Marketing Plan Project: FinalThroughout the four phases of this marketing plan project, you have created the important, detailed marketing plan sections necessary to enable your selected company to pr

Marketing Plan Project – Phase 2

Marketing Strategy

Wal-Mart needs an effective marketing strategy to advertise and promote its new products range. This paper examines the objectives of this marketing strategy, the target markets, positioning, strategies, marketing mix, and marketing research that will be oriented for the advertising of superstore’s new products range. Furthermore, the paper will also discuss specifically as well as in detail various aspects associated with the marketing strategy designed for Wal-Mart.

Objectives

The purpose of this marketing strategy for Wal-Mart superstores is to advertise its new products for infants. These products include attire, shoes, and nutrition items designed for infants. This marketing plan is intended to advertise new products offered by Wal-Mart superstores. These products are specifically designed for infants and will include a variety of shoes, attire and nutrition items that can also serve as a competitive edge for the business of the superstore's oriented company. Furthermore, this marketing plan will also address the markets that will be targeted by the marketing procedures of Wal-Mart. The marketing plan will also address the strategies that will be utilized in the marketing of new products besides discussing the marketing mix that will be followed in an attempt to reach the maximum quantity of customer audience (Hardy, 1981).

Target Markets

There will be various markets that will be targeted in the marketing plan for Wal-Mart’s new products. These markets will range from American to International level markets, more specifically the markets of central Asia where the company managers think that they need aggressive behaviors due to the expansion of the competitors in these markets. The targeted markets will be categorized into various segments based on customer densities associated with them besides other factors like demographics and environmental factors. The key factor in choosing various market segments will be based on categorization according to the age groups of customers in order to distinguish such markets that are specialized in the products or services related to infant children.

Positioning

The business procedures of Wal-Mart utilize a mono-segment type of positioning for the successful completion of its marketing procedures. This positioning refers to the introduction of such a marketing mix that is both suitable as well as beneficial for the markets that are targeted and the customers associated with those markets. The marketing mix, in this case, will be focused on infant-related products that are to be introduced by Wal-Mart for which the managers or policymakers of the business give special focus on the pricing and promotion strategies of their products. For this purpose, the company will introduce various promotional campaigns and activities to promote its new products and make people aware of their new offerings.

Strategies

The marketing strategy that will be adopted for marketing of new products of Wal-Mart will primarily utilize the social media marketing due to its excessive usage in the contemporary world of globalization (Faisal, 2016). The other platforms that will be utilized include print media, radio, television, and the internet. Various teams will be designed for different tasks of the marketing in order to divide the workload and complete each task efficiently. These teams will be administered by senior level management representatives who will collect reports related to the activities of their subordinates on a regular basis so that all the procedures can be monitored for efficient results of marketing strategies.

Marketing Mix

The aspect of the marketing mix is one of the top characteristics of effective marketing adopted by managers of Wal-Mart. The company utilized retailer’s strategy in its marketing mix which is considered as much effective and successful for business operations of superstores. There are five primary domains which are focused on the marketing mix adopted by Wal-Mart which are namely price, product, promotion, place, and people (Pulido, 2018). The aspects of place and people hold a special place in the priorities of Wal-Mart management and there are special people assigned with the tasks of analyzing the places and people for which the marketing or other promotional strategies are to be devised. The aspect of the product is focused in terms of quality so that the customer diversion can be prevented by achieving better business results.

Marketing Research

The Marketing research is an effective tool that provides valuable data for processing in different procedures of marketing strategies. Marketing research is a valuable process in order to effectively meet the goals of strategic marketing as it provides useful data related to various market segments as well as customer preferences. This tool also makes the business processes effectively meet the goals of strategic marketing as they provide useful data and information related to different market segments with special regards to customer preferences. The tools utilized for the collection of data in the marketing research will be traditional like interviewing and surveys in which the potential customers will be highly encouraged to participate.

References

Faisal, A. (2016). Marketing Strategies in Online/Digital Marketing. Account And Financial Management Journal. doi: 10.18535/afmj/v1i8.01

Hardy, L. (1981). Theatre Objectives and Marketing Planning. European Journal Of Marketing, 15(4), 3-16. doi: 10.1108/eum0000000004878

Pulido Polo, M. (2018). Acts or events? A perspective from the marketing mix. IROCAMM-International Review Of Communication And Marketing Mix, (1), 56-66. doi: 10.12795/irocamm.2018.i1.04