this Knowledge management Assignmnet is describe the effective process that focused over marketing orientation, techniques and methods within the business organisation. Relationship marketing effectively enhance the performance of the organisation as in report different aspects of relationship marketing will discussed such as CRM and ICT. Marketing plays a vital role in the development of the business organisation as there are various stakeholders get the information related to the products with the effect of marketing. In service sector marketing mix and extended marketing mix plays an effective role as with the help of it they become efficient enough in order to capture their market share.
Knowledge management refers to a systematic procedure to provide and inculcate knowledge to personnel within an organization. Success of D&D Enterprise largely depends upon the strong foundation of knowledge base. Thereby D&D Enterprise follows knowledge management techniques in their processes.
Knowledge Management requires managing various factors such as acquiring & learning relevant knowledge, distribution of knowledge from time to time, promoting an atmosphere of knowledge creation, encouraging personnel to indulge in knowledge promotion etc.
In today’s competitive scenario, for D&D Enterprise it is essentially required to build up long and trustworthy relations with customers for long term growth & survival. Since retaining old relations are far much easier than building new relations (Zhang, et. al., 2016).
AC 1.2 Explain the ways that ICT can support the customer relationship management process in a particular organization?
ICT i.e. “Information and communication technologies” basically means number of communication devices and applications such as radio, television, cellular phones, computer, software etc. required to disbursed information to large number from one platform.
Immense benefits of ICT has made it popular in business world. Very easily large information’s can be shared with large number of individuals from a single platform. This usage has brought a very big success in the “Information and communication technologies” sector. Developed as well as developing countries are largely depended upon the ICT’s sector for their economic and social development (Hollensen, 2010).
Since CRM has emerged as one of the most important tool in the business world, ICT has helped CRM a lot in its implementation in the business world. In today’s technological environment, organisations are largely depended on ICT for collection of data of their customers. There are numerous ways through which ICT supports Customer relationship management such as web, mobile phones and other transmission mediums (Hollensen, 2010). D&D Enterprise use these methods to build up and maintain their customer relationships. For instance- they call back their customers after every purchase to know their feedback, keep a constant touch with them, they provide online feedback form, and also send query & rating form. By using these methods, D&D Enterprise pools immense knowledge regarding their customers which, in turn, helps them to strengthen their relationships, improve their data and lastly improve long term customer lifetime value. Usage of ICT reduces cost, saves time and improves their productivity level (Hollensen, 2010).
Customer Relationship management (CRM) has emerged as a vital term in today’s scenario. The significance of CRM has largely increased due to immense competitive environment as well as due to increase in Customer’s specifications. CRM techniques provide an overview of customer’s current market trend and demand and in return helps D&D Enterprise to mould its product or services as per current trend. D&D Enterprise have understood the importance of their customers and thereby are making full utilization of CRM techniques to retain them as well as to strengthen their relations with them (Echchakoui, 2014).
Through CRM, D&D Enterprise combine its various departments such as sales, marketing and customer satisfaction which helps them to provide a fair view of the customer’s relationship, sales trend and information related to current & prospective customers (Echchakoui, 2014). Through various CRM software’s, D&D Enterprise keep close eyes over the changing trend of customers preferences & likings. And making themselves flexible as per the changing market trend.
Other benefits include better coordination, increase in sales, less cost of marketing and overall increase in the Net profit of the organization. CRM also helps D&D Enterprise in making reports and analyzing them and thereby saving cost and time. It gives the complete report of current scenario of the customer preferences towards D&D Enterprise. All the drawbacks and benefits of our marketing strategies and of sales are prepared by the Customer relationship management (Echchakoui, 2014). Overall CRM, has contributed immensely in improving the customer relationship and also in increasing the number of prospective customers as well as helps D&D Enterprise to grow in a better way (Echchakoui, 2014).
Nowadays for an organization CRM is indeed an important part of their workings. Looking at the numerous benefits of the CRM, it cannot be denied that an organization can work without CRM. Therefore constant review and updating of CRM is very important. Therefore we can say that improving CRM from time to time is also as much necessary as implementing & maintaining it (Khan, 2014).
As our recommendations, the following points can be taken care of while analyzing CRM-
Stakeholders basically refers to those persons who individually or collectively have some sort of interest in the organization. They have a direct effect of organization’s actions, decisions, short term & long term objectives, policies, procedures of the organizations (Buning & Walker, 2016).
There are various Stakeholders namely creditors, directors, employees, government and its agencies, owners or shareholders, suppliers, unions and most importantly society in which a business grows.
Stakeholder Analysis refers to analysis of effect on different persons related to an organization due to any project (Buning & Walker, 2016).
Stakeholder Analysis for a voluntary sector
Stakeholder Analysis for a public sector organization
Relationships with customers is one of the most sensitive relationships. Any misunderstanding can put a bad impact over it. Therefore one organization needs to always give priority to satisfaction level of customers and constantly anticipating their changing needs and preferences-
Let us understand with help of two following examples of not-for-profit organizations-
Their nature of enhancing relationship with customers is by stressing on treating nicely with personnel, since if personnel are happy and satisfied then automatically they will treat nicely with customers, ultimately, leading for better customer relations. They make sure that their customers receive top class services. Their main purpose is to satisfy customers.
They strengthen their relations with their customers by encouraging and motivating more and more students to become part of it and thus reducing inequalities in the education system (Engels-Schwarzpaul & Peters, 2013).
Marketing is a broader term which consists not only just advertising and selling a product but also anticipating customer’s needs and fulfilling their requirements. Though marketing is somewhat same nevertheless which sector but certain difference does exist (Wirtz, et. al., 2014).
Marketing Strategies for a public sector -
Marketing Strategies for a private sector –
Marketing Strategies for a voluntary sector –
Virtual organization is basically an organization where separate individuals from , across the globe, works together by electronic means and remains connected with each other by using computers therefore it is also known as digital organization or network organization. It is a boundary less organization thereby making it easy for personnel to work from anywhere throughout the world (Kozlenkova, et. al., 2015). Issues in Marketing of such organizations are as follows-
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Call us: +44 – 7497 786 317Extended Marketing mix as in a case of Service sector refers to 7 P’s which includes Price, Product, Promotion, Place, People, Process and lastly Physical environment. These seven factors or tools mainly help an organization in achieving their marketing objectives from specific target market. Service sector include various sectors for instance educational, banking, training , medical facilities etc.
Let us take an example to clearly understands the effect of marketing mix in service sector-
Standard Chartered bank is a multinational and financial services banking company situated in London. It has more than 1200 branches situated in more than 70 countries across the globe. With reference to 7 P’s they prepare they marketing objective such as
Use of product/service mix surely enhances value of the customers and the organizations itself. Through marketing mix, one can prepare its marketing strategy and can achieve its marketing objectives. A well prepared marketing plan, which contains all 7 P’s, helps an organization to focus on its achieving marketing objectives within time limits (Wasan & Tripathi, 2014).
Since with these 7 P’s i.e. Price, Product, Promotion, Place, People, Process and Physical environment any organization –
Marketing of services in a Service sector is very important as the sole purpose here is to win more and more customers and to retain them for as long as possible. Citing with a reference, we will look into the various difficulties which come in the way of a Standard Chartered Bank which is banking sector, and to how overcome these barriers-
Major barriers which come in the way of marketing services of SCB are increasing cut throat competition, providing numerous other services apart from normal banking which includes internet banking, mobile app banking, creating effective communication channel, training& developing human resource etc (Chikweche & Fletcher, 2012).
All these barriers can be overcome by providing –
IT (Information Technology) undoubtedly plays an important role in the marketing management of a service sector. With the advancement in technology, nearly every sector is making best probable use of the IT sector for making their working simple and convenient. Taking an instance of banking sector, today there are numerous techniques and tools which are making banking system simple and more reliable.
Thus, we can say that Information technology (IT) sector has immensely contributed in the banking sector for making it better and more trustworthy (Greve, et. al., 2016).
Notes: - Now-a-days Ethics & Corporate Social Responsibility in retail industry has became an important aspect. These terms helps organizations for achieving long term growth & for survival. With the effect of this they get included in marketing management.
Notes: - CSR or Corporate Social Responsibilities. CSR’s are those business practices whose end purpose is to benefit society. Every organization exploits resources of society ,thereby in lieu, it has to compensate society back. Companies generally follows various ways for following CSR’s policies such as donating proceeds, planting trees, etc. With the help of these activities they effectively plays their corporate roles in the development of the society. By performing these activities they effectively contribute in the development of respective society (Nicholls, et. al., 2013).
Notes: - The term ethic is derived from the Greek word “ethikos” which mean habit or customs. It basically defines about the right or wrong actions or conduct. It guides actions which are morally acceptable. By following ethics Tesco make their activities ethical and effective enough in order to attain the desired objectives (Nicholls, et. al., 2013).
Notes: - In order to implement the CSR and Ethics within the premises Tesco need to follows some steps that make inclusion of below points such as: -
Notes: - There are various benefits of CSR activates and ethics and these are: -
Notes: - The key pressure group or person within the marketing management in information industry are as follows such as: -
Notes: - CSR or Corporate Social Responsibility plays an important role in the Market management such as: -
Notes: In the end it is hence concluded that that CSR & Ethics are very important in the marketing management in retail industry. These policies not only enhance organization’s repute but also helps in social reforms. Through Ethics & CSR, trust and loyalty of customers of increases towards organizations.
In the end it is concluded that relationship marketing is effective enough in getting the success. ICT is the effective tool that get utilised for the purpose of building effective relationship with the respective customers. ICT render different measures in order to build relationship with customers. Marketing plays a vital role in the success of the business organisation as with the help of marketing customers get to know about their respective product and services. Extended marketing mix become effective in the service industry as it helps in focusing over the customer satisfaction and their betterment. Ethics and CSR activities effective enhance the overall performance of the business organisation.
Brei, V. & Böhm, S. 2011, "Corporate social responsibility as cultural meaning management: a critique of the marketing of ‘ethical’ bottled water", Business Ethics: A European Review,vol. 20, no. 3, pp. 233-252.
Brooks, N. & Simkin, L. 2012, "Judging marketing mix effectiveness", Marketing Intelligence & Planning, vol. 30, no. 5, pp. 494-514.
Buning, R.J. & Walker, M. 2016, "Differentiating mass participant sport event consumers: traditional versus non-traditional events", Sport Marketing Quarterly, vol. 25, no. 1, pp. 47.
Chikweche, T. & Fletcher, R. 2012, "Revisiting the marketing mix at the bottom of pyramid (BOP): from theoretical considerations to practical realities", Journal of Consumer Marketing,vol. 29, no. 7, pp. 507-520.
D. Raggio, R., M. Walz, A., Bose Godbole, M. & Anne Garretson Folse, J. 2014, "Gratitude in relationship marketing", European Journal of Marketing, vol. 48, no. 1/2, pp. 2-24.
Echchakoui, S. 2014, "Salesperson profitability in relationship marketing", Journal of Modelling in Management, vol. 9, no. 3, pp. 306-323.
Engels-Schwarzpaul, A.-. & Peters, M.A. 2013, Of Other Thoughts: Non-Traditional Ways to the Doctorate : A Guidebook for Candidates and Supervisors, Sense Publishers, Rotterdam.
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