How Do To Marketing Practices of Heytsbury Holdings?
The essay focuses on the marketing practices and financial practices of a company in Australia. The company chosen in the study is Heytsbury Holdings Limited, a public company that deals with sales of computers, hardware and electrical goods. The study illustrates views of different authors and researchers about the organizational design, people management, organizational dynamics, leadership, innovation and organization strategy and its development, etc. The people management practices include organizational structure, organizational learning and human resource management, etc. Theoretical frameworks of the above aspects along with marketing practices will be described in the essay so that the company can expand their market in the online presence in order to attract more customers. The case study illustrated the business model as a franchisee model that is quite good in generating revenue for the company. The literature review underpins the proper blending of the theoretical concepts along with the practical aspects of marketing and financial department of Heytsbury Holdings Limited.
Marketing Practices of Heytsbury Holdings Limited
According to American Marketing Association, Marketing is defined as set of institutions, processes and activity for communicating, creating, exchanging and delivering offerings that have a proper value for the society, clients, customers and partners. There are many aspects of marketing that a company have to maintain in order to convey the message of the brand and to increase the sales of the company. Marketing that are based on product orientation are affected by guerrilla marketing, relationship marketing, internet marketing, etc. Marketing mix is the most common theory of marketing that is used by most of the companies in order to market their product in the target market (Yang and Su 2014). Apart from that integrated marketing communications are integral parts of the marketing that is related with the promotions of the products of the company that will substantially increase the market share, marketing opportunities as well as the growth of sales in the company. However, business model is the main aspect of doing business of the company in terms of planning all things accordingly. The role of business model is depended a lot on determining the channels of integrated marketing communications used by the company as well as the marketing mix of the company (Baker 2014). Apart from that internet marketing is nowadays adopted by the establishments in order to increase the reach of their businesses as well as targeting more customers within a shorter period of time.
Theoretical framework of marketing mix of Heytsbury Holdings Limited consists of
Products: Products of Heytsbury Holdings Limited include homeware, electrical goods and computers. The company can increase its range of products in order to increase the sales.
Price: The prices of the products of Heytsbury Holdings Limited are reasonable which makes the company easier to target people of many countries especially Asian and other European countries. The pricing strategy adopted by the company is penetration pricing in that countries.
Place: The company have retail outlets in the form of franchisees in the different areas of New Zealand, Australia and European countries. The company must target Asia for the increase of their business (Jimen?z-Jimen?z, Mart?nez-Costa and Sanz-Valle 2014).
Promotion: Promotional activities include both traditional and digital campaigns. Traditional marketing campaigns include advertisements on television, radio, magazines, bill boards, etc. On the other hand, digital media promotion will include social media promotion, Google advertisement, PPC campaign, etc.
Integrated marketing communications will be used in the form of inside out approach and outside in approach in terms of using the elements such as public relations, sales promotion, advertising, direct mail, personal selling, etc. These elements will help in communicating the message of the brand to the target customers. Apart from that, it can be said that the company is trying to build its online presence in order to increase its target customers by using social media channels, website design, Google Advertisement, PPC campaign, etc (Nguyen and Rugman 2015).
Financial practices of Heytsbury Holdings Limited
According to Ba?os-Caballero, Garc?a-Teruel and Mart?nez-Solano (2014), financial management of organization consists of various practices such as planning for financial and monetary needs, spending and allocation of funds of the company. The basic practices and processes of the organization that are concerned about finance are maintaining a stable balance between potential rewards and potential risks, balance between a long term and short term strategic needs and setting a place implications that requires resilience and flexibility of the organization. Finance of a company is defined as the practice of allocating resources, assets and liabilities, management of funds over time under vivid conditions of uncertainty and certainty. However, it can be stated that Heytsbury Holdings Limited is listed on Australian Stock Exchange and has a stable business operations in various areas of Australia, New Zealand and Europe. There are more than 10,000 employees present in the company. The annual increase in the sales of the products sold by the company has witnessed 11% growth since 2000 (Brigham and Ehrhardt 2013).
Wright and Kehoe (2008) stated that there are few standards that are implicated in the contemporary financial procedures and practices in the organization. The standards are set in terms of ethically acceptability, social responsibility, environment responsibility, legitimacy, employee work conditions, etc. It can be said that there is a positive relationship between financial practices of enterprise and organizational dynamics, strategy, innovation, organizational development and leadership. The company’s financial practices are geared in terms of keeping the department, projects, franchisees and organization within the precinct of the rim of chaos. Effective means of financial practices of a company illustrates that the financial department must have a proper idea about the major attractors of the organization while managing the finances by them in order to support the attractors. According to Naqshbandi and Kaur (2013), there are many practices that are included in the financial management process. The activities includes development of a financial plan, monitoring the cash flow, development of the budget, formation of budget and accounting process, etc. The four types of budget that are commonly used by organizations are operating, project, capital and start up. Heytsbury Holdings Limited should follow the financial practices effectively so that they can achieve the target of business expansion (Armstrong, Brown and Reilly 2011).
The organization design of the company is matrix design that determines the business policy of the company. The marketing of the company is done through the press release, television advertisements, etc. The franchisee model of the company is responsible for the business growth in terms of the management of the company. Organizational strategy is focused on the organizational growth of the performance of the employees. It can be concluded that Heytsbury Holdings Limited is in the verge of growth of developing franchisee outlets in the different parts of the world. Apart from that, the element of culture is important in order to develop business in the company. The marketing department of the company is responsible for the increase of the franchisee outlet in their overseas operations. The open innovation approach will help in the growth of the overseas business operations.
The increase of the online presence of the company by using the integrated marketing communications of the company is related with the different aspects of the organizational strategy as well as the organizational practices. It can be said that the functionality of the business depends a lot on the structure of organization the company is following in order to communicate with the employees. However, the managers must have the knowledge regarding current market trends as well as the business patterns and practices that are practiced in the target countries of operations such as Asian countries and European countries while improving business model through channels of open innovation methods (Ali et al. 2012).
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