Mitigating Customer Churn at XBOP
As at the end of 2017, 70% of market transactions were paid through the EFTPOS. Realizing the increased demand and the need to meet the escalating demand of EFTPOS, company Y Limited was formed in 1990. She is headquartered in Dunedin, New Zealand. In 2009, Y acquired Company X from Alpha EFTPOS Ltd. In her bid to increase her market size, Company X has been expanding; franchising remains as her key strategy. The significance of the study The recommendations of the study will help XBOP management to adopt the best strategies to end customer churn in the present and in the future leading to constant sales revenue and reduced operational costs. The case study will also act as an earlier intervention plan for other firms in the EFTPOS business in the future to evade XBOP’s current scenario.
The research will also inspire more research presently and in the future on the factors responsible for and provide more recommendations on customer churn. The scope of the study The research will only be concerned with the factors responsible for voluntary as opposed to involuntary customer churn rate. CHAPTER 2 LITERATURE REVIEW 2. Shewhart's Economic Control of Quality of Manufactured Products published in 1931 (De Carlo & Sterett, 2018). Shewart advocated for collection and a keen observance of the performance of a product as he worked for the Bell Telephone Engineers in 1918. That inspired Deming to think of how Total Quality Management in non-production activities of management applied. His use of the statistical quality control is highly accredited to the increased productivity of the United States during and after WWII.
After the war, he was highly sought by the Japanese where his techniques made the Japanese economy grow fast surpassing the United States and Britain in the 1980s. 9999998% of the product will be within a customer’s specification limits (Aryal, 2017). This involved: continuous steps to attain a constant and predictable results, processes be able to be; Defined, measured, analyzed, improved and controlled (DMAIC), involve all employees, be able to measure financial returns, an increased passionate management, leadership and support and be able to make decisions on data rather than assumptions. Evading defects that breached on the above six targets is what Smith called 6 (Pyzdek, 2014). The theory is in an agreement that to perform well, an organization ought to focus on collecting data and target on always satisfying a customer’s specification in the present and in the future.
To do so, it has to minimize the defects as much as possible. Aryal (2017) notes that, most of the well to do American Giants has fully embraced and adopted six sigma. He associates: Amazon, Caterpillar, Boeing, Ford Motor Company, Wipro, Dell and General Electric to have been greatly touched and have been growing alongside Motorola. Shenov (2016) specifically samples out Amazon and critically analyzes hoe the online mogul has been performing within six sigma; Amazon employs the best talents from MIT and Carnegie-Mellon, the company has deployed more personnel at the customer service than the engineering divisions, operations centered on the Kaizen business slogan meaning meeting or surpassing a customer’s expectations and Amazon has taken initiatives to be responsible stewards being a leader at e-commerce innovations.
Empirical evidence thus proves to be consistent with six sigma (Pyzdek, 2014; Aryal, 2017; Shenov, 2016). c. Avital et al. , (2017) also cites a tendency by customers to trust the services of established electronic funds transfer more than newcomers. From Literature, it is emerging that data collection and data tracking is an important aspect that is inevitable for quality management. Literature has also revealed that customer satisfaction should be the key goal of being into business rather than a business organization being profit oriented. However, the total quality management theories that are partially supported by literature are facing a lot of challenges in full implementation because of the complex nature of electronic transactions and vulnerability of access to third parties. Questionnaires will use open ended and closed ended questions to gather data related to electronic funds transfer.
Secondary data will also be sourced from past published resources for which journals and business magazines become the ideal secondary materials sampled out for this study. For the closed-ended questions, the study will measure the responses on a Likert scale. Research design The proposed study will be a descriptive and will be based on cross-sectional data. The study will focus on qualitative data as relating to the extent to which the factors that cause customer churn affect EFTPOS businesses. is the map of New Zealand. The read area is the Wellington area that is the capital city of New Zealand and in which the three companies sampled out for study are located. The reddened area in Fig a. is again shown in Fig.
b. How findings will be communicated After the final report is finalized, the report will be presented to XBOP staff in PowerPoint form. The report will also be published in the New Zealand Business magazine and with the International Journal of business so it will help other EFTPOS businesses in and outside New Zealand. A summarized discussion of the results and Findings will also be published in a New Zealand Daily. Potential Limitations 1. Due to the scarcity of time and the need to cut costs, the research sought to use mailed questionnaires. An analysis of literature leads to the three study questions that the proposed study will seek to answer as mentioned at the end of the literature. The proposed research will be a descriptive and a cross-sectional one as reported in the methodology section of this paper.
Out of 315 employees in the New Zealand EFTPOS companies, 82 have been sampled out using judgmental sampling. Data will be collected using emailed questionnaires. Despite, the proposed study faces a number of challenges. Smart Money: Blockchain-Based Customizable Payments System. Dagstuhl Reports, 7(3), 104-106. Bryman, A. , & Bell, E. Business research methods. R. ‘Financially Sorted Kiwis’: A critical enquiry into consumer credit scoring systems and subjectivities in New Zealand. De Carlo, N. J. , & Sterett, W. Hyam, R. EFTPOS, Credit Card Surcharges: Excessive fees to be banned across all Businesses. Jacobs, B. W. , Swink, M. S. Patent Application No. Ossolinski, C. , Lam, T. , and Emery, D. Shenoy, V. Error Proofing: Effective Tool for Output Efficiency. Weerahandi, S. Exact statistical methods for data analysis. Springer Science & Business Media.
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