BMG795 Marketing Management Assignment
Coursework 2: Assessment Task: Individual Report
Introduction
Marketing management can be referred to as an organisational discipline which typically focuses on the techniques, methods, and others for practical application to expand the presence of the company in the market. The main objective of the report is to analyse the current environment of the Origin Digital company and along with that a brief description would be provided about the company. Additionally, both the analysis of STEEPLE and TOWS would be provided for understanding the marketing management in depth. Furthermore, certain recommendations would be provided which would help the company in enhancing its processes.
Company background
The Origin Digital company was formed by Jerry Staple and Jonathan Kelly in the year of 2006 which is based in Northern Ireland (Origin-digital, 2020). Primarily, it is mainly an agency of creative digital that produces digital products and strategies, growth, and experiences. The company has about 99 employees and along with that the estimated revenue stands at $20 million (Zoom info, 2021). In addition to that the main objective of the company is to help companies research, strategy, development of products, campaign execution, design creation, mobile app and website building along with digital branding. The services which the company offers are strategy and consulting along with experiences and products. The clients of the company from various industries are Allstate, Zurich, Abbey, Grand Opera House, Openly Insurance and Mash Direct (Origin-digital, 2020). In addition, the company has several competitors that are leading their ways into the digital industry such as Ideatelabs, Whitefish marketing, Liberty marketing, Sequence, and others.
Explanation of current marketing environment based on press (News)
Marketing environment is extensively crucial to analyse to understand the position or current condition of the company for existing in the market. While forming a company or even after the formation, a continuous analysis of the market is essential for gaining competitive advantage in the market against the prevailing or new competitors. It can be analysed from the market that the company has a greater number of suppliers which means that the issue with the prices due scarcity of the items because lack of suppliers would not cause much issues. In addition to that, with the increase in the suppliers, the monopolistic tendency among the suppliers with the prices would also have a lesser impact on the company (Putri and Hermawan, 2021). However, it further needs to be said that the company of Origin Digital has been concerned with keeping a healthy and long-term relation with the suppliers to have an extended and long-term positive effect on the company. Furthermore, it can be said that the buyers or the clients of the company are extensively satisfied with the products and services they are known to provide. Therefore, a loyalty towards the company has been extensively maintained from the client’s or the buyer’s end.
However, it needs to be stated that there are several competitors of the company prevailing in the market, however, with the effective strategies of pricing and appropriateness of the services and products, the positioning of the company can be kept in a higher position (López et al. 2019). Several competitors are there such as Tokyo Digital, Merkle Periscopi, Evergreen Agency and others. However, due to efficient strategies, the company has become efficient in managing its position in the competitive market. In addition to that, the risk of new companies entering in this industry can be said to be significantly low which increases the chances of expanding in further areas of the vast market around different locations. The companies which Origin Digital needs to compete with are the existing ones with reputed names. However, a certain level of competitiveness can be said to be as healthy as that will assist in driving out monopoly in the market and would serve the clients from the perspective of the market rather than premium pricing. Even, several regional customers get attracted towards the company due their services with low costs. Providing high quality services along with low costs can be challenging for the companies; however, this aspect can bring up the position of the company in the market quite high and can pose a competition towards the competitors. Consumers frequently look for such companies that provide such facilities and due to these advantages, consumers tend to maintain loyalty towards the company for an extended period (Liu et al. 2020). Moreover, a significant number of employees are present in the company which would ensure timely delivery of work without having to be pressurised on any employee by the company.
STEEPLE analysis
Social
The social environment in which the organisation operates reflects growth in population. Among these, the Belfast region accounts for the majority of the people living in the country. Moreover, the diversity in the population is also quite significant where the majority of the population is below 40 years which reflects a large population of working-class people (Pandey et al. 2020). Therefore, the cultural diversity and the diverse consumer preferences might require the organisation to choose strategies and develop them according to the changes needs in the market.
Opportunities
In terms of the social environment, the organisation has a significant opportunity in terms of developing search engine optimisation for several small and medium scale companies. Moreover, the organisation can also provide technical strategy and help in digital branding and transformation for various small-scale organisations that have started to image in the UK
Technological
In terms of technology for the environment, it has been seen that the growth of the internet has rapidly spread across the UK with businesses is spending millions on digital transformation and technological advancements. It has been seen that investments across different industries regarding technological advancements have gained quite a popularity with an expected investment of £25 million in the financial tech sector (Buchanan et al. 2018). These investments are going to increase the opportunities for digital transformation and digital marketing upon which the organisation can focus to expand their business operations
Opportunities
As reflected above investments in digital technology and digital transformation have increased and therefore this has created opportunities for new jobs. The organisation can attract companies that are looking forward to having a better presence on various digital platforms which can allow the company to expand their consumer base (Chaffey and Ellis-Chadwick, 2019).
Economical
In terms of economic factors, it has been seen that the unemployment rate within the country is at present 4% with the GDP growth increasing at a CAGR of 0.3%. This reflects on nominal consumer purchasing power. Furthermore, due to the onset of Brexit, there has been a significant negative impact on the country’s economy with uncertainties that have recently surfaced (López García et al. 2019).
Opportunities
In terms of economic opportunities, the organisation can utilise a flexible pricing strategy to attract potential customers and offer them economic packages that are affordable and user-friendly. This can increase the organisation’s ability to attract more customers and thereby achieve better profits in the highly competitive environment
Environmental
In terms of environmental factors, it can be stated that organisations operating in this industry have focused quite heavily upon achieving sustainability (Ponzoa and Erdmann, 2021). therefore, reducing carbon footprints as well as saving energy is a major part of achieving sustainability.
Opportunities
Promoting digital transformation in the market to reflect upon the opportunity is linked with sustainability and how digital transformation can help other organisations to minimise their carbon footprint. As the organisation are eliminating the use of paper and following a digital way of running the business this has created a significant opportunity for the organisation to attract major companies looking towards having a digital consultant for their business operations (Dahiya and Gayatri, 2018)
Political
In terms of the political environment, it has been seen that the recent decision taken by the government to exit from the European Union has created risk for several organisations. The risks are higher especially in the digital sector considering the fact that various regulations linked with the digital marketing environment have changed since Brexit.
Opportunities
The opportunity is linked with the political environment of the country is that now the organisation needs only focus upon the laws present within the UK and thereby corporate and find a sustainable consumer base within the markets of the UK (Matosas-López, 2021).
Legal
In terms of the legal market environment, it has been seen that the country has been making changes to the digital laws especially focusing upon data privacy. Considering such regulations and guidelines are being established by the governments on a regular basis it would be essential for the organisation to follow such guidelines to avoid any kind of legal disputes.
Opportunities
In terms of opportunities, the organisation would be able to provide more transparent and reliable solutions to their existing consumers as the organisation would be following the new data privacy laws that have been established by the government of the UK.
Ethical
In terms of ethical aspects, it can be considered that the organisation needs to respect ethical business operations and respect and data privacy of the consumers they currently have (Chaffey and Ellis-Chadwick, 2019).
Opportunities
In terms of opportunities present in this regard, the organisation can position itself as a company that provides digital solutions to its consumers by abiding by all business ethics standards.
TOWS analysis
| Internal factors | |||
|
External factors |
Strength | Weakness | |
|
Opportunities |
SO1: High chances of future profitability with the combination of extended brand recognition and profound relationship with publicity source
SO2: Increasing scope of achieving sustained competitive advantage with highly available skilled staff that can mitigate market gap |
WO1: Limited budget might create a potential obstacle to ensure access to a new marketing tool
WO2: Existence of limited workforce can be problematic for mitigating extensive market demand |
|
|
Threats |
ST1: Conceptualisation of products and service differentiation for achieving sustained competitive advantage
ST2: Increasing consumer attraction and communication through social media channels |
WT1: Inadequate opportunity of expansion due to limited budget and new regulations influencing marketing practices
WT2: Intrinsic market competition can resist the organisational progress with limited workforce and skills access |
|
Table 1: TOWS analysis
By considering profound match with the organisational strengths and opportunities with potential weaknesses and threats, different strategic interventions can be assumed on behalf of Origin Digital.
The prime concern of Origin Digital has been looking forward to empower the organisational presence across the digital service market. The present changing dynamic business environment has been experiencing prolific transformation of consumer purchasing behaviour under the cover of digital attributes and platforms. The topmost concern in this context highlights the ability of digital marketing to drive an organisational revenue enhancement up to 5% to 8% over a 12 months period (Stefanini, 2021). In this manner, potential companies are being able to conceptualise extended consumer engagement with their products and services. Origin Digital has eventually disclosed prolific growth opportunities with efficient brand awareness that can deliberately empower the organisational presence in the field of digital marketing services.
On the other hand, Origin Digital is also looking forward to ensure sustainable competitive advantage with adequate consumer attraction and service differentiation. The consequences of innovative camping execution and design creation, utilisation of mobile applications, websites and others can be notified within the organisational offerings. Due to this reason, the company has been opening up wider future scope of ensuring prolific customer engagement with positive influence over their purchasing intention. In accordance with the growth of digital marketing, it can be highlighted that around 64% of the marketers focus on actively investing time towards search engine optimisation (Hubspot, 2021). 51% of shoppers highlighted in a survey the preference of Google for researching as an integral part of their purchasing behaviour (Hubspot, 2021). These statistics reflect increasing scope of establishing a strong market presence on behalf of origin digital with the provision of seamless customer experience. The consideration of innovative content creation, campaign execution and others are eventually adding a greater value to extend the organisational accountability and credibility in the field of digital marketing.
With the rapid growth of digital marketing services, explicit market competition can be experienced that can be a potential threat for the growth and acceptability of origin digital. However, this prospect can be avoided through successive service differentiation in combination with prolific brand awareness and skilled staff existing in origin digital.
Key recommendations
In relation to the above analysis of the organisation and its marketing management, several different issues and challenges are being noticed in the study. Therefore, in the scenario, numerous recommendations are being generated below that will allow the organisation, Origin Digital to overcome all those weaknesses and threats efficiently. Apart from this, while undertaking the following recommendation, Origin Digital can probably be able to improve their stability in the marketplace along with attracting most of the customers with extensive reach.
Improved financial stability
Financial stability is the most important aspect for an organisation as all of the operations and business strategies depend on the finances and capital of the corporations. Along with this, it helps in building a sense of trust for the shareholder that their money is safe in the organisation. Limited budget can significantly improve conflicts in the organisation along with the possibility of inaccuracy at the outcome, which can severely influence the customer satisfaction and reputation (Gomez and Bernet, 2019). Financial stability can also allow the organisation to expand their business that will eventually help in acquiring a global market. In this relation, Origin Digital can improve their financial stability by getting advice from the consultancy firms, selling the unwanted equipment, lowering prices along with raising the funds by crowdfunding alongside.
Flexible approach towards change
Flexibility in a business can help the firm to grab new opportunities along with maintaining a productive workplace. Flexibility will eventually allow the organisation to improve their decision-making process, managing the team and the employees. A flexible approach is the one which is currently trending in the business environment, the more the organisation will be flexible the chances of adapting to the changes will become easy (Settembre-Blundo et al. 2021). In this relation, a flexible organisation is assessed to be having more productivity, creativity, trust, improved morale, and healthier workplace as compared to the one who does not have. Therefore, Origin Digital needs to enhance their management style along with strategizing plans and procedures that need to be adapted as per the marketplace’s changes.
Improved recruiting process
Recruitment is the key essential part of an organisation, as it allows the company to have the most skilled and educated workforce that will help the firm to gain competitive advantages. Employees are the one who help the organisation to achieve customer satisfaction along with maintaining harmony across the workplace (Kim and Plester, 2019). Limited staff will lead to limited opportunity and limited production. In this context, Origin Digital can improve their recruitment strategy by recruitment process outsourcing (RPO). Through RPO, the organisation will be able to reduce the cost of recruitments along with having a consistent recruitment process that will bring productivity and candidate quality. Many features of RPO contribute to higher recruiting management experience. Prospective employers will become more delighted with what is delivered and how applicants are identified and introduced into the workplace with the support and participation of an RPO provider. RPO will benefit the organisation in a multitude of ways, not just in terms of lowering hiring expenses and staffing
vacancies more quickly. RPO can truly assist a company in becoming a more pleasant place to do business (Ocampo et al. 2018).
Improving relationship with stakeholders and shareholders
Communication is the key that helps the business grow successfully without any sort of barriers in the marketplace. Stakeholders and shareholders are both the main foundation of the organisation who struggles with the company to make it worth in the market by reaching towards the same-targeted goals (George et al. 2021). Interaction with investors and other stakeholders enhances the organisation’s ability to raise the funds it requires for determining the relative importance. Engagement with governmental agencies, political organisations, and the society will help to establish an awareness of corporate goals. In this context, Origin Digital could utilise a data management system that will be helpful for the organisation to summarise their information to put up in front of the stakeholders as well as shareholders.
Market penetration pricing
In relation to pricing, Origin Digital can particularly use market penetration pricing, as it will allow the company to attract customers. Additionally, due to the low pricing system, the potential customers who are more leaned towards cheap pricing will become a regular customer, which will positively reflect success in sales. The more the customers will find the services to be appealing, they will get attracted towards it and this pricing strategy does the exact same thing by giving competitive advantages in the marketplace (Barkah and Raharja, 2018).
Conclusion
The overall study has highlighted valuable concerns regarding marketing management for origin digital. The current organisational marketing environment highlights extended focus on digital branding, social media involvement, mobile app development and others. Despite experiencing extensive market competition, efficient strategic interventions like brand awareness and skills availability have ensured an empowered market position for Origin Digital. Adequate strategic opportunities can also be highlighted on behalf of the organisation concerning future growth scopes with the help of adequate brand image and wider preference of digital marketing services. The attributes of service differentiation through innovative content creation and mobile app engagement can eventually support future growth with increasing consumer attraction and brand growth. Despite obtaining adequate customer engagement, the company might experience explicit market competition where limited workforce availability can prevent their future growth to some extent.
However, the company is recommended to develop their financial stability along with considering a flexible approach regarding the adoption of change management. The company can also focus on developing stakeholder and shareholder relationships as an integral part of growing business in a flexible and successful manner by overcoming the barriers in the marketplace. However, the prospects of market penetration pricing are also suggested for the company that can increase their accountability in front of potential consumers with greater scope of customer retention and thereby positively influencing customer loyalty.
References
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