Boss, I Think Someone Stole Our Customer Data
1. Of the four (4) commentaries that follow the case, select the one (1) that you believe to be the best solution to reporting the plan to address the problem and state why
Of the four commentaries that follow the case, the one that I believe to be the best solution to address the issues faced by Flayton Electronics is that of James E. Lee. I particularly liked his recommendations because it addressed all the key areas that are necessary in a risk response plan. Lee’s recommendations are typical of contingency planning; according to Heldman (2005), contingency planning is a form of acceptance because if the risk occurs, you are willing to accept the consequences and devise a plan to deal
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It is understandable that we may lose some customers, however we should compensate all parties for their loss and also give extra incentives to the customers that still stay loyal to us.
4. Handle secondary risks that will arise from the incident, these can be faulty media reports, blogs and social media reports with inaccurate information. Given the far reaching effect these media channels can have, we should have our Public Relations and department Legal department handle this by doing damage control in order to reduce the likelihood of additional lawsuits.
These recommendations will help to bolster the company’s image and maintain the integrity of the brand as well as restore the trust that our customers once had for our entity.
V/R,
Security Management
3. Detail at which point(s) you believe the problem occurred and suggests a safeguard for the future protection of the company
The data breach that Flayton Electronics experienced may have stemmed from several loopholes cited in the case. It may have been caused by someone hacking into the stores card reader system or from the fact that customer’s credit card information was being stored on the company’s computers and showing up on reports when this should not have happened. In order to mitigate these situations, the Security Director at
Select an existing production organization. Analyze the organization’s current vision, mission, business strategy, operation strategy, supply chain, total quality management, just-in-time philosophy, forecasting method, statistical technique, facility location, work design, project life cycle, and project management. Note: You will need this information in order to complete this and subsequent assignments.
Losing a customer means a lot more than losing a sale, it means losing the entire future stream of purchases that the customer would make over a lifetime of patronage. There are a number of reasons why a customer may stop buying from a company; very often though that reason is linked to poor customer service as opposed to something inherently wrong with the brand itself. Customer relationships give companies a competitive edge based on the merit that if consumers are happy more often than not those consumers will continue to do business with said company. A recent study conducted by TD Canada’s customer loyalty poll asked consumers which form of appreciation are
Examine the various remedies possible in this case. In light of the strength of the various parties’ positions in the case, what remedy would you advocate, and why?
In ensuring that the wage and benefit standards are followed by all the suppliers Apple can put in place policies and ensure that they are followed by stating the measures to be taken if not followed. The wage and benefit policies should provide a clear definition of the terms of the wages and the benefit the employee is expected to get. The terms and condition of not fulfilling the policies should also be clear to the Apple’s suppliers. To ensure the different wage and benefit policies are adhered to there should be a follow up of the different suppliers and discipline measures taken in a case where the directions are not
To be able to gain loyalty among the customers and stay ahead of its competitors should tackle the changes in demand along with the shift in the consumers demand and needs.
6. When the problems appeared, the company should talk about it together, and find out what they should do next, but they didn’t.
Discuss the nature of the fraud and the impact to the company as a result of the fraudulent activity.
The company now must figure out the depth of the wrong doing and whom may it had affected.
| A recent survey found that 84% of “satisfied” customers will “jump ship” for a better deal if the opportunity arises. With the marketplace becoming increasingly commoditized, customer retention has become a critical part of business strategy. (E)
The best solution that Flayton Electronics could use when dealing with the issue would be the first one by James E. Lee. For a risk response plan, Lee addresses the key areas necessary for the company to handle. Ensuring that the security risk is mitigated by dealing with the company's weakness in data security should be the first thing that the CEO deals with. The longer the company takes to communicate to its customers the more it attracts law suits as it would be perceived to be less credible. The company will need to communicate to its affected customers, and have a toll free hotline that customers can call and get advice(Bryson & Bromiley, 1993). All the communications the firm makes have to be sincere, accurate, and honest this will ensure that the customer will not perceive the communiqués as lip service. To promote loyalty amongst the affected customers the company needs to give them discounts on selected electronics.
1. Provide a brief description of the status of the company that led to its determination that a change was necessary. Three things led to the
To cement the company pre-eminent position in the eyes and taste buds of the customer.
Retention of customers is very important to B2B Technology companies because the cost of acquiring new customers is far greater than the cost of maintaining a relationship with current customers. Losing the most profitable customers is a big threat to the organizations. Customer consolidation, market globalization and rapid commoditization cycles are pushing venders to adopt more sophisticated approaches to serving their
Page Introduction 1. What were the problems/issues facing the company? 2. Who are the stakeholders and what their stakes are? 3. How were the affairs of the company managed? 4. How would you describe the system that existed within the company? 5. How would you assess and rate the financial health of the company? 6. What are the possible salvage plans? 7. What would you suggest as appropriate course of actions? 8. How would an external auditor perform his work in this company? 9. If you are