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Introduction: BM561 Business Consulting
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The study includes the various problems faced by the client company. The report is prepared on the basis of market, audience, and competition solutions for the problems faced by the client. The report key feature is related to all the problems that are faced by the client through clarifying the client details and what is the problem they are facing. The report break the problem down by critically presenting areas of importance to the client from analysing the three issues the client is facing(Hughes, et.al 2019).
1. Clarify who client is and what is the problem they are facing
The customer company lies under a small and medium enterprisers (SME). Company is originated from the UK. The company is facing various market challenges to operate its business in the consumer and competitive market. The company is facing issues in getting new customers, expansion of the company in other countries, marketing campaigns budget issues, struggling with a lack of resources, changing market environment(de Jesus Pacheco, et.al 2018).
The market also create many problems for the company that includes standing out from the crowd, increased competition, and problems generated from the right leads or traffic to the website. The competitive problems faced by the company such as gathering customer needs, sustaining quality client relationships, retentive employees, marketing in the saturated marketplace, preserving a good reputation, and finding an effective brand(Juanamasta, et.al 2019).
2. Analysing and presenting areas of importance to the client such as, competitors, target customer market and influencing factors from the external environment
Customer faces various problems related to its competitors, target customers, and external environment. The company offer variety of products to its customers (Gonçalves, et.al 2018). First the solutions to competitive problems of the client company are critically analyses which are as follow:
Maintaining quality customer relationships- It can occasionally be difficult to gain and keep client loyalty. With a development of technology, society has grown more in the recent years. Facts have by no means been further willingly accessible than it is accurate now as of promotion, retargeting, social-media, internet obtaining, and the mobile devices. The client must be existing, flexible, and friendly in order to keep the clients (Badr, et.al 2020).
Meeting customer needs- Meeting the clients' demands is additional aspect of sustaining strong client networks. A main element of running an effective business understands what consumer requirements in addition to how they desire to obtain it. It is critical for administration to keep knocking customer necessities first when the business expands.
Preserving a good reputation- sometimes it can be difficult to stay up-to-date with the business’ public status. Some tips to stay up-to-date with the company’s public repute are, be aware, be responsive, promote company’s business, remember the employees. One of the most difficult parts of keeping an eye on a company's reputation knows where to look. Be careful to respond to both favourable and unfavourable feedback. There is also the opportunity for staff assessments in addition to the routine evaluations of the business, its offerings, and services(Boštjan?i? and Slana, 2018).
Retaining employees- Finding a best applicant for the site is the goal of recruiting for organisations. The client Company must try to maintain new employees after they are in employment. Worker recruitment, training, or education need time or money. The excellent employee is a valuable outlay. It is critical to recognise the team member's hard work, deliver alluring perks, or pay the competitive wage for a role in order to retain them on panel.
Finding an effective brand- In the commercial world of today, branding is essential. By remaining in front of and interacting with the client corporate audience, the company makes sure that the clients are leaders in their respective fields. But this goes well beyond typical packaging and advertising. The business must maintain contact with the audience or win their confidence if it wants to avoid coming out as unknowledgeable.
Marketing in a saturated marketplace- Just picture how quickly a finger scrolls across social media. Smart marketers are aware that in order to draw in clients, they must both grab and retain their audience's attention.
3. What are the top three issues the client is facing?
Based on above mentioned problems of Client Company, three disputes that are considered as major issues for the client company are deeply analysis as under:
Retaining employees- the client company is facing huge problem related to the retaining employees in the workplace. As the company is small and medium enterprises (SME), it is hard to retain the experience person for more than 2 years, and on the other side it is also hard to rapidly expand the business and give the exposure to its employees. Employees and workers are the top most assets of the company. Client Company needs to retain more and more employees to grow and develop the company’s area in different regions of the nation. A retention rate of 100% may not be desired. The percentage of productive employees varies by sector. Food services, retail, and high-tech businesses sometimes have greater employee turnover rates than other sectors (Kop?ivová and Bauerová, 2021).
As pleased employees are more likely to continue in their situations than displeased ones, satisfaction is an essential pointer of an employee retaining. The ability of thecorporate to retain personnel over time is restrained through its total retaining rate. A healthy total retaining rate may exceed 90%. The percentage of split-ups, or employees that leave an establishment either easily and unwillingly, is known as the turnover rate. High turnover costs are costly, it hurts production, or it is hard to get top people.
Maintaining quality customer relationships- Customer relations denotes to how the client company interrelates with clients in order to improve the client knowledge. This involves overwhelming instant difficulties and generating long-term solutions that assurance customer success. The aim is to make anongoing, jointly beneficial network that origins before the original transaction.
Client relations consist of 2 roles:
Reactive functions-Talking customers’ stated issues, for instance,working with consumer support, replying to consumer complaints.
Proactive functions-Constructing long-term relations with consumers and creating brand reliability, for instance, promoting discounts and special offers, providing product information.
The maintenance of customer relationaids to build the bond with consumers that moderates the amount of work included in getting them to acquire from the business. It also rises the likelihood that consumers will create further future buying.
Preserving a good reputation- Maintaining the client company's positive reputation is more vital and labour intensive than ever before, thanks to the growth of social media and online reviews. One negative review might have a negative effect on the company's reputation among both customers and staff. The company can preserve its reputation by using various methods to connecting its customers. The client company can use online platforms, and face to face interaction to maintain the business reputation.
Consumers who publish unfavourable evaluations online are protected by regulations like the Consumer Review Fairness Act of 2016. That indicates that the days of keeping an eye on the client company's social media accounts and simply deleting any unfavourable comments are long gone. It is advised to gently reply to both favourable and unfavourable comments. Online reviews can be important to the client company. The company should ensure that the company's website and, if relevant, any contracts, provide a clear statement of the terms and conditions surrounding service and privacy.
Whether or not the business offers white-glove service, Client Firm must provide the consumer with good value else the company will be seen as a varicious. The business must always be prepared to concisely, professionally, and clearly explain its vision, mission, and other vital information. Last but not least, if the business demonstrates that it cares about the community, it may aid in the development of a successful reputation. Support neighbourhood initiatives or activities, for instance, by making a donation to a worthy cause (Wang, and Tseng, 2018).
The client company is facing different issues related to the business in which client company is currently operating. The main issues linked to the company’s operations create a downward fall in the company’s growth and development process. A key problem which generates the different level of issues in the company is retained employees. This retained employee’s problem tends to decrease the company’s image day by day. As every employee has a dream to join the big and reputed multinational corporation (MNC), there are very few employees who stay at the same company for five years. The other two issues linked to the client company also have greater impact on the client company’s performance in the competitive as well as consumer market.