Introduction
Unit 41 CIMM Knowledge Management Assignment Help Online.
information management The assignment process is an efficient one that concentrated on the corporate organization’s marketing orientation, strategies, and tactics. Relationship marketing helps an organisation function better, and in this study, various relationship marketing-related topics like CRM and ICT will be covered. As a result of marketing, numerous stakeholders are able to learn about the items, which is essential to the growth of the business organisation. In the service industry, marketing mix and extended marketing mix are very important since they assist companies become efficient enough to gain market share.
Unit 41 CIMM Knowledge Management Assignment Help Online
Task – 1
AC 1.1 Explain the concept of Knowledge Management and its role in Relationship Marketing?
Knowledge management describes a methodical process for transferring and ingraining knowledge among employees of a business. The robust knowledge base is crucial to the success of D&D Enterprise. D&D Enterprise thus incorporates knowledge management strategies into their workflow.
Knowledge management involves controlling a number of variables, including the gathering and learning of pertinent knowledge, the periodic dissemination of knowledge, the encouragement of an environment conducive to knowledge development, the participation of staff in knowledge promotion, etc.
Building strong, trustworthy relationships with clients is vital for D&D Enterprise to expand and survive in the competitive environment of today. Because maintaining existing relationships is significantly simpler than establishing new ones (Zhang, et. al., 2016).
Task 2
AC 2.1 Carry out a stakeholder analysis for a voluntary sector and a public sector organization?
Stakeholders are essentially defined as people who, either individually or collectively, have an interest in the organisation. They are directly impacted by the activities, choices, short- and long-term goals, policies, and procedures of the organisations (Buning & Walker, 2016).
There are many different stakeholders, including the government and its agencies, owners or shareholders, suppliers, unions, creditors, directors, employees, and most significantly, society as a whole, in which a firm develops.
Stakeholder analysis examines how various members of an organisation will be impacted by a project (Buning & Walker, 2016).
Governmental institutions and their various agencies, businesses, individuals, nonprofit organisations, and specific beneficiary groups are the main stakeholders in the voluntary sector.
For a voluntary sector, we must examine two factors. First and foremost, consider which stakeholders will profit from your activities and which stakeholders will suffer losses as a result of specific decisions. Next, consider whose engagement is crucial to the company (Soontiens, et. al., 2016).
Unit 41 CIMM Knowledge Management Assignment Help Online
As a voluntary or non-profit organisation, your project’s main goal must be to provide the greatest possible benefit to society. Determine if this is the case by examining whether your project genuinely benefits society as a whole.
AC 2.2 Describe the nature of the relationships with customer within two selected not-for-profit organizations?
Customer interactions are some of the most delicate relationships. Any misconception could have a negative effect on it. Therefore, a company must continually prioritise client happiness and constantly account for their shifting demands and preferences. –
Let’s clarify using the two not-for-profit organisation examples below:
SLH Group: This organisation strives to combat antisocial behaviour, create job opportunities, and renovate and construct homes in neighbourhoods (Engels-Schwarzpaul & Peters, 2013).
Task 3
AC 3.1 Describe the use of the extended marketing mix in selected service sector businesses?
In the case of the service sector, the extended marketing mix refers to the seven Ps: price, product, promotion, place, people, process, and, finally, the physical environment. These seven elements or tools primarily aid a company in accomplishing its marketing goals from a particular target market. The service sector includes a wide range of industries, including those in education, banking, training, and healthcare, among others.
In the case of the service sector, the extended marketing mix refers to the seven Ps: price, product, promotion, place, people, process, and, finally, the physical environment. These seven elements or tools primarily aid a company in accomplishing its marketing goals from a particular target market. The service sector includes a wide range of industries, including those in education, banking, training, and healthcare, among others.
Although there is no hard core costing in services, unlike in manufacturing, the cost is determined by how challenging it is to provide the service.
Their offerings typically consist of current/savings accounts, mortgages, auto financing, etc., but in addition to these, they frequently provide new products that are beneficial to various facets of society (Mukherjee & Shivani, 2016).
Making a product is not sufficient unless consumers are aware of it. Promotions can be carried out through planning conferences, engaging with the media, or running commercials, among other methods. Place is the site where these services are offered, hence Standard Chartered frequently emphasises the need of having adequate infrastructure facilities.
AC3.2 Explain how the product/service mix can be used to enhance value for the customer and organization?
Unit 41 CIMM Knowledge Management Assignment Help Online
Utilizing a product/service mix undoubtedly increases the value of both the organization’s clients and its own brand. One can plan their marketing strategy and accomplish their marketing goals through the use of the marketing mix. A well-crafted marketing strategy that incorporates all seven Ps aids a firm in concentrating on attaining its marketing goals within set timeframes (Wasan & Tripathi, 2014).
A corporation can strategically plan its promotion efforts (using the Promotion factor) and take appropriate action after it has a thorough understanding of its target audience. People who are unrelated to your particular product are excluded. enabling the company to generate numerous profits by concentrating only on its target market.
Once the target market has been established, pricing goods and services becomes much simpler. It definitely relates to the target audience, as pricing for business events differs from pricing for students or teenagers (Wasan & Tripathi, 2014).
An organisation can increase the value of its products and services by understanding how to sell them and satisfy customers in terms of both price and quality through the use of the marketing mix. An organisation can enhance sales by understanding how to sell its goods and services in the market through the use of the process (Wasan & Tripathi, 2014).
Task 4
Presentation
Financial performance is improved since there is no longer any fraudulent behaviour, misrepresentation of the financial statements, or mismatching of financial statistics when ethics are followed. An improvement in overall financial performance is achieved through the ethical completion and recording of all transactions (Smith, et. al., 2010).
Better brand recognition: Tesco’s brand image will finally improve when they are committed to taking part in CSR initiatives and effectively managing their ethics. As Tesco adopts an ethical stance and demonstrates that they are conscious of and concerned about their respective societies, CSR and ethics are crucial components for building brand image. With the aid of CSR initiatives, they successfully manage the advancement of their society.
increased net profit overall: Following ethics and CSR has improved brand image and financial performance, which has led to an acceptable increase in net profit share as well as an effective level of growth in sales and market share. Both of these elements contribute to gaining a competitive advantage over their respective rivals, which enables businesses to generate enough returns in the form of rising sales and higher net profit margins (Smith, et. al., 2010).
Conclusion
Finally, it is determined that relationship marketing is sufficient for achieving success. ICT is a useful instrument that may be used to develop strong relationships with the appropriate consumers. ICT offer various methods to develop relationships with clients. Since clients learn about each company’s products and services through marketing, it is crucial to the success of the corporate organisation. Extended marketing mix is successful in the service sector since it helps to concentrate on client pleasure and improvement. Ethics and CSR initiatives significantly improve a company organization’s overall success.
Reference
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.
