Marketing

The purpose of this assignment is to conduct research and collect data, analyze findings, and explain how this information is used to formulate marketing strategies and tactics.

Review the topic materials “Forms of Marketing Research” and “The Marketing Research Process.” Using what you have learned about marketing research, assume the role of a marketing professional who has been tasked with completing a marketing plan for a client.

Select a publicly traded, for-profit company that will be your client. Conduct research about the company by visiting the company website and obtaining a copy of the annual report. Locate three to five additional resources that provide additional data and information about the brand. You will use this research to tell the brand story; share the company vision, mission, and marketing objectives; and describe the strategies and tactics the company is currently using to meet the marketing objectives. You will also perform SWOT analysis based on your research.

Using what you learn from your research and subsequent analysis, complete the “Marketing Plan and Presentation: Part 1 – Research Template.”

While APA style is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.

This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

You are not required to submit this assignment to LopesWrite.

Benchmark Information

This benchmark assignment assesses the following programmatic competencies:

BS Applied Entrepreneurship; BS Applied Management; BS Applied Marketing and Advertising

1.1: Determine how organizations formulate marketing strategies and tactics using market and consumer data.

BS Business Information Systems

3.4: Determine how organizations formulate marketing strategies and tactics using market and consumer data.

BS Business Analytics; BS Business Management; BS Marketing and Advertising; BS Sports Management

3.5: Determine how organizations formulate marketing strategies and tactics using market and consumer data.

BS Accounting; BS Business Administration; BS Entrepreneurial Studies; BS Finance; BS Finance and Economics; BS Hospitality Management; BS Supply Chain and Logistics Management

3.7: Determine how organizations formulate marketing strategies and tactics using market and consumer data.

BS Business Secondary Ed

6.2: Determine how organizations formulate marketing strategies and tactics using market and consumer data.

ANSWER

Marketing Plan Analysis and Presentation

Company Name: Walmart International

Brand Story: Walmart is an American multinational retail corporation that runs a chain of hypermarkets, grocery stores, and discount apartments. The company which first opened in Rogers, Arkansas in 1962 has opened thousands of stores within the United States and globally. In 1972, Walmart developed nationally and became one of the publically traded firms, and was then recorded on the New York Stock Exchange (Ellickson and Grieco, 2013). Through its expansion model, Walmart has been able to bring the right store formats and improved its value to the communities around the world. Currently, Walmart is operating more than 11,500 stores in more than 26 countries. The company has managed to employ more than 2.2 million employees all over the world. With the increased globalization, most of the present firms are trying to go international. Firms are going beyond their efforts to increase their presence all over the world (Ellickson, 2016). This is similar to Walmart which has grown into an international firm with various retail units. Walmart was established to save people’s money as well as assist them in living a better life. Sam Walton’s strategy was developed on the unshakable foundation which focuses on the lowest price at any time. Walmart has served its customers the way they want to be served through e-commerce and retail stores to be more effective than other retail stores. Walmart has managed to expand in the United Kingdom, China, Mexico, Canada, and Africa. Walmart has reached a new milestone that has allowed their customers to shop online and has been ranked as one of the Fortune 500 America’s largest companies.

Company Vision: The vision of Walmart is to be the point for consumers to save money despite what what they need to purchase. Walmart changed its business vision from being the best retailer in the minds and hearts of consumers to the destination for consumers to save money. This has reflected its strategic changes in its operations.

Company Mission: The mission of Walmart is to save consumer’s money so that they have better life. Based on this mission it is clear that Walmart’s business strategies involve low pricing to attract the target clients. For instance, customers save money since they spend less on buying items.

Company Marketing Objectives: The marketing objective for Walmart include improving the type of products, improving the price, and ensuring access to their products along with their wide consumer base in their stores.

Company Marketing Strategies and Tactics: Walmart’s strategies and Tactics are included in the marketing mix which has led to considerable success. Walmart has coordinated strategic efforts concerning place, product, price, and promotion. Walmart has focused on enhancing operational efficiency and process streamlining as a way of maximizing the profitability of the business. Walmart stores offer a wide variety of products and ensure that they bring to the stores what the consumers want (Seenivasan and Talukdar, 2016). Promoting and selling a product that people want has made it easier for Walmart to introduce innovation in its market. For instance, they offer a wide variety of products such as hardware, groceries, appliances, furniture, wellness, and health products. They have encouraged their consumer to buy in large quantities to gain economies of scale and discounts. They have also marinated strong connections with their suppliers and ensure products are readily available to the customers. Walmart has perfected its pricing by offering customer-friendly prices and focusing on bulk sales rather than overpricing items (Roberts and Berg, 2012). They have also offered varying purchasing options such as installments for bigger purchases or cash. Walmart has created an effective supply chain which has allowed them to offer products at a low price. Walmart relies on an intensive distribution channel approach. The variety of services and products in the e-commerce websites and stores are similar thus making shopping more convenient in terms of high accessibility in the physical locations and online services. Walmart has relied on various promotional approaches which include sales promotions, advertisements, public relations, and personal selling. For instance, the company advertises on television, newspapers, and websites. They have also relied on special deals such as discounts which have been effective in attracting customers.

SWOT Analysis

References