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International Marketing Management

Analysis of International Marketing Management

Introduction to International Marketing Management

Marketing management is play a vital role in every business organisation. Walmart is the most leading and successful multinational retailing corporation company across the world. According to different pricing philosophy, this firm offers various mixture of products and services. They use very low price strategy in their retail store. Their basic aim is to attain high profit so that the position of company is increased at the market place. The total profit level of the firm explains its place in at the market. It is the most leading internation brand which affect the behaviour of consumer at different level. Walmart effectively manage their market because it is important and beneficial for the sustainability of the firm. The company use various marketing strategies for reach at the profitability situation such as segmentation, targeting, positioning.

The firm segment there market in different levels. It is helpful in identifying or understanding the customers and their continuous changing need and wants. Walmart use mainly psycho graphic and demographic marketing strategies. The company understand the need of the buyer and knows that they want high quality product at very low and possible price. They widely use every day low price strategy for promoting their products.

Targetting strategy is used by the organisation for capture the huge amount of market across the world. Walmart is well knowing company and every person is knows about the quality brand, so there is no need to use differentiation and it is the major advantage of the firm. The price of product is based on the market price so they offer products at very low price then the competitors. The company use low price strategy for complete the want of the people at different level. The firm target those people who are more interested to taking advantage of the product. Before developing a new product the organisation conduct marketing survey from different and knowing the opinion of the people from different segmented areas. It is the best way to knowing the need and want of different people.

Positioning strategy play an important role in organisations growth and success. Te market position of Walmart is very high. They offer products at very low price because of it has positioned it self at top level. Some time low price consist loss for the firm, so it has destroyed several small retailer shops over the period of its activity.

The firm use different strategy to attract large number of customers just to attain goal and objectives of the organisation. Some strategies are as under:

  • They use low price for the product because large number of people are attract towards the low price.
  • The firm provide online shopping facility to the customers because some are live far to the retail stores and this make easy for them to do purchasing.
  • The Walmart use social media tools for attract large number of buyers because this is the most leading strategy for promote their products.

Marketing process

Marketing is the planning process that implement a clear direction and coordinated purpose for all marketing efforts. The organisation focuses to identify the needs and wants of the customers and bring a product related to their preference, so their need can be satisfied by these products. The marketing process is described as below:

Situational Analysis

It is the first and basic step of marketing process. Situational analysis is done for identify the; unfulfilled needs and wants of the customers. For understand the preferences of the buyer the organisation need to identify their own capabilities and environment in which it is operating. The situational analysis can be done in two terms such as internal and external environmental analysis. External can be defined as the macro environment factor that widely affect many organisation, and internal analysis can be determined as the micro environment factor. It is closely related to the particular situation of the company. It includes past, present and future elements.

Marketing Strategy

It is the second and most important point of marketing process. This is comes after situational analysis. Once the organisation analyse then they make marketing strategy for developing high quality products. Walmart mainly focuses towards implementing best and effective marketing strategy, so that they can plan for pursuing the opportunity can be developed. The company conduct a market research for knowing the specific market information that will helpful in select the target market segment and position the offering within that selected segment. The marketing strategy involves some aspects.

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Segmentatio

In this the Walmart industry segment their market in different levels, so that they can easily satisfy the actual need and want of the customer.

Targeting

Every organisation including Walmart select people among the population those who are interested towards the product that can be offered by the firm. For better growth and success the organisation doing a market research before developing a new product.

Positioning

The basic aim of the organisation is to position the product within the target market. So the buyers can take the advantage of the product easily. Walmart is the most leading company so buyers having trust and faith on it, and it is the important advantage of the firm.

Value propositions

The Walmart offer their products at low price then its competitors. The firm develop innovative and effective products so that large number of consumers are attract towards the product. It is beneficial for the buyer to purchase low range product with high quality.

Marketing Mix decision

It is the most important decision for the organisation. The firm should kept in mind that the decision are made for the controllable and adjustable parameters of the mix. Some items are include in this:

Product development

It is the basic decision which is taken by the firm, in this they develop a product on the basis of need and want of the customers. The organisation doing a market survey for identifying the major need of the buyers and then implement new product, that can provide satisfaction to the consumers.

Pricing decision

It comes after selecting the product. It plays an important role in marketing decision. The price of the product is based on the market price of the product.

Distribution contracts

The basic aim of Walmaet is to distribute the product at the target market, so that buyers can take the benefit of the product and service.

Promotional activities

For creating awareness about the product the firm use various promotional activities such as advertising through television, radio, newspaper, magazines etc.

Implementation and Control

It is the final step of marketing process, in the the product has been developed and launched. The product is the major tool of any organisation, after launching the product they need to maintain the position of the good at the market place. Walmart use various tools and techniques to control and maintain the profit situation of the firm. In this the basic work is how to implement the created plan. The firm direct and monitor the plan in proper way so that they can easily attain organisational goal and objectives. If the implement ion process is in the right direction then the company achieve high range of profit.

Marketing Strategies

The Walmart use various marketing strategies which are as follows:

Low price

This is the most important and effective way of managing market, the firm offer their products at very low price. When the customers are firstly go for towards the Walmart they found very low and reasonable price of the products than the other markets. Every person is always looking for the low price and they found that in the Walmart. The company provide online shopping facility for their buyers and they give proper and accurate detail about the offering product. Once a person sees advertisement or hear about the best quality of the product they will surely visit the stores and website, they will become permanent customer since they will be able to find the best transfection.

Easily accessible

Walmart having its stores all over the world if the person is not staying near any one shop than they can take advantage of online shopping. This accessible make marketing more reliable and easy, and customers doesn't need to work hard to do transaction with them.

Appeal to As many people as possible

Walmart is a big firm it has its own manufacturing concern. They offer all type of products such as beauty, home cleaning, toys, electronic, groceries and general products. Every person having their own set of interest and they want products as per their living standard. The firm appeal to all personality type people who are attracted towards the Walmart products.

Social media campaigns

Every big business organisation is focuses on social media campaigns. Walmart is also concern with the social media because it is the best way of marketing which consist best result. Blogging and video sharing is widely used strategy by the company. The firm link those videos and blogging with the social networking profile, so that is is easy for the customers to check the detail and information about the product.

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A critical evaluation of marketing mix

Every organisation is basically focuses towards attracting large number of consumer to their product and firm. Walmart is an American multinational company. It has its warehouses, departmental stores with large number of private employees. It is the largest grocery and general seller. It use marketing mix strategy for creating awareness about the product at the market place.

Marketing mix explained by 4P's which are as follows:

Product

It is the first and important aspect of marketing mix. Walmart is the biggest combination of various department. It is multi brand retailer store. Different departments are include in Walmart such as movies, electronics, music or book, home furniture, grocery, general, clothing, shoe, jewellery, baby or toddler, toys or video games, food, house holds & pets, pharmacy, health and beauty, sports, fitness or outdoors, photo, tire, personalised shop etc. walmart sell their products at seasonal basis and for this it has other special department. Different department has various variety of products. Before developing a new product in the market the organisation conduct a marketing survey for knowing the need and want of the customer. This survey provide basic idea for the feature of the product which need to be include in the new product. Service businesses are known as retail firms. The main objective of company is to attract large number of buyers through providing convenient and effective services. The product is the important tool in every business organisation. The products are helpful in growth and success of the firm. The identity of company is increased by its better quality products.

Price

This is the second and important aspect of marketing mix. It comes after select a product. The price of the product is based on the market price, Walmart is try to develop new products which are not having any competitors available. So that they can put their own beneficial price on the product. The company keep records in its marketing mix pricing strategy by pricing products at least.

Walmart sell their products at very low price than their competitors. They produce huge quantity products across the globe. First of all they observe the behaviour of the buyer at the time of purchasing, so that they can use various pricing strategy depending on it. They use some special codes such as “always low price” and “every day low price” these two terms tell that the price of product is fluctuated and every product is priced differently every hour. The price is based on the demand and need of the consumer. They use some tag lines which attract number of buyers for taking advantage of the offering services. Walmart is mainly based on its competitive advantage on cost effectiveness. The aim of retailer is to offer best quality products at very lowest and possible price which is helpful in accomplishing its motto.

Place

It is the third and important element of marketing mix. It comes after selection of product and price. Walmart is basically focuses towards selecting the place where the products is need to be sold. The choice of place is important and it is selects on the basis of marketing survey, this describe the potential place where or which kind of people want that product badly. The company chose the place where the transportation cost is less. Hey apply distribution strategy for direct delivery to stores. The product are deliver in large amount to the stores. Intensive distribution channel and strategy is used by the walmart. According to this strategy they offer same variety of goods in their all stores.

Promotion

It is the basic element of development of new product at the market place. Every big organisation use various tool for promoting their products and services. This is the best way for creating awareness about the good. Walmart' s promotional mix is based on personal selling, sales promotion, advertisement and public relations. The firm advertisement on magazines, newspapers and on its own website. They use sales promotion in the kind of best discount and deal. In term of public relation they use media aids for inform their customers and investors about strategy, polices and programs. Personal selling is determind as the face to face selling which is happen at the walmart store.

The role of marketing model, tools and techniques.

These three elements play a vital role in developing a new product at the market place. Every big as well as small firms are also use marketing strategy , tools and techniques for making the product more valuable and effective.

  • Marketing models provide blue print for selling the product in proper formate.
  • Tools are providing support to knowing the needs and wants of the consumers.
  • Walmart use various techniques for creating awareness among the public abut the total detail of product.
  • Company use marketing mix strategy to develop an effective products , and in which the selection of product, price , place are included. They use different promotional strategy for attracting large number of buyers.
  • These three elements provide basic market knowledge. They helpful in identify the present need and want of the customer.

Porters Model

Walmart's strategic direction is depend on the firms result to the fiver forces in its commercial enterprise environment. The organisation has succeeded in establishing the high and most leading position in retail industry. Now the walmart known as the biggest retailer across the world. The detailed description about the five force model is as under:

1.Strong competitive rivalry or competition

In the retail industry the competition is very much high. There are various small and big enterprises competing in the business environment. Some internal and external factors are important for Walmart to consider with consist to competition:

  • The strong force is large number of companies present in the retail markrt.
  • Retail industries are categorised in large variety.
  • Huge amount of driven forces of retail market.

The retail industry is more competitive because there are several players are available in the industry. Walmart is competing on the basis of its basic strength which is cost leadership. Metro, Carrefour, AG and Tesco are the most competitors of the company.

2.Threats of new entrants

There are very much less threats available for new entrants in the retail industry. The price, product and quality is same in retail firm because of huge number of competition available at the market place. The requirement of finance, brand name, outstandingv distribution channel are responsible for new entrants. It is important for walmart to increasing its revenues by pull in large number of customers with the use of their strategy. They use various methods, tools and techniques for maintain competitive position in the market.

3.Bargaining power of suppliers

In the retail industry there are various suppliers available at the market place. Distributors are the person or industry who helpful in providing products to their potential buyers. Some time there is no competition exist for a single product, and the demand of the product is high then the organisation putting the high price. At this situation the suppliers are the king of the market and they not reduce their prices for any consumer. It is the beneficial for the firm to getting more success.

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4.Bargaining power of buyers

The buyer is the king of the market, every organisation is mainly focuses towards fulfilling the need and want of the consumers. There are lots of substitutes are available for a single product, so the consumers want their product at most possible and low price. The bargaining power of a single person is low but with the increasing in the competition its developing as its forcing the Walmart to keep the price of product at low. If the consumers are not satisfied then they can easily switch towards the other brand or product.

5.Threats of substitutes

Due to lack of retail stores the threats of substitutes are very low. Walmart mainly provide low price and convince for their potential buyers. The company includes wide range of products, which are helpful in reducing threats of substitutes. As a well reputed organisation customers having trust and faith on Walmart and this is big advantage to be more competitive with its price and quality aspects.

Product life cycle model of Walmart

This model is helpful in development of new product at the market place. The company try to make their product more innovative and attractive. Different stages are includes in product life cycle which are as follows

Introduction

This is the first and basic step in this the product is introduced to the market place. The organisation spend more in this stage because it is the fundamental step. For making introduction effective the firm conduct a marketing survey, promoting and setting up distribution channel. In this the product is evaluated in every sector, if the product is not able to provide satisfactory result then it is withdraw form the market. If the product is liked by the large number of population than it goes to the next stage.

Growth stage

It is the second stage of product life cycle, in this the product experiences a fast growth in profit and sales. If the demand of product is high then it will directly cause to the profit situation for the firm. The Walmart will often discover it lesser to spend in developing their market share and promoting their successfully growing goods. It consist the overall growth of the market.

Maturity stage

This stage is comes after introduction and growth. This is the most important and common stage for all markets. In this the Walmart doing more affords to maintain their market share because the competition is most intense in this stage. Marketing and finance are the key activity of any business organisation. The maturity stage is the stage in which the market is focused to earn huge amount of profit. Marketing strategies are helpful in monitoring the function and operation of Walmart.

Decline stage

It is the final stage of in product life cycle. In this the market is decrease, reducing overall profit. The amount of profit can be shared among the leftover competitors, thus the good and service has to be managed in a proper formate. The large amount of stock has to be well controlled. If the product is not consumed by large number of consumers and not reach at the profitable situation then the firm decide to end the product.

Conclusion

As per the above project it has been founded that international marketing a very wide term. It is helpful in growth and success of an individual as well as the country. Walmart is the most leading retailer industry which is focused towards fulfilling the need and wants of the consumer across the world. They use various marketing strategies for developing a new product in the market. For maintaining market position the company use different techniques of marketing. The firm apply porters five force model for better and effective maintenance of supply chain of the organisation. They use product life cycle model for introducing a new product to the market place, and then the product reach at growth, maturity stage. Every small and big businesses organisation want to join internation marketing for making high level of profit for individual, organisation or for the country. This marketing management is providing support to success and growth of country.

References

  • Akaka, M.A., Vargo, S.L. and Lusch, R.F., 2013. The complexity of context: a service ecosystems approach for international marketing. Journal of Marketing Research.
  • Berthon, P.R, Plangger, K. and Shapiro, D., 2012. Marketing meets Web 2.0, social media, and creative consumers: Implications for international marketing strategy.
  • Chung, H.F., Lu Wang, C. and Huang, P.H., 2012. A contingency approach to international marketing strategy and decision-making structure among exporting firms. International Marketing Review.
  • Czinkota, M.R. and Ronkainen, I.A., 2013. International marketing. Cengage Learning.
  • Fletcher, R. and Crawford, H., 2013. International marketing: an Asia-Pacific perspective. Pearson Higher Education AU.
 

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