CapraTek’s Comprehensive Reward Plan CapraTek is the leader in the virtual technology industry with its creative and innovative ideas to market to consumers. As the company begins to expand their business to Mahomet, Illinois they are considering revamping their compensation package. The general population in Mahomet is young and well educated. The median age in the city is thirty-six years old and forty-five percent of the population hold a bachelor’s degree or higher. Additionally, the median household income is $83,586. With the new facility, CapraTek will be attracting a younger workforce, such as Millennials and Generation Xers. Therefore, CapraTek needs to ensure these …show more content…
145). CapraTek has a strong position within the labor market pertaining to sales roles, however the company is finding it challenging to retain and engage top talent. CapraTek can develop better, effective job descriptions so that employees have clearly defined roles and expectations. Furthermore, CapraTek should inform new hires of the company’s sales strategy as they work to produce and advertise the Alfred line. Additionally, offering current employee training opportunity will develop their technical knowledge and skills. Lastly, CapraTek should consider the cost associated with developing job descriptions, training employees, and revamping their compensation …show more content…
176). Within the marketing job series, there are five levels of expertise. Level one is the marketing copywriter where the beginning stages of CapraTek’s advertising efforts are created. A marketing copywriter I will be responsible for brainstorming and developing ideas that align with the company’s current marketing strategies. A marketing copywriter II will display more in-depth knowledge and expertise within advertising to develop these ideas into action by creating slogans, audio scripts, and other written material. A marketing specialist will consist of three promotion level in the second stage. A marketing specialist I, will be responsible for locating and analyzing market data at a local, regional, and national level to support existing marketing efforts. By collecting research and analyzing the data provided, a marketing specialist II should be able to determine the company’s strengthens, weaknesses, opportunities, and threats based on the marketing strategies. Lastly, a marketing specialist III will analyze the current demographic by studying consumers’ shopping and buying habits. Salary based roles such as marketing communication, marketing research, and product manager will only have one pay grade. Marketing communication role consists of managing the development of marketing materials for the sales team and customers. By interpreting data, formulating reports, and providing recommendations
Determine the Compensation Level: Although Susan’s plan to “just do what her competitors are doing” (Nelson Education, 2013) may not have been the best approach to follow, it is in The Fit Stop’s best interest to match their compensation policy to those business’s similar to them. There is no need for The Fit Stop to lead with the best compensation options around, but lagging with the compensation could repel employees and could push them towards working for a competitor. Evaluate the Proposed Strategy: Affordability of these theoretical applications is not obtainable within the first couple of years of business.
Deciding which pay form to use when compensating employees is extremely important to a company. Many things are taken into consideration: labor costs, the correlation between performance and pay, customer service, and the ability to attract and retain employees which is extremely important to FastCat’s need for innovation. We believe a single pay structure coincides with our single based plan for the organization. We want to keep things simple and understandable to all areas of the organization. This strategy will allow employees to understand how their performance and the performance of others relate to the success of the company through specific measures. It is also important that the strategies align with the objectives of FastCat. We beli...
Marketing is that broad area of business activity that directs the flow of services provided by the carrier to the customer in order to satisfy customers’ needs and wants and to achieve company objectives. Marketing is more than selling: it involves a number of business activities, including forecasting, market research and analysis, product research and development, price setting, and promotion, including advertising. Marketing also involves the finance activities such as credit and collection that are associated with ticket sales. Marketing is customer oriented…Without marketing and sales, there would be no airlines. (p. 274)
Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.
Johnson, Sam T. "Plan your organization’s reward strategy through pay for performance dynamics: Compensation & Benefits Review 30, Number 3: (May/June 1998): 67-72
Primarily, strategic marketing initiates its process through market research, thereby inculcating the optimal target customers throughout the development phase of the product or service. Market research enables the firm to identify trends from the horizon, especially by studying major competitors in the market that eventually informs the firm’s product designs and development. Strategic marketing does thus enable the company to use to researched information to differentiate products for individual client niches, which provides the firm with a competitive
b. Marketers can explore what each customer wants and tailor the marketing processes to meet those needs.
The tasks listed, reflects my passion for Marketing, as I can see myself working for a business and operating my creativity for their advertising ideas and persuading the consumer base that our product and/ or service is what they should be interested in. To many, Marketing Managers evaluate the demand for products and services that their organization and its competitors offer, but it’s more than that, Marketing goes beyond its pictures, viral videos and branding, you have to embrace and take advantage of technology to be effective and make the most money.
The organization is able to manage a high coverage of risks at relative low costs owing to the availability of highly skilled personnel in the company’s team of employees. This benefit also brings about another advantage of easing the financial burden of the organization (Johnson, 2016). Besides, effective employee benefit system offered by the organization could improve the general productivity. This benefit is attributed to the fact that employees tent to be more effective when they are given assurance of job security. In addition, workers become more productive when they and their families are given the desired security by the employer. The other benefit to the organization if it employs an effective compensation and benefits system entail benefits from premiums (Wayne, Shore, M., Bommer, & Tetrick, 2002). These premiums are typically tax deductibles as corporate expense. As such, a company that has an effective compensation and benefits system is likely save extra money for other
Lila B. Stair, Leslie Stair. Careers in Marketing. 3. Book. Prod. VGM Career Books. Chicago, 2001.
Establishing compensation practice requires for specific goals to be considered such as employee retention, compensation distribution and budget analysis. Organizations must balance each of these goals and also remain competitive in order to motivate employees and maintain fairness in the compensation program.
“function that links the consumer, customer, and public to the marketer through information-information used to identify and define marketing opportunities and problems; to generate, refine, and evaluate marketing actions; to monitor marketing performance; and to improve understanding of the marketing process. Marketing research specifies the information required to address these issues, designs the methods for collecting information, manages and implements the data collection process, analyzes, and communicates the findings and their implications..”
In spite of the rigors associated with a career in marketing the outlook for the profession is bright. Marketing is a vital necessity not only for business firms, but is also needed and utilized by governments, educational, religious, social service, and nonprofit organizations or institutions. Perhaps the most alluring aspect of a career in marketing is the fact that it provides a great number and variety of job opportunities, and can offer opportunities to both number crunchers as well as intuitive creative people as well.
According to Kotler (2012), Marketing is about identifying and meeting human social needs, thus it is not only about advertising and promotion it is more than this. It includes setting competitive price, communicating effectively with potential and existing customers and also introduction of new products.
Organizations are working hard in today’s world of business, not only to remain competitive, but also to focus on stability and structure. Employees are the backbone of an organization. It is becoming more important to offer quality HRM programs to staff, in order to support the retention of trained and experienced staff. Employees have always been concerned with salary however, there is a new focus emerging that looks at compensation as a whole entity. Monetary wages are now just as important as other benefits such as paid time off, medical and dental offerings and retirement. This paper will discuss the importance of the total compensation program which includes many aspects, not just salary. Attention must be paid to equal pay, pay