Collecting Stakeholder Information, Methods of Information Collection - Essay Example

? Marketing Task TASK Collecting stakeholder information Introduction Marketing requires effective strategies, which are consumer oriented with sufficient mission towards meeting customer demands and priorities. In the petroleum industry where competition is currently in the increasing end, marketing is identified as a key aspect capable of advancing organizations market share and performance. Marketing managers in this field must adopt effective marketing principles through sufficient feasibility market study, effective analysis with strong focus to quality and safety standards of products and services offered to customers. This paper explores effective marketing strategies, potential information relevant to be obtained from customers by petroleum companies and most useful information to the marketing managers in advancing sales and performance in turn. “Type of information to be collected” Petroleum companies are organizations, which provide petroleum products to various stakeholders. According to Boone & Kurtz (2011, P, 301) petroleum products are basic commodities that are very important in driving the economy in various countries. However, with the current global competition amongst potential providers, marketers in this field require to adopt effective strategies with strong focus to recording excellent performance. They can effectively achieve this through detailed study to ascertain acute needs and wants of customers to stay relevant in the business. In marketing, customers are viewed as kings whose demands must effectively be met to achieve any meaningful market share. This is imperative for both established organizations and young co-operations seeking to advance their market share. Ideally, marketers are obligated to sufficiently identify customer needs, perception on quality, safety standards and future prospects in terms of quality, price and availability (Spors, 2011:1). This can effectively be achieved through afield study, using effective research methodologies to obtain first hand and relevant information from customers. Categorically, customers and local community members are key stakeholders that ensure success in this field of business since customers are direct consumers of petroleum products hence can adequately provide reliable information (Nolo, 2010, P, 308). Consequently, locals also provide basic information about possible expectations from the organization in terms of project support and dynamics of venturing into the field in their area (Hunt, 2008, P, 13). Therefore, these stakeholders provides appropriate sample towards facilitating the study where primary research methodology concepts is applicable to achieve relevant and effective information for decision-making. “How information is useful” According to Belk (2006, P, 5), information is power which in marketing influences decisions towards identifying and addressing customer needs. Clearly, information from customers and locals is critical since it categorically relays specific feedback based on quality issues, price element, supply efficiency, satisfactory levels, investment dynamics, safety standards and other related implications (Boone & Kurtz, 2011, P, 107). Quality information would be useful to Chevron petroleum organization since it provides clear picture on customer’s perception on the quality standards of the products supplied (Patzer, 1996, P, 103). This can be applied by the organizations in setting quality standards based on customer judgment. That is, to improve production quality if low standards are reported and subsequently to maintain good quality if reported by consumers (Knoohuizen & Martin, 1995, P, 6). Quality is a critical aspect considered by consumers and immensely contributes towards attaining competitive advantage. Its effectiveness requires innovative skills, creativity and detailed product re-launch or development to influence customer purchasing power (Hagerty, 2010, P, 75). Consequently, data collected on price element of the supplied products would influence price setting by either reducing or increasing, based on the customer opinion and competitors. This would enable the co-operation to set favorable and affordable prices capable of influencing customers (Sasseville & Wilson, 1998, P, 36). Satisfactory level is also important since it enable organizations to ascertain their product integrity and confidence levels, which is a vital element in business (Ferrell & Hartline, 2010, P, 12). Similarly, information on safety standards and environmental dynamics affecting the industry and customers also acts as an influential pillar in this industry. This ensures development of safety measures towards averting accidents for example deep-water horizon accident (DWHA) which claimed many lives and property (McDermott, 2010: 1). Therefore, the study is significant and should effectively be conducted as it provide influential information on quality standards, price levels, new market identification, effective supply strategies and investment dynamics (Gross, 2008, P, 87). It studies Chevron Oil Company (COC), which is a developing institution in terms of market share. Useful information to the organization in six months. To ensure a sustainable market share and growth, Chevron Oil Company should accurately identify both customer and local’s expectations. In particular, the company should effectively establish potential and aspiring new market entrance, which would influence its operation. This information is critical since it enables development of effective competitive strategies that would give the organization a competitive edge irrespective of new entrance (Bly, 2011, P, 58). Variably, safety information would be useful in ensuring development of more effective safety standards to limit possible risk exposures to customers considering volatility of petroleum products (McDermott, 2010: 1). Expected quality standards and price levels is also critical in future, such information provides clear guidelines to organizations as potential benchmarks in determining quality and price elements. Methods of information collection Primary information collection methods using customer interviews and issuance of questionnaires provides an exploratory and appropriate methods of getting first hand and relevant information. Under these methods, the researcher is obligated to design relevant and appropriate questions capable of giving expected results towards facilitating effective short and long-term decision-making. In questionnaire, both structured and unstructured questions should be applied to provide clear guidelines to responders. Consequently, interviews should be in brief content with focus to key elements expected to be covered. TASK 2 Information needed There are many methods of fact gathering in qualitative processes. In the oil industry, using questionnaires is an excellent method because they generate the rich set of data for subsequent content, and interpretive analysis. Questionnaire as a study method are acceptable and useable alongside qualitative interviews. Researchers’ processes of social life have made use of private diaries. Qualitative methodologies are subject to extensive use in oil industry because the existing quantitative methods have many limitations, and hence there may be many predecessor, mediating, and outcome variables to consider using the traditional quantitative system research. Thus, qualitative methods are preferable in a wide variety of research questions, including handling performance connected stressors, industry dissimilarities with interpersonal stress in personnel and financial performance. CSR: gaining an internal perspective Corporate social responsibility (CSR) is a noble program that binds various organizations with the locals. It ensures that the organizational gains are adequately passed to the locals through well-articulated projects aimed at restoring customer confidence. Petroleum products are regarded as dangerous products capable of causing immense traumatic events and environmental disorders (Borgmann, 2009, P, 13). These sections discuses effective modalities on how Chevron company which is a petroleum organization can become more environmental friendly This is conducted through detailed discussions with various workers from different sections of the organization towards minimization of severe effects of oil products and building of market share. “Purpose of the project” The project is initiated with clear purpose to minimize severe effects of petroleum products on environment and to develop sufficient mitigating procedures to avert petroleum related exposures. Consequently, it is also aimed at improving safety standards of petroleum consumers and to provide pre and post traumatic support to consumers “Benefits of the project to the organization” The project is aimed at providing requisite capacity towards minimizing adverse effects of petroleum products on environment and human being. It is a noble project, which requires maximum support and dedication to ensure that its set purpose and objectives are fulfilled (Harris & Lowe, 1998: 2). Generally, to win bigger market share, customers must be certain about their safety and future prospects. This is critical since most individuals are risk aversive with laid-back strategies in product consumption (Waterbury, 1993, P, 106). Ideally, the venture as indicated has immense benefits to consumers and locals as it seeks to improve consumer’s safety standards through initiation of safety awareness campaign to consumers about the products volatility (Tyler, 2010, P, 78). Consequently, it seeks to build requisite capacity to advance both pre and posttraumatic support to consumers as a major CSR program in a bid to providing effective mitigation assistance to victims (Gross, 2008, P, 145). Imperatively, it provides sufficient plans towards averting and reducing petroleum risk related exposures, which leads to severe damages (Hayden, 2007, P, 202). As a customer oriented organization, marketing and other relevant departments should be sensitive towards providing consumers with extra services towards capturing their loyalty. It also improves organizational market share and performance development of strong bond between consumers, locals and the organization (Nolo, 2010, P, 6). “Importance of internal cooperation and participation” Internal co-operation between various departments in organization is crucial in ensuring provision and adoption of sustainable CSR projects. Evidently, such projects require involvement of various personnel with specific skills and resources to ensure its effective integration (Alonzo, 2007, P, 172). Internal cooperation ensures mobilization of resources, sharing of ideas, high standards of creativity and innovative ideals, which jointly leads to adoption, and execution of sound projects with immense professionalism (Swaim, 2011, P, 118). “Own Idea presented” As a marketer and researcher in the petroleum industry, I would recommend and advocate for development of prior mitigating mechanism capable of averting petroleum risk exposures and its adverse effects. This can be applied through organized educative and consumer sensitization programs about the dangers of petroleum products and how they can protect themselves through safety handling techniques. “How the organization could become more environmentally responsible” The organization can effectively become environmentally friendly trough application of appropriate strategies based on acute safety needs of consumers (Viardot, 2004, P, 35). This is possible through initiation of efficient projects that can be sustained effectively with existing resources (Nath, 1998, P, 77). Consequently, the organization would become more environmentally friendly through detailed incorporation of various departments and adoption of environmental oriented ideals based on marketing policies. “The cost of implementing the idea” Initiating prior mitigating measures depend on the market share and geographical vastness. Clearly, wide area would require substantive resources to undertake effective marketing, while small areas would not undertake extreme resources. In spite of cost, the concept provides a noble idea that would yield more benefits and advancement of safety standards. It would cost estimated $1000 for initiation. “Departmental individual contribution” The working party comprises various departmental officials with specific skills. The colleagues are drawn from various departments with requisite capacity, which includes disaster management, conflict resolution, accounts and finance, marketing, and production departments (Borgmann, 2009, P, 103). In particular, disaster management and conflict response teams provide professional capital towards addressing pre and posttraumatic mitigating measures to victims. Their input is considered significant in designing effective measures capable of yielding best results (Hsu, 2010:1). Marketing department is charged with the responsibility of carrying out and providing relevant information on customer needs, market share details and safety requirements (Bueble, 2009, P, 405). Consequently, finance and accounts personnel play a major role of finance mobilization and allocation to ensure that the project receives sufficient funding (Tisdell, 2007, P, 97). All these departments are significant in building strong project and execution in environmental safety. “Maintaining the work/ life balance” This section discuses the work and life balance in execution of set projects towards developing safety environmental systems with effective mitigation procedures. Petroleum organizations supply high-risk product, which is very hazardous to the environment, hence require effective balancing act to advance its safe use. In line with CSR strategy, key findings of two sources are analyzed below. Findings Franc P, & Hechanova M, 2005, The way we work: research and best practices in Philippine organizations. Manila Itally: Ateneo de Manila University Press   Basing on my understanding of the book, it is evident that it explores the significance of work life in the petroleum industry towards building sufficient capacity. The author recognizes that petroleum sector requires immense work balance to avert overworking of employees and to improve execution of quality projects with good returns (Franc & Hechanova, 2005, P, 3). They assert that, quality principles and competency that include effective management of programs and development of effective strategies for applying work competencies; thus, the need for an individual to address necessary competencies. The competencies are significant in furthering marketing studies and identification of consumer needs based on quality principles and safety standards (Franc & Hechanova, 2005, P, 135). Consequently, workers cohesiveness and joint team spirit also plays a critical role in developing good organizations capable of advancing their competitiveness. According to Franc & Hechanova (2005, P, 13) clear work balance holds more promises to various organizations seeking to leverage their performance hence its relevance. Pena, F, 1998, Comprehensive National Energy Strategy: National Energy Policy Plan. London UK: DIANE Publishing Basing on the source, it is y belief that the oil and gas industry is a sector, which requires good management with proper work balance. As indicated, British institutions have immensely developed effective operations through sufficient work balance system, which provides them clear work schedules. This enhances employee’s motivational capacity, which in turn improves their creativity and innovativeness towards ensuring execution of noble projects (Pena, 1998, P, 17). It is also noted, that the system has facilitated effective understanding and identification of customer needs thus has facilitate initiation of amicable solutions. As recommended job and life balance rejuvenates employee spirits towards good performance with limited bureaucracy. Review of own experience Proper balance of activities yield appropriate results based on strategies adopted. I believe that overworking categorically does not lead to sound performance and innovativeness. It is a concept, which I strongly agree to considering my own experience where overwork has always ruined my good ventures. Human beings should be subjected to clear working strategy with limited bureaucracy, which allows an individual to advance other organizations goals and projects proficiently. Therefore, managers should effectively ensure appropriate balance between daily activities and life settings. “Areas to be improved” Basing on my analysis, I can deduce that major areas that require immense improvement and consideration include elimination of bureaucracy in organizations, time management and efficient working hours with satisfaction. These elements would contribute towards developing committed and creative employees with strong initiative to advancing performance. Summary After thorough evaluation of the concepts, it is clear to me that effective competitive advantage and market share development is earned through application of relevant marketing strategies. Marketing departments should consistently perform detailed customer analysis toascertain their needs and perception of the available products. This enables organization to discover key strengths towards delivery of quality products with safety considerations. Petroleum organizations must set good standards of operation aimed at ensuring consumer and local resident’s satisfaction. Consequently, effective CSR program is critical in developing market for petroleum products especially with increased competition. The program should be formed with clear purpose of providing requisite assistance to locals to advance their acceptance and sense of belonging. Therefore, to ensure successful gains in this field, institutions must adequately understand customer wants in terms quality, price and long-term expectations. They must also discharge extra co-operate responsibility through execution of specific projects identified to be of great significance. Bibliography I fathom that this paper provides vital information to marketers and petroleum organizations on key elements of good marketing towards attaining competitive advantage. In particular, the paper identifies the importance of marketing study in identify consumer needs towards influencing decision making on key marketing aspects. These include quality standards, supply channels, price levels and safety measures to avert accidents similar to the deep-water horizon accident, which claimed several lives. Consequently, the paper gives the importance of CSR program in organizations with the aim of initiating effective mitigating support systems as a safety measure to locals. Variably, the program as identified seeks to limit the adverse effects of petroleum products to the environment. It also provides individual opinion on advancing marketing and effective CSR program. List of References Alonzo, S 2007, The Upstart Guide to Owning and Managing a Restaurant, London UK: Kaplan Publishing Boone, E & Kurtz, L 2011, Contemporary Marketing, New York NY: Cengage Learning Bly, M 2011, Deepwater Horizon Accident Investigation Report. London UK: DIANE Publishing Press Belk, W, 2006, Qualitative research methods in marketing, London UK: Edward Elgar Publishing Limited Bueble, E 2009, Corporate Social Responsibility: CSR Communication as an Instrument to Consumer-Relationship Marketing. Berlin GM: GRIN Verlag Chandler, D, &Werther, B 2010, Strategic Corporate Social Responsibility: Stakeholders in a Global Environment. 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