Free Accounting Dissertations - All The Other Four Marketing Effectiveness Dimensions - Operational
All the other four marketing effectiveness dimensions - operational efficiency, strategic orientation, adequate marketing information, and integrated marketing organisation also exert a significant impact on customer retention. However, the regression analysis also indicates that, with regard to the growth based performance measure (sales growth), adequate marketing information replaces customer philosophy as the strongest determinant of performance. Thus, the emphasis placed upon each dimension of marketing effectiveness appears to be determined by the performance objective set by the financial services firm. However, one can deduce from the research findings that customer philosophy is of primary importance in a financial services context.
The practice of the industry market has shown that there is a strong positive relationship between the kind of marketing culture a service firm has and its degree of marketing effectiveness. Even when the possible effects of firm size and geographical scope are removed, the relationship between culture and effectiveness remains significant. In other words, the number of employees working in a particular service establishment (e.g. five or 500) and the geographical scope of the firm (e.g. local or global) do not significantly moderate the impact culture has on effectiveness. While each component of marketing culture makes a significant contribution to the explanation of effectiveness, the import of a particular culture component (i.e. service quality) generally depends on the effectiveness component with which it is related.
III. Measures that could help the effort of attracting and retaining clients
a. Design of a solid strategy
The existence of an integrate planning regarding the firm’s operation in the current conditions but also in the future is absolutely necessary in order for the latter to operate successfully and in accordance with its targets. The first step has to be the creation of a specific vision in order to vanish the chance of appearance of unexpected results. This has to be limited to feasible levels and the binding to unrealistic targets should be avoided. The whole strategy should be created following the next steps: a) consider the need for change, b) meet with members of the team, c) examine the necessary solution in order to achieve the change towards a positive direction, d) evaluate the possibility of achievement of the specific strategy and e) design a specific plan that will describe in details the firm’s vision. In any case the decision must be taken after taking account all the factors related to the specific plan. The members of the team should be enforced to be critical in their evaluation (when examining the structure and the respected results of the strategy) in order for the feasible of the plan to be tested.
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