Type up 2 Online Discussion posts (100 or more words). Your posts should be in r
ID: 371469 • Letter: T
Question
Type up 2 Online Discussion posts (100 or more words). Your posts should be in response to the following brief scenario:
The top management team at Managed by Q (MbyQ) has hired you and your team as Marketing Consultants. Two of the key tasks for you and your team are to help them develop: effective incentives.
See Ch. 11, esp. Table 1 and the related discussion a related digital/online marketing communication strategy (Table 1 shown above)
See Ch. 12, esp. Fig 2 and the related discussion on the steps in the marketing communication plan. (Fig 2 shown above)
Note: The process in Chap. 12 is relevant to but not exclusive to digital/online communication.
Step 1. Your two (2) original post of 100 words or more should address the following: Describe 2-3 specific incentives you would you recommend (See Ch.11) and briefly discuss how they create value for MbyQ. You are encouraged to be creative and identify specific incentives for MbyQ employees (company) given that it is a service company or their collaborators given their aggressive growth goals. See Chap 11, Table 1 and the related discussion of different types of incentives.
Step 2. Take the two (2) peer incentive listed below and describe your specific recommendations for two steps in the process. For example, you could describe your recommendations for the first 2 steps in the marketing communication campaign: goal and communication strategy . Avoid duplicating your peers’ replies, however, do feel free to extend a peer’s recommendations to subsequent two steps. For example, given your peer’s recommended goal and communication strategy, you might recommend a specific message and choice of digital media vehicles. Review Figure 2 (Ch. 12) and the discussion detailing the steps in the process.
*PEER INCENTIVE 1* Two types of incentives I would recommend for Manged by Q would be: 1. B2B webinars and 2. Customer subscriptions. B2B webinars would benefit Managed by Q, because it would give the company trackable access to company’s information. Q would have a landing page just for webinar sign ups. Thus, filling out the interest form with the following information company name, industry, and service needed and email. From there, they would sign up for dates and times convenient for their staff/company. These webinars would include trainings for first time contracts, continued training/education on what is new and improved for Q. Implementation trainings etc. This gives Q a larger audience to reach and quicker. Customer subscriptions- customers sign up for monthly or annual subscriptions based on packages offered by Q or they can customize a package for them. Each subscription would offer two or three more offerings then the first. These subscriptions would take into considered new and existing customers and price value their package. Subscriptions can be a quick and easy sign up online, or fill out a form and mail in. Thus, targeting new aged companies (digital sign up) and old fashion companies (mail in sign up).
*PEER INCENTIVE 2* In order to implement an effective marketing communication strategy, “Managed by Q” needs to offer customer monetary incentives and company monetary incentives. Managed by Q is an innovative and empowering company that aims for satisfaction and fulfillment to its customers and employees. The cliché of “Money Talks” is very true and practical to everyone involved in the company. Incentives such as coupons/discount rates can apply similarly to DirecTV incentive deals by referring one friend; you get $50 dollars off your monthly bill but limiting you to 4 referrals each year. In addition, MbyQ can offer the first two months free or pay for one month and get the next month half off. Another incentive MbyQ can offer is volume discounts of 40% off for customers who purchase MbyQ’s services in bulk and over a certain amount of time. (ex: 3 months, 6 months, one year, etc.) One example of a company monetary incentive is offering performance bonuses and prizes. The top 5% of operators who have excellent reviews, no attendance or disciplinary marks, and highest cleaning quality results will receive a lucrative bonus check or be entered in a raffle where desirable prizes and treats can be won. Empowerment and monetary offers will encourage employees to continue to spread the Q culture and high quality service to its customers. As a result, these monetary incentives will offer a temporary competitive advantage that will increase customer loyalty, brand recognition, and additional market share.
Table 1. Incentive Types Monetary incentives Nonmonetary incentives Premiums, rewards, sweepstakes Contests, bonus merchandise, buy- Customer incentives Coupons, rebates, price reductions, vol- ume discounts Advertising, slotting, stocking, display, Collaborator and market-development allowances, incentives spiffs; volume back guarantees, sales support and training discounts; volume rebates; , off-invoice incentives Company Performance bonuses, monetary prizes,Contests, recognition awards, free incentives spiffs goods, vacation and travel incentivesExplanation / Answer
Effective Incentives Strategy:
Incentives! Wow! We all have a curiosity or tendency to buy a product at the cost which is less than that of Marked Price, if we are customer. If we are employees we also look for incentives. This also happen with the collaborator of the company. But it is a little bit difficult to decide what incentives should we choose to make the strategy effective?
In case of Customer incentives, the benefits we need to give to the customers should not cross the breakdown level of the marketing expenses of the company and it should be effective or to maximise the company business in terms of profit as well as in customer base. So, the monetary incentives we should choose are Volume Discount and Price Reduction. The non-monetary incentives we need to choose is Rewards.
In case of Collaborator incentives, it should benefit both the almost equal terms or as a consultant I need to reduce the budget but increase the company business. So, I choose the monetary incentive as Advertising, off invoice incentives. The non-monetary incentives are bonus merchandise, Sales support and training.
In the case of the Company incentives, as a consultant I will maximise the incentive of my team and it may a partial imbalance from the marketing team. The monetary incentives which I suggest are performance bonus and monetary prizes. But in case of Non-monetary incentive, I would like to suggest contests, recognition awards and vacations and travel incentives.
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