Marketing Plan for Trader Joe's: Analysis, Objectives, and Strategies

This report presents a marketing plan for Trader Joe's, analyzing its business strategy and suggesting strategies aligned with its mission and vision. It begins with an executive summary, followed by an introduction outlining the marketing planning process. The report then provides an overview of Trader Joe's, including its market position, mission, and vision statements. It defines SMART objectives for future growth, proposes strategies, and suggests marketing tactics. The discussion covers company background, mission and vision statements, and SMART objectives focused on customer base expansion, offshore customer connections, and customer satisfaction improvement. Strategies include targeting families with a wider product range, establishing online presence, and incorporating technological advancements. Marketing tactics encompass organizing family-oriented events, sales promotions, social media marketing, online selling, self-checkouts, and e-commerce platforms. The report concludes by emphasizing the need for Trader Joe's to adopt new approaches to enhance customer satisfaction and offer value products in the competitive supermarket industry.

Running head: MARKETING PLANNING PROCESS
MARKETING PLANNING PROCESS
Name of the Student
Name of the University
Author Note

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Executive Summary:
The purpose of this paper is to understand the business strategy of Trader Joe’s and
suggesting strategies in sync with their mission and vision statement. The paper presents and
overview of the company by mentioning its position in the market. In this paper, the vision
and mission statement of Trader Joe’s is highlighted. It also mentions the objectives for the
future growth of the companies followed with the implementing strategies. The paper is
concluded by mentioning few marketing tactics for the plan of action.

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Table of Contents
Introduction:...............................................................................................................................3
Discussion:.................................................................................................................................3
About the company-...............................................................................................................3
Mission statement for Trader Joe’s-.......................................................................................3
Vision statement for Trader Joe’s-.........................................................................................4
SMART objectives for Trader Joe’s-.....................................................................................4
Strategies for Trader Joe’s-....................................................................................................6
Marketing tactics-...................................................................................................................6
Conclusion:................................................................................................................................7

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Introduction:
The orderly plan for achieving marketing strategies by the following the steps for
assessing the situation, positioning aims and objectives, implementing strategies for
achieving the goals, developing of an action for implementing the strategies and reviewing
the plan, is known as the process of Marketing Planning. The report will be building the
marketing plan for Trader Joe’s. In this report, the vision and mission statement will be
highlighted. It will cover the SMART objectives for which strategies will be implemented as
well as the incorporation of the marketing tactics for the strategies.
Discussion:
About the company-
Trader Joe’s is a grocery store chain based in America. It started its operation in 1958
by Joe Coulombe. In 2013, Trader Joe’s was ranked the best among the various categories of
supermarket (Traderjoes.com, 2019). The market position brought competitors for Trader
Joe’s, the brands like Tesco and Walmart started growing in terms of their business size.
Until the year 2017, Trader Joe’s have 474 stores in 41 states (Traderjoes.com, 2019).
Mission statement for Trader Joe’s-
The mission statement of Trader Joe’s is to avail the best values and benefits of
food and beverages in almost everywhere and to facilitate the consumers with the required
knowledge about the products for a well-informed consumer buying decision. The company
aims at providing the best quality consumer contentment by these values with the feeling of
fun, warmth, friendliness as well as company spirit.

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Vision statement for Trader Joe’s-
To become the best supermarket chain in the world by tapping potential markets other
than United States for offering quality products in reasonable price with a warm and friendly
environment.
SMART objectives for Trader Joe’s-
 To grow the customer base by targeting families in specific.
S- SPECIFIC Increasing the product range by the
inclusion of major generic brands with
the private brands.
M- MEASURABLE To enhance the product category by 2:1
approach. For two private brand, a
major brand of that category.
A- ACHIEVABLE To target double of the ‘family’
segment of customer base by end of a
quarter.
R- REALISTIC The sales is expected to rise up to 20%
by adding varieties in product ranges.
T- TIME-BOUND The results in the sales figure expected
to be reflected by the end of the first
quarter.
 To expand the connection with the customers offshore.
S- SPECIFIC To be present in the social media
platform for a relaiable source of

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information and to build relations with
the new and existing customers.
M- MEASURABLE Cost Per Click (CPC) for food and
beverages section on Facebook will be
approximately $.19, cost per 1,000
impressions for the food and beverage
section on Facebook will be around
$3.99.
A- ACHIEVABLE To design an interactive Facebook page
by incorporating recipes and product
lists. It may also feature the uploads of
the fan pages to enhance the network.
R- REALISTIC The footfall is expected to grow at a rate
of 15% by increasing the reach.
T- TIME-BOUND The results are expected to be reflected
within 3 months of the implementation.
 To improve the customer satisfaction level.
S- SPECIFIC To improve the technological and
digital infrastructure of the company for
enhancing its core values of customer
satisfaction.
M- MEASURABLE To introduce 2-4 counters of self-
checkouts and to start selling its most

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popular products through the website.
A- ACHIEVABLE To be able receive better customer
feedbacks which will enhance word of
mouth advertising.
R- REALISTIC The customer satisfaction is expected to
grow at a rate of 50%
T- TIME-BOUND The feedbacks can be seen improving
immediately after the implication.
Strategies for Trader Joe’s-
 Targeting families can increase the sales of Trader Joe’s. It can be achieved by
offering a wide range of products by including major brands with the private brands to
make it a literal one-stop store for food and beverages.
 According to Ager (2014), the company does not believes in wasting money in
advertising but they can establish their presence online to portray a reliable source of
voice among other fan pages.
 Trader Joe’s can incorporate technological advancement by facilitating self-checkouts
lines and improving the parking situation (which is a concern) (Sull et al., 2017). Both
the changes will contribute to the overall customer experience of having zero hassle.
Marketing tactics-
 Targeting families with a wide range of products-
1. By organizing small events in farmer markets or malls involving children
activities, which will communicate the availability of a newly introduced
range of products for serving the whole family

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2. Sales Promotion- Discounts in ‘Family pack’ products. It will increase the
sales, as items will be bought in bulk.
 Media presence-
1. Social media marketing: Being present in the social media can help in
achieving the aim of developing customer knowledge for buying decisions as
the platform can have a mutual interaction with the customers.
2. Selling online: Trader Joe’s can aim at selling from its own website to
increase the customer base and availability.
 Improving customer satisfaction- As per Weinstein et al. (2015), the customer
experience is one of the main strategies of Trade Joes’s.
1. Technological advancement by removing the level in the supply chain.
Introduction of self-checkouts service
2. Having ecommerce selling platforms to reduce the hassle of parking.
Conclusion:
Therefore, it can be concluded that being one of the giants in the supermarket
business, Trader Joe’s needs to incorporate new age ways to enhance the customer
satisfaction level for offering value products.

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References:
Ager, D. (2014). Trader Joe’s. Harvard Business School.
Sull, D., Turconi, S., Sull, C., & Yoder, J. (2017). Turning strategy into results. MIT Sloan
Management Review. Available at: http://sloanreview. mit. edu/article/turning-
strategy-intoresults.
Traderjoes.com (2019). Homepage: Welcome | Trader Joe's. [online] Retrieved from
https://www.traderjoes.com/
Weinstein, A. T., Levy, E., Ligonde, B., Orjuela, J., Rafique, Z., & Salgado, D. (2015).
Trader Joe's-A Customer Value Case Study.