Marketing and Financial Practices for Heytsbury - myassignmenthelp

Question: Discuss about theMarketing and Financial Practices for Heytsbury. Answer: Introduction: Business expansion is the strategy that is used to increase the number of stores where customers can reach easily and purchase the products and services of the company. Business expansion is the strategy through which the companies try to achieve the required growth. In the given case study, a public company namely Heytsbury Holdings attempts to extend its franchisee model to the overseas operations and increasing their operations in Australia that are directly owned by them. Therefore, the company is required to understand various marketing and financial principles in order to ensure that their expansion strategy results in the growth of the company. The marketing dimensions involve actionable strategies that enable the companies to build strong strategic plans that take into consideration the market and the customers, the organizational alignment, appropriate measures, effective processes, information assets and enabling technologies (Sok, OCass and Sok 2013). Literature Review: The role of marketing practices and financial management has become an essential part of all business activities. Marketing practices involve processes for the development of businesses in accordance with the changes in the marketing opportunities. There are various theories related to the marketing and financial management that aid in the successful expansion of the business operations (Jayawarna et al. 2014). Marketing Mix Strategies: Marketing mix strategy comprises of various controllable tools of marketing that is used by the companies to obtain desired results from the target market of the company. The marketing mix comprises of four Ps namely product, price, place and promotion (Huang, and Sarigll 2014). Products are the goods and services provided by the companies to the customers. Price is the amount that the customers pay in order to purchase those goods and services. Place refers to the market or the distribution channels that make the goods and services available to the customers. Promotion refers to those marketing activities that make the customers aware about the products and services. An effective marketing strategy utilizes all these 4 Ps of marketing in order to obtain the desired results (Hanssens 2014). In the given case study, Heytsbury Holdings aims at expanding its franchisee model overseas and increasing the owned operations in Australia. This can be easily achieved by following the marketing mix strategies. It is essential for the companies to emphasize more on providing better solutions to the customers and offering the goods and services at the price that the customers are willing to pay. The convenience of the customers must be emphasized upon rather than the market place. Lastly, two way communication must be considered more important than mere advertising strategies (Mintz et al 2016). Business and Marketing: The major marketing processes involve product development management, customer relationship management and supply chain management. Marketing is the process that involves planning and executing the distribution and promotion of products and services by using the innovative ideas and concepts to satisfy the needs and wants of the customers as well as the objectives of the organization. Product development management refers to the the development of the products according to the requirements of the customers. The companies must aim at creating value for the customers and producing the goods and services that the customers demand. The supply chain management involves integrating and managing the flow of materials, information and finance from the suppliers to the manufacturers to wholesalers to retailers to the customers. The customer relationship management refers to the building the relationship with the customers by providing them superior quality goods and services that satisfy thei r needs. Marketing Ethics: Marketing ethics refers to the application of moral standards in the day-to-day activities of the businesses. The marketing ethics are considered as the standard code of conduct that the companies are bound to follow in its marketing activities. Ethical marketing is the process that helps the companies to produce products and services in accordance with the needs of the customers and building strong relationships with the customers (Crane and Matten 2016). It also involves creating value for the stakeholders by keeping into consideration the environmental and the social impacts. It is the responsibility of the company to ensure that the business activities do not harm the environment and the society. Ethical marketing involves honest and fair advertising. The ethical marketing involves all those marketing strategies that are morally right. Considering the morality in the business activities has become an essential part of all business activities (Galician 2013). Foreign Direct Investment: Foreign direct investment is an essential part of the strategy of growth in most of the developing countries. Foreign direct investment has an important role in the development of the society. With the help of franchisee model, the company is capable of aiding in the growth of the overseas countries. The foreign direct investment is also dependent upon the availability of human capital in the countries. Foreign direct investment also results in technological advancement and growth (Frank and Freeman 2014). Foreign direct investment leads to the development of the countries in terms of both technology and human capital. Modern Portfolio Theory: The modern portfolio theory states how the investors must diversify their investments in order to optimize their portfolio. This model considers the return on assets for ascertaining the profits. However, the deviation in the portfolio return determines the risk. This theory states that the higher the risk undertaken, the higher is the expected profits whereas, the lower the risk undertaken, the lower is the return on the assets (Turner 2014). In the given case study, the company generates $3.96bn from its franchisee sales revenue whereas, the sales generated from the company owned operation amount to $1.48bn. Therefore, the risk and the return must be diversified in both the expansion strategies in order to obtain sustainable profits. Conclusion: Business and the marketing and financial strategies are very closely related to each other. The marketing strategies ensure the sales of a company whereas, the financial strategies ensure profits and minimize the risks. The marketing strategies involve establishment of an effective marketing team that helps in fulfilling the objectives and goals of the organization. In the given case study, the company must consider the various marketing strategies and financial theories before expanding its franchisee model and self-owned operations. Studying the overseas market and the existing local market is very essential before implementing an expansion. The marketing dimensions involve actionable strategies that enable the companies to build strong strategic plans that take into consideration the market and the customers, the organizational alignment, appropriate measures, effective processes, information assets and enabling technologies. The company is also responsible for expanding its busin ess operations by considering the impact of its expansion on the environment as well as the society. It is the responsibility of the company to follow the ethical norms in its operations. Heytsbury Holdings aims at expanding its franchisee model overseas and increasing the owned operations in Australia. This can be easily achieved by following the marketing mix strategies. It is essential for the companies to emphasize more on providing better solutions to the customers and offering the goods and services at the price that the customers are willing to pay. Therefore, it can be concluded that the above theories must be considered before implementing the expansion strategy. The ethical marketing involves all those marketing strategies that are morally right. Considering the morality in the business activities has become an essential part of all business activities. References: Crane, A. and Matten, D., 2016.Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press. Frank, R.H. and Freeman, R.T., 2014.Distributional consequences of direct foreign investment. Academic Press. Galician, M.L., 2013.Handbook of product placement in the mass media: New strategies in marketing theory, practice, trends, and ethics. Routledge. Hanssens, D.M., Pauwels, K.H., Srinivasan, S., Vanhuele, M. and Yildirim, G., 2014. Consumer attitude metrics for guiding marketing mix decisions.Marketing Science,33(4), pp.534-550. Huang, R. and Sarigll, E., 2014. How brand awareness relates to market outcome, brand equity, and the marketing mix. InFashion Branding and Consumer Behaviors(pp. 113-132). Springer New York. Jayawarna, D., Jones, O., Lam, W. and Phua, S., 2014. The performance of entrepreneurial ventures: examining the role of marketing practices.Journal of Small Business and Enterprise Development,21(4), pp.565-587. Mintz, O., Gilbride, T.J., Currim, I.S. and Lenk, P., 2016. Metric Effectiveness and Use in Marketing-Mix Decisions: Correcting for Endogenous Selection Effects and Ex-Ante Expectations. Sok, P., OCass, A. and Sok, K.M., 2013. Achieving superior SME performance: Overarching role of marketing, innovation, and learning capabilities.Australasian Marketing Journal (AMJ),21(3), pp.161-167. Turner, J.R., 2014.The handbook of project-based management(Vol. 92). New York, NY: McGraw-hill.