Schermerhorn et al, (2012) opines that the organization refers to the groups of the individuals who have been working in a collaboration in order to gain a certain goal of catering a certain clientele with the various good and services that are manufactured by the concerned company. The organizations generally are known to have been attempting to achieve the goal that is shared by all the major employees of the organization. The various organizations that have been featuring in the concerned markets might need to focus on the four major topics in order to depict the efficiency in the given market. These four factors might include the financial factors, the marketing, the management of people, and the structure of the organisation. The following essay attempts and analysis of the various factors that are related to the analysis and the investigation of the various practices that are undertaken by the Heytsbury Holdings Limited (HHL) in the fields of finances and marketing. The report would also present an analysis and discussion on the interdependences among the core functions of HHL and the ways in which this interrelationship might influence the decision-making processes. The American Marketing Association (2013) states that “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large”. The financial management, as opined by Bovée and Thill (2015), refers to the planning and the allocation of the finances of an organization.
HHL is known to have applied various marketing practices of the contemporary era in the organization taking into consideration both the short term and the long-term objectives, as well as the needs and the wants of the client. HHL has adopted the marketing concept over the product concept. As opined by Bovée and Thill (2015), relationship marketing is one of the key features, that helps the organizational functioning towards the growth and keeping up of long term relationship with the customers and in the process bringing about a development in the customer loyalty. This might result in the retention of the clientele and thereby ensure the continuation in the business derived from the clientele. Bovée and Thill (2015) as well as Aremu and Bamiduro (2012) opine that the management of the customer relationship might play a significant role in boosting the organisational performance since HHL is planning an expansion of the franchising model across the countries of New Zealand and Europe. This might help in the collection of the data that might find a usage in developing a clear understanding of the concerned market and thereby deliver customised products that are tailored as per the demands of the clientele.
In accordance with widespread rise of social media, one of major forms of advertising as stated by Bovée and Thill (2015), is the focusing on the customer satisfaction, since it is easier to communicate the promotions to a larger population through the online medium. The conditions might be true in case of HHL since it had been planning to expand the operations in various geographical locations. The activity of marketing in the company is chiefly done through the television and the press, however, HHL might be advised to build up a strong online presence pertaining to the marketing practices within the organisation. The activity should be executed in a strategic manner, in order top maintain the connection with the concerned client base of the company considering the various challenges that might be incurred while shifting to the other platforms for marketing. Kohli et al. (2015) opines that the social media tends to play influential roles in the marketing of the organization and might further assist in strengthening the organizational brand image. HHL has been planning to invest in the digitalized marketing platforms in order to efficiently cater to the global customers.
Eventually, a solid network within the community, can be created by the franchisee, during an exchange in local communities, wherein one business organisation might benefit from another. According to Layton (2011) this exchange that has been taking place culminates in reciprocity, thereby creating a cyclic order wherein the local community contributes as well as profits from the success of each other.
According to Bovée and Thill (2015) despite the size and the ownership form, the balancing of the various short term as well as the long-term requirement for funding is indispensable for an organization. In order to guarantee the fact that the funds are utilized and allocated in optimal fashion, various efficient as well as effective financial practices are compulsory within the organization. Bovée and Thill (2015) has further added that prospective risks as well as rewards involved to make informed decisions need to be balanced with respect to the flexibility and the leverage. Bovée and Thill (2015) state that the expenditure of the funds is known as the financial management. A strong financial plan and strategy for sourcing as well as allocating the funds is needed by HHL in the daily activities according to the short term as well as the long-term organizational goals. The strengthening of the balance sheet of an organization requires a strong flow of net cash.
According to Moyer, Mcguigan and Rao (2007) the essential part of the financial planning are financial forecasts. The financial forecasts might be predicted from previous data, judgements or the relationships. Businesses are not static and involves risk and hence these predictions may not always be correct. According to Tilley (2012) long term success might be credited to best use of finance function, wherein the financial decision making for the organization entirely involves senior level of management. Batory, William and Heineman, (2005) opine that leading the business organization in the correct direction in accordance to the allocation and the utilization of funds and also according to the ethical marketing practices obeyed by an organization needs attention from top management level.
The capital an organization can be raised either through equity or debt, the composition would be depending on the short as well as the long-term goals of the organization. Additional revenue can be created by the franchising of HHL across New Zealand as well as Europe which could be utilized by HHL for process of further expansion. The daily activities of HHL demands a steady working capital, followed by the maintenance of the ethical practices of finance as well as the corporate governance. According to Bovee and Thill, (2015) a company has to disclose its financial reports in accordance to the ethical standards of the rules and practice correct reporting styles set by GAAP. Budgeting the staff salaries, inventories, training the staff and other such factors also need to be considered. The franchises are situated in various geographical locations, differ in the rates of currency exchange, infrastructure and taxation affects the various financial statements, thus, the cost of borrowing must be planned as well as executed considering the short as well as the long-term goals of the organization.
The value proposition of the organization refers to the benefit packages that are offered to the concerned clientele of the organization. The benefit packages that are offered to the concerned clientele are generally offered to the clientele through the various services and the products that are offered to the concerned clientele of the organization (Aremu & Bamiduro, 2012). The value proposition of the organization is considered to be one of the most important and the most fundamental point that needs to be presented by an organization irrespective of the size of the organization and the time interval that the company had been spending in the concerned market (Gittens & Pilgrim, 2013). The value proposition tends to discuss the various factors that are related to convincing the client to invest in the products of a certain company and the benefits that might be offered by the concerned company over the other similar services or products that are present within the concerned market (Bovee & Thill, 2013). This helps the company to gain a competitive advantage over the various other organizations that have been operating within the concerned market. The value proposition of the concerned company might be hampered due to a huge increase in the matters that pertain to the online retail stores.
The concerned company in discussion, Heytsbury Holdings Limited or the HHL, deals with the products like computers, homewares and other electrical goods and has been an active organization in the markets of Australia, several European countries and New Zealand. The concerned organization is known for the involvement of the franchisee models for the distribution of the various products and the services that the company has been manufacturing. The company majorly deals with the marketing procedures that are accomplished through the online press media and the television programs (Layton, 2011). This has helped the organization to spread the news about the various products that are being manufactured by the organization. The concerned organization might improve the value proposition with respect to the clientele of the organization by engaging the concerned clientele in the matters that pertain to the innovation and the sales of the various products and services of the concerned company (Bovee & Thill, 2013). This might help to deal with the matters that pertain to the increase of the competitive advantage of the concerned organization over the other various organizations that have been operating in the market and have been dealing in the similar products such as the products like computers, homewares and other electrical goods.
Aremu and Bamiduro (2012) opines that the structure of an organization refers to the various systems that are used to describe the hierarchy that exists within the concerned company. The structure of the organization aims to put forth an identification of all the various job profiles that exist within the organization, the functionalities that is maintained by each of the job profiles within the organization (Layton, 2011). The organizational structure might also consider the factors that are related to the reporting area of each of the job profiles that is present within the hierarchy of the organization (Fineman, Gabriel & Sims 2010). The organizational structure might also define the processes that are followed within the organization in order to ease the activities that pertain to the allocation of the tasks among the concerned employees and the coordination among the various members of the organization who have been performing the tasks (Bovee & Thill, 2013). The organizational structure of the organization might also be considering the factors that are related to the supervision of the various employees of the organization in the matters that pertain to the completion of the tasks at hand as well as the processes that need to be followed in order to complete the concerned task at hand.
The concerned company in discussion, Heytsbury Holdings Limited or the HHL, is known to be comprised of a workforce of almost 14470 members who have been serving at the various locations wherein the company has been operating. The concerned company in discussion, Heytsbury Holdings Limited or the HHL, has been known to be active in the markets of Australia, several European countries and New Zealand. The company is known to have been the owner of the almost 41 outlets that are owned by the company. The concerned organization is also known for holding the various stores with the franchisees of the organization as well (Bovee & Thill, 2013). The company is known to own franchised stores that amount to almost 174 stores all over the countries wherein the company has been functioning like the countries of Australia, New Zealand and other several European countries. The organizational structure of the organization in discussion, Heytsbury Holdings Limited or the HHL, might also be considering the factors that are related to the supervision of the various employees of the organization in the matters that pertain to the completion of the tasks at hand as well as the processes that need to be followed in order to complete the concerned task at hand.
According to Smircich and Stubbart organization might be defined as a platform of individuals wherein various assumptions, beliefs and values are shared in order to encourage the individuals to put forth interpretations that are mutually reinforcing and thus motivates the individuals to act in ways that are mutually relevant. According to Kuhn (2009) based on the complexity view, organizational activities might be classified as dynamic, emergent and self-organized. The principle of complexity theory can be linked to HHL. This results in dynamic and the complex environment, which results in the disclosure of new patterns of the organizational behaviour. The functional organizational structure of HHL, has influenced the financial, marketing and people management practices. Bovee and Thill (2015) argue that the organizational structure has an impact on the communication, decision making as well as the task completion. The increased growth and franchising have resulted in the situations wherein the hiring of new employees might mean that funds should be allocated for the training purposes, the budget should be kept aside for the digital marketing strategies that HHL has been planning on undertaking and the finance that is mandatory for the completion of the project irrespective of its size or nature. The interrelationship among the four major functional areas for HHL might be depicted through the above discussion.
Conclusion:
In conclusion, it might safely be deduced that Heytsbury Holdings Limited have arranged the four facets into a combined organizational entity in a strategic manner. These four facets include the financial factors, the marketing, the management of people, and the structure of the organisation. This might assist HHL in finding a comprehensive way in order to accomplish the major objectives that might lead to the customer satisfaction. The interrelationship and the interdependence among the functional areas of HHL, demonstrates that it is capable of accomplishing and aligning the activities and the decision making in accordance to the short as well as the long terms objectives outlined for the company.
References:
American Marketing Association 2013, Definition of marketing, viewed 24 February 2017, www.ama.org/AboutAMA/Pages/Definition-of- Marketing
Aremu, MA & Bamiduro, JA 2012, ‘Marketing mix practice as a determinant of entrepreneurial business performance’, International Journal of Business & Management, vol. 7, no. 1, pp. 205-213.
Batory, SS, William, N & Heineman, A 2005, ‘Ethical marketing practices: An investigation of antecedents, innovativeness and business performance’, Journal of American Academy of Business, vol. 6, no. 2, pp. 135-142.
Batory, SS, William, N & Heineman, A 2005, ‘Ethical marketing practices: An investigation of antecedents, innovativeness and business performance’, Journal of American Academy of Business, Cambridge, vol. 6, no. 2, pp.135-42.
Bovee, C & Thill, J 2015, Business in Action, 7th edn, Pearson Education, New York, USA.
Bovee, C. & Thill, J. (2013) ‘Chapter 13 ‘The Art and Science of Marketing’ in Business in Action, Pearson, New York.
Bovee, C. & Thill, J. (2013) ‘Chapter 16 ‘Customer Communication’ in Business in Action, Pearson, New York
Fineman, S, Gabriel, Y & Sims 2010, ‘Chapter 1 Introduction: organization and organizing’ in Organizing and organizations, SAGE, Los Angeles.
Gittens, D. & Pilgrim, S. (2013) ‘Foreign direct investment and human capital: A dynamic paradox for developing countries’ in Journal of Finance, Accounting and Management, 4(2) pp. 26-49
Kohli, C, Suri R & Kapoor, A 2015, ‘Will social media kill branding?’, Business Horizons, vol. 58, no. 1, pp. 35-44.
Kuhn, L 2009, ‘Introduction’, Adventures in complexity for organisations near the edge of chaos, Triarchy Press, Devon, UK, pp. 1-13.
Layton, R. (2011),“Towards a theory of marketing system”, European journal of marketing, Vol. 45, No. 1/2, pp. 259-276
Moyer, Rc, McGuigan, JR and Rao, RP 2007, Fundamentals of contemporary financial management, 2nd edn, Thompson South-Western, Mason, Ohio.
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