The marketing of a company involves making the customers of the products aware of the company's other new products and extra services that the company provides. It was clear that Brew LLC company had difficulty in identifying a clear marketing strategy, thus lagging and facing stiff competition among its competitors (Walle, 2017). Four main marketing strategies could be used successfully to market a business(in a course I learned on Operational Marketing in the Hospitality Industry course). The first strategy involves identifying the pricing of the product one wishes to sell. Secondly, knowing the value of the product itself, the other aspect is promoting the product to the market and finally identifying a place where the product's good market (Walle, 2017). It is very relevant to market a product since it helps create awareness of the specific product to its targeted consumers.
Marketing is also critical since it helps to create a renowned brand of the product. Marketing directly impacts a business or a company since it increases its turnover (Glynn & Woodside, 2016). Marketing also helps to establish contact between the business and the business customer. Several marketing services have proven useful to companies, but the most effective marketing strategy is the business to consumer strategy B2B (Glynn & Woodside, 2016). The process entails the business reaching out to its potential consumers through marketing. Marketing is very relevant since it directly impacts consumer behavior and diverts their spending behavior towards buying.
Moreover, marketing helps to create a mentality of superiority in the product. It thus leads to the persuasion of the customer to buy the product as compared to other products. While marketing, it is essential for the business to comprehend its consumption pattern (Walle, 2017). The monitoring of the consumption pattern helps to evaluate marketing strategies (Kumar, 2020). However, marketing can also be affected by some specific trends. For instance, the COVID-19 pandemic has affected (Kumar, 2020) many company's marketing strategies and, thus, the general turnover from Brew LLC products.
However, marketing is not the only aspect that can affect a business. It is equally important to note other factors like ineffective short-term plans, insufficient financial elements, and inability to create strategic plans that can also affect a business's turnover. Thus, a company should have effectiveness in running all its operations to increase its general turnover and avoiding losses at all costs (identified in a course learned on Services Operation Management). Thus, a company can use different avenues to elevate their general turnover (Walle, 2017). A company can use digital marketing strategies, execute short-term goals and plans, establish strategic plans, and strategize various financial elements.
This marketing strategy is fundamental since it helps the business to interact with its prospective customers directly. Through the customers' interaction, the company can identify the same quality of product the prospective buyers are searching for and what can be done to meet the customer’s needs. The digital marketing platform is very relevant since it helps the company meet many potential customers (Dragomir & Andronie, 2017). Digital marketing has a broader coverage of the population compared to the mainstream media. The digital marketing strategies are not limited but are broad categories (Dragomir & Andronie, 2017). For instance, the social media platform where a company like Brew LLC could advertise its brand through Twitter, Facebook, Instagram, and Pinterest, among other outlets.
Email marketing is another platform where the company can send newsletters to its potential customers, send welcome emails to their customers, and send follow-up emails to the customers (Dragomir & Andronie, 2017). Digital marketing is not limited to emails and social media; other aspects like online PR and inbound marketing are online marketing strategies. However, digital marketing has advantages and disadvantages (Dragomir & Andronie, 2017). The benefits of digital marketing are the cost is low and that a company can reach its potential customers worldwide. The turnovers from the marketing are visible. Digital marketing has it's still its cons like the privacy of a customer is not always assured. Also, the acquisition of skills is quite expensive, and also from the platform, there is still stiff competition.
Establishing strategic plans for business
Creating a strategic plan that could be effective for a business is equally essential to identify the company’s customers trends and the company’s competitors, identify the strengths and weaknesses of the company, and identify the business’s goals. An effective strategy in establishing a strategic plan includes identifying a ploy, establishing a plan, studying the customers' patterns, establishing a perspective, and the company's significant position to implement the strategies.
Creating short-term plans
In the Brew LLC company, they had short-term plans that, to some point, were effective, and to some point, they were not and faced obstacles like the COVID-19 pandemic. Thus, a company needs to identify its ultimate vision, thus fulfilling them in phases. A company also needs to know to comprehend its business and the maximum potential to avoid extrapolating the business's resources. Moreover, communication of the progress of the short-term goals’ execution is very relevant to prevent execution in the wrong way. The most crucial aspect of creating short-term goals is periodic modification and review of the plan. For instance, while Brew LLC was executing their short-term goals while the pandemic struct the company could have reviewed the short-term goals and thus the review could salvage resources for the company used in implementing the short-term goals. The advantage of having short-term goals in business is that they are easy to evaluate. Nonetheless, the management of short-term goals is critical and requires personnel with expertise in handling short-term goals.
Establishing fundamental financial elements
In establishing a financial predicament, the one that is implemented must predict the future. The economic model also gives insights on the prospects of the business in terms of the cash flow. However, in predicting future financial planning, it is very relevant to include emergency rescue funds. Most of the world's economies, including the Brew LLC company, were adversely affected by the COVID-19 pandemic and the struggling economic resurgence during and post-pandemic. Thus, the companies that had invested in the emergency funds were on the safer end of handling the epidemic. Identification of an excellent financial model helps the company identify its introductory revenue divers and identifies and restructures the business's missing elements. Also, in the fundamental management of a company's financial details, it is essential to consider the budgeting aspect. Parts of a reasonable budget should entail the balancing of the bottom figures generated and forced-down numbers.
Explain at least three lessons/takeaways/competencies you acquired/learned in your internship.
During the internship program, my placement in various departments helped me gather practical skills in the fields I was assigned. Some of the skills I acquired in the order could be relevant in my future career in practicing my Hospitality course. Some of the essential skills I acquired include the importance of effective human resource management, the critical role of information technology in a company, and the importance of quality services provision and quality service assurance to customers.
Quality service provision
In the internship program, I learned that providing quality services is very important since it helps manage a business effectively. The provision of quality services allows meet the overwhelming customer expectations and competes fairly with other companies' service providers (Prajogo & Mcdermott, 2016). Moreover, a critical aspect to note is the quality service provision. Also, quality products are essential since it leads to customer satisfaction; thus, the customers remain loyal to the business. The ultimate benefit of the quality service provision is the increased revenue and profits. Also, the assurance of quality services and quality products can help a company to charge a maintain significantly higher prices due to the assurance it creates in its customers (Beck, 2015). The element of quality customer service is essential in consideration of the provision of the services.
Customer service quality is mainly hinged at practical communication skills to the customer and identify their needs. The service provider's attentiveness to the customer is also an element of adequate quality service provision (Prajogo & Mcdermott, 2016). Nonetheless, the essence of patience in listening to the customer's views and considerations cannot be overruled in the quality service provision. I also learned how a business might improve on its quality service provision. The first measure is the business should establish a committee for the betterment of its services. Moreover, the firm should maximize training, track mistakes, and improve the previous errors encountered in the service delivery process (Beck, 2015). Above them all, the most crucial aspect is for the business to establish the service provider's right attitude.
Incorporating Information Technology
Another essential skill that I acquired in the internship program was incorporating information technology in marketing, accounting for revenues, financial analysis, and effective communication in the Brew LLC company. Information technology helps a company outsource information on the effective running of a business and create innovative ideas to better the service provider in a company. Thus, information technology helps boost a company's productivity and enhance the company's services. The role of information technology in a company is to provide a space for storing information in complex databases (Luo et al., 2015). Information technology could also be used to account for the businesses' progress and monitor the business financial aspects.
Nevertheless, information technology can be very effectively used as an avenue for advertising the company's products. By creating a company's website, the company can upload a catalog of its various products; thus, the company's customers could view the details of the various available products and orders. During the internship program (applying the knowledge of Service Operational Management learned in college), information technology is essential since it is very secure for its effectiveness. Also, the use of information technology exposes business products, thus leading to the business's wide marketability (Luo et al., 2015). Moreover, the use of information technology has improved the effectiveness of communication. Another critical application of technology is in administration and management. Technology can be applied efficiently in managerial roles and may significantly help the company in the general budgeting process. The significant role of technology helps in smooth operation due to the effectiveness of the sharing of information.
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