Customer Relationship Management - Research Paper Example

?Marketing Analysis of the Table of Contents Introduction 3 Objectives & Mission ment 3 Target Market 4 Competition 5 Product/Service Features 5 Core Strategy 6 Marketing Mix 8 Communication Mix 9 Pricing Strategy 11 Distribution Channel Strategy 11 Customer Relationship Management 12 Conclusion 12 References 14 Introduction Internet currency platform is an online transaction payment system which facilitates purchasing and selling of online currencies in digitalized formats (Nicholas & Kelly, 2000).The sole purpose of these kinds of websites would be to enable fast exchange and transfer of money worldwide. Internet currency platform does not only enable smooth processing of online transactions but also serves as a singular platform that uses the electronic money transfer concept (Kumar & Hillegersberg, 2008).It helps in conversion of normal currency into digitalized from of currencies. The study will deal with the introduction of a new online product known as “Common” which works as internet currency platform and enables smooth financial transactions between buyers and sellers. The author of the study has highlighted various innovative methods of marketing concepts for Common and make it one of the most saleable and profitable products all over the world. The main objective of the study would be to highlight the various dimensions of Common and its related marketing concepts. A unique marketing plan would be created for Common that would enable to attract potential customers for a particular segment which believe in online purchasing and selling. One of the prime objectives of the study would be to highlight the product characteristics and features that would enable the reader to understand the innovative concept of digitalized transaction and its benefits. Finally, the study would conclude with the various marketing strategies that would enable the successful marketing of Common internet currency platform. Objectives & Mission Statement The objectives of Common would be to enable smooth processing of online transactions that help in buying and purchasing of online financial and other products. The online platform would be created and launched that would serve purposeful in conversion of any currency into digitalized currency. The prime objective of Common would be to enable fast electronic money and fund transfer for the online buying of products and conversion of money into digitalized currency. The sole purpose behind the creation of such an online platform would be to address the needs and concerns of the customers who believe in performing online transactions and also help in providing customers security and confidentiality while performing online transactions (Forex, 2013a). Common will also try to address the gaps that exist between the customers performing the online and offline transactions. The main objective would always be to provide a smooth financial service and also highlight the various concepts which help in facilitating intensive and extensive data. The maintenance and service offerings would directly depend upon the research market offerings and the proper maintenance of the customer accounts. It also helps in facilitating transactions between financial institutions such as banks, insurance for investment purposes which help in enhancement of the technical and business expertise. The strategic mission of the company would be to develop a customized online platform which would help in catering to the needs and development of the customers making online and offline transactions (Forex, 2013a). Target Market Although, there is no specific customer segment targeted for the internet currency platform it is assumed that the customers who are not familiar with the technological concepts and methods are not targeted for the customers. The platform would enable micro, gaming; virtual currencies, offer based and mobile payment (FDBC, 2011).It would also facilitate online trading and domestic payment. The marketing department of Common would target customers aged between 18 to 40 years. Customers falling in this specific age range would be able to make online payments and gaming transactions. The platform would enable the teenagers and the young adults to purchase in house currencies for acquiring Facebook credits, Zynga coins and Microsoft points (FDBC, 2011). Competition The competition in this market is extremely intense and there are only few established companies in this industry manufacturing internet currency platform (Forex, 2013a). Traditionally, trading was only accessible to multinational corporations and people with a higher income range. Since, most of the people have become technological savvy and perform most of their activities through online transactions there have been emergence of various companies offering internet currency platforms (Forex , 2013b).There are usually two types of companies in this market; internet platforms enabling payment, gaming transactions and platforms facilitating online trading (FDBC, 2011). The internet platforms which facilitate gaming and bill payments are high revenue generators compared to the companies which manufacture platforms that facilitate online trading system. Reputed companies like IG, Intertrader, Forex.com. FXCM, UFX markets, TrialPay , Tapjoy and Super Rewards, Sponsor pay and gWallet help in facilitating online transactions and payments (Money.Co.Uk, 2013). Product/Service Features The basic offering of the product would be to provide customers a platform which would enable the conversion of cash currency into digitalized formats. The digitalized website would be highlighting details regarding the methods of online currency domestic and international payments and also the financial details of the customers have made their payments. A state of the art encryption technology will be used that will help in the protection of the private data of the customers. The platforms would also enable smooth and fast online transactions and would support single and multiple user accounts and each account of the customers will be accompanied with a separate password system. Every account will be personalized and customized as per customer specification. This customer specification will enable the management to personalize the customer’s account as per their personal details and requirements. The extensive functionality of the design of the website would be high quality to enable fast and multiple transactions and would also support data driven structures. These data driven structures enable the design of creation of popular content on the website which will be designed by leading digitalized companies. Core Strategy A core marketing strategy would have a specific focus and direction which will enable its effective utilization of resources for a particular customer segment. The core marketing strategies would be devised keeping in consideration the requirements of the customers and also their capabilities in terms of finance and marketing. In this context the main focus would be to develop growth, innovation, and generic strategies (Lorette, 2013). Generic Strategy The generic strategies would enable the management to focus on manufacturing high quality digitalized technological dimensions that would attract potential customers. The digitalized multi dimensional website would enable faster and smooth transactions and also maintain multiple generated user accounts at the same time. The website would have three particular categories; silver, gold and diamond (Forex, 2013c). These three categories would be available for gaming, bill payment and other financial services transactions. A special annual membership would be designed which would enable attracting potential customers and existing customer retention. Innovation Strategies Since, the product is totally technologically dependent and requires a huge amount of investment for technological innovation purposes. The management of Common would require the collaboration with the digital companies that have the potentiality of developing a high quality advanced integrated system which would allow the customers as well as the management to improve the transaction process and systems (Lorette, 2013). The management has to predict the tenure of the agreement between the digital companies for the production of high quality digitalized systems and services. It would also require the management to develop high quality user interface for trading and payment purposes for the benefit of the customers. Growth Strategy The growth and marketing strategy would give the company direction and specific focus for utilization of resources effectively for reaching out to a particular targeted customer base (Lorette, 2013).Firstly, the marketing department needs to sort out it marketing priorities and also the various customer requirements. Secondly, the company would require preparing a schedule which will highlight the various marketing activities and the goals that needs to be achieved. Thirdly, the marketing department needs to constantly check whether the activities adhere with the marketing plans and have the potentiality of delivering positive organizational outcomes. Marketing Mix Marketing mix is a general tool which focuses on various kinds of choices the organization has to make regarding their production and management system for the development of product or service in the market. The marketing mix generally constitutes of 4p which include product, price, place and promotion. Product: The Company would be offering high quality multi dimensional platform enabling smoother financial and non financial transactions for the convenience of the customers. The platform would be highly digitalized and would provide customers a multi user interface with additional features like security and smooth transactions. The unique selling proposition of Common is that it will provide consumers with extreme security features so as to guard their online transactions as well as providing privacy. Place: The internet platform will be universally available to all the customers belonging to varied nations worldwide. However, the legislation laws of varied nations play and important factor in making the product available to customers of a particular nation. The management plans to launch the product in USA, UK and Australia in the initial stages and then make the product available worldwide after testing the success of the product. Price: Although, huge amount of investment will be made for the development and maintenance of websites it would be ensured that the charges kept for making online transactions are miniscule. The charges for visiting these websites would be free and minimalistic (repetitive) for performing online transactions. Promotion: Since, it is an online product the management finds it suitable to promote the products with a unique combination of advertising and marketing tools. The management would use direct marketing concepts which would be instrumental for improving the value communication system and the direct marketing campaigns would be targeted for attracting potential leads. Online advertising campaigns would enable reaching out to a targeted audience and also effective constant monitoring. Constant monitoring would lead to measurement of advertising effectiveness and also lead to effective design of the online survey system. Promotional strategies like sales promotion, public relations, personal selling would not be effective in this context because of the nature and characteristic of the product. Communication Mix A detailed communication mix would be prepared for Common that would enhance the communication flow between the advertisers, customers and suppliers (M.Trehan and R. Trehan, 2010). The marketing communication mix would enable a smooth dialogue between the business units and the potential customers that takes place during the pre selling, selling and post selling phase (M.Trehan and R. Trehan, 2010). The management of Common requires utilizing a combination of communicational promotional tools which not only helps in facilitating communication with its employees but also helps in formulation of interactive model (Schullera and Rasticova, 2011). The communication model in this case would include the following: Communication Tool Effect Start Date End Date Direct Market Campaigns Flyer and advertisements would be distributed through facsimile to corporate customers to communicate directly. 01/07/2013 06/07/2013 Online Advertising Advertisement through internet medium like social media websites and other popular websites would help in garnering attention from customers. 02/07/2013 14/07/2013 Events & Experiences An event would be held by the management of Common in leading malls. The sole purpose of the events and experiences would be to highlight the product features and benefits. 15/07/2013 17/07/2013 Pricing Strategy Pricing is one of the most important elements in marketing mix which is also regarded as an important strategic issue because it is related to the product positioning. Pricing affects the marketing mix elements like product features, benefits and channel decision and promotion. The management of Common would decide upon the cost based pricing methods which means that the management would add an element of profit to the cost price of the product (Lal, 2008). This method will help the management to attain profit maximization by increasing the marginal revenue and production which will be equivalent to the marginal cost. The actual price would be determined by the actual demand and supply curve. (Lal, 2008). Majority of the companies use cost plus pricing method which is also known as mark up pricing method (Drury, 2008). This is one of the easiest methods of calculation and utilizes a certain portion of information. Distribution Channel Strategy Distribution of the products through different means of channel will help in the smooth distribution of goods and services and making the products available in varied markets (Dent, 2011). The channel design is totally dependent on the number of intermediaries between the producers and consumers (Dent, 2011). A distribution channel may or may not have stages between producer and consumer. For the product of Common there would be no stages between producer and consumer; wholesaler and retailer. In this context the common intermediaries between the internet currency platform designer and providers are the associated banks who help in facilitating the online banking transactions and the encryption providers who help in protection of data. However, the traditional distribution strategy would not be applicable as the product is online in nature and would only involve very few intermediaries. Apart from these two major intermediaries the other middlemen involved in the facilitation of transaction would the licensee and license regulators who play a pivotal role in authorization of the online transactions systems (OECD, 2011). Various common participants like site developers also known as sole platform operators help in the currency operation by converting currency into digitalized forms. These intermediaries which act like effective distribution systems monitor their own systems by detecting any kind of online illegal activity in their own systems. The government also acts like an intermediary who helps in enforcing a legal law and also checking whether the rules are being adhered properly or not (OECD, 2011). The government will not only monitor the activities but also help in harmonizing the rules and agreements. Customer Relationship Management It would require the development of a comprehensive picture which requires assessment of customer expectations, needs, behavior and management of factors that affect business performance (Hoots, 2004).The management of Common would develop several customer oriented program like organizing shows and events which would help in keeping regular touch with the customer and businessman to improve their relationship with existing customers and attracting potential customers. The other methods to develop customer service oriented programs like online feedback and chat system which would enable the management of Common to keep in regular touch with the customers and develop their relationship further. Conclusion Thus, it is observed that the integrated marketing and communication system designed by the management of Common would enable them to market their product effectively and gather a sizeable amount of the target customer base in a stipulated time frame. The marketing plans shown in this study will help the management to carry out the marketing activities effectively and make Common one of the leading currency platform manufacturers. However, the management needs to focus on the CRM activities exclusively for garnering attention of potential leads and retention of existing customers. References Dent, J. (2011). Distribution channels: Understanding and managing channels to market. Berlin: Kogan Page Publisher. Drury, C. (2008). Management and cost accounting. Connecticut: Cengage Learning EMEA. FDBC. (2011). Digital goods, virtual currencies, and social networks. Retrieved from http://www.chicagofed.org/digital_assets/others/events/2011/payments/mccune_0520_845.pdf Forex. (2013a). Forex fs jforex platform. Retrieved from http://www.forexfs.com/pages/products-services/forex-fs-jforex-platform.php?gclid=CKfMmtv-3bgCFQkF4gody1cA-Q Forex. (2013b). About forex fs. Retrieved from http://www.forexfs.com/pages/about-forex-fs/about-us.php Forex. (2013c). Gold & silver trading on mt4. Retrieved from http://www.forexfs.com/pages/products-services/gold-silver-trading.php Hoots, M. (2004). Customer relationship management for facility managers. Journal of Facilities Management, 3(4), 346-361. Kumar, K., & Hillegersberg, J.V. (2008). Bank-in-a-box. Managerial Finance, 34(6), 413-422. Lal, J. (2008). Cost accounting. New Delhi: Tata McGraw-Hill Education. Lorette, K. (2013). Core strategies for marketing products. Retrieved from http://smallbusiness.chron.com/core-strategies-marketing-products-1721.html Money.Co.Uk. (2013). Compare online forex trading platforms. Retrieved from http://www.money.co.uk/forex-trading/online-forex-trading.htm Nicholas, D., & Kelly, S. (2000). Is the business cybrarian a reality? Internet use in business libraries. Aslib Proceedings, 48(5), 136-144. OECD. (2011). The Role of internet intermediaries in advancing public policy objectives. New Paris: OECD Publishing. Schuller, D., & Rasticova, M. (2011). Marketing communications mix of universities - communication with students in an increasing competitive university environment. Retrieved from http://www.cjournal.cz/files/67.pdf Trehan, M., & Trehan, R. (2010). Advertising and sales management. New Delhi: FK Publications. Read More