financial advisors to determine where cost is sinking in past years’ financial reports – Data research for specific stores that lack high performance and consider closing a few. STEP 2: Change management levels and improving employee satisfaction – Remove hierarchy to reduce communication cost – Hiring third-party management teams with fresh insight and experience to execute the change, simultaneously reducing the “nepotism” structure. – Retain employee loyalty by balancing work responsibilities and benefits. – Monitor employee and management productivity through peer reviews and determine wages based on productivity, not position. STEP 3: Simplify supply chain and improve marketing through effective partnerships – Focus on relationships with their own suppliers and vendors and offer exclusive contracts to them. – Buying products from fewer vendors at lower prices. – Forming exclusive partnerships with more profitable brands and organizations rather than – Reposition target market to focus on millennial generations. – Hiring an external design team to improve their online retail experience when browsing and purchasing. – Marketing: increase social media presence, and influencer partnerships- Frequent customer feedback through social media to make changes relevant STEP 4: Store-Organization – Clean up product placement and in-store layout (lower shelves, less stock available in sight, etc.) Team 1 1. Problem Identification • Generous use of coupons affecting sales • Inefficient use of tech (ex. inefficient website), difficult compete with e-commerce counterparts and products that are selling directly to the consumer • Inefficient supply chain management – relying too much on overseas vendors • Overstocked, retail stores are cluttered and confusing to shop • Messy portfolio management – no clear positioning • Management thrifty with finances 2. Consultation with Behavioural Science Expert • OD practitioner and current BBBY leadership team meet • Meet with the two founders to understand the undermining culture of the company 3. Data Gathering and Preliminary Diagnosis • Data • Financial statements (Shares/Profits) • Market Inquiries • Mission statements • Surveys to (People) • Retail store partners (on the ground) • Retail store customers • Online customers • Interviews (People) • Retail store leadership team • Current store designer • Investment and portfolio management team • COO (Chief Operating Officer) and/or Supply chain team • CFO (Chief Financial Officer) 4. Feedback to Key Client or Group • Leadership team deciding which to prioritise • Talk with respective departments according to prioritization 1. IT – e-commerce 5. Joint Diagnosis of Problem • Organization-Level Diagnosis • We want to consult different components of the business 6. Joint Action Planning 7. Action • Generous use of coupons affecting sales • Retail Store – Training retail store partners on checking coupon expiration date • Inefficient use of tech (ex. inefficient website), difficult compete with e-commerce counterparts and products that are selling directly to the consumer • IT – Digital Transformation • Better UI experience • Host deals on website – initial phase • Omnichannel experience • Inefficient supply chain management – relying too much on overseas vendors • Simplify the supply chain by shifting the focus to US vendors and increasing efficiency • Overstocked, retail stores are cluttered and confusing to shop • Interior Designer – Improving in-store experience by adding coffee bar • Interior Designer – Review retail store floor plan of where products are placed • Marketing + Operations – Figure out target audience, what products to highlight, price positioning • Messy portfolio management – no clear positioning • Reducing the companies that they are dealing with • Narrowing down the products that they are selling • Sales analysis – what is frequently bought and not • Management thrifty with finances • Simplify structure – possible layoffs? • Close down of some retail stores • Examine offers and be in negotiations of how to sell non-primary businesses 8. Data Gathering after Action • Generous use of coupons affecting sales • Examine financial statements • Inefficient use of tech (ex. inefficient website), difficult compete with e-commerce counterparts and products that are selling directly to the consumer • If online sales improve • Visiting data on website • Feedback from customer • Financial statements • Inefficient supply chain management – relying too much on overseas vendors • Stock turnover rate • Overstocked, retail stores are cluttered and confusing to shop • Survey from customer • Survey from retail store partners • Time for customer to be in store • Messy portfolio management – no clear positioning • Examine financial statement • Examine Stock prices • Management thrifty with finances • Examine financial statement Team 2 Bed Bath & Beyond Scenario Solutions 1.Existing problems Bath Bed & Beyond faced continuous decline in profit. The reasons for this are high costs (e.g., executive salaries), too many acquisitions(e.g nepotism). The company also faces problems with staff attitude, poor online shopping experience (web layout / customer service settings / slow internet speed) 2.Transforming Ways-Action Research Model There Are many problems that exist in Bed & Bath Beyond, such as sales, supply chain, internal process and human resources. Consultants need to come into the organization, interview employees and customers, complete data collection, and then produce solutions. Consultants need to discuss and take research with executive managers. Then they will together solve joint diagnosis of the problem. After having support from c-suite managers, they can implement planning solutions. After taking actions, they should collect data, and evaluate the solutions. 3.Specific Implementation Solutions: 1. Collect data during the data collection process and study how to improve the customer’s shopping experience. Come up with a plan to improve the shopping experience and require the district managers to use it to improve the store. After implementing the plans, collect data and evaluate the results. Finally, conduct a performance assessment for regional managers. 2. Implement a supply chain simplification program in the procurement department. Reduce the number of suppliers, which will reduce procurement costs. 3. Improve the online shopping experience based on the data collected during the data phone phase. 4. Change the composition of management.Begin using performance appraisals to promote greater management focus on cost control. Promote district managers, store managers to focus on improving customer experience.Improve the efficiency of internal processes. Improve internal staff communication channels, so that store staff can better communicate with managers and provide feedback on problems in the store.Strengthen the rendering of corporate culture, improve the corporate atmosphere, strengthen employees’ belief and faith in their work, increase their trust in the company, and improve their service attitude and service mode.Consultants need to focus on helping middle managers and executive managers develop more advanced management concepts, help them build leadership, and increase their influence on the organization. 5. Import the products from the overseas market with a lower price like Best Buy. With the example of Best Buy, they usually import their product with the overseas market at a competitive price. However, Bed Bath & Beyond is buying their products with the domestic market at a higher price. This is Group 3. Here is our diagnosis of the BBBY management deficiencies and our solutions to the problems. For the specific problem we concentrate on three phases, including people, supply processing, and technology. In the first phase, our focus is people management, including human resources and leadership changing. The BBBY faces the new leadership risk in changing to a new CEO and CFO. The leadership change brings new marketing strategies through the company in customer experience and satisfaction, production effectiveness and whole company culture. To be more specific, the CEO contains much more income compared to other large retail companies CEO like Walmart, Target and BestBuy. So we believe that BBBY needs a better CEO who can put the benefit of the whole company beyond his or her own welfare. In the second phase, our focus is how to lower the price of products in BBBY. BBBY prices are higher than other competitor stores. We believe that we can optimize the supply chain. The basic problem for the higher retail price outcome is the result of competition to other companies. The category killer, which means large retailers contain variable product selection and competitive price, plays the most essential role in retail markets. Compared to other retail companies, like Amazon, the commercial price for BBBY is higher than other competitors. The traditional business model in BBBY is a decentralized supply chain which causes a negative impact on retailing price since the supply chain cost is variable. The unstable suppliers’ prices rose to the final price of the product. It is better for BBBY to build its own centralized supply chain in order to have consistency of the products that are shown in their stores as well to be able to negotiate unique products at better prices as best buy does. In the last phase, our focus is the online platform of BBBY. The operation system of BBBY’s online system is complicated, and the user experience is not good. Compared with its competitors like Amazon, it takes more time for customers to buy products. BBBY does not have their own online products platform. In addition, BBBY could utilize the technology tools to locate the target and potential customers, analyzing their preferences, and building the customers’ profiles. So we believe that BBBY needs to hire a better and more experienced IT professional team, to optimize the online shopping experience for customers. Besides, the technology could help BBBY build strategies that aim to supply those customer’s needs. To be more accurate, using online store technology like Amazon could focus and provide the needs and wants for customers. T