Unit VII Marketing Plan Sections Budget Planning Phase 3 Project Marketing Plan Project: Phase 3 You are continuing to develop your marketing plan project

Unit VII Marketing Plan Sections Budget Planning Phase 3 Project Marketing Plan Project: Phase 3

You are continuing to develop your marketing plan project for final delivery in Unit VII. In this portion of the project, you will be addressing the financials, forecasting, budgeting, scheduling, and operations processes for the company you chose in Unit III to develop its marketing plan.

If the section added in Unit IV represented the heart of the marketing plan, then the section you will add in this unit represents the guidance on how you will use the available environmental and strategic resources to implement and control the marketing plan. Now is the time to be specific about how many products you will sell and at what price. You will need to determine the costs associated with those products. Next, you will need to judge if the product costs are reasonable and in line with industry cost averages. Finally, you are to analyze and determine whether your profits are reasonable in comparison with industry averages.

In this assignment, you will research, analyze, and create the marketing plan sections described below.

Financials: Create the appropriate forecasts and detailed budgets for the completed sections so far. These detailed forecasts and budgets enable the firm and associated departments involved to see how resources and marketing expenditures will be allocated to each of the activities within the marketing section. In addition, this will also impact the company’s scheduling and operations.

Products can only produce revenue once they and their marketing campaigns are rolled out. Not everything should begin on the beginning of the company’s fiscal year.

Your assignment will be a minimum of three pages in length. Ensure that you identify this section with a heading in your assignment. You should include a chart showing your budget expenditures, and this can be created using Excel. There are numerous videos online to assist you in creating and developing budget expenditures using Excel. You may contact the Math Center for assistance, if needed. Once you have entered the budget expenditures into Excel, you can copy the data from Excel and paste the information into your Word document under the Financials section of your marketing plan.

You should reference at least three sources to support this section of your marketing plan. Your sources should be from the CSU Online Library, but you may also include outside sources as well. All sources used, including the textbook, must be referenced and follow APA formatting, and quoted or paraphrased material must have accompanying in-text citations. Running head: MARKETING STRATEGY
Marketing Strategy
Student’s Name
Institutional Affiliation
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MARKETING STRATEGY
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Marketing Strategy
Marketing strategy denotes to a business’s overall plan for reaching potential clients and
turning them to customers of the services or products the company offers. It is the marketing
logic by which an enterprise unit anticipates to attain its marketing objectives (Fifield, 2007). A
marketing strategy has the organization’s value proposition, key brand message, information on
target client demographics, and other elements. According to Morgan, Whitler, Feng, and Chari
(2019) marketing strategy is a corporate’s integrated pattern of decision, which specify its vital
choices entailing markets, decisions, marketing activities, and marketing resources in
communication, creation, and delivery of products, which offer value to clients , thereby
enabling an enterprise to attain specific objectives.
Objectives
According to Fifield (2007), the elements of the market strategy include market or
industry, positioning and branding, retention strategies, offerings, the customer, segmentation
and targeting, and organizational culture and processes.
The industry
Walmart is a retail organization operating a chain of hypermarket, grocery stores, and
discount department stores. With the increasing population, Walmart serves as the primary
source of household items, groceries, clothing, and more (Statista, 2019). Currently, the company
faces threats, such as stiff competition, health lifestyle trend, and increasing prices of the
commodity. Nonetheless, the industry presents Walmart with opportunities, such as expansion in
emerging economies, strategic acquisitions, and alliances, enhancing HR practices, shifting
towards the provision of healthier products.
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The Customer
Fifield (2007) notes that clients produce all the enterprises’ profits and revenues and the
only reason for a corporate’s continued existence. A report released by Statista (2019) revealed
that in 2018, Walmart saw approximately 275M client visits weekly. Accordingly, the company
serves the younger generation who tend to purchase groceries as well as the older generation
who mostly shops for clothes at the company. To retain its customers, Walmart seeks to
understand customers’ needs, wants, and motivation, thereby delivering products that meet each
market segment.
Segmentation and Targeting
To Fifield (2007) assert that market segmentation, also known as customer profiling is
one of the elements of good market strategy. Walmart uses geographic and demographics as the
primary segmentation strategies. The company then aims at addressing the needs of the market
target more successfully than its competitors.
Positioning and Branding
Burke (2011) notes that positioning entails selecting a target segment and a differentiated
value proposition the services or products will provide to compete for the chosen market
segment. Branding refers to action plans taken by enterprises to differentiate their services and
products from their rivals.
Customer Retention
Retention strategies adopted in marketing strategy include the provision of quality
services, products, healthier food, customer value, and increased customer satisfaction (Fifield,
2007). Customer retention in the market helps in business sustainability through revenues and
profits.
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Organization Culture and Process
Fifield (2007) indicates for a marketing strategy to succeed, it is crucial to include the
organization culture and processes. A successful market strategy incorporates management, staff,
and operations. It is worth noting that managing the process offers an organization with an
essential tool for assisting an enterprise to focus on, work towards, as well as create client value.
Offerings
Fifield (2007) state that offering is a crucial element of market strategy that entails what a
company offers to clients. In the course of developing a marketing strategy, a company should
identify the customer value and benefit derived from using the provided product. Hence, to
increase customer value for the offred product, Fifield (2007) purports that a company should
reduce the price, elevate benefits from usage, reduce effort, and risk.
Target Markets
Larsen (2010) defines market segmentation as the action of categorizing the market into
various groups or segment predicated on factors, such as demographics, psychographics,
geographic, and behavioral factors. By segmenting the market, a company can comprehend the
target audience, thereby making the market strategy more effective. Walmart segments its market
based on geographic and demographic. The company uses demographic factors, such as income,
age, occupation, gender, and life cycle. Geographically, Walmart segments its market based on
customers’ needs and density.
After segmenting a market, Larsen (2010) notes that a marketer decides how many
segments or customer groups to target. Regarding which segments or customer groups to target,
an enterprise may select one or a combination of the following targeting approaches:
undifferentiated marketing, differentiated, or concentrated. Walmart could use undifferentiated
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market target strategy. With undifferentiated targeting, an enterprise does not consider the
variations between each segment and selects to target the market with a similar offer (Larsen,
2010). Besides, undifferentiated market targeting approach will help Walmart to attract the
market globally. It is worth noting that the company targets all income earners, mainly middle
and low-income earners. In this case, undifferentiated targeting will enable Walmart to focus on
similar needs of the clients instead of differences.
Positioning
Larsen (2010) further notes that once a firm identifies the segments and selected which
segments to target, the ultimate step to decide on is positioning. According to Gherghina (2015),
positioning refers to the manner in a company’s marketing programme is perceived by consumers
compared to the marketing strategy used by primary competitors. That is, how a company’
product (s) is positioned in comparison with rivals as regards the marketing mix. Notably,
positioning is the placement of the enterprise’s products or services to secure them a welldetermined plane in the customers’ psychology (Gherghina, 2015). Right positioning technique
at the appropriate time is needed to build the right image of a brand in consumers’ mind (Ali,
2014). Walmart positioning statement is “everyday low prices on a board [EDLP] assortmentanytime, anywhere” (Walmart, 2019, par. 1). EDLP is the cornerstone of Walmart marketing
strategy, as the price focus has never been stronger. The organization management acknowledges
that today, clients are seeking the convenience of one-stop shopping which Walmart offers.
Among the brands in the retail industry, Walmart is a retailer, which provides the convenience of
one-stop shopping experience for everyday items at a convenient and lowest possible price.
Notably, the company’s brand identity is a low-price discount retailer. From time
immemorial, Walmart has used a low-price brand strategy in its operations, thereby depicting the
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superior value it offered to its clients. The low-price strategy is attributable to Walmart’s ability
to adopt effective inventory management, thereby reducing operation costs (Walmart, 2019).
Besides, developing its brand was attributed to the company’s ability to develop a fast-growing
network of stores as well as dominate the suppliers. Operational excellence and cost-cutting were
also integrated into Walmart’s culture, hence, enabling the enterprise to provide its products at
lower prices. Walmart positioning and branding has enabled the company to be the leader of
grocery stores in the USA as well as record international net sales of approximately $500.34
billion in FY 2018 (Statista, 2019).
Compared to its competitors, such as Amazon, Walmart’s branding strategy is based on
demographic segmentation, particularly income. The company mainly focuses on low and
middle-income earners, which makes up the largest population in both domestic and global
nations. Therefore, positioning itself as a low-cost retailer has enabled the company to capture a
larger market share. Notably, like Amazon, Walmart continues to build and position its brand in
online stores. With Walmart’s ‘click-and-collect’ strategy, accompanied by its low-price
positioning, Walmart continues to increase its sales both offline and online (Delventhal, 2019).
Strategies
Walmart marketing mix revolves around its strategic goals, nature of the retail business, and
industry situation.
Product Strategy
Walmart primary product is its retail service, encompassing retails service through online
business. The corporate provides various products, ranging from groceries, movies, outdoor
living, home appliances, toys, and electronic products (Walmart, 2019). When choosing its
product mix, Walmart employs various strategies, such as offering a diversified range of
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products, retaining a strong relationship with vendors, labeling its products, and purchasing in
large quantities to attain economies of scale and discounts. The company has integrated a
sophisticated inventory management system that helps the management in making data-based
decisions about the needed products (Nguyen, 2017).
Pricing Strategy
According to 50minutes.Com (2015), price denotes to the amount of money the client must
spend to acquire a product. Walmart employs an EDLP pricing technique intending to attract a
large number of clients, thereby leading to increased sales and profits. It is worth noting that high
sales ascertains profitability in spite of thin profits margins. Notably, low pricing is the
corporate’s cost leadership generic approach for competitive gain. Also, Walmart employs
oriented-pricing as an approach for many of its items, for instance, media content and housebranded products. flat-fee subscription is utilized by the company as a pricing strategy fo
unlimited groceries delivery, especially on Walmart’s e-commerce websites. The decision on
pricing strategy is founded on the company’s positioning and branding statement ‘low-cost
retailer’. Resulting from its effective supply chain management, the company has always adopted
a low pricing strategy to penetrate the markets.
Distribution Strategy
50minutes.Com (2015) indicate that distribution entails the channels, networks, assortments,
location, transportation, and logistics. Walmart utilizes intensive distribution approach. The
company has reliable e-commerce distribution channels, which permits clients to buy goods
without visiting the physical location. Notably, Walmart has a well-organized network of
distribution centers which makes it easy for various stores to collect their orders and deliver the
orders directly to clients. Walmart geographical locations are strategically located, making it
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easy for customers to access the required products. The company has effective supply chain
management, which involves an effective inventory management system and supplier
relationship, thereby helping the company to coordinate its distribution proficiently.
Marketing Communication Strategy
According to 50minutes.Com (2015), communication in marketing involves advertising,
public relations, and direct marketing. Walmart marketing communication strategy involves sales
promotion adverts, personal selling, as well as public relations. To attract more customers, the
company use sales promotions in the type of discounts and exclusive deals. Notably, in stores,
Walmart uses personal selling intending to persuade clients to try out package deals or new
items. To inform clients about the company initiatives and charity programs, the company uses
the public relations strategy. Hence, Walmart’s marketing communication techniques attract
clients and build the company brand as well.
Marketing Mix
In the course of providing low-price products, Walmart’s supply chain depicts excellence
in terms of distribution, integration, and operations (Jawad, 2017). Accordingly, the company
has adopted effective technology, particularly inventory management system that plays a
significant role in facilitating the company’s supply chain. It is worth noting that Walmart’s
supply chain management system, such as the use of radio frequency identification and barcodes
helps in liaising with procurement department regarding the available products. The inventory
system in Walmart helps in demand forecasting, tracking inventory, as well as managing
customer relationship. As a result, the company has been able to improve its distribution through
responsive logistic service. Walmart also deals directly with manufacturers, which allows the
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company to buy goods at a lower price, which, in turn, will enable Walmart to adopt its low price
strategy.
Marketing Research
Marketing research helps in improving the marketing strategy and implementation by
providing concrete feedback concerning the product. The use of information gathered from
market research will aid in defining the target market, choosing the product and image,
positioning the product, as well as pricing appropriately. Market research will help in the
creation of targeted market strategy, thereby improving sales and customer satisfaction. Notably,
market research could aid in studying new product ideas, enhancing products’ quality,
increasing convenience, and offering both quality services and planned discounts.
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Reference List
50minutes.Com. (2015). The Marketing Mix : Master the 4 Ps of Marketing. [S.l.]:
50Minutes.com. Retrieved from
http://search.ebscohost.com/login.aspx?direct=true&db=nlebk&AN=1229802&site=ehos
t-live
Ali Sair, S. (2014). Consumer Psyche and Positioning Strategies. Pakistan Journal of Commerce
& Social Sciences, 8(1), 58–73. Retrieved from
http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=96167581&site=ehostlive
Burke, S. (2011). Competitive positioning strength: market measurement. Journal of Strategic
Marketing, 19(5), 421–428. https://doi.org/10.1080/0965254X.2011.581385
Delventhal, Shoshanna. (2019). How Walmart Is Firing Up Sales Growth by Beating Amazon.
Retrieved from https://www.investopedia.com/how-walmart-is-firing-up-sales-growthby-beating-amazon-4682580
Fifield, P. (2007). Marketing Strategy (Vol. 3rd ed). Amsterdam: Routledge. Retrieved from
http://search.ebscohost.com/login.aspx?direct=true&db=nlebk&AN=219961&site=ehostlive
Gherghina, L. (2015). Positioning Strategies of Competing Firms on the Market. Analele
Universitatii “Eftimie Murgu” Resita. Fascicola II. Studii Economice, 73–78. Retrieved
from
http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=117889325&site=ehos
t-live
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Jawad, S. (2017). A literature analysis of Walmart’s supply chain excellence in term of
integration, distribution, and operations. Bachelor’sThesis Degree Programme in
International Business Management
Larsen, N. (2010). Market Segmentation. Aarhus School of Business.
Morgan, N. A., Whitler, K. A., Feng, H., & Chari, S. (2019). Research in marketing strategy.
Journal of the Academy of Marketing Science, 47(1), 4–29.
https://doi.org/10.1007/s11747-018-0598-1
Nguyen, T. T. H. (2017). Wal-Mart’s successfully integrated supply chain and the necessity of
establishing the Triple-A supply chain in the 21st century. Journal of Economics &
Management, 29, 102-117.
Statista. (2019). Walmart- Statistics & facts. Retrieved from
https://www.statista.com/topics/1451/walmart/
Statista. (2019). Walmart’s net sales worldwide from 2006 to 2019 in Billion U.S. dollars.
Retrieved from https://www.statista.com/statistics/183399/walmarts-net-sales-worldwidesince-2006/
Walmart. (2019). 2019 Annual Report. Retrieved from
https://s2.q4cdn.com/056532643/files/doc_financials/2019/annual/Walmart-2019-ARFinal.pdf
Walmart. (2019). Our business. Retrieved from https://corporate.walmart.com/our-story/ourbusiness

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