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DECISIONS IN OPERATIONS MANAGEMENT
«Analysis of Costas Theodorou Ltd. operations»
LECTURER: Prof. Andreas Efstathiades
Learner’s Name: Juan Aranibar (F20152396)
Mohammed Masri (20161046)
Tina Nabe (S20161110)
Valeriia Dobysheva (S20161053)
Identification of the company’s Product competitive priorities
Identification and critical analysis of the company’s positioning strategy
Determination of the stage of each product on the respective product Life Cycle. Analyze critically the stage and suggest possible implications on the Operations of the company.
Identification of the flow diagram of the company’s processes
Identification of the quality strategy of the company
Costas Theodorou Ltd (CTH) was founded in 1943 by the late Costas Theodorou as a small manufacturing company of leather items and school bags. During the 1950’s and Early 1960’s CTHS had expanded into an importing, manufacturing, distributing and retailing company specializing in leather and travel goods. During the 1970’s and all the way through until 1990’s the company was manufacturing, in its newly built factory, items both for the local market and the export market. It was also producing for a period of more than 6 years a range for Samsonite, which was exported to Europe. After the 1990’s and the competitive prices the Asian markets had introduced, the production of goods in Cyprus was already declining. The operations of the factory have now been limited to the production of traditional leather bags, special orders for clients and to providing technical after sales services to the products CTH sells. (Interview)
Costas Theodorou Ltd (CTH) according to its company profile, is acknowledged as the biggest trading company in Cyprus specializing in leather and travel goods. Its operations include import and distribution of branded consumer leather and travel goods aimed at offering the best possible products and service to its customers. The current brand portfolio of CTH consists of many international brand names such as Samsonite, Lacoste, Rimowa, Kenzia, Camel Active, Timberland, Laura Biagiotti, American Tourister and many others.
Due to the vast variety of products which CTH represents, the company’s clientele is made up of a wide range of customers in terms of age and economic and social status; thus, covering almost all consumer segments of the Cyprus market. The company employs over 80 people, who are fully focused trained professionals who passionately pursue the company’s goals and objectives.
The economic recession has hit Cyprus in 2010 leading to zero sales in the first few months. Problems began to arise with suppliers but Costa Theodorou’s long lasting good relations with its suppliers provided a shield of protection and all the problems were solved. Some smaller suppliers of Costas Theodorou were not as flexible and strong as Samsonite and could no longer supply Costas Theodorou. The good relations with suppliers are a major strength for the company since the suppliers are more loyal and more willing to satisfy Costas Theodorou’s needs. In return, Costas Theodorou often purchases from them unsold stock and sells it at very low margin, only to support its suppliers.
CTH runs 10 company owned retail stores all over Cyprus (all in prime locations) under the name Costas Theodorou’ and sells to more than 200 wholesale customers. Internet sales are not possible and customers need to visit any of the company’s stores to make the purchase.
2. IDENTIFICATION OF THE COMPANY’S PRODUCT COMPETITIVE PRIORITIES
For more complete understanding of competitive priorities, which are available for the company it's need to keep in mind two factors: firstly, the need to analyze main strengths and opportunities for the company, and secondly, it is a need to understand which market the company operates, what external factors can affect the operational process. That means that it is possible to use SWOT analysis.
The first two letters in the acronym, S (strengths) and W (weaknesses), refer to internal factors, in other words the resources and experience readily available to the company.
Costas Theodorou’s strengths include:
Vast variety of quality products covering many target markets simultaneously leaving no room for competitors to enter. They have customers of all different ages and incomes.
Excellent relations with suppliers. They focus on building and maintaining their suppliers’ loyalty through a relationship of mutual respect and trust, which can be particularly useful in periods of liquidity crunch and the company needs credit.
Exclusive distribution of successful brands. Selling quality products of well- known and established brands is a success factor for Costas Theodorou.
Human resources: Their employees are highly trained and their sales personnel is highly motivated in offering outstanding services to the customer.
After-sales services such as guarantee and repairing is strength as most of their competitors do not have repair centres.
Costas Theodorou’s weaknesses include:
Lack of financing. The founders of the company (family Theodorou) had to insert new capital to the firm when it was facing financial difficulties and banks were reluctant to give new loans.
Expensive products. Although their enhanced quality comes with a higher cost, consumers are not very willing to buy expensive luxury products when their income is reduced. Their products are income elastic and the economic recession severely affected their sales.
Ineffective use of the Internet to market their products. Visiting the firm’s website, (costastheodorou.com.cy) customers will not find any information about their products such as weight, colours, prices etc. Their website is no frequently updated (they still advertise their collaboration with Cyprus Airways which closed about a year ago). Customers do not have the option to place orders in their website. It generally gives the impression of a company that does not master the internet technology very well.
External forces influence and affect every company. Whether these factors are connected directly or indirectly to an opportunity or threat, it is important to take note of and document each one. External factors are not controlled by the company.
Costas Theodorou’s opportunities include:
Market trends and changing consumers’ preferences, such as more people like to travel for leisure and more employees travel for business purposes.
New target markets could be exploited by Costas Theodorou such as pensioners and low-incomers. The children’s market could be targeted and addressed with more enthusiasm.
Lower interest rates and more available banking credit provide new finance opportunities for the company.
Economic recovery of the Cyprus starting from 2016 is expected to give rise to consumers’ income and to the sales of luxury quality products.
Costas Theodorou’s threats include:
Low level of incomes. Even if recovery begins this year, it will take several years for the consumers’ incomes to return to their pre-recession levels. Costas Theodorou could respond to this threat by providing lower priced brands.
New competition. This is usually the number one threat for any company. Although there no announcements of new competitors opening stores in Cyprus, with the advancement of the Internet consumers can order their products from other competitors abroad. Costas Theodorou should keep an eye on these competitors abroad and investigate whether Cypriot consumers prefer to order our competitors’ products.
3. Identification and critical analysis of the company’s positioning strategies
Frequently used to identify an industry's structure to determine corporate strategy, Porter's model can be applied to any segment of the economy to search for profitability and attractiveness and therefore is tool for the organization to develop the correct strategies and objectives. We will analyzed Costas Theodorou using Porter’s Five Forces and its market segmentation.
Porter (1985) has identified five competitive forces that shape every industry and every market. These forces determine the intensity of competition and hence the profitability and attractiveness of an industry. The objective of corporate strategy should be to modify these competitive forces in a way that improves the position of the organization. Porter’s model supports analysis of the driving forces in an industry. Based on the information derived from the Five Forces Analysis, management can decide how to influence or to exploit particular characteristics of their industry.
Figure 1.2: Porter’s Five Forces Model Description
Porter's Five Forces include three forces from 'horizontal' competition: threat of substitute products, the threat of established rivals, and the threat of new entrants; and two forces from 'vertical' competition: the bargaining power of suppliers, bargaining power of customers.
Rivalry among existing firms
Costas Theodorou’s competitors consist of few small companies which do not constitute a big threat as they do not have the knowledge, the power, not the same level of quality products. Most of them do not have repair centers for the brands they sell.
Samsonite's main competitors at a global level are VF Corporation, Ace, Tumi, VIP, Rimowa and Delsey which all produce luxury suitcases. Rimowa brand is exclusively distributed by Costas Theodorou in Cyprus and therefore it cannot pose a threat. Tumi is sold mainly at the duty-free section of Larnaka’s airports. VIP has no presence in Cyprus.
Delsey which is the biggest is sold in 13 locations all over Cyprus including repair centers. It focuses on innovation as many of its travelling suitcases have an overweight indicator that goes red when the weight is over 23 Kg that is the typical weight limit of airline companies. In addition, different models have an integrated brake system that locks the front wheels (Delsey, 2014). Finally, their suitcases are lighter than Samsonite since they avoid completely using hard exteriors which weigh more.
The threat of substitutes
Substitutes are two products that satisfy the same need. There are no close substitutes for travelling suitcases. Handbags are only suitable for short-duration journeys as they can carry a limited weight, usually 10 Kg. In contrast, travelling suitcases can carry around to 25 Kg and are more difficult for someone to break in when it is locked. Ace handbags which are located in the U.S with no presence in Cyprus do not currently pose a threat for Costas Theodorou.
The threat of new entrants
VIP is one of the biggest competitors in the Asian market and it has the largest market share in India. Although VIP did not announce any plans to open stores or distribute their bags in Cyprus, if they decide in the future to change their plans, Costas Theodorou will have to enforce their Samsonite brand through lower prices, special offers and enhanced after-sale services.
The power of suppliers
Costa’s Theodorou suppliers include Samsonite, Rimowa, Levis, Lacoste, Timberland, Paris Hilton, Gillian, Feretti, Maglite, Fantom, Kenzia, Windrose, Cromia, Barbara, Camel Active, Bric’s and others. The power of suppliers is limited against Costas Theodorou by two factors: 1) the huge diversification in the brands that Costas Theodorou sells and 2) The good relations with suppliers which limit the possibility of being boycotted or forced to increase the price it pays to suppliers. In addition the firm buys large quantities from suppliers resulting in great bargaining power.
The power of buyers
Costas Theodorou’s buyers are mainly individual consumers with no significant bargaining power on the firm. They sell directly to consumers through their own stores located in 10 different locations, usually malls. They also sell at 200 small wholesale customers who each purchase a small percentage of the firms sales and thus exercise low bargaining power.
Market segmentation is a dividing a market into customer segments, each of which can be easily selected and viewed as a smaller niche market.
Customers can be divided in groups according their purchasing power, which depends on their income as well as their various desires and conditions of purchase.
Consumer’s market, which mostly has similar patterns of consumption, but it does not mean that the various client groups do not differ depending on some of their characteristics, such as client’s needs. Clients vary in their needs and desires.
Market Segmentation gives us the advantage to identify the nature of competition, and understanding the needs and desires of customers, to distinguish its regular response in each case.
At the same time it’s possible to recognize the opportunities that may exist or be created, as well as to identify gaps and deficiencies in the market, so that it’s possible to make adjustments or to improve or change the regular promotion of the product.
For company it’s best to divide the market into groups of customers in accordance with the geographic, demographic and psychological characteristics.
It’s possible to divide consumers into groups depending on where they live. It can be urban or rural areas.
Smart Suitcases – is a special kind of baggage, which is required to modern residents of big cities. The desire to travel nowadays is not just a luxury service but sometimes a necessity caused by the work and the rapidly growing world and technology. Among consumers of the smart suitcases there are many cosmopolitans, people who are not tied to a specific place for living. This explains the need for reliable baggage that can be controlled by your smartphone.
Today Cyprus is an active-developing business environment.
Consumers can be divided according to their age, gender, size and composition of the family, occupation and level of their income, their culture, religion, race, ethnicity, and even a social class. Every company's goal is to provide long-term customer relationships with this new product.
The average consumer of the smart suitecases is a representative of the modern generation, an active user of gadgets and social networks.
• Men/women 25-30 years. An active traveler. Usual is attended to 3-5 flights per month
• Men/women 30-50 years. Usual is attended to 5 - 10 flights per month. Business trips
• Young families, consisting of representatives of the younger generation.
It’s possible to divide customers in accordance with their values and their lifestyle. Psychological portrait of each consumer can be essential role in product selection.
The product is designed for independent persons, working businessmen, young people who are actively using modern technologies. Cyprus is a country with an active-developing business environment. Easy way of transportation is an integral part of running successful business-negotiations thus, the product can easily be focused on this group of people. Market segmentation result the most effective market niche on which we can focus the distribution of our product.
Targeting is a procedure for assessing the attractiveness of each market segment and the choice of one or more for effective operation.
The company must know the competition in the market, skills and weaknesses in order to identify gaps and opportunities in specific market segments.
Thus, the factors that characterize the attractiveness of the market are:
• The size
• Rates of growth
• Current and potential competition
With the smart suitcases products we can distinguish a significant part of the market, as the luggage - it is an integral part of any trip, and therefore almost regards everyone.
The product aims to meet the needs of sophisticated public that appreciates comfort and convenience in their movements.
The company aims to target consumers. Not competing in a mass market, but specializes in the particular segment of the market because of the nature of the product.
As the main target group, it’s possible to select a category of people associated with business travel. It can be both women and middle-aged men with high income and sophisticated taste. The product is aimed at attracting customers who understand the need for technical improvements and development in the field of business travel in order to obtain a more comfortable environment. Choosing a specific segment of the market potential, it is possible to stand up further strategic marketing planning based on product advantages, such as technical specifications, sleek design, the uniqueness of the offer, for attracting mainly this category of people.
Product positioning is the way the product is defined by consumers on important attributes—the place the product occupies in consumers’ minds relative to competing products .
To represent a product like the smart suitcases on the Cyprus market, it is logical to assume the further distribution of this product in a network of shops known Costas Theodorou seems possible that the forces of the company's product will be presented throughout the chain stores. The company is trying to target locations that are easily accessible to the consumer, as well as the possible opening of a small corner for demonstration of the goods Larnaca and Paphos airports.
4. Determination of the stage of each product on the respective product Life Cycle. Analyze critically the stage and suggest possible implications on the Operations of the company.
The product life cycle has 4 very clearly defined stages, each with its own characteristics that mean different things for business that are trying to manage the life cycle of their products.
http://productlifecyclestages.com/product-life-cycle-stages/introduction/Introduction Stage – This stage of the cycle could be the most expensive for a company launching a new product. The size of the market for the product is small, which means sales are low, although they will be increasing. On the other hand, the cost of things like research and development, consumer testing, and the marketing needed to launch the product can be very high, especially if it’s a competitive sector.
http://productlifecyclestages.com/product-life-cycle-stages/growth/Growth Stage – The growth stage is typically characterized by a strong growth in sales and profits, and because the company can start to benefit from economies of scale in production, the profit margins, as well as the overall amount of profit, will increase. This makes it possible for businesses to invest more money in the promotional activity to maximize the potential of this growth stage.
http://productlifecyclestages.com/product-life-cycle-stages/maturity/Maturity Stage – During the maturity stage, the product is established and the aim for the manufacturer is now to maintain the market share they have built up. This is probably the most competitive time for most products and businesses need to invest wisely in any marketing they undertake. They also need to consider any product modifications or improvements to the production process which might give them a competitive advantage.
http://productlifecyclestages.com/product-life-cycle-stages/decline/Decline Stage – Eventually, the market for a product will start to shrink, and this is what’s known as the decline stage. This shrinkage could be due to the market becoming saturated (i.e. all the customers who will buy the product have already purchased it), or because the consumers are switching to a different type of product. While this decline may be inevitable, it may still be possible for companies to make some profit by switching to less-expensive production methods and cheaper markets.
As Costas Theodorou Ltd offers a variety of products for sale, we will choose 2 of the best seller’s products of the company and we will get the average worldwide sales from the market trends, as this information was not provided to us by Costas Theodorou due to the sensitive confidentiality of their sales records; We will analyses the sales of travel suitcase and lady’s bags to assess the life cycle of these products.
Retail sales value of the global luggage market from 2006 to 2015, by region (in million U.S. dollars)
The timeline shows the retail sales value of the global luggage market in 2006 and 2010 and provides a forecast for 2015, by region. In 2015, the retail sales value of the North American luggage market is expected to be about 8.64 billion U.S. dollars. The total retail sales value of the global luggage market is forecasted to be about 31.62 billion U.S. dollars in 2015.
We can see that the sales of travel suitcases are in increase from the last 5 years, we can assume that this product is the growth stage of the life Cycle.
Retail sales value of women's handbags in the United States from 2012 to 2016 (in billion U.S. dollars)
This statistic shows the retail sales value of women's handbags in the United States from 2012 to 2016. In 2014, retail sales of women's handbags amounted to approximately 9.2 billion U.S. dollars.
Accessories are amongst the most important segments in the luxury goods industry, as they held about 30 percent of the
http://www.statista.com/statistics/245653/share-of-the-luxury-goods-market-worldwide-by-product-category/global luxury goods market share in 2014. In the U.S., the
http://www.statista.com/statistics/316515/retail-sales-of-the-us-women-s-accessories-market/women’s accessories market has been fairly profitable in the last few years. Since 2012, sales of women’s accessories have been generating around 30 billion U.S. dollars in revenues each year. Within the U.S. accessories market, handbags and purses are one of the most important products. Brands such as Chanel, Gucci, Louis Vuitton, Hermès, and Michael Kors are some of the leading players in the handbag market throughout the United States. The retail value of women’s handbags in the U.S. was 10.2 billion U.S. dollars in 2015. This figure corresponds to around 30 percent of all revenue generated by
http://www.statista.com/statistics/288792/retail-sales-of-the-us-women-s-accessories-market-by-category/ sales of women’s accessories that year. Only the sale of women’s jewelry was more profitable than handbags in 2015. This product is as well in the growth stage of the life Cycle.
The Growth stage is when a product has been socially accepted and sales revenues are on the increase, but volumes are not at a critical mass to have made the product profitable yet. The stage will look like this:
Because of the growth in sales, competitors will be eyeing up the product and developing competitive alternatives to gain some of the market share. There is a high potential for technicians to be poached by competitors to do that.
During the growth phase, development will continue to create slightly different products for a wider market. Think about how the iPod Mini was created as a cheaper and more portable solution when the classic iPod was growing this market.
Technical development will be focused on reducing the cost of production. Technical Professionals employed in these organizations will attempt to standardize bespoke components and to find cheaper methods of manufacturer, and therefore will be involved in more statistical analysis of product sales, production methods and after-sales support. On the road to maturity and maximum profit, the name of the game is forecasting future volumes and profit. The supply-chain is being tightened so reducing issues by increasing quality throughout the process becomes more important. The organization will look more bureaucratic than before whilst things are checked and double-checked.
The environment has become less risky and more predictable. You’ll see fewer mavericks in the organization now as they gradually move onto the next big thing. The whole organization will appear to stabilize in its processes and structure. There is less space for heroes now but more room for standard bearers. Technicians who are process-oriented and have experience in applying industry standards will grow in numbers.
5. Identification of the flow diagram of the company processes
Costas Theodorou one of the biggest and important company of distributing leather and suitcases. He distribute his product to wholesalers in Cyprus using his lorries to make sure that his product delivered on time without any shortages also this reduce the coast of distribution. The location of Costas theodorou company main branch located at the capital of Cyprus Nicosia. This play very vital role in business strategy because Nicosia is located in the middle of the Island. Due to this unique location the distribution of his product to the other cities Larnaca,Agia Naba,Limassol and Paphos will be fast because the distance between these cities and the main branch not faraway.
A distribution channel is a chain of businesses or intermediaries through which a good or service passes until it reaches the end consumer. It can include wholesalers, retailers, distributors and even the internet itself. Channels are broken into direct and indirect forms, with a "direct" channel allowing the consumer to buy the good from the manufacturer, and an "indirect" channel allowing the consumer to buy the good from a wholesaler or retailer.
Costas theodorou has four stores in Nicosia located at best places which is easy to be reach by the customers because of the strategic location Costas Theodorou gain the maximum numbers of the customers as shown in the below diagram of his stores location.Costas Teodorou has also two branches located at very vital location in Limassol city which enable all the customer to visit the store and buy their required product easily. Location is very important to convenient to the customers. The same thing in Paphos he has one store at the Mall the best location which enable the largest number of customers to visit the store and buy their product. IN Larnaca CTH has one store located at the center of the city which allow the maximum number of customers to visit it.According to CTH company and stores location in Cyprus we can analysis that the company choose these location to achieve its goals with less coast and satisfy the customers needs at very high level with suitable price to gain new customers .The flow diagram of CTH company is important because it shows how is the company distributing their product to whole Cyprus and how CTH choose company and stores location to attract the maximum number of his customers which make a big value to the organization. The value of chain to achieve the goal of the organization at low coast and fast service on time which always keep the company running forward and compete the competitors.
BREAKING DOWN 'Distribution Channel'
A distribution channel is the path by which all goods and services must travel to arrive at the intended consumer. Conversely, it is also used to describe the pathway that payments make from the end consumer to the original vendor. Distribution channels can be short or long, and depend on the amount of intermediaries required to deliver a product or service.
However, goods and services are sometimes passed to consumers through multiple channels, a combination of short and long. While increasing the number of ways in which a consumer can find a good can increase sales, it can also create a complex system that sometimes makes distribution management difficult. In addition, the longer the distribution channel, the less profit a manufacturer might get from a sale due to the fact each intermediary charge for its service.
Three Types of Distribution Channels
While a distribution channel can sometimes seem endless, there are three main types of channels, all of which include a combination of a producer, wholesaler, retailer and end consumer.
The first channel is the longest in that it includes all four, from producer to the end consumer. The wine and adult beverage industry is a perfect example of this long distribution channel. In this industry, thanks to laws born out of prohibition, a winery cannot sell directly to a retailer. It operates in what is known as the three-tier system, meaning the winery is required by law to first sell its product to a wholesaler, who then sells to a retailer. The retailer, in turn, sells the product to the end consumer.
The second channel is one where the producer sells directly to a retailer, who then sells the producer's product to the end consumer. This means the second channel contains only one intermediary. Dell, for example, is large enough where it can sell its products directly to reputable retailers such as Best Buy.
The third and final channel is a direct to consumer model where the producer sells its product directly to the end consumer. Amazon, using its own platform to sell Kindles to its customers, is an example of a direct model, which is the shortest distribution channel possible.
6. Identification of the quality strategy of the company by referring to the specific tools and standards that the company adopts
Costas Theodorou Ltd’s quality management system
Costas Theodorou Ltd has put together its quality management system by defining quality management procedures across all activities, from product planning, development, design and manufacturing through sales and customer service. This includes defining the roles, responsibilities and authority of those in charge of product and customer service quality and initiating guidelines.
Framework of Costas Theodorou Ltd's Quality Management System
Based on this quality management system, Costas Theodorou Ltd is implementing standards on an existing basis to improve the quality of its products and services.
Costas Theodorou Ltd has appointed the Corporate Executive in charge of Product Quality and has assigned this person with coordinating efforts to improve product and customer service quality and ensure prompt responses to problems.
Within the business, Quality Officers Has been appointed and tasked with promoting activities to improve product quality and frontline initiatives to enhance the quality of products and services under the direction and supervision of the Corporate Executive.
Costas Theodorou Ltd has design a framework for promoting business unit and specific initiatives to ensure its products comply with relevant laws and regulations.
Costas Theodorou Ltd has formulated mid-term and fiscal year targets for the quality of customer service related to its products, as well as key quality-related indicators for business plans, with the aim of fulfilling its Pledge of Quality. Regional headquarters later formulate their own fiscal year quality, customer service targets and business plans, in line with which they continue to promote quality improvement initiatives;
Managers responsible for quality and customer service came together to deliberate and decide on policy, targets, and key strategies related to product quality and customer service.
Regional Officers has held meetings to evaluate the progress of quality and customer service, business plans and promote initiatives aimed at achieving targets, and to share information on customer service and product quality activities and common challenges, thereby contributing to global efforts to improve product quality and customer service.
Because of the vast variety of products Costas Theodorou Ltd represents, the company’s clientele is made up of a wide range of customers in terms of age, economic and social status; thus, covering almost all consumer segments of the Cyprus market.
Responding to the Customer
Costas Theodorou Ltd makes good use of customer feedback to improve its products and customer services. Opinions, reports of malfunctions after purchase, questions regarding use and other feedback received through Customer Information Centers are evaluated promptly and accurately and spread to the planning and design groups so that improvements in product quality can be made in a timely fashion, thus contributing to efforts in other to enhance product power.
With the purpose of reinforce this effort, Costas Theodorou Ltd centralized all customer feedback received at Customer Information Centers and technical support desks throughout the regions. This change allows for feedback to be used in other to improve its products and provide better information to customers.
It is effective in detecting product quality-related problems as early as possible. In other to achieve that goal, Costas Theodorou Ltd has established the Quality Hotline to gather product quality-related information, including reports of problems, as well as opinions from its employees. Employees can use the Quality Hotline, to send messages regarding such matters as product quality issues that are too difficult to handle at their workplace, and problems with the quality of product-related customer services as valued by customers who have made use of those services. Upon investigating a problem to ascertain the authenticity of the information received, the Quality Hotline office proposes and introduces measures to prevent previous problems from repeating and preventing potential new problems.
These initiatives are closely linked to Costas Theodorou Ltd Pledge of Quality, which states that "Costas Theodorou Ltd’s employees will always respect customers' viewpoints in striving to deliver product quality and customer service that exceed their expectations".
As these initiatives indicate, employees are wholeheartedly committed to working together to improve product and service quality from the customer's perspective with the aim of maintaining and enhancing customers' satisfaction, confidence and trust.
Market Quality Improvements
Costas Theodorou Ltd has established dedicated quality management organizations in each of its business areas that are responsible for improving quality for suitable products in each market.
At its headquarters, information related to quality issues arising in the marketplace is gathered in a timely manner from a broad range of sources and reported weekly to headquarters quality management and technical specialists. Based on the reported information, it ascertains whether issues in the marketplace have been addressed appropriately. In addition to ensuring that such issues are thoroughly addressed, it is accelerating its quality improvement performance by promoting measures to prevent recurrence and proactive measures in relation to quality issues.
Responses to Quality Issues
Costas Theodorou Ltd recognizes that ensuring its customers' satisfaction, confidence and trust is one of its most important management tasks and aspire to prevent quality-related problems through the systems and efforts described above.
Costas Theodorou Ltd responds swiftly in the event of a quality-related issue, with the relevant departments working together to investigate facts and take appropriate action on a global scale. When such an issue arises, Costas Theodorou Ltd decides and implements public announcements and market action for customers, after undertaking various inspections regarding the issue, following a process common to all it products. This process starts with the gathering of information from Customer Service Centers and collaboration with concerned local parties to ensure an accurate hold of the issue. Base on the information collected, it then works to determine the correct response, by identifying the cause of the issue, implementing countermeasures, and promptly verifying the effectiveness thereof, and reviewing the issue from the customer's perspective. Costas Theodorou Ltd also cooperates with Officers at sites in each region to ensure the same level of service is provided to customers all over Cyprus.
Pickton, D. W., and Wright, S. (1998) What's swot in strategic analysis? Strategic. Change. pp.101–109
Porter, M.E., (1985), Competitive Advantage, Macmillan Press, New York.
Taylor, F, N. (2016) SWOT Analysis: What It Is and When to Use It. Business New Daily. Available at: http://www.businessnewsdaily.com/4245-swot-analysis.html
Mrs. Elena Koza Theodorou, Group of companies «Costas Theodorou», marketing director. Interview by Valeriia Dobysheva, 102 Pericleous Str. , 2027 Strovolos, Nicosia, Cyprus. 05.12.2016
http://www.costastheodorou.com.cy/http://www.costastheodorou.com.cy/ customer services as valued by customers who have made use of those services. Upon investigating a problem to ascertain the authenticity of the information received, the Quality Hotline office proposes and introduces measures to prevent previous problems from repeating and preventing potential new problems.