Experiences of Audit Committee Members †Free Samples to Students

Question: Discuss about the Experiences of Audit Committee Members. Answer: Introduction: This is a case study, which portrays the issues in the organization named D.H.P. stores. D.H.P. stores are a retailer of consumer goods in the market and have many outlets across Canada. The focus of the organization is one the house ware and hardware. The competitive rivals for the organization are Home Hardware and Canadian Tire. Lisa, the Vice President of the marketing department and have decide to launch credit cards so that retain the present consumers and gain more consumers in the market. This would facilitate in the expansion of the business and increase the amount of sales in each of the stores (Dengue, 2017). The main issue is that Ray Patton had gone to the stores and misbehaved with the people in the organization. This had created tension within the store managers and the marketing team. This has caused the Vice President of operations department to be furious and an explanation is required to make him understand what the main problem is (Rudani, 2013). The rival companies in the industry all have their own sets of credit cards so the organization will have to implement this strategy if they want to compete with the other companies in the market. The other issue was that there was lack in the promotional materials in most of the stores and the operations were reluctant in selling the products. Lisa had gone to five to six store and have found out that there were lack in the promotional materials in the market. This policy was the way of gaining loyalty of the consumers in the market. However, after ten days from the launch of the promotional activity it is seen that many of the stores had little promotional material for display (Wisner, Tan Leong, 2014). Lisa felt that the consumers can be acquired mainly at the store level so it was important that the promotional materials would have displayed and the operations department would have to make some effort so that the credit cards could be sold to the present consumers and the new consumers. When the proposition was made, it was decided that finance will handle all the aspects of administration, credit and collection. The marketing was supposed to handle the launching of the c ard all over the nation and other promotional activities to support the development of the product campaign. The operations were supposed to handle the sales of the product. However, it has been seen that the operations department are not following the instructions that had been decided in the meeting. The head of the operations decided that selling of the product is the department of the operations as this a product which will help in increasing the loyalty of the consumers (Stark, 2015). Even though the operations department took the initiative to sell the product however, it is seen that they are reluctant about the selling of the product. The majority of the stores are not using the promotional materials and the store managers are not pushing the employees to make an effort sell the credit cards. Thus, if the operations are not doing their work properly then the marketing campaign will fail and the capital that have been spent on this campaign will be wasted and the organization will be unable to implement the strategy that has already been applied by the market competitors (Cohen, Krishnamoorthy Wright, 2017). This can be cause for the downfall of the organization and it will be tough for the organization to maintain their sustainability in the market. Thus, these are the issues and the problems that the organization is currently facing. It is recommended that the marketing team report all the instances to the higher ups in the organization. This will include the vivid description of the wrong doings of the operation department with evidence so that it can be proved. Moreover, the actions against the store managers will have to be taken so that they could take initiative and sell the product with much more eagerness. However, the marketing team will have to revaluate the division of the work and should take the initiative of selling the product as it is one of the major strategies which will provide the organization with competitive advantage. The main problem with the strategy was that other promotional campaigns were getting more priority then the campaign for the credit card. Thus, Lisa will have to call for a meeting to set the priorities right so that the campaign for the credit card is given the utmost priority (Goetsch Davis, 2014). This promotional campaign was the idea of the marketing team of the company s o the initiative will have to be taken by them. Lisa will have to call the president to provide him with the detail report on the progress of the campaign. She will have to highlight the fact that the companies will fail miserably if they do not do anything. This is because of the fact that Adam is the head of the operations department and so it must be under his instruction that the priorities of the campaigns have been changed. Alternatives and decisions Lisa will have to take the permission of the president to set up a meeting with the operations team so that the promotional campaign can be brought back on track. There are two solutions that they can come up with, first is to convince the operation team to change their priorities and keep this campaign as their utmost priority. However, the disadvantage of this alternative is that it will be difficult to convince the operations team to change their priorities. Moreover, the process is time consuming so it will take some of time to sort out this issue. The other solution is that as it the initiative of the marketing team, the marketing team will in charge of selling of the products through special representatives in each of the stores (Anderson et al., 2015). Moreover, there should be a supervisor to monitor the daily sales and the success of the plan so that the report it back to the head of the tournament. Therefore, the decisions in the meeting will have to be conveyed to all the stores so that the new strategies can be implemented as soon as possible. The disadvantage of this alternative is that the cost of the marketing team will increase and they will have to make use of excess resources. Moreover, the operation team is not cooperating with the marketing team so it will be difficult to sell the products with the support from the operational team. Reference Anderson, D. R., Sweeney, D. J., Williams, T. A., Camm, J. D., Cochran, J. J. (2015).An introduction to management science: quantitative approaches to decision making. Cengage learning. Cohen, J., Krishnamoorthy, G., Wright, A. (2017). Enterprise risk management and the financial reporting process: The experiences of audit committee members, CFOs, and external auditors.Contemporary Accounting Research,34(2), 1178-1209. Dengue, C. (2017). Principles of Management.Evidence-Based Critical Care: A Case Study Approach, 513. Goetsch, D. L., Davis, S. B. (2014).Quality management for organizational excellence. Upper Saddle River, NJ: pearson. Rudani, R. B. (2013).Principles of management. Tata McGraw-Hill Education. Stark, J. (2015). Product lifecycle management. InProduct Lifecycle Management (Volume 1)(pp. 1-29). Springer International Publishing. Wisner, J. D., Tan, K. C., Leong, G. K. (2014).Principles of supply chain management: A balanced approach. Cengage Learning.