Environmental Factors Paper

1981 words - 8 pages

Environmental Factors Paper
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MKT 421
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Environmental Factors Paper
Careful and deliberate consideration of numerous environmental factors that impact the organizations’ marketing decisions is a must for any organizations that operate in the vast global marketplace (domestic and international) with the aim to serve diverse consumer needs, wants, and demands. Meticulous and in-depth analyses of the target regional markets are crucial prerequisite in capturing the necessary market insights that are the basis of an effective marketing plan. Shortly after its humble beginning in Bentonville, Arkansas, Wal-Mart has since become one of the world’s most ...view middle of the document...

The Influence of Global Economic Interdependence and the Impact of Trade Practices and
Agreements
Wal-Mart’s marketing decisions are strongly influenced by waves of ongoing and ever changing global economy as well as by the trade practices and agreements among nations since consumers’ buying decisions are often directly related to these inevitable factors. The global economic environment factors such as income distribution, savings, debt, credit, and Gross Domestic Product (GDP) influence the Wal-Mart’s marketing decisions that the Wal-Mart top management prepares the specific need-satisfying and appropriate marketing mix for various local markets in the world (Kotler & Keller, 2009).
The Importance of Demographics and Physical Infrastructure
The demographic key elements such as population size and its growth rate, purchasing behaviors, age mix, ethnicities, religions, education levels, and household sizes of each target region in the global market make up the list of quantifiable determinants for the physical infrastructures of the Wal-Mart stores as they prepare for feasible marketing strategy and implementation plans. Wal-Mart has been creating strategic marketing plans that reflect the global market stores growth, merchandise relations to local customers, and the capital invest performance analysis (Walmart Corporate, 2011). To successfully interact with the diverse groups of people with equally diverse buying patterns, Wal-Mart employs the local workers to satisfy the local customers’ needs and wants along with the right amount of relevant products at the nearby physical store locations. In addition, Wal-Mart management incorporates its corporate policies into the global marketing plans to ensure that its foreign geological stores treat local customers and employees equally as the domestic stores in the United States.

The Influence of Cultural Differences
In order to develop workable global marketing plan one must incorporate its understanding of the cultural differences and attempt to implement the regional customers’ view points as well as their needs and wants that befit the societal norms. Different societies require different products because of their learned cultural values, beliefs, and business norms that influence the local customers’ preferences and needs. To ensure that Wal-Mart provides diverse products that meet the various cultural demands, Wal-Mart’s corporate management is committed not only to participate in the various cultural events but also to recognize and understands diverse consumers’ needs by actively conducting necessary market researches in the targeted markets. As a responsible business entity, Wal-Mart is also committed to sustain the global community natural environment and donates funds to help ‘green’ food banks while hosting annual global sustainability milestone meetings. To further strengthen its emphasis for local adaptation, many Wal-Mart stores are created differently in varying...

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