Honda believes in a philosophy of "3 Joys" - ensuring their products provide joy for customers, retailers, and employees. They aim to meet customer expectations through quality products at reasonable prices. Every employee shares the goal of customer satisfaction and uses a Plan-Do-Check-Act (PDCA) process to continuously improve and narrow the gap between targets and results.
American Express focuses heavily on listening to customers to understand needs and measure success. They use market research, customer feedback and surveys to determine expectations and satisfaction levels compared to competitors. All customer interactions are opportunities to listen, and feedback is used to update products, monitor complaints and correct issues.
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Capital Investment Case Waterways Corporation is a private.docxhacksoni
Capital Investment Case
Waterways Corporation is a private company providing irrigation and drainage products
and services for residential, commercial, and public sector projects, including farms,
parks, and sports fields. It has a plant located in a small city north of Toronto that
manufactures the products it markets to retail outlets across Canada. It also maintains a
division that provides installation and warranty servicing in the Greater Toronto Area.
The mission of Waterways is to manufacture quality parts that can be used for effective
water management, be it drainage or irrigation. The company hopes to satisfy its
customers with its products, provide rapid and responsible service, and serve the
community and the employees who represent it in each community.
Waterways puts much emphasis on cash flow when it plans for capital investments. The
company chose its discount rate of 8% based on the rate of return it must pay its
owners and creditors. Using that rate, Waterways then uses different methods to
determine the best decisions for making capital outlays.
In 2020 Waterways is considering buying five new backhoes to replace the backhoes it
now has at its installation and training division. The new backhoes are faster, cost less
to run, provide for more accurate trench digging, have comfort features for the
operators, and have associated one-year maintenance agreements. The old backhoes
are working well, but they do require considerable maintenance. The operators are very
familiar with the old backhoes and would need to learn some new skills to use the new
equipment.
The following information is available to use in deciding whether to purchase the new
backhoes.
Old Backhoes New Backhoes
Purchase cost when new $90,000 $200,000
Salvage value now $42,000 None
Investment in major overhaul needed in next year $55,000 None
Salvage value in 8 years None $ 50,000
Remaining life 8 years 8 years
Net cash flow generated each year $25,250 $ 41,000
Instructions
a. Using the following methods, evaluate whether to purchase the new equipment or
overhaul the old equipment. (Hint: For the old machine, the initial investment is the cost
of the overhaul. For the new machine, subtract the salvage value of the old machine to
determine the initial cost of the investment.) Ignore income taxes in your analysis.
1. Use the net present value method for buying new or keeping the old.
2. Use the payback method for each choice. (Hint: For the old machine, evaluate the
payback of an overhaul.)
3. Compare the profitability index for each choice.
4. Compare the internal rate of return for each choice to the required 8% discount rate.
b. Are there any intangible benefits or negatives that would influence this decision?
c. What decision would you make and why?
Capital Investment CaseInstructions
quality
Quality management
principles
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This document introduces seven quality .
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This was a proposal for a business plan for a company that I had once worked with that wanted to develop a long term business plan. I had worked with this company on TQM back in the 90's and they asked me to submit a proposal to help develop a business plan.
3. Customer focus at Honda
• Honda Motor was founded in 1948. It began as a motorcycle company and
has grown to become the largest producer and seller of motorcycles in the
world. Honda entered the automobile business in 1963 - making it the
youngest among the 11 manufacturers in the Japanese industry.
• Today it has 88 factories world over and 10 million customers are buying
Honda products globally.
4. Philosophy of 3 joys
The company believes that it is imperative to establish a trust
relationship in which employees and customers can share a
common joy through the experience of the service and products
which Honda provides. They call it the philosophy of “3 joys”.
5. “3 Joys”
Honda works to ensure that their products results in 3 joys :
Joy for people who buy them
Joy for those who sell them and
Joy for people who produce them
6. Quality objective
“Maintaining an international viewpoint, we are dedicated
to supplying products of the highest efficiency yet at a
reasonable price for worldwide customer satisfaction”.
7. Customer focus - a
common target
Each individual shares a common target of meeting customer
expectations. The organization integrates the capabilities of every
employee to accomplish the assignment, without big variance
between plan and result. In other words, every one is trained to
pursue the highest efficiency and effectiveness.
8. Customer focus
The company requires every individual to set a common target based on
customer’s viewpoint - and a customer focus practice. The
customers here do not necessarily mean consumers or external
customers. In daily operations any associates linked through the job are
customers. In order to achieve the target every one adopts the procedure
called PDCA. ( Plan-Do-Check-Action)
9. PDCA
The basic principle of TQM at Honda is to narrow the gap between
the “Target” and “Status-quo”. In order to achieve the target the
company makes the initial plan, implements the plan, analyzes the
outcome of the implementation and recognizes a new problem and
finally improves the process of operation. When the company
progresses through one cycle of PDCA, the gap between the target
and the status quo becomes narrower. The process is repeated till
the plan is achieved.
11. Amex: Conditions of customer listening
• It must serve to identify customers and determine their
requirements.
• It must define measures of success with which the performance
of Amex can be judged
• It must indicate the extent of customer satisfaction in absolute
terms as well as relative to its competitors
12. Amex: Customer expectation
determination
• Market research teams
• Customer group/segmentation
• Competitive analysis/ differentiating factors
• Environmental scan
• New products / emerging market research
13. Amex: Customer relationship
management
• Developing Relationship strategies
• Access to customer
• Continuous Customer feedback
• Conducting Transaction based surveys
• Establishing Customer focus groups
• Conducting lost customer analysis
• Employee feedback
15. Amex : Customer focused practices
• Listen to customer continuously and not at discreet intervals.
• Keep comment cards at high volume locations.
• Use feedback to identify new segments and customer expectations
• Design varying customer listening devices for different needs.
16. Amex : Customer focused practices
• Convert every point of customer interaction into a listening point.
• Use feedback to update, monitor and correct complaints.
• Come out with new products to meet the expectations.
17. Amex : Customer focused practices
• Process each transaction with speed, accuracy and
consistency.
• Use technology to speed up communications and cut cycle-
time.
• Delegate specified decision making powers down the line.