Enterprise Risk Management Strategy Proposal for Kroger Co. Introduction Navigating today's dynamic and volatile business environment demands that companies implement effective Enterprise Risk Management (ERM) practices, allowing them to mitigate potential threats and proactively identify and leverage opportunities for growth and sustained competitive advantage. ERM's holistic approach to risk management provides companies with a comprehensive framework for strategically addressing a wide range of potential challenges and uncertainties, allowing them to manage and mitigate risks effectively. This paper presents a novel ERM strategy designed explicitly for Kroger Co., aiming to mitigate risks and enhance operational efficiency. Facing intense …show more content…
Kroger, a leading company in a highly competitive industry, confronts many challenges, from disruptions to the supply chain and cybersecurity threats to the rapid evolution of consumer preferences and the constant pressure of regulatory requirements. The selection of Kroger as the subject of this ERM proposal is driven by its substantial scale, its considerable impact on the industry, and the complexities it faces in managing various intertwined risks. Implementing a thorough and proactive ERM strategy will be crucial for Kroger to remain competitive in the market, strengthen its ability to handle challenges, and ensure continued growth in the …show more content…
Implementing the COSO ERM framework successfully requires Kroger to establish a distinct ERM team tasked with overseeing risk management activities, coordinating efforts with various departments, and ensuring that all risk management initiatives are consistent with the company's overall objectives. To ensure risk management is seamlessly integrated into all facets of Kroger's operations, the ERM team will collaborate closely with crucial stakeholders, including senior management, operations, IT, and compliance. A crucial initial stage in implementing the ERM strategy involves undertaking a thorough risk assessment to pinpoint Kroger's most critical risks, encompassing those connected to the continuity of its supply chain, cybersecurity, and compliance with regulations. Following this risk assessment, the ERM team will devise and implement a comprehensive set of risk mitigation strategies, including supplier diversification, data protection protocol reinforcement, and robust compliance programs to address these identified
Porter’s competitive strategy Publix: Publix strives to utilize the industry-wide differentiation strategy. Although Publix isn’t open 24/7 and does not have self-checkout (which also plays a role in its strategy), it focuses on providing the best customer service and facility presentation. The grocery store chain sets itself apart from the competition by keeping their stores as neat, organized and clean as possible; as well as Publix strives to provide the highest degree of customer service and
A Passion for Customer Service The primary marketing strategy at Publix is putting customer service at the forefront of everything they do and are known and recognized for having the best customer service in the industry. Publix was selected as one of America’s Best Supermarkets by DailyMeal.com in 2016, listed as a favorite supermarket by MarketForce.com in 2014 and 2015, as well as being ranked “Highest in Customer Satisfaction, Five Years in a Row” by JD Power. (Company Overview – Awards & Achievements
Company Background According to the Kroger business web page, in 1883 Barney Kroger invested his life savings of $372 to open a grocery store at 66 Pearl in downtown Cincinnati. The son of a merchant, he ran his business with a simple motto: Be particular. Never sell anything you would not want yourself. It is a motto that has served him well for the next 120 years. Today, Kroger has grown to 2500 stores with $70 billion revenues, 40 food processing plants ranging from bread, milk, soda pop, ice
Publix Super Markets Inc Super Markets are few and far between in the south. There are plenty of different variations within a very small region that when one becomes your favorite it’s usually because if convenience. However throughout the local community of Jacksonville and most of Florida, Publix Super Markets have made a very valuable impression on its current consumers. Founded by George W. Jenkins on the idea of what makes a company successful is how they takes care of their customers but
Two Successful People The word success has different meanings to people. Some people see success as wealth or perhaps an entrepreneur who turned his or her vision into a successful reality. Creating and building a successful company from the ground up. According to Maxwell (2002), “Success is a journey. …success is knowing your purpose in life, growing to reach your maximum potential, and sowing seeds that benefit others.” Respectively, this paper will examine the journey of the late George W.
Introduction For 85 years, Publix Super Markets, Inc. (Publix), a nationwide chain, has set the precedent for Corporate Social Responsibility (CSR) and sustainability. With an added emphasis on the past 15 years due to the implementation of their Green Routine program, Publix has become the gold-standard of sustainability, with comprehensive philanthropic initiatives that support and intertwine housing, education, food security, technology, and more. Publix is taking strides to become more sustainable
This paper discusses Customer Relationship Management objectives, strategy, and tactics of Kroger, Inc. Kroger, founded by Bernard Kroger in 1883 and currently operates over 2500 supermarkets in more than 30 states. Managing customers is top priority for this company and is much of the reason it is the top grossing supermarket chain in the country. OBJECTIVES From the very beginning, Kroger worked to please customers. He believed in never selling anything that you yourself, would not buy and set
Operations Management of the Kroger Company Operations management is essential for the survival and success of any organization. According to Heizer & Render (2011), operations management (OM) is the set of activities that creates value in the form of goods and services by transforming inputs into outputs. Operations managers today contend with competition, globalization, inflation, consumer demand, and consistent change in technology. Managers must focus on the efficiency and effectiveness of
Don’t feel like cooking tonight or going for carry out, no problem have a Marie Callender’s Turkey Pop Pie or maybe something exotic like P. F. Chang’s Mongolian Style Chicken. No matter what may satisfy your taste buds if it can be found in your freezer or pantry chances are it’s one of ConAgra’s various brands. ConAgra’s Foods brands can be found in most American’s households. With their commitment to provide products that deliver outstanding taste, nutrition and value ConAgra have created ways
Grocery store employees are faced with many challenges, such as standing up their entire shift, lifting heavy objects, dealing with sometimes irritable customers appropriately and taking care of monotonous tasks. The biggest challenge of all is the low, often minimum wage salaries that make life at home difficult and a struggle for the average grocery cashier, baker, and stock person. Since grocery store employees work conditions can be draining and receive little pay the turnover rates are astronomically
Firstly, K12’s business model is to wholesale the product of education—through their ownership of intellectual property used in distance learning modules and curriculum—to school districts, states, and individual schools (Steck 76). K12, founded in 1999 by William J. Bennett, the former Secretary of Education under the Reagan Administration, recognized the enormous potential profit in the virtual schooling market (Glass 10-11). Originally, K12 served as a provided of curriculum to home-schooled students
With the 1950s came massive expansion for Kresge, largely including food departments, and in 1962, the company opened its first real discount store; Kmart. The Kmart stores were instantly successful, and in 1963 there were 63 stores. Sales continuously rose, for in 1969 with 1,022 (Kresge, Jupiter, and Kmart) stores internationally and $4.6 billion in annual sales. Due to the success of Kmart, Kresge was changed to Kmart Corporation in 1977. Sales fell due to better competition from 1980-1990 where
Publix…Where Shopping is a Pleasure In the good United States, people love to eat. Not to say these individuals are not appreciative, but many citizens tend to indulge and appear to take their privileged resources for granted. After all, this country offers a plethora of retail choices ranging from farmer’s markets, meat markets, and neighborhood bodegas (a.k.a. mom-and-pop-shops), specialty vegan and whole foods markets, and last but certainly not least supermarket chains! Considering the variety
and delivering professional, helpful, high quality service and assistance before, during, and after the customer's requirements are met. The objective of this report is to provide insight into how The Kroger Co, America’s first grocery store continues to remain prominent in American history. The Kroger Co has had an intensive background in retail customer services throughout American Culture. The moving force behind the company has been contributed to Bernard Henry Barney, who invested $372 and
As an American short story writer, Sandra Cisneros was influenced by her mother. She made her get library cards and check out books to read when she was young. During her childhood experiences and ethnic heritage as the daughter of a Mexican father and Chicana mother, Cisneros adresses poverty. She is best known for the award winning House On Mango Street in 1983.This book mainly focuses on the treatment of woman in a Chicano community. The House on Mango Street as well as her recent books, Woman