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VNFPP LTD Using Holistic Marketing in a Small Enterprise Context Case Solution
The transformation process of VNFPP can result in a number of challenges for Madhu. In order to be a successful organization, the whole system needs to be renewed. Changing the whole system needs time, energy and resources, and an altogether different approach to decisions. It is difficult for a firm to change its status from a Product focused firm to a Customer-focused firm. Madhu has to change the way of thinking of his workers, managers, and suppliers for them to put the customer as a priority. The holistic marketing approach is needed in order to put emphasis on the value of the product being delivered by the organization.
Following questions are answered in this case study solution
What challenges can be anticipated by VNFPP in the transformation process?
Which factors are important to the company? How can these factors help the company to compete better in the market? How can some of the factors help an entrepreneur as compared to a large organization?
Why was there a need for marketing orientation? How can it be sustained by the company?
How can holistic marketing be applied by the company? What is the difference between applying holistic marketing to old businesses and the new business?
How should VNFPP go about identifying the right target segment for its offering? What should be the composition of the same?
What kind of marketing organization structure would be suitable for the transformation
How can this company make use of its "smallness" as the strength to compete with large firms?
Case Analysis for VNFPP LTD Using Holistic Marketing in a Small Enterprise Context
2. Which factors are important to the company? How can these factors help the company to compete better in the market? How can some of the factors help an entrepreneur as compared to a large organization?
VNFPP considers quality as the most important factor in the company. The emphasis on quality can be assessed by the fact that there are three quality checks performed within the company in addition to the routine field surveys. The centralization of decision-making by Madhu reveals that he is the central figure of the organization and the authority rests with him. The company wants to be customer-focused and tap into a larger market. It will enable the company to increase its bargaining power. It will also help the company to benefit from new opportunities in the market. An entrepreneur can take advantage of these factors because large organizations usually experience stable growth rate i.e. maturity state; whereas, an entrepreneur with a new idea can experience a high growth rate for his organization due to less competition.
3. Why was there a need for marketing orientation? How can it be sustained by the company?
Market orientation is the strategy in which an organization tries to meet the unfulfilled demand of customers. As Madhu saw that people coming from abroad have a tendency towards consuming canned products, he thought that canned fruits and vegetables could also prove to be a success as there was no market player offering such products. He saw the need for canned products as hidden needs of the customers and thus saw an opportunity to grow his business in the Indian market. Market orientation can be sustainable to the company through a strong supply chain and linkages in the market. Constant innovation and experimentation can also play an important role in the sustainability of the company. Technological advancement can help the company to reduce its cost thus providing quality products to the customers at a lower rate than the competitors.
4. How can holistic marketing be applied by the company? What is the difference between applying holistic marketing to old businesses and the new business?
Holistic marketing can be applied by changing the whole organizational structure and transforming it into a customer-oriented firm rather than a product-oriented firm. It requires changing the mindset of workers and managers. It also involves making the suppliers realize that the customer is the sole factor in the success of the firm. Holistic marketing can be applied by focusing on categorizing, creating and provide value. Suppliers, dealers, and consumers are involved in the process of thinking business as a whole. Applying a holistic approach to new business is considerably easier as compared to old business. The employees and suppliers of new businesses are ready for change, but old businesses have to convince all the intermediaries and change their mindset altogether which is a difficult process. In the case of VNFPP, it is difficult for Madhu to deal with a holistic approach because it is an old organization.
5. How should VNFPP go about identifying the right target segment for its offering? What should be the composition of the same?
VNFPP has to make sure that the selected target segment can be measured. It is essential that the segment is accessible for distribution and communication. It should be durable with low chances of it changing quickly. It should be substantial enough for the organization to make a profit out of it. Madhu can segment the market into four categories: Geographic, Demographic, Psychographic, and Behavioral. Each of the segments has to be carefully assessed through proper market research in order to ensure the credibility of the results.
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