Trident Stephen T. Baker BUS499 BSBA Integrative Project Service Perspective Dr. Darlene Pomponio Octawise service objectives and their relationship to the overall Mission and Vision a) Provision of diverse offerings: This is a major shift from the traditional ‘One Size Fits All’ model and realizing that substantial differences exist within the target market a business is operating in. Provision of diverse financial offerings by Octawise Inc. results in meeting the specific needs of diverse customers within their target market leading to increased customer satisfaction and loyalty. This is a great stride towards attaining their vision of becoming leaders in commercial product development, as they will be able to retain their already existing customers and leverage on the positive word of mouth by their current customers to acquire new clients. b) Focus on excellence: The greatest undoing to the attainment of any organizational overall success is the quest to be ‘a jack of all trades and a master of none’.
Kotler (1994) defines target marketing as breaking down the major market segments, target those that are attractive and relevant and develop product offerings that are tailored to meet the needs of that market.
Octawise in its quest for excellence has defining its target market as key objective geared towards positioning it in the minds of its consumers as an excellent service deliverer and generally a positive push towards attaining market leadership position. c) Focus on entrepreneurial skills development: Octawise Inc’s focus and vision to making all kids billionaires on celebrating their 30th birth day is boosted by its objective of developing the spirit and practice of entrepreneurship to young kids from their tender age.
This will make them learn the art of saving and investing as founded in Octawise Inc’s overall mission. d) Process standardization: Customers seek quality and efficiency in service delivery. Standardization of process will ensure high standard of service delivery, transactional time and cost savings by the customer, higher level of customer satisfaction which in turn will lead to greater loyalty, repeat purchases, free promotion by word of mouth and at the end Octawise attainment of its overall mission and vision. Objective Measure Target Action Provision of diverse product offerings Number of quality products developed and launched Customer delight, satisfaction and loyalty Actively engaging their customers to unearth existing needs in the market Establish a vibrant and working R&D Team Focus on excellence Customer quality reviews Customer satisfaction, Retention and Loyalty Automate most of their processes to reduce the numbers of customer interactions with staff Focus on entrepreneurial skills development Number of entrepreneurial clinics held in a given period Increased savings and Investment Roll out a robust financial/entrepreneurial skill builder programs Process Standardization Customer time spent per transaction Reduction in cost/time per transaction Automate their processes Relationship between Customer Service Perspective Objectives identified and the Financial Perspective objectives Both Octawise Inc’s customer service and financial objects are very complimentary and convergent.
The financial objective of Growth in earnings is enhanced by the customer service objective of entrepreneurial skill development which will result in increased savings and investment of the trained target market. Customer service objectives of process standardization and focus on excellence in service delivery works in tandem with the superior customer service financial objective and finally, the customer service objective of provision of diverse products to meet their customer needs works in compliment of the financial objective of more and diversified revenue base. No adjustments required. References: Kotler.
P (1994). Marketing Management: Analysis, Planning, Implementation and Control. New Jersey, Upper Saddle River.