Strategic Marketing Plan Template for Walmart, Thesis of Financial Accounting

Download Strategic Marketing Plan Template for Walmart and more Thesis Financial Accounting in PDF only on Docsity! 1 University of Phoenix MKT/574: Marketing: Social, Mobile, And Analytics 03:20:45 GMT -05:00 2 Strategic Marketing Plan Template Use the business you selected in Week 1 and complete the prompts provided for Parts A, B, and C in the weeks they correspond to. Delete the provided prompts from each section when you finish each part. Complete the References section as you progress through Parts A, B, and C. Include your name in the document’s file name when you submit it. Wk 2 - Part A: Environmental Analysis and SWOT Analysis Use the information you researched in your Week 1 assignment for the sections they correspond to in this part. For additional resources that may be helpful with components in Part A, refer to the resources provided on the W eek 2 U n i ve rs i ty L i b r a r y page. Business Description The mission statement for Walmart is, “To save people money so they can live better lives,” according to E dward Fe r gu s on (2023). The vision statement for Walmart is for customers to save money by the destination, no matter how they want to shop. Walmart's product line includes clothing, shoes, electronics, toys, pets’ supplies, baby, sports, outdoors, school supplies, home, furniture, appliances, beauty, personal care, home improvement, pharmacy, and household essentials. 3 Economic Forces Walmart's sales are immediately affected by any changes in the economy. The stable economies of the participating nations, declining unemployment rates in the United States of America, and ongoing development in developing nations are a few of the economic factors that have enhanced the company's earnings. These characteristics result in a busy populace, which is Walmart Inc.'s main target market. Political Forces Given its solid reputation and awareness of any regulations that might have an impact on its business, Walmart Inc. is hardly ever impacted by political forces. Legal, Regulatory, and Ethical Issues The company's operations suffered because of the recent restriction on plastic containers. The company had to raise the cost of packing because most of its products are kept in plastic containers. The result was a 2.25% decrease in the company's profitability. Information about customers is protected from falling into the hands of unauthorized people thanks to regulations governing modern e-commerce activity. 5 Technological Forces The modern world is characterized by technological breakthroughs. The failure of a corporation to adopt new technologies leads to its demise. Walmart Inc. adjusts its manufacturing to take advantage of the new technologies. For instance, Walmart concentrated on its baby e-commerce project when many businesses shut down physically because of the COVID-19 pandemic, which significantly increased their revenues. 03:20:45 GMT -05:00 Social Forces Walmart’s social forces are that they must Current Target Markets Walmart Inc. targets busy people of all ages and from all corners of the globe. There was no need for market segmentation because their products span the age range from newborn items to adult Items. The e-commerce industry, on the other hand, caters to those who have access to the internet and can place orders there. Current Marketing Tactics 6 Utilizing social media channels is the company's current marketing approach. Walmart advertises its products on a well-known website. The business gives discounts on "discounted products" to attract new clients. This suggests that the items are sold for incredibly low prices. Additionally, the business has various promotions on its social media channels. SWOT Analysis Walmart's SWOT analysis identifies company strengths and potential leverage points against potential threats. To sustain Walmart's competitiveness and status as the world's greatest retailer, SWOT analysis is crucial. Strengths The biggest retailer in the world, both offline and online, is Walmart Inc. The following details how its size is related to its primary advantages. Company size on a global scale. It provides 03:20:45 GMT -05:00 9 Marketing Objectives Walmart will broaden its marketing initiatives to target a new demographic group made up of 35 to 40-year-olds. By June 2022, a unique product that caters to the psychographic and technological needs of this age group must be developed. By January 2023, this plan should increase overall sales by 18.82%. There will be a 23% rise in customer loyalty and willingness to suggest the product. 10 03:20:45 GMT -05:00 References Edward Ferguson Walmart’s Mission Statement, Vision Statement & Strategies from h tt ps : // pa n m ore.c o m/ wa l m ar t - v i s i on- mi ss i on-s t a t e m en t - in t ens i v e-gener i c- s t ra t eg i es Walmart In (2023) Quick facts from https:/ /corporat e.walm art.com /about /loc ation- fact Na t ha n iel S mit hson (2023) Walmart SWOT Analysis & Recommendations from h tt ps : // pa n m ore.c o m/ wa l m ar t - s wo t -an a lys i s-reco m m enda t ions-case-s t udy 03:20:45 GMT -05:00