Things a Service Business Must Get Right Assignment

Things a Service Business Must Get Right - Assignment Example This paper illustrates that the business strategies that are applicable in a commodity market are totally different from those applicable from the service markets, owing to the tangibility of the commodity as opposed to a service. While promoting a product, it is much easier for the customer to inspect and try out the product before making a purchase decision, since the product is tangibly available for inspection. This is different with a service market since the prospective buyer cannot try out a service before he/she purchases it. Thus for a service business to earn good profits, more efforts in strategizing must be applied as opposed to a business dealing in goods. This forms the subject of this Journal Article review, covering a brief summary, critique of the article and offering concluding thoughts. The fundamental reason for choosing this article is the realization that the service industry operates completely different from a commodity market. While some business strategies a re applicable to any form of business whether product or service business, there is some uniqueness in the service industry that calls for applying different strategies. This article is relevant to advance this realization, since it covers four things a service business must get right, in order to survive and succeed. Most of the management tools that have been established over time have specialized in addressing the challenges of the product companies. Although such management tools are of considerable value to managers operating in the service businesses, they fall short of the requirement for effective and efficient management of such businesses to enhance successful growth and profitability. Frei has introduced four main elements that would help see the service business grow towards profitability. These elements, which constitute the new management tool for the service industry, are the design of the offering, employee management, customer management, and the funding mechanism, which collectively forms the service model. To start with, the service offering by any service business should be well designed, tailor-made to meet the desires and the needs of the most attractive customer groups.

What public Sector Bodies can expect from their Auditors Essay

What public Sector Bodies can expect from their Auditors - Essay Example Auditors often provide added value by noting an opportunity for cost-efficient improvements which may arise from the auditors’ investigation and bring these issues to the attention of the management. Thus, it is expected that public auditors should endeavor to promote better decision making and management wherever possible, in order to effect a more efficient use of public resources. Proper auditing in the public sector is essential for maintaining the confidence of the general public during any tenure of managing public funds, and should be carried out to ensure accountability of those entrusted with public funds. On their own part, Malaysian public sector auditors should be accountable for their performance, and it is the duty of public sector auditors to undertake their auditing work in an objective, cost-effective and professional manner, with due regard to the needs of the public sector bodies that they audit. The primary audience of the public sector auditors includes the local electorates, the taxpayers and the parliament, as their statutory functions are executed on behalf of the taxpayers. It is essential for public sector auditors to thoroughly plan each audit with a good understanding of the operational environment. The major value of financial statement auditing comes from the assurance provided to taxpayers due to objective and rigorous auditing. The service provided by public sector auditors also provides value by causing an improvement of financial management. It is important for auditors to endeavor to promote better decision making and management whenever possible, so as to enable better and more effective use of public resources (Kamaruzaman Jusoff 2010). This can be achieved by the dissemination and highlighting of good practice and the provision of technical assistance which will help to promote efficiency in corporate governance arrangements in the public sector in Malaysia. As set down by the statement of auditing 100,