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Discussion Questions
Question 1:
For German luxury car industry, there are several external environment conditions that are playing important role. Economic factor is one such environment factor affecting German luxury car industry, amongst which, growing disposal incomes is one major trend. Individuals around the world are earning more and more income every year and spending on luxury items such as electronics and automobiles. The recent economic developments have made it quite possible for poorer and middle income households to afford their own car. The growing demand for automotive implies the fact that automotive industry needs to design newer design and proving more profitable for its participants (Boston, 2020).
Sociocultural is another external environment factor understood in terms of popularity of driving. From sociocultural perspective, it is found that driving is growing and owning one or more motor vehicles is being a common trend for families around the world. In developed countries, owning one or more motor vehicles has become a common norm and practice. Third factor shaping German luxury car industry is technological ones where trends of self-driving cars and improved safety norms have got good attention (Germany's carmakers in for a bumpy ride ahead, 2020).
The automotive industry is experiencing biggest technological shift in terms of self-driving technology. Some luxury automobile companies such as Tesla and many more are introducing and offering new autonomous motor vehicles every year. Apart from it, automotive industry is also inclining towards safety of motor vehicles as another big technological advancement. In the late 1980s, wearing seat belt is understood as an essential requirement, this trend has rolled-out and led automotive companies to place and use airbags across their models (Cameron and Quinn, 2019).
In this way, German luxury car industry is not improving its standards but also the underlying technology. This is evident as many automotive manufacturers have introduced emergency brake assist systems to their vehicles for reducing chances of front end collisions. Other than this, German luxury car industry is also getting affected heavily on account of legal factors, most specifically, copyright issue. Automotive manufacturers are protecting features by the way of copyright, trademark and patent laws. One recent issue where Chinese brand Geely is being criticised for copying designs of Rolls Royce Phantom has given rise to big legal issue in automotive industry (Miller, 2019).
Question 2
David Jones has launched a customer loyalty program as a part of three-pronged strategy for better understanding and engaging with customers. There are several components of David Jones customer management and engagement strategy, one such element is to spend and invest extensive amount of time in customer and market research. The time spends on customer and market research aims at collective quantitative and qualitative information about customers’ needs and expectations. The value proposition strategy designed by any company should be based on qualitative and quantitative research (Bell, Villado, Lukasik, Belau, and Briggs, 2011).
The research is based around delivering value to customers across the group, and, within all brands and categories. In other words, it should be about developing and forming one-to-one relationship where information regarding customer’s behavioural and demographic attributes is collected and content-led marketing advertisements and programs are prepared. The brands should always try for bringing something particular to the market; it should not work or operate as a transactional brand. It is necessary for brands to always work and position as an emotive brand which is possible through launching and running a brand loyalty program for knowing customers better and winning their hearts (Mayar and Ramsey, 2018).
In the past, retailers or business firms are viewing customers as a single segment. This thinking needs to be changed as customers are an integrated set of whole market who are purchasing and consuming products for satisfying and fulfilling their desires.
For achieving this, David Jones asks business firms to divide customer data into qualitative and quantitative segments. The collected data provide crucial market insights and information regarding customers, which led business firms in knowing and identifying areas of where to lead, dominate and play. Once a business firm got a granular view of where to dominate, how to lead and where they should not play, it becomes easier to perform well in the market (Mcdonals and Wilson, 2016).
Question 3
The two major environmental trends that Walmart needs to consider while entering China’s market are economic and social ones. According to the World Bank 2020, China is second largest economy on world’s map in terms of nominal GDP (PESTLE Analysis of China 2016). Also, it is one of the world’s largest economies on purchasing power basis. Several economic reforms have started taking place in the country since 1970s for helping China to make strong growth. China has made strong shift from a centrally-planned and regulated economy to market based economy.
In recent years, pace of economic development at China is challenged by several factors such as high inequality, rapid urbanisation, and environmental damages affecting overall country’s economic sustainability. Walmart needs to take...