Nguyen Quang Huy - Marketing Manager

The Marketing Manager (MKT3041-3XFT) Student Name: Nguyen Quang Huy University of Northampton May 05, 2021 Contents Introduction Research by Moorman and Rust (1999) has shown that the marketing orientation of a company is extremely important and cannot be denied The business function of marketing plays an important role in maintaining relationships between companies and customers To develop ourselves to become a successful and talented marketer in the banking sector, we need to understand the roles and responsibilities of marketing and apply the necessary skills to meet the requirements From there, you can create a plan for yourself to develop yourself Roles and responsibilities of modern marketers Kotler and Keller (2009) argue that marketing is an organizational feature and is also a series of processes that include constructing, interacting, delivering value to customers and managing customer relationships in ways that benefit the organization and its shareholders This definition tends to be customer-oriented Over the years, the definition and applicant of marketing has changed constantly, all aimed at providing the right product as well as service to the exact customer at the exact time and at the right price Figure 1: Modern Marketing Model Source: Sarah et al (2020) Customer’s relationship management With a sharp increase in competition and a scarcity of customers, the role of customer care becomes more important than ever Businesses are frantically looking for amenities and benefits that appeal to customers In research by Piercy (1997) that customer focus is the top factor When we focus on customer needs, change approach to problem and follow customer needs, sales increase dramatically Assess potential market and customers In order to increase customer demand for products produced by the business, the brand vision and strategy must follow the latest updates, blending with the business process Marketing managers must identify new potential markets and must also maintain relationships between existing markets for the business and its products Serving as media connection Make the most of media channels to have a more holistic view of customers, understand customers from their perspective On social networks, online reviews, customer care call centers, are all places where we can learn Today, we have many opportunities to listen to the opinions of our customers According to a study by the Pew Internet Project, up to 88% of adults carry a mobile phone, 50% of which are smartphones, and 19% have tablets Mobile devices account for 30% of email opened Be the bridge of communication between your customers and your business Making marketing plan According to the nature of the company, the marketing director will have to create an action plan to identify the marketing activities, sales forecasting, advertising, sales promotion, product distribution that need to be carried out to achieve marketing goals The content must be constantly updated with accurate data and analysis by specialized tools Must work with manufacturing sector to create tailored products or experiences for customers while keeping costs under control Responsibilities towards Enterprise Marketing director is a person who bears great responsibility when it comes to accomplishing predetermined goals of the business To that, he will have to plan, organize, coordinate and control the marketing strategy He will have to gather the results of market research to make a decision on the quantity and quality of production Prepare sales forecast, product plan and pricing along with advertising roadmap, define product distribution channels Besides, he also has to worry about the company's credit and financial policy and design after-sales and customer care programs (Functions and Responsibilities of Marketing Manager - GKToday, 2016) Operating with an ROI (Return On Investment) mindset, people must act as if the money they are spending is their own To avoid wasting money, it is necessary to monitor investments, setting standards to identify non-value-generating, underperforming investments to discard Such financial strictness will not only help marketing leader fulfill his mission as a growing engine; it will also build trustworthiness with the CFO, unlock extra investment, and demonstrate the value of marketing to the whole company (Sarah, Dianne, Jason and Björn, 2020) Responsibilities towards Employees As a marketing manager, all employees in his department play an important role He must provide training programs as well as appropriate compensation Must motivate employees, this also indirectly benefits the development of the company Thereby he can evaluate the performance of each employee and plan to improve the results Coordinate employee activities in a reasonable way, creating a unified whole to maximize work efficiency In fact, research has shown that marketing leaders who treat employees equally promotes growth, articulate how marketing can help meet their needs, and make sure they understand the role they play well-defined role of marketing Marketing leaders should model and set goals and guide how each member of the marketing team should collaborate seamlessly with colleagues in other departments (Functions and Responsibilities of Marketing Manager - GKToday, 2016) Responsibilities towards Customers For customers, there must be need research to be able to satisfy their desires Customers are an extremely important factor for the development of a business so modern marketers must be aware of the challenge of complexity and scale, which involves committing to a few things: a constructive way of thinking when solving customer problems; must have a unified data base and view of the customer; continuously analyze data from the customer's perspective; measure what customers can experience; and finally hire a team of experts who can turn the customer's wishes into a reality The first step is to realize that the customer segment is broader than you think The best marketers are all growing to focus on smaller segments and showing good results The motivations and behaviors of their most potential customers will be studied and supported for the business in serving customers They can also align their staff around attracting more of them and creating greater brand loyalty (Functions and Responsibilities of Marketing Manager - GKToday, 2016) Requirement for Customer Relationship Management (CRM) in banking sector For the banking sector, the marketing mix strategy is increasingly being used widely and bringing positive results Figure 2: Marketing Mix 7P Source: Armstrong et al (2006) Product Armstrong, Kotler, Brown and Adam (2006) defined a product as a good, service, or idea that can be offered to a market to satisfy a need In the banking sector, product mixing is one of the most used strategies Products and services in a bank are often linked together and are difficult to separate For example, the bank's products are deposits, loans, international payments, credit cards, etc., the service is the way that those products are introduced to customers Price The next factor to consider is price because this is a very sensitive marketing activity It affects the success or failure of a bank Gabriel (2005) in his research argues that pricing is a process of quantifying the value provided to customers based on a product Pricing is important because it affects sales as well as customer behavior However, in the banking sector, there is little price competition for banking products as they are coordinated by the government and Central Bank Place Location is the next factor that needs attention because the product must reach the customer as soon as the need arises That is why the distribution of branches as well as transaction offices as we see them today appeared A magnificent area will attract customers, businesses, locals to visit, perhaps that's why we see banks often appearing side by side If a customer is not satisfied with the service quality of this bank, they can immediately switch to another bank with better incentives Rainisto (2003) has said that creating a competitive advantage is a big deal, more important than anything else Promotion The main promotional policy is to inform, remind and persuade customers to use a product or service (Sexena, 1988) Informing and persuading are the two main goals in any advertising campaign Sometimes it's advertising and promotion that will mislead people, but in reality, advertising is only a small part of the promotional mix Activities that fall under this promotional mix include advertising, public relations, direct marketing, retail, sales promotions Managing these tools properly will bring development to businesses in general as well as banks in particular Process The product delivery process and the way the product is delivered to the customer greatly influences consumer satisfaction The process is often overlooked by organizations as well as in the banking sector Customers have to wait in long lines to be served, they go to the ATM to report it is broken They just want to solve a simple problem but the system cannot support it Process is an important marketing strategy of the bank It creates value for users and creates uniqueness for the product It directly creates a competitive advantage for the bank All follow theory of the "value chain concept" Physical evidence For marketers in the banking sector, physical proof is a strategic tool Service cannot be experienced until it is delivered Customers using the bank's services will make transactions that they cannot measure or verify, but the risk will be reduced when they get the results back The arrangement of doors and reception counters is one of the factors that attract customers to the bank Besides, product packages are also a good strategy used by banks People The last but also the most important factor: the human factor No matter how technology develops, banks cannot function without people (Gabriel, 2005) He also pointed out that the roles of service providers and service products are intertwined, inseparable Service providers create and deliver value to customers at the same time Every banker is responsible for his or her job as both a giver and a receiver If employees not support each other and receive help, work will be delayed and customers will be affected In the seven factors mentioned above, people always appear in each component and all have a role and contribution in it The marketing mix consists of a very precise description of potential needs of the customers, as well as the development of a marketing mix to meet those needs Customer Relationship Management (CRM) is a recent advancement in this field It is a marketing strategy to learn as much as possible about consumer preferences in order to ensure long and sustainable relationships with them It is a thorough process of obtaining and retaining targeted customers in order to generate value for both the bank and the client Customers are acquired through CRM through personal contacts, media advertisements, or brand awareness from current customers Consumer loyalty is accomplished through the use of data warehousing and analysis tools, customer support and call center systems, and enhanced customer usefulness through cross-selling and up-selling to maintained clients The concept of data processing and data prospecting used in CRM aids in the detailed and timely gathering of information about specific customers and their needs Business intelligence creates customer-specific data by tracing it from product and services that customers use, such as deposits, credits, currency trading, e-commerce, safe custody, bill gathering, and so on Data analysis performs various forms of research on collected data to determine customer preferences in terms of product, price, and distribution channels, and provides a comprehensive view of each customer at any given time Client data obtained by the bank by daily banking operations is frequently adequate for data storage However, it is frequently required to be supported by data gathered outside the sources as well as agencies Marketing academicians and researchers have commonly acknowledged over the last 50 years that advertising reflects an organization's customer focus (Groănroos, 2006), and comprehending how to handle relationships with clients efficiently has become an interesting subject for both scholars and practitioners (Reinartz, Krafft and Hoyer, 2004) Marketing is increasingly involving positive relationships with clients and associates in order to co-create simplistic solutions and/or together seek potential markets (Nix, Lusch, Zacharia and Bridges, 2008) Personal skill set and reflections To become a good marketer and perform the role of CRM well I have selected a set of my skills as follows Communications skill For the role of marketing, it is essential to try and convince a significant proportion of individuals with varying levels of responsibility not only within the institution Furthermore, the willingness to hear and sympathize with others is critical, as is the language to convey ideas while remaining compliant with regulations Good communication skills are required to lead crowds, contribute and discuss to solve problems and make decisions Once again, the ability to present, raise ideas plays a decisive role Communication skills are also used to maintain social relationships, internal and external work relationships For the banking sector, marketing staff need to have a close coordination with all departments through skillful use of internal communication skills By doing so, they will get a lot of help and the job will be completed quickly and efficiently External affairs, contact with customers, it is necessary to be agile, active, proactive in work, grasp the psychology and needs of customers to offer optimal solutions for customers Problem solving skills As mentioned above, a bank cannot operate without customers But with the mutual competition between banks and the increasingly scarce number of new customers, the role of customer care is put on top In order to take care of customers, it is necessary to have skills in handling situations, because the needs of each customer will be different This skill can be improved in many ways such as understanding the regulations and products that your bank is offering Thanks to that, the new marketing or sales staff can accurately advise customers This directly contributes to the development of the bank because customers who are satisfied with the service will refer more customers to experience the service Teamwork and interpersonal skills For sales and marketing, internal cooperation between departments needs to be maintained and developed In some organizations, the nature of working relationships is slowly changing As the image of teamwork becomes more and more effective, lone sales warriors are disappearing In the financial sector, this is directly related to branches as well as departments, to get maximum support to meet the work before and after sales and marketing Marketers should also build relationships with external agencies such as PR, market research, and advertising In some special cases, marketers also need to work and communicate in a multinational environment Leadership skills, managing the capacity of subordinates, developing relationships and receiving feedback from people In sales and marketing management, the above skills are extremely essential Marketing Skill gap According to (Kodz, Atkinson and Perryman, 1997), in terms of marketing skills alone, there is a perception from the participants that there are a lot of people working in the field of marketing but cannot afford it That view is that UK companies need to improve their marketing more, to satisfy their customers and compete in the international market Although the study was not conducted with small and medium-sized businesses, there is also an opinion that marketing skills need to be improved in small companies, or affiliates of large companies The ability to see the vision and identify opportunities is a point to improve in the marketing staff To overcome this problem, a manager gets to manage a group of marketing staff, showing them responsibility for what they Analytical skills are also a missing skill for marketers and they don't like working with numbers While this skill is extremely important due to the exposure to technology, innovation such as direct marketing The ability to influence is also mentioned to improve, especially relationships that affect the company As a result, there is feedback that marketing is not the main strategy, and that missed opportunities have to be redoubled, but campaigns still fail as a result This shows that marketing is being done by a young, inexperienced team Analytical skills, project management, and logical thinking are all lacking Besides, the lack of brand awareness is also a prominent problem Lack of enthusiasm is also an alarming condition for some marketers Sale skill gap The lack of skills in sales often occurs with changes in job requirements and the environment in which employees are working The role of leadership in the new context is completely different from that of traditional sales They need to be fully committed to their work and work professionally, but in reality, the opposite is true, employees often cannot afford or don't care about this Forced sales, lack of targets puts sales staff at a very high risk of losing their jobs A recruiter in the financial sector has recruited a salesman to work at a large bank to change his staff However, in the bank's culture, sales staff have been trained to say no, this is a new aspect, a new way of looking at sales Employees who successfully complete their work will be transferred to another department Customer care skills and proactively looking for new sources of customers are identified as skills that are often lacking in sales staff There is feedback sharing that telesales staff in their place are too passive As a result, they failed to generate new customers and many opportunities were missed Essential qualities such as selfesteem, empathy, flexible attitude, open-mindedness are also listed as deficiencies in salespeople As (Greenberg, 1996) pointed out that without the above factors, it is not possible to take up a sales position Statistics show that more than half of salespeople are in such a situation and a quarter of them are advising the wrong product to customers This shows that the product being sold is not matching the sales person himself The enthusiasm for sales has also waned among salespeople in the UK The company's deep understanding of the business is also seriously problematic Many sales people not understand the psychology, wishes and aspirations of customers This makes the business suffer greatly due to the loss of many opportunities To solve this problem, employers should hire experts as consultants as well as ask for help from customers to improve service quality as well as design appropriate training programs The above are problems occurring abroad, but my own experience with service quality as well as marketing in the financial sector, especially banking, has similar problems The first is that the sales or marketing staff not grasp and understand the strengths of the bank they are working for Therefore, they not understand the needs of customers when they come to transact at the branch Besides, not knowing the products and services they are marketing is also a matter of concern, it makes the advice of sales staff, marketing staff meaningless Personally, I have been consulted about products and services at banks that not meet my needs Many other customers feel the same way, they feel like they are talking to an answering machine, giving all the products they have As mentioned in part two, all customer needs need to be met in the right place, at the right time and most importantly, the value brought after using the service However, not all marketing or sales staff can this It is worth noting that customer care needs a lot of improvement Before customers use the service, sales and marketing staff have a very warm, joyful and welcoming attitude However, as soon as they convince customers, they are no longer enthusiastic or interested in customers, all focus on developing new customers, new opportunities and so on This makes the bank that those employees work for have a very high chance of losing customers when customers no longer feel they are cared for and properly cared for Besides, capturing customer psychology is very important, marketing staff should distinguish different customer data files to come up with the most effective approach, instead of aggregating them all and doing the same common plan This will increase the sympathy of customers because everyone will have different tastes, no one is the same Personal Development Plan With the roles and responsibilities of marketing mentioned above in part one, the requirements needed to perform well in a role in the banking sector and build a skill set that is right for you, are the following: My personal development plan is based on the content shown in the previous sections Target Improving skills Action to achieve communication When working in a group, listen to the opinions of colleagues, give suggestions and share your views on the problem, synthesize opinions and come up with the best solution Evaluation Review with the team after the project ends, commenting on the good aspects that need to be promoted as well as the weak points to continue to change Weigh the project results against the set goals In the next group activities, the old members who still want to continue working with me are considered successful Improving problems solving Find out more about the Successfully solve skills strengths that products and problems using the method services bring, and contact relevant departments to get maximum help Seek advice from more experienced people before coming up with a final solution Improving teamwork and Organize teambuilding Grouping based on observed interpersonal skills activities, thereby observing results to complete assigned to fully understand a part of tasks The results will reflect the personality, how to the accuracy of the handle situations of team clustering Need at least members so that they can times to achieve the plan arrange and divide work with the assigned groups effectively commensurate with their ability Conclusion The above is my personal report on marketing in the current context, based on information from previous studies Set out a specific situation about the requirements necessary to a good marketing task in the organization Based on that, make a plan to develop myself accordingly References Armstrong, G., Kotler, P., Brown, L and Adam, S., 2006 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