Marketing Evaluation - Report Example

Marketing Name: Course: Institution: Date: Table of Contents Table of Contents 2 1.0 Introduction 3 2.0 Question 1: Customer Relationship Management 3 3.0 Question 2: Organisations Communication Strategy 5 4.0 Question 3: Innovative Cultures in Firms 7 5.0 Conclusion 9 References 11 1.0 Introduction This report offers a strategic focus on organisational marketing activities and strategies. In this case, the report compilation is based on three main marketing questions and aspects. First, it evaluates the role and rationale for customer relationship management in marketing. Moreover, it evaluates the role of advertising in organisations marketing strategies in the market. Finally, the report reviews the innovative cultures role in creating a positive and sustainable marketing strategy for ventures. 2.0 Question 1: Customer Relationship Management In the development of CRM systems, it is imperative that organisations seek to develop sustainable and long lasting relationships. In order to ensure a successful CRM system, organisations should ensure that they factor in and car for the customer needs. This is achieved through the adoption of a system that not only enables an organization understand and serve its customers, but also a system that propagates and propels customers to satisfaction and more understanding of organisations. One such an approach is achieved if the CRM system is developed through a pull rather than a push strategy (Lombardo, 2003). As such, a pull strategy is based on addressing the customer needs and using their needs as the basis of developing the CRM systems. Once an organization develops their systems through a focus on the customers’ needs and the market there is likelihood for CRM market success. In the development of a CRM system organisations should focus on wide range of factors. On one hand, is the evaluation and focus on its internal factors and capabilities. For instance, an organization should first evaluate its financial capabilities. The availability of finances determines the budgetary allocations to the development and sustenance of CRM system in the market. Similarly, in the evaluation of resources, organisations should evaluate their skills, workforce, and technology resources respectively. First, in terms of skills and workforce, it should evaluate its workforce skills and their ability to deliver on the developed and expected CRM systems. Through such an analysis, an organization should ensure that it conducts a skills analysis gap to align its present and future skills with the CRM system objectives. Finally, under the internal analysis, organisations should evaluate the availability of technology know how and level in the market that support the proposed and CRM systems in the long run period. On the other hand, an organization should focus and evaluate the external market factors in developing and sustaining CRM systems. One of the main external factors to evaluate is the customer demographics. The global markets have diverse characteristics and needs. The main component determining customer demographics is the market culture. As Hofstede in the cultural dimensions theory argued, every national market has its unique culture. This was analyzed through the five cultural dimensional indices such as on elements of collectiveness/ individuality and risk avoidance rates. A focus and understanding both these factors ensures that the organsiational CRM systems are in line with market needs and customer wants, promoting its chances for success in the long run period (Kumar & Reinartz, 2011). Although a number of organisations in the global market have developed successful CRM systems, one among the most successful CRM systems globally is the Wells Fargo Bank in the USA. As a financial and banking institution in the USA market, the organization is faced by the rising market competition and need for operations efficiency to attract, satisfy and retain customers in the banking industry. In order to leverage on this process, the venture connects its CRM system with the social media to ensure that t relates and connects with its customers. A similar example of a successful CRM system is the Munchery readymade food company. The venture, with a rising number of orders realized that managing the high number and ensuring flexibility was a challenge. It consequently developed a CRM system that was integrated with its drivers and crew delivery truck apps to allow for lat minute orders and delivery schedules. Based on the above successful CRM examples analysis it is evident that global organisations, across the industries can learn a few aspects. Key among them is the need to understand the customers (Wells Fargo, 2016). For both organisations, the key to their success first understood the market needs of their customers. Similarly, other global organisations should focus on establishing their customer needs first prior to developing their CRM system, in order to create a long term market sustainability. 3.0 Question 2: Organisations Communication Strategy An organsiational marketing and advertising strategy is a critical component in creating, developing and sustaining a brand value and proposition in the market. In this case, an advertising strategy impacts on the ability by a venture to reach out to customers as well as stimulate demand for purchase and repeat purchases on a product. Due to its complex nature, an advertising communication strategy has diverse marketing components. The first component is the advertising strategy. In this communication aspect, the organization determines the approach and avenue through which it would advertise. In this case, advertising can be in different forms. Some of the advertising strategies include the use of role models, celebrities, product demonstrations, and reviews, among others. As such prior to rolling out the advertisements, it is imperative for the organization to select an approach for its communication (Shimp, 2010). The second component of the communication strategy is the actual message to be delivered. In this case, the message to be delivered could either be written, audio, or audiovisual. However, key is the main message. Although the wording systems and sequence could be varied across the different advertising strategies, the main message should be definite and uniform across the platforms. The third element in an advertising communication strategy is the advertising platform. Currently, there are two main advertising platforms, namely the online and offline strategies. It is the advertising platform description that outlines the actual and specific advertising platform to be adopted. Once the strategy, message and advertising platform elements are clearly outlined, an organsiational advertising strategy is ready for loll out in the market. In order to develop successful advertising strategies that add value to the venture, organisations should consider a number of diverse factors. First, the target customer dynamics and characteristics. In this case, the customers’ age and social status should be evaluated and a clear segmentation developed. For instance, if the targeted customers are the younger generation, the applied advertising strategies would be different from a relatively aged population. This can be illustrated through the increased use of electronic and social media advertising platforms for adverts targeting this consumer category. An illustration of an organization using e-advertising strategy to reach out a relatively large consumer base is the Apple Company in marketing its iPhone products. The marketing of this product was aimed at reaching out to the younger generation that was more informed on technology and internet use (Pankl, Theiss & Bushing, 2010). Thus, instead of focusing on mass media advertising where a majority are ignorant of the need for the extra smart phone features on the Apple I phones, it focused on the key potential market online. As such, the subsequent market success for the Apple I phones products, although exclusively advertised online serves as an illustration that understanding the target market needs and characteristics enhances an advertising strategies success. The second main focus in an organsiational advertising communication strategy is the market competition. In this case, the advertising strategy adopted by the competition influences the type and communication strategies applied. In this case, if a venture seeks to eclipse a competitor mare base, it applies a similar advertising communication strategy as the competition. This aims at ensuring that their communication strategies are similar, hence the probability of sharing customers. An example for the adoption of this approach is the case of Adidas and Puma companies. Both organisations seek to sell and market their products to the sports industry. As a result, they both apply the celebrity marketing strategy. As such, each seeks to use celebrities from different sports as a means of supporting their sporting kits and apparel products in the respective markets. The mutual average success for both organisations in the sports industry is an illustration that understanding the competitor strategies plays a critical role in facilitating advertising communication strategy long term success and impacts. 4.0 Question 3: Innovative Cultures in Firms The rising market competition creates the need for the adoption of sustainable and flexible organisational systems. One of the strategic avenues through which to create the market flexibility is by adopting an innovative corporate culture. A corporate culture influences organisational employees working systems, as well as the external organisational reputation in the market. In the development of an innovative organsiational culture, organisations should consider the market nature and the existing market culture. A market culture, due to variance such as the power distance elements determines the level and extent to which employees can be motivated. As such, while as it is relatively easy to encourage an innovation and creative culture for employees in a low power distance culture, it is relatively hard to so in the high power distance cultures. As such, McSweeney (2002) illustrated that organisations in the Western nations markets had an easier approach towards innovative and creative cultures development than those in the Eastern, high power distance cultures. Thus, the above analysis illustrates that organisations should consider the nature and market culture prior to initiating an innovative culture strategy. In order to develop innovative market culture organisations need to invest in a number of avenues. The first area where it is imperative to invest is in employee HRM. This includes the development of a specific system to attract, recruit and retain innovative and talented employees. First, the organization should heavily invest in its employee recruitment systems to ensure that it attracts a large pool of innovative and creative employees. Moreover, it should have a rewarding system that ensures that the innovative and creative employees are retained. One such an organization is the Apple Inc. Company. Over the years, the venture has hugely invested in its employee recruitment and development practices. For instance, it invests in rewarding its employees through both the financial and non-financial reward systems. Consequently, this ensures that the employees are motivated and encouraged to expand and increase their productivity in the long run period. Through sufficient employee reward systems, Apple ensure that its employees are not only motivated to be innovative, but also ensure the retention of the highly innovative employees. This ensures that it propels the innovation and creativity culture among its employees, where the most innovative challenge the others to innovate as well. The second key area that an organization should invest in to develop an innovative culture is on its process operations. Different ventures have varied management and operational structures. As such, every venture, willing to develop an innovative culture should invest in developing and creating the relevant supportive frameworks. This should be preceded through investing and research and design areas. Once the relevant tools and environment, organisations are able to successful develop and retain an innovative culture. An illustration of such an investment could be illustrated through the Apple Company described above. The company, through research and design, uses project management approach. As such, it provides its employees with tools and resources and requires them to innovative and develops new products. In this case, the availability of resources and tools for designing and simulating new ideals empowers the nurturing and emergence of an innovative culture (Pankl, Theiss & Bushing, 2010). As such, the above review illustrates that in order for organisations to successfully create and sustain innovative cultures they should invest highly in their HRM systems especially in recruitment and retention aspects respectively. Moreover, they should provide sufficient design and research resources and opportunities for the employees, and incorporate innovation as part of their daily operations, rather than a single one off event when a new product is needed. 5.0 Conclusion In summary, the report presents a critical analysis of the three main study questions on CRM, advertising, and innovation as key components in creating market success. As such, the review illustrated that each of the elements is critical in any organisational long term market competitiveness and sustainability. Thus, in order to illustrate the success areas of the elements, the report used case study examples to support the offered theoretical arguments. References Kumar, V., & Reinartz, W. J. (2011). Customer relationship management: Concept, strategy, and tools. Berlin: Springer. Lombardo, R. (2003). CRM (customer relationship management) for the common man: The essential guide to designing and planning a successful CRM strategy for your business. Las Vegas, NV: PEAK Sales Consulting. McSweeney, B. (2002). Hofstede’s model of national cultural differences and their consequences: A triumph of faith-a failure of analysis. Human relations,55(1), 89-118. Pankl, E., Theiss, D., & Bushing, M. (2010). Recruitment, development, and retention of information professionals: Trends in human resources and knowledge management. Hershey, PA: Business Science Reference. Shimp, T. A. (2010). Advertising, promotion, and other aspects of integrated marketing communications. Mason, Ohio: South-Western Cengage Learning. Wells Fargo, (2016). Using customer relationship management software. Retrieved From < https://wellsfargoworks.com/run/using-crm-software > Read More