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Evaluation HW1,2,3 and Test 1 QM Rubric Earned Possible No statement of SS Did not use correct 3 legs of TQM Did not address layers of firm Did not provide improvements Did not state what they should remain doing Did mention causal diagram but not clear 5/60 Clear statement of stakeholder satisfaction with a clear link of why that level of satisfaction is obtained by the company’s ability to exercise the causal diagram including the 3 legs of TQM and quality of management/leadership, assessment, design, conformance, and control in the three layers of the firm. Then how they should improve or what they should keep doing to remain successful if already successful 60% Link was made but unclear 5/10 Link is established between case and causal diagram 10% Lacked support throughout No original ideals 0/20 Support of your statements, why your ideas will work and the firm level financial results of implementing your ideas 20% Poor flow, hard to follow 5/10 Flow, readability, grammar 10% T1: 15/100 QM Test One Select a company of your choice and explain and support your explanation of how successful it is in satisfying its stakeholders. Then explain that degree of success from a QM perspective, what they should change/keep the same to either improve their degree of success or maintain the current high level of success. Utilize the causal diagram discussed in class (five elements of quality across the three levels of a firm, three legs of QM, correct product, stakeholder satisfaction) to support your claims. Be sure to use information from your sources to support your claims of degree of success and the causation (constructs of causal model) of that level of success. Use a company other than your case company or the companies used in HW1 and 2. Please include the URLs used and cite them in your paper so I can go read the same material. Suggestions: Select a large company that will have lots of information about it on the web, its own web site and comments from other web sites. However, you can use a company you are familiar with. Do not use the companies utilized in the homeworks. Select a company that you are interested in; have fun with it. There are lots of reasons that a company can be successful or not. Use the 80/20 rule when deciding what to talk about. In other words, choose several things that they are doing well/or not that explains most of their degree of success. Just be sure that you can follow and display the flow through the causal chain of how a specific action impacts success. Please limit this paper to 2 to 3 single spaced pages. Remember, support your statements with information you find, and theory/concepts from QM. Email me the finished document with the following file name: your last name first nameT1QMFall2012.doc. An example: metlenscottT1QMFall2012.doc or docx
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Running head: WAL-MART VS NORDSTROM STAKEHOLDER SARTISFACTION 0 Name: Sun qian T1 QM Date: 04/18/2019 Introduction In a competitive business environment such as retail, the stakeholders are the main reference attributes. This is because they generate the much-needed value for the organization. Organizations strive to satisfy their stakeholders, and mainly their customers, through careful and quality management of the different attributes. Lately, there has been a focus on quality management as a replicable and empirical model of ensuring quality management of crucial internal and external stakeholders (Goetsch et al., 2014). Quality management simply defined implies the sum of measures, effort and people-oriented focus employed with the organization to satisfy its consumers. This paper analyses how Wal-Mart in comparison with Nordstrom utilizes a quality management model to satisfy its customers and its shareholders. Company’s Overview Wal-Mart is a public traded fortune five hundred retail company that was founded 1n 1960’s. The retailer is the largest in the world and is the largest private employer in the world. Nordstrom, on the other hand, is a fashion line retailer that operates mainly in the Western USA. The company off-price strategy and sudden growth and success make it ideal for cross comparison. Total Quality Management Quality management has often been categorized into three legs, consisting of the obligation of the top management, the engagement of the employees and the constant progress through the use of scientific knowledge. A company should aim at ensuring that the three legs of TQM are exercised to obtain the right level of stakeholders’ satisfaction. In line with the dimensions of the TQM, Wal-Mart has mostly succeeded in the management obligation as they have devised a practical cost and price quality tactics. The retailer operates on a cost leadership strategy. Product prices are rapidly expanded in a quick and professional manner to ensure that the retailer is ahead of its competitors. In comparison with Nordstrom, Wal-Mart is far more advanced in providing prices resonates with market dynamics. Nordstrom mainly focuses on trends and attractiveness of its products other than prices. This information is evident from the Nordstrom audit done by Maisy Lam and shows how management can use different styles in ensuring stakeholders satisfaction. The TQM approach ensures customer satisfaction is achieved through the fair prices on quality goods for Wal-Mart and the unique Products of the Nordstrom. Besides the everyday low price and cost product line model, the Wal-Mart Company also follows a user identity approach to management (Fishman, 2006). This implies that Wal-Mart can avail product lines that match its customer expectations. To do this, Wal-Mart has successfully selected its category of products to suit its customer needs. This has also impacted their shareholder’s satisfaction as the company can have a capable management team which ensures that the customers are highly regarded and through this sale increases. The stakeholders can maintain a profitable company. The retailer operates deli, new departments, and other specialty stores in its outlet all to ensure it covers its consumer’s expectation. Nordstrom, on the other hand, has succeeded mainly because it provided that its fashion line meets current trends needs. It has also assured that their products are unique and unmatched by other competitors. The attractiveness of their products is what catches the attention of its customers and help in retaining them. Regarding TQM, Nordstrom has a way of involving their workers in designing their fashion line and promotes creativity, a factor that has contributed significantly to their success. On the manufacturing approach, Wal-Mart engages in both production and sourcing of goods. This element requires a company to ensure that the produced or purchased goods conformance meets with specifications (Ferrell et al., 2017). This ensures that the customers get high-quality products that are unmatched by other producers in the industry. The retailer has one of the most elaborate and sustainable vendor relationship models. The symbiotic model involves the collection of wares directly from manufacturers. This also calls upon the store to ensure timely deliveries by minimizing breakdowns of its vans and trucks. The quality control used ensures that customers get the product on time and in good shape. These factors ensure that Wal-Mart functions at peak performance with the unity of purpose and freedom through control as well. It is also understood that quality management is a continuous process as the Company has to keep progressing through scientific knowledge. It can be through the employment of machinery to cut production cost or for easy transport. For Wal-Mart to fully satisfy its customers, the retailers have quickly been upgrading the product catalog, opening new stores and investing in revolutionary technologies which provide for continuous improvement. This sustainable criterion is also evident in Nordstrom whereby existing product line is being updated daily and the listing of products in E-commerce platform being expedited. It is agreed that Wal-Mart is not doing well when it comes to employee’s engagement in the business. The reward and remuneration are mostly unsatisfactory. Nordstrom, on the other side, thrives in the employee engagement part with an excellent remuneration policy paying way above the minimum wage (Maisy Lam audit report). This is evident through the rapid employee turnover in the Wal-Mart company and the many recommendations given for Nordstrom Company by former employees. Wal-Mart should consider revising their remuneration terms as a way of improving their business. On the pricey side, the management of Nordstrom should also consider enacting reasonable prices that are in line with the market dynamics to obtain a bid customer base. Quality management involves carefully balancing and management of a company’s attribute to achieve customer satisfaction. Wal-Mart product specification conforms to the need of its customer through pricing and costing. This is made possible by following a good vendor policy. The store has instituted measures in line with three legs of quality management aimed at ensuring it functions at everyday low price and cost. References https://www.slideshare.net/MaisyLam/nordstrom-audit-group-9 Ferrell, O. C., Fraedrich, J., & Ferrell, L. (2017). Business ethics: Ethical decision making and cases. https://books.google.co.ke/books?id=H3tTCwAAQBAJ&pg=PA409&dq=the+Walmart+company&hl=en&sa=X&ved=0ahUKEwi2uJnIo9nhAhWV8uAKHYgbBsMQ6AEIODAD Fishman, C. (2006). The Wal-Mart effect: How an out-of-town superstore became a superpower. London: Allen Lane. https://books.google.co.ke/books?id=qcK5NQAACAAJ&dq=the+Walmart+company&hl=en&sa=X&ved=0ahUKEwi2uJnIo9nhAhWV8uAKHYgbBsMQ6AEIQDAE Goetsch, D. L., & Davis, S. B. (2014). Quality management for organizational excellence. Upper Saddle River, NJ: pearson. http://www.m5zn.com/newuploads/2015/03/06/pdf/5de5a3408f57150.pdf Total quality management. (2011). Delhi: Pearson. https://books.google.co.ke/books?isbn=8131732274
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