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College: Business administration Program: MBA Course code: MKT 660 Course title: Management and Marketing Date: 17/06/2013
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Important concepts:
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8. Shift Analytics from Measuring the Past to Predicting the Future and Prescribing Action
What is the focus of IT and analytics in your company? How many reports are being produced to assess and report on the past? How many of these reports are read? No one really cares what happened in the past, if they are focused on making the future happen. Make an objective assessment of analytics in your company. Reconsider that the majority of effort and analysis on data, especially customer data, should be to predict the future and prescribe the direction your company will take to be market-driving. If Big Data and Analytics efforts (and costs) are clearly aligned with engaging customers, driving customer satisfaction and making the company market-driving, reassess. You will save cost, and achieve more.
More considerations:
Nirmalya Kumar wrote in his 2004 book published by the Harvard Business School Press called Marketing as
Strategy: Understanding the CEOs Agenda for Driving Growth and Innovation that a marketing-centric approach is in demand today more than ever. The past two or three years have produced supporting evidence from Heidrick and Struggles, Forrester Research, Russell Reynolds and IBMs CMO Study 2012 that as Kumar wrote in 2004, now more than ever, the CMO and Marketing are the foundational strategy for a company. Not the products, not the services, not sales, operations or finance, but the engagement with the customer. Giving credit where it is due, Peter Drucker also had this in mind when he said The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.
Samira El Ouali El Alami 20121064 Page 3
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BKIC was the first company to introduce road-side assistance for its motor insurance clients and invested in increasing the market awareness about it. Today these services are a part of all motor comprehensive policies issued by various insurers. BKIC was also the first to launch banc assurance in Bahrain and among the first in the whole region, with a full-fledge IT system which enabled the bank customers to get their policies on the spot. BKIC was the first national insurer in Bahrain to be rated by a rating agency and the first to obtain A- rating for its financial strength. In addition, BKIC was the first to offer insurance services through Bahrain Post offices more than 10 years ago, something which many companies followed later. Finally, BKIC recently launched for the first time in Bahrain and perhaps in the region Pick Up and Delivery Bundle of Services offered to its Motor Comprehensive clients.
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