You may choose any known organization (for-profit, not-for-profit, small, medium, large, existing, new start-up, established organizations are all permitted) or make one up for your Plan. If you make up your own organization, you will need to find (and reference where applicable) information that is relevant to this type of organization. If you are unsure, it is strongly suggested that you use an existing company. Focus on one or two major products/services rather than the whole organization.
Follow the report format for the Marketing Plan closely. Write in business report format using full paragraphs unless otherwise stated. It is crucial to follow various major concepts in the textbook to devise your plan and strategy for each section. In other words, use major parts of each chapter to discuss details for each section. The length of the assignment should be between 8-10 pages, not including an appendix. A minimum of 3 scholarly sources including your textbook must be cited using any recognized citation style. Use in-text citations throughout the paper.
It is recommended that you review the grading rubric attached to this dropbox before submitting your assignment.
Marketing Plan Format
Review the Sample Marketing Plan in Appendix 1 of your etext. Follow the table of contents below, using the Sample in the etext as a guide only for the type of content expected in each section. Many sections are similar. For example, both the Sample and this assignment include a SWOT analysis.
Important: A minimum of 3 scholarly sources including your etext are required. Use in-text citations throughout the paper.
Table of Contents
Introduction to Organization and Product/Service and Microenvironment
Basic Marketing Research
Positioning, Target Market and Segmentation
Marketing Mix Strategies
Describe strategies for all 4 P’s of marketing, or how to improve what a company is currently doing; See Marketing Strategy section in the Sample Marketing Plan in etext but describe these in further detail with full analysis for each separately – this may be your largest section of the report.
Ethical, Legal and Privacy Considerations
Walmart is an American largest retail company with a revenue of $ 500.3 billion. It has secure 1st position on fortune 500 lists for the last 6 years. External and internal factors, which are also known as macro-environment and micro-environment has a direct and indirect effect on the company.
Micro Environmental Factors
Anything in the immediate environment including suppliers, customers, competitors, intermediaries, government and other regulating body is the microenvironment. Usually, the retailer is aware of the micro-environmental actor and it is close to the company that affects the ability to serve its customers. In this paper, I will focus on actor such as marketing intermediaries, competitors, and customers.
Macro Environmental Factors
The external environment or the macro environment is the forces which are outside of the control of retailers and also has large scale effect in the economic and the industrial point of view. The macro-environmental factor includes political, economic, social, technological, legal and environmental forces. Here I am going to discuss political, social and legal forces in Walmart Inc.
Walmart has had the option to minimize expenses for its buyers through various key capabilities including the capacity to oversee productive inventory network activities through its kin, procedures, and innovation. One of the main organizations in the market to have the option to genuinely prevail with an Every Day Low Price Strategy, Walmart has gotten skilled at guaranteeing that the correct items are in the opportune spot at the ideal time. Being the biggest retailer on the planet implies access to a really dumbfounding measure of information. Information that can be utilized to make fascinating open doors for the association to have the option to all the more likely comprehend what is and isn’t selling in the entirety of its stores and on its site so as to decide how to modify its contributions for what’s to come. Despite the company’s wealth of data, Walmart has in more recent years implemented an interesting, albeit more old fashioned approach to determining how to stock its toy inventories for the holiday season. Specifically, for the past couple of years, Walmart has assembled a focus group of 1,000 kids to try out new toys from manufacturers with the goal of identifying which toys are going to be hot sellers during the holiday season. This year Walmart had its focus groups which in total involved about 1,000 children play with, comment on, and rate over 80 toys from a number of big-name manufacturers. From there Walmart took the feedback and ratings and compiled the data into a top-20 list to be used by its buyers as a guide for their holiday season toy purchases (Marketing Management 2E, chapter 16).
Wal-Mart’s integrated marketing communication strategy includes retailing high quality and marked products at the least value conceivable. To keep up low costs, the partnership decreases costs by utilizing the most recent electronic innovation and warehousing. It likewise negotiates for product straightforwardly from makers, taking out the broker. The achievement of the giant retailer depends upon effective advertising correspondence relying on sound administration choices for the combination of the different components of the promotional mix. For promoting communication to be fruitful, however, a steady choice must be made dealing with the three are from the advertising blend: the product, service or the idea itself; the cost at which the item will be offered; and the place through or which clients will purchase the brand.
In Walmart, IMC is upheld by creating far-reaching databases on present and potential costumers, fragmenting these costumers into groups with certain basic mindfulness levels and practices and creating media methodologies and interchanges that immediate the communication strategies to accomplish advertising targets. Among five, here are the two promotional tools that Walmart utilizes now and again.
Direct marketing or digital marketing includes the media which legitimately passes on the message to the objective market. It includes TV, radio, magazines, sponsorships, and papers. Luckily enough Walmart utilizes every one of these mediums to pass on its message of ‘regular low costs’ to its clients. It promotes the TV at top review hours to focus on the best portion of the market. New items with any mechanical development are appeared in advertisements with their most up to date highlight. Walmart supports sports and good cause occasions to gain decent notoriety as a mammoth retailer that individuals appreciate. Papers and magazines are likewise utilized for a similar reason. New items with its pricelist are offered in magazines that don’t mean to focus on a specialty advertise since Walmart targets center and low-salary workers. Direct mailing is additionally one of divider store’s significant medium to refresh its current clients about new occasions that take inside the premises of Walmart, for instance, the topic for the month is pet nourishment; every single pet nourishment will be shown in the way to get the eyes of each individual who keep pets.
Walmart utilizes the following strategies to make mindfulness and enthusiasm for buyers to buy from Walmart
Competition: this is utilized to help deals, where customers are entering for a month to month prize draw offering an assortment of prizes. With extravagant items, the estimation of the cost is frequently high, for example, holidays package to the customer.
Retail location: Walmart attractively put their new product to catch the customer attention and fascinatingly decorate them so that customer persuades them to buy.
Free samples: free testing of the item is finished by Walmart when it introduces new items for sale.
Gifts, exhibitions and trade fair: endowments are offered at certain timespans of the year, typically when deals are low, to empower spending. In another hand, Walmart also takes a part in fair and exhibition to promote its sales for a specific department or product.
Walmart’s advertising objective incorporates informative and persuasive advertising techniques. Imparting customer esteem, constructing the brand inclination and company image, portraying accessible item and backing, improving the value advising value change to their customer ahead of time, convincing customer to purchase an item through contribution distinctive advancement and rebate, and the entrance of their items for all customers over their stores. They attempt to focus on their consumer loyalty and afterward ensure request stays for their items. Walmart controls its clients’ value-based information and helps brands retarget them towards Walmart.com and its physical areas that satisfy a guarantee to associate clients online with disconnected.
CRM or Customer Relationship Management is a system utilized by associations to deal with the organization’s relationship and connections with the potential customer. Essentially Walmart depends upon huge information investigation to get the trace of what the customer is expecting and how their desires can be met. Walmart isn’t utilizing a specific CRM for customer relationship management, yet they are utilizing multi-channel and omnichannel procedures to engage their customers. To encourage these procedures, they utilize online and mobile presence and draw in with their customer which in turn has led to increased customer satisfaction in the previous few years.
Walmart builds up the relationship with their customer by blending information in with the fun. They make a point to design occasions with their customers which incorporate possibilities that teach and simultaneously offer diversion which is topped with the social collaboration.
In conclusion, there is nothing that the organization manages without ensuring that its activities advantage the customers here and there or the other. Walmart has managed advertising and limited time components effectively to a serious decent degree in its home state. The organization has a pledge to business greatness. This is seen by the quality and care concurred to the customer once they record to their retail location. To understand their costumer, Walmart ensures that they see each element of their business. Everything that they do is done after cautious thought of the effect of the item on the customer.