Exam ContentThis assessment starts your Strategic Marketing Plan and will be used throughout the...

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  1. This assessment starts your Strategic Marketing Plan and will be used throughout the course.

    Selectan actual company to use for this project. [Ideally, pick your own company or company you are familiar with. The more relevant you can make the assignment, the more valuable the learning exercise will be.]

    Note:It will be beneficial to select a company whose company information is easily accessible. While you will base your plan on the actual company, parts of this assignment may require you to use your knowledge and resources to make an informed plan.

    CompletePart A of theStrategic Marketing Plan.

    [Note thatthe university-provided template is required.Do not attempt to create your own marketing plan outline. During the Live Sessions, I will demonstrate how to use the template to simplify the project.]

    Submityour assignment.

Insert Title MKT/574 v1 Strategic Marketing Plan MKT/574 v1 Page 2 of 2 Strategic Marketing Plan Part A: Environmental Analysis and SWOT Analysis (Due in Wk 2) Company Description Describe the company you are designing the plan for. Include: · Mission Statement · Vision Statement · Product line description · Company information, such as the size of the company Environmental Analysis Analyze the forces that affect the company and marketing efforts. Competitive Forces Analyze the company’s key competitors. You may choose to use a BCG Matrix or attribute checklist to compare your company against its competitors. Describe any strategic moves the competition has recently made. Estimate your market share. Identify key competitive advantages against your competitors. Economic Forces Analyze the economic environment in the areas affecting your business. Consider differences within your industry and the economic impact on suppliers. Political Forces Analyze relevant political forces. Examples may include an election year or a law to drastically reduce or eliminate plastic waste in your county. Legal, Regulatory, and Ethical Issues Analyze the legal, regulatory, and ethical issues that may affect your business. Considerations may include local laws such as a ban on the use of plastic bags, the ability to post billboards, or a possible increased regulation on direct mail. Technological Forces Analyze whether your company will be affected by emerging technologies or trends in hardware and software industries Social Forces Analyze social trends and how they may affect your business. Considerations may include if your business will be affected by demographic trends, a growing dependence on computers, or whether interest in your product might be affected by growing preferences in the way things are done or changing social values. Current Target Markets Define the company’s current target markets. Describe the demographic, geographic, psychographic, and product usage of these targets. Review Current Marketing Review the company’s current marketing tactics. Consider how people find out about the product, how they get information about the product or service, what might be involved in the buying process, and what money is available for marketing. If your company is a start-up, describe your competitors’ current marketing. SWOT Analysis Assess your company’s strengths, weaknesses, threats, opportunities, and then evaluate how to address these in your marketing plan. Strengths Assess your company’s competitive advantage. Consider core competencies, assets, location, practices, etc. that are distinct in the way the organization meets the needs of its customers. Weaknesses Assess what limits the company may have in its current marketing strategy. Consider if there is a company weakness that needs to be addressed through Public Relations or Marketing. Opportunities Assess the opportunities you see based on trends or environmental conditions. Threats Assess the threats or limitations that may interfere with the company’s ability to meet its objectives or interfere with marketing plans. Strengths to Opportunities & Converting Weaknesses and Threats Convert weaknesses and threats to strengths, then strengths to opportunities in the marketing plan. Consider the implications for addressing supplier relationships, implementing new technologies, or changing the product line or addressing new markets. Marketing Objectives Establish marketing objectives based on the results from the SWOT analysis. Marketing objectives must align with corporate objectives, modified by the company’s resources. Objectives should include a date for the completion of the objective and the way in which success will be measured. For example: The company will expand its marketing efforts to include a new market segment of 21- to 29-year-olds. This will entail the development of a customized product by June 2020 that will address the specific psychographic and technological needs of this age group. This strategy is expected to attain a 20% growth in overall sales by January 2020. Customer loyalty (willingness to recommend the product) will increase by 30%. Part B: Marketing Data Analysis (Due in Wk 4) Internal Data Evaluate internal sources of information available to you inside the organization and what information you will receive from each source. Identify 3-6 sources of internal data. Insert or remove rows as needed. Source What it Measures Data Potential Usage Example: Sales data Monthly sales by specific product Average sales that month in US dollars for each of 10 products. Data can be segmented by business and consumer markets. Can be used for trend analysis, projections, and to measure effectiveness of promotions. Secondary Data Evaluate secondary data sources and the specific information you need from each source. Insert or remove rows as needed. Source What it Measures Data Potential Usage Example: U.S. Census Bureau Income over the last 4 years by family structure Household structures with the highest income capacity Market Share Analysis Customer Segments Primary Data Evaluate primary data needs to create and evaluate the marketing plan. Insert or remove rows as needed. Source What it Measures Data Potential Usage Example: Focus group Product usage, motives, identify group level satisfaction, decision process, etc. Qualitative Identify different reactions of market segments to product. Identify marketing opportunities, product/service flaws and opportunities Customer Relationship Management Establish customer touchpoints and develop appropriate CRM events for customer acquisition, retention, and profitability. Insert or remove rows as needed. CRM Touchpoint Purpose & CRM Objective Data Potential Data Usage Example: Customer profile information on website Starts the account for visitors: name, geography, email address (Customer acquisition) Presale: geographic location; customer id, source of reference Email address Post sales: address, product purchased, quantity, price. Track new and returning customer counts, total period purchases by customer ID, geographic sales data. Can be used for loyalty rewards, retention, and targeted marketing. Part C: Market Strategy, Marketing Channels, Implementation, and Monitoring (Due in Wk 6) New Customer Segments Determine any new customer segments for your strategy and describe how you will provide value to each segment. Marketing Mix for New Customer Segments Determine adaptions for each new customer segment. · Products · Price · Distribution · Traditional Promotion · Online Promotion Marketing Implementation Create the implementation for your marketing plan. Describe how you will organize and implement the plan, such as whether it will be organized by market, geography, and who is responsible for marketing decisions. Marketing Communication Channels Evaluate the marketing communication channels you will use to reach selected audiences. Include Internet and traditional communication channels to convey key messages. Describe the advantages and disadvantages of each channel you select. Insert or remove rows as needed. Channel Target Market Advantages Disadvantages Example: Direct mail Middle class residential Can include coupons Expense and low return rate for given product Strategic Actions Develop specific activities required to implement the marketing plan. Identify the person or role who will be responsible for each action, when it will be complete, and what standard or metric indicate that the activity is complete. Insert or remove rows as needed. Action Date for Completion Person/Role Responsible Standard/Metric Example: Design flyer for direct mail campaign 1/1/2021 J. Smith, graphic designer Approval by senior marketing team and legal Monitoring Develop the measurement to identify how you know you have been successful for each strategic action. Specify the measures to track performance against goals. Identify standard reports from your online and traditional marketing efforts. Insert or remove rows as needed. Action Target Person Responsible Inter-measurement Example: Direct mail flyer 1100 new inquiries Western regional manager 500 new inquiries first month of campaign Copyright 2020 by University of Phoenix. All rights reserved. Copyright 2020 by University of Phoenix. All rights reserved.
Answered 2 days AfterMar 18, 2023

Answer To: Exam ContentThis assessment starts your Strategic...

Asif answered on Mar 21 2023
6 Votes
Insert Title
MKT/574 v1
Strategic Marketing Plan
MKT/574 v1
Page 16 of 16
Strategic Marketing Plan
Part A: Environmental Analysis and SWOT Analysis
(Due in Wk 2)
Company Description
Walmart is American multinational retail corporation. The company operates a chain of hypermarkets, grocery stores and discount department stores in USA. The company is well-known for its low-cost pricing in the market. For case, the Company is known for its "Everyday Low Prices" strategy, which emphasizes low-cost operations and high volume sales to offer customers low prices on a wide range of products. The company was founded by Sam Walton 1962. Walmart has also expanded into other areas, including e-commerce, financial services, and healthcare. The company's e-commerce platform, Walmart.com, offers a wide range of products for online purchase and delivery, including groceries, electronics, clothing, and household items.

(Worldwide revenue FY2012- FY2023)
(Ozbun, 2023)
The above statistics shows company’s financial health from 2012 to 2023. This reflects that in the financial year ended 31st January 2023, the company generated $611B. Compared to a year earlier, the company’s revenues increased by 7%. Hence, it is considered one of the most valuable retail brands in the world.
Describe the company you are designing the plan for. Include:
· Mission Statement: Helps people around the world save money and live better – anytime and anywhere – in retail stores and through eCommerce.
· Vision Statement: Be THE destination for customers to save money, no matter how they want to shop.
· Product Line Description: The Company operates under various banners, including Walmart, Sam's Club, and Walmart International, and offers a wide range of products and services, including groceries, apparel, electronics, home goods, and financial services.
· Company information, such as the size of the company: Walmart is one of the leading, largest, reputed and fast growing American multinational retail corporation in terms of revenues, number of employees, and market share. According to the recent financial report 2022, the company has more than 10,600 active retail stores and clubs in 27 countries. It employs more than 2.3 million associates worldwide.
Environmental Analysis
Environmental Analysis is also called environmental scan which is a strategic planning tool used by a company to analyze its internal and external factors affecting business environment.
Competitive Forces
Walmart faces competition from a variety of retailers like Amazon, Target, Costco, and Alibaba. Using a BCG Matrix, Walmart would likely be classified as a "cash cow," as it is a large, established company with a stable market share in the retail industry. However, Walmart has been investing heavily in e-commerce and other growth opportunities to maintain its position in the market. In terms of market share, Walmart is the largest retailer in the world, with a market share of around 10% of global retail sales. In the United States, Walmart's market share is around 20% of all retail sales.
(Figure 2: BCG Matrix)
Walmart has several competitive advantages over its competitors, including its vast physical retail presence, its low prices, and its supply chain management. Walmart has been investing in technology and e-commerce to improve the shopping experience for customers and to better compete with online retailers like Amazon. Walmart also has a strong private label brand strategy, with several successful brands like Great Value and Equate. Recently, Walmart has made strategic moves to expand its e-commerce capabilities, including the acquisition of several online retailers like Jet.com and Bonobos. Walmart has also been experimenting with new technologies, like autonomous delivery vehicles and AI-powered shopping assistants, to stay ahead of the competition.
Economic Forces
Walmart's revenue is highly dependent on consumer spending, which can be affected by factors such as job growth, wage levels, and economic confidence. A strong economy and high consumer confidence can lead to increased spending and sales for Walmart, while a weak economy and low consumer confidence can have the opposite effect. Walmart's supply chain is extensive, and changes in economic conditions can impact the cost and availability of raw materials, transportation, and labor. Economic factors such as inflation, interest rates, and exchange rates can also impact the cost of doing business for Walmart. Walmart operates in multiple countries and is impacted by economic conditions and regulations in each market. For example, changes in trade policies or currency exchange rates can impact the cost and availability of products for Walmart.
Political Forces
Changes in trade policies, such as tariffs or sanctions, can impact Walmart's supply chain and affect the availability and pricing of products. Walmart must stay up to date on changes in trade policies and adjust its operations accordingly. Changes in tax policies, such as corporate tax rates, can impact Walmart's profitability and financial performance. The company must navigate various tax regulations and laws to minimize tax liabilities and remain competitive. Changes in labor policies, such as minimum wage laws or regulations on employee benefits, can impact Walmart's labor costs and workforce management. The company must comply with various labor laws and regulations to avoid legal issues and maintain a positive reputation. Walmart has faced criticism and scrutiny over its political lobbying and activism, particularly around issues such as gun control and healthcare reform. The company must navigate various political forces and public perceptions to maintain a positive reputation and avoid backlash
Legal, Regulatory, and Ethical Issues
Legal, regulatory, and ethical issues pose significant challenges for Walmart's business operations. The company must remain vigilant in complying with various regulations and standards, addressing ethical concerns, and promoting sustainable and responsible business practices. For case, Walmart has faced criticism and legal challenges over its labor practices, including allegations of low wages, inadequate benefits, and violations of workers' rights. The company has had to navigate various labor regulations and laws to ensure compliance and avoid legal issues. As a major retailer with a significant environmental footprint, Walmart has faced scrutiny and regulatory pressure to reduce its environmental impact. The company has implemented various sustainability initiatives and programs to reduce waste, conserve energy, and promote sustainable practices. Walmart has faced criticism and public backlash over various ethical issues, including allegations of bribery, corruption, and labor abuses in its global supply chain. The company has implemented various measures to address these issues and promote ethical business practices.
Technological Forces
Walmart is a leading and reputed company that has been heavily impacted by emerging technologies in the hardware and software industries. The rise of e-commerce has been a major trend in the retail industry, and Walmart has had to adapt to this trend to remain competitive. Walmart has invested heavily in its online platform, expanding its product offerings, and improving its delivery and pickup services. The availability of big data has enabled retailers like Walmart to gain valuable insights into consumer behavior and preferences. Walmart has invested in big data analytics tools to analyze customer data and make more informed business decisions. Cloud computing has enabled Walmart to store and process large amounts of data and to scale its computing resources as needed. Walmart has migrated many of its systems to the cloud to improve scalability and efficiency. Walmart has also been exploring the use of AI in its operations, including using AI-powered robots to perform tasks such as cleaning floors and restocking shelves.
Social Forces
Consumer preferences can influence Walmart's product offerings and marketing strategies. For instance, there has been a growing demand for products that are made in the USA, and Walmart has responded by launching a "Made in the USA" campaign to promote American-made products. Social values and consumer preferences can change over time, and Walmart has to stay attuned to these changes to remain relevant. For example, there has been a growing interest in sustainable and ethical products, and Walmart has responded by offering more eco-friendly and fair trade products. Walmart has invested in technology to enhance its online presence and customer experience. Walmart's online platform and mobile apps enable customers to shop and make purchases from anywhere at any time. Walmart has to adapt its marketing and product offerings to cater to different age groups and ethnicities. For example, Walmart has launched marketing campaigns targeting Hispanic consumers, and it has increased its offerings of organic and natural foods to appeal to health-conscious consumers.
Current Target Markets
Walmart's current target market can be broadly defined as consumers who are value-conscious...

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