Business plan – market approach
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pThis document discusses key components of a market approach for a business plan, including analyzing industry growth trends, competitors, and crafting a unique position statement. It emphasizes thoroughly understanding the target market via geographic, demographic, and psychographic characteristics. The document also covers examining competitors' positioning, considering controllable marketing factors, and strategizing entry approaches and goals.
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Walmart- Here is a secret message for you
This is a complete, efficient digital strategy. The digital strategy is designed for Walmart with different aspects and examples. There are lots of information need Walmart to know. Let's check it out!
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Retail Strategy1
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Wal-Mart faces a strategic dilemma with Vlasic pickles. As a major customer accounting for 1/3 of Vlasic's business, Wal-Mart demanded that Vlasic sell giant pickle jars for under $3. This resulted in losses for Vlasic. It would not be realistic for Vlasic to stop doing business with Wal-Mart, as they rely heavily on the revenue and it could mean the downfall of the company. Supply chain management and logistics play a key role in Wal-Mart's success. Through efficient distribution centers and cross-docking, Wal-Mart is able to quickly stock low-cost products and meet customer demands.
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Wal-Mart faces a strategic dilemma with Vlasic pickles. As a major customer accounting for 1/3 of Vlasic's business, Wal-Mart demanded that Vlasic sell giant pickle jars for under $3. This resulted in losses for Vlasic. It would not be realistic for Vlasic to stop doing business with Wal-Mart, as they rely heavily on the revenue and it could mean the downfall of the company. Supply chain management and logistics play a key role in Wal-Mart's success. Through efficient distribution centers and cross-docking, Wal-Mart is able to quickly stock low-cost products and meet customer demands.
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Sam Walton founded Walmart and focused on respect for individuals, service to customers, and striving for excellence. Walmart used aggressive store expansion and positive PR campaigns like their smiley face campaign. This led to strong growth and a 1173% rise in stock prices in the 1990s. Internally, Walmart exploited strengths like low prices, strong logistics, and IT systems, but faced weaknesses in low wages, health hazards, and erratic work schedules. New initiatives included $4 generic drugs and a revised mission statement to help during economic recessions.
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Walmart Inc. (formerly Wal-Mart Stores, Inc.) is an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores.[8] Headquartered in Bentonville, Arkansas, the company was founded by Sam Walton in 1962 and incorporated on October 31, 1969. It also owns and operates Sam's Club retail warehouses.[9][10] As of January 31, 2018, Walmart has 11,718 stores and clubs in 28 countries, operating under 59 different names.[1][2][11] The company operates under the name Walmart in the United States and Canada, as Walmart de México y Centroamérica in Mexico and Central America, as Asda in the United Kingdom, as the Seiyu Group in Japan, and as Best Price in India. It has wholly owned operations in Argentina, Chile, Brazil, Canada, and South Africa.
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Sam Walton founded Walmart and focused on respect for individuals, service to customers, and striving for excellence. Walmart used aggressive store expansion and positive PR campaigns like their smiley face campaign. This led to strong growth and a 1173% rise in stock prices in the 1990s. Internally, Walmart exploited strengths like low prices, strong logistics, and IT systems, but faced weaknesses in low wages, health hazards, and erratic work schedules. New initiatives included $4 generic drugs and a revised mission statement to help during economic recessions.
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The document discusses developing merchandise plans for retailers. It covers merchandising philosophy, functions, and types of merchandise including staple, assortment, fashion, seasonal, and fad merchandise. Factors to consider in merchandise planning include forecasts, innovativeness, quality, brands, timing, allocation, and category management. Effective merchandise planning requires analyzing sales forecasts, product types, quality factors, branding decisions, timing of purchases and sales, allocating space and inventory, and using category management strategies.
Category Management rajnish kumar itc retail retailing management
Category management is a process that retailers use to maximize sales and profits by grouping similar products into categories and devising strategies for each category. It involves defining product categories, assessing category performance, setting objectives, developing an overall strategy and specific tactics, and regularly reviewing performance to make adjustments. Key aspects of category management include defining the target customer, assessing inventory and shelf space needs, setting sales and margin targets, and appointing category captains from supplier partners to help implement category strategies.
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The document discusses insight information sharing between Kesko Food and Fazer in category management. It provides examples of how segmentation, clusters and solutions tools are used to analyze consumer trends and plan assortments. Partnership involves shared goals, processes, tools and practices at strategic, marketing, tactical and logistical levels through information sharing and joint projects.
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Retailer financial strategy integrates financial objectives and goals to develop a sustainable competitive advantage and generate desirable profits. Objectives include financial goals like earning profits, societal goals like providing jobs and benefits, and personal goals like self-gratification. The strategic profit model summarizes factors like net profit margin, asset turnover, customer returns, and gross margin that affect financial performance. Assets management analyzes the balance sheet, including current assets that can be converted to cash within a year and fixed assets with long-term usefulness. Performance is measured through objectives focusing on quantity and quality, timeliness, accountability, and store operation metrics like merchandise placement.
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This document discusses retail strategy and the strategic retail planning process. It defines retail strategy as a marketing plan that details how a business will offer products to consumers and influence purchases. It then discusses key aspects of retail strategy including competitive advantage, the retail marketing mix, and the sustainable competitive advantages of customer loyalty, location, distribution systems, unique merchandise, vendor relations, and customer service. Finally, it outlines the six steps in the strategic retail planning process: 1) developing the mission, 2) establishing objectives, 3) situational analysis, 4) identifying strategic alternatives, 5) selecting the target market, and 6) obtaining resources needed to compete.
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2) It describes the FMCG industry in India and key trends like consolidation, product innovation, and a focus on rural markets.
3) Different sales organizational structures are presented for various FMCG companies operating in India, either based on geography, management functions, products or customers. Key sales roles like sales managers and executives are also outlined.
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Merchandise budgeting is a plan created by retailers to analyze costs and projected sales in order to allocate resources for purchasing inventory. It involves demand forecasting using past sales data and trends to determine how much stock is needed each month to support sales goals. The objectives are to compel planning, communicate plans, coordinate departments, and establish performance controls. Accurate budgeting can positively impact profits, while incorrect forecasts can result in losses if budgets are not met.
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This document outlines a digital strategy campaign for Walmart. It identifies Walmart's target audience as housewives and families with modest incomes who prioritize value. The campaign's key goals are to increase profits and brand awareness/loyalty. It proposes reaching housewives through mobile and digital billboard ads focused on empowerment and product benefits. The total budget is estimated at $31.36 million, with most going towards digital billboards placed near Walmart stores and schools.
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Merchandise planning is essential for retail success. A six-month merchandise plan involves qualitative and quantitative analysis. Qualitative factors to analyze include customer profiles, department trends, vendor performance, and visual merchandising. The quantitative plan involves gathering historical sales and inventory data, setting planned sales targets, and scheduling purchases and inventory levels month-by-month. The goal is an accurate plan that maximizes sales and profits through the season.
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This document discusses issues related to merchandising and inventory management. It notes that 33% of goods are sold at markdown prices and 8% of items customers intend to purchase are out of stock. Better merchandise management and ensuring the correct inventory is on hand and on order is ideal to satisfy customer demand and avoid excess inventory write-offs. Category killers focus on the broadest selection within a product category but may experience erratic cash flows without balancing inventory with year-round demand. Space allocation methods and factors like product dimensions, delivery cycles, and customer loyalty need to be considered to optimize merchandising.
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Strategic planning is the process of determining the primary business purpose (the “WHY”), putting in place goals and tactics, then adopting courses of action and allocating resources to achieve the selected goals and tactics.
A business plan for growth should be grounded in your Business Purpose, Mission and Core Values, a solid business strategy will help you develop a plan of action and maximise your likelihood of success in achieving your vision.
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The document discusses trading area analysis, which involves analyzing geographic areas containing potential customers for a firm. Key benefits include uncovering customer demographics, identifying opportunities and strategies, and determining promotional focus. Important factors to analyze include population characteristics, labor availability, proximity to suppliers, competition, and regulations. The goal is to evaluate and select the most desirable trading area for a retail store location.
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1) Research and planning to understand customers and opportunities.
2) Developing objectives and strategies to exploit opportunities identified in stage 1.
3) Determining actions, measurements, and controls to implement strategies and track success.
The plan should be a written document that provides direction and is referred to throughout the year.
Entrepreneurship & Commerce in IT - 04 - Marketing Plan, Marketing 7 P's, STP...
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This session continues the marketing plan and continues through the basics on how to plan, how to create an execution plan, how to evaluate, and finally how to make changes and move ahead with the marketing plan.
Contains 7 P's of Marketing, Marketing Objectives, Marketing Strategies, Budgeting, Action Plan, Marketing Control Process
Marketing strategy
This document provides an overview of developing marketing strategies and plans. It discusses how marketing affects customer value and different levels of strategic planning within an organization. A marketing plan typically includes a situation analysis, marketing strategy, financial projections, and implementation controls. The document outlines the key steps in a strategic marketing planning process, including performing a situational analysis to understand the current performance and market conditions, developing a marketing strategy and objectives based on the situational analysis, and creating a performance plan to show how the strategy and objectives will be achieved. It emphasizes that a thorough situational analysis is critical to understand any performance issues and inform the marketing strategy.
As unit 2 marketing objectives
This document outlines the key components of developing an effective marketing strategy. It discusses that a marketing strategy should be based on a clear understanding of the market and a company's strengths and weaknesses. The strategy development process involves conducting a marketing audit and SWOT analysis to analyze the internal and external environment. Objectives are then defined to achieve the overall vision. Components of the strategy include targeting, positioning, and the marketing mix. The strategy also involves deciding on a direction of growth and generic strategy approach. Tactics are then implemented in the short-term to achieve the overall strategic plan.
Copywriting I - Week Two
The document discusses key aspects of developing a marketing plan, including performing market research, defining a target market, understanding competition, and establishing goals and strategies for pricing, positioning, branding, and promotion. It emphasizes developing quantifiable goals and monitoring results. The marketing plan process involves understanding customer needs through research, creating strategies to meet those needs, and testing which strategies are most effective.
What is strategy
Strategy is about determining the long-term direction and scope of an organization. It involves choosing markets to compete in, configuring resources to achieve competitive advantage, and meeting stakeholder expectations. There are three levels of strategy - corporate, business, and functional. Corporate strategy determines the business areas and approach. Business strategy determines how to compete in each business. Functional strategies support the other strategies through effective resource allocation.
Marketing planning
The document outlines the strategic planning process for marketing. It discusses 7 key steps:
1. Defining the organizational mission and purpose.
2. Establishing strategic business units (SBUs) with separate missions, markets, and strategies.
3. Setting specific marketing objectives for each SBU both quantitatively and qualitatively.
4. Performing a SWOT analysis to assess internal strengths/weaknesses and external opportunities/threats.
5. Developing marketing strategies for each SBU using frameworks like the Boston Matrix, Product/Market Grid, GE Business Screen, and Porter's Generic Strategies.
6. Implementing tactical plans that specify short-term actions to achieve strategic
MARKETING MANAGEMENT
This document provides an overview of key marketing concepts including the marketing concept, marketing environment, market research, demand forecasting, consumer and organizational buying behavior, marketing mix, product life cycle, new product development, distribution, promotion, personal selling, and pricing decisions. It also compares selling and marketing orientations and discusses factors influencing marketing communications.
How to develop a marketing plan
1. A marketing plan is a blueprint for achieving marketing goals through determining objectives, strategies, and tactics as well as allocating necessary resources and schedules.
2. Developing an effective marketing plan involves conducting a thorough situational analysis of the internal and external environment through tools like SWOT and PESTEL analysis.
3. The marketing plan process then establishes SMART sales and marketing objectives, outlines strategies and tactics through the marketing mix, and includes action plans, budgets, and key performance indicators to ensure goals are met.
Strategic marketing planning & organisation
The document discusses strategic planning at various organizational levels. It explains that corporate strategic plans provide direction for lower levels and address objectives, vision, and growth strategies. Business strategic plans determine how a business unit will compete through its market scope and competitive advantage. Marketing strategic plans focus on selecting target markets and developing marketing mix strategies.
Marketing strategy meaning & significance, formulation of
This document discusses marketing strategy, including its meaning, formulation, and significance. It provides an introduction to marketing strategy and defines it. It then outlines the main steps in developing a marketing strategy, including understanding customers, analyzing the market and competitors, defining the marketing mix, and financial analysis. It also discusses different types of marketing plans and the key components of a marketing strategy, including target market strategy, product strategy, pricing strategy, distribution strategy, and promotion strategy. Finally, it covers the importance and benefits of formulating an effective marketing strategy.
Chapter 16: The Marketing Plan
The document discusses marketing plans and ongoing marketing evaluation. It provides details on:
1. The components and purpose of a marketing plan, including executive summary, market analysis, strategy, budget, and conclusion.
2. The marketing planning process and roles of different teams and specialists.
3. Tools for ongoing evaluation like marketing audits, which examine how marketing strategies are implemented and identify factors that impacted business.
4. The importance of understanding causality and executing plans well for ongoing marketing success.
Andrew Cameron Point-of-View
Marketing strategy involves identifying a target market, related marketing mix, and plan for developing a sustainable competitive advantage. A marketing plan consists of three phases - planning, implementation, and control. During planning, a firm determines its mission and how to best satisfy customers. Implementation involves executing the plan to provide value. Control allows a firm to evaluate what worked and improve future plans.
Module 5 marketing Strategies and plans.pptx
Marketing Strategies and plans,Marketing Strategies and plans,Marketing Strategies and plans,Marketing Strategies and plans
Strategic PlanningUnrestrictedthe managerial proc.docx
Strategic Planning
Unrestricted
“the managerial process of creating and
maintaining a fit between the organization’s
objectives and resources and the evolving
market opportunities”
What is strategic planning?
• Goal:
• Long-term growth and profitability
• Addresses two questions:
• What is the organization’s main activity
(currently)?
• How will it reach its goals?
Strategic planning
• A subgroup of a single business or a collection of
related businesses within the larger organization
Strategic business units
• Each SBU has:
• A unique target market
• Control over its resources
• Its own unique competitors
• A unique strategic plan
• May have its own accounting, R&D,
manufacturing, marketing
Strategic business units
Strategic alternatives - tools
Ansoff’s strategic opportunity matrix
The innovation matrix
• Yellow:
• Core Innovation
• Uses existing assets
• Ex: Tide Pods
• Orange:
• Adjacent Innovation
• Uses existing abilities in new ways
• Ex: Crest Whitestrips
• Red:
• Transformational Innovation
• New markets, new products, new businesses
• Ex: Uber/Lyft
The innovation matrix
Core Innovation
Next year’s car
Adjacent Innovation
Electric car
Transformational
Innovation
App-based taxi service
The innovation matrix
• Portfolios: SBUs will have a range of performance
in terms of growth and profitability
• This matrix organizes each SBU by their present or
future growth and market share
• Relative market share:
• The ratio between the company’s market share and the
share of the largest competitor
Boston Consulting Group’s Portfolio Matrix
Boston Consulting Group’s Portfolio Matrix
Boston Consulting Group’s Portfolio Matrix
Build Build or Harvest
Hold or Harvest Divest
Boston Consulting Group’s Portfolio Matrix
The General Electric Model
• Ansoff’s Matrix:
• Helps you choose between current options (the
present market and what you can currently offer)
and new options (a new market and/or new
products)
• Innovation Matrix:
• Illustrates how opportunities change as you move
away from core capabilities
• Boston Consulting Matrix:
• Helps you analyze the performance of a portfolio of
SBUs
• General Electric:
• Adds more nuance to the Boston Consulting matrix
When to use what?
• Based on the company or SBU’s strategy,
managers can now create a marketing plan
• Process of anticipating future events and determining
strategies to achieve organizational objectives in the
future
Planning
• Designing activities relating to marketing objectives and
the changing marketing environment
Marketing planning
• Written document that acts as a guidebook of
marketing activities for the marketing manager
Marketing plan
The Marketing Plan
• To provide clearly stated activities that help
employees and managers understand and work
toward common goals
• To allow the examination of the marketing
environment in conjunction with the inner
workings of the businesses
• To help marketing ma.
Sales promotion developing the sales promotion plan
The document outlines the stages involved in developing an effective sales promotion plan, including environmental analysis, internal analysis, consideration of marketing strategy, identifying target audiences, determining objectives, and developing the promotional program. It emphasizes that the sales promotion plan should align with and support the overall marketing plan. Key stages in the planning process include situational analysis, setting objectives, budgeting, developing the promotional activities, implementation, and evaluation.
Marketing management chapter 1
The document provides an overview of marketing strategies and the role of the marketing manager. It discusses key concepts like the marketing concept, developing a value proposition, competitive advantages, product positioning, and how marketing strategies should be tailored based on a product's stage in the life cycle. The focus is on understanding the elements of a complete marketing strategy and how the job of a marketing manager involves implementing strategies to meet business objectives.
Marketing-Strategy (1)(1).pptx
This document provides an overview of marketing strategies and the strategic planning process. It defines marketing strategy and discusses different types, including business-to-business and business-to-consumer strategies. Common strategies mentioned include paid advertising, cause marketing, relationship marketing, and internet marketing. The document also outlines the strategic planning process, including analyzing the current business portfolio, shaping the future portfolio, and developing the marketing mix. Key advantages of marketing strategies are improved efficiency and targeted approaches, while disadvantages include getting stuck with a strategy and decreased perceived product value.
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- 1. Business Plan – Market Approach Includes components of the marketing plan from: • Growth trends in the industry • The strength and potential entry of new competitors • Unique position statement
- 2. Target Market Criteria – Most Critical Component of the Market Approach • Have a thorough understanding of who you are selling to. • There is the geographic target market and the demographic target market.
- 3. Breakdown of the major target market characteristics psychological age social income & gender spending habits
- 4. Know Your Competitors! • The positioning technique is a great way to start thinking where you stand in the eyes of consumers and competitors
- 5. The Marketing Plan in Focus Uncontrollable Factors of market two Uncontrollable Factors Of market one Controllable Factors • Price • Place • Promotion • Product
- 6. Strategize and Implement • Single Differentiated Entry? • Multiple Differentiated Entry? • Simultaneous Entry? • What do you want to achieve in 5 months? 1 year?5 years?