Definition of Terms:
Supply chain- The term supply chain is the process where goods are moved from the producer to the consumer. This process has to go through some key stages like the raw materials, supply, production and lastly the distribution stage. This process ensures that goods reach the consumer once they leave the manufacturing industry.
Task environment - Task environment is the external environment in any organization that will affect the business ability to attain its goals at the end of the day. They may include things like competitors, customers and suppliers.
Holistic marketing- This is a term that is used to explain how one looks at his marketing efforts in general. This will help you to come up with a marketing plan that covers all the aspects of marketing. For example a small business will look at its marketing and then chose marketing strategies that they can work with without straining.
Product Market Expansion Grid - Product Market Expansion Grid is a portfolio-planning tool that helps a company identify growth opportunities through means like market development, penetration, diversification and product development.
Explain the differences between a strategic marketing plan and a tactical marketing plan
Strategic marketing plan is a process that involves doing a research of the market and the environment so as to establish the target market while tactical marketing planning entails putting together of gathered information via marketing planning and then taking the initiative to execute and assess the outcomes there after. It involves determining what the target market wants and the types of messages that resonate with that audience. Tactical marketing planning involves taking the information gathered through strategic marketing planning and beginning to implement and evaluate the results of a campaign (Silk, 2006).
Market Opportunity Analysis (MOA)- This the application of techniques that have a major forecast on all the relevant factors affecting the market performance and have an impact on the demand and supply of the market’s products basing on the opportunities available in the organization.
Good mission statements - A good mission statement brings out clearly the existence of an organization. The organizational image is a key character that is useful in defining the actions carried out by the management in the decision making process. This is a major component in a firm as it links both the internal and external environment in the organization. The feasibility of the organization is also useful in the attaining of the set goals and objectives as they ensure they are realistic and achievable within the trading cycle. It is recommended that the mission be precise and clear in order to bring out its meaning and aid in attaining its indented action. Motivation is another trait that supports the mission statement as it boosts both the employees and customer’s morale (Silk, 2006). It is also required to be distinctive in nature in order to bring out an impact on the entire society. The mission statement must put into consideration the necessary indications of the accomplishment of the set objectives in the organization.
Distinguish between the five types of needs humans require
The human needs are vital requirements in the society and vary from time to time depending on the situation. Some of the needs include physiological needs that include food, shelter and clothing, safety which protects the life of the person, belonging which is normally related with the parental mutual relationship, status which gives one the position he/she holds in a society and the actualization that normally defines one’s ambition in future (Silk, 2006).
An SBU has 3 characteristics
It is normally made up of either single business entity or a collection of many businesses in an organization.
It is normally formed by set of entities competing for control.
SBU is made up of its own missions and objectives that are implemented by its strategies and planning by the management.
Why should Wal-Mart be worried about a mid-life crisis?
Wal-mart needs to worry about the mid-life crisis as it has a negative impact on the overall performance of the employee in the company over the time. Much of his functioning time is consumed with handling the life crisis hence lowering the production of the firm at large. The rate of production and processing in any firm depends much on the employee development and prosperity hence the disturbance of the employee affects his/her overall performance. According to the case study above, the performance of the firm is reducing at an alarming rate which is indicated by the fatigue and stress signs viewed in the case.
How might Wal-Mart use holistic marketing to address its mid-life crisis?
It is called upon to carry out a thorough research on the mid-life crisis affecting its personnel and come up with a proper marketing plan that covers all the respective aspects that helps them in meeting their problems and having control over them while per-taking on their daily chores (Wal-Mart's Midlife Crisis, 2007).Wal-mart will engage in strategies that are useful and supportive to its customers and employees which reduce the rate of straining by the firm’s workload. The involvement of offering low prices on commodities to the customers aids in encouraging more purchases that eventually increase the overall turn over realized and the control of price in the market that maintains the price at relatively affordable prices by the consumers. The strategies help Wal-mart to keep up the base with other large competitors in the market.
Reference
Alvin, S. (2006). what is marketing?. Boston: Mass Harvard School Pr.
