Tuesday, May 5, 2020

Elements of the Marketing Process for Marketing Fundamentals

Question: Discuss about theElements of the Marketing Process for Marketing Fundamentals. Answer: Harvey Norman is among the largest retailer organizations in Australia. The marketing environmental factors that have its probable impacts on this particular organization are discussed as follows and they are mainly the macro factors- Technological- This not only help Harvey Norman to built new products rather they plays an important role in the modification of the way retail organizations Due to technological betterments this organization is helping their customers to have online shopping options (Wang, Chen Chen, 2012). Legal- There were legal issues in this organization in 2007 and 2008, a number of gadgets were stolen from their outlets. This legal problem regarding theft has an impact on public relations. Apart from this the laws, regulations and governmental policies can strongly affect the retailer industry because they have to depend on the government for the roads, rail and water transportation facilities to deliver their goods or to bring the customers to their stores (Wilson Gilligan, 2012). Economic- A strong economy can increase in customers were as a inactive economy can decrease the customers and make them spend less which can guide to decline in sales and then retailers has to decrease their prices. However, in 2010, the sales of Harvey Norman have been affected in a negative way and came drastically down because of the decline in foreign currency (Guillard Roux, 2014). Sociological- As the largest retailer organization it has a huge impact on the social lives as well as in the lifestyles of the citizens in Australia. Modifications in the social values and fashion also affect the products that this company trades. Due to globalization it has been seen that the political and legal scenarios of Australian marketing environment has made it easier for the other international organizations to do their business in Australia for which the competition has been huge for Harvey Norman (Dawson, 2014). However, the best competitive advantage taken up by this organization they have the capacity to identify and route the appropriate issues quickly as well as efficiently. Harvey Norman makes decisions each day with more confidence and precision than those of their competitors. This would definitely help them in the future as well in establishing as a competitive advantage for the organization because here the attention can be on observing sales, margin, their market share, wastage and availability of resources. Moreover, due to this they are able to take control over the decision-making by having a great understanding of what can be its influences the customers behavior that they are having. This actually gi ves this organization a firm lead for associating with the suppliers, providing the advantage that this organization approaches the applicable consumer packaged goods to identify whenever they have an issue in this list. Thus, it helps them reach a solution much before a severe damage has occurred. Moreover, they apply Artificial intelligence as an important feature where they extract meaningful perceptions from apparently different datasets. As the competitive advantages are becoming very strenuous to achieve in this retailing industry, science based, artificial intelligence powered decision-making is the best option. Thus, from the above responses to parts (a) and (b) it has become very clear to me that for any retail industry the marketing environment plays a very important part. What I found is the economic factor has a major impact on the retailing business because the sales mainly depend on the countrys economy and it decides whether the organization will have a positive or negative balance sheet. However, through adopting the correct competitive advantage any organization can provide better services or products to their consumers in a lower cost than their rivals can. Thus, it can be very impactful for the employees as well as to the countries. References Dawson, J. A. (2014).The Marketing Environment (RLE Marketing)(Vol. 1). Routledge. Guillard, V., Roux, D. (2014). Macromarketing issues on the sidewalk: How gleaners and disposers(re) create a sustainable economy.Journal of Macromarketing,34(3), 291-312. Wagner III, J. A., Hollenbeck, J. R. (2014).Organizational behavior: Securing competitive advantage. Routledge. Wang, C. H., Chen, K. Y., Chen, S. C. (2012). Total quality management, market orientation and hotel performance: The moderating effects of external environmental factors.International Journal of Hospitality Management,31(1), 119-129. Wilson, R. M., Gilligan, C. (2012).Strategic marketing management Routledge.

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