Essay About Human Needs And Subset Of Larger Marketing Enviornment

Walmart Management
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Understanding Supply Chain:  Its all set of activities in the channel from getting the finished product to the ultimate buyer. It involves the stages of raw material, transformation to finished goods through manufactruring and ultimate supply of the finished goods to the buyer. Example: For a Diaper product it would involve – making of pulp , resins to manufacturing and assembly of diapers to supply to wholesales and then the ultimate purchase buy the buyer in a retail  outlet. Task Enviornment: Task enviornment is the subset of larger marketing enviornment. It involves players who actively participate in producting,distributing and promoting the offerings . The key actors are Suppliers – Material suppliers, Banking and iunformation agency , research and marketing agncies. Distributors and Dealers : Manufacturers , agents , brokers Target Customers.  Holistic Marketing:  This concept is based on the development and implementation of marketing programs and processes by addressing and factoring all the key components and recognizing their breadth and interdependencies. It recoignizes the scope and complexities of the marketing activities.  The four components of Holistic marketing are : Relationship marketing – Focussed on developing relationship with the people and organization which are key in ensuring success of the marketing initiative.Integrated marketing – Focussed on the wholesome approach of adding value to the customer by integrating the effort in marketing. Ex: Offering extended warranty on vehicles at the time of sales Internal marketing – Focussed on training and motivation of employees to enable them to better serve the customers. Performance marketing – Focussed on financial and non financial returms on investments made in the key marketing activities and programs. Product market expansion grid: The product market expansion grid is a framework for detecting intensive growth strategies for companies looking for new opportunities to increase profits and sales . James Mello (2014).  There are 4 key steps in this strategy: Market Penetration strategy: This strategy is used for a curent product in an existing market. It is used to penetrate the product with current product. Market Development strategy: This strategy is used to initiate growth in a new market with existing current product. Product Devlopment strategy: This strategy is used to introduce a new product in an existing market. Diversification: This strategy is used to introduce a new product in a new market.Difference between strategic marketing and tactical marketing: The marketing plan is the central instrument for directing and co-ordinating the marketing effort. Kotlet &Keller (Marketing management). Strategic plan is more broad based and defines the firm’s value propositions, target markets. Tactical plan defines specific strategies, product features, marketing campaigns in particual area to realize the strategic plan. Strategic plan is long range and has a horizon of typically 5-10 years. Tactical plans are more short range with a 1-3 year planning cycle. Marketing Oppurtunity Analysis: It’s a part of marketing plan which evaluates the oppurtunity in the market place and considers the firms readiness to take advantage of it. A marketing opportunity analysis takes into consideration the financial capabilities, available technology and your competitive readiness to take action. (Bennett 2014).  A market oppurtunity analysis has 5 steps- Identify current business enviornmentDefine industry and determine the outlookDive into details of competitorsDescribe target markets Create projections        Excercises Good Mission Statement:   Mission statements share the company’s vision and purpose with employees, customers and share holders. A good mission statement has the following characteristics : Limited number of goals:  The statement should focus on a limited number of achievable goals. A statement which sets out to laydown too many goals are often confusing and defeats the purpose of specifying direction of the firm.Stress on major policies and values: A good statement should focus on company’s key values and policies. It should serve as a reminder to all stake holders about what the company is about and what values are important to it. Major Competitive spheres: Clearly lays down the major competitive domain the company would be operating it. It establishes the competitive environment of the firm. Long Term view: Good mission statements should lay down a long term path for the firm and not take narrow short term objectives into account. This way they can remain relevant and withstand changes in the competitive environment. Short, Memorable and Meaningful: The mission statement should be short simple and meaningful. It should include phrases which are catchy and stay in the memory of the reader. Long statements while being detailed can often be forgotten and hence loose its importance. A good mission statement is also a good marketing line which serves to build the companies brand and create its identity.  Human needs : Maslow (1943) stated that people are motivated to achieve certain needs. When one need is fulfilled a person seeks to fulfill the next one, and so on. The 5 needs includes –Biological and Physiological needs – air, food, shelter, sleep etc.Safety needs like protection from elements, security and freedom from fear. Love and Belongingness – Need to be loved and feel part of a group, family and scoiety.Esteem needs – Need to achieve a status, be independent, and earn self respect from others. Self-Actualization needs – Need to achive personal growth, expand potentials and peak experiences. Strategic Business Unit (SBU) – SBUs are units within a huge multi product organization which are set along the lines of target market or product line. The aim is to create independent units as profit centers which are responsible for their own strategies and focus on the markets. The key characteristics of the SBUs are : Independent sperate business – It is a seprate or collection of separate businesses which can be planned independetly. The strategies for these related markets can be formed and changed independent of the whole company.  It has its own defined competitors which are baded on the product line or market offerings of its products and services.It has an independent manager who is repoonsible for the planning and financial results of the SBU. Case Study         Over the years Wal-mart became the giant it is through competetive advantage of extremely low prices. Their growth was phenomenal and through its sheer muscle of volume and economies of scale Wal-Mart was able to keep every competitor at bay for years. However , in the recent years Wal-Mart has been experiencing decline in its growth . There has been several factors associated with this . Wal-Mart is the largest private employer but it has been  target of labor protest and criticism over low wages. It now faces severe competition from Target , Costco , CVS , Safeway who are not as old in the market place . Changing consumer attitudes have affected the way that many companies conduct business today. Wal-Mart’s mid-life crisis is reflective of these changing attitudes as consumers are becoming more socially and environmentally conscious, expecting companies to adopt a sense of social responsibility. (Hartley 2014) . Thus , Wal-Mart is facing a mid life crisis where the conventional ways of growth and profit will not work anymore. It will have to change and adapt and revisit their marketing strategy to regain its lost ground. Wal-Mart now needs to take a holistic approach to their marketing  and react to the changing social environment. They have growth in their DNA but what worked before would not work anymore. Wal-Mart is neither as low-cost nor as low-price a retailer as it was in Waltons day, or even when Scott moved up to CEO (Bianco 2007).   ReferencesMarketing Management –Kotler KellerWall Street Journal – June 2015