Assignment On Marketing Plan for

Marketing Plan for
XXXXX
Student XXXXXXXXXXXXXXXXX
SID XXXXXXXXXXXXXX
7003MKT – Marketing Foundations
Convenor: XXXXXXXXXXXXXXXX
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Executive Summary
The sole purpose of writing this report is to analyse the market of Wesfarmers and
reposition it to them with a new marketing mix plan. The report is based upon the
subsidiaries of Wesfarmers, a departmental store, that carries its operations in Australia
and a couple of other countries too. The report will talk about the various strategies that
will be adopted by the sub groups of Wesfarmers such as Kmart and Target to strengthen
their brand name and differentiate their range of products. A detailed marketing mix has
been provided which consists of place, price, product and promotion with an extra
emphasis on the product and its price. This is so, because the new business model of the
company demands a high range of products for Target and lower range of products for
Kmart.
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Table of Contents
Table of Contents
Executive Summary........................................................................................................... 2
Table of Contents............................................................................................................... 3
Target Market & Positioning............................................................................................... 4
Selection of Target Market.............................................................................................. 4
Positioning Strategy........................................................................................................ 4
Positioning Strategy..................................................................................................... 4
Positioning Map........................................................................................................... 4
Marketing Mix Strategies................................................................................................... 5
Product........................................................................................................................... 5
Describing the product attributes................................................................................6
Price................................................................................................................................ 6
Promotion....................................................................................................................... 6
1. Copy:.................................................................................................................... 7
2. Media:.................................................................................................................. 7
3. Customer and Service Support.............................................................................8
4. Personal Selling.................................................................................................... 8
5. Sales Promotion................................................................................................... 8
6. Trade Promotion................................................................................................... 8
7. Public relations/Publicity......................................................................................8
Place............................................................................................................................... 9
Distribution model....................................................................................................... 9
Evaluation and Control....................................................................................................... 9
EVALUATION OF WESFARMERS GOAL/OJECTIVE...........................................................9
Implementation and Schedule.........................................................................................10
Gantt chart................................................................................................................... 10
Conclusions and Recommendations.................................................................................11
Reference List.................................................................................................................. 12
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Target Market & Positioning
Selection of Target Market
The target market chosen for this plan is for the existing customers of Wesfarmers
only, which is for the Kmart, Coles and Target customers (Lepore, 2014). Since,
Wesfarmers at present is not being able to earn the profits that it originally should, a new
marketing plan is devised to address such issues (Australia, 2014). The plan is to make
Target an outlet for the high end and middle upper level customers as Kmart already
addressed the needs of the lower level and middle lower level customers (Lepore, 2014).
This will be good for the subsidiary companies, Kmart and Target, as they won’t have to
compete against each other anymore coming from the same parent company. This at
last, will be beneficial or Wesfarmers as well (Australia, 2014).
The target strategy adopted by Target will be a concentrated marketing strategy,
that is, it will only be concentrating a particular section of the society, that is, the well-off
community (Casadesus-Masanell, Van den Steen & Elterman, 2018). With the help of this
strategy, the customers can easily identify their place of needs and this will develop the
consumption and use patterns of individuals (Australia, 2014). In other words, this
strategy might increase the buying motives as well the buying decisions as the products
will now be segregated based upon its value and brand and will receive specific
responses (Schuetz, 2015).
Positioning StrategyPositioning Strategy
It is necessary to know where a company stands amongst its competitors. The
positioning strategy of target is to differentiate its products from Kmart in order to have a
different customer base. The unique selling proposition of the company, Target, here is
that it can be identified as a brand that sells luxurious products for daily use, this
includes home & living, electronic, kids & toys, women & men apparel, beauty and
accessories (Kilroy & Schnieder, 2017). While Kmart will have the similar range of
products at their store but within a lower rate and of a pocket-friendly brand (Minifie,
2017). The slogan decided for this marketing mix plan is – “If not here, where else?” The
purpose of coming up with this positioning statement for the brand, Target, is that it
ensures that all the products that a person might want to buy be it home décor, beauty,
clothing, electronic, kitchen appliances, toys, sports and outdoor equipment,
entertainment and many more will be available at one place (Kilroy & Schnieder, 2017).
This will save time for the customers to travel here and there for their needs as they can
go through the variety of well-known brands and compare them at just one outlet.
The positioning strategy is based on a variety of factors (Kilroy & Schnieder,
2017). The first factor being the attribute of the product, followed by product benefits
and the customer usage or the occasions and patterns that a customer follows to use the
particular product (Casadesus-Masanell, Van den Steen & Elterman, 2018). The strategy
is also based on how well the product and the value of the product meets the needs of
the customer. Last but not the least, the class of the product is the most vital factor here
that will help in differentiating the brand name (Kilroy & Schnieder, 2017).
Positioning Map
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