Quality Benchmark Project Pt 2

Discuss entities that have jurisdiction over the problem.

Increasing revenue, expanding market share, and improving profitability are all responsibilities of the marketing department. One person or a team of people might form a small company’s marketing department. In larger companies, the marketing department can contain a director or manager, along with marketing executives in charge of activities like ads, publications, or activities. It is the senior figure of the marketing team’s job to align the marketing strategy with the company’s broader goals and strategies. To access a larger global market, a company could use a new distribution channel, like the Net, or enter a new market segment to gain market share. A strategic agreement is reached with the boardroom or senior management before any campaigns are planned in detail by the marketing department. Revenue and marketing divisions working together may boost sales and hasten the expansion of a company. Advertising that includes a response mechanism, including a coupon or mobile number, or inviting website users to register their data in exchange for a free magazine or special report, may supply the marketing team with high-quality prospects. Promotional material and briefings for the sales force are also prepared by marketing, which also provides them with the merchandise.

Identify stakeholders and their roles in addressing the issue.

CMO

The CMO  is the executive leader in charge of the marketing strategy and budget. The CMO is responsible for committing the marketing department to achieve a certain set of useful results within the constraints of a budget that they establish with the firm. The CMO must clearly explain the objectives, measurements of success, and high-level initiatives to the entire marketing organization after they have received buy-in and endorsement from their CEO and senior peers. They must establish team alignment and allocate responsibilities for (1) spending money, (2) campaign execution, and (3) reporting outcomes to the whole team.

Director of Marketing

They’re in charge of a marketing process, such as public relations, demand generation, or product marketing. Based on the firm structure, they may be in charge of a certain area. Marketing Directors, due to their tenure and the level of work, are often assigned accountability for a percentage of the budget, and it is up to them to work out how to allocate money across promotions and other operations to meet the marketing objectives they’ve learned from the CMO. The Marketing Director must ensure that their team members have a clear grasp of their objectives, target metrics, timelines, and strategy.

Manager of Campaigns

Marketing campaign managers are responsible for creating, organizing, and executing campaigns to fulfill marketing objectives. They are frequently functional experts. There might be an online marketing campaign director or someone in charge of the company’s activities, for instance. Campaign managers have to be operationally competent, have great project administration and organizational skills, and have outstanding communication skills.

Sales

Almost every marketing company considers sales to be a crucial stakeholder. Because marketing is primarily concerned with raising knowledge and understanding of a company’s services for sales to complete transactions on those offers, it is critical that Marketing and Sales be well-aligned from the start of the planning and budgeting cycle. Sales must grasp what to anticipate from marketing and what not to expect. The sales leader must guarantee that there are enough sales resources to manage the marketing pipeline, and marketing must guarantee that it is not over-or under-feeding the salespeople with well-qualified prospects. As the year advances, one of the most critical voices in measuring success and identifying necessary course changes in the marketing strategy is sales.

Finance

A good partnership between marketing and finance will make life simpler for everyone in the firm. Marketing and accounting must become friends, align procedures, recognize mutual accountability, and collaborate to ensure marketing spend is recorded and budget information is as accurate and up to date as possible. Timely financial data allows marketers to make safe, well-informed purchase choices at the pace required to meet marketing objectives on time. Budget, execution, and company risk are all increased by inefficient finance-marketing connections.

Examine power bases and their influence on issues.

Reward power – These are the economic rewards that a channel member receives from another channel member, whether a manufacturer, wholesaler, or retailer. Though there are exemptions since they may have a contractual relationship for a certain amount of time.

Coercive authority – This is the polar opposite of reward authority. The channel member’s authority over another is founded on the assumption that the former would penalize the latter if the latter is unable to accomplish the latter’s specified aims. This is mostly due to the latter’s size, reputation, and dominating position in the business.

Legitimate power- Due to the powers to affect the other channel, one channel is eligible to claim the same to the other channel. However, it cannot compel the other to set the terms, and under these circumstances, it often uses both reward and coercive capabilities to ensure that its obligations are met in the market.

When one channel partner depicts his aims as being related to one another, referent power exists. It is available to organizations who want to be recognized as a value sellers and are channel members for a firm that manufactures high-quality items; the channel then gains the reference power of selling expensive products through the respectable company.

Describe resources needed to implement change.

An important resource to help bring about change would be the use of the internet. The strengthening of the company’s website and ascertaining that the whole staff understands the unique value proposition and the services provided to clients is crucial. Maintaining consistency in these messaging across all online media can help create a brand reputation. A call-to-action (CTA) is among the most successful methods of encouraging the audience to take more action, such as making a purchase. They should increase the number of CTAs on the website’s most popular pages.

References

Dirik, D. (2021). Leader power bases and perceived leader effectiveness: conservation of gender stereotypes. Current Psychology, 40(12), 6175-6186.

Mothersbaugh, D. L., Hawkins, D. I., Kleiser, S. B., Mothersbaugh, L. L., & Watson, C. F. (2020). Consumer behavior: Building marketing strategy. New York, NY, USA: McGraw-Hill Education.

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