Customer Support Megatrends and Next Practices - 5349 Words

An eGain White Paper Customer Support Megatrends and Next Practices 2010 Update  © 2010 eGain Communications Corporation. All rights reserved. â€Å"May you live in interesting times!† The popular Chinese saying invokes both a blessing and a curse—depending on what you make of it. These are interesting times for customer support executives. As the rise of the Internet (and now, mobile Internet) and social networks collide with forces of globalization, support organizations find themselves in the eye of the storm. They are buffeted by powerful winds of change, ranging from the dramatic migration of most phone business to the Web to the high-profile outsourcing of agent positions to low-cost countries. To add to it, CxOs are†¦show more content†¦Next practices ï€ ´ Think like your customers: This is the first simple, and often overlooked, step to creating a customer-centered support organization. Think like your customers and design service processes and scenarios from their perspective. What would make it easy for your customers to do business with you? What kind of help do they need in various phases of the support life cycle? What would be â€Å"excellent service† in each interaction scenario? An easy way to find out is to just ask your customers! One of our clients, a leading financial services institution, embarked on a customer service initiative by first surveying customers. When it realized customers wanted interaction choice more than anything else, the company implemented a customer interaction hub (CIH) to power a customer portal Page 3 with a range of interaction options. The portal has delivered tremendous improvement in customer experience and cost efficiencies, reducing the need for agent-assisted service (the same number of agents now handle twice the number of customers). It’s no surprise then that the customer service organization and the executive that spearheaded the initiative received awards both internal and external! The customer portal was recognized as the best selfservice implementation in wholesale banking by the Tower Group, a leading financial services industry authority, and was alsoShow MoreRelatedChapter 2 : Developing Marketing3141 Words   |  13 Pagesorganization versus mission statements rarely provide useful marketing value. MY OPINION:Pro: A well-crafted corporate mission statement reflects the values of the firm as they relate to the community at large, its stakeholders, its employees, and its customers. Once the firm’s positions are delineated in the mission statement, marketing can begin the process of setting its priorities, goals, and objectives derived from the stated priorities of the firm. With the advent of holistic marketing, what the firmRead MoreMarketing Discussion15807 Words   |  64 PagesCHAPTER 1 :- DEFINING MARKETING FOR THE 21st CENTURY MARKETING DEBATE—Does Marketing Create or Satisfy Needs? 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Torstar Case Report Free Essays

Group-based case report Torstar Corporation BUSN81 Theory of Corporate Finance 2011 Autumn 1. Introduction The case of Torstar Corporation suggests the plan and result of repurchasing its Class B shares in December of 1997. Besides this, the situation of its business structure, capital structure and expenditures, future plan are also described in the case. We will write a custom essay sample on Torstar Case Report or any similar topic only for you Order Now Therefore, the purpose of our case study is to state, analyze and drew to some important conclusions about Torstar Corporation, and try to estimate its power to compete with a new national newspaper. . Background Torstar Corporation was incorporated on February 6, 1958 and published Canada’s largest newspaper Toronto Star. It had two main rivals which are Sun Media Corp. and the Globe and Mail. One launching second national newspaper by Southam Inc. would also be one competitor of The Star. Since 1975, by acquisition of domestic and international book publishing and supplementary educational products, Torstar found its three major business, newspapers, book publishing and supplementary education. After the acquisition of Troll in fiscal 1997, it also has one 3-year-time plan to acquire more companies which fit with its core business at the reasonable price. As of March 31, 1998, Torstar share structure included 5 million Class A voting shares and 34 million Class B non-voting shares. Since they believed prevailing Class B stocks were undervalued, they began to repurchase it back from December 17, 1997. In 1997 the debt-to-total-asset ratio was 18%, and management believed that 30% was more appropriate. Actually they also suppose that they could carry a 50% debt-to-total-asset ratio if they had a suitable strategic acquisition. Therefore, based on this background, we will analysis the effects of repurchasing stocks of Torstar, the advantages and disadvantages of its leverage ratio and its ways to investment. Then by adding some assumptions, one prediction of Torstar’s power to compete with new launching rival is possible. 3. Analysis 4. 1 Overview of Cash Flow, debt, Operating Situation and Income The company was doing well so far, until 1997. The cash flow, operating situation and the income were all healthy. We can conclude that from the Balance-Sheet the company had adequate cash  flow, exhibit 3 shows that the operating cash flow kept increasing from 1995 to 1997 with the free cash flow, this was enough cash for Torstar facing with some possible risky. The only problem is that how to stop the continued increasing free cash flow since too much cash means increasing costs of keeping cash and decreasing market value of cash. The amount about $50,000 would be a good expectation. The three main business of newspaper, book and supplementary education were operated well, they had sustainable increasing revenue and stable expenditure, so the profit was increasing positively after 1993 acquiring the business of supplementary education, especially in 1997, it got a rapid increasing of net income. See the return of equity below, it shows a well increasing on return of investors. (Base on Net Income over Total Equity) The debt ratio was a little bit low as our analysis, it had space to increase. But how? Increasing dividend payment or repurchase in the open market? We analyzed these two possible ways below. 3. 2 Dividend policy Torstar Corporation has a stable dividend policy recent years which was to pay out 30 to 35 percent of the previous year’s operating cash flows. Cash dividend was paid regular quarterly which was keeping $0. 26 per share in 1997. Dividend empirically decreased in the propensity of firms due to its benefits are not attractive than repurchase, but it is still important for management. Advantage of payout dividends * Dividends may appeal to investors who desire stable cash flow but do not want to incur transactions cost from periodically selling share of stocks * On behalf of stockholders, paying dividends can keep cash from investors * Dividends can be used to reduce agency cost of managerial discretion * Managers may increase dividends to signal optimism concerning future cash flow * Disadvantage of payout dividends * Dividends are double taxed * Dividends can reduce internal sources of financing. Dividends may force the firm to forgo positive NPV projects or to reply on costly external equity financing * Firms often view dividends as a commitment to their stockholders and quite hesitant to reduce an existing dividends. Once established, dividend cuts would adversely affect the firm’s stock price as a negative signal As illustrated by Torstar, a stable cash flow in paying dividends implied a well operating status. The sale of Hebdo provided additional financial flexibility in 1997, free cash flow increased rapidly as can be seen in Appendix. An extra or special cash dividend and share repurchase are two choices to payout adequate cash. Special dividend is expressly not intended to be a recurring event, but as mentioned above, paying dividends with the tax drawback and may produce a negative signal when fluctuating. So keeping the stable payout ratio was a better choice for Torstar. 3. 3 Repurchase Compared with dividend payout, shares repurchase have the listed effects on Torstar Corp, * Send a costly signal to investors that stock of Torstar is a good investment. Recent investments seem to cause side-effect on investor’s confidence about the company. As mentioned in the article, institutional investors treat Torstar as a ‘pure play’ investment into the area of newspaper and book publisher. But from year 1995 to 1997, acquisitions into children’s supplementary education products are viewed as not favorable. They hope Torstar Corporation can continue the historical expansion of the newspaper and book division. In order to mitigate the side-effect caused by recent investment. Repurchase would result in fewer shares outstanding and thus higher equity value per share which leads to a better performance of the stock. It also sends a signal to the market that the management believes the stock is undervalued. The price of the stock would go up. As a result of the repurchase sends a strong signal to the investors. The signal is costly as a repurchase would use up corporate cash and hard to mimic. * Increase the EPS which shows great confidence of future performance Repurchase would decrease the number of shares outstanding which leads to directly change of EPS of the Torstar Corporation. In the interim financial statements, the EPS shows great improvements after the repurchase. (Show in Figure 1) Figure 1 EPS change in 1997 * Availability of excess cash from operations By checking the interim financial statements, cash provided by operating activities of Torstar Corporation face an increase in the year 1997, from 25. 6 million to 130 million dollars. The retained cash from operation activities is too much as the normal on-going capital expenditures was expected to be 25 million to 30 million dollars. Additionally, Capital cycle in the publishing industry is approximately six years and Torstar Corporation has recently modernized its plant. There’s no major capital expenditures were forecast for the near future. Thus, excess cash should be paid out. By checking the retained cash in the Quarter 1, 2008, the operating cash is 27. 97 million dollar. It is sufficient for on-going capital expenditure. (shown in figure 2) Reduction in excess cash would reduce the agency cost of managerial discretion as the manager has fewer resources to pursuing consuming perks. Figure 2 Cash provided by operating activities Compared with the dividends payout, repurchase is tax efficient as dividends is taxable. Compared with dividends payout, repurchase avoid price drop results from dividend issuance. Institutional investors are happy when the performance of the stock is good. High price shows the strong performance of the stock. * Optimize capital structure. Torstar’s long-term debt outstanding was reduced from 321 million in 1996 to 197 million in 1997 result in a debt-to-total assets ratio of percent. While the management believed that a 30 percent target debt-to-assets ratio was more appropriate. Too less debt may cause the loss of tax shield and influence the value of the firm. While at this level of debt-to-assets ratio, the risk is still acceptable. Torstar Corporation still has excess debt capacity for future capital expansion. Thus repurchase can decrease the shares outstanding, and also decrease the value of assets. It would push up the debt-to-assets ratio to the appropriate level. By using the interim financial statements, we get the trend of debt-to-assets ratio. In December 31 1997, the decrease of debt-to-assets ratio is mainly a result of the long-term debt decreasing from 510. 007 million to 197. 322 million dollars. And in March 31 1998, the increase in debt-to-assets ratio is a result of repurchasing shares (decreasing in value of total assets). 4. Conclusion After analyzing, we all agree with the activity the Torstar hold, stock repurchasing transfer a strong and credible signaling to the market that the company is in a good situation and will do better in the future, the debt ratio increases and the market value will also goes up. We estimate that Torstar will keep increasing in the next financial year. 5. Appendix Cash Flow Analysis (CDN$000) | 1995| 1996| 1997| operating cash flow| 78. 3| 102. 9| 130. 0| dividends| 30. 9| 35. 1| 40. 3| Capital expenses| 20. 3| 29. 8| 26. 6| free cash flow| 27. 2| 38. 0| 63. 1| Dividends | 1st Q 1997| 2nd Q 1997| 3rd Q 1997| 4th Q 1997| Dividends($000)| 10120| 9965| 10080| 10095| Average shares| 39151| 39107| 39060| 39044| Dividends per share| $0. 26| $0. 26| $0. 26| $0. 26| How to cite Torstar Case Report, Papers

Fashion of the Elizabethan Era free essay sample

This is shown in men’s and women’s clothes, shoes, hats, and accessories in the sixteenth and seventeenth centuries. (Whitmore, Deanne) In the 1500’s men’s clothing was generally black in color because it went with everything and was the â€Å"in† color. Silk doublets and velvet mantles with slashed and puffed sleeves were what your average man would wear up top. For pants, tights were still in style but breeches were beginning to become popular. The royalty and upper class would generally wear the same style of clothing as the middle class but with nicer material. The lower class people would wear whatever they could find. Men’s shoes also changed during this time. (Head over Heels 1500s) Men’s shoes in the Elizabethan era went from being heavy and bulky to being light and dainty. For example, the heelless eschapin came into style. These shoes were almost the same as women’s shoes, but excluding the heel. They were usually made of fine leather and covered with ribbons and ornaments. The lower class would not usually wear shoes because each pair had to be handmade and were often very expensive. Much like the shoes, men’s hats in the 1500’s were very radical compared to those of the previous centuries. Head over Heels 1500s) During the early sixteenth century, men’s hats were flat, silk or velvet slabs sitting on top of the head, but by the middle of the century they revolutionized into massive hats that looked like crowns on top of people’s heads. Hats were tall and decorated with feathers and multicolored. Extra accessories were also quite popular to wear during the time period. (England Fashion during the Elizabethan Age) The accessories men wore in the 1500’s were generally a jerkin and ruffles worn over a doublet. Jerkins are usually made of thick leather for extra protection. The next ornament men would wear is the ruff. The ruff is a collar that sticks out eight inches and is stiff from starch. It made the men that wore them look like dogs with cones on. Women wore these too, but they didn’t wear them long because they didn’t quite catch on with women. They showed too much of their necks. Women’s fashions were very conservative, only allowing the showing of their face and hands. (Lad, Kashmira) Women in the early Elizabethan era usually wore a kirtle with a fitted bodice and underskirts. The kirtle is an overdress that is fitted at the top, and then opens up at the bottom. It has a slit in the front, starting just below the fitted part, showing the underskirts underneath. Underneath the fitted part they would wear a corset to make them look skinner. The skirts they wore under them were called petticoats. Petticoats are extra skirts that give the wearer a more hourglass figure. For richer people, the farthingale was in fashion, an underskirt that was very tight in the torso and came into a hoop at the waist. Women would wear huge gowns over these with what looked like wings sticking out their backs built into the gown. They would wear very dainty shoes with these as well. Lad, Kashmira) Shoes for women in the 16th century were very similar to mens. They were often made of fine leather or, if the lady was wealthy, then silk velvet or brocade. They had lots of embellishments on them, especially slashing and puffing, because that was the theme of the time, but sometimes ribbons and other decorations were added to them as well. A certain overshoe was also v ery popular during the time, the chopine. The chopine was worn over a dainty shoe to give the woman height with its platform sole. It prevented the good shoe from getting dirty. They were eventually banned in some places because women could fall while walking in them. Women’s hats in the 1500’s were, however, very different than mens. (Head over heels 1500s) The hats women wore in the era were very diverse. They would sometimes just be wraps, but other times, they would be huge things sitting atop the head. One of the smaller head ornaments they would wear was the curved French hood. It looked like a hood that was falling off of the back of someone’s head. Another smaller head covering was the gable hood. It was pentagon shaped, heavily starched scarf worn on top of a woman’s head. They would sometimes use wire framing inside the scarf which was very decorative. One of the biggest hats women wore in the 16th century was the horned head dress. This was a truly fantastic invention. It had two extensions, one to each side of the head, extending out to each shoulder. Draping off the extensions was some sort of sheer material usually decorated with jewels. For women accessories weren’t very prominent in the beginning of the century because Britain was still a member of the Catholic Church, which banned jewelry, but when the country broke away from the church and the ban was lifted. Towards the end of the century, women began to wear the occasional strand of pearls or a small necklace with gems in it. Approaching the 17th century, the jewelry ladies would wear became more and more extravagant. (Lad, Kashmira) When the 17th century arrived, the enlightenment was in full swing. This caused new mens fashions to come into style. Petticoat breeches were the new thing for men in the 1600s. They were breeches that puffed out at the waistline, making the man wearing them look like his belly was where his midsection was supposed to be. Underneath this garment they would wear â€Å"flattering and fanciful hose to accentuate their shapely legs†. This type of outfit was generally associated with rich people of the time. Long cloaks were very fashionable during the era as well. They were usually worn with a usual shirt during the time, breeches for pants, and a crucifix and chain to tie it all together. Mens shoes of the 1600s were also very different from the previous century. (Head over Heels 1600s) Shoes men wore in the late Elizabethan era were usually pumps with rounded toes that came up to the ankle. They usually had a small leather heel and were often decorated with slashes and puffs. Boots also became popular because of a royal’s obsession with them. Another royal, King Louis XIV loved to wear high heels with red soles and red heels became trendy after Louis XIV of France favored the style. The style was not so popular in France, because there was tension building up against the king, but it migrated into other countries, like Britain and became fashionable. Men’s hats in the 1600s were the only things that became less radical. (Christmon, Charlene) Men started to wear hats that were smaller again in the 17th century. They did add plumes to the side of them to make them look prettier. They would also sometimes put feathers of ostriches or other rare birds on the side of them as well to show off their wealth. The materials they used for hats were felt, wire, the plume or feather, and another usually more expensive cloth. The hat maker would make a wire frame for the hat, then glue felt around it, next he would cover the outside in the expensive cloth. After that he would sew the hat band, and finally he would attach the plume. He would fit each hat he made to the person who it was for. Like hats, men’s accessories did change in the in the 1600s. (England Fashion during the Elizabethan Age) The changes in male accessories in the 17th century began with the collar or ruff. The ruff was cast out, and was replaced with a new sort of collar. It is just a longer version of today’s collar, the same length as the ruff, but it doesn’t have the starch and wire supports. Men also began to carry short perfumed gloves around during the time period, just in case there was a need for them along the way. Women’s fashion also undergoes some massive changes during the late Elizabethan era. (Head over Heels 1600s) Women’s dresses start to be made out of lighter material so they are heavily embroidered to make them appear richer. The backs and sleeves of gowns become fitted instead of being puffed and slashed. The necklines on them also became a little bit lower and rich women have lace around them. In women’s underclothes, the girdle was introduced, and the farthingale was still fashionable. There was a new invention in collars, the partlet. The partlet is a collar that scrunches up and is fitted all the way up the neck, it looks very uncomfortable. Women’s shoes went from looking a lot like men’s to a look of their own in the 1600s. Christmon, Charlene) Women’s shoes of the 17th century were embroidered in silk, satin, and velvet. They were also trimmed with lace that fell in a huge flounce over the shoe. The slippers and overshoes of the 1600s developed into heels that would generally measure around six inches. The heel would be made of either wood or leath er and would be painted to match the costume. Chopines were still in style too during that period of time as well. Women’s hats and headgear also changed in the century. (Head over Heels 1600s) In the seventeenth century, cap coverings usually replaced hats in most of Europe and in the newly discovered Americas. One type of cap was the coif, a close fitting cap that covered the top, back, and sides of the head. Earlier ones were usually made of white linen and tied underneath the chin. As the century went by, more and more women had them decorated with embroidery and lace edgings. Another type of cap was the wrapped head linen. This type of wrap was exclusively for lower classes. It was a turban-like arrangement of linen on top of their heads. The lower class didn’t have money to waste on hats, so they just took old linens and wrapped them on their heads in a certain fashion. The Mary Stuart cap, originating from Scotland, became popular during the 1600s as well. It was very similar to a coif but it came to a point at the top of the forehead. In accessories, women also began wearing much more jewelry during the time. (McGann, Kass) In the Elizabethan era, social classes were much upheld. The social classes influenced the fashion of the time. There were even laws made about what people were allowed to wear, for example only royalty could wear ermine for a little while early in the era. If these laws weren’t followed, then severe punishment could be enforced. No upper class person wanted to be caught wearing the same style outfit of a middle class person; therefore, styles were constantly changing. When the middle class figured out a way to copy the fashion of the upper class in a cheaper version, the upper class would just change the fashion. In the Elizabethan era, by observing a persons dress, it was evident from which social class they came. Fashion played a huge role in shaping this era in time.