Assignment Sample on Customer and International Market Analysis
1.0 Appraisal Summary
Marketing Audit is a rigorous, systematic review, assessment, and perception of a marketing climate of the company. It aims to identify problem areas and possibilities, and to suggest a course of action to improve marketing efficiency. The “Marketing Audit” is a rigorous, systematic review, assessment, and perception of a marketing climate of the company both external and internal, as well as its priorities, goals, tactics and values. An overview of the internal environment is crucial in the upgrade of a business model. In marketing, the term “internal environment” refers to components that are specific to a company. They build up the “external marketing environment”, which involves legislative and political intervention, competitive forces, economic conditions, technological developments, and cultural and social pressures, when taken together.
Increase Wal-Mart brand awareness and brand recognition as a “long-term strategic goal “to include in company marketing mix. A “short-term goal” is usually easier to achieve than bigger, multi-year objectives. The majority of “short-term goals” will be planned four to seven months out. In independent factor, the marketing audit must be autonomous, and it can be done in six different ways and they are- “self-audit”, audit from above, audit from below, business auditing service, business strike force examination, and external audit. The marketing audit is a must-have aspect of the whole process for small to medium-sized companies who want to figure out what strategies are effective and what strategies aren’t, as well as measure this against investment and total “Return on investment”. In comprehensive factor, The audit must be extensive, meaning this should include all areas of the business where the issue arises rather than focusing on a specific marketing issue.
The projects include some objectives which have been set to develop the strategy of the organisation and they are- to increase the sale of the company, to recognise the brand, to create a “Stellar Reputation”, to increase the advertisement of social media, to host the events for promotion purposes. Those objectives can take the company Walmart towards success.
“Threats”, “Weaknesses”, “Opportunities”, and “Strengths” stands for TWOS and those are all abbreviations for almost the same thing. The strengths are Customer satisfaction is high. The Wal-Mart brand is well-known across the world and price is affordable. The weakness is that Wal-Mart does not have an official mission statement, policies in stores are no longer important. In the matter of strength-opportunities strategies, the decision is- Wal-Mart will hold its customers engaged and encourage them to buy online as the usage of the internet has changed over time by delivering customer-oriented items. From the comparison of three decisions, it can be declared that the online business decision can help the organisation in every field. Online shopping is a mechanism in which consumers use smart phones, computer, laptop, and other devices to search for and view products. If Wal-Mart wants to capture the market, they should start a business over the internet which is known as online shopping. This executive summary can declare a brief about the topic of customer and international market analysis. [Referred to appendix 1]
2.0 Feasibility study
2.1 Introduction
The term “Feasibility study” in marketing stands with some different kinds of factors. The factors can define the feasibility study (Pollak et al. 2021). Those factors are- Market supply and demand are determined by a variety of factors. There are different kinds of factors which can develop the supply and demand of the market. It can help to grow and update the business. In the matter of Wal-Mart, it is a vital factor to beat the competitor. Obtaining the information and data required to investigate market conditions. Some information and data are required to analyze the market needs (Haji et al. 2021). Identify data sources and processes, as well as data collection and analysis requirements. Attempting to access previous targets and categorizing market policy, statistical analysis, and information are required (Stock et al. 2021). The market structure factor is highly required, and by using it, the company can design a proper plan to increase the revenue. Alternative commodity prices and with the help of this factor, the company can assume the actual price of the items. The cost of complementary goods is essential for a business and its consumers. Consumers’ earnings are also a key factor for analysis because, depending on it, the company can decide the price of the items and products. Consumer preferences are important to know the trends of the present world. The customers’ taste helps to update and develop the company. The processes of allocation of economic output and the way the goods are used and the nature of the goods should be analyzed. Those factors are essential for the feasibility study of Wal-Mart.
2.2 Identification of Proposed decisions
In the section on the identification of proposed decisions, the decisions which are declared in the “TOWS matrix” will be identified (Hörl et al. 2021). Here, the researcher will discuss the decisions. It is essential for Wal-Mart around the world to recommend conducting a business audit to consider and assimilate the state of the market of their marketing actions. The business audit is a should have perspectives of the total procedure for mini to maximum-sized companies or organisations who actually want to figure out what strategies are effective and what strategies aren’t, as well as to measure this against investment and total “Return on investment” (Ettinger et al. 2021). In this topic, the researcher has declared different kinds of decisions by analyzing strength-threats strategies, weakness-threats strategies, strength-opportunities strategies, and weakness-opportunities strategies. In Between those decisions, the three strategies are chosen by the researcher, and they are-
- In the matter of strength-opportunities strategies, the decision is- Wal-Mart will hold its customers engaged and encourage them to buy online as the usage of the internet has changed over time by delivering customer-oriented items. Online shopping is a new trend for the world (Giannopoulos et al. 2021). It can help with social gatherings also. Online shopping is a process where the customers can search and see items on mobile, computer, laptop, and others technologies with the help of the internet.
Shopping on the internet is becoming very common. In this process, the customers can choose the items as they wish and order them for home delivery. The customers can cancel the items if they think it is not suitable for them. In the process of online shopping, the customers can easily return the products if the products are not good. Today in the world, there are too many big organizations that are delivering the items door to door (Cui et al. 2021). The brand Wal-Mart can take a plan on the purpose of online shopping. It can help the company to fight against its competitors. In this era, all customers can take advantage of online shopping. They want to buy the products from home, and they avoid going to the shopping mall. The online sites are full of items for their customers with a great discount, or too many offers are available for the customers (Veebel et al. 2021). Wal-Mart should implicate the strategies in their business fields, and it can help to grow and hold the reputation of the company. During a downturn in the economy, most people’s discretionary income is diminished. Since Wal-Mart is a well-known brand that is known as the retail industry leader, it can reap the benefits of this big strength by encouraging consumers to shop from the internet with the process of the bargain and offering discounts, while other companies will not do so frequently.
- In the matter of strength-threats strategies, the decision is- Wal-Mart was also willing to build a brand image that can withstand economic and political uncertainty in the region. Wal-Mart does have a solid brand reputation, and it faces fierce competition from its competitors. To build trust with consumers, they operate by introducing differentiated goods and happy, assured services. Wal-Mart also wants to build a brand image that can withstand economic and political uncertainty in the region (Samudro et al. 2021). Though Wal-Mart is a famous brand in the “American multinational retail corporation”, which controls and maintains a chain of discount departments, grocery stores, and hypermarkets in America, the company or organization wants to capture the market of Asia and Europe also. Wal-Mart does have a solid brand reputation, and it faces fierce competition from its competitors. The company wants to be famous in the region of Asia and Europe also. They want to analyze the market to know the culture and demand of the Asian and European customers. Wal-Mart, as a multinational retailer, must contend with political unrest in the countries where they do business. Wal-Mart wants to make a strategy which can provide the items to the customers with satisfaction and a great assurance from the company when the region of Asian and European countries faces economic and political uncertainty.
- In the matter of weakness-threats strategies, the decision is- To develop itself in the European and Asian market, conduct a detailed analysis of the international market and adjust to the culture (Naseri et al. 2021). In this proposed decision, the company or organization Wal-Mart wants to analyze all regions of the world, mainly focusing on Asian and European markets, to know the culture of the countries. This strategy can help Wal-Mart to grow the business and update and develop with the help of market needs (Jan et al. 2021). The design of clothes, taste of foods, and design of furniture are different, and it depends on the country and their culture. To escape stiff competition, Wal-Mart must concentrate on its current product range or spend more on promotional campaigns to keep its rivals under constant pressure. If Wal-Mart does not know the needs of the customers of those countries, they are unable to sell the items to the customers (Dehghani et al. 2021). They cannot match the needs of the customers, and it can bring an effect on capturing the market. Since consumer purchasing habits are similar in many aspects, Wal-Mart may also inform consumers about new items and policies through the internet. Wal-Mart could concentrate on current product lines to stay ahead of the competition to escape stiff competition.
2.3 Effectiveness of Proposed decisions
In this section of the effectiveness of proposed decisions, the researcher will discuss the workability, potentiality, and effectiveness of those proposed decisions in the matter of financial perspective, market perspective, and customer perspective. A company can develop its economy and capture the market by analyzing those key factors. Those perspectives are essential for a company if they want to be famous and capture the market.
- The first decision is through selling customer-oriented products. Wal-Mart will keep its customers engaged and inspire them to shop online as internet use evolves. The new global trend is online shopping. It can also assist with social events. Online shopping is a mechanism in which consumers use smart phones, computers, laptops, and other devices to search for and view products. If anyone analyses the factors of online shopping from a market perspective, they can easily see that today’s world is actually online shopping based (Tian et al. 2021). Each and every person in this world wants to buy products and items over the internet. So, Wal-Mart can show a great profit if they can take a step on the online shopping platform. It can help the company to be famous in the world. The market is now internet-oriented. If Wal-Mart wants to capture the market, it should start a business over the internet, which is known as online shopping.
The second perspective is customer-oriented, and in this perspective, the decision, online approach totally depends on the customers. Today’s’ customers of the world are habituated to online shopping. It helps the customers to see different kinds of products and items in different kinds of categories through the internet, and they can purchase the items in an easy way. In this matter, the demand for online services is very high.
The third perspective is financial oriented, and here it is shown that the income and profit rate is very high in online business because all customers depend on online shopping. They want to buy the product via the internet without social gatherings. So in this perspective, Wal-Mart can see a huge profit in online business.
- Now the second decision, which is they operate by introducing differentiated products and happy assured services to create customer confidence, Wal-Mart also needs to build a brand that can withstand the region’s economic and political instability, will analyze from the market perspective. Wal-Mart wants to deliver the products and items to customers with assurance and satisfaction. Wal-Mart wants to create a brand image which can be maintained in uncertain conditions of economy and politics. The world knows the brand Wal-Mart because of its popularity. So it can help to grow the brand value and its image over the world.
From a customer perspective, they want to use branded items and products. Wal-Mart is a famous brand. So it is easily appreciable by the customers, and it can help to spread the brand image.
From a financial perspective, today’s’ world believes in brand names. The customers buy the products to show the brand name. In this perspective, Wal-Mart will show a great profit in financial matters.
- Now the third decision, to conduct a thorough study of the foreign market and adapt to the community in order to establish itself in the European and Asian markets. In this proposed decision, Wal-Mart aims to examine all regions of the world, with a particular emphasis on Asian and European markets, in order to gain a better understanding of the cultures of the nations and will analyze from the perspective of the market. The need of the customer depends on their culture for example- customers wear a dress according to their culture. So, it is more relevant if the organization analyses the essentiality of the market in the region of Europe and Asia.
From the perspective of customers, many of the countries fix their clothes, food habits, study materials, worships according to their cultures. So, their people are also accustomed to countries’ rules and regulations. So, Wal-Mart should analyze the culture from the customers’ perspective.
In the matter of financial perspective, the customer’s purchase items as per their culture requirements such as- in Flipkart, a Muslim customer can purchase the Quran (Williamson et al. 2021). So, it can help to grow the business of Wal-Mart if they can update and develop their business in the region of Asia and Europe by analyzing their culture.
2.4 Comparison and declaration
All of the decisions help to develop the business from different kinds of perspectives.
Online shopping is a mechanism in which consumers use smart phones, computers, laptops, and other devices to search for and view products. Wal-Mart can show a great profit if they can take a step on the online shopping platform. The market is now internet-oriented. If Wal-Mart wants to capture the market, it should start a business over the internet, which is known as online shopping.
Wal-Mart wants to deliver the products and items to customers with assurance and satisfaction. Wal-Mart wants to create a brand image which can be maintained in uncertain conditions of economy and politics. From a financial perspective, today’s’ world believes in brand names.
In this proposed decision, Wal-Mart aims to examine all regions of the world, with a particular emphasis on Asian and European markets. The need of the customer depends on their culture for example- customers wear a dress according to their culture. So, it is more relevant if the organization analyses the essentiality of the market in the region of Europe and Asia.
From the comparison of the three decisions, it can be declared that the online business decision can help the organization in every field. The online shopping strategies can help Wal-Mart to be famous in the whole world (Hayes et al. 2021). It can help to capture the market in an easy way. It can also help to grow the revenue of the company. So, it can be easily declared that the online shopping tactics are the best in between three strategies.
2.5 Recommendation
By analyzing all factors, it is clearly shown that the business of Wal-Mart depends on some decisions which have been generated from the TOWS matrix. The key factors of the “TOWS matrix” are analyzed with the help of financial perspective, market perspective, and customer perspective. In a comprehensive factor, the business must be extensive, meaning this should include all areas of the business where the issue arises rather than focusing on a specific marketing issue (Abduh et al. 2020). An independent factor, the marketing business must be converted into an online business, and it can be done for more profit. It can also help Wal-Mart to be famous in the world. The ideal business, in which the investigator is a third-party outsider to a company, they can operate independently and without bias. If Wal-Mart’s organization can follow those objectives and those decisions and their analysis, it can help the company to show the huge benefit and help to build the brand great.
Reference list
Journals
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