Description

There are TWO posts and reply each if them. Each response needs to be substantive, meaning it should add something new to the original comment, including a level of depth that enriches the discussion (i.e. reflecting on their response, applying their comment to the workplace, the literature, etc.). Each reply needs at least one reference. Each reply needs at least 130 words.

Post #1
One of the key topics that I have learned in this subject is cost and customer relationships. It is a fundamental basis in business and the running of a company. Balancing the two determines the profitability of the company and the way in which it operates. Cost relationships determine the variance between the resources spent and the profit incurred in the process. A profit-making company needs to ensure that the cost is regulated for profitability purposes. Customer relations, on the other hand, add on to the cost which reduces profits. Customer relationships are fostered in most cases by additional costs which involve improvement of services to encourage the customers’ loyalty to the business. It applies in my team’s case analysis where the team can develop various strategies that will help foster the cost and customer relations. Good Cost and Customer relationships are relationships that entail the balancing of the two in a way where, the cost incurred are low, but the customer relationships are promoted. This way the business is able to make more profits since the cost is low and at the same time, customer relationships are good.

References

Atkinson, A. A. (2017). Management Accounting: Information for Decision-Making and Strategy Execution Plus Myaccountinglab with Pearson Etext. Harlow: Pearson/Education.

Bansal, S., & Dhawan, A. (2017). Cost-benefit analysis due to the implementation of CRM in the insurance sector. International Journal of Commerce, Business and Management, 6(1), 188-193.

Post #2
By learning from the content that instructs the relationship between cost and customers, I have learned a lot of key terms and useful information from it. Every company needs to survive and earns profits from the market, they need to make a good and smart decision about it. What are the rules and key terms that they need to follow? One of the things is accounting. They need to use outcomes to accurately calculate and analyze the profitability of customers. Moreover, they need to decide the external and internal price for sales. Why customer profitability is very important for a company’s market assessment? because it is decided on the number of products they will custom and order. Also, delivery will be a part need to take consideration. What is the “Whale Curve”? The main idea is: ” the most profitable 20% of customers generate about 180% of total profits.” The least 20% of customers will decide the total profits of the company. When a company finds out who is their high-profit customers, they must protect those customers because once they keep those high-profit customers that means they will save their profits and reduce threatens from competitors.

Reference:

Boucher, E. (2019, 8th Ed). Cost Management, A Strategic Emphasis. McGraw-Hill: ISBN eText 9781259917028
What plan of care will Mr. Barley be given at this visit, include drug therapy and treatments; what is the patient education and follow-up?