Nestlé: Sustaining Growth in Mature Markets Essay

Nestlà © was first founded by Henri Nestle in the 1860s by developing and producing food products for babies who could not adapt mother’s milk. Following the success in baby food products, Henri incorporated with an Anglo-Swiss condensed milk company to develop dairy products, especially for government supply in World War I. High sensitive and quick responding to the demand of consumer, Nestle continued to create and develop new product mix to canned food, beverage, pet care products, to maximize its scope of business in the food segment. Nestle had been incurring high success during its operation in food industry, proved by production many creative product portfolio, double sales and tripled profits, globally brand recognition, offices and factories around the world with the management of previous CEO Helmut Maucher. Maucher successfully promoted Nestle to higher position in the market as a global company and has been operating beyond its original Europe boundary. Nestle is presently one of the largest food company in the world. Nestle has been called the most conglomerate companies ever, with more than 400 plants in 77 countries and growing. Nestle is Switzerland’s largest industrial company and the world’s leading food processor. The food giant ranks as one of the 100 largest companies in the world. Nestlà ©Ã¢â‚¬â„¢s primary products include beverages such as (coffee, chocolate drinks, mineral water, and soft drinks), dairy products, infant formula, culinary products (soups, seasoning, condiments), frozen foods and ice cream, yogurt and chilled desserts, and chocolate. Nestle seems not still happy with what it had obtained. Under leadership of current CEO Peter Brabeck, Nestle is now experiencing a more significant growth and synergies as the top nutrition and Food Company with the strategic management of Brabeck since he took over Nestle in 1997. CEO Brabeck realized the need of Nestle and his first priority was to achieve real internal growth. Strategies were employed to achieve this organic growth and now Nestle is posting CHF $91 billion in sales and CHF $8 billion in profits. Brabeck’s will hand over the company in 2008 and his successor will be facing the task of maintaining the successful momentum. This uncertainty about the future of the company is left to be seen and is the driving factor to the question: Can Nestle sustain its industrial growth in Mature Markets under the new CEO Paul Bulcke or would  the growing competitive pressure shrink its overall growth. To answer this question, an in-depth analysis must be undertaken to understand the external environment that Nestle is operating in by looking at the General, Industry, and Competitor environment and also a microscopic look into Nestle internal environment. The general environment of Nestle looks at the demographic trend. Nestle international operations are in 77 countries with over 400 plus plants and their products are sold on all six continents. The world population is increasing on a daily basis and the geographic distribution of populations is shifting. The world population is also aging quickly and the ethnic mixes in developed countries are changing rapidly. The average household incomes are increasing and Nestle could take advantage of these trends. The demographic environment presents both opportunities and threats for Nestle. The increases in population size and household incomes would help to expand the market in which Nestle operates. However, changes in the geographic distribution of populations, due to technological advances in communications, may cause difficulties for nestle in determining profitable locations for new plants. The economic trend shows that the average market growth of a mature global food industry is 2 percent. Nestle first achieve a four percent internal growth target in 2000 and consistently repeated performance in subsequent years. This growth might be contributed by the economic global trend. The U.S economy decline into recession in 2001 and in order to stimulate the economy, interest rates in United States were cut to near record lows. Many nations around the world are affected by the U.S economy and Nestle Global companies are no exceptions. The economic trend showed in 2005 that there was significant economic growth due to very low interest rates in the United States, resulting in substantial growth in global trade. This growth was slow down by high oil prices. The economic environment presents both threats and opportunities for Nestle. The growth in global trade presents opportunities for Nestle in innovation and renovation of new and old products to offer to its customers. However, the increase in oil prices would cause an increase in the cost of transportation for goods destined for Nestle plants which would threaten Nestle profitability. Operating in all six continents in over 77 countries, the politic al/legal environment presents a threat for Nestle. The differences in the political/legal environment across regions would make it difficult, and  sometimes costly, for Nestle to comply with government regulations. Political risk in some countries remains comparatively high as does the threat of lawsuits from competitors, distributors, and consumers. The socio culture presents opportunities for Nestle. Nestle is often referred to as a role model company that thinks globally but acts locally (p. N 261). Creating a unit that is concerned with adapting global products to local taste and requirements. Nestle would take advantage of the consumer by proving what the consumer wants in that culture. Whether it would be the color, shape, form or taste of the product, Nestle would adapt to those local culture. The technological environment presents opportunities and threats for Nestle. When GLOBE has been introduce in the most relevant markets, all inter-market systems will communicate much better with each other than they do now (p. N 263). Improvements in technology will allow Nestle to perform better analysis of data related to existing and future customer bases. The improvements will also allow Nestlà © to continue to improve its supply chain, which is vital in enabling Nestlà © to offer better prices to its customers. These technological improvements, however, may also be readily available to competitors. Competitors can easily mimic Nestlà ©Ã¢â‚¬â„¢s processes through advances in technology. The global environment presents opportunities for Nestlà ©. The company enjoys being in the leading position in the global food industry. The rapid globalization of business markets presents opportunities to Nestlà © as countries relax regulations that hinder trade and foreign entry into domestic markets. The increased importance of environmentally friendly business operations may also increase costs of operation. However, Nestlà © has established itself as an environmental leader; and the result is shown by the increased in sales and profitability. An industry is a group of firms producing products that are close in substitutes (Hitt, Ireland & Hoskisson, 2009). In reference to Nestlà ©, an analysis of threats to new entrants, the bargaining powers of the suppliers and buyers, the threat to substitute products and rivalry amongst competing firms would be carefully examined. Nestlà © is the oldest and most truly global companies in the food industry (p. N 261). Nestlà © boast over 130 years of industry knowledge in all markets over the world and the awareness to adapt its products to local taste. Acquisitions of Dreyer, Ralston Purina and Jenny Craig made Nestlà © to become the market leader in ice cream, global  leader in pet food and the world largest nutrition and weight management market respectively. The threat of new entrants in Nestlà © industry looks at the barriers of entry. Product differentiation is very high to imitate. The company produces over 127,000 products under six strategic brands: Nestlà ©, Buitoni, Maggie, Nescafe, Nestea and Purina. Nestlà © products are produce to offer characteristics such as quality, taste and safety. Economies of scale is another barrier to entry for Nestle and this is showed through the operations of 400 plants in 77 countries and employed more than 250,000 people. Nestle drive for acquisition was to gain critical mass in terms of market share in businesses in which scale is vital for success (p. N265). Size provides considerable economies of scale in the food industry. Nestlà ©Ã¢â‚¬â„¢s operations are massive and global in scope. Barriers to entry for new entrants are increased by high economies of scale. The switching costs are high because Nestle production is based on innovation and renovation of its well branded product. Nestle works on improving their products especially in mature markets where Nestle generates the bulk of its sale. Continuous upgrading of existing product is an important source of internal growth. Nestle controls its distribution channel and provide assistance to Distribution Company to carry their products. Having access to distribution channels can be a strong entry barrier for new entrants, especially in industries like Nestle. Whenever industry growth is slow and constrained there will be expected retaliation. Nestle was increasingly facing fierce competition as many food producing rivals had achieved significant improvements in their operating efficiency (p. N 262). Nestle weak profitability, whose root causes could be traced to Nestlà ©Ã¢â‚¬â„¢s various acquisition that slowed down the overall growth of the companies and open the doors for competitors to take advantage. Bargaining power of suppliers with the food industry shows that Nestle manufactured over 127,000 products and purchase of raw materials such as coffee and milk. The company utilized the expansion strategy to help with dependency of coffee from its suppliers. The Power of suppliers is low. The supplier groups are less concentrated and not dominated by a few large companies. Bargaining power of the buyers is very high because Nestle is high on quality, taste, and safety. They have modified more than 700 of their products by adding nutritional functionalities for its buyers. Whereby, the buyers are demanding high  quality, taste, and safety products and Nestle is providing it. Nestle was facing fierce competitive pressure and the threat was due to the slow growth of the company that was caused by acquisitions. Although the number of truly global competitors was limited, the most notable being Kraft, Masterfoods, and Unilever, Nestle was also facing strong competition at the national and regional level (p. N 262). The return on shares decrease from 44% in 97 to 15% in 2001 but increase tremendously in 2005, whereby its rival, Hersey have seen a constant shareholders return over the ten years. Note in particular was the 88% in 2001 to 306% in 2005. In fact, all competitors yield positive shareholders return between the years of 2001 to 2005, possible due to the low interest rate that created a global increase in trade. The competitive environment in the external environment is fierce on the local and regional level but limited on the global level. Globally, Nestle competitors are Kraft, Masterfoods and Unilever. In 1997, the company was ranked eight among the world’s top 12 packaged food companies in terms of returns on capital. Its net margin was only half of its major rival Unilever (p. N 262). Today, Nestle employs over 250,000 employees, manufactures approximately 127,000 products in 77 countries under six major brands: Nestle, Maggie, Nescafe, Purina, Buitoni, and Nescafe. Nestle basically doubled its competitor industry growth and is far ahead of its closest competitor. The internal organization of Nestle focuses on the internal strengths and weaknesses of the organization. Between 1982 and 1997, under CEO Maucher, the company showed a great deal of strength and also major weaknesses, but CEO Brabeck, during 1997 and 2005, utilized effective strategy to move the company forward. The borrowing capacity of the company was evident in 2005, where Nestle generated total sales of CHF $91 billion and net income of CHF $8 billion and was the leading food manufacturing industry. Nestle also have the ability to generate internal funds and from 1997 to 2005, Nestle continued its expansion through a combination of organic growth and acquisitions. Once the feasibility study is conclusive, Nestle will focus on selecting the format best suited to the particular market and adapting that format to local needs. Nestle physical resource includes over 400 plants in 77 countries, on the six continent all over the world and employed more than 250,000 people of which 3,500 are scientist in the research and development section. The technological  resources utilized by Nestle were the GLOBE program that is designed to improve operational efficiency by integrating the company’s businesses on a global scale. The objectives are to establish best practices in business processes, to align data standard, and to install common information system. GLOBE will allow all inter market systems to communicate better with each other. Intangible resources such as knowledge and trust were seen in Nestle. The company knowledge was displayed in its 140 years of profound knowledge of markets all over the world, and the ability to adapt its product to local taste. Nestle trust its workers and the organization structure is a decentralized one. Whenever there was an acquisition, Nestle would promote managers from the acquired company. This promotion displayed trust building measures hoping that those managers would be effective and efficient with their new roles and responsibilities. Nestle also utilized innovation resources for its success. Nestle is considered the innovation leader in the global food and nutrition sector (p. N 264). The company created a research and development section and invested CHF $1.5 billion for renovation and innovation of old and new products. They hired 3,500 scientists with the quest to this achieve internal growth. Business level strategy of Nestle was to seek ways in which the company can grow internally because the external growth strategy has been reached. The company was ranked first in all the product segments in which it operated (p. N 261). However, with all this acquisition and external growth, the company’s market growth was only 2 percent. The CEO Brabeck goal was to achieve real internal growth. The company had many challenges and weaknesses. The most important of these challenges when the company generated more than 70 percent of its sales in mature markets with a limited potential for organic growth (p. N 262). The company was also challenge with slow market growth due to the amount of acquisitions over the years and had portfolio that included several low margin product segments that negatively affected profitability. This led to company being ranks eight among the top twelve packaged food companies in terms of return on capital. Brabeck business strategy was focus specifically on Nestle organic growth. Organic growth in mature markets could only be reached by strengthening Nestlà ©Ã¢â‚¬â„¢s innovative capacity. His strategy was to force the businesses to become more efficient by cutting back on their investment budget (p. N 262). The first task was to achieve  Nestlà ©Ã¢â‚¬â„¢s operational efficiency. Nestle launched a manufacturing efficiency programs MH97, Target 2004+, and Operation excellence 2007. Other strategic initiatives were FitNes, GLOBE, and the reduction of the marketing expenditure by exploiting synergies brand. These efficiency strategies saved Nestle over CHF $12 billion and the savings were invested into internal growth. Organic Growth was evident when Nestle was transformed from a food company into a food, nutrition, health, and wellness company. This was accomplished by creating units such as Corporate Wellness and Nestle Nutrition units. The company strengthens its innovation by focusing on the research and development and investing heavily in innovation and renovation and organizational changes to improve research and development’s connection with market Nestle operates. They created the Product Technology Centers, Local Application Centers and Clusters. Nestle also used external growth as a platform for organic growth by the acquisition of Dreyer, Ralston Purina and Jenny Craig. All these strategies yielded Nestle in 2005 CHF $91 billion in Sales, $8 billion in profits and 4 percent market growth. In conclusion, the new CEO Paul Bulcke of Nestle is taking over an organization that is already a global giant and the strategies that his predecessor was able to establish in the span of ten years are fostered for continuity. The new CEO Paul Bulcke would be able to maintain and at some point, increase sales and profits for the next five years. Although the competition is fierce, Nestle economies of scales, financial capabilities, 140 years of knowledge and experience, external and now internal growth would make it difficult for the competition to shrink Nestle industry growth. With the sizeable investment of CHF $1.5 billion in research and development, the new CEO would have a unit that is created for new innovations and also to renovate the old products. The new CEO Paul Bulcke could build on the abundance of strengths Nestle acquire over the years, overcome the few weaknesses the global giant has, take advantage of the tremendous opportunities for nestle, and avoid the external threats that could cause the company to lose market share. CASE RELATED QUESTIONS Preparing to hand over the CEO position to Mr. Paul Bulcke on April 10, 2008, you decide to summarize the lessons and successes of your tenure in that position. Your first step will be to outline the environmental forces that  you faced in 1997 (Nestlà ©Ã¢â‚¬â„¢s internal strengths and weaknesses and the external opportunities and threats facing the company at that time). You have a meeting scheduled later this month to give Bulcke direction on taking the company forward. You’ve outlined the following agenda for the meeting. Characteristics of the Current Competitive Landscape: Globalization, Technology, Knowledge, Strategic Flexibility, Quality, Profit Pool Vision and Mission Stakeholders Acquisition Strategy Organizational Structure Strategic Leadership Strategic Entrepreneurship Your assignment is to give a full assessment of the agenda items to prepare Bulcke for leading the company in the years ahead keeping in mind that Nestle needs to maintain its strong growth momentum in the developing and emerging world. Since I took over the Nestle Organization from 1997 to 2007, many environmental forces were created during the past decade. The company went through environment opportunities and threats from outside and also established internal strengths and in process was exposed to a few weaknesses. Nestle had tremendous opportunities because of the numerous acquisitions by my previous predecessor. The company had the potential for organic growth, further expansion to other countries, and increase in shareholders capital. During that time, Nestle was threaten by fierce competition locally, regionally and a little on the global scene. This threat was due to the numerous acquisitions that slowed the industry growth and gave these companies the opportunities to compete. However, during the decade, numerous strengths were created whereby Nestle implemented manufacturing efficiency programs by cutting down on wild spending and channel that savings into innovation and renovation. That strategy grew the organization from a 2 percent growth to 4 percent. The company also boasts of 140 years of experience and knowledge, operating in all six continents, well liquidated, and has the ability to create what the consumer wants  through its research and development unit. The limited weaknesses were evident such as the inability to identify that the productions of canned food, tomato, oil, dry pasta that would be slow in growth. However those items were divested in the past decade. Characteristics of the current competitive landscape of Nestle look at the fierce competitive environment on the local and regional level but limited on the global level. Globally, Nestle competitors are Kraft, Masterfoods and Unilever. In 1997, the company was ranked eight among the world’s top 12 packaged food companies in terms of returns on capital. Its net margin was only half of its major rival Unilever (p. N 262). Nestle employs over 250,000 employees, manufactures approximately 127,000 products in 77 countries under six major brands: Nestle, Maggie, Nescafe, Purina, Buitoni, and Nescafe. The profit is on the rise and would make strategic flexibility for the new CEO. Nestle basically doubled its competitor industry growth and is far ahead of its closest competitor. Nestle vision states that â€Å"each day we strive to make our products tastier and healthier choices that help consumers care for themselves and their families† and its mission is to â€Å"positively influence the social environment in which we operate as responsible corporate citizens, with due regard for those environmental standards and societal aspirations which improve quality of life.† Stakeholders are an important part of Nestle organization and the bottom line is to ensure that the shareholders are satisfied. Shareholders were not satisfied with CEO Maucher due to the fact that shareholders were accustomed to getting 17 percent annually when the organization was growing through acquisition but when the limit of the external growth had been reached, shareholders return decreased. This decrease in shareholders return led to the firing of CEO Maucher. During the decade, Nestle acquisition strategy was used as a platform for organic growth. The concept behind acquisition was to gain a critical mass in terms of market share in businesses in which scale is vital for success. External growth was used to gain expect knowledge for further expansion into new product segments. The Nestle Organizational structure is one that is decentralized, and changes were made to improve the research and development’s connection with the markets in which Nestle operates. The organizational measures were the creation of Product Technology Centers, Local Application Centers, and Clusters Within the Nestle organization there  must be strategic leadership to move the company forward and also strategic entrepreneurship. This leadership must be able to identify specific areas where Nestle can grow, maintain, and sustain its global dominance. References Raisch, S., Ferlic, Flora. (2006). Nestle: Sustaining Growth in Mature Markets. INSEAD. Hitt, Ireland, Hoskisson. (2009). Strategic Management: Competitiveness and Globalization (Concepts and Cases). (8th ed.) Mason, OH Hitt, M. H., Ireland, R. D., & Hoskisson, R. E. (2009). Strategic Management: Competitiveness and Globalization. (8th ed.). South-Western Cengage Learning 5191 Natorp Boulevard Mason, OH 45040 USA. (n.d.). Retrieved from http://www.Nestlà © .com

communication in virtual teams Essay Example

communication in virtual teams Essay Example communication in virtual teams Essay communication in virtual teams Essay communication in virtual teams BY Anna160283 Communication and leadership in Virtual Teams Communication is fundamental for personal and organizational socialization. Generally, communication is the process of transferring information, meaning, and understanding between two or more parties, and there is a huge literature on how this process can be made more efficient and effective. Communication plays the central role in the virtual team success. Communication process for face-to-face interaction is different from virtual communication. Virtual teams typically use computer-mediated asynchronous communication. Computer-mediated synchronous communication typically allows for multiple threads or concurrent themes of conversation to occur from multiple contributors all at the same time, instead of being restricted to turn-taking (with communication blocking) as is common with synchronous face-to-face communication. (Berry, 2006). Virtual team members can express their ideas without any interruption from others. Computer- mediated communication has fewer social, political, or power context cues as found in face-to-face communication. Another specific characteristic for virtual communication is absence of verbal cues such as intonation, facial expression, estures, and contextual cues that enable listeners to read (or misread) the speakers intent and this can aid (or hinder) understanding. (Sproull Kiesler, 1991; Vroman Kovachich, 2002). Also researchers point out that in virtual communication informal or unintentional information is less likely to be shared between team members. This can result with work interactions being more task focused than on face-to-face teams (Hiltz, Johnson, Turoff, 1986; Maynard, 2006). Computer-mediated asynchronous communication is largely unrestricted by location or time zone (Harasim, 1990). This means that virtual communication provides a constant opportunity to discuss problems, share perspectives, get feedback, and answer questions that arise among team members without waiting for scheduled meetings. Hinds Weisband, 2003). In another hand, the absence of physical presence is considered to be the major drawback of virtual teams (Cohen Gibson, 2003). Some virtual team members may be less productive or satisfied because they feel isolated and detached from both the work and the other team members. Create social relationships in virtual teams is very difficult and takes a lot of time and effort but ack of social interactions may lead to superior task outcomes. Although virtual team members may miss the normal face-to-face int eractions of the workplace or classroom, they also typically acknowledge that these more traditional social interactions are not necessary to complete their assignments. (Berry, 2006). The success of failure of virtual team is depends on proper communication and leadership. In the articles on communication process various features of competent communication practices have been presented, ranging from information seeking and networking skills to negotiating ability. Motivating team members and offering support are vital skills when leading a virtual team. The team members of virtual guidelines for their proper use is critical for the virtual team in order to get daily computer-mediated communication to function effectively as well as set clear goals for the future (Sivunen Anu). Other authors suggest that leaders directly manipulated technology, task, and people structures. Leaders must learn to recognize the triggers, shift their focus to improving team interaction, and effectively take action, so that team productivity can be maximized. (Thomas Dominic). Christine Grosse add that the managers use a number of communication strategies to help them get their message across successfully with virtual teams: communicate continuously; use active listening; keep communication simple and clear; use different technologies to advantage; build relationships and trust (Christine Grosse). Authors of the article Global virtual teams refer that team leaders should be mindful of cultural differences, communication, and language barriers, and discrepancies in technological proficiency among team participants and how these make a difference in team effectiveness (Dube Line). Other researchers identify six leadership practices of effective leaders of virtual teams: 1) establish and maintain trust through the use of communication technology; 2) ensure that distributed diversity is understood and appreciated; 3) manage virtual work-life cycle (meetings); 4) monitor team progress using technology; 5) enhance visibility of virtual members within the team and outside in the organization; and 6) enable individual members of the virtual team to benefit from the team. All these practices will help leaders of virtual teams to build a strong and effective virtual team (Malhotra Arvind).

Schooling Case Study Example | Topics and Well Written Essays - 500 words

Schooling - Case Study Example the author also highlights the importance of education in the enculturation process. the author analysis Brad's behaviour who grew to adopt antisocial behaviour. The method used to gather data was a face to face interview, Brad who is the respondent is interviewed by the author whereby the respondent narrates his life history and this helps the author to compare his behavior with anthropological theories. Data is analyzed by comparing the character traits of Brad with appropriate character traits of others, Brad life history helps in identifying the importance of an appropriate social system that will ensure adoption of appropriate behavior. From the paper major conclusions are that education plays other major roles other than schooling, this include helping individuals to adopt socially acceptable behaviors whereby individuals adopt cultural traits that control behavior. the paper highlights the importance of proper enculturation in developement of socially acceptable behaviour, from the case study Brad was not raised in an appropriate social system and therefore this has led to some antisocial traits.

Midterm exam Essay Example | Topics and Well Written Essays - 2500 words

Midterm exam - Essay Example a) Joseph Johnston argues that the failures in corporate governance and top level scandals indicates that the fiduciary principle does not really help to ensure that managers seek the best interest of their stakeholders (25). Johnston argues on the basis of the conflict of interest that is so rife in organizations. This is because most managers and directors seek to meet their profit motives and since they are often assessed on the basis of their ability to attain profitability, most directors are prone to find ways and means of cutting corners and cheating some stakeholders. A stakeholder is a person who affects and/or affected by an organizations activities (Freeman 29). This include a wide variety of people including employees, consumers, suppliers, financial institutions, government agencies amongst others. These people have various demands and expectations from the organization and its directors. And due to the reality that directors are expected in practice, to generate profits, directors are wont to do illegal things that will lead to higher profitability. They are also likely to ignore other peoples claims and legitimate needs in order to attain high profitability. From another angle, managers and directors want to remain in the good books of shareholders and guarantee shareholders expectations of higher dividends. They are therefore likely to present misleading reports that will allow them to remain in office as directors. Thus, the fiduciary duty of operating in good faith is often missed and directors use ways and means to attain results. b) To a large extent, I agree with this assertion. This is because in reality, a director works under so many constraints. And if that is the case, a director will be forced to do things that might not be in the best interest of everyone. From another perspective, it is practically impossible for a manager or director to meet all the expectations and demands of stakeholders. So a director will have to

Business Ethics Case Study Example | Topics and Well Written Essays - 500 words - 3

Business Ethics - Case Study Example Additionally, it is one of the protocols of corporate principles and, therefore, failure to do so will lead to an unsound decision as it will be inconsistent with the principles. The second cause of action is to demand the disclosure of all reports and various programs whether they are just drafts or they are final for all the committee members to have a look at them. The advantage is that all the members who might not have had access to such information can have hence been aware of the information at hand. Conversely, the information that is supposed to be kept secret to the committee can be displayed hence violating the principle of confidentiality. In this scenario, I will not accept the offer of being bought lunch for the gratitude of all my effort from the senior account executive. The merit of taking such cause of action is because the acceptance if such will in some way act as a bribe and hence breaching the principle of objectivity. However, the decline of the offer will lead to the loss of my lunch that I was to receive. The alternative cause of action that I can take is the termination of the deal due to time lapse. It can be well-known that time is of the essence in such a deal, and any delay can lead to the termination of such a contract. The advantage of this action is that it will lead to limited wastage of time and enabling as to perform other important professional functions. Conversely, the action can lead to loss of promotion and lunch courtesy of gratitude for our efforts. The cause of action that I will take here is to take the respective milk from the supplier then check the serial number against that of the newspaper. If found to be the one listed in the newspaper, I will subject to contamination test. I will address the issue to the manager for necessary actions to be taken if found defective. The advantage of this action is to ascertain whether the allegations that are put in the newspaper are true or false.

Meaning of life Essay Example for Free

Meaning of life Essay The humanities are academic disciplines which study the human condition, using methods that are largely analytic, critical, or speculative, as distinguished from the mainly empirical approaches of the natural and social sciences. The humanities, such as classical and modern languages, literature, history, and philosophy, have the overall goal of the exploration and explanation of human experience. Some would include the fine arts (music, art, dance, and drama) in the humanities, but others view the arts as a separate category. (We include the interpretation of the fine arts in this course). In most disciplines in the humanities, written texts are extremely important, especially in history, philosophy, and literature. Historians attempt a systematic documentation and analysis of events related to a particular people, country, or period. Literary authors and artists attempt to capture for others their own human experiences and understanding of the world. The humanities involve inquiry into consciousness, values, ideas, and ideals as they seek to describe how experiences shape our understanding of the world. Humanities can be defined as educational courses that are aimed at teaching individuals about the human condition in a variety of forms. Important of Humanities The importance of humanities is that it is an academic discipline that studies the human condition, it includes ancient and modern languages, such as literature, philosophy, religion, and visual and performing arts such as music and theater, and it is also regarded as social sciences that include history, anthropology, area studies, communication studies, cultural studies, law, economics, and linguistics. All these subjects affect us a humans and has an effect on our historical development as well as where we are headed to. Humanities is the oldest area of study that revolves around the study of human beings, what makes us human, and our historical development and what we are expected to do. Significant use of humanities is that they help us to build up what we have inherited from previous generations. It is important we understand that all that we are today has taken centuries to build and us a society we have indeed been molded by our past. It is through this understanding that makes us not want to go back to  question our origin but build on our present to face the future. The other importance of humanities is that they help us as human being to reflect back on how the past generations tackled issues that are facing us currently. As opposed to the natural sciences that focus on quantitative explanations as well description of life events, humanities explicitly focus on explanations of value. Humanities are liken to arts but it’s important to note that they are intuitive rather than critical, analytical and not expressive, reflective and active. As a whole humanities look back on our curiosity about our human nature and human culture creation. The other importance of humanities is that they are the basis of learning. They involve the study of writing, reading, thinking and language. Branches of Humanities The branches of humanities consist of languages, the arts, literature, philosophy, religion and history. Languages This particular branch of humanities consists of learning the way people communicate in different speaking countries. It brings a sense of culture to individuals as they are likely to be taught the various history and origins of the languages they learn. The Arts The arts consist of theater, music, art and film. They are all mediums of self expression and these courses in particular encourage personal interpretation and analysis. Fine arts courses also come into this category; however, they focus more on the historical forms of art and their origins. Literature Literature refers to novels, short stories, plays and so on. Individuals attempt to decipher the meaning of texts and look into symbolism and themes. Literature courses delve into social aspects that may influence texts. Philosophy and religion These courses study human behavior and the age-old questions such as the meaning of life and the existence of God. They analyze various cultures and their religious beliefs as well as moral codes. History This is arguably the most facts-based course as individuals delve into past events such as war and politics and how societies and cultures have been affected throughout the years. References: http://writing. colostate. edu/guides/teaching/co301aman/pop6b. cfm http://education. blurtit. com/1978174/what-is-humanities-and-its-branches http://www. ask. com/question/importance-of-humanities http://humanitiesforums. org/2012/07/16/the-importance-of-humanities-as-a-discipline/.

Importance Of Product Strategy Marketing Essay

Importance Of Product Strategy Marketing Essay This chapter gives an overview of the dissertation and the importance of the subject matter. The importance of product strategy, the textile industry and a brief introduction on the Diesel Jeans sector will be presented. Problem formulation, research questions, hypotheses formulation, research aim, research objectives, reasons for choosing of the topic, previous studies, and format of the study will be spelt out. The research is focus on the product strategy implemented by Diesel Jeans in Mauritius. 1.2 Importance of product strategy The value realised by a firm from selling its products is determined to a large extent by the strategy that is used to bring the products to market (Chesbrough, 2003). Organisations that launched flourishing products such as Apple and Microsoft have been credited with adopting the right product strategy for their products (Wall Street Journal, 2006). Consequently it is imperative for firms to recognize the impact of the product strategies formulated. A product strategy is the critical vision of the product and affirmed where the product will cease. When a product strategy is developed, it becomes easy for firm to determine the direction of the product efforts. The product strategy forms the basis for executing a product roadmap and consequently product releases. However company is able to concentrate more on a target market specifically and set feature. Bantel (1997) suggests that particular product/market strategies are effective at achieving particular performance goals to the exclusion of others. The role of product strategy is to make an association between the companys product development and its business strategy (McGrath, Anthony, Shapiro, 1996) and according to McGrath (2000) it guarantees that the firm and its products is engaged in the right markets from a strategic viewpoint. Product strategy is referred as the consequence of making important decisions in managing new product development (Krishnan and Ulrich, 2001; Mintzberg, Ahlstrand, and Lampel, 1998). The product strategy process involved the process of decision making within a company. 1.3 Textile Industry in Mauritius The textile industry is among the most significant pillars of the Mauritian economy. In the earlys 70, the government created the Export Processing Zone (EPZ) in order to fight unemployment. Many changes have occurred almost forty two years of its existence. Mauritius manufactures products of quality like Boss, Ralph Lauren, Next, Gap, Mark and Spencer and others trade mark for export towards the Europe and USA due to the high skilled labour force and efficient management practices. According to the Mauritius Export Association (MEXA) report 2012, the export sector contributes around Rs 45 billion revenue to the Mauritian economy representing around 14% of GDP and generates approximately 60 000 direct jobs. It has been resilient to the difficult global economic situation and has achieved a modest growth of 7.8% during the year 2011. Table 1.1 below shows the domestic export of textile products through the year. Table 1.1: Domestic Export of Mauritius for year 2008 to year 2011 Domestic Exports 2008 2009 2010 2011 Cotton articles not knitted Mens trousers 6576 7126 6395 7507 Mens shirts 11796 10742 11017 13691 Womens trousers 2043 2722 3445 2971 Womens blouses 886 1170 968 931 Cotton articles knitted Mens trousers 444 217 363 177 Mens shirts 6384 3671 3883 4010 Womens trousers 622 1226 1779 2495 Womens blouses 2081 1170 968 937 Source: MEXA Report 2012 1.4 Diesel Jeans in Mauritius Based on a report of the Diesel Heritage web site, Diesel is viewed as an innovative international design company, making a wide-ranging collection of jeans, clothing and accessories. Diesel is a leader in pioneering new styles, fabrics, manufacturing methods and quality control to assure an excellent product. The company is present in over 80 countries with over 5,000 points of sale and more than 300 monobrand stores (200 of which are company-owned and the rest in partnership with local distributors). Diesel operates through franchise in Mauritius since 1994, and now runs three shops on the territory. The company imports its entire ready to wear products from its country of origin, that is, Italy. Diesel expanded its design to bags, watches, footwear, sunglasses, belts, to bring more options to the customers. Lately more diversified designed products have been added to its portfolio for example designer helmets for motorcyclists and earphones. Competitors of Diesel in Mauritius are Calvin Klein, Guess, Celio, and Levis and the target market of these competitors are the same as Diesel. They are still expanding their branches simultaneously with building close relationship with customers. Figure 1.1 shows the number of products that the Diesel Jeans imported to Mauritius and those products are classified into two seasons, that is, Spring Summer and Fallwinter. Figure 1.1: The import of Diesel Jeans products from 2008 to 2012. Source: Fieldwork 1.5 Statement of the problem The rapidly changing culture, politics and economics of modern life deeply influence the industrial environment, particularly consumer industries such as textile and clothing (Lowson, King and Hunter, 1999).The problem is that nowadays the consumers control the marketplace in order to customise the style, fit and colour of the clothes to purchase, and require high quality personalised products at low prices. Therefore many organizations adopt aggressive product strategies to survive and maintain market share and surpass their competitors to satisfy consumers. However, seasonal and highly volatile market industry is always vulnerable to the concept of fading out and sometimes difficult to survive. Meeting multicultural consumer requirements by supplying the right products and services in a global market is an ongoing challenge for marketers, retailers, and suppliers. Now, various clothing industries due to the effect of globalisation, were keen to benefit a larger market, within their country of origin, and also in other markets with high potential. (Kim, Forsythe, Gu Moon, 2002) Moreover the Diesel Jeans is a global brand and it should seek to become part of the local culture and difficulties may rise according to the new designs and new collections of clothes that the organization brings to the Mauritian culture. Hence it would be worthwhile to study the product strategy of Diesel Jeans in the context of Mauritian culture. 1.6 Research question The research question of this project is Whether the product strategy of Diesel Jeans suits the Mauritian market? 1.7 Hypotheses formulation Five hypotheses were formulated to test whether there is any difference between product strategy and customer satisfaction in Chapter five under section 5.5. 1.8 Research aim To study the product strategy and it dimensions for customer satisfaction. 1.9 Research objectives The main objectives of the project are as follows: To review the literature on product strategy dimensions. To assess the product strategy of Diesel Jeans in Mauritius. To measure customer satisfaction. To make recommendation within the context of the study. 1.10 Reasons for choosing the topic The reason why the topic was chosen was the authors interest in product strategy adopted by a global branded clothing industry. The author has chosen global industry to show how the brand integrates the lifestyle of people and fashion in Mauritius. In order to be successful a global brand should seek to become part of the local culture, adapting to the unique needs, values and desires of the targeted group. 1.11 Previous research Table 1.2 Previous studies of the subject matter Title Author University/ Institute Year Product strategy in response to technological innovation in the semiconductor test industry. Robert W.LIN Massachusetts Institute of Technology. 2004 Product strategies under durability, look-in and Assortment Considerations. Sreelat Jonnalagedda University of Texas at Austin. 2009 Enterprise Product strategies and employer Demand for skills in Britain. Geoff Mason National Institute of Economic and Social Research 2004 Source: Fieldwork 1.12 Format of the study This study consists of 6 chapters and it is organized as follows: Chapter 1: Introduction This chapter provides a background of the textile industry in Mauritius and the study the importance of product strategy. The research question, problem statement, reason for choosing the topic and previous studies on the topic are cited. Chapter 2: Literature Review This chapter reviews theoretical view on product strategy. Chapter 3: Company Profile The chapter provides details on the company. Chapter 4: Research methodology This section will mainly describe all the methods and tools used in carrying out the entire research. Chapter 5: Data Presentation and Analysis It provides presentation of the data collected through charts, tables and graphs for better understanding. Chapter 6: Recommendation and conclusion The final chapter will make necessary recommendations and the conclusion of the dissertation related to the findings. 1.13 Conclusion This chapter has given an overview of the business climate in Mauritius. A brief detail is given on the Diesel Jeans Company in Mauritius and on the textile industry which is one of the main pillars in Mauritian economy. Furthermore the problem statement, the research aim, research objectives and the research question are spelt out for the purpose of the project. The next chapter will review the literature about product strategy and its dimensions. CHAPTER 2 Literature review 2.1 Introduction The aim of this chapter is to provide a detailed explanation of the product strategy concept and how it evolved. Firstly, the marketing concept and product is well defined. Furthermore the review describe the important aspects in the product strategy for the success of a product such as the market segmentation, product development, product differentiation, product attributes, brand strategy and brand awareness , product packaging, product quality, product price product diversification and customer satisfaction. Textbooks and Journals were used for the study and are considered as secondary information sources (Schindler and Cooper, 2001 p.166). 2.2 Marketing concept According to Kotler, Armstrong, Wong and Saunders (1996) the marketing concept is a philosophy. However the central attentions of all activities of an organization are the consumers, as no organization can continue to exist without the support of its consumers. The marketing concept asserts that the organization should make every effort to satisfy the needs and wants of the customers at the same time meet the companys goals and objectives set. The needs, wants, and satisfaction of all customers should constantly be the first concern for every manager and employee. Marketing is not a function of business, but a view of the entire business seen as the economic organ to provide goods and services (Drucker. 1954, p.38-39). In other words, it is important to understand that the marketing concept refers to sell satisfaction rather than to sell a product or a service only. Kotler (1998) stated that the marketing concept is based on the following pillar, target market, customer needs, integrated marketing, and profit through customer satisfaction. In line with Kotler, Walker, Boyd, and Larreche, (1992, p.22) asserted that the marketing concept is a useful way of getting a competitive advantage and to achieve company objectives that set off the planning and coordinating all activities for satisfying customers requirements. In summary, marketing concept can be viewed as a consumer focus characterized by the capacity to identify basic requirements of targeted customers. And satisfying them by constantly providing and bringing superior value supported by a firm which deeply involved it efforts of all practical areas within the organisation by reaching long-term goals and objectives. 2.3 Dimension of Product A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need, which comprised physical objects, services, persons, places, organizations, and ideas (Kotler and Armstrong, 1990, p 226). Consequently a product is the main element in an organization and without a product there is no place, no price, no promotion, and no business as it refers to the most important ingredient of the marketing mix. Similary Assael (1993) asserts that a product is the most fundamental component of the marketing mix. Kotler and Keller (2006) define a product as a bundle of attributes and benefits provided to satisfy the customer. Kotler and Keller (2009, p.358) defined five levels a product. Figure 1.2 illustrates the five levels of a product. Figure 2.2: Five levels of a product http://train-srv.manipalu.com/wpress/wp-content/uploads/2009/07/clip-image00217.jpg Source: http://train-srv.manipalu.com/wpress/?p=42740 The core product is the main benefit, service or need satisafaction, required by the customer. The basic product is the physical product, made up of the core product or service and includes all physical aspects of the product or services that are brand name, packaging, styling, features and quality. The expected product is a common set of attributes and conditions where buyers expect when they purchase a product. The augmented product is the consumer services and benefits added which exceed customer requirement such as installations, warranty, after sale services and delivery and credit services. And the potential product cover all the possible augmentation and changes the product might experience in the furture. 2.4 Definition of product strategy In order to launch a product in the marketplace firm needs a well-established product strategy. The executed product strategy must include all that is required in planning, manufacturing, advertising, selling and distributing the product from production to customer service. According to Teece, Pisano and Shuen (1997), a strategy is the technique that an organisation used to positions itself, in order to get a competitive advantage on the marketplace. However the achievement of a strategy is to assure the success of the firm by executing specific tasks at a right time and it should acquire the significant purpose of the product. The term product strategy attempts to capture the decisions made by organisations about product within particular markets. Product strategies are decisions settled to improve products to satisfy market requirements and determine in which way to gain competitive advantage for products (Steinhardt, 2010, p.50). Kotler (1991) asserts that product strategy is the heart of the marketing mix. However product strategy formed part of the product management process. Thus McGrath (1995) states that product strategy is involved in the decision and management of the different levels of a product, product platforms, product lines and individual products. And according to Lehmann and Winer (1994, p. 205-206) the main function of a product strategy is to supply managers the path to pursue for running a business. Taggartand, James and McDermott (1993) asserts that product strategies are composed of the categorisation of a differentiated product by the organisation in respect of the needs and wants of the customers and the satisfaction they aim to obtain from the product. For a product strategy to be successful, it should facilitate the classification between different aspects in a way to make a product successful. In addition, within an organization a product strategy aids to depict in what way resources should be allocated and demonstrates how products may reach a high market positioning. Handscombe (1989, p.234) insists on the point that a product strategy should essentially describes the firm that the set of product represent. Following this further groundwork is required for single product decisions, the plan for product development, marketing strategies and development of manufacturing strategy. However assigning resource for particular product, and to segment the market and areas, the product strategy should be able to recognize the priorities of the market. McGrath (2001) broadly describes product strategy and according to him a product strategy is opened to a core strategic vision that demonstrates the directions that an organisation takes. A product strategy is the result of the strategic vision, the platform strategy and the product line strategy and lastly the new product development. However the product platform strategy is obtained from the core strategic vision and the product line strategy referred to the product offering for a specific product platform. And the new product development determines the capabilities for new product offering that is suitable to the product line strategy. The core strategic vision sets the answers to the strategic questions such as, where are we going? How will we get there? Why will we be successful? The first question requires having a balance between the goals and short term objectives. The main purpose of the goals is to set the general directions of movement, whereas objectives state the specific measures of accomplishment. The goals refer to profit, growth, and market share, which potentially can be conflicting. Therefore, the product strategy normally focuses on only one of the goals respectively (McGrath, 2001). The second question refers to the core of the product strategy which involves elements like customer targets, competitive targets, and differential advantage. Besides the choice of customer targets depends on the nature of the goals and objectives selected when answering where an organization wants to go. However, as Krishnan and Karl (2001) assumed that the aim is to boost up the market growth and therefore the targeted group should be from a new segment of population. The third question three is the most important question to be answered for a competitive product strategy, as the answer is related to the differential advantage aspect of the product positioning. A solid product strategy is required to provide concrete arguments for the reason of its success in the light of customers preferences and competitive targets. All the definitions demonstrate that product strategy is a set of decisions or processes that aim at making the product flourishing. Hence the product strategy should always take into account the market and current state of the company when making the decisions. A product strategy is a management process, consequently a product strategy cannot be dependent on individual manager, it must become a systematic way of working. Hence, product strategy process must be an integrated process within the organization. 2.4.1 Scope of product strategy The level of product strategy referred a  set of decisions; the product platform determines how to develop the right platform for a global market. Generally different products with attributes are derived from the product platform and they are developed for a product line. Subsequently the product line from the product platform, defines the width, length and depth in every line. And there is also the individual product with its classification and packaging features (Gabrielsson, 2004). According to Meyer and Lehnerd (1997, p.39), A product platform is a set of subsystems and interfaces that form a common structure from which a stream of derivative products can be efficiently developed and produced. The function of a platform strategy is always essential for the purpose of a successful implementation and development of product lines. 2.4.2 Product line Product line is a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlet, or fall within given price ranges (Kotler, Wang, Saunders and Armstrong (2005). According to McGrath (1995, p.61) product line strategy is describes as a temporary time-scaled plan for the chain of developing products within a product line and the strategy is based on four primary functions. The first one describes products variations designed to an explicit segment from a market. The following one, attempted to support strategic advantage for a firm compared to its rivals, to be the first one to launch a product at a particular moment within a lifecycle of a product line. The third one brings direction for product development department and made successful productive response to the requirements of particular markets. Finally, product line strategy facilitates in scheduling the introduction of product development and provides the apparent time and setting up of each product. However because managerial and financial resources are restricted, the number of product lines are limited as well (Gabrielsson, 2004, p.35). 2.5 Market segmentation Smith (1956) first established the concept of the market segment that turn into an essential part of the modern marketing. Market segmentation means dividing a market into distinct groups of buyer who have different needs, characteristics, or behaviours, and who might require separate products or marketing programs (Amstrong, and Kotler, 2011, p.78). Another definition Kanuk and Schiffman (1994) state that market segmentation is the method of partitioning a promising market into different subsets of individual with familiar needs or behaviours and choosing one or more segment to target with a separate marketing mix. Furthermore market segmentation is a driving force that leads an organisation effort towards the utmost opportunities. The function of market segmentation is to recognise the taxonomy of consumption pattern by dividing a market into several uniformed sub markets. Markets can formulate product strategies, or product positions, tailored specially to the demands of these hom ogeneous sub-markets (Lin, 2002, p.249). Based on Pollock, Jones, and Brown (1994) point of view, market segmentation should be describes by four primary categories stood on the types of variables applied to define submarket like socio-demographic segmentation, geographic segmentation, product-related segmentation, and psychographic segmentations. There are a number of different ways for segmentation, and the three conventional approaches employed to segment the market are mass marketing, differentiated marketing, and niche marketing. Mass marketing is a segmentation strategy for which the market is treated as one segment. Mass marketing is mainly suitable for commodity products but, it is rare that a firm employed this approach (Ferrell, Hartline, and Lucas, 2002). Since mass marketing is built on a single product or services, however it is not a simple task for firm, since markets contain many different consumers. Differentiated marketing is engaged in partitioning the market into homogeneous submarket which stand on customer requirements and addressing specific marketing plan to the homogeneous submarket. To succeed for a differentiated marketing strategy the behaviors and requirements of consumers for each submarket in particular should be familiar since simultaneously having different needs and characteristics across the different groups. Meanwhile differentiated strategy is the offering of a firm as an original product on the market by evidence that it gives a different advantage over its competitors. Companies that applied this approach must develop an original marketing mix for every subgroup recognised within the market. According to Ferrell, Hartline, and Lucas (2002) both medium and large firms applied differentiated marketing strategy, for the reason that they have the resource needed to provide various products and promoting many marketing mixes that are not common to reach the requ irements of several segments. Finally differentiation is viewed as an art to plan a bundle of significant distinction to differentiate the offering of the organisation from those of its rivals. Kotler et al, (2005) state that niche marketings focal point is to find subgroups of customers. The niche marketing strategy is based on merely a single segment and builds up a marketing plan that matched for the specific subgroup. The niche marketing strategy necessitates an absolute consideration of the requirements of the segment matter because the possibility for the market share to increase in this market gap can surpass the small size of the market. 2.6 Product development Littler (1984, p.20) states that product development is ascertaining the attributes that target customers seek in products and developing products to meet the market requirements. However product development leads to modify an existing product or its presentation, or formulation of an entire new product that satisfies customer or market niche. Product development is critical for the performance of many companies. The success of product development efforts can determine the viability of companies and economies (Ulrich and Eppinger, 2000). Product development consists of three critical elements, namely strategic processes to specifically address the effective management of product development assets, the selection of a target market and a structured product development process. (Bean and Radford 2000, p.3) According to the above definition there are different levels at which the product development process takes place. The purpose of the process is essentially to identify the market needs and the development of the products in order to suit potential customers. The product development process includes a set of activities required for the formation and design of a product, from the detection of a market opportunity to its delivery to the final client. The main focus of the product development process is to convert customer requirements and needs into a design solution. The purpose of the product development process is to make a recipe to produce the product (Reinertsen, 1999). The recipe includes the product, manufacturing process, supply, distribution, and the support systems. (Browning, Deyst, and Eppinger, 2002) The success of product development is vital to the performance of any organisation. And Ulrich and Eppinger (2004) points out that fast and novel product development may be a critical competitive advantages to firms. In addition a successful product development process requires the effective control of the work developed by the persons involved. There are a variety of methodologies for understanding and improving the effectiveness of the product development process. Smith and Morrow (1999) defines product development as a method to transform any objective and market requirements into the information needed to how a product can be manufactured. Even that each product development process is distinctive there are still familiar characteristics that are administered among different tasks. 2.7 Product differentiation Lancaster (1990) asserts that product differentiation study has drawn significant interest in economics and marketing. Product differentiation is concerned to alter the marketing mix of a product so as to differentiate it from what the competitors is offering. Scheuing (1974) defines differentiation by, adding variations of one product which will compete with it within the same market. According to Kotler (1998) differentiation is the introduction of differential features, quality, style or image of brands as a basis for commanding a premium. A product becomes different at the consumers eye when it has some features, which make it different from others products and services offered by competitors, of course the product should be unique and difficult to imitate (Murphy, 2007). Firms that employed product differentiation strategy form a perception between some target groups of the product or services offered by the company. And therefore assured that the products or services are somehow different with the value added that is not available from competitors. Consumers may perceive the product sold by an incumbent firm to be superior to that offered by prospective rivals. Based on this perception consumer is willing to pay more for the incumbent firms product (Browning and Zupan, 2003, p.314). Product differentiation is classified into three categories such as, vertical differentiation, horizontal differentiation, and mixed differentiation. Vertical differentiation arises in a market where various goods which are present can be ordered according to their purpose quality from the highest to the lowest. And horizontal product differentiation is termed as products that have different features which cannot be ordered in an objective way. Features for horizontally differentiated products are often based on colours, styles, and tastes (Piana, 2003). Mixed differentiation is described by vertical and horizontal differentiation. Consequently, mixed differentiation includes products that have distinct quality dimension which is similar to the vertical one and are included diverse characteristics like colour, taste, shapes as well as styles which relate to the horizontal differentiation. And customers pay attention to these prominent aspects when buying a product. Product differentiation is particularly important to undertake any kind of business, because of the economic principles that have been demonstrated time to time again in nearly every market place. If the public perceives no difference between two competing products, then the only possible means of competition is through pricing. 2.8 Brand strategy and Brand awareness The American Marketing Association (AMA) definition of a brand is a name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competitors(Keller 2004, p.3). Within this view the author asserts that a brand refers to a product and that each new feature or benefit added in order to differentiate the brand somehow from others products designed to satisfy the same need. According to the definition a brand can be seen, as simple and clear function identifiers. Supporting Kellers view of a brand linking it to the tangibles of the brand, Doyle (2002) states that brand is a particular name, symbol or design or generally an amalgamation of these that is utilized to differentiate a specific p