Integrating Emerging Entrepreneurship and Marketing †Free Samples

Question: Discuss about the Integrating Emerging Entrepreneurship and Marketing. Answer: Introduction Every profit-making entity I faced with challenges in decision-making, especially around the best business system which is to be used to expand operations in the entity. The best way is to embrace proper planning mechanisms, especially in an integrated business management software system. This is what in most cases, takes a back seat to short-term revenue goal for the entity. As a result, management ends up installing the disparate application at different times, to cover a different functional area that results in inefficiencies in business processes and software integration challenges. These problems are bound to come up and have to be avoided at all costs. This report regards a merger between 5-holiday hotels, which have decided to integrate their operations to enhance service delivery to their consumers, as well as for the sake of increasing their profits. The group, as one, operate a range of living quarters, in the Australian market. Consumers are also provided with popular holiday booking websites, and bookings are now managed through a single website (Bell et al. 2015). Prices vary based on demand and the season in question, which affects profit levels as well. One assumption is that all firms are operating in an Australian market, which is very diverse and characterized by high demand. Secondly, the management decisions made by the team affect all the five organizations, which need to be considered before implementation. The third assumption is that the long-term goal for all organizations is consumer retention, profitability, and increased market share. Organizations have to come to terms with the fact that only 3 of new visitors who make their first purchase is likely to return and make a purchase in the same organization. This statistic is very alarming, especially because consumer loyalty is highly desired in an organization. The consumer loyalty program is a very strategic decision, which should be implemented without hesitation from management in the organization. There are numerous financial and non-financial benefits which are attached to a loyalty program. The modern business environment has made it very easy for shoppers to be able to make comparisons of hundreds of pieces in a concise time. Adding this loyalty program will help top competing on prices with other organizations, which will give the entity another way to differentiate its services in this industry. The main aim of this decision I to offer an enhanced consumer experience, through connecting with their emotions, and knowing what they love most. As this emotional connection develops, consumers will be able to see the organization as the best in the industry hence strengthen their loyalty. Loyal consumers, according to statistics, spend 67% more than new consumers. This statistic cannot be ignored, considering the consumer retention costs, which range from 4 to 30 times less than the consumer acquisition costs (Hill et al. 2015). It is surprising that a mere 5% retention in consumers can lead to an increase in organization profits by more than 80%. This decision will help the organization retain existing consumers, who will be attached to its services as compared to the competitors. Consumer lifetime value refers to the net profit which is attributed to the overall relationship that is in the long run, maintained with the consumer. This aspect is meant to measure how valuable a consumer is to you as well as the projected value of the consumer and their interactions over a period. The loyalty program proposed by the management and decisions made will help in the provision of behavioral data, which will help analyze the consumers buying' habit in the entity. Consumer steps will be monitored, preferences determined, and the organization will be able to reward them at each set of their experience in the organization. Emotional connection is significant and helps consumers realize how true you are to them, as an organization. Consumers are more complicated than just a segmented category. Therefore, the program will help identify consumer changes, personal issues, and more so, provide unique service according to preferences (Cohen Winn, 2017). The consumer loyalty scheme, known as the Monet Loyalty is expected to reward consumer with airport transfers, and free tours coupled with free meals. The above advantages are bound to be realized, hence the need to embrace the decision by management, for the profitability, increased customer share and positive public image for the organization. 73% of millennial take it upon themselves to help friends and families to make smart purchase decisions. This is an effective system that helps work towards consumer acquisition as well as increasing loyalty of the consumers towards the organization services. Interactive marketing is a common type of advertising strategy used to enhance consumer inclusion regarding service experience. Increased conversations and the use of interactive tools will help the consumer make their personalized decision, without having to feel coerced to alight, tour and gain specific experiences fixed by the company. The strategy converts consumers from readers to buyers, which is commonly referred to as sales conversion. This decision will work pretty well in inspiring potential consumers to proceed with their relationship to the organization. Many interactive techniques allow the sellers to engage the consumers. This, in turn, helps boost the experiences of the consumers. Hence they learn more about the services and products issued. Instant feedback is gained through these tools, which makes it even more effective. Consumers, in this case, will be left to choose to choose which particular tours they want to undertake. This decision may have its share of advantage, but will also cost the organization a significant amount of expenses (Miles Covin, 2017). As a result, such aspects should be scheduled either once or twice a year as loyalty bonuses or can be done on a quarterly basis to capture newer markets. Management decisions ought to help the organization grow, and not eat into the profits in the long term. Enterprise resource planning goes well together with the concept of consumer relationship management in every organization. These two ensure that the true potential of an organization is realized, but this only happens when the integration of the two I fully achieved. In the modern business world, considering the large data that is created and its diversity, business owners are lowly witnessing complex business environments as compared to ancient periods of time. First, they are subjected to the pressure of responding quickly to the changes, for the sake of keeping their business and operations healthy in the long run. At the same time, consumers are portraying high demand feature, and are adapting to change, which drives competition to a new level altogether. A lot of companies are slowly realizing the need for ERP integration, while most small organizations have resulted in the use of integrated enterprise resource planning, to improve and automate the management of their operation (Morris et al., 2010). While the ERP systems automate and help in back office management activities, other aspects such as HR, purchase, and manufacturing have also been streamlined. This decision is bound to benefit the organization and needs to be advocated for. First, this decision will enhance the ability to terminate data entry, as well as the presence of duplicates in storage. The enterprise resource planning system contains all account information for different uses in an organization. With the ERP in place, which I focused on billing and shipping, aspects of sales and support services will also be easily handled. This way, any change in the database will be noted, and the same principle applies in the case of editing customer fields, products, and other databases. Secondly, this decision is relevant as it enhances the ability to share data easily, in a timelier manner. The productivity of the team is also boosted when this concept is embraced. Sales representatives, for example, will have the ability to access, view and even order bills of materials for the functional units. This, in turn, helps in saving time, which in turn makes the sales team more responsive and productive. The third advantage associated with implementing this decision is that the organization will convert proposal generation, which mostly created by consumer relationship management into actually executed orders, tracked at the enterprise resource planning levels. One system will be in place and use, which will help the entity in saving a lot of time hence increased efficiency. Forth, information technology support costs will be reduced for the organization. Considering that there will only be one system used in maintenance, there will be no need for interfaces. The costs involved in information technology support will highly drop. The fifth benefit that comes along with this decision is the fact that training costs will be reduced. When the full enterprise resource planning system is integrated into the operations of the organization, less training and support will be needed for the employees. They will be trained only on the use of one system, and updates and additional courses expenses will be minimized. The organization I bound to have an increased visibility and improved forecasting in its operations. The problem in most entities is that most sellers do not have adequate access to the enterprise resource planning systems. Fully implemented enterprise resource planning will help avail real-time data, that will, in turn, improve the forecasting efficiency in the organization. The other aspect involves mobility. An enterprise resource planning system is accessible from any device (Knight, 2012). This way, updated contents will always be available to personnel in an organization at all times. This way, it will be easy to make better decisions based on product availability, and historical purchase altogether. This decision should, therefore, be implemented by the company considering the overwhelming benefits it is associated with. Decision 4 critique A new Web 4.0level ultra-intelligent electronic portal is to be created enable customers to self-manage their accounts with the company and to customize their shopping/booking experience. Consumers in most markets, desire to feel in control of their data and information, which they sometimes consider private and confidential. The management decision to have an ultra-intelligent electronic portal, which will enable the consumer to Self to manage their accounts and customize their booking experience is a very fruitful and potential venture. Such a portal will require that the organization hire an IT expert, for consistent monitoring and updating of the system (Morris Paul, 2017). At the same time, the organization will benefit from feedback and instantaneous suggestion by consumers. Inconveniences and delays are also bound to be eliminated. The decision to have a self-managed portal for the consumers is highly beneficial. This is all bound to reduce the number of personnel operating the organization website. A common platform will be designed where consumer allegations, preferences, criticisms, and suggestions will be aired. This decision is a way to save costs while enhancing consumer satisfaction for the group of companies in the region. The decision should be implemented and adopted by the different functional units in the entity. Information systems issues and information technology issues go hand in hand, especially considering the impact they have on organization success. First, information system issues are bound to lead to reduced consumer trust in organization privacy promises and confidentiality clause. This issue might be a source of interference with operations and the lack of proper implementation of various organization requirements. Information technology issues, on the other hand, will have a major impact on consumer choice and brand loyalty. Brand loyalty will be affected considering the inefficiencies, and general inconveniences caused to the consumers in the market. When such issues are affected, the profitability of an organization is highly compromised. Consumer loyalty is the driving force to profitability in an organization. There is a need to ensure that this component is always boosted and that the major inefficiencies, both in information systems and information technology are addressed in time in the entity. How to attract new customers from competitors Consumer attraction is perceived as the most difficult challenge that organizations have to deal with. However, this concept is not entirely stressful, provided the best strategies are put in place to ensure that the general organization operations are not affected in any way. Attracting consumers from competitors can be done through offering products which are differentiated and unique, and those that offer high levels of satisfaction to the consumers, as compared to the commodities offered by the competitors. Another means can be through price reductions or offering premiums (Wilson et al., 2016). The ultimate goal of a consumer is to save money and get quality products to achieve their utility. Therefore, coming up with commodities which can fulfill the demands and at the same time, ensure that profitability of the organization is not compromised is a good strategy. The industry is filled with a lot of market gaps which can be exploited, to satisfy the demand and needs of the market. Taking a step to acquire consumers from competitors will be an eye-opener to the organization. First, the organization will be able to know what the consumers lacked from the previous organization. This is an opportunity to help the entity improve its services, to ensure that it retains its new lot of consumers. Having a personalized tour guide will also be of the essence. The new consumers will require a personalized tour guide to meet their expectations (Knight, 2012). This will lead to increased revenues for the organization, and increased profitability. Business decisions should not affect the profitability of an organization. Rather, they should be of help in ensuring that the best measures are put in place to enhance organizational success. Management teams need to be guided by market research and competitive environments in decision-making in an organization. References Bhuian, S. N., Menguc, B., Bell, S. J. (2015). Just entrepreneurial enough: the moderating effect of entrepreneurship on the relationship between market orientation and performance. Journal of business research, 58(1), 9-17. Carson, D., Cromie, S., McGowan, P., Hill, J. (2015). Marketing and entrepreneurship in SMEs: an innovative approach. Hemel Hempstead. Cohen, B., Winn, M. I. (2017). Market imperfections, opportunity, and sustainable entrepreneurship. Journal of Business Venturing, 22(1), 29-49. Covin, J. G., Miles, M. P. (2017). Corporate entrepreneurship and the pursuit of competitive advantage. Entrepreneurship: Theory and practice, 23(3), 47-47. Knight, G. (2012). Entrepreneurship and marketing strategy: The SME under globalization. Journal of international marketing, 8(2), 12-32. Morris, M. H., Schindehutte, M., LaForge, R. W. (2010). Entrepreneurial marketing: a construct for integrating emerging entrepreneurship and marketing perspectives. Journal of marketing theory and practice, 10(4), 1-19. Morris, M. H., Paul, G. W. (2017). The relationship between entrepreneurship and marketing in established firms. Journal of Business Venturing, 2(3), 247-259. Zimmerer, T. W., Scarborough, N. M., Wilson, D. (2016). Essentials of entrepreneurship and small business management. Pearson/Prentice Hall.