Influence of International Marketing Function †MyAssignmenthelp

Question: Discuss about the Influence of International Marketing Function. Answer: Introduction: BDO is an Australian Organization that offers business and accounting advisory services in the country. This firm provides various services such as corporate finance, audit and assurance, corporate tax, business insolvency and recovery, wealth management, financial planning, performance improvement, forensic accounting and risk advisory services. In addition to this, BDO serves to government, financial services, retail, infrastructure, media, technology, telecommunications, energy and automotive industries. It was founded in the year 1975 and currently based in Sydney, Australia (BDO Australia, 2018). The vision statement of the BDO is to become the leader for excellent client services by including five attributes such as customer needs, communication, commitment, people and value (BDO Australia, 2018). This essay includes the organizational structure of BDO Organization through which it offers its services effectively. Company has a systematic organizational structure that assists i t in operating business operations smoothly. There are various internal and external forces which are affecting BDOs business operations. Furthermore, some important points about the organization are discussed like: business risks, business practices and important functions of organization. Analysis of Organization BDO Australia offers accounting and business advisory services to different Australian firms and individuals. The organization has established a systematic organizational structure through which it will manage and flow its services. It has a hierarchical organizational structure that flow the works from top level to lower level of management (Financial Review, 2017). Under senior management, there is a CEO who has all the authorities towards other levels of organization. The middle level of management is divided according to the services and departments such as business advisory services, tax and secretarial services and audit accounting services. The organizational structure of BDO is given below: However, BDO is operating its business in advisory service sector successfully but still there are some internal and external forces which affect the growth of business in Australia. External factors are political, social, economic and technological factors. In Australia, there are various political decisions which are amended by its government (Wheelen, Hunger, 2011). It has led the auditing and accounting firms to make changes in their business operations. The taxes and other regulations have been changed with the changes in the government. Trade barriers, tax changes, new legislations and governmental policies have a large impact on the business of accounting firm. The political situation in Australia is stable that has skilled and well-educated employees. It assists BDO to enhance its business operations by hiring experienced workforce. The economy of Australia is very strong and it has various resources which attract Foreign Direct Investment from other nations. Some economic factors such as unemployment rate and economic conditions may have a huge impact on business operations of BDO. In the coming future, the organization will have several opportunities to grow. In Australian economy, service sector is the largest contributor so it is profitable for this organization as it is operating its business in service industry by offering auditing and accounting services (Price, 2007). There is a need for customized panning for both the firm and its clients. Social factors also play a vital role for this company. Like, people are becoming aware about these auditing and accounting services. They are contacting the firms like BDO for their personal tax advices. It has enhanced the needs and demands for the services of BDO in Australian Society. Technology plays an important role in auditing and accounting advisory services offered by BDO. For the organization, it is very important to ensure that it has been using updated technologies and accounting software. With the passage of time, BDO needs to adopt more innovative technologies to stay competitive in the industry (Wheelen, et al, 2017). In addition to external forces, there are some internal factors which affect the growth of business. The internal factors of the company can be defined under its strengths and weaknesses. One of the major strengths of the company is that it is offering services as a top financial consultancy. The organization has recruited an effective and talented workforce that gives the best advices related to taxes and businesses. Looking at the Australian Market, it can be stated that BDO has a strong financial position in this industry. These strengths play an important role in enhancing its business operations (Prajogo, McDermott, 2014). Apart from this, other internal factors are the weaknesses of company that have adverse impact on brand image of organization. The weaknesses of BDO are that firm has a weak Information Technology (IT) division that is unable to manage the records of people and businesses. They are not able to adopt and manage updated technology and accounting/auditing softwa re. This firm is working as one of the top advisory firms of Australia so sometimes it is not easy to approach this due to higher fees and expertise. Moreover, BDO has a less brand visibility in Australian market than its competitors in the industry. With attaining advantages and opportunities, BDO Australia is facing some risks while operating business as audit and accounting firm in Australia (Bleda, Shackley, 2008). One of the major risks for BDO is the fluctuations in economic situations in the country. It has stressed the firm and its customers as it is affecting their decisions regarding investment and transactions. It can harm the brand image of organization. Another risk to the company is related to cyber security as the issue of cyber-attacks has been increasing in Australia (Ashenden, Lawrence, 2016). BDO has the account details and other confidential data about clients and their businesses. The increase in the number of hackers has enhanced the chances of data-theft from firms system and software. It may breach the trust of clients towards companys services. Due to this risk, the organization is facing operational risk also as its affects its operational effectiveness and efficiency (Kew Stredwick, 2016). In order to mitigate the above risks and enhance organizational performance, BDO needs to make some important decisions in its business practices. Human resource is an important part of the operations of BDO so it is significant to manage them effectively (Cheng, et al, 2007). The organization should execute the strategy of employee engagement so that it can motivate them towards their work. It should involve the middle and lower level employees in the decision making processes so that they can feel more motivated and engaged. It will give them great employee satisfaction and employees will be able to satisfy the customers. In this way, the company can improve its overall performance in Australian industry (Mone, London, 2018). The organization should conduct a training program for its IT department so that they can enhance its technologies and operations. It will enhance skills and knowledge of employees of BDO that will enhance the performance of company. As an auditing and accoun ting advisor, the organization should make efforts to maintain its financial stability by partnering with strong financial institutions (Lam, 2014). However, the above-mentioned practices will assist it in improving its organizational performance. Additionally, effective management of different functions will also lead it towards attaining its business strategy. The major functions of BDOs business are such as finance, marketing, human resources and operations (Libby, 2017). Human resource plays an essential role in attaining the organizational strategy and its goals. All the roles and responsibilities in the organization are allocated to its employees at different levels. They contact to the clients and understand their needs and demands towards business and accounting advisory services. They serve the customers by providing financial services accordingly. Marketing is also another important function for BDO. There is lack of brand presence of BDO in Australian market so marketing can assist the organization in achieving its strategy effectively. Through this, the company can promote its services in the Australia and other nearb y nations (Gnizy, Shoham 2014). BDO can conduct marketing research and understand the demands of clients/businesses. It will adopt and execute effective marketing strategies through which the company will be able to approach its targeted audiences. Finance function can assist the organization in giving funds for attaining objective by the implementation of effective strategies. In this way, all the above functions will eventually improve the performance of BDO (Erasmus, Strydom, Rudansky-Kloppers, 2016). Conclusion From the above essay, it can be concluded that BDO is one of the well-established organizations in Australian advisory industry. The above essay concludes that organization is running its operations very smoothly by the use of systematic organizational structure. There are some internal and external factors which are both favorable and unfavorable for companys business growth. The company is facing the risks related to cyber security and economic risks which can be mitigated by the adopting effective business practices. By developing and managing different functions, this financial consultancy firm will be able to attain its objectives and strategies. About BDO, it can be stated that it is one of the largest financial service providers which assists the clients to fulfill their needs related to accounting, auditing, tax and finance. References Ashenden, D., Lawrence, D. (2016). Security dialogues: Building better relationships between security and business.IEEE Security Privacy,14(3), 82-87. BDO Australia. (2018). BDO Australia | Audit | Tax | Advisory - BDO Australia. Retrieved from https://www.bdo.com.au/en-au/home. Bleda, M., Shackley, S. (2008). The dynamics of belief in climate change and its risks in business organisations.Ecological Economics,66(2-3), 517-532. Cheng, F., Gamarnik, D., Jengte, N., Min, W., Ramachandran, B. (2007). 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