STO306HK - Current Issues in Management Maxims Group Case Study

STO306HK - Current Issues in Management Maxims Group Case Study

Current Issues in Management Maxims Group

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ADVANTAGES AND DISADVANTAGES OF DIGITAL MARKETING

Digital marketing is process marketing which is consists of different internet-based digital technologies. Most organizations around world are focusing on digital marketing approach to perform marketing activities(Desai, 2019). Organizations need to focus on the advantages and disadvantages of digital marketing process to keep their marketing operations up to date and productive.

Advantages of Digital Marketing

Improve Customer Loyalty

The digital marketing process allows the organization to perform a personalised marketing plan for customers. In the digital marketing process social media engagement and personalised email, offers can help AIA Group to develop loyal relationship with their customers.

Customer Engagement

The digital marketing process helps the organization to customise marketing plan as per the needs of customers. In Digital marketing plan,Hang Seng Bankis using effective customer journey map to improve customer experience in purchasing process. In this process customer, touchpoints can be improved by organization to improve customer engagement.

Target Right Audience

In the digital marketing plan, organization can develop effective marketing plan that is focused on target audience(Key, 2017). AIA Group can make respective changes according to their target customers.This is how organization can develop effective marketing plan according to their target audience

Disadvantages of Digital Marketing

Too Much Dependability on Technology

Too much dependability can affect the reliability of the marketing plan in condition of technical failure. Small mistake can affect marketing plan of company. For example, in digital marketing process of AIA, wrong information or wrong input can reduce the effectiveness of marketing place.

Security and Privacy Issue

Security and privacy issues are also common in the digital marketing plan. In the digital marketing process different type of information need to be used to make the marketing plan successful for Hang Seng Bank. Cyber-attacks can cause security and data privacy issue in the digital marketing plan of company. This is how security issues are more critical in the digital marketing plan.

WAYS TO OVERCOME DISADVANTAGES OF DIGITAL MARKETING

In case of Maxims Group, this is important to focus on the disadvantages of digital marketing process to avoid failure in business operations. As a catering service, this is important for company to maintain effective practices in marketing process to get better outcome from it. Major practices that can be performed by the organization to mitigate the disadvantages of digital marketing.

Innovation and Creative Approach

In current time, there is high competition in target market and this is difficult for the organization to get better result with the common digital marketing approach. This is most important for the organization to focus on developing creative and innovative approach in the marketing planning(Shen, 2018). This can help Maxims Group to develop effective digital marketing approach to promote their business operations in market place.

Training and Skill

The role of training and skill development is most important for success of digital marketing approach of an organization. To get effective results from the digital marketing campaign of company this is important to develop effective team in marketing department. By providingeffective training to the employees of marketing department, effective digital marketing plan can be developed for the company. Skilled team in the marketing department can help Maxims Group to avoid security and privacy in digital marketing approach.

Effective Utilization of Information

Role of information is most crucial in the marketing plan. Accurate and precise information can be used in the digital marketing plan to develop loyal relationship with potential customers in target market(Langan, Cowley, and Nguyen, 2019). Effective utilisation of information regarding marketplace and customers can help the company to run the digital marketing campaign effectively.

These are common processes that can be used by the business organization to overcome the challenges that are associated with the digital marketing approach.

INFLUENCE OF BIG DATA ANALYTICS ON BUSINESS PRIORITIES AND DECISION MAKING

Big Data Analytics is considered as one of most advanced level information and data management system that can be used by business organization.Big Data Analytics can be used to effectively manage information and data related to business operations.By using Big Data Analytics in business operations, digital marketing campaign of organization can be improved. Big Data Analytics can be explained as process that is used to extract meaningful information and insight from information available to Maxims Group(Singh and El-Kassar, 2019). Different patterns and relationship between variables can be analysed to support organization in various processes. It can provide ability to the organization to take advantage of the situation. In different ways, Big Data Analytics can be used by company to improve business practices in the target market. The main objective of the Big Data is to analyse the business data of company to evaluate risk for them, product development, and innovation, improve decision-making process, and provide better experience to the customer in the purchasing process. Major operations of organization can be categorised into two different categories which are business priorities and decision-making process. Business prioritisation can be explained as process of prioritising tasks in business operations and other category is related to the decision making process of company. Both aspects are important for the business organization.

Business prioritisation can be explained as prioritization of different tasks that are performed in business organization. Big Data Analytics is considered one of most effective system that can be used by organization to manage information and data effectively. All the information related to the business operations is processed and managed by Big Data Analytics. Role of Big Data Analytics is to manage what is collected from the business operations. Big Data Analytics can help the company to analyse issues and potential risk in business operation by analysing business data of company. Big Data Analytics can help the company to analyse structured information to find suspicious activities in business operations. This can help the company to analyse potential risk for the company(Wamba, 2017). This process can help the organization to predict risk in business process and perform prioritisation of different business activities. Risk and potential threats that are analysed by Big Data Analytics can be considered by organization to perform prioritisation of different business activities. Business operations or activities that are consists of higher risk can high prioritised in business operations and company can initially focus on these activities to avoid major failure in business operations. Tasks of lower priority can be rescheduled after high priority tasks to maintain performance of the organization in target market. This is how information can be managed and processed through Big Data Analytics to improve prioritisation of tasks in company.

Decision-making process is also most important for the business organization. Success of business organization is also dependent on decisions that are taken by management of company. Main objective of the Maxims Group is to improve marketing operations in market place. So, in this case, this is most important for the organization to make effective decisions for the marketing operations. Big Data Analytics system is effective to analyse information and data related to business operations. It can help the organization to identify suitable customer base to perform marketing activities. Role of Big Data Analytics is crucial in decision-making process of organization. Big data analytics can help the organization to analyse performance of organization in target market and find issues in current business operations. On basis of issues that are analysed in business process can be considered by the Big Data Analytics system to predict failures in business or marketing activities. This is how information which is collected from big data can be considered in the decision-making process. This can improve the decision-making process of management of Maximus. Improved decision-making ability and effective prioritization of tasks can help the organization to perform different digital marketing activities effectively to promote their catering services in market place.

Opportunities and Disadvantages of Big Data Analytics for Company

Opportunities and disadvantages of Big Data Analytics can be evaluated to analyse its effectiveness for the business organization. Opportunities can be evaluated to plan effective changes in the information and digital marketing system of company and disadvantages of Big Data Analytics can be analysed by organization to find effective solutions to improve effectiveness of Big Data Analytics for company. Major opportunities that are identified for Big Data Analytics in Maxims Group are-

Enhanced Information Management- Main objective of the Big Data Analytics is to improve the information management process of organization(Sun, Strang, and Firmin, 2017). This process can help the company to improve their database. It also can improve the processing of different data analysis tools. Better data management can improve business and marketing strategy of Maxims Group in target market.

Improved Operational Efficiency- This is major requirement of organization to critically work on operation management strategy to improve performance in target market.Big Data Analytics can help the organization to identify key challenges and issues in business operations. It can help the organization to focus on those challenges to improve the performance organization in target market. It also can help the Maxims Group to gain operational efficiency in business operations.

High Responsiveness- Big Data Analytics is effective tool to manage and analyse critical information of organization. This capability is helpful for company to become higher responsive to challenges and issues in business operations. This responsiveness is important to maintain higher performance standard in business operations. This is how higher responsiveness can improve the performance of organization in different business and marketing operations.

Major challenges and Disadvantages that are associated with the Big Data Analytics are-

Big data Analytics system is connected to the database of company and it can help the organization to identify major operational issues in company but it is prone to data breach. Hacking and other cyber-attacks can affect the security and safety of company data and information. This is also challenging for Maxims Group to effectively transfer information and data with high security and privacy. Information transfer is major issue with Big Data Analytics. Predictions that are made by the Big Data Analytics are based on database of company and relationship between different variables in database. Perditions that are developed by Big Data Analytics are inconsistent and it can affect the long-term goals of business organization. These are major issues or disadvantages of Big Data Analytics for maxims Group.

PROJECT PLAN

Overview

Maxims Group is highly interested to improve its digital marketing approach to make reach to large audience. To improve the effectiveness of digital marketing process, organization have planned to implement Big Data Analytics in information system of company. This project plan will help to improve the implementation of Big Data Analytics in information system.

Aim-

Main aim of project is-

• To integrate Big Data Analytics with information system and digital marketing system of Maxims Group.

Strategy-

For effective implementation of Big Data Analytics in company, step-by-step implementation plan can be developed to get better result in target market.Proper system development lifecycle will be used to implement Big Data Analytics in organization.

Implementation of Big Data Analytics

Planning

This stage will be consist of planning process that will be used to successfully implement Big data Analytics system in organization. Various specialists are considered in this stage to develop effective team for implementing Big Data Analytics in organization’s information system.

Requirement Analysis

In this stage, requirement of maxims Group will be analysed related to digital marketing system and other business processes. As per the requirement of company, proper system will be selected for implementation.

Designing

As per the requirement of organization, effective blueprint of Big Data Analytics will be developed. This design or blueprint will help to get better overview of the Big Data Analytics system in company.

Software Development stage

In this stage, all software related requirements are targeted by company. Complete software is designed in this stage.

Testing

After the development of software, it will be tested on different type of information and data to evaluate its effectiveness for maxims Group.

Implementation

After the testing process, complete Big Data Analytics system will be integrated with the information system of company. All hardware and software systems are connected to the database and other data processing tools of company.

Operation and Maintenance

This is considered as post implementation stage. In this stage, regular maintenance is performed to maintain effectiveness of Big Data Analytics system and avoid system failure.

Budget

Estimated(In USD)	Actual (In USD)
Big Data Analytics System	11000	12000
Hardware changes in current technology	2000	3000
Implementation	1200	1500
Employee Training	1200	1500
Total	15400	18000

This is how Big Data Analytics will be implemented in Maxims Group to improve the effectiveness of the Digital Marketing Process

References

Books and journals

Desai, V., 2019. Digital Marketing: A Review. International Journal of Trend in Scientific Research and Development, pp.196-200.

Key, T.M., 2017. Domains of digital marketing channels in the sharing economy. Journal of Marketing Channels 24(1-2). pp.27-38.

Langan, R., Cowley, S. and Nguyen, C., 2019. The state of digital marketing in academia: An examination of marketing curriculum’s response to digital disruption. Journal of Marketing Education. 41(1). pp.32-46.

Shen, L., 2018. The New Social Media Marketing Plan for HK Maxims’ Cakes in Mainland China–A Case Study. International Journal of Economics, Finance and Management Sciences. 6(6). p.246.

Singh, S.K. and El-Kassar, A.N., 2019. Role of big data analytics in developing sustainable capabilities. Journal of Cleaner Production. 213. pp.1264-1273.

Sun, Z., Strang, K. and Firmin, S., 2017. Business analytics-based enterprise information systems. Journal of Computer Information Systems. 57(2). pp.169-178.

Wamba, S.F., 2017. Big data analytics and business process innovation. Business Process Management Journal.