Enhancing Revenue and Profit Margin: A Strategic Discussion for Ridley TV Plc

This assignment discusses the efforts Ridley TV Plc can take to enhance its revenue and profit margin. The future objective of the brand would be discussed using balance scorecard and the strategic discussions would be further made to terminate customers’ existing issues.

ASSIGNMENT 3

Table of Contents
1.0 Introduction................................................................................................................................3
2.0 Balance scorecard......................................................................................................................4
3.0 Terminating customers’ problems.............................................................................................9
4.0 Conclusion...............................................................................................................................10
References:....................................................................................................................................11
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1.0 Introduction
The current project is an assignment case that aims to discuss the efforts Ridley TV Plc can take
in the upcoming future to enhance its revenue and profit margin. The brand has been facing
several challenges in terms of its operation, people management and customers’ queries handling
(Zahra, Iram and Naeem. 2014). The future objective of the brand would be discussed using
balance scorecard and the strategic discussions would be further made to terminate customers’
existing issues.
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2.0 Balance scorecard
Financial
Objectives Measures Targets Initiatives
To increase sales The ‘unbundled’ products
would be publicized and
marketed through sales
personnel
The target is to increase
the previous level of
sales by 10% within
next 2 months. In order
to achieve the same, the
benefits of all the
individual offerings
should be highlighted to
prospective customers
through trained sales
personnel and effort
would be made to
convert them into the
actual customers.
Sales force would be
trained for both online as
well as offline
marketing. For online
marketing, a specialized
team of consultants
would also be hired and
consulted for social
media promotion and
website promotion. For
offline marketing,
necessary handouts,
leaflets, rate charts and
related printed literature
would be printed and
distributed through
trained sales force.
To increase profits Administrative costs
including sales and
distribution costs would be
reduced.
The target is to reduce
the administrative costs
by 10% in next 6
months. For this, the
business needs to
identify the potential
areas of inefficiency in
cost structure and
undertake measures
accordingly.
Since the marketing of
‘unbundled” offerings
will involve expenses
towards training of sales
force, an effort will be
required to reduce the
administrative costs in
relation to office
overhead. For the
purpose, back office
team will be deputed to
oversee the call centre
department.
Customer
Objectives Measures Targets Initiatives
To increase fresh
customer base and
enhance retention
ration
The rates of the services
would be kept low with no
fluctuations in the margin.
The accounts
department would be
instructed to design a
lucrative rate chart that
can serve benefits to
both the parties
The team would be
suggested to prepare a
report and send to the
management for
assurance. After the
clearance of approval, the
team can start the work
with perfect guidance to
avoid loss risks.
To improve
customers’
satisfaction rate and
reduce cancellation
frequency
Customers’ queries would be
handled by experts and in a
professional manner to
resolve it within limited
tenure.
A specialized team of
customer care
executives would be
hired to efficiently
provide after-sales
support to each
customer and handle
The HR team would
conduct a strict
recruitment an selection
process to hire the right
candidates with efficient
skills and knowledge
fitting the post.
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their queries with care.
Internal
business
processes
Objectives Measures Targets Initiatives
To innovate the
existing product lines
The Research and
Development (R&D) team
would be instructed to
conduct through survey in
terms of recognizing the apt
innovation fitting the existing
service
The team would be
given 1 month of tenure
to conduct their survey.
The users having access
to the company’s service
would be handed with a
questionnaire having
multiple options in
relation to product
innovation services.
To introduce new
services after
attaining a stability
The Research and
Development (R&D) team
would once instruct to
conduct research to explore
service expansion scope by
keeping the margin low.
Tenure of 3 months
would be provided to
explore the products or
service that can be
introduced herein.
The team would conduct
test marketing initiatives
for at least 3 months of
tenure to track the
responses of the
customers before
launching new service
lines.
Learning and
growth
Objectives Measures Targets Initiatives
To increase employee
confidence and
expertise
The HR team would be
instructed to conduct weekly
engagement session with
employees and let them talk
free in terms of the issues
they are facing within the
organization.
Employees would feel
confident after discussing the
issues regarding existing
operation and would be
motivated as well (Larsen,
2017).
The management
would circulate an
email to the HR team
and the HR manager
would design a mail
highlighting the dates
and times of
engagement sessions.
The line managers would
be sent the mail from the
HR department and it
would his sole
responsibility to circulate
the mail to every team
members by keeping the
HR manager in the same
chain of mail.
To deliver the right
knowledge and
education to every
staff to understand
their individual role in
the organization
Frequent training programs
would be conducted for the
employees to brush up and
polish their product
knowledge. Employees
would stay fresh with the
technical knowledge, which
would help them to deliver
before the customers and
handle their queries with care
(Nelissen, Forrier and
Verbruggen, 2017).
The trainer would
discuss both the
technical and
personal modules that
would help each
resource to evolve
over time.
The trainer would send
regular emails to the
management regarding the
topics or module that are to
be discussed.
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3.0 Terminating customers’ problems
The team members accountable with the customer care support are to be trained on regular basis
to polish their technical knowledge (Jehanzeb and Mohanty, 2018). Customers usually raise
queries related to after-sales services and the product-centric inquiries that can help them to take
membership of Ridley TV Plc (Armstrong and Landers, 2018). Herein, the customer care team
lacked expertise and professionalism, which led Ridley TV Plc to lose its customer base and
interests oversubscriptions (Ford, 2014). Hence, provision of appropriate training would help the
team to enhance their professional knowledge and understand the tone they need to keep before
every customer. Thus, an improvement in etiquettes can be expected, which can enhance
customer satisfaction rate.
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4.0 Conclusion
Based on the discussion, it may be concluded that the Ridley TV Plc needs to re-modify its
business functions and innovate its services to regain its profitable position. An efficient and
structured marketing and strategic planning will contribute towards the corporate goal of
attainment of sustainability in the long-run.
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References:
Armstrong, M.B. and Landers, R.N., (2018). Gamification of employee training and
development. International Journal of Training and Development, 22(2), pp.162-169
Ford, J.K. ed., (2014). Improving training effectiveness in work organizations. Psychology Press.
Jehanzeb, K. and Mohanty, J., (2018). Impact of employee development on job satisfaction and
organizational commitment: person-organization fit as moderator. International Journal of
Training and Development, 22(3), pp.171-191.
Larsen, H.H., (2017). Key issues in training and development. In Policy and practice in
European human resource management (pp. 107-121). Routledge.
Nelissen, J., Forrier, A. and Verbruggen, M., (2017). Employee development and voluntary
turnover: Testing the employability paradox. Human Resource Management Journal, 27(1),
pp.152-168.
Zahra, S., Iram, A. and Naeem, H., (2014). Employee training and its effect on employees’ job
motivation and commitment: Developing and proposing a conceptual model. IOSR Journal of
Business and Management, 16(9), pp.60-68.
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