Business Models: Blog Review

Business Models
Business Models

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Business Models

Comment

The blog “Flash Sales and Business Model” by Vanna is one that is quite informative and which I found interesting. The author uses relevant examples of companies such as Amazon which fall directly under web-based models. One of the most critical aspects of the blog is that there is constant use of references which makes the blog content quite well researched.

As one goes through the content, one can deduce that the writer utilizes comparisons efficiently. For instance, social media is presented to be an effective platform to create urgency in contrast to other means. Wholesomely, the blog is quite informative, useful for audiences and the author has done an excellent job in presenting facts and ideas.

Reflection

After reading the blog, I can deduce that Vanna wrote about a topic that directly related to modern day business operations. One of the aspects that the writer presents and which I can agree on is displayed in the introductory part. In this case, I do agree that web-founded business models particularly the businesses that take part in the virtual marketplace such as Amazon are forced to take part in different promotional strategies from time to time. Consequently, this ensures that customers are kept engaged.

It is indeed true that these virtual marketplaces act as virtual malls where sellers are presented with a platform where they can directly sell products to shoppers in the online space. I also would like to point out that the author was quite articulate in depicting what a flash sale is. I also had to do some research, and after that, I would concur that a flash sale is a promotional strategy by the e-commerce industry which offers a moderate duration where the quantity of products kept in stock are also restrained. 

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It is true that indeed, it is critical to emphasize the means of communication when making flash sales to a target audience. This I believe would be instrumental in creating a lot of sales. Just as it has been proven and as indicated in the blog, social media is a platform or avenue in which information is provided. The conclusion part of the blog made is one that had quite an impact.

In this case, it is indicated that a combination of social media marketing and discounting are an impactful promotional mix for engaging clients in the digital experience of a brand.  Therefore, after thorough analysis of the blog, one can note that the writer is quite convincing in driving the intended points home. Anyone who reads it will be in a position to have more knowledge regarding flash sales and business models.

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International Marketing

International Marketing
International Marketing

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International Marketing

Marketing continues to be one of the significant aspects of modern day businesses. This function is one that has led to the establishment of marketing departments in business and organizations. This is an indication that indeed, marketing is a vital element of any business. Whether there are good or bad economic times, marketing remains a pivotal operation in any industry or business.

Being able to determine and satisfy the needs of clients via products and services that have value and accessibility and whose qualities are well communicated is the primary target for any business. Production and marketing are two business functions that work hand in hand. This is because it is only through the output that a company can market their goods.

Marketing can be defined as the activity, combination of institutions and processes that are aimed at developing, communicating, delivering, and exchanging offering that possesses value for customers, partners, and the general society (Class notes). Another definition is that marketing is the supervision procedure that is responsible for recognizing, forestalling, and fulfillment of customer needs profitably. In this case, there will be a look at mobile marketing and how it has succeeded in China.

Before that, it is critical to understand the meaning of international marketing. According to Ghauri and Cateora, international marketing can be defined as the conduction of business activities that control the flow of a company’s goods and services to customers or users in more than one country for a profit. In China, it is essential to acknowledge that mobile marketing has been widely embraced.

It is vital to recognize that indeed, mobile phones have been said to present a potential for marketers to have a connection with their customers through the online channels. With the increase in the use of mobile phones, companies have been presented with a chance to change the way that they interact with their clients.

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According to (Session 2 Notes on culture), culture can be defined as the learned, common, compelling, and interconnected set of symbols whose meanings present some orientations for members of the society. When these orientations are combined, they offer solutions to issues that all communities must solve if they are aimed at remaining viable. The notes indicate that there are three essential components of culture.

These include beliefs, values, and customs. Going through the notes, one is enlightened that there are several factors that influence culture. These include language, religion, aesthetics, education, law and politics, technology, and social organizations.

Soares et al. (2006) stipulate that the growth of investigations addressing the connection between culture and consumption is exponential. Through this source, one is drawn to the fact that culture comprises the broadest influence on multiple dimensions of human behavior. The primary definition of culture as provided is that culture is the complicated whole which involves acquaintance, belief, art, ethics, tradition, and other capacities and habits that are embraced by man as a member of a community.

It is critical to acknowledge that indeed, culture is entirely different from other macro-environmental factors. Soares (2016)indicates that there are various scholars who have discussed the scopes that are most suitable for hypothesizing and operationalizing culture. However, the most outstanding dimensions are developed by Hofstede. In this case, Hofstede presents five magnitudes in his framework. The first of these is individualism-collectivism which illustrates the connection people have in each culture.

The second dimension is uncertainty avoidance which can be used to refer to the level to which a person feels threatened by uncertainty and ambiguity. The third one is power distance which is a reflection of the results of inequality in power and authority connections in society. The next dimension is that of masculinity-femininity. The final one is long-term orientation which is a representation of the virtues that are driven towards future rewards, especially in perseverance and thrift.

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Du (2012) indicates that the Mobile Marketing Association illustrates mobile marketing as the utilization of wireless media as an assimilated content delivery and direct reaction driver within a cross-media or stand-alone marketing communications program. He further indicates that the prosperity of mobile data and communication gadgets such as iPhones has driven more concentration towards the utilization of mobile devices for communicating marketing.

Du demonstrates that the increase in wireless and mobile communications around the world has in no small extent shifted the manner in which people interact, access, and distribute information. He indicates that the technology acceptance model (TAM) has played a significant role in marketing literature to illustrate a person’s behavior connected to the adoption and use of technology.

Through his research, Du discovered several things. In China, there are different factors that are directly and indirectly drive mobile banking acceptance. These include the likelihood of giving information, the probability of gaining access to content, the possibility of sharing content, the extent of risk reception, and degree of personal connection to one’s mobile device.

Zheng et al. (2012) indicate that in 1986, Davis among other researchers came up with the TAM model to illustrate the factors that drive decisiveness to the broad acceptance of computer technology. Davis and other scholars concluded that there were two aspects that influence users to adopt information technology. The first factor is assumed usefulness.

This was seen as a reflection of the extent to which a person believes that utilizing a particular system would increase his performance. The second factor is perceived ease-of-use. This was said to be a reflection of the degree to which a person considers that using a particular system would be easy or difficult (Zheng et al., 2012).

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According to Hong (2013), with an increase in the mobile phone adoption, it is critical for companies to adopt the technology acceptance readiness (TAR) methodology to forecast the customer’s willingness to utilize mobile commerce. However, as Hong indicates, one of the major influencers of mobile marketing is mobile marketing acceptance. In this case, he suggests that mobile banking includes a “two-way or multiple-way communication and promotion to offer a company and its clients utilizing mobile phones as a form of communication.”

In the past few decades, the rapid development of smartphone technology and mobile networks has presented more opportunities for mobile marketing. Under this, there are three main components of mobile marketing which include prompt messaging and advertising, mobile applications, and mobile social networks.

In China, the fast food companies have been viewed to adopt the mobile marketing method. One of these companies that have adopted this strategy is McDonald’s. Lee (2018) states that the utilization of digital marketing, electronic payments, and delivery have aided McDonald’s to come up with a unique growth strategy in China and which could be adopted in the home market in the United States. Lee states that in China, the utilization of mobile payments has been a significant part of the development of e-commerce.  

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In conclusion, it is vital to acknowledge that marketing is a function that has continued to prove its worthiness in various fields. Through marketing, companies have used this to gain competitive advantage. One of the backing factors is that the digital culture has been widely embraced in the society. To gain a global presence, international marketing has become widely adopted. Companies like McDonalds in China have adopted the mobile marketing strategy which has enabled them to remain competitive and have a broader digital presence. Such is a strategy that would be critical if all

References

Du, P. (2012). Factors Influencing Consumers’ Acceptance of Mobile Marketing: An Empirical Study of the Chinese Youth Market2(2), 24-37.

Ghauri, P., & Cateora, P. (2013). International Marketing1(1), 1-30.

Soares, A. M., Farhangmehr, M., & Shoham, A. (2006). Hofstede’s dimensions of culture in international marketing studies60(2007), 277-284.

Zhang, H., Li, Y., & Jiang, D. (2012). Empirical Study and Model of User’s Acceptance for Mobile Commerce in China9(6), 278-283.

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Cross-Cultural Marketing

Cross-Cultural Marketing
Cross-Cultural Marketing

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Cross-Cultural Marketing

Choose a topic from the wide area of cross-cultural marketing. Find and critically evaluate an article on cross-cultural marketing; please ensure that this is from a peer-reviewed journal. The topic could either be from an area that is of personal interest to you (e. g. something regarding your own company or your home country) or it could be some contemporary issue.

Find at least one business example for this topic. For example, you could choose an article proposing a model to analyse a possible target market. Your business example would then be a company which entered a new market. The critical evaluation would then consist of a well- researched discussion of how this model would have helped that company to enter the targeted market.

The rationale behind this task is that you will always be confronted with unfamiliar problems. Reading scientific literature is one way of getting to grips with a problem. It is also a good preparation for assignment 2.

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Social Media Marketing Speech

Social media marketing
Social media marketing

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Social media marketing

Over the years, the prospects of business activities, the growth of the global economy, and the growing populations have spurred the growth of various businesses worldwide. As such, the numbers of firms competing for the limited available resources have increased exponentially.

To make themselves stand out, creative companies have adopted the use of modern technology to create an edge over their competitors. One such use of technology to help the company stand out includes the use of social media for various business purposes. This report focuses on the use of social media by a selected company to perform social media marketing and therefore create customer value.

Social Media

Social media refers to the computerized network driven set of technologies that assist users in the creation and sharing of information with other users through various websites and applications (Obar & Wildman, 2015, pp. 746 – 747). The use of such networks has grown immensely in terms of numbers as well as usage. At the end of 2018, for example, the social media giant, Facebook Inc., had a monthly user base of about 2.2 billion users (Statista, 2017).

Similarly, Australia has had an increase in the numbers of social media users. Statistica reports indicate that Australia had an estimated 17 million Facebook users by January 2018. These users range from ages 13 to 65 and even older (Statistica, 2018).

In addition, the usage of social media has expanded from simple networking of friends, colleagues, and family, which was the initial intended use of social networks. Today, the use has spread to include all aspects of personal life and business. Big corporations are no longer left behind but are now part of the social media bandwagon. The growth in numbers of social media users, as well as the capabilities of the social media networks, has inspired businesses to take up social media as important tools in their portfolio to enable them to access their users in a faster and convenient way.

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Social media marketing

Among the key areas that inspire businesses to join social media is the ease with which they can access millions of their potential customers. The use of social media by companies is largely driven by the will to engage the growing numbers of users and also market their products to them. Social media marketing refers to the various strategies and processes adopted by various users of social networks in a bid to gain online traffic and attention (Saravanakumar & Sugantha, 2012; Hoffman & Fodor, 2010).

Business ventures are taking up social media marketing to allow for the use of better and cheaper alternative marketing for their products and services online. In addition, social media marketing is used to manage the brands of the company by addressing complaints and assessing the satisfaction of the consumers in an easier and faster manner compared to using other traditional channels.

Customer value

Customer value refers to the use of various tools available to the company to deliver the needs and desires of the specific user (Payne & Holt, 2002; Woodruff, 1997). The reference to customer value is imperative to the success of any firm. In this regard, many companies have taken up understanding the needs and wants of their clientele in a bid to increase sales as well as to foster a long-lasting relationship with the customers.

In addition, the firms are investing much more into research and development of new ideas, products, and brands as a means to understand the customer needs better. Such an improved understanding of customer requirements enables the companies to deliver customer value, as well as create customer value models that will help them in their development and customer management (Anderson & Narus, 1998).

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Jetstar

In order to further understand the use of social media in creating customer value, I will use Jetstar Airways to show how a firm can successfully use social media and social media marketing to create customer value. For Jetstar Airways, the company has a wide social media presence. It is among the few corporations that have taken up numerous social media accounts on various websites.

Jetstar Airways has social media profiles on Twitter, Facebook, LinkedIn, Flickr, YouTube, and Instagram. This is not the case with most other companies who opt to use just a few accounts that they can successfully manage. However, Jetstar Airways, despite having a widespread presence, has managed to stay active and in touch with their customers on the various social media platforms.

Jetstar Airways Social Media Marketing

Jetstar Airways has taken on social media marketing as a serious marketing approach in a bid to lure in more customers as well as develop a long lasting relationship with their current customers. In this regard, Jetstar Airways commits up to 40% of their total marketing budget into social media and other online channels (JetStar, 2011). Given the size of the company, this is a sizeable investment and shows the firm’s commitment to the use and value of social media marketing to its growth and success.

In this regard, and owing to the size of the company, Jetstar Airways uses different accounts for the group level of the company, as well as other regional and market specific profiles (Jetstar Newsroom, n.d.). These are intended to enable personalized service and faster reach to specific categories of clients, a feat the company has managed to successfully achieve.

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Jetstar Airways and customer value

According to an interview with the Chief Marketing Officer of Jetstar Airways, the airline took a strategic step to invest and improve on their digital marketing approach (Cameron, 2017). The approach used by the firm was a learning first and capability second, where the initial focus was on building expertise around digital marketing.

The second approach was building automation and personalization systems that would further assist in customer service and handle the various factors that contribute towards the improvement of customer value. These include internal factors such as a unifying vision, increase of the projects’ returns, and improvement of the effectiveness of communications (Cameron, 2017; Snyder & Tai, 2014).

The firms’ activities, especially the localized pages on Facebook and Twitter, are designed to engage the customers and keep them communicating with the brand. Examples of these pages are the main Jetstar Airways pages, Jetstar Asia, Jetstar NZ, and Jetstar Australia. These provide relevant information and tips on both company and flight-related topics, as well as general life issues that get their followers talking and sharing the content. Such engagement allows for the growth of the brand’s online presence and the creation of better relationships that lead to the development of customer value.

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Therefore, in conclusion, Jetstar has managed to create customer value through the effective use of various social media platforms. From the engagement in social media, the company is able to grow their online presence and educate potential customers about their products and services. The connection between such customers and the brand grows with the satisfaction of having their needs and wants, as well as expectations met as they had envisioned.

References

Anderson, J. C., & Narus, J. A. (1998, December). Business Marketing: Understand What Customers Value. Harvard Business Review: Financial Management. Retrieved April 4, 2018, from https://hbr.org/1998/11/business-marketing-understand-what-customers-value

Cameron, N. (2017, August 10). CMO Australia. Retrieved from Why technology, training and content go hand-in-hand in Jetstar’s marketing transformation: https://www.cmo.com.au/article/625817/why-technology-training-content-go-hand-in-hand-jetstar-marketing-transformation/

Hoffman, D. L., & Fodor, M. (2010). Can you measure the ROI of your social media marketing? MIT Sloan Management Review, 52(1), 41 – 49.

JetStar. (2011, March 22). Jetstar to direct 40 per cent of marketing budget into social media and online channels. Retrieved from Jetstar Airways Newsroom: http://newsroom.jetstar.com/jetstar-to-direct-40-per-cent-of-marketing-budget-into-social-media-and-online-channels/

Jetstar Newsroom. (n.d.). Jetstar social media. Retrieved from Jetstar Newsroom: http://newsroom.jetstar.com/jetstar-social-media/

Obar, J. A., & Wildman, S. (2015, October). Social media definition and the governance challenge: An introduction to the special issue. Telecommunications Policy, 39(9), 745 – 750. doi:10.1016/j.telpol.2015.07.014

Payne, A., & Holt, S. (2002, December). Diagnosing Customer Value: Integrating the Value Process and Relationship Marketing. British Journal of Management, 12(2), 159 – 182. doi:10.1111/1467-8551.00192

Saravanakumar, M., & Sugantha, L. T. (2012). Social media marketing. Life science journal, 9(4), 4444 – 4451.

Snyder, D. J., & Tai, P. A. (2014). Customer Satisfaction At Low Cost Airlines: A Case Study Of Jetstar Pacific Airlines (JPA). The Clute Institute International Academic Conference, 254 – 265.

Statista. (2017, December). Number of monthly active Facebook users worldwide as of 4th quarter 2017 (in millions). Retrieved from Statista: The statistics portal: https://www.statista.com/statistics/264810/number-of-monthly-active-facebook-users-worldwide/

Statistica. (2018, January). Breakdown of Facebook users in Australia as of January 2018, by age group. Retrieved from Statistica: The statistics portal: https://www.statista.com/statistics/680581/australia-facebook-users-by-age/

Woodruff, R. B. (1997). Customer value: The next source for competitive advantage. Marketing in the 21st century, 139 – 153.

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Social Engagement Assignment

Social Engagement
Social Engagement

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Social Engagement

Comment

Hi Sonny, I do concur with you that indeed, mobile gadgets are shifting social engagement, the manner in which organizations and businesses conduct their marketing. I support the fact that apps such as Instagram have become a driving force in how companies conduct their marketing.

Such as you have stated is backed by the fact that these apps have enhanced brand recognition through making sure that potential customers are informed of goods or services provided by various companies or businesses in an instant and a convenient manner. Therefore, through your informative blog, it is clear that indeed, mobile has become a significant factor in the field of marketing.

Reflection

Social engagement is one of the driving forces in marketing today. Through this, companies and other businesses put themselves in a position where they can directly engage with their already existing and potential customers.  Mobile phones and other internet-enabled gadgets such as tablets and personal computers have further heightened social engagement. As a marketer, am always drawn to the fact that marketing is a revolutionizing industry.

One of the aspects that I acknowledge is that for any company to survive, there must be marketing.  Technology has played a significant role in pushing for changes in the way that companies do their marketing. A vital lesson that I have learned is that mobile has become one of the major platforms for marketing of goods and products. As a millennial who owns a mobile phone and laptop, I have come to learn that most companies have not been left behind in adopting this strategy.

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Through reading the blog post by Sonny on how mobile has shifted the way in which companies carry out marketing, I am now more aware and knowledgeable of how companies have adopted apps as marketing platforms. Apps such as Instagram and Facebook have played a significant role in driving this aspect. One of the factors driving adoption of these platforms is that these apps have a large number of subscribers or users who frequent them.

One of the exciting things that I have read in Sonny’s blog post and one that I did not know is that there are categories of apps. Such as indicated include quick-timer and slow timer apps. This has opened up my mind on which applications are most appropriate in which situation. Without such knowledge, I believe that a marketer would be doing his or her job blindly and may not receive the best or anticipated results in social engagement primarily through the use of mobile apps.

In conclusion, I believe that the marketing industry is set for a time when the central and significant marketing will be mobile-oriented. For most companies, this is a reality that has not yet hit home since they are still stuck at majorly using traditional means such as television and billboards. With enough research and implementation, mobile marketing will prove to be beneficial to companies which intend to remain relevant and in business.

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Product Market Trend

Product Market Trend
Product Market Trend

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Product Market Trend

Write the trend of each product segments

• Telecommunication services• Phone devices• Accessories

Markets – what does the competitive landscape for your product look like?- What are the main Product market segments- Who are the major competitors and what are their products- What are the trends in the types of products being developed and launched

Please note that you will NOT be coming up with a new product idea. This assignment is about understanding the consumer, key influencing trends and creating the basis for idealization in the front end of innovation

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1. Markets – what does the competitive landscape for your product look like? • What are the main Product market segments Main product segments: • Telecommunication services? Optus, Vodafone, Telstra • Phone devices? smartphones, cell phone, public phones etc• Accessories? Headphones, cases, screen protectors, car holders, headsets

Marking Criteria 

1. Accurate and clear presentation 

2. Further research and comprehensive understanding (AT LEAST 8 ACADEMIC SOURCES) 

3. Logical and clear structure 

4. Quality of written expression 

5. Correctly formatted citations and bibliography.

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Product Innovation and Management

Product Innovation and Management
Product Innovation and Management

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Product Innovation and Management

Product and target market

In this report, we have three classes of products for review: telecommunication services, phone devices, and accessories. Each of these broad product categories has its own characteristics and individual trends within each age group and target market. The target demographic for these products is the baby boomers age group. The baby boomers demographic refer to the people born between the years 1945 and 1960.

This is a ready target market for such products since they have the disposable income to afford such commodities, they are present in social media, tech savvy, make purchases to improve their lives, they buy goods for both themselves and others, and are responsive to hipster advertising approaches (Patel, 2017). As such they are a perfect market for the products of choice and can conveniently respond to marketing and make purchases.

Markets – what does the competitive landscape for your product look like?

Main product segments

The main product segments for this analysis are telecommunications services, phone devices, and phone accessories. For further analysis, the focus of this report shall be the various features, competition, and trends in the three market segments identified above.

The main reason for this selection of these segments is that they have a great potential for growth in the target market of baby boomers (Deloitte Touche Tohmatsu Australia Ltd, 2014). In this regard, therefore, the expected growth, as well as the habits and characteristics of the baby boomers present a great combination for the product of telephone devices.

Product Innovation and Management

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The target market for the chosen products is baby boomers. It is among the most attractive consumer segments for the choice product of telephone devices. The demographics of the chosen market allow for the potential consumers to purchase the products often. For instance, baby boomers are known to love technology and they will invest in the products repeatedly (Deloitte Touche Tohmatsu Australia Ltd, 2014, p. 6).

Additionally, the baby boomers will invest in not only themselves but also others. The main beneficiaries of their investments are the generations X, Y, and Z, who are mainly their children and grandchildren through the gifting of mobile phones (Patel, 2017; Deloitte Touche Tohmatsu Australia Ltd, 2014, p. 7).

The trend in the telephone market in Australia has been one depicting a dwindling use of feature phones and telephone booths. The decline of such telephone devices has, however, resulted in the sharp increase in the uptake of smartphones (Market Line Advantage, 2017). Such trends have led to spectacular growth records, where the value of the mobile industry was at $3,405.9 million in 2016.

However, after the explosive growth over the past few years, the industry is expected to grow at a decreasing rate. Industry estimates place the growth rate at -1.9% for 2021 (Market Line Advantage, 2017). However, customer desires and expectations that directly target the baby boomers could shift this trend. A growth of features and innovations that the baby boomers find helpful could offshoot the expected decline in growth trend in a different direction.

Product Innovation and Management

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Major competitors and their products

Within the mobile smartphone and other related devices segment, there is a notion of an increased competition. However, trends and market data show that there are four major competitors in the mobile devices industry: Apple, Sony, Microsoft, and Samsung (Market Line Advantage, 2017). However, for the target market of baby boomers, they are more inclined towards the use of Samsung products as opposed to the preference for Apple phones as in the case for the millennials (Deloitte Touche Tohmatsu Australia Ltd, 2014).

Trends in the types of products being developed and launched

Trends in the phone devices segment. Over the years, trends in the mobile devices industry are coming together to prove a unified theme for the mobile devices in the industry. For the most part, for example, there is an increase in the screen size as well as the processing power and memory capacity of the mobile devices. As such, there is an increase in the efficiency of such devices across the market.

With the increase in efficiency, performance, and computing power of the smartphones, there is a trend to take over jobs previously held by other devices. The target market of baby boomers is identified as being responsive to products that make their lives easier (Deloitte Touche Tohmatsu Australia Ltd, 2014, pp. 8 – 9). As such, these trends of the developing devices should help in marketing the products to the target market.

Product Innovation and Management

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Trends in the telecommunication services segment

The telecommunications services segment of the industry is comprised of both the wireless and the fixed line telecommunications market. As such, the industry volume, operations, and trends are determined by the combination of subscribers to both the fixed line telephones and mobile telephone services (Market Line Advantage Australia, 2017). Various trends are observed in both the fixed line and wireless product variants, as well as in the telecommunications services industry segment.

Among the key trends includes the changeover between the two main products. In this regard, there is a noticeable change, where the number of subscribers to the fixed line telecommunications services has been dwindling over the years. Concurrently, the number of users subscribed to the wireless mobile networks have been increasing over the same period (Market Line Advantage Australia, 2017).

Another observable trend in the telecommunications services is the increase in the quality of services. Over the years, there has been a significant increase in the efficiency and capabilities of the telecommunications sector in the country and globe as well. The milestones achieved by the telecoms companies are mainly attributed to the growth in technology that supports their operations and service delivery to the increasing number of subscribers (el-Darwiche, Péladeau, Rupp, & Groene, 2017).

The growth in the service delivery is as a result of modernization of infrastructure and the improvement of technical skills among staff. In addition, the involvement of multiple firms in the business has increased the competition in the industry. As a result, the involved companies have to stay on top of their game to ensure they have a competitive edge over the other players.

Product Innovation and Management

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Looking into the future, experts place continued competition, and involvement in related industries as among the key trends to be observed in 2018 onwards. PWC Australia predicts the intensification of the competition by the telecoms companies operating in the country. In addition, there is supposed to be an improvement in the technology to enable better access to services such as a broadband network.

There is also an expectation to see the involvement in various sectors such as e-commerce and government to citizen services (PricewaterhouseCoopers Consulting (Australia) Pty Limited, 2018). Given these predicted trends, the telecommunications sector is expected to experience exponential growth in the foreseeable future, unlike the other comparable products and segments.

Trends in the phone accessories segment

The exponential growth of the mobile phone accessories market is directly related to the rise and growth of the usage of mobile phones. In this regard, most of the trends in the phone accessories are directly related to the growth in the mobile phone market, as well as the growth in technology. A case in point is the growth in the demand for quality headphones to accessorize the capability of modern smartphones as music players (Allied Market Research, 2016).

Such demand led to shifts in the manufacturing processes, where most mobile phone companies bundle earphones together with the phones. However, some consumers require more superior services to accessorize the music and instead purchase alternative headphones by more prominent companies with established products.

Product Innovation and Management

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Another mobile phone accessory case where  the trend is connected with the trends in the mobile telephone industry is the mobile phone cases industry. In the recent past, there have been numerous companies that have been established, whose sole concentration is on the research and development of mobile phone cases.

Such companies are using the latest technology in a bid to improve both the design and functionality of the cases (Allied Market Research, 2016; Market Line Advantage, 2017). In this regard, the business of the mobile phone cases is one that is expected to grow, either in tandem with the mobile phones or by a greater margin given the high demand for multiple smartphone cases by numerous individual users.

References

Allied Market Research. (2016, October 3). Mobile Phone Accessories Market to Reach $107.3 Billion by 2022, Globally. Retrieved from PR News Wire: https://www.prnewswire.com/news-releases/mobile-phone-accessories-market-to-reach-1073-billion-by-2022-globally—allied-market-research-595639141.html

Deloitte Touche Tohmatsu Australia Ltd. (2014). Mobile Consumer Survey 2014: The Australian Cut – Revolution and Evolution. Retrieved from Deloitte Australia Ltd: http://landing.deloitte.com.au/rs/deloitteaus/images/Deloitte_Mobile_Consumer_Survey_2014.pdf

el-Darwiche, B., Péladeau, P., Rupp, C., & Groene, F. (2017). 2017 Telecommunications Trends: Aspiring to digital simplicity and clarity in strategic identity. Retrieved from PWC Strategy&: https://www.strategyand.pwc.com/media/file/2017-Telecommunications-Trends.pdf

Market Line Advantage. (2017, March 28). Australia – Mobile Phones. Retrieved from Market Line Advantage: http://advantage.marketline.com.ezproxy.lib.rmit.edu.au/Product?ptype=Industries&pid=MLIP2324-0002

Market Line Advantage Australia. (2017, July 19). MarketLine Industry Profile: Telecommunication Services in Australia. Retrieved from Market Line Advantage Australia: http://advantage.marketline.com.ezproxy.lib.rmit.edu.au/Product?pid=MLIP2416-

Patel, N. (2017, April 26). Forget Millennials. 7 Reasons Why Baby Boomers Are the Ideal Target Market. Retrieved from Quick Sprout: https://www.quicksprout.com/2017/04/26/forget-millennials-7-reasons-why-baby-boomers-are-the-ideal-target-market/

PricewaterhouseCoopers Consulting (Australia) Pty Limited. (2018, February). Five trends for Australian telecoms in 2018. Retrieved from PricewaterhouseCoopers Consulting (Australia) Pty Limited: https://www.pwc.com.au/publications/pdf/five-trends-australian-telecoms-2018.pdf

Product Innovation and Management

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Evaluating and Entering an International Market

Evaluating and Entering an International Market
Evaluating and Entering an International Market

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Evaluating and Entering an International Market

Evaluating and Entering an International Market for “John Lewis Company” (China or United States)

You are the manager of a UK-headquartered company of your choice. The company seeks growth opportunities and considers expanding further into the global marketplace. A first screening of international markets led to a short list of two potential target country markets – one developed and one emerging economy. The board of your company is asking you to develop a global marketing plan for one of those countries. Your colleague is asked to write a marketing plan for the other country. The board would like to see both plans before making a final decision which country to target.

Preparation for Final Report

Choose a partner in your workshop. In workshops with odd numbers, there can be a group of three students.

Together, decide on an actually existing company that is headquartered in the UK and that is successfully operating in
the UK domestic market. The company might or might not have collected experiences with international markets.

Together, choose two countries from the list below – one developed and one emerging country market – and decide
who of you is working on which country. Note: In groups of three students, please choose three countries. The
company that you chose should not already be operating in the countries that you are selecting.

Together, work on the ‘report outline‘ to receive feedback from tutors and peers. For more information on
formative assessment see slides 24-30.

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Final Report

Individually, write a global marketing report: Assess the market attractiveness of the one country that you have
chosen for your company and offer strategic and tactical suggestions of how to best enter this market. Follow the
Global Marketing Plan Framework described in this slide deck (slides 13-23).

The report should include information on the company; information on the potential target markets’ macro and micro environments; recommendations on the market entry strategy and target customer; recommendations on how to adapt (or not adapt) the marketing mix for this country market. It should also include an invest – not invest recommendation. Do not consider costs/budgets.

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Customer Relationship Management System at BP Plc

Customer Relationship Management System
Customer Relationship Management System

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Deployment of Customer Relationship Management System at BP Plc

Executive Summary

This project is about building a Customer Relationship Management (CRM) system for BP Plc., a London-based energy company. This corporation has approximately 84,480 workers. The economic value that BP generates every year is $360 billion and its profit in 2014 was $8.07 billion. The new system would help BP to gain competitive advantage with a measurable outcome or improve its operations in some way. The information regarding the project would be collated using qualitative methods.

The project manager will talk to the interviewees face-to-face with a listing of questions. The constraints for this project include technological issues; economic factors; and social factors. The project risks are categorized as follows: schedule, financial, technical, client, and people risks. The outcome of the cost-benefit analysis shows that this project is economically viable and can be pursued. Non-financial benefits of this project include customer loyalty, improved brand image and reputation for BP and increase in employee satisfaction.

Deployment of Customer Relationship Management system at BP Plc

This business report describes an international business project that can be solved by carrying out a short-term project pertaining to digital capabilities at British Petroleum (BP) for global customer communications at this multinational energy company. Firstly, the current situation of the firm is analyzed in order to determine a need for a particular project in this area that would improve BP’s customer relationships management. All in all, the project would help BP to gain competitive advantage with a measurable outcome or improve its operations in some way. 

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1.0 Purpose of project

The project’s purpose is to develop a customer relationship management system at BP and deploy it throughout the company. It will store data concerning BP’s clients and their interactions with BP.

1.1 Project Plan and Project Scope

Scope of the project is the part of the project planning which entails determining and documenting a listing of exact project deliverables, goals, deadlines, costs as well as tasks.   The scope is essentially what the project would deliver (Lebedeva 2015). In this project, the goal is to make improvements on BP’s Management Information System for global customer communications in order to meet the overall business needs of attaining increased sales as well as competitive advantage. A Customer Relationship Management (CRM) system would be built. It would be an information system which would maintain data regarding the company’s clients as well as their interactions with the organization.

2.0  High level analysis of business environment
2.1 Micro and Macro (Internal and External factors)
2.1.1  Porters 5 Forces

Intensity of competition: High – BP operates in a market that is very competitive. Some of the main private sector players which are BP’s competitors include Royal Dutch Shell, ExxonMobil, Texaco, Total, and Chevron. These main competitors have established presence all over the globe and they employ costly differentiation and branding strategies in their operations. It is notable that low switching costs, high storage and real property costs, low levels of product differentiation and rapid global growth foster more intense rivalry amongst the existing competitors in the gas and oil sector.

Bargaining power of suppliers: High – The suppliers mainly comprise the countries in which the oil and gas company extracts the commodity. These oil-producing countries such as Venezuela, Nigeria, Russia, Saudi Arabia, Kuwait, Iran and other Oil Producing and Exporting Countries (OPEC) have a high bargaining power given that they can easily manipulate the oil and gas prices for instance by reducing or increasing the availability of gas and oil (Reckdahl 2015). The OPEC countries establish prices for gas and oil and this affects both the supply as well as price levels.

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Bargaining power of buyers: Medium – There is medium bargaining power of consumers since the cost of switching to other products is high. There is growing demand for oil and gas in the marketplaces particularly in the emerging markets of China and India. There is the growing need for clean, eco-friendly fuels. The oil companies can sell their products to many customers.

Threat of substitute products: Low – At the moment, there are few commercially exploitable substitutes. Non-renewable sources of fuel which may pose a threat to BP’s oil and gas production and retail mainly includes coal. There are also emergent alternative fuels such as wind energy, photovoltaic energy or solar power, nuclear energy, geothermal power as well as other renewable sources of energy although they do not pose a significant threat to BP (Helman 2012).

Threat of new entrants: Low – The likelihood of new players penetrating the oil and gas industry is low thanks to high barriers to entry that discourage other companies from entering this industry. High amount of capital is required to enter this market. New companies may lack the necessary personnel and financial capital essential for operating in the oil and gas industry. There are high exploration and development costs and financial institutions do not provide financing for exploratory activities (Reckdahl 2015).

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2.2 Information research needs

Collecting information from various sources is an essential part of this project. Determining what information would help to effectively execute the project is something that would be done prior to gathering any sort of data. It is notable that wasting time in collating incorrect type of information could set any given project back and cost the organization so much money (Cunningham, Salomone & Wielgus 2015). Collection of information will start only after obtaining a thorough and clear listing of information required for the project.

In this project, helpful information would be gathered by talking to the right individuals. BP’s senior managers and the company’s employees who have worked for BP for over 24 months have extensive experience and they can offer quality information which may be helpful to this project. The information would be gathered using qualitative methods and interviews would be used. The project manager will sit down and talk to the interviewees face-to-face with a listing of questions. The information gathered will help in determining exactly what the client requirements are with regard to the new digital technologies.

2.3 Stakeholder Analysis

Stakeholders are basically those entities that could influence the project. The stakeholders of this project are formally tabulated as follows:

Table 1: Stakeholder analysis

 StakeholderLevel of influence or powerInterest in the project / level of involvementStakeholder expectationsActions to meet expectations
1ClientHighOwner of the project. Controls the financial resources. Makes decisions.New and improved Management Information System (CRM) for global customer communications to meet overall business needs of attaining increased sales and competitive advantageSpecify requirements for the new/improved system, provide financial resources
2Regulatory bodiesMediumCertify the new digital technology deployed at the client organizationManagement information system that meets defined standards and regulatory requirementsApprove system if meets standards and satisfies needs of customer
3Project teamLowDesigns the new digital technology, deploys and implements it at client organization, BP. Project team has specialist skills needed by the projectExecute the projectComplete the project within budget, deliver the required project deliverables, and complete the project by due date
4SupplierLowSupplies the digital technology; the CRM systemBe notified of the client’s expectations regarding the new systemSupply CRM system that meet needs of end-user

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2.4 Constraints Analysis (Internal and External)

Constraints essentially place conditions or limits on the project. Constraints could originate either from internal or external factors. Being able to identify constraints implies that an analysis has been carried out on the proposed project (Rivard & Dupré 2011). The external constraints for this project include the following: technological issues; environmental concerns or issues; economic factors; social factors; and political factors. The internal constraints include predetermined budget; expertise on the specific CRM system to be deployed at BP; hard deadline; resources; legal requirements; and business requirements.

2.5 Benchmarks

The new improved CRM at BP should result in the following:

(i) BP should focus more on its relationships with individual customers and suppliers.

(ii) There would be improved customer experience since employees at BP would have access to comprehensive relationship detail anywhere they work to engage with the company’s customers and provide excellent services.

(iii) Users would be able to check order histories instantly in order to comprehend the buying patterns of consumers and identify new opportunities for selling BP’s products (Shanks, Jagielska & Jayaganesh 2010).

(iv) BP would be able to do business wherever by having dependable access to customer, relationship, as well as sales detail needed with the use of CRM app. Some of these benefits have been realized by Chevron, which deployed a new CRM system organization-wide within the last 5 years. 

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3.0 Risk Analysis and Control
3.1 Sources/categories of risk

The potential risks for the project fall in the following categories: schedule, financial, technical, client, people, cost and contractual. The project manager will assume total authority of minimizing the chances of occurrence of risks whilst implementing the project. In this project, the risks would be handled by mitigating them. If a risk cannot be avoided, they can be mitigated. This basically implies taking some kind of action which would cause the risk to cause as little harm to the project as possible (Söderlund & Müller 2014).

3.2 Risk assessment

After identifying the possible project risks, they are evaluated basing upon the likelihood that a risk event would crop up and the possible loss associated with the risk. All risks are not the same. Some risk events have a higher chance of happening in comparison to other risk events and the cost of any given risk could differ very much (Huff & Prybutok 2010). Assessing the risk for likelihood of occurrence and the severity or possible loss to the project is an important step in the process of risk management.

                                                Impact High                                                                                                            Low
                 High  
Likelihood                         Low
High impact risk and likely to happen Technical PeopleLow impact risk and likely to happen Technological risks  
High impact risk but not likely to happen ScheduleFinancialLow impact risk but not likely to happen Contractual

Projects risks which are considered as high-impact are the ones that may increase the costs of the project by 10 percent or more. Just a few possible risk events actually meet these criteria. Low impact project risks are the risk events which could increase the costs of the project by less than 10%. It is the high-impact project risk events which the project management team would be focusing on when formulating the project management or mitigation plan.  Through risk assessment, the project management team gets to understand the possible risk events which have the greatest likelihood of happening and could cause the greatest negative impact on the project (Hartman & Ashrafi 2010).

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3.3 Risk analysis using Force Field Analysis

Force Field Analysis (FFA) was conceptualized by Kurt Lewin and is commonly employed in change management. This technique facilitates change in an organization as it seeks to understand 2 differing sets of forces: that is, driving forces which foster organizational change and hindering forces that strive to sustain the status quo (Cunningham, Salomone & Wielgus 2015). By methodically taking into account the persons, attitudes, customs, and habits which both hinder and drive the capacity of the company to change to attain its goals, FFA helps in sharpening the findings of the risk assessment process.

In this project, since the objective of BP Plc is to improve its Management Information System (CRM) for global customer communications so as to meet the overall business goals of accomplishing increased sales and gain competitive advantage, the driving forces include competition, scorecard reporting of progress, and monitoring by the company’s management. Examples of restraining forces include insufficient expertise or training to implement and use the system, employee resistance to change, and the lack of meaningful data for measuring results prior to and following implementation of the change.    

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3.4 Risk Control/response/management programme
3.4.1 Risk mitigation

The common strategies for mitigating risks are risk transfer, risk reduction, risk sharing and risk avoidance. Each of these techniques of mitigating risks could be effectual in decreasing individual risks as well as the project’s risk profile. It is notable that the risk mitigation plan spells out the approach for mitigating each risk event that was identified as well as the actions which would be taken to eliminate or decrease the risk (Ku 2010).

Mitigating technical risks: when tasks are delegated to individuals in the project team, the technical capability and skill of those people may be overlooked. This will in turn increase the probability of delaying the project and not meeting its deadline. In this project, a delay such as this would be avoided by way of increasing the frequency of communication between the members of the project team and closely monitoring their tasks during execution of the project.

The other alternative entails dividing an intricate task between members of the project team and then delegating every part to one group member. When a complex/difficult technical task is reduced into simple, smaller tasks, the time of implementation might increase but the likelihood of missing the deadline for completion of the task could be managed given that the risk which is involved in the undertaking is diversified amongst many people (Besteiro, de Souza Pinto & Novaski 2015).

Mitigating financial risks: it is not easy to estimate risk factors which are cost-based. The project manager will develop an intuition with regard to decisions so that the decisions which would increase the costs of carrying out a given task could be avoided. The project manager will utilize sophisticated techniques to estimate costs. Some of these techniques include Program Evaluation and Review Technique (PERT)/Critical Path Method (CPM). These could be employed in overseeing how tasks are deployed and to analyze the risks that are involved. The project manager can also employ advanced techniques like Expected Monetary Value which provides an insight on fiscal loss or gain if an event occurs or does not occur.

Mitigating scheduling risks: implementing the right tasks at the correct time will help in lowering the risk of not meeting the deadline of the project. Tasks of the project could be allocated to team members in 2 different ways. First is by calculating the estimated processing time of every task and executing the tasks basing upon the Shortest Processing Time (SPT). The second approach involves defining the due dates for every task and then process them basing upon the Earliest Due Date (EDD).

In essence, the project manager would choose which approach to utilize to schedule tasks and delegate them to the project team members who are associated with the implementation of the project. The Monte Carlo Simulation method is an advanced technique that can be used to decrease the risks whilst scheduling work-based tasks (Huff & Prybutok 2010).   

Mitigating people risks: the project team may lose crucial personnel who are important for successful completion of the project. To effectively mitigate this potential risk event, the project management team will sign up new personnel to help implement the project successfully and complete in time and within the specified budget.

Mitigating technological risks: this project entails improving BP’s management information system by deploying a new digital technology that includes a state-of-the-art Customer Relationship Management system. Possible risks are that this new system may have include technological flaws, and the members of the project team may lack familiarity with this new digital technology. To mitigate against this risk event, the project management team would ensure that every project team member is familiar with the CRM system which would be deployed at BP. Furthermore, the project management team will make sure that the procured CRM information system is flawless, perfect and works appropriately.

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3.5 Contingency planning

The risk plan will balance the investment of risk mitigation against the benefits for this project. It is notable that an alternative approach would be developed by the project team. This alternative method would be used to complete the project and accomplish the goal when a particular risk event has occurred which might actually hinder the attainment of the project goal. In essence, these plans are referred to as contingency plans (Parker & Mobey 2010). In this project, the project team would set aside contingency monies for addressing any unforeseen events which may result in an increase in project costs.

These contingency amounts will amount to $72,114. The project manager would manage contingency monies at the project level and will need the project sponsor’s approval prior to using the contingency funds. People risks for instance losing some skilled and proficient project team members who have the required technical expertise to effectively complete the project would be mitigated with a contingency plan which will entail hiring a skilled expert to help implement the project and accomplish the project goals.

Table 2: Contingency budget

 Phase of projectContingency budget
1System Design  $3,114
2System creation$17,000
3Hardware acquisition$19,000
4Implementation  $21,000
5Testing the CRM system$7,000
6Deployment throughout BP  $5,000
 Total$72,114
3.6 Resource reviews and personnel requirements

Resources refer to the items needed to implement the project activities. For this particular project, the resources needed are as follows:

Money/budget – roughly $337,700 would be needed considering that the project would be carried out to integrate all of BP’s Management Information Systems worldwide. This money would be expended on overheads, subcontracting, subsistence and travel, acquiring the most recent CRM system for BP, equipment as well as staff costs.

Time – the project is to be completed within 12 months. If the project manager succeeds in meeting schedule of the project, then this project manager will be very likely to stay within the project budget. For time to be managed effectively, the project management team will detail and prioritize the various project activities.

Equipment and materials: the project manager will ensure that the right equipment is available and at the right time and that it actually operates as it should. The equipment in this project mainly includes computers. Materials comprise an extensive category of requirements for instance utility services like access to the internet, telephone lines, electricity, office space and office materials utilized by the project team members.

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3.7 Personnel Requirements

The most significant resource for this project are the human resources. It would always be important to have the right personnel who possess the required skills. The project management team will ensure that everyone is aware of what is needed to be done in the project, how to do it and when. The staffs would be motivated to take ownership of the project. The key personnel for this project will include administrator, project manager, project staff, project sponsor, and technical advisor.

The Responsible, Accountable, Consulted and Informed (RACI) matrix outlines the business areas which are responsible for project deliverables. Every role is separate and different from other roles, although a single individual could be responsible for several roles. The RACI matrix for this project is as follows:

Table 3: RACI for personnel requirements

 Project managerProject Team membersClient/ownerSponsorTechnical advisor
Project planningARRII
Provision of resourcesRCAAC
Development of CRM systemARIIC
Content ReviewARIIR
Usability TestingARCIC
Installation of the CRM system companywide at BP.ARCCC
References

Besteiro, É, de Souza Pinto, J, & Novaski, O 2015, ‘Success Factors in Project Management’, Business Management Dynamics, 4, 9, pp. 19-34, Business Source Complete, EBSCOhost, viewed 16 October 2015.

BP Plc. 2015, BP at a glance. Retrieved from http://www.bp.com/en/global/corporate/about-bp/bp-at-a-glance.html

Cunningham, J, Salomone, J, & Wielgus, N 2015, ‘Project Management Leadership Style: A Team Member Perspective’, International Journal Of Global Business, 8, 2, pp. 27-54, Business Source Complete, EBSCOhost, viewed 16 October 2015.

Hartman, F, & Ashrafi, R 2010, ‘Project Management in the Information Systems and Information Technologies Industries’, Project Management Journal, 33, 3, p. 5, Business Source Complete, EBSCOhost, viewed 16 October 2015.

Helman, C 2012, ‘BP is booming (SHHH!)’, Forbes, 189, 8, pp. 106-112, Business Source Complete, EBSCOhost, viewed 16 October 2015.

Huff, R, & Prybutok, V 2010, ‘Information systems project management decision making: The influence of experience and risk propensity’, Project Management Journal, 39, 2, pp. 34-47, Business Source Complete, EBSCOhost, viewed 16 October 2015.

Ku, ES 2010, ‘The impact of customer relationship management through implementation of information systems’, Total Quality Management & Business Excellence, 21, 11, pp. 1085-1102, Business Source Complete, EBSCOhost, viewed 16 October 2015.

Lebedeva, A 2015, ‘Five Essential Project Management Skills for RM and IG Professionals’, Information Management Journal, 49, 5, pp. 28-33, Business Source Complete, EBSCOhost, viewed 16 October 2015.

Parker, D., & Mobey, A 2010, Action Research to Explore Perceptions of Risk in Project Management. International Journal of Productivity and Performance Management 53(1), 18–32.

Petrevska, R, Poels, G, & Manceski, G 2015, ‘Bridging Operational, Strategic and Project Management Information Systems for Tactical Management Information Provision’, Electronic Journal Of Information Systems Evaluation, 18, 2, pp. 146-158, Business Source Complete, EBSCOhost, viewed 16 October 2015.

Reckdahl, K 2015, ‘Slimed: BP’S forgotten victims’, Nation, 300, 18, pp. 24-29, Academic Search Premier, EBSCOhost, viewed 16 October 2015.

Rivard, S, & Dupré, R 2011, ‘Information systems project management in PMJ: A brief history’, Project Management Journal, 40, 4, pp. 20-30, Business Source Complete, EBSCOhost, viewed 16 October 2015.

Shanks, G, Jagielska, I, & Jayaganesh, M 2010, ‘A Framework for Understanding Customer Relationship Management Systems Benefits’, Communications Of The Association For Information Systems, 25, pp. 263-287, Business Source Complete, EBSCOhost, viewed 16 October 2015.

Söderlund, J, & Müller, R 2014, ‘Project Management and Organization Theory: IRNOP Meets PMJ’, Project Management Journal, 45, 4, pp. 2-6, Business Source Complete, EBSCOhost, viewed 16 October 2015.

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