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Thursday, 17 November 2011

Along with the changing business world

 


Today’s business world is characterized by highly competitive organizations which are all vying for consumer’s loyalty. Firms are faced with the challenge to maintain their own competitive edge to be able to survive and be successful. Strategies are carefully planned and executed to gain the ultimate goal of all: company growth. However, external factors are not the only elements which influence growth. There are also internal factors, components working within the organization which shape the direction of the company.


Along with the changing business world, customers change as well, becoming more demanding and knowledgeable than before. In turn, company management had shifted their focus on their clients or customers so as to stay successfully in business. This transition meant that organizations have to completely reformulate their conventional business aims and purposes from being process-focused to customer-centered. Hence, in order to bring out exceptional customer services within the company operations, the management should employ fine-tuned organizational restructuring. Moreover, employing proactive customer commitment involves the consideration on culture and infrastructure.   


Despite the economic and technological conditions that make it possible now to promote products and services in a larger consumer market, there are other factors that still need to be considered for a business organization reach out easier to their target market. Looking into the characteristics and thought processes of the people still holds as the most significant factor to be looked into by the individuals in the field of sales and marketing. The large scope of market can pose a hindrance to a successful marketing strategy in terms of over generalized definition of the target or niche market.


The changing world has then placed much emphasis on the importance of communication for effective marketing. All types of communication are involved in marketing communications, including literature, training, advertising, mail, telephone, product promotions and other contact relevant to marketing communication. Among the channel members, even follow-up on complaints as well as customer billing may be included within the communication loop. In order to effectively serve the marketing channel, correct timing and accuracy in communications is essential. Moreover, it is important for the company to recognize that all members of the channel have an obligation or important role in maintaining the efficacy of marketing communications. Channel communications works in a two-way system wherein information transfers to the user and bounces all the way back to the producer. In other words, marketing communications works like a feedback system, which allows company producers to relay information to the customers. In response to the provided information, consumers give certain reactions or behaviors.


In an organization setting, a marketing communication plan commonly address specific organizational responsibilities. These include:



1. The provision of external constituencies with timely, accurate, and complete information about the organization’s policies, programs, and services.


2. The provision of internal constituencies with a consistent vision of the organization and its objectives, the implications of internal and external changes, and guidance in achieving mission results.


3. The assurance that the organization is visible, accessible, and accountable to the public it serves.


4. The employment of various ways and means to communicate, and convey information in multiple formats to accommodate diverse needs.


5. The regular identification and concentration on communication needs for the development, implementation, and evaluation of policies, programs, and services.


6. The provision of assistance for the collaboration of organizational work with other government organizations in order to achieve coherent and effective



            The creation or formulation of a marketing communication plan is essential for all industries. In most cases, communication is necessary to mobilize support, remove uncertainty, establish acceptance, and most importantly, reduce the risks. Oftentimes, the implementation of marketing communication strategy through for example, new product or new initiative, requires enormous allocations for both staff and financial resources. Hence, all efforts and resources must not go to waste; they must all be directed towards the objective of the company.


Several disadvantages can be obtained due to inadequate planning of the marketing communication strategy. For instance, it could lead to productivity losses, including loss of both existing and new staff and economic loss. The absence of a marketing communication plan may also lead to false starts and personal losses, which can occur as stakeholders become frustrated and disappointed over the general mission. On the bright side, these losses are avoidable. In support of the creation of a marketing communication plan, had noted that the efficacy of marketing communication lies on four major aspects. These aspects state that marketing communication should be clearly positioned; directed to a particular target market, created to achieve a specific objective; and undertaken to accomplish the objective within the budget constraint.


I.                    Assessment Resource



In the traditional supply chain management used by business organizations, a lot of people, time and money are invested upon to ensure that the demands of the consumers will be handled in the specified date and time required. Before being able to place an order of shipment of products and even services, several transactions are consulted between the product supplier or the service provider to meet the demands of the consumers and clients. The supply flow normally includes the intention of order, quotation, confirmation, delivery, payment and handling of receipts. Normally, great amount of time is consumed in the mere planning of the purchase orders of a particular business company. And since most of the time the transactions involve not only a single client or customer, especially in the case of huge product and service providers, business establishments’ deal with sub-suppliers with several forwarders from which a number of consolidations are exchanged. The workload and time that the inventory managers handle defines the proceeding business processes that follow and thus, predict and maintain the success and profit of the whole business organization. That is why, efficiency counts!


The best product and service providers continuously update and upgrade their service deliveries in order to answer the demands of their customers. Customers have the ever-increasing demand on getting their hands into the products which can lead to change in business establishment if expectations are not met. As industry leaders, owners of a chain of small retail outlet stores trend toward more reliable delivery services across their customers for efficient product and service distribution. However, problems of delivery and distribution are usually attended by most companies with either quick fixes that do not work or complete and comprehensive delivery and distribution designs that take too long and are expensive.


II.                  Plans and Strategies



Companies employ detailed business plans and strategies in order to gain several benefits from its competitors such as increased profits and enhanced customer relations as company objectives. The application of strategies directed towards the achievement of these objectives naturally requires the allocation of financial resources. However, while the company is capable of providing a budget, the outcomes should be able to recover these allocations in order to prevent capital losses. Thus, the company should employ strategies and create objectives that are compatible to the capacity of the company and what it intends to achieve.


Total Quality Management is a planned procedure for satisfying internal and external customers and suppliers by integrating the business environment, continuous improvement, and come through with advancement, growth, and safeguarding the cycles while changing organizational culture. Furthermore, TQM is an array of management system throughout the organization, geared to ensure that the organization to continuously attain or surpass customer requirements. Total Quality Management is a philosophy of management that is driven by the constant attainment of customer satisfaction though the continuous improvement of all organizational processes.  It is a management philosophy that seeks to integrate all organizational functions such as marketing, finance, design, engineering, production, customer service, and others to focus on meeting customer needs and organizational objectives.


Strategy perhaps, is the most important key to the successful implementation of customer relationship management. In order to do so, company management must realize that, either directly or indirectly, the achievement of its goals contributes much to the customers’ or clients’ general experience with the company. Successful incorporation of people, process and technology is probably the most efficient strategy in customer relationship management (CRM) implementation. These include the planning, organizing, directing and controlling procedures, which are all geared towards the customers. But CRM, also referred to as customer service management, encompasses more than the attainment of customer satisfaction. This change management is a balance between enhanced company processes and renewed objectives. In other words, customers should also feel that the companies and businesses they support and patronize give due importance, essentiality and vitality to their operations. Hence, in order to bring out exceptional customer services within the company operations, the management should employ fine-tuned organizational restructuring. Moreover, employing proactive customer commitment involves the consideration on culture and infrastructure.


III.                Areas of Improvement



Of all the components of a strategic plan, the most essential of all these elements but most often, the most overlooked is the definition of the target market. And yet, no one can proceed to a communication plan without answering the question of who do the company have to convince to buy the product or service.


Market segmentation is the identification of subgroups within the total market that the company wants to target. This fully recognizes that buyers of any product or service category need, desire, want and expect different performance characteristics from products or services in the category. It helps the company to position the product properly and prepare marketing strategies to satisfy a more focused range of consumer needs and wants. Furthermore, it is also a factor in effectively using limited marketing resources, identifying unique market niches, improving profitability and helping to retain consumer loyalty.


All marketing communications should be directed to a particular target. This aspect suggests that in implementing marketing communication, the company should clearly identify the targeted constituents and stakeholders, or to whom the marketing communication strategy should be directed. The purpose of this aspect is for the company to create or apply communication instruments that will encourage the market to purchase or patronize the product or service.


The organization should employ detailed business plans and strategies in order to gain several benefits from its competitors such as increased profits and enhanced customer relations as company objectives. Gaining customer loyalty is an organizational challenge today in this increasingly competitive and crowded marketplace because of the eventual profitability it will provide. The changing business world allowed customers to change as well. Company management had shifted their focus on their clients or customers so as to stay successfully in business with the need to completely reformulate their conventional business aims and purposes from being process-focused to customer-centered. With the advent of technological innovations, logistical decisions about delivery operations, stockholding, warehousing and economies of scale get more complex solutions in today’s business environment.


Indeed, making a business successful in a particular setting demands crucial and detailed studies and examination of the factors that will generate the best results that will serve the aims and objectives of the company. In this light, owners of big business organizations operating in a competitive business environment should be in constant look out with its competitors and the overall status and events in the industry. Taking advantage of the opportunities and intensifying the strengths while minimizing the risks and weaknesses of a business firm greatly helps in predicting the success in business enterprise.


            Examination on the business strategies and plans in order to answer to the demands of clients and customers through efficient delivery of such needs will not only increase the profit of an organization but will likewise gain the trust and competence of the clients and customers. Efficient management of delivery options in a particular company and looking into the problems encountered in operating the business may enhance the likelihood of a business corporation to attain its goals as enterprising organization.




Credit:ivythesis.typepad.com




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