Question: What adjustments would you make at this point? Would you cancel the program or run it at a loss? "Pam" (a disguised name but a realperson) was director of training ata large, Midwestern training com-pany Leadership Development Center(LDC). One of Pam's responsibilitieswas to plan the launch of LDC's new training pro-grams. The company had a reputation for excellentprograms targeted at mid-level managers. However,LDC's top executives felt that the company shouldoffer more training programs for senior executives,arguing that if senior executives personally experi-enced the quality of the firm's training, they would bemore likely to recommend and approve trainingrequests for their mid-level managers.Pam discussed the program objectives for the newSenior Executive Leadership Program with her boss andher peers. Some thought the program should be a "lossleader" or in other words, that it should lose money butpay for itself by generating more participants for LDC'smid-level managerial programs. Others thought that thenew program should break even financially. Everyoneagreed, however, that the program should be of suffi-cient quality that participants would have a very favor-able impression of LDC. As a result, they would be morelikely to encourage their employees to attend LDC pro-grams and approve their requests to do so.Pam determined that the program's success would bemeasured in three ways. First, the number of participantstaking the first program would be monitored. Pam calcu-lated it would take about 18 participants for the programto break even financially. Second, she would survey all par-ticipants regarding their satisfaction with the program, itscontent, materials, facilities, administration, and instruc-tors. Finally, LDC would track the number of mid-levelmanagers from the companies of those attending thesenior executive program to determine if there was anincreased participation level over time.In launching the program, Pam examined the pastmarketing costs of other new programs. Previous newlaunches had cost about $30,000 in brochure and mailingexpenses. She expected that an extra $5,000 ought to beenough to launch the new senior executive program.The current budget did not anticipate the launch ofthe senior executive program, but another program inmarketing had been cancelled. Consequently, $20,000remained in the budget for that program, which Pamthought she could spend on the new senior executiveprogram. In addition, she thought she could access$15,000 from the general contingency budget of$30,000.One of the first things she needed to do was to talk toLDC's possible instructors and select a "faculty director."This person would design the specific content of the pro-gram and coordinate the other instructors along with thecontent of their training efforts. After the faculty directorwas chosen, the program would need to be designedand, based on the design, a brochure created. She esti-mated that the program design would require about threeweeks and that the development of the brochures wouldtake an additional two weeks. Printing the brochureswould require four days, and assembling them for mailingwould take another three days. Delivery of the mailedbrochures would take about a week. Normally, LDCallowed about 12 weeks between the time peoplereceived brochures and the due date for their programapplications. In general, program applications were due(along with the program fees) three weeks before thestart of the program. Two weeks before the programstarts, all materials (handouts, notebooks, etc.) wouldneed to be assembled.Pam had two people who reported directly to herand could assist in the implementation of the plan.Tammy would be responsible for contacting thebrochure design firm and the printing company andensuring that the brochure would be ready on time. Inaddition, she would secure the mailing list and arrangefor an outside contractor to stuff the envelopes withbrochures for mailing. Dan would be responsible forvenue details. LDC had its own training facilities andhad contracts with several nearby hotels for lodgingarrangements. Dan would also be responsible for theassembly of all training materials, which requiredobtaining the handouts and other materials from theinstructors on time.As the plan was put into action, everything seemedto go fine. A faculty member was selected to be the fac-ulty director, and the program design and content wereready in two rather than the anticipated three weeks.The outside design firm quickly produced a brochurethat with a few modifications was ready for mailing.Tammy obtained several mailing lists that had the namesof senior executives in medium-to-large companies. Themailing was sent out about five days early.Inquiries regarding the program were 100 percenhigher than those for other new programs LDC hadlaunched in the past. However, as the program's startdate drew nearer, the ratio of inquiries to registrationswas not good. Traditionally, one in ten people who con-tacted LDC for further information regarding a particularprogram ended up registering for it. However, eightweeks before the program's start, the inquiry to registra-tion ratio was 100 to 1 (not 10 to 1). Four weeks beforethe start of the program, only ten had signed up. Pamwas stressed about what she should do.

Note: The answer has been authored in a generalized manner.The case study centers on Pam, the…

Answered: Question: What adjustments would you…

Business

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Question: What adjustments would you make at this point? Would you cancel the program or run it at a loss?

Foundations of Business (MindTap Course List)

6th Edition

ISBN:9781337386920

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Chapter16: Mastering Financial Management

Section: Chapter Questions

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