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Key Topics
Requirement
Strategy Question1: What should Eco-Guardian do with regards to their dealing with Wal-Mart? Explain your reasoning in detail.
Strategy Question 2: Provide clear examples and identify the prerequisites, benefits and risks that may result in adopting internet and social media technologies in a B2B context.
Solution
Question 1) what should be done by the Eco-Guardian with regards to their dealing with the Wal-Mart? Answer in detail.
The best deal for a supplier is not one where they can sell their products at the highest rate. The other factors which affect the negotiation are payment terms, delivery time and the quality of the commodity which is required by the client (in this case, Wal-Mart).
It is the world known fact that "bigger opportunities come with more significant risks" but it is deals like this which make or breaks a small or medium based firm. It is evident for a company of this little stature such as Eco-Guardian to feel that they are not big enough to retaliate the “take or give away approach” of Wal-Mart, "not trusting their brand value and many other reasons, but it is essential for the firm to understand what key advantage or benefit its customer can gain because of the enterprise's product supply.
As, Jon Horsfield, a manager from a similar firm such as Eco-Guardian says that the entire process of designing, producing, delivering and receiving the payment can take more than six months at a stretch. Hence, it becomes difficult to see even a single penny until you bend over backward (Goodfellow, 2016).
It is important that now, Eco-Guardian synchronizes its supply chain in a proper manner, maintain a good cash flow by keeping a checklist of all the various stages and expected costs and lastly contact Wal-Mart and create a supply contract of a minimum, three years to five years.
It is quite alluring for small or medium sized firms to work with bigger clients keeping aside the payment and contract terms but such things can land them into trouble later on.
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Question 2) Giving clear examples, identify the benefits, prerequisites, and risks that may outbreak due to the adoption of social media technologies and the Internet in the context of B2B
Contrary to the rapid growth of social media networking in marketing, advertising, and B2C businesses, B2B business has been quite slow in grasping and embracing social media marketing. Although, since, 2014 we have seen an escalating usage of social media for B2B businesses right from Maersk to General Electric and many more companies in a bid to build awareness, recruit more employees and generate leads. As per a survey (2015) by AdAge, B2B businesses have implemented plans for increasing their digital spending up to 80% this year which was previously 67%.
Some of the benefits of social media marketing are that B2B business can create more sales for itself, generate more lead and also huge volumes of profits. For example, one of the biggest and most popular bulk shipping and container company, Maersk Line has integrated social media marketing deep into its system. This has been done with the help of more than 30 leveraged, local as well as global accounts.
Few of the risks and repercussions for B2B business are that social media exposes or promotes their clients through the usage of social media, ignorance of local legal rules and regulation can land them into trouble at times, the online marketing teams have not yet been given a set procedure or protocol which they should follow, hence, it mean, the organization needs to work in the grey area. The level of getting sued is high, and there is no surety of being insured even if the firm has been doing everything in a correct manner. It is peculiar to notice that most of the official accounts of these B2B businesses are set up by interns or employees or marketing agencies which mean that the ownership of these accounts along with all the followers remains in their hands also, which can backfire (Marsh, 2014).
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Goodfellow, C. (2016, March 31). Manufacturing: How to win and service big contracts. Retrieved June 25, 2016, from http://www.thepitch.uk/manufacturing-how-win-and-service-big-contracts
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Marsh, E. (2014, April). 7 serious business and legal risks of B2B social media marketing. Retrieved June 25, 2016, from http://blog.hubspot.com/insiders/legal-risks-of-social-media-marketing
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