In today’s environment of rapid technological and market change, shortening product life cycles and changing customer tastes in India, the strategic management of innovation has attracted increased attention among researchers, particularly pertaining to innovation management and implementation by the Wal-Mart’s research team (Engel, et al. , 2002). For example, recent strategic management discourse has been emphatic on how sustainable competitive advantages and superior economic rents derive from the process of innovation in the United States.
Much of this debate has concentrated on structural, environmental and individual correlates of innovation, rather than developing an eclectic or multidimensional model of the correlates of innovation (Ewing and Meissner, 2004). However owing to its current challenges in sales and marketing facets, the Indian representative is necessitated to construct a sales and marketing plan to be presented to the Wal-Mart Corporation Board of Directors, which will be the driving force in achieving its vision of boosting its sales and expanding its associates’ base (Dalton, 2000).
If the global manager of the Wal-Mart Corporation were to understand the economic and cultural realities in India, he could more easily understand some of their management innovations (Dutton, 2004). The United States has a broad industrial economy of industries and businesses,
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While the United States has a broad ethnic and cultural mix which does not lend itself easily to such groupthink ideas as worker-management councils and elimination of status differences between management and labor, the Indian homogenous culture may promote egalitarianism, harmony and solidarity among all its people through the installation of the Wal-Mart Corporation in the country (Dalton, 2000). Measuring a potential business venture in India has many aspects which the international manager must be aware of in order to convey the correct information back to the decision makers (Dutton, 2004).
The first step is to use secondary research to find out what the sales potential is in the market in India. The second step is to conduct primary research that outlines the specifics of the potential market that directly pertain to the Wal-Mart’s products. In the third step the team should be properly placed and instructed. In the fourth and final step the product of the feasibility study in India should be properly communicated to the decision-making management.
There is no doubt that the international marketing process of the Wal-Mart Company may face a large set of variables as it takes place over in India and it does act in different environments. The most common environmental factors in aiming at international business are those of cultural, political, technological, and ethical. Culture does influence consumption to a great extent. Not surprisingly, consumption habits in India vary greatly. An understanding of Indian buyer behavior is central to successful marketing of Wal-Mart Corporation (Dalton, 2000).
To develop effective marketing programs, Wal-Mart Corporation’s marketing manager must have knowledge of the needs and wants of potential buyers in India, how they arise, and how and where they are likely to be satisfied. Buyer behavior is affected by many factors. Class, education, age, and psychosocial traits are just four of the many factors useful in distinguishing different buyer groups. Consumption patterns, living styles, and the priority of needs are all dictated by culture. Culture prescribes the manner in which people satisfy their desires (Dutton, 2004).
Wal-Mart must then peg its strategies on the other multinational corporations in India, which have also created a form of global culture based on worldwide commercial markets. Local culture and social structure are now shaped by large and powerful commercial interests in ways that earlier anthropologists could not have imagined (Dutton, 2004). If the Wal-Mart Company entrepreneur has a global state of mind, he would be very successful in a money-making endeavor, be it in India or elsewhere.
Global thinkers play an important role in developing a global mindset for their companies (Dutton, 2004).
Dalton, Gregory. (2000). “Global Challenges. ” Informationweek. Dutton, Gail. (2004). “Building a Global Brain. ” Management Review. Engel, James F. , Roger Blackwell, and Bowel Miniard. (2002). Consumer Behavior. Harcourt. Ewing, John S. and Meissner, Frank. (2004). International Business Management: Readings and Cases. California: Wadsworth. Ganguly, Sumit. (2003). India as an Emerging Power. Frank Cass.