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Introduction: Investigative Article
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Partnership in the business defines the right of more than one person to taking decisions about the company and is also responsible for bearing the loss of the organization equally. However, the partnership gives the opportunity in delivering the best service to the customer to satisfy customer requirements from the organization. In addition, the company Telstra which comes under the 20th largest telecommunication company in Australia is looking forward to being partnered with the company Optus. However, this report is made to identify the values of the partnership decision and also evaluate the importance of developing a communication strategy. Moreover, the issue which is recognized here by deciding on the partnership, the strategy which is developed might be beneficial in mitigating those issues.
Develop a vision and plan for the partnership
Vision Statement:
The main vision is to specify a strategic collaboration between “Telstra and Optus” that leverages the potencies of both companies to deliver superior telecommunications assistance, drive creation, and improve customer adventures.
Figure 1: Mission and Vision
(Source: Chunling, 2020)
Specify Goals:
- Specify the key goals and objectives of the partnership, like expanding network range, enhancing service quality, improving product offerings, and rising market share.
- Select a communicated vision that aligns with both parties' long-term processes and values.
Strategic Alignment:
- Complete a complete study of each company's stability, weaknesses, possibilities, and hazards.
- Describe distinct focus locations for collaboration, like the 5G deployment, and “Internet of Things (IoT) solutions”.
Network Sharing and Infrastructure:
- Research options for network communication to optimize range, decrease costs, and enhance service dependability.
- Cooperate on the outcome of transferred infrastructure, fiber networks, and data hubs.
- Leverage per company's existing strategy to develop the range to underserved regions or enhance connectivity in elevated-demand areas.
Outcome and Assistance Enhancements:
- Recognize possibilities to bundle benefits and make appealing packages for buyers, leveraging each company's individual offerings.
- Cooperate on the growth of creative effects and benefits like integrated home and mobile solutions.
- Together support in research and growth to drive technical progress and stay forward of market movements.
Client Experience:
- Concentrate on offering outstanding buyer understandings through joint enterprises like shared customer service hubs, suitable billing procedures, and seamless service handovers.
- Leverage consumer data and analytics to personalize offerings, predict clients needs, and deliver proactive consent.
- Cooperate on transaction and promotional actions to improve brand understanding and share the advantages of the partnership with buyers.
Regulatory and Lawful Considerations:
- Assure adherence to regulatory conditions and seek required support for joint endeavours, like network sharing or scope assignment.
- Select a legal framework that summarises the ownership, duties, and management structure of the cooperation.
- Manage any possible competition relations through fine and fair procedures.
Implementation and Evaluation:
- Create a clear performance plan with clear landmarks, obligations, and timelines.
- Select tools for regular contact, coordination, and evaluation of the partnership's improvement.
- Always observe “key performance indicators (KPIs)” and buyers feedback to evaluate the cooperations effect and make required adjustments.
Furthermore, it also said that by observing this vision and plan, Telstra and Optus can open the full possibility of their cooperation, make a more competitive telecommunications landscape, and offer premium value to their buyers. These two companies are operating their business worldwide, and with the help of a strong consumer base, the company can effectively decrease the chance of facing financial loss by introducing new outcomes in the market.
Evaluate the present situation of the market and stakeholders
Telstra is one of the leading telecommunication companies in Australia. Based on the views of Telstra.com.au, (2023), the company has a total of 18.8 million retail mobile service providers in the country. However, the company also launched their four pillar strategy in the year of 2018. In those pillars, the company has stated their strategy for improving the service. In their first strategy, the company is more focused on improving the customer's digital experiences. The higher authority of the company would develop new models for mitigating the issues of stakeholders in the company/. However, “Pacer Advisors, Inc.” is a major shareholder of the Telstra company and the number of shares of the company is 3454439 (Au.finance.yahoo.com, 2023).
Figure 2: Current Stakeholder Structure of Telstra Company
(Source:Accc.gov.au, 2023)
The above figure illustrates the structure of the stakeholders of Telstra Company.
Figure 3: Ranking
(Source: Roymorgan.com, 2023)
It shows the brand ranking based on the mobile service provider in Australia. It shows that Telstra is in the second position and Optus is in the third position.
Identify the issue in developing a partnership
Developing a partnership can be a complicated procedure with various challenges and possible issues that need to be managed. One key point is the lack of compatibility or alignment between the partnering institutions. Misaligned goals, discounts, or methods can hinder the growth of a thriving partnership. If the organizations have different preferences or clashing interests, it can create problems in reaching mutually beneficial deals and can lead to conflict and disagreements in the future. Another issue is the lack of trust and contact between the partners. Formation of trust is required for a partnership to succeed in business (Rezaei and Behnamian, 2021). Without trust, there may be a reticence to share resources, data, or conclusion-making power, which can inhibit collaboration and restrict the partnership's success. Effective contact is important for specifying common experiences, operating expectations, and settling disputes. Poor or ineffective communication can lead to misconceptions, uncertainties, and corruption in the partnership. In addition, it also said that it is more important for both of the company directors to follow the company rules and regulations.
Figure 4: Company logo
(Source: whatphone.com.au, 2023)
Another possible problem is the inequality of strength or resources between Telstra and Optus. If one partner has extremely more power or resources than the other, it can make an irregular playing area and lead to an unequal allocation of advantages and decision-making management. This power inequality can weaken the partnership and guide to feelings of bitterness or exploitation. Furthermore, the absence of a clear and well-defined collaboration agreement can be challenging for both of the partners. Based on the report, in recent years the Telstra Company are focusing to launch new products and is also more attentive to customer satisfaction. Without a legal contract outlining the ownership, duties, and anticipations of each partner, there is a more elevated risk of misunderstandings, conflicts, and legal cases. An exhaustive partnership agreement is important for furnishing a framework for the partnership and confirming that both parties are on the same page (Webb and Orr, 2021). However, developing a partnership needs a careful review of compatibility, trust, contact, power and formal agreements. Managing these potential problems can raise the possibility of making a prosperous and mutually beneficial collaboration. On the other hand, it can be said that both of the company are needed to organize security awareness programs for mitigating these issues. Moreover, if the company is able to manage those types of issues then the company will be able to achieve more success by comparing to the previous year.
Demonstrate the strategy implementation in the organization to mitigate the issue
SWOT Analysis
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Strength
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Weaknesses
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Opportunities
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Threats
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Table 1: SWOT analysis
The above table describes the SWOT analysis of the Telstra Company. However, it has been found that the wide range of service portfolio is a powerful strength for the company. In addition, the company has also faced threats that could be harmful to the company. Investigating the consumer standpoint, developing a pricing method, and intercommunicating with the buyers will help the company to improve its relationship with buyers. The higher authority of the company should replant their financial models to detour the financial problems of the company. In addition, it can be said that the unclear selling proposition might be difficult for the company employees. Nowadays, the increased rate of competitors is becoming a threat to the company.
Discuss the position in the organization
The company Telstra is the largest telecommunication company in Australia which operates its business worldwide. However, the company is facing the challenges of delivering better service to its customers which impacted its business performance. I am working as a marketing manager in this company I have the responsibility of analyzing customer preferences. Further, with the help of marketing research, I find out that the company is facing this problem due to the change in the customer requirement over the period. Moreover, as a marketing manager, market analysis and customer viewpoint identification are crucial in enhancing customer loyalty and also attracting new customers. I am also responsible for making decisions for sales growth and for which I find out the partnership might be beneficial for the company in delivering the best service to its customer.
Critically evaluate communication plan and sustainability development effectiveness
A partnership in the organization is valuable in strengthening a company's market position and also for enhancing the company's growth by supporting its financially. However, there are several kinds of issues that can be arisen due to the partisanship decision which can impact the effectiveness of the partnership. In addition, to simplify this it can be said that the change in the working practice might be challenging for the employees in order to adopt new working techniques. Accordingly, better communication between the employees and the managers is helpful in clearing the doubts of the workers and also in improving their productivity (Kalogiannidis, 2020). However, with the help of communication, a leader can easily give the proper instruction to the team members about their jobs and responsibilities in the organization. In addition, the different working cultures in the two organizations might cause challenges in achieving the goal.
These issues in management need to be addressed first and with the help of clear communication between the two organizations' higher authorities, the problems can be solved easily. An organization's growth mainly depends on the employees' working performance, however, they are various types of communication theory was developed to increase the productivity of the employees with the help of communication. Among all theories, the "classical approach of organizational communication" was found more effective in motivating employees by giving them caller information about their responsibilities. According to the theory of "Taylor's scientific approach," work needs to be defined simply by the manager to the workers which can improve the productivity of the workers by reducing the complexity of the job (Coccia, 2019). Therefore it can be said that effective communication is always beneficial in demonstrating own perspective and identifying the other point of view that is valuable in reducing conflict in the workplace.
However, in order to reduce the working complexity in the workplace I would try to understand the perspective of the workers and their problems by giving them the opportunity to speak. Accordingly, as a marketing manager, I am also required to analyze the preferences of customers for which I would choose the digital marketing approach. At present digital marketing gives the opportunity to identify customer requirements easily, accordingly, email marketing is the most effective marketing approach for customer retention. Along with that, for improving customer service the implementation of the customer service software would also be effective. In addition, the practice of sustainability plays a valuable role in strengthening the market reputation of a company. However, the company is looking forward to increasing the recycling rate by 85% in the upcoming 3 years (Telstra.com.au, 2023). Moreover, the idea of using recyclable mobile phones is also beneficial in supporting the sustainability plan of the organization.
Evaluate the considered policy and recommend an organizational strategy
The decision to partner with other organizations might introduce changes in the organization's practices, however, these changes can impact the performance of the employees as wee as the marketing techniques of the organization. According to that, to improve the quality of the product and also to satisfy the requirement of the consumer the adsorption of the 4C's model is valuable. The approach of this marketing is effective in analyzing the customer perspective, developing a pricing strategy, and communicating with the customers. However, customers are the key stakeholders in the business and their requirement needs to be prioritized first in order to enhance customer retention to the business. Accordingly, in the 4C model, the convincing part is the most valuable part of the whole customer service process that was developed to improve the customers' buying experience (Chunling, 2020). Along with that, the partnership with the other organization introduced more customers to the business for which a better marketing plan requires to be implemented to support the customers' needs. At present digital marketing gives the opportunity to identify customer conditions easily, therefore, email marketing is the most effective marketing approach for customer retention. Moreover, improving customer service can also attract more customers to the business and also can enhance customer loyalty, for which the 4c's model is crucial in analyzing and fulfilling customer requirements.
The partnership with the company Optus gives the opportunity to the company Telstra in enhancing its customer base and also its financial position. However, these both companies are operating their business worldwide, and with the help of a strong customer base, the company can effectively reduce the chance of facing financial loss by introducing new products in the market. The "market development strategy" was developed to introduce existing products in the new market, however, this strategy is valuable in enhancing the organization's sales by expanding the business in the global market (Cooper, 2019). Accordingly, both companies have a good market reputation for which there is a minimum chance that the company would not face huge challenges by expanding its business. Therefore, it can be said that this strategy is considerably well for the company in enhancing its sales and growing its market position after the partnership takes place.
Conclusion
Partnership with the company Optus gives the opportunity to the company Testler to strengthen its market reputation and also gives it financial support. However, the challenges which might be faced by the company Tester from the side of employee retention can be solved with the help of effective communication. Accordingly, to prioritize stakeholders the marketing techniques of the company need to be improved for which the consideration of the 4C's model is found effective here. Moreover, as a marketing manager, market analysis and customer perspective identification is crucial in enhancing customer loyalty and also attracting new customers. However, the company has had the opportunity to expand its business with the help of the partnership as it enhances Testler's customer base as well as supporting financially. Therefore, it can be said that the marketing plan and communication plan development play a valuable role in improving the workers' productivity and also in customer retention in the organization.
References
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- Au.finance.yahoo.com, (2023) Telstra Group Limited (TLS.AX) Available at: https://au.finance.yahoo.com/quote/TLS.AX/holders/ [Accessed on: 28th May 2023]
- Chunling, L., 2020. Analysis on the Marketing Strategy of Fast Fashion Brand Zara Based on 4c Theory. In 4th International Conference on Economics, Management Engineering and Education Technology (ICEMEET 2020) (pp. 3-5).
- Coccia, M., 2019. Theories of self-determination. Global Encyclopedia of Public Administration, Public Policy, and Governance, Springer International Publishing AG, part of Springer Nature, DOI, 10, pp.978-3.
- Cooper, R.G., 2019. The drivers of success in new-product development. Industrial Marketing Management, 76, pp.36-47.
- Kalogiannidis, S., 2020. Impact of effective business communication on employee performance. European Journal of Business and Management Research, 5(6).
- Rezaei, S. and Behnamian, J., 2021. A survey on competitive supply networks focusing on partnership structures and virtual alliance: New trends. Journal of Cleaner Production, 287, p.125031.
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- telstra.com, (2023) Telstra Annual Report 2021 Available at: https://www.telstra.com.au/content/dam/tcom/about-us/investors/pdf-g/0821-TEL-AR-2021-FINAL-Interactive.pdf [Accessed on:28th May 2023]
- Telstra.com.au (2023) Telstra Annula Report 2021 Available at; https://www.telstra.com.au/content/dam/tcom/about-us/investors/pdf-g/0821-TEL-AR-2021-FINAL-Interactive.pdf [Accessed on 2nd June 2023]
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- whatphone.com.au, (2023) why Optus and Telstra are Selling their Networks Available at: https://whatphone.com.au/guide/why-optus-and-telstra-are-selling-their-networks/[Accessed on: 28th May 2023]
