FIN200 Assignment Question1. Explain with a graph Original Essay Help

FIN200 Assignment Question1. Explain with a graph Original Essay Help

Business Question 1: Marketing . 1 Introduction 1 Part 1 .. 2 Part 2 . 5 Conclusion 11 Business Question 2: Human Resource Management . 13 Introduction . 13 Part 1 14 Part 2 17 Conclusion . 22 Business Question 3: Organizational Development . . 24 Introduction . 24 Part 1 25 Part 2 30 Conclusion 33 Business Question 4: Management .. 35 Introduction . 35 Part 1 . 35 Part 2 38 Conclusion 44 Business Question 5: International Business 46 Introduction 46 Part 1 . 46 Part 2 . 48 Conclusion 55 Business Question 6: Production and Operations Management . . 57 Introduction . 57 Part 1 . 57 Part 2 . 62 Conclusion 66 Business Question 1: Marketing How does a company strategically change from a traditional marketing approach to customer targeted marketing? As Vice President of Marketing, please explain to your sales team why it is necessary that your company change from a traditional marketing approach to customer targeted marketing. Also, explain how you will change your company from a traditional marketing approach to customer targeted marketing. Since organizational change is always difficult, provide a rationale to your team for the need to change. Include a description of the most important differences between traditional marketing to customer targeted marketing, and explain why those differences are importance. 1.1. Introduction In transforming the marketing approach of the company, it is first necessary to ensure that the people under my supervision are well-informed about the difference between traditional marketing and customer-based marketing. As the Vice President of Marketing, I will introduce and utilize a strategy which I will call marketing systematization. Marketing systematization will allow the company to read and respond to the digital body language, so to speak, of the customers. In this way, conversations with the customers can be tailored in line with the person s online behaviors. Technology has provided a better way to have a deeper understanding of the customer. Strategically, this technology-based marketing strategy will establish a dividing line between traditional and customer-targeted marketing. This strategy, nonetheless, will operate under the basis of theoretical principles and practical concepts which have evolved over the years, as discussed in the proceeding sections. 1.2. Part 1 Many people confuse marketing with selling. In fact, marketing is really an ethos, a type of thinking that must flow throughout an organization in order for it to be successful. Marketing does not mean selling. Selling is all about making a sale; it is focused on the actual transition of exchanging the product or service for money. Marketing is all about understanding the customer so that you provide what is needed. A good analogy is that marketing is everything you do to make the phone ring; to make a potential customer place a call and make an order. Selling is everything you do once you pick up the phone and answer. Whether you have a service, a product, or both, marketing is about giving the customer what he or she wants. It can be stated that marketing is a subset of organizational strategy. As such, it assists in meeting the objectives of an organization by ensuring that products or services are sold to the right market at a price that will ensure a profit. To do this, in a business you must (Patel & Oakley, 2009 p.96): Offer the right product To your target customers At a price that is acceptable to them Based on their perception of the value At a cost that gives you a profit This is what is known as the Customer Value Proposition, or CVP. Traditionally, a market was a physical place where buyers and sellers met to buy and sell products. Nowadays, market refers to different groups of customers and buyers. The sellers constitute the industry and the buyers constitute the market. Sellers and buyers are connected by four flows (Backer & King, p.69). The sellers send products and services as well as communications, for example advertisements, to the market. In return, they receive money and information [i.e. customer feedback]. Most of the public see marketing as a combination of advertising and selling. This definition is incorrect. More accurate is the definition of the Chartered Institute of Marketing which describes marketing as getting the right goods, to the right people, in the right place, at the right time, at the right price, with the right level of communication profitably  (Russel-Jones & Jones, 2014 p.10). That is a good definition but a better one comes from management guru Peter Drucker (2012) who states that the aim of marketing is to make selling unnecessary  (p.56). What he means is that you understand your customer well and so you communicate the benefits of your product or service very well that the product or service sells itself. Rather than going to customers and trying to persuade them to buy your product, they find out about it and they come to you. Another important factor to understand is that marketing works in a continuous cycle. We can break this process down in three parts: Planning and preparation; Testing and trying out, and; Reporting and reviewing (Jalote, 2000 p.231). Traditionally, the Marketing Mix is said to consist of four levels of marketing control. These levels are product, place, promotion, and price (Lamb et al., 2008 p.46). Today, we can include three more that address the shift in the modern-day business model. Those three are people, process, and physical evidence or proof (Phillips, 2013 p.11). There has been a fundamental shift in marketing, particularly hospitality marketing, away from traditional property-focused messaging over to a more customer-focused strategy (Stareva, 2014 p.28). Hotel marketers are now using their customer profile data in using digital activity in real-life behavioral cues to tailor the hotel experience around guests particular needs and desires in order to deliver the best service possible. Customer surveys have shown that delivery of performance is one of the most important criteria when choosing a supplier; place also means ways of displaying your product to customer groups (Strathman, 2008 p.35). Promotion is another way for a company to communicate what it does and what it can offer its customers. It includes activities such as branding, advertising, PR, corporate identity, sales management, special offers, and exhibitions (Cromwell, 2015 p.95). In line with the effort to promote the company, search engine optimization can ensure that a hotel is at the forefront of search results in the Internet, making it easy to find the hotel through any digital avenue (Jones, 2013 p.38). This would improve the chances of the hotel being included in any customer s booking decision. Search retargeting is also a vital approach to modern marketing (Carrol, 2015 p.89). When a customer visits your website and afterward leaves, the visitor is presented with display advertisement on other sites they might visit such as Youtube of Facebook. These ads pop up to try and bring back the visitor to the hotel website by giving discount offers and other attractive strategies to influence the customer into making a favorable decision. It is important to deliver a message in a right context and to continue the conversation in a cohesive flow all throughout. One good way to do this would be through hypertargeting (Akdeniz, 2013 p.70). This refers to the ability to deliver advertising content to specific interest-based segments in a network. Facebook was the first company to take the concept of hypertargeting to the next level. Through Facebook, one is able to see common demographic information that advertisers have always needed. This includes age, gender, interests, likes, dislikes, and other personal information that can be useful in giving a potential client a fully-customized experience. It is also important to leverage guest data in order to effectively impact the ability to target guests. In regard to this, it should be understood that there are different types of segmentation that should be used, namely: demographic attributes and behaviors. The demographic attributes refer to gender, age, origin or location, marital status, and the industry that they are in. Those are the things that are going to influence the unique needs of the customers. However, modern marketing techniques now involve behavioral segmentation; there are several components to this (Lantos, 2015 p.35). For instance, is the guest is a first-time visitor or a repeat guest? What is the average spending of this particular guest? What are some of his or her interests and passion? Have they told you that they have a preference for a quiet room? Feathered pillows? Have they written reviews about the hotel service? These are all information that the hotelier can start to collect or gather about the guest and it can be useful in determining how marketing should speak to them. 1.3. Part 2 As the Vice President of Marketing, the team has to understand that it is necessary to shift the company s marketing strategy from a traditional to a customer-centered approach in order to remain competitive in today s global economy where customer prioritization should be at the forefront of any meaningful business planning. At the planning stage, one should have an idea of who is going to buy the product or service, where, and at what price. In order to build businesses and brands, it is important for marketers to move from merely sending promotional emails to targeting and interacting with people who are actually ready to hear what the company has to offer. In line with this, there is always a need to emotionally connect with the customers, and having the technology to know which customers are most likely to respond to such a personal connection can be invaluable for the company. The degree of the emotional aspect of marketing would largely depend on the demographic status of the customer, such as his persona and/or what motivates him. For instance, a customer may reach a certain stage in his buying journey where he may get a little nervous. In this case, it would be role of the marketing representative to justify the decision that the customer wants to make by helping him overcome the fear that he may have. The process would involve not only an intellectual conversation but also an emotional interaction between the two parties. As Vice President of Marketing, I will ensure that online marketing is systematized. Four main elements will be included in this systematization: 1) Managing contacts; 2) Creating highly-targeted campaigns; 3) Enabling sales, and; 4) Measuring the impact of the marketing strategy. In managing contacts, it should be understood that, in essence, systematization revolves around a database that stores two types of information: who and what. The ?who information is sort of a business-card-level of information reflecting a customer s demographics. The ?what information is more important because it reveals what actions a customer has been taking; when combined, the ?who and ?what can be used to create targeted lists with the help of filters. In this manner, the second element, or the next step, is to create highly-targeted campaigns. It is then possible to build and deploy emails, build and host landing pages and forms, and build systematized workflows. The third element of marketing systematization is to ?enable sales . This can be accomplished in different ways. One is through a marketing method called lead scoring where a corresponding value is assigned to a customer s profile, engagement level, etc. in order to score leads. With this approach, the most interested leads can be prioritized by the marketing people, saving time and money for the company. In following leads, the marketing people will be provided with appropriate insight in order to have interesting conversations with the leads. Examples of such insight may be recent business interactions the customers have had with the company, website visits, email opens, etc. The fourth element of the marketing systematization involves measuring the impact of the marketing strategy on the company. In this aspect, the impact of the strategy on the customer can be measured in terms of email activities, website visits, clicks, opening rates, etc. More importantly, this is the part where the impact of the strategy on the company is measured. There is no point in developing a product or service that no one wants to buy, yet many businesses decide what to offer first and then hope to find a market for it afterwards. In contrast, successful companies find out what customers need or want and then develop the right product to meet those needs. A product is only worth what customers are prepared to pay for it. The price also needs to be competitive but this does not necessarily mean the cheapest. The small businesses may be able to compete with larger rivals by adding extra services or details that will offer customers better value for their money. The pricing must provide a profit; it is the only element of the Marketing Mix that generates revenue. Price positions the business in the marketplace. The more that the business charges, the more value or quality the customers will expect in return for their money. The promotion of products or services must attract attention, be appealing, tell a consistent message, and above all else, give the customer a reason to choose your product rather than somebody else s. Promotion should communicate the benefits that a customer obtains from a product and not just features of that product. Whether the promotional material is a single sheet or a complex brochure, folder or catalogue, it must grab the attention of the customers. It should be easy to identify why they should buy our product. The promotional material should be customized by varying them to suit the target customers and/or changing them as required. Anyone who comes in contact with our customers will make an impression, and that can have a profound effect, whether positive or negative, on a customer s satisfaction. The reputation of our brand rests in our people s hands. They must therefore be appropriately trained, well-motivated, and have the right attitude. Many customers cannot separate the product or service from the staff members who provide it. This shows the importance of our people. The process of giving a service and the behavior of those who deliver it are crucial to customer satisfaction issues such as waiting times, the information given to customers, and the helpfulness of staff. These are all vital to keep customers happy. Common sense dictates that customers are not interested in the details of how our business runs. What matters to them is that the system works. Do customers have to wait? Are they kept informed? Are the staffs helpful? Are our services carried out efficiently? Do our people interact in a manner appropriate to our service? Process is often overlooked. For instance, a customer trying to reach our company by phone is a vital source of income and returning value. However, too often, customers sit on hold for several minutes listening to a recorded message (Atkinson, 2007 p.51). Many of them give up, go elsewhere, and tell their friends about their bad experience. Processes often fail the customer because they are built for the company s needs and not designed with the customer in mind. In the same light, our hotel should set up its website with the correct schema and its site rank should be very high in search engines like Google. We should also resort to paid advertising to capture web traffic, with everything pointing towards the hotel s website and getting more visitors there as possible. Nowadays, we should also make sure that the marketing system is optimized for mobile phones. More and more people are using their mobile devices to make booking decisions. In today s fast-paced world, more people spend more time using their cellular phones than their laptops or desktops. In regard to this, it was cited in 2014 by the magazine The Economist that by 2017, over 30 percent of all online bookings will be made on mobile devices. Hoteliers who have made sure that their websites are mobile-optimized are now reaping the benefits of taking the first step toward this approach. Hotel advertising is starting to sound the same for everyone because the same things are being said over and over again: Good location, top-class amenities, etc. It has already gotten to the point where advertising is no longer a differentiator. The question that needs to be answered is: What does a hotel need to do to set itself apart from the competition? Unless we are targeting the right people at the right time, and those people are likely to get a booking, our advertisements are basically worthless. It is wasted advertising and the money spent for it could have been spent better elsewhere, delivering a more targeted message to the right audience. The combination of rich data and smart marketing is what drives successful hypertargeting and in the end, a strong Return of Investment [ROI] for the hotelier. Based on social profile, our hotel should flag those that have a lot of followers on Twitter or a lot of friends on Facebook because those people are social and extremely influential. Every employee must understand what the needs of the customers are. As we start to think about our process for hypertargeting, one of the first things we want to do is to target through all the engagement points that we have with our guests; from pre-stay to when they make the booking, to what they are doing on the property, to what they do after they check out. Those are all of our opportunities to have a communication with that customer; it is about continuous conversation. It is important to continue having a dialogue with the customer through their experience. 1.4. Conclusion The traditional form of marketing has been a ?one-size-fits-all approach and it can be stated that this method is outdated. Now, every channel needs to be customized. The way that you talk to somebody on Twitter should be different from the way that you talk to somebody on an email communication or a survey. How you talk to somebody before they get a booking should be different from how you talk to the same person after a booking. Customer-centered marketing is a valuable platform that defines all of these. References Akdeniz, C. (2013). MBA 2.0: Things You Won t Learn in Business School. Bonn, Germany: CBE. Atkinson, P. (2007). A Study of Marketing Decline. New Jersey: Pearson. Backer, E. & king, B. (2015). VFR Travel Research: International Perspectives. Bristol: Channel View Publications. Carrol, W. (2015). Web-based Techniques for Optimization. New York: John Wiley & Sons. Cromwell, R. (2015). Marketing Techniques in the Modern World. New Jersey: Pearson. Drucker, P. (2012). Managing the Non-Profit Organization. London: Routledge. Jalote, P. (2000). CMM in Practice: Processes for Executing Software Projects at Infosys. Boston: Addison-Wesley. Jones, K. (2013). Search Engine Optimization. IN: John Wiley & Sons, Inc. Lamb, C., Hair, J. & McDaniel, C. (2008). Essentials of Marketing. Mason, OH: Cengage Learning. Lantos, G. (2015). Consumer Behavior in Action: Real-Life Applications for Marketing Managers. New York: Routledge. Patel, A. & Oakley, R. (2009). The Good Guide to Trading: Getting Ready for Enterprise. London: NCVO. Phillips, J. (2013). Building a Digital Analytics Organization. New Jersey: Pearson. Russel-Jones, N. & Jones, L. (2014). Marketing Pocketbook: 4th Edition. Hants, UK: Management Pocketbooks Ltd. Stareva, I. (2014). Social Media and the Rebirth of PR. Hamburg: Anchor Academic Publishing. Strathman, J. (2008). Leveraging ITS Data for Transit Market Research: A Practitioner s Guidebook. Washington, DC: Transportation Research Board. Business Question 2: Human Resource Management You are interviewing with the CEO of a major corporation for the position of Human Resource Manager. Describe your vision of the role of human resources in the organization and describe how you would manage workplace diversity and employee motivation (including gain-sharing and compensation), and continue merit-based promotions. 2.1. Introduction In the business world of today, it is vital for an organization to define its purpose to the members of its workforce. For an organization to be able to define a purpose that individuals can align with, the employees should sense that what they are doing matters. The key to the future in a world of overwhelming demand is to invest more in a workforce that is more diverse than it has ever been in the history of the world. Management has to empower and motivate them to bring more of themselves to work. It should be recognized that there is an enormous value in the simplest kinds of kindness, appreciation, and respect. When employees do not feel these, when their value is at risk, they cannot produce value. It is for this reason that building a values-based culture is vital to the success of the modern-day organization. Giving importance to values is what drives positive behavior; they are the keys to passion and engagement, and the source of innovation; this is often untapped in organizations. People do not want to talk about values; they would rather talk about skills and other technical kinds of focus when they look for motivation and productivity. Companies tend to pay attention to creating opportunities for employees to connect their individual values to the organizational purpose. 2.1. Part 1 Values alignment is essential for success. It is important to understand what values an organization has and how they were created (Henry, 2011 p.86). Shared values give people a common language and this is often underestimated. It may sound simple but it is very hard to do. If you have an organization with no convening place, no water fountain, no coffee pot, no cafeteria, break room, etc., then it is very hard to build a shared language. A shared language cannot be created merely through a virtual platform; there is something about the human element that is still very important in building a way that people can talk to each other (Gregory, 2010 p.74). It is important to give people a chance to express their own values. People admire those who believe strongly in something and in any workplace, everybody believes strongly in something but they are just not often asked. People whose personal values match those of their company would feel significantly attached to their work. Leaders share their values their subordinates. The personal discovery and/or identification of values should be a foundational part of any leadership development program (Branson & Gross, 2014 p.307). It is not about talking about the company s values but about the person s values. Where did they get those values? Why do they believe those values? In coaching executives, it is very important to help them discover and explore the values that they hold dearest. In training programs, values can be used as a focus for conversation and leaders must recognize what their personal values are so that they can match them with the organization s values. In leadership programs, by putting values in the center of the conversation, this creates a level of conversation where there is candidness and clarity. It is from this launching pad, so to so speak, that values can be incorporated into their strategic planning. Loyalty grows in an organization that allows and fosters conversations about values. Values are the foundation of behavior and of the choices that are made by leaders as they build their organization. The role of HR managers has evolved over the years into a strategic one since talent is the most important asset of any business organization. Good HR practices need to be continually reviewed and adjusted to meet the changing demands of today s fast-paced business environment. To win in the marketplace, the company must first win in the workplace. More than ever, the Human Resource Department plays an increasingly central role in the managing of companies. More companies are expanding abroad in order to increase their sales, reduce labor costs, and seek new foreign products and services to sell (Albright, 2014 p.138). This means that both workers and company have to work harder and smarter than they did before the arrival of globalization. Human resource managers can help both workers and companies do this. It is readily evident that technology has had a huge impact on how people work as more and more traditional factory jobs are going high-tech. For example, new technologies such as automation systems mean that even manufacturing jobs require more reading, mathematics, and communication skills than before. Because it s the human resource function that traditionally recruits, selects, trains, and compensates employees, changes like these make employers highly reliant on human resource management, especially with the arrival and application of new technology which requires the hiring of people with specialized skills. Managers must select, train, and pay these people in a way that focuses on improving their skills and knowledge. Along with globalization and technology, trends in workforce demographics are making it hard to find good employees. Most notably, the United States workforce is becoming older and more multi-ethnic. As the baby boomers born between 1946 and 1960 start retiring in the next few years, employers will face a severe labor shortage (DeCenzo & Robbins, 2007 p.15). Also, the labor force participation rates of women and minorities have continued to increase, creating a more diverse workforce. This means that in the coming years, employers will be faced with an aging workforce and with growing numbers of workers having elder care responsibilities, not to mention an increasingly multi-cultural workplace. There is no question that today s globalized world is seeing a more diverse workplace. The real question is whether businesses can use and leverage that diversity to be a more effective and productive organization. There is a body of research that says greater workforce diversity will lead to higher organizational performance (Smart, 2010 p.372). When you have demographic diversity, you also have diversity in values, perspectives, and ideas, and that makes organizations more creative and more innovative. The other thing is that when you have demographic diversity in an organization, it means that more employees have very diverse networks outside of the organization. As a result, the organization is better connected with diverse communities, customers, and clients. All of these things lead to higher performance. However, it can also be assumed that a more diverse demographic workforce make organizations less cohesive or connected. As such, people who work in a diverse workforce would be likely to report more instances of conflict with their co-workers. Because it would be harder to communicate with one another, people would feel less-attached and less-committed. This would result in organizations having greater turn-over. All of this suggests that it is really important not to assume that diversity is automatically going to lead to better organizational performance. We have to pay attention to how we manage it. As a Human Resource Manager, I understand that my job involves the process of hiring and developing a diverse workforce so that the employees become more valuable assets of the organization. I recognize that Human Resource Departments face different challenges ranging from a constantly changing workforce to ever-present government regulations, technology changes, and economic conditions. In view of this, it should be recognized that the mishandling of a company s Human Resource Department can easily lead to employee demotivation. What are the warning signs of demotivated employees? There are three key areas to watch out for (DeCenzo & Robbins, 2007 p.168): 1) poor workplace atmosphere; 2) slipping job standards, and; 3) decreased employee productivity. If any or all of these are trending downwards, there is a good chance that the company is dealing with demotivated employees. 2.3. Part 2 All generations at all levels are more likely to trust their organization less than they do the people they work with directly, and the less that people trust, the more likely they are to leave. Trust in the workplace, as a foundational value, is very important. Another issue that should be given emphasis is respect. Basically, everyone wants respect; they just don t define it in the same way. In a company, people who have worked longer basically want their experience and their wisdom respected; younger people would like to see their fresh ideas heard. One thing that is important for people in the workplace to understand is that questions do not necessarily demonstrate disrespect. Nobody really likes change; human beings are animals of habit and our brain is very contented when we have something that is ?hard-wired and figured out. When we change things, we basically disrupt the brain and the neural processes of its neural pathways, so nobody likes change. People who have the greatest clarity about their personal and organizational values have the highest degree of commitment to the organization. Employees should know what values they have and uphold those values in the context of the values of the organization. This is the key to unlocking engagement. Personal values drive commitment and they are the route to loyalty and commitment, not organizational values. As the human resource manager, I will not only motivate the employees but also help them to motivate themselves. Ultimately, my goal will be to help create an environment that allows the employees to meet or exceed expectations, do their best, and feel valued. Understanding what motivates employees comes down to knowing the staff as individuals. It should be recognized that in a diverse workforce, these people have different needs, aspirations, and values. Therefore, what motivat


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