Marketing Final Paper - Free Essay

A company’s culture is significant since it defines the environment in which employees work. To attain success in the company, the culture must include core values that act as the guiding principles for the employees. Having a high set of core values is a high priority for organizations since it will facilitate high production it will be of significant influence to others and approaches to conducting business, and more so, shape a company’s culture (Guiso, Sapienza & Zingales, 2015). In our company, we strive to excel in core values like honesty, transparency, integrity, ethical behavior, fair treatment to all employees, innovativeness, social hard work, and teamwork.

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Honesty and transparency are fundamental values to both the customers and the employees. It is essential to cooperate in pursuit of the truth and not tolerate hidden agendas or passive-aggressive behavior. Providing complete visibility into our success and failures is our pride in finding solutions and better ourselves. Treating all employees with fairness helps us relate well with everybody. Through appreciating everybody’s efforts, they get more enthusiastic and work more towards the success of the company. Through working hard and teamwork with focus and desire, we get to develop a corporate culture that encourages growth (Guiso et al., 2015). Lastly, innovativeness has helped us appreciate everyone’s talent and also discover new things that have led to the improvement of our company. Through innovations, we have also managed to find solutions to our problems and attract other companies to work with us (Tutunea & Rus, 2012). These core values have become an integral part of our culture as we collaborate and work towards a common goal of success.

All the co-managers came together after every decision round and made corrective adjustments. It is always important to involve co-managers when it comes to adjustments in decision making since they all have different ideas that may work as solutions. We also find it essential to make adjustments with my co-managers to rectify some of the negative results that might have influenced in previous decision-making rounds (Janeska, Zdraveski, Taleska & Lazaroski, 2016). The new productivity rate of our company has led us to make corrective adjustments to increase our productivity rate.

One of the modifications we made was to increase the number of employees in our company. We had noticed that there were a lot of workloads lately, especially since our products were in demand bearing in mind technology was digitalizing as the days went by. There was also an increase in the number of technical innovations, thereby creating the need for more employees to help the ideas come out as a success (Tutunea, 2015). The adjustment was also necessary to help get more skillful and experts in this work. This decision was influenced by the fact that we needed to make new designs and labels in our products in a short period. The second alteration to our strategy was having partnerships and having tenders with both public and private companies. This change would enable or products to sell fast, and it would also help us acquire more clients. Through working with other people, we would get different ideas and opinions on how to carry out our activities and also we would get unique names on our brands. Lastly, through partnerships, we will be able to access new products and mostly strengthen our weak aspects.

Our last transformation was to start advertising our products and increase our forms of advertisement. We decided to choose the most appropriate and affordable method for our company. We went with television, billboards, and social media options. Advertising will help us attract customers to our business and increase our sales. It will enable us to target our customers and form a lasting connection with them. Publicizing our products will give our company a positive image and increase customer traffic since many will now be introduced to us. Our products will be at the top of our consumers' minds (Micheli & Mari, 2014). Most importantly, advertising our products will help our company stay ahead of the game while competing with other businesses. Through the adjustments, we are sure of making good progress in terms of the sales of our products and improve employees’ performance.

The various corrective adaptations we made succeeded in improving our company since we were able to pay all our monthly bills and expenses. In terms of profits and losses, there was a steady increase in our revenue month over month. Our expenses did not rise with a considerable percentage since we had not employed too many workers at that time. The profitability ratio in the company was on the high side, depending on our costs (Janeska et al., 2016). Also, accessing new clients helped us generate our revenues and change buying patterns. Through partnerships, we were able to note an increase in the number of customers that we had. We were able to access new products, ideas, and reach a good market. The collaborations were of significance to us since our products did not have to stay in our stores for long. However, not everything resulted as we expected. We noticed a stagnant cash balance since we used the money we received after selling to invest back in the business. Due to this eventuality, our company was not able to cater for urgencies or increase our products and services, and we needed to borrow debts to help us. The fact that we incurred more debts was a failure to our organization, and it needed to be rectified to avoid the downfall of the company.

The hard evidence is in the fact that our products and services were common to many people since we noted a 95% increase in the number of customers that we had. If our strategies had failed, there could have been stagnation in the company performance. Change for a reason is very constant and helpful in every company (Zamecnik & Rajnoha, 2015). If we stick to the status quo and fail to make curative amendments, we cannot make progress in the company. The corporation would continue making the same errors year after year. Our products and services could become obsolete and out of touch with present trends. We would not have an increase in the number of clients, and our profits might stagnate or even decrease. Failure to adapt and adjust will allow our competitors to have a larger share of the market while our profits are dwindling.

In conclusion, company core values will guide in the making of decisions. They also describe the rules you set, how you lead your workers, and more so how you deal with your clients. The values guide on both external and internal affairs. It is essential to involve your co-managers in decision making to provide a wide variety of ideas and help get solutions to current problems. Also, for an effective strategy execution process, there is a need to make corrective adjustments where necessary. Making adjustments will help in rectifying our mistakes and make better decisions that will give the company a competitive advantage.

References

Guiso, L., Sapienza, P., & Zingales, L. (2015). The value of corporate culture. Journal of Financial Economics, 117(1), 60-76. https://www.sciencedirect.com/science/article/pii/S0304405X14001147

Janeska, M., Zdraveski, D., Taleska, S., & Lazaroski, S. (2016). Statistical analysis for labor demand in ICT sector in R. Macedonia. International Journal of Strategic Management and Decision Support Systems in Strategic Management, 21(1). http://eprints.uklo.edu.mk/id/eprint/2587

Micheli, P., & Mari, L. (2014). The theory and practice of performance measurement. Management accounting research, 25(2), 147-156. https://www.sciencedirect.com/science/article/pii/S104450051300070X

Tutunea, M. F. (2015). Business Intelligence Solutions for Mobile Devices–An Overview. Procedia Economics and Finance, 27, 160-169. https://www.sciencedirect.com/science/article/pii/S2212567115009855

Tutunea, M. F., & Rus, R. V. (2012). Business intelligence solutions for SMEs. Procedia economics and finance, 3, 865-870. https://www.sciencedirect.com/science/article/pii/S2212567112002420

Zamecnik, R., & Rajnoha, R. (2015). Strategic business performance management on the base of controlling and managerial information support. Procedia Economics and Finance, 26, 769-776. https://www.sciencedirect.com/science/article/pii/S2212567115008436