Marketing Plan

TO: Johnny Cash, Chair, New Product Development Committee
FROM: XXXXX, Market Research Assistant
DATE: May 23, 2024
SUBJECT: New Product Proposal for Walmart
I.
Introduction
Walmart is the world’s largest American retail outlet in twenty-four countries and offers
various products, from apparel and electronics to groceries and household items (Johnston.,
2023). Today, I am excited to present three innovative product ideas that could revolutionize
our offerings in the US market. As the head of marketing, my primary focus will be creating
a clear and compelling brand identity and effectively overseeing all aspects of brand
management. My primary responsibility will involve meticulously crafting and implementing
comprehensive digital marketing strategies to engage and cater to the diverse online
consumer base effectively. Successful product launches require a significant allocation of
resources, particularly within the marketing department. The marketing team’s strategic
planning, market research, promotional activities, and consumer engagement all play crucial
roles in shaping the product’s success in the market (UMGC, n.d.). Ensuring that the new
product harmonizes with Walmart’s brand is vital, providing customers with a seamless
experience that aligns with their existing offerings.
II.
Proposed Products
a. In-Store Restaurant. With Walmart’s existing range of branded hot food items, fresh
produce, and organic products, as well as its successful partnerships with McDonald’s,
Walmart can expand its offerings to include an in-store restaurant experience, making this
novel because Walmart currently does not have its own branded restaurants within its
stores. Additionally, the requirement for partnerships and franchises that could negatively
impact the brand has been eliminated, as occurred during the COVID-19 pandemic
(Nassauer & Hadden., 2021). This will enable Walmart to provide its customers with a
unique dining experience, allowing them to enjoy high-quality meals bearing the Walmart
brand, thus further enhancing the appeal of the Walmart brand. Given Walmart’s current
presence in the food services sector, the transition will only require a few dependable
suppliers, and venturing into the restaurant industry seems like a natural progression. This
would require adding seating and staffing for the restaurant area, whether the brand seeks
a mall dining experience or the quick service model of a fast-food chain like McDonald’s.
b. Rental Cars. As a retail outlet, Walmart collaborates with various companies, including
vehicle manufacturing companies, which directs Walmart’s first new product, rental
vehicles. Based on Walmart’s product portfolio, they do not currently sell vehicles,
making this product a novel for Walmart and will enhance significant partnerships;
however, the company does offer associates an opportunity to purchase vehicles
(CarSavers, 2024). This benefits Walmart Associates, who qualify to buy from companies
through partnerships with car manufacturers such as Jeep, Ford, and GMC; however, with
these standing partnerships, this new product is feasible; it can easily branch over to the
vehicles needed for rentals, including trucks, vans, and SUVs, to match its customers’
needs. Extending services to rental cars will create a diversification strategy for Walmart,
a method used to boost financial performance and ensure long-term sustainability. Hence,
introducing a new product is a strategic approach to diversification—enabling consumers
to carry more oversized items, such as large amounts of groceries, electronics, and
furniture, to move and return the vehicle once they are done. This strategy will ultimately
make Walmart more competitive on various fronts, including UHAUL and HERTZ. By
selecting an investment in hybrid and EV vehicles can also lower the carbon footprint.
c. Environmentally Friendly Smart Devices. Walmart should manufacture energy-efficient
smart devices. Technology continues to evolve, and Walmart’s manufacturing of its
branded smart devices will meet the needs of daily customers who desire to acquire new
gadgets. Customers will be interested in buying environmentally friendly smart devices
from Walmart. With its global stance on the environment, stakeholders’ and consumers’
interests, and health, the company takes pride in creating environmental solutions through
its partnerships (Wal-Mart.com., 2024). The smart devices, designed with energyefficient components and recyclable materials, reduce their carbon footprint in their
production and use and ensure the production of economically friendly and efficient
smart devices that meet their customers’ needs. By purchasing these devices, customers
can also enjoy the benefits of meeting their ethical consumerism expectations. This idea
is feasible because Walmart is financially capable; with the company ranked #1 in retail
stores, high market shares, and company longevity, it has the financial stability to support
the production of smart devices. Additionally, Walmart will continue to collaborate with
current partnerships and suppliers, and this is novel because Walmart does not currently
have manufactory smart devices.
III.
Conclusion
An effective marketing plan must convey unique value and address critical market needs
while reflecting internal strengths (UMCG, n.d.). The three new products proposed,
restaurants, rental cars, and smart devices, are noble and feasible for Walmart and can
positively impact consumers. Given the brand awareness of Walmart, the company’s well-
established name, business longevity, and position in the retail industry, with comprehensive
market research, consumer feedback, effective strategical planning, internal communication,
and a thorough financial analysis and informed approach (UMGC, n.d.). Walmart can
introduce and manage either of these new products successfully. I humbly Thank the Chair of
the NPDC, Mr. Johnny Cash, for the opportunity to present my proposal, and I am eager to
hear your feedback, thoughts, and suggestions. A collaborative discussion will help us further
refine and develop these proposed products.
References:
Johnston, M. (December 14, 2023). 10 Biggest Retail Companies. Investopedia.com, Retrieved
from https://www.investopedia.com/articles/markets/122415/worlds-top-10-retailers-wmtcost.asp
Nassauer, S. & Hadden, H. (April 9, 2021). McDonald’s Is Closing Hundreds of Its Walmart
Restaurants. The Wall Street Journal. Retrieved from https://www.wsj.com/articles/mcdonaldsis-closing-hundreds-of-its-walmart-restaurants-11617960602?mod=trending_now_news_3
Walmart.com (2024). CarSaver. Walmart.com. Retrieved from
https://corporate.walmart.com/purpose/sustainability
Walmart.com (2024). Sustainability. Walmart.com. Retrieved from https://walmartassociate.carsaver.com/
UMGC. Steps to creating a marketing plan. (n.d.). In Boundless Marketing. Retrieved
from https://courses.lumenlearning.com/boundless-marketing/chapter/steps-to-creating-amarketing-plan/
UMGC. Business research: Creating a marketing plan (n.d.). Retrieved from
http://sites.umgc.edu/library/libhow/businessresearch-marketingplan.cfm
The Marketing Plan
The importance of the marketing plan assignment in this course underscores the significance of
planning to the marketing function of a large organization, or to the survival of a small to midsize organization.
Getting Started
Your marketing plan assignment began with the new product proposal process in Week 2. In
Week 2 you were asked to submit a proposal describing three possible product ideas. See, the
New Product Proposal Assignment for more information.
At this point you should have ONE product you will develop for this marketing plan. See your
feedback on the New Product Proposal and contact the professor if you are unclear on your
product selection. Go no further with this assignment until you have one product for your
marketing plan.
Writing and Research
The clear communication of ideas is essential to effective marketing, therefore a significant
portion of the marketing plan grade is devoted to communication which includes writing,
format and presentation.
Research Resources
The marketing plan is a research assignment. You will need to perform substantial research
about your chosen product and the market for that offering. That research should involve high
quality sources. You will be provided the Marketing Plan Resources document. This document
contains links to resources suggested by UMGC professors and librarians. This will point you to
high quality sources to begin your research and should save you time.
Requirements
You will write and submit a 20-page, double-spaced marketing plan on your selected product.
The page limit does not include the cover, table of contents, appendices and the reference list.
Format
The marketing plan will be formatted as a Word® document.
The font size is 11-12. Acceptable fonts are:
•
Arial
•
Cambria
•
Calibri
•
Times New Roman
•
Verdana
All factual material (e.g. facts, figures, charts, statistics) must be properly source cited in APA
format. A reference list in APA format is required.
Follow this format for your Marketing Plan and use these section headings in your
plan:
I.
Executive Summary
II.
Where are we now? Situation Analysis
a.
The Product
b.
Value Proposition
c.
The Company
d.
Competitors & Collaborators
III.
e.
Business Climate
f.
SWOT Analysis
g.
Critical Issues
Where do we want to go? Objectives & Analysis
a. Marketing Objectives
b. Financial Objectives
c. Customers/Target Market Analysis
IV.
How do we get there? Strategy Implementation
a. Product & Brand Strategy
b. Pricing Strategy
c. Distribution Strategy
d. Marketing Communications Strategy
e. Other Resources
f. Legal & Ethical Issue Analysis
g. Measurement of Results
V.
Conclusion
Reference List
Each section must include all of the material described here:
Executive Summary
The executive summary is a high-level summary of the most important elements of the plan.
The purpose of the section is to serve as a “hook” for a reader with limited time. Understand
that in a professional marketing setting not every reader would have the ability to read your
entire plan. It may be necessary for your plan to receive initial approval from gate-keepers who
must be convinced in a few minutes whether to approve sending it to the level, or not. This
section should be about one page; if it goes to a second page there should be a reason for doing
so. Don’t confuse this with an introduction! The executive summary should be tightly edited
and very factual. Give a compelling and complete view of the plan in as few words as
possible. The executive summary must be appropriate to the scope and contents of the plan;
therefore, we advise you write this section of the plan last.
Situation Analysis – Where are we now?
The Product
This is an introduction to your product. Provide a detailed description of the product. There
may be some overlap between this section and the more extensive product & brand strategy
section; however, the two sections must be consistent.
Value Proposition
What is the Value Proposition of your product for the customer? Who is this product for (what
type of customer)? What problem does this product solve for that customer? Why do
customers need this product?
The Company
This is a brief introduction to the company overall. Describe the company, its mission and
vision. What are its products and who are its major customers. Is this a consumer-facing
company (B2C) or a business to business company (B2B)?
Competition & Collaborators
Competitive analysis should include both direct and indirect competitors.
Business Climate
A PESTEL (Political, Economic, Social, Technological, Ethical, Legal) analysis is appropriate in this
section. Since the ethical and legal issues will be covered in a separate section, you may cover
the PEST only here.
SWOT Analysis
Many possible tools are possible for analysis, but a SWOT analysis is an expected element of a
marketing plan. This section should contain your original analysis of the internal strengths and
weaknesses as well as the external opportunities and threats for this company. You may consult
SWOT examples found through the library databases for inspiration, but do not submit a SWOT
copied from another source, even if the source citation for the SWOT is provided. Original
insights, particularly as they might relate to your product would be valuable in this section.
Critical Issues
This section addresses the most critical areas identified in the SWOT analysis, particularly those
that might pose a barrier to success. Explain the strategy for optimizing the strengths and
opportunities identified and minimizing the weaknesses and threats.
Objectives and Analysis – Where do we want to go?
Marketing Objectives
Specify THREE specific marketing objectives to achieve with your plan for your product. Many
marketing objectives relate to sales and market share. One of your objectives should be a
metric that is customer focused (reduce customer acquisition costs, increase customer
retention, etc). Remember, the very best marketing objectives are SMART goals (specific,
measurable, achievable, realistic and time-bound).
Financial Objectives
Common financial objectives relate to costs and expenses. Forecast sales and expenses over
one year. Cost out the marketing expenses specifically, such as the cost of the communications
plan and the need to hire new marketers, if applicable.
Customers/Target Market Analysis
This is perhaps the most important part of the plan because it is where you will discuss your
customers, how you define your market and how well you recognize your competitive
environment. Customer analysis should reflect the learning about how markets are segmented
and targeted. Use a variety of geographic, demographic, psychographic, etc. bases to define
your target market. Include in this section the market size, market trends and growth potential.
Research should be apparent and appropriate to the product.
Strategy Implementation – How do we get there?
Product & Brand Strategy
The most important aspects of any product are features, benefits and price. You will discuss
pricing in the following section. This section presents the “how” of your plan – how your
organization will develop, market and sell the product the customer needs. What is your
product strategy? Remember to address the aspects of the augmented product model, for
example you could address the major product components (e.g., package, label, etc.). How will
the product be positioned? What is the branding strategy? Detail your strategy and discuss
why it is the most appropriate one for the product and the market.
Pricing Strategy
Of all the available pricing strategies, which one makes sense for this product and why? What
should be the price of this product? Why?
Distribution Strategy
How will the product find its way to the customer? Will you use marketing
intermediaries? Channel partners?
Marketing Communications Strategy
How will customers know about your product? What is your plan? Is this a product that would
benefit from digital marketing or social media support? Influencer marketing? Print, TV? Why?
Other Resources
Are any other company resources needed to successfully bring this product to market? For
example, will there be a need for marketing research? If so, specify what types you
anticipate. If not, you may leave out this section of the plan.
Legal & Ethical Issues Analysis
Will you create a new name or any patentable intellectual property for this product? Would you
wish to protect those assets legally? Identify any regulatory or other legal issues that may affect
the marketing of your product and discuss how you plan to address those issues. You also will
mention any potential ethical issues you have identified with your product and how you plan to
address those issues.
Measurement of Results
How will results be measured and when? Be specific about the metrics that will be used and
how. How do these relate to the marketing and financial objectives established earlier in your
plan? Are you measuring the correct outcomes?
Conclusion
Remember, the marketing plan is itself a communication tool. This is the place where you have
your final opportunity to make the “pitch,” so don’t waste a word. Repeat only the highlights
and make a strong close.
Overall Feedback
An interesting group of products and services. However, they aren’t exactly novel concepts,
which are, admittedly, often difficult to conceive of.
Additional information could have also been provided to help evaluate the feasibility of these
new product concepts. For example, what might be the expected rate of adoption?