Business International - Wal-Mart vs. Carrefour around the Globe The forces of globalization and market liberalization have made it possible for organizations to spread their wings beyond territorial boundaries, allowing them to operate globally.
How to Effectively Target the Market May 1, by Jesamine A customer analysis is also known as a customer profile or target market analysis; and, it is an essential element of your company business plan. This analysis will determine your marketing strategy by identifying your customer base and ascertaining their needs, something which helps you develop your product or service in a way that specifically meets or exceeds those needs.
You can use a customer analysis not only to better understand your current customer base, but also to draw in new customers.
You do this by studying why people buy certain products, the method by which they make their purchase, how often they buy those products, and under what conditions they make their purchasing decisions.
All of this information helps you increase your sales, develop your customer loyalty, and expand your business.
After you have read the article, you can check out this video to learn how to add the customer analysis to your business plan. A customer analysis profile helps you not only to develop your product, but also tells you how to best position and sell yourself in the market.
In order to properly position yourself, you have to know both your customer demographics, such as age, geographic location, gender, and income, and their purchasing patterns. Your customer analysis will be informed by the stages in the buyer decision-making process.
Buyer decision-making can be seen as an underlying psychological process, meaning that the stages a customer goes through when making a decision to purchase are not necessarily consciously undertaken in the mind of the buyer.
The Buyer Decision Process This process reflects the stages that a buyer goes through before making a purchase. The general stages assume that the purchase is already of a general value to the buyer and that the buyer has time to make an informed decision before he or she actually makes the purchase.
Economic decisions are not always rationally motivated. For example, you may have two products on the market with exactly the same ingredients, but with drastically different prices, such as the brand name headache medicine, Excedrin and the no-name brand, Headache Relief typically offered at a discount store.
For some customers, the name brand is more important than the specific ingredients — so much so that they will pay more than double the price just to have it.
Why is this so? What are the prime motivators for that customer? In a competitive market, knowing the answers to these kinds of questions is what makes an in-depth customer analysis so valuable to a business.
That need or problem can be internally motivated, such as a need to eat or to remedy a headache, or, it can be externally motivated through strategic advertising, that is, advertising which constellates a need that a customer was previously unaware of.
The Search for Information After a buyer has recognized the problem, he or she will begin to search for a solution. This is the stage at which the buyer starts to look for information to find out more about what products and services are currently in the market. Having your information strategically placed can make the difference in whether or not a potential buyer sees your product or service.
An Evaluation of Alternatives This is the stage at which the buyer measures his or her needs and desires against what is available and how much it costs. At this stage, a buyer will determine a set of criteria by which to assess the alternatives.
You need to know this criteria in order to position yourself against your competition. Making the Choice This is obviously the point at which the buyer makes the purchase.
For an industrial purchase, other factors are considered, such as payment terms, delivery schedules, and reliability. Post-Purchase Evaluation This is the stage at which the customer assesses the product or service in terms of its value.
Did the product meet his or her needs? Did it exceed expectations?Target also owns apparel supplier The Associated Merchandising Corp. and issues Target Visa and its proprietary Target Card. Wal-Mart Stores Inc Annual Income Statement View: Top of Form Income Statement Annual Quarterly 5 Financial Analysis Bottom of Form In Millions of U.S.
Dollars (except for per share items) 01/31/06 Revenue , Other Revenue, Total 3, Total Revenue , . Wal-Mart Case Study Management September, 15, Introduction From a gallon of milk to a complete home makeover, Wal-Mart is the kind of store consumers (to . Financial Statement Analysis Primer: In a comparative analysis, an investment analyst can concentrate on a given item and determine whether it appears to be growing or diminishing year by year and the proportion of such change to related items.
Access the financial reports for Wal*Mart, Carrefour, Green Mountain Coffee, and Tootsie Roll. 2. The internationalization of Wal-Mart and Carrefour: some stylized facts As Wal-Mart and Carrefour have became more and more international, their sales improved.
Institutional and economic determinants of transnational retailer expansion and performance: a comparative analysis of Wal-Mart and Carrefour Cédric Durand () and Neil Wrigley Environment and Planning A, , vol.
41, issue 7, Walmart Wal-mart Essay. Viet Dang Dr. King MGMT (Principle of Management) SWOT Analysis of Walmart History of Walmart Wal-Mart was founded by Sam Walton in , and later incorporated in and publically traded in