Logbook Marketing Management The completed logbook must be sentin together with the ALP Marketing Management. The ALP will only be forwardedfor marking once the corresponding logbook has been received. To becompleted by the student:Name Student: KWABENA ADUSEISARPONGE-mail address: [email protected]
comSubmission date: A well maintained Logbookserves the following main purposes: · Apersonal guideline throughout your studies· Ameans for reflection on your learning experiences – both during the workshopsand while working on your ALP· Abasis for the Phase 3 assignment Evaluative Assessment of Managerial Learning· Atool for BSN to monitor your individual studies and preparations This template is divided in threesections. · Section 1: Workshop preparation· Section 2: Workshop participation· Section3: ALP writing processSection 1 refers to the preparationfor each workshop-topic of the core course. Section 2 applies to yourlearning experiences during the workshop (the conference). In contrastto your notes in logbook section 1, these do not necessarily need to bespecified in line with the nine topics and may be described in a genericfashion. But if deemed more appropriate you are obviously free to class themaccording to the various subjects nonetheless.
Section 3 serves to reflect onyour learning experiences while researchingand writing your ActionLearning Project. BSN acknowledges that certain aspects,such as your personal experience in relation to the topic, applicability toyour organisation and additional research may not apply to all workshop-topics.Logbook section1: Workshop preparation Workshop 1: Disruptive changes inmarketing in the Digital Age1. Whatdid you learn from the literature?a. The article(s) Disruptive marketing can bedefined as an unconventional and innovative way of marketing products andservices by creating or designing new products and services which meet andexceed the expectations of consumers who are dissatisfied with the existingorthodox marketing strategies. This eventually creates a new market for theseproducts and services by disrupting the usual and accepted marketing trends. b.
Sections from the book(s) N/A c. Additional literature youfound yourself Disruptive innovation ormarketing is usually employed by small companies to outwit existing but largercompanies who are usually dominant in the business. This is because the primaryfocus of big companies is to maintain existing innovation by emphasizing onexisting product features through further enhancements and cool features toattract more profitable customers who are likely to pay more for thoseadditional features. In that case, they ignore the ordinary customers who wantsimple low cost alternatives. This is where the disruptive marketing companycomes in with that low cost alternative product which the big players haveignored and sweeps all the disgruntled and dissatisfied customers into theirfold. Afterwards, gradually take over the market.
2. What are your ownexperiences in relation to this topic? Assessingcredit from Ghanaian banks is can be a problematic and tortuous process forcustomers due to its lengthy paperwork, unrealistic requirements and the lengthof time it takes to access the credit. That has been the bane of this veryvibrant industry until somewhere in 2008, a small microfinance company UTfinancial services unearthed a disruptive marketing strategy to unsettle themajor players in the banking industry. Typically, traditional banks could useup to a month to process a customer’s loan request and disburse it to them.
However, UT financial services revolutionized the industry by identifying thegap in the market and introduced a new market strategy by providing a loan forcustomers in less than two days. This resulted in the tagline ‘a loan in lessthan 48 hours”. Consequently, they were able to attract dissatisfied customersfrom the bigger banks by providing them loans within a shorter period of twodays and virtually took over the market for a long period. 3. What are the opportunitiesfor application / integration in your own working environment of this workshop topic? N/A 4. What did you learn from theforum discussions (fellow students / learning coach)? I learnt through my discussions with fellowstudents and lecturer that although ground breaking, disruptive marketing orinnovation often takes time because incumbent players usually overlookdisruptors.
This is attributable to the incumbent’s unrealistic assumption of amajor control or stake in the market and a dependence on their already existingproducts which they continually enhance to attract profitable customers.Disruptors on the other hand, tend to focus ontheir business models which they continuously evolve to capture the market.They do this by taking over a very small segment of the market: usually thedissatisfied and low end of the market and work their way up. Doing thisgradually erodes the profitability and reduces the customers of the incumbentsas customers become more enlightened and drift into the disruptors companies.
5. Describe any other learningrelevant to this workshop-topic. Thereare two types of market disruption; New market disruption whose sole aim is toidentify gaps in the market with regards to customers whose needs havenot been met by existing companies and low end disruption which targetscustomers who are not in favour of the features customers in the high end ofthe market desire.
Workshop 2: The Changing Consumer andConsumer Engagement1.What did you learn from the literature?a. The article(s) Customer engagement is the process whereby a brandestablishes an emotional connection with a customer in order to gain trust andbuild a deeper relationship with them. Understanding your customer is perhaps themost cardinal principle in marketing because it gives the business theadvantage of identifying their needs and wants. Knowing your customers’ needsand wants allows for better product design that meets and exceeds theirexpectations.
Meeting and exceeding the expectation of customers by identifyingtheir preferable features results in better customer satisfaction and highpatronage of product and service hence higher profitability for the business. b. Sections from the book(s) N/A c. Additional literature youfound yourself According to (Kotler & Keller 2012,pg 150),”Satisfaction as a person’s feelings of pleasure or disappointment that resultfrom comparing a products perceived performance ( or outcome) to expectations.If the performance falls short of expectations, the customer is dissatisfied.If it matches expectations, the customer is satisfied. If it exceedsexpectations, the customer is highly satisfied or delighted. Businesses whichpay a greater attention to customer satisfaction ultima 2.
What are your ownexperiences in relation to this topic? AgriculturalDevelopment Bank Ghana, one of the notable banks in Ghana has excellentcustomer service as one of its core values which has also been entrenched intoits culture. As a result of good customer service being key to ensuring asatisfied customer, staff are to exhibit a high sense of customer serviceexcellence in the discharge of their duties since customers are the mostimportant determinant of success to the bank. Two of the strategies the bankhas implemented in ensuring a customer centric staff are continuous training oncustomer service issues and mystery shopping.
Recently,mystery shopping is being undertaken throughout the bank to ensure qualitycustomer service delivery. During this process, the mystery shoppers interactwith employees to understand how they conduct themselves in the presence ofcustomers and the sort of customer service experience they exhibit in thebanking halls. 3. What are the opportunitiesfor application / integration in your own working environment of this workshop topic? Workingin the retail section of Agricultural Development Bank entails cross selling variousbanking products to customers. Having an in depth understanding of a customer’sneeds and wants allows me to be able to better suggest the most appropriateproduct to the benefit of the customer based on the product features. Hence, Iam going to pay keen attention to listening to and addressing complaints aboutproducts and services of the customers. By doing so, I will understand the keyfeatures of the products which they like or dislike in order to better servetheir needs and exceed their expectations. 4.
What did you learn from theforum discussions (fellow students / learning coach)? Duringinteraction with fellow students who happened to belong to several industriesspanning manufacturing, construction, mining, banking, transport, finance etc Idiscovered that overall, customers are more discerning than in the past due tothe advent of technology ,social media, internet etc. Due to this, their tastesand preferences regarding products and services evolve from time to time makingdifficult for businesses to meet and exceed their expectations. Hence, whatbusinesses will have to do is to continuously study customer preferences andadapt these varying preferences to their product lines to boost patronage andincrease profitability of their products and services.
5. Describe any other learningrelevant to this workshop-topic. A highly engaged customer is very likely to patronizea particular product and stay loyal to a particular brand. Companies whichimplement customer engagement strategies are much likely to benefit from increasedcustomer loyalty, increased profits, sales and improved relationship withcustomers. Workshop 3: Marketing Strategy in aDigital World1.What did you learn from the literature?a. The article(s) Due to the advent ofdigitalization, companies will have to redesign and reorganize their existingmarketing and sales strategies in order to offer customers the excellentservice they desire.
This trend is based on two major developments; drastic increasein customer discernment across all ages as a result of their consistent use ofmedia to gain more insight into current information regarding availablepurchasing options and the emergence of technology which include social mediaand mobile apps which have disrupted the orthodox marketing models bydisseminating information to customers efficiently, cheaply and quickly. b. Sections from the book(s) Goals are an indicator of whata company desires to achieve in a business and a strategy is a means ofachieving that goal(s). To be able to adapt and survive this constantlyevolving and dynamic market, a company has to develop a marketing strategy inorder to gain a competitive advantage over their peers. According to (Kotler;2012), a strategic marketingplan lays out the target markets and the firms value proposition based on ananalysis of the best marketing opportunities.
c. Additional literature youfound yourself One of the best ways a companycan leverage on technology and media to improve customer experience is byemploying a digital marketing strategy. With the widespread availability andconstantly evolving social digital platforms like Facebook, twitter etc whichallows for better ways for marketers to create and maintain customerrelationship, success in a business is guaranteed when businesses are able toengage customers, identify their preferences and meet them. 2. What are your ownexperiences in relation to this topic? N/A 3. What are the opportunitiesfor application / integration in your own working environment of this workshop topic? N/A 4. What did you learn from theforum discussions (fellow students / learning coach)? Ø Companies which offerspecialized products and services can benefit immensely by targeting specificconsumers. A digital marketing strategy provides a platform for such businessesto interact and engage with their targeted and prospective audiences in orderto be able to effectively deliver the exact products the consumer desire.
Thisallows for businesses to meet and exceed the expectations of the consumer.Ø It provides an efficientand cost effective way of promoting a business digitally than otherconventional methods of marketing thereby delivering results with theinvolvement of very little resources. 5. Describe any other learningrelevant to this workshop-topic. Digitalmarketing increases the possibility of engaging with consumers by utilizinginternet channels to target and interact with them in real time.
Workshop 4: Branding in a Digital World1.What did you learn from the literature?a. The article(s)The internet has been used as a vehicle to buildrelationships with brands and has also transformed or influenced the wayconsumers view branding. Traditionally, a consumer’s relationship with a brandends when a purchase of a product or service is made, however, currently,consumers are more unrestrained with their brand choice as they are moreinclined to making an informed choice from diverse brands at their disposal dueto the staggering number of digital platforms available to them. b. Sections from the book(s) c.
Additional literature youfound yourself In today’s market, branding isviewed as a bit intricate as it has transcended being merely referred to as asymbol, image or name to being a perception that a consumer has about theproduct or service or a company. In other words, todays brands should evoke afeeling, desire, emotional attachment or passion from the consumer. In essence,consumer behaviour can be influenced to a large extent by branding.
Thus, thedecision of whether a customer purchases a product or not lies in the abilityof the brand to establish an emotional connection orattachment with the customer. 2. What are your ownexperiences in relation to this topic? N/A 3. What are the opportunitiesfor application / integration in your own working environment of this workshop topic? N/A 4.
What did you learn from theforum discussions (fellow students / learning coach)? Branding revolves around understanding the needsand wants of your customers. A successful brand is one that is not only gearedtowards the desires of your target customer but also relates to them.It also gives an indication of the identity andvalue of the company and what they intend to offer to the consumer.
5. Describe any other learningrelevant to this workshop-topic. I have learnt that branding helps to establish aconnection between the product or service a company desires to market and aprospective buyer. Establishing a connection with prospective customers isessential in the battle for customers in this highly competitive market. Secondly, executing a strong brand is essentialin motivating customers to purchase your product or service which essentiallyboosts revenue. Workshop 5: Ethics and ethical marketing1.What did you learn from the literature?a.
The article(s) Ethics are rules, values and standards which governsindividuals within an organization. Organizations develop code of ethics whichserve as a guideline for employee conduct as well as serve as a guide to theorganization in its programs and policies which impact the decision making ofthe business. b. Sections from the book(s) An organization with high ethical standards and valuesare able to improve efficiency in several work processes resulting in anoverall increase in productivity by the entire workforce. c.
Additional literature youfound yourself Code of ethics withinorganizations helps determine acceptable behaviours for employees to emulate. 2. What are your ownexperiences in relation to this topic? Apart from the values of ADB bank whichemployees of the bank are encouraged to emulate, the organization has developeda Human resource and Operational manual which describes all the job ethics andserves as a guide to all employees in the discharge of their duties.
3. What are the opportunitiesfor application / integration in your own working environment of this workshop topic? Ihave learnt to comply with the ethics defined by my organization in thedischarge of my duties. 4. What did you learn from theforum discussions (fellow students / learning coach)? I learnt about the work ethics of fellow students. 5. Describe any other learningrelevant to this workshop-topic. Codeof ethics provides a culture of excellence within an organization by indicatinga commitment of an organization towards ensuring ethical behaviour amongemployees and provides explicit guidance to employees so that they have an ideaof the organizations expectations in terms of ethical behaviours.
Workshop 6: Marketing Leadership andOrganisational Capabilities in the Digital Age1.What did you learn from the literature?a. The article(s) N/A b. Sections from the book(s) N/A c. Additional literature youfound yourself N/A 2. What are your ownexperiences in relation to this topic? N/A 3.
What are the opportunitiesfor application / integration in your own working environment of this workshop topic? N/A 4. What did you learn from theforum discussions (fellow students / learning coach)? N/A 5. Describe any other learningrelevant to this workshop-topic. N/A Logbooksection 2: Workshop participation 1.
What did you learn during the workshop Marketing?a. From the tutor (newtheories)? Disruptive marketing oftenrejects and challenges the orthodox ways of marketing by introducing a productor service which meets the need of consumers who are dissatisfied with currentproduct offering. b. From your interaction withyour fellow students? I have learnt that market disruptors continuously evolve their business modelsto capture the market. They do this by taking over a very small segment of themarket: usually the dissatisfied and low end of the market and work their wayup.
Doing this gradually erodes the profitability and reduces the customers ofthe incumbents as customers become more enlightened and drift into thedisruptors companies. 2. What newpossibilities for application / integration in your own working environment didyou find in relation to one (or more) workshop-topic(s)? Since a highly engaged customer is very likelyto patronize a particular product and stay loyal to a particular brand,businesses must endeavour to 3. Describe any other learningrelevant to your workshop participation N/A Logbooksection 3: ALP Researching & Writing Process 1. Describe your learningexperiences regarding the execution of your ALPIn this context the term’execution’ refers to the process of arriving at useful solutions and theeventual acquisition of organisational acceptance of your project. Myorganization now understands the need to constantly update its product andservice catalogue with respect to varying customer preferences and expectations.Additionally, it has refocused its marketing strategies into a customer centricone. Based on that, the expectation of management is for staff to ensurequality services to clients every time.
2. Describe your learningexperiences in relation to the content of your ALPIn other words, to whatextent did you deepen your knowledge with regards to the specific Marketingtopic taking central stage in your project? Beforethe inception of this study, i perceived customer satisfaction as merelymeeting the needs of customers, however, during the research, it emerged thatcustomers have become increasingly discerning and constantly seek betterproduct and service alternatives. Therefore, meeting and exceeding expectationsof a customer should be the major focus of a business. I also discovered thatcustomer satisfaction, loyalty and profitability are correlated; thereforeimproving customer satisfaction will engender retention ultimately leading toincreased profits for the business.
3. Describe any other learningexperiences relating to the researching and writing of your ALP Describethe challenges and problems that you may have experienced while researching andwriting your ALP and how you managed these challenges and problems One major challenge faced was gathering information concerning theselection option. Most of the players and experts contacted were very unwillingto provide information regarding the processes and costs involved as mostthought it was an attempt to draw up taxes for them.Anotherchallenge I encountered in the execution of my alp was the language barrier assome respondents could only communicate in the local dialect (dagbani) and notenglish which was the mode of communication of the researcher. This happenedbecause the researches were conducted in the Northern region where the localdialect is dagbani.
As a result of that, it was necessary to acquire theservices of a translator to ease the communication constraints. Timeconstraints also had a great toll on the researcher as much time was spent in thestudy area for data collection and analysis. Combining the research work withofficial duties was very frustrating as well.