Crunchs Management Essay Example | Topics and Well Written Essays - 750 words

Crunchs Management - Essay Example However, in spite of this the Crunch management should ensure that their name is not affected by the expansion. Already people had gained so much confidence in the services that Crunch offered thus changing the brand name may cost the company some of its customers. Levine asserts that he knows exactly what needs to be done to promote the brand but all he needs is assistance. Crunch has insightful leaders who are very dedicated and all that they required was to draw a well strategic plan of all the activities they will engage in before they acquire SportsLife. Crunch’s Los Angeles position had really favored its operations and above all this positioning and expansion had been funded by a donor. At this position they were able to collect a substantial amount of revenue. Generally, the overall revenue for Crunch combined with other external collections, was enough for reinvestment. Crunch’s top management had so far proven to be very innovative for instance, the coming up with the idea of fitness clubs as tenants of real estate was great (Harvard Business School 5). They always came up with new ideas which upon exploiting proved to be very profitable for the company. The experience that the company already had on the expansion as it had started as a small business venture, would aid it to pursue the SportsLife acquisition. However, a lot needs to be put in place before doing this considering that if they acquired SportsLife, they would increase their size by 60%. This implies that what they were going to acquire was more than what they had in place already. Crunch should strive to expand its operations at this critical moment when they enjoyed a good brand name. The move to acquire SportsLife was perfect as the company would increase its club mass on a very pleasing market Harvard Business School (6). An expansion strategic plan needed to be put in place on how the activities would be executed. Firstly, flagship facilities were needed be put in place in every market in order for the company to acquire a greater coverage. Furthermore, intensive advertising activities should be pursued to inform their potential customers of the changes they had undertaken. Though expenditures would rise, they were going to be got from many clubs as well as a larger membership base. Although the acquisition was worthwhile, it would take Crunch quite some time to merge it completely into its brand. Fortunately, looking at the performance of the company it is confident that if they acquire the new facilities they will be able to generate more revenue than what the clubs currently generated. The clubs generated about $17 million revenue annually which meant they were not doing badly (Harvard Business School 8). At the time SportsLife clubs had approximately 70,000 members who had a relatively renewal rate as compared to Crunch. From such a scenario, it implies that by giving this clubs the Crunch reputation, the renewal rates are likely to go up boos ting the revenue base. In addition, the clubs’ current condition was not comparable to the Crunch clubs, thus it meant upon upgrading the clubs, they will attract more membership. Crunch should view the differences that exist between SportsLife’s clubs and its own as a stepping stone to differentiation and diversification. Since Crunch had exploited all the opportunities at their disposal successfully, they needed to explore new ideas and personalize them. Harvard Business School (9) explains that two of the SportsLife clubs were strategically positioned to Crunch’s advantage. What Crunch needed to do was to concentrate all their efforts into

FINANCIAL SERVICES MARKETING Essay Example | Topics and Well Written Essays - 1750 words

FINANCIAL SERVICES MARKETING - Essay Example The financial service business is more about building a fruitful and beneficial relationship for both the parties. The key to this successful relationship is customer satisfaction, trust and commitment. The customer should be satisfied with the services they are getting from the financial institution they are engaged with and they must have an idea that this is the best which they can get and may not be considering switching to competitors at any point in time. This service industry is Business to Business (B2B) or Business to Customer (B2C) by nature. It requires internal marketing of its values and the ideology about customer satisfaction which needs to be delivered. The staff must be competent enough to understand and satisfy the needs of the customers. It should define the staff clearly that their role is not only to deal with the customers face to face but also to support and assist the customers with the interface. This requires relationship management which is concerned direct ly to cater customers and be interactive with them regarding ongoing purchases and future benefits available about making certain transaction. The financial market is complicated and risky both, so the new entrants must be communicated about the volatility of the market. DIFFERENTIATION To create value of the product for the customer the marketer must first understand the nature of the financial service themselves. They must always seek for opportunities to create differentiation of the product. These opportunities can be sought by understanding the culture and norms of the individuals. Usually all that a marketer can do is to make a value proposition and then the customer will derive value in use from the offerings....Studying about the functionality of various markets can improve that skill of adaptability. This course of Financial Services Marketing has highlighted many areas and challenges which a business of such nature has to face. Learning about these challenges has helped me in assessing all the businesses and their functionality. CREATIVITY AND INNOVATION Today’s job market has become very competitive. Employees have to undergo through several challenges on every walk of their career. Only those individuals who think outside the box become successful. It was creativity and innovation which made Steve Jobs and Bill gates successful. Wait for the right opportunity and avail it when it comes with the right attitude. Following the above mentioned attitude ensures success. Always be prepared for challenges because only those people who get through these challenges accomplish their goal. ENHANCED ANALYTICAL SKILLS Studying Financial Service Marketing has enhanced my analytical skills to great extent. I am positive that this will help increase my chances of future employability. Thorough learning provided me with the opportunity to analyze a large volume of data. This course has prepared me about how to apply various marketing models to analyze or speculate a business. Now, I can deal with problems more effectively and hope to handle problems before they become a major problem.