Internal marketing
Shaping business opportunities for any organization means that there must be changes that must get put in place. This is because changes come with opportunities. Employees should also get made to understand a brand in the most appropriate way possible. This builds the courage and the sense of competence in what they are advertising. This creates the employee’s customer relationships in the best way possible. For the success of any business, there has to change that must get put in place. The employees should adequately understand the brand to help them market it.
For the growth of any business, there must be instances of change. Change in any company helps in the growth and development of any market. The implementation of change in the industry involves; taking note of records, laying strategies of the present, and monitoring mistakes that have made a place in the past and learning to avoid them. Through this, there are also opportunities to take note of the opportunities that they can grow positively. That is why this strategy of change I important. It is through change that new opportunities open up for individuals and organizations.
Resistance to change is something that any manager should be ready for in case of the change introduction. The main reason for the opposition to change is that when employees get introduced to a particular system, they build competence in the order and get comfortable with it. Due to the comfortability, they have with the system, and they find it hard to accept the change. Due to the human nature of the fear of uncertainty, employees find it hard to accommodate change because they had already built the confidence and competence in the old system. They felt safe and secure with the system, and this is another reason to resist change.
The coronavirus pandemic has brought with it changes that have affected businesses. Some have got forced to do things differently from how they used to do them in the past. Employees have been forced to work from their homes and others losing jobs, thus making them look for a change, of course, in their career choice. Many organizations have felt the impact of the pandemic. This has forced them to slow down programs. For example, the Morgan Stanley Capital International (MSCI) company has to get pushed to slow its upgrade of Kuwait from a frontier market to making the market an emerging market. The organization said that the rescheduling was due to the global coronavirus pandemic.
The historical accounting principal is a principal that is accredited by many accountants. This is because the principal records the value of an asset as the original price initially bought. The main reason behind the principal got chosen by most accountants is that the evaluation receives based on the actual transactions, making it more objective. It also provides credible documentation of amounts that form the principal favorable and transparent for financial auditing. This principle also has some limitations. They include that the documented cost may not be relevant for making the current decision if there has been a long period between the transaction time and the present time.
The other limitation is that the judgments made concerning the depreciation of the commodity may bring about inconsistency; notably, the principle ignores price inflation. The amount indicated, may not be clear on the value of the item or the commodity and for the things that are donated do not consist of a value attachment. So the historical principal is a bit hard to determine the value of the item. The other principal, in contrast, is the fair value accounting (FVA). The principle takes to account the actual cost of an asset or a liability in the current market. This overcomes the limitation of measuring the value of an asset or a liability, following the purchase date. The principal is more accurate for ongoing decision-making protocols. The principal is not biased by judgment and cannot get manipulated by the management.
I can’t entirely agree with the new manager. This is because the fair value accounting will bring losses to a commodity because taking the value of the product was recorded ten years ago. The inflation and depreciation of the asset’s value or liability will affect the profits of the asset or the debt.
Internal marketing is marketing that gets done to the staff or the people working in the organization to encourage the team to more identification of a product and change the way they face customers. This kind of marketing is essential because it helps the employees build confidence in what they say to the customers and explain the brand’s quality to the customers. For a brand quality to be sold or preferably appropriately communicated to the external stakeholders, it must be well understood by the internal staff first. Internal marketing is so vital for the large companies to achieve their set goals. This is because it helps build a coherent brand identity.
It also helps promote the relationship with the customers. It enables the staff to feedback information to the organization and contributes to coming up with ideas that will help improve customer orientation. When an employee gets made to understand the companies expectation and brand in detail, This makes them feel honored and involved in the organization hence building coherence in the organization between the employees and the employers. The person-to-person interaction between customers and the employee is more constructive and beneficial to the organization than any other interpersonal relationship. Just like any other field, when one is competent in something, that builds competence and courage when talking about it. That is the same case to the employees gets educated about the business goals and the brand. They will build power and confidence, which will help their relationship with the customers be healthy, attracting more profits to the organization. Internal marketing also provides a focus for staff’s diverse organizational roles and activities. For an organization to achieve its set goals, it should ensure that the employees they employ have goals aligned with those of the organization. By doing so, the company will directly benefit from it since it will not strain fixing issues with the brand marketing strategies.
Conclusively, internal marketing is the best strategy for shaping the business opportunity. This is by making sure that there are changes that get put in place. The proper understanding of the brand to the employees makes it easier for them to market the asset or the liability to the external stakeholders.