Presentation to the Board of Directors
To: The Board of Directors/ the Members of the Reorganization Committee, Enhanced Analytics, Inc. Austin, Texas
From: Senior Vice President for Marketing, Enhanced Analytics, Inc. Austin, Texas
Date: 9th April 2021
Subject: The Importance of Marketing Department and Proposed Reorganization
1. Marketing Management
According to the American Marketing Association (AMA), the scope of marketing is wide and it includes both, institutions and processes for exchanging valuable products and services (American Marketing Association, 2017). Similarly, marketing management includes various aspects of marketing programs including its planning, organizing, controlling and implementing to create demand and satisfy customer’s needs (Bhardawaj, 2019). Marketing is indeed vital for organizations because, without marketing, it is almost impossible for any commercial organization to achieve its business goals. After all, through promotional activities, businesses make people aware of their products and services. For example, our company provides marketing consultancy services to other organizations and we promote our services through marketing. Our marketing of services should be exemplary because prospective customers would be interested in how we promote our own services. The applications of marketing are wide-ranging as it is used to create awareness, promote offerings, receive customers’ feedback, and increase the goodwill of the entities.
2. Case Study
Bombardier is one of the leading commercial jets manufacturing organizations in the world. However, in its recent history, its management has failed to give due importance to marketing and the entity has to lose many of its division at discounted valuation (Sindreu, 2020). The entity failed to promote and offer the customers better products. Partially due to the failure of Bombardier in marketing and understanding customer’s needs, the company has to secure millions of dollars loans from the government (Reynolds, 2020). It suffered a loss of US$1.61 billion for 2019 (Reynolds, 2020). The fate of the large company could have been better if it had understood the importance of marketing like its rival Boeing and Airbus.
3. Lifelong Learning
The modern business world is indeed dynamic and remains on the top, executives and organizations need to upgrade their marketing knowledge and strategies constantly. For example, recently social media marketing has gained immense popularity. Those who have not updated their knowledge and skills in this area might suffer considerably. Another example of changes in marketing evaluation is the introduction of balanced scorecards in place of traditional measures(Kaplan & Norton, 1992). Moreover, the internet and faster means of commutation and communication have intensified the importance of lifelong learning. Innovators reap the advantage and laggard pays the cost.
4. Conclusion
As a matter of fact, most funding in the marketing department is used to plan and create specific marketing campaigns. Similarly, a portion is utilized on training and on keeping the staff up to date with the latest technologies and trends in marketing management. Being the manager, I am convinced that both activities are vital and a funding curtailment will be detrimental to the long-term success. The organization might have to lay off staff. It is true that COVID-19 has negatively affected businesses across the globe; however, according to media reports, the World might be able to come to normal in the next year (Deutsche Welle, 2021). At this time we need to maintain our current level of funding for the department so that we continue to serve our existing customers and find new ones as well. Apart from this, we need to train our employees so that when the situation becomes normal in the coming few months they are in a position to deliver up to our expectations as per the balanced scorecards. I want to avoid the fate like Bombardier which plunged into deep trouble due to failed marketing in just few years. The cut in funding is not an option; rather, it is a recipe for disaster, which I do not want for my department and the company.
References
American Marketing Association. (2017). What is marketing? -The definition of marketing. American Marketing Association. https://www.ama.org/the-definition-of-marketing-what-is-marketing/
Bhardawaj, A. (2019, August 7). What is marketing management? Introduction, importance, scope and function. Economics Discussion. https://www.economicsdiscussion.net/marketing-management/what-is-marketing-management/31788
Deutsche Welle. (2021). Is the end of the corona virus pandemic in sight? DW https://www.dw.com/en/is-the-end-of-the-coronavirus-pandemic-in-sight/a-56740737
Kaplan, R. S., & Norton, D. P. (1992, February). The balanced scorecard—measures that drive performance. Harvard Business Review. https://hbr.org/1992/01/the-balanced-scorecard-measures-that-drive-performance-2
Reynolds, C. (2020, February 13). Bombardier exits commercial aviation as it sells C Series stake. Global News. https://globalnews.ca/news/6545579/bombardier-to-report-earnings-as-future-of-the-company-hangs-in-the-balance/
Sindreu, J. (2020, February 5). Bombardier’s crisis shows how business isn’t all about product. Wall Street Journal. https://www.wsj.com/articles/bombardiers-crisis-shows-how-business-isnt-all-about-product-11580896956
Novack, R. A., & Gibson, B. J. (2017). Supply chain management a logistics perspective. Boston, Mass. Cengage Learning.
