This essay provides a marketing analysis of Ready Cash, a company in the instant cash based industry. It discusses the value proposition, organizational design, stakeholder management, and theories related to people management and marketing mix.
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Running head: MARKETING ANALYSIS OF READY CASH MARKETING ANALYSIS OF READY CASH Name of the Student Name of the University Author Note
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1MARKETING ANALYSIS OF READY CASH Introduction The analysis in the essay will be related to the organization that has been considered in the case study named Ready Cash. The value that the company is able to offer to the external as well as the internal stakeholders will be a major part of the analysis. The operations of different departments of Ready Cash including, finance, marketing, people management and the support that they are able to provide to the value propositions of the organization will be a major part of the entire analysis of the essay (Aguinis, Edwards and Bradley 2017). Ready Cash operates in the instant cash based industry. The organization also provides the clients with the second hand goods and specific line of credits in Australian markets.The company has its head office in Adelaide and has been able to develop greater than 100 stores in various parts of the country. Ready Cash was established in 1958 and has thereby employed greater than 700 people in different stores of the organization. The company provides instant cash to the consumers and also sells second hand goods to the consumers. Short term based finance services and sales of second hand goods are the two most important parts of the operations of Ready Cash in Australia (Albrecht et al., 2015). Analysis based on the organizational design of Ready Cash As discussed by Brewster, Chung and Sparrow (2016), Ready Cash is able to provide a value proposition that is based on the flat structure of thecompany that was formed in the instantcreditprovidingbasedindustry.ThevariousdepartmentsofReadyCashare controlledby the managers with the help of proper cooperation provided by the employees due to the absence of hierarchies in the organization.The managers of various departments aim at developing collaborative relationships with employees in order to maintain the functions of the company.The levels of flexibility in the business model of Ready Cash has
2MARKETING ANALYSIS OF READY CASH increased and this is able to reduce the costs based on development proper strategies(Albrecht et al., 2015). According to Christy (2015), value proposition developed by Ready Cashis based on the exchange of information and proper coordination of multiple units of the business.It would assist the organization in providing support for the proper analysis of the objectives that have been set by the company. The relationships which have been formed between the employees and managers are related to flat structure of the company.The value proposition developed by Ready Cash is able to provide major levels of support based on the ways by which future goals and objectives of the company.The development of the business model of Ready Cash is based on the flat structure or cross functional structure which has been formed by the company. As discussed by Collings, Scullion and Caligiuri (2018), the sustainability of the operations of Ready Cash in the industry is based on theways by which it is able to maintain the profitability and trust levels among the consumers and employees.The employees are considered to be major stakeholders of Ready Cash and the company has tried to fulfil their needs with the help of proper training based activities. Promoting the value to stakeholders –According to Collings, Wood and Szamosi (2018),the stakeholders of modern organization need to be managed in an effective manner in order to develop a successful business model. The objectives and goals of the organization canbeeasilyachievedwiththehelpofaproperbusinessmodel.Thestakeholder management based process is helpful in the ways by which the stakeholders are able to show their views and enhance the position of the organization. The development of value of the stakeholders is a major responsibility ofthe management of different organizations.The
3MARKETING ANALYSIS OF READY CASH internal and external stakeholders of Ready Cash can be provided with maximum value by developing the business model in a flexible manner. As discussed by Deery and Jago (2015), the profitable and effective operations of the organizations are possible only if management is capable of providing high value to the stakeholders.Ready Cash also needs to consider the importance of stakeholders in their business operations in order to enhance its operations.The values and interests of the company have to be associated with values of stakeholders for sustainability of the operations intheindustry.Differentprinciplesneedtobeimplementedandfollowedbythe organizations in order to increase the value of stakeholders. The management of earnings and providing guidance based on the earnings can be stopped by the companies based on the first principle. According to Guest (2017), most of the companies are however not able to implement this in an effective manner in order to provide maximum value to the stakeholders. The acquisition based decisions which are made by the modern companies are based on the second principle that is related to the ways by which stakeholder value can be increased. Third major principle that is related to the development of high value of the stakeholders is related to different strategic decisions that can be taken by the management. The three major principles need to be implemented by the organization in order to operate in the respective industries. As discussed by Huang (2015), Ready Cash has tried to provide high value to stakeholders for the purpose of maintaining the profitable operations in the financial industry. The flat type of organizational structure of the company has a major impact on the process of management of the stakeholders and the employees as well. The consumers and employees can also be considered to be the most significant stakeholders of the organizationas the
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4MARKETING ANALYSIS OF READY CASH employees are able to develop services that can be offered to the consumers in order to gain their satisfaction. According to Mone and London (2018), the levels of competition that are faced by the organization in industry can be reduced with the help of effective value that is offered to the stakeholders. The employees have the responsibility to manage the store based and the online operations of the organization in an effective way. As discussed by Nankervis et al. (2016),Theories related to people management, marketing, financial management and organizational structureare important for the modern organizations in order to operate profitably in a competitive environment. Different theories are implemented for studying various operations of the organization named Ready Cashthat are based on various aspects of the organization. Ready Cash has implementedcross functionalstructure in the organization.The staff and managers are mainly responsible for proper scheduling of the organizational operations. According to Pervaiz et al. (2016), the flat structure of an organization can be connected withneoclassical organizational theorywhich has been formed by Ready Cash. The subordinates or followers of the company approve the authority that is developed by managersofvariousdepartments.Theenvironmentofcompaniesthathaveflat organizational structure is positive and cohesive in nature(Mone and London 2018). The performance of organization is developed with the help of flat structure of Ready Cash. The managers of flat organizations like Ready Cash are able to develop an equilibrium by implementing the managerial authorityand also considering the opinions provided by employees.Neoclassical theory is implemented in Ready Cash for the purpose of ensuring effective operations (Prieto-Pastor and Martin-Perez 2015).
5MARKETING ANALYSIS OF READY CASH Theory based on people management –According to Stone and Deadrick (2015), the proper management of people is a major role that is played by the managers of different organizations for the purpose of achieving the goals and objectives. The theory that can be linked effectively with the people management in organizations is Douglas McGregor’s X-Y Theory. This theory is mainly related to the natural rules which are able to govern different processes that are related to proper management of people in the organization. As discussed by Stone et al. (2015), Theory X and Theory Y are considered to be the two important theories which are applied for the purpose of proper people management. Theory X can be linked to authoritarian style of management of people, on the other hand, Theory Y is based on the self-direction that is used for achieving different organizational objectives which are based on the participative management style. Employees who are considered to be a major part of the company and follow Theory X are mainly directed by managers. As discussed by Yusliza, Othman and Jabbour (2017) Theory Y is followed by those employees who have commitment towards achievement levels and organizational objectives. The theory that has been implemented by Ready Cash is Theory Y of Douglas McGregor which is based on the participative management style. The employees of Ready Cash are driven by self-direction in order to achieve the organizational objectives. The engagement based levels of the employees of the organization are high in comparison to the authoritarian style. The motivation based levels of the employees who are a part of the flat organizations can also be considered to be high. Theory based on marketing mix –According to Stone et al. (2015), a major theory of marketing is based on the marketing mix that is developed by organizations for reaching consumers in less time. The most important parts of marketing mix of services and products
6MARKETING ANALYSIS OF READY CASH mainly include, price, product, promotion, physical evidence, people and process. The marketing based process is thereby effective for the purpose of providing information based on products to consumers. The place related factor on the other hand is based on proper availability of the products. Different stores of Ready Cash and various online platforms are considered to be a part of the place related factor. According to Pervaiz et al. (2016), the price related factor of the marketing mix is based on the ways by which consumers can be attracted towards different services and products. The two important operations of Ready Cash are, short term related finances and the sales of second hand goods. The proper development of different promotional activities is significant for reaching the consumers.The promotional activities of Ready Cash will be able to increase awareness based on its products and also to provide customers with the required value.Ready Cash is able to operate in the service based industry with the help of proper collaboration that is provided by the employees. The three major parts of the marketing mix that can be considered in case of service organizations include, process, physical evidence and people. As discussed by Deery and Jago (2015), the company thereby has to consider the factor based on people in order to improve services which are provided to consumers. Process is used on the other hand in order to develop various services that can be offered to the consumers on order to develop a loyal base. The physical evidence can be considered to be significant in case of the impact that it has on reach of Ready Cash towards consumers. As discussed by Brewster, Chung and Sparrow (2016),Theory based on financial managementis related to purpose of analysing effectiveness of different financial operations of the organization named Ready Cash. Agency theory of financial management can be
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7MARKETING ANALYSIS OF READY CASH considered in this case which is considered to be a nexus based on various contracts which are developed with the resource holders. According to Guest (2017), Ready Cash will utilizedifferent models in order to facilitate the collaborative functioning of the stakeholders.Various stakeholder groups who are able to affect the stakeholders thereby include, customers, employees and investors. Contracts which are developed by the company with various stakeholders are studied effectively by implementing the agency theory in an effective way. Conclusion The analysis in the essay can be settled by stating that operations based on various departments of the company that include, marketing, finance, people management can provide maximum support to the value proposition which is developed. The levels of effectiveness of value proposition of an organization named Ready Cash is mainly based on the flat structure that is developed and the relationship which is maintained with employees. Engagement based levels in the organization can also be considered to be higher in comparison to the companies that have a hierarchical structure. The various departments of Ready Cash are thereby managed with the help of separate managers who can communicate in order to achieve different goals which are set by the company.
8MARKETING ANALYSIS OF READY CASH References Aguinis,H., Edwards,J.R. andBradley,K.J.,2017. Improvingour understandingof moderationandmediationinstrategicmanagementresearch.OrganizationalResearch Methods,20(4), pp.665-685. Albrecht, S.L., Bakker, A.B., Gruman, J.A., Macey, W.H. and Saks, A.M., 2015. Employee engagement,humanresourcemanagementpracticesandcompetitiveadvantage:An integrated approach.Journal of Organizational Effectiveness: People and Performance,2(1), pp.7-35. Brewster, C., Chung, C. and Sparrow, P., 2016.Globalizing human resource management. Routledge. Christy, G., 2015. CSR and human resource management.Corporate social responsibility, Sage, London, pp.72-102. Collings, D.G., Scullion, H. and Caligiuri, P.M. eds., 2018.Global talent management. Routledge. Collings, D.G., Wood, G.T. and Szamosi, L.T., 2018. Human resource management: A critical approach. InHuman Resource Management(pp. 1-23). Routledge. Deery, M. and Jago, L., 2015. Revisiting talent management, work-life balance and retention strategies.International Journal of Contemporary Hospitality Management,27(3), pp.453- 472. Guest, D.E., 2017. Human resource management and employee well‐being: Towards a new analytic framework.Human Resource Management Journal,27(1), pp.22-38.
9MARKETING ANALYSIS OF READY CASH Huang, T.C., 2015, February. The Effects of Human Resource Management Practices on Employee'sMotivationandPerformance.InInternationalConferenceonManagement, Leadership & Governance(p. 118). Academic Conferences International Limited. Mone, E.M. and London, M., 2018.Employee engagement through effective performance management: A practical guide for managers. Routledge. Nankervis, A.R., Baird, M., Coffey, J. and Shields, J., 2016.Human resource management: strategy and practice. Cengage AU. Pervaiz, U., Imran, M., Arshad, Q., Haq, R. and Khan, M.K., 2016. Human resource practices and knowledge sharing: The moderating role of trust.International Journal of Organizational Leadership,5(1). Prieto-Pastor, I. and Martin-Perez, V., 2015. Does HRM generate ambidextrous employees for ambidextrous learning? The moderating role of management support.The International Journal of Human Resource Management,26(5), pp.589-615. Stone, D.L. and Deadrick, D.L., 2015. Challenges and opportunities affecting the future of human resource management.Human Resource Management Review,25(2), pp.139-145. Stone, D.L., Deadrick, D.L., Lukaszewski, K.M. and Johnson, R., 2015. The influence of technology on the future of human resource management.Human Resource Management Review,25(2), pp.216-231. Yusliza, M.Y., Othman, N.Z. and Jabbour, C.J.C., 2017. Deciphering the implementation of green humanresource managementinan emergingeconomy.Journal of Management Development,36(10), pp.1230-1246.