scholarly journals Strategic Alliances In The Financial Services And Chemical Industries

2011 ◽  
Vol 2 (12) ◽  
Author(s):  
Charles J. Cante ◽  
Vincent J. Calluzzo ◽  
Huldah A. Ryan
Keyword(s):  
Chemical Industry ◽  
Strategic Alliances ◽  
Financial Services ◽  
Strategic Alliance ◽  
Similar Proportion ◽  
Financial Services Industry ◽  
Total Quality ◽  
Font Size ◽  
Alliance Performance ◽  
Services Industry

<p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt;"><span style="font-family: Times New Roman;"><span style="font-size: 10pt; mso-bidi-font-style: italic; mso-bidi-font-size: 12.0pt;">The penetration and practice of strategic alliances and Total Quality Management in a goods industry (Chemical Industry) was compared to that for a service industry (Financial Services).</span><span style="font-size: 10pt; mso-bidi-font-size: 12.0pt;"><span style="mso-spacerun: yes;">&nbsp;&nbsp; </span><span style="mso-bidi-font-style: italic;">The ingoing hypothesis that the Financial Services Industry and the Chemical Industry were similar as it relates to strategic alliances and TQM, based on the longevity of these concepts, was not fully supported. Clear industry similarities and differences were noted. For example, the penetration of TQM and strategic alliances was deeper in the Chemical Industry. This is thought to be the result of the earlier application of TQM and strategic alliances in goods industries. Company size, as measured by revenue, did not affect whether small or medium sized companies in either industry practiced TQM, engaged in strategic alliances or the number of strategic alliances that each had.<span style="mso-spacerun: yes;">&nbsp; </span>The proportion of strategic alliance practitioners who also practiced TQM was statistically similar for both industries. Importantly, a high, and similar, proportion of strategic alliance participants in both industries achieved business growth.<span style="mso-spacerun: yes;">&nbsp; </span>While those practitioners did achieve a reduction of the numbers of suppliers there is significant room for improvement in both industries. Strategic alliance performance met or exceeded expectations and alliance costs were on or below forecasts in both industries but the result was significantly better for the Financial Services industry in both instances. The lower outcomes for the Chemical Industry are most likely rooted in negative aspects of relationships with strategic alliance partners as suggested by the top 5 advantages and top 5 disadvantages responses. Significantly, a high proportion of strategic alliances will continue with most of these being with the current partner and a few with new partners.<span style="mso-spacerun: yes;">&nbsp; </span>The Financial Services Industry outperforms the Chemical Industry on this measure.</span></span></span></p><p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt;"><span style="font-family: Times New Roman;"><span style="font-size: 10pt; mso-bidi-font-size: 12.0pt;"></span></span></p><span style="font-family: Times New Roman;"><span style="font-size: 10pt; mso-bidi-font-size: 12.0pt;"><span style="mso-bidi-font-style: italic;"><p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt;"><span style="font-size: 10pt; mso-bidi-font-style: italic; mso-bidi-font-size: 12.0pt;">It is recommended that firms in the Financial Services Industry closely examine the benefits that strategic alliances can yield, and then conduct pilot tests. On the other hand, firms in the Chemical Industry need to improve their relationships with potential partners in order to maximize the outcome of strategic alliances</span><span style="font-size: 10pt; mso-bidi-font-size: 12.0pt;">.</span></p></span></span></span>

scholarly journals Strategic Alliances In The Food And Beverage Industry

2011 ◽  
Vol 1 (5) ◽  
Author(s):  
Charles J. Cante ◽  
Vincent J. Calluzzo ◽  
Huldah A. Ryan
Keyword(s):  
Quality Management ◽  
Total Quality Management ◽  
Strategic Alliances ◽  
Strategic Alliance ◽  
Statistical Quality Control ◽  
Total Quality ◽  
Font Size ◽  
Beverage Industry ◽  
Food And Beverage Industry ◽  
Food And Beverage

<p class="MsoFootnoteText" style="text-align: justify; margin: 0in 0.5in 0pt; mso-pagination: none;"><span style="font-family: Times New Roman; font-size: x-small;">Strategic Alliances are an important component of an effective Total Quality Management program (TQM) and of business growth.<span style="mso-spacerun: yes;">&nbsp; </span>The Food and Beverage industry was studied as part of a long-term longitudinal research program, covering diverse industries, to determine the extent of penetration and effectiveness of strategic alliances and TQM. The results indicated that 62% of respondents participate in strategic alliances and 82% practice TQM. Over 74% of firms that did participate reported achieving or exceeded alliance goals and, significantly, 73% experienced increased business revenue. Approximately 11.84% of participants reported that costs exceeded expectations while 15.13% enjoyed lower costs. Some methods to enhance strategic alliance effectiveness are discussed.</span></p><p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt; mso-pagination: none;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman;">&nbsp;</span></span></p><p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt; mso-pagination: none;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman;">Total Quality Management (TQM) is a philosophy that includes the idea that to achieve the highest level of quality one must extend the quality system and program as far back in the Supply Chain as possible, i.e., to the supplier(s), the supplier&rsquo;s supplier and beyond if applicable (first, second, third, etc., tier suppliers), and as far forward as possible, i.e., to customers<sup>1</sup>.<span style="mso-spacerun: yes;">&nbsp; </span>TQM also embraces the following five concepts namely; continuous improvement<span style="mso-spacerun: yes;">&nbsp; </span>(a never ending search for perfection), bench-marking (learning from the &ldquo;best-of-the best or &ldquo;best-in-class&rdquo;), use of empowered employee teams<sup>6</sup>, just-in-time practices (JIT) (use of strategic alliances and few suppliers<sup>2</sup>), and knowledge of tools (at least 51 tools including Statistical Quality Control<sup>3</sup>).</span></span></p><p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt; mso-pagination: none;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman;">&nbsp;</span></span></p><p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt; mso-pagination: none;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman;">JIT practices include the use of strategic alliances; which may be with first, second and third tier suppliers and/or with customers; to achieve competitive advantages as well as to improve quality throughout the business system of an enterprise.<sup>2</sup><span style="mso-spacerun: yes;">&nbsp;&nbsp; </span>A Strategic Alliance is a formal agreement to supply a good(s) or services(s) and to jointly expand knowledge, develop applications and commercialize new products, with the rights of co-ownership, and commercial exploitation of the inventions within the boundaries of the Alliance particulars. Alliance partners work together to serve the ultimate consumer by doing together what each partner could not do alone. The Strategic Alliance agreement includes Supply, Technology, Intellectual Property, Legal and Termination/Disengagement sub-agreements and, generally, has a term of at least 3 years but not usually more than 5 years. The objective of a Strategic Alliance is to achieve competitive advantage for each partner through productivity and quality improvements and significant innovation.<sup>2</sup></span></span></p><p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt; mso-pagination: none;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman;">&nbsp;</span></span></p><p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt; mso-pagination: none;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman;">This research was undertaken to determine the penetration of TQM and strategic alliances in the Food and Beverage industry.<span style="mso-spacerun: yes;">&nbsp; </span>The intent is to re-study this industry in about 4 to 5 years to understand the evolution of TQM and strategic alliances from the baseline reported herein. The authors comprise the Strategic Alliance Research Group that expects to study a broad array of US industries on these subjects.<sup>5</sup> The reader is referred to the authors&rsquo; Web site at www.tsarg.com for the organization&rsquo;s vision, mission, objectives and recent research.</span></span></p>

scholarly journals Identifying A Profile Of Key Competencies For Financial Planners

2011 ◽  
Vol 3 (4) ◽  
Author(s):  
Gerald J. Bedard ◽  
Jacques Prefontaine ◽  
Lise Poirier-Proulx
Keyword(s):  
Continuing Education ◽  
Financial Planning ◽  
Financial Services ◽  
Financial Services Industry ◽  
Font Size ◽  
Use Of Resources ◽  
Financial Planners ◽  
Key Competencies ◽  
Competency Based ◽  
Services Industry

<p class="MsoBodyText" style="line-height: normal; margin: 0in 38.2pt 0pt 0.5in;"><span style="font-size: 10pt; mso-ansi-language: EN-CA; mso-bidi-font-size: 12.0pt; mso-bidi-font-style: italic;" lang="EN-CA"><span style="font-family: Times New Roman;">In order to provide quality professional education programs to advance knowledge, skills and competencies of individuals in the financial services industry and in continuing education courses, there is a need to identify a professional&rsquo;s key competencies profile. In recent years, many financial planning associations worldwide have become interested in establishing competency-based requirements for certifying professionals and have adopted competency-based approaches for continuing education. The purpose of this paper is to identify a profile of key competencies for financial planners.<span style="mso-spacerun: yes;">&nbsp; </span>The empirical study is carried out through a stratified survey of financial planners within insurance companies, commercial banks, consulting firms, credit unions, security dealers and brokers, trusts and independent professionals.<span style="mso-spacerun: yes;">&nbsp; </span>More than individual knowledge or skills, this research views professional competence as result-oriented, expressing an optimal mobilization and use of resources available in the multidisciplinary areas of financial planning, according to professional standards and in harmony with best practices to achieve customer satisfaction. The research design presents an innovative conceptual framework which facilitates the identification of a profile of key competencies for financial planners. Findings enable an advance in knowledge, both at an academic and a professional level, by identifying a profile of twelve specific dimensions of key competencies for financial planners within the financial services industry.</span></span></p>

Distribution of financial services

1993 ◽  
Vol 120 (1) ◽  
pp. 25-65
Author(s):  
A. K. Gupta ◽  
G. Westall
Keyword(s):  
Financial Services ◽  
Distribution System ◽  
Price Sensitivity ◽  
Financial Services Industry ◽  
Future Trends ◽  
Pricing Policy ◽  
Services Industry

AbstractThe historic barriers between the different companies which comprise the financial services industry are breaking down. In order that organisations may prosper in the new environment the relationships between products, distribution and clients need to be understood. A theory is developed to explain the historic position and the dynamics of the current environment and indicate future trends. The conclusion is that successful organisations will be those which fully understand and specialise in a limited number of sectors, and those who start with a clientbase and a distribution system which will not inhibit the introduction of other distribution methods so that they can become multi-product and multi-distribution organisations. Finally, the paper explores the relationships between pricing policy and distribution by means of distribution chains to determine the point and degree of price sensitivity.

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