Fundamentals of Marketing: Walmart's Marketing Plan for New Products

This report details a marketing plan for Walmart, focusing on the introduction of a low-fat ice cream and dessert range. The report begins with an introduction and then discusses Walmart's mission and vision, followed by a SWOT analysis to assess its strengths, weaknesses, opportunities, and threats. It then outlines specific marketing objectives, emphasizing customer satisfaction and market penetration through a cost leadership strategy. The marketing plan includes customer segmentation based on demographic, geographic, and behavioral factors, targeting primarily young professionals and students. Market positioning aims for a customer-centric approach, and the marketing mix covers product offerings, pricing strategies, and promotion plans. The report concludes with a summary of the key strategies and recommendations for Walmart to successfully launch and market its new low-fat dessert products, emphasizing product development and market development strategies.

Running head: MARKETING
Fundamentals of Marketing
Name of the Student:
Name of University:
Author Note

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Table of Contents
Introduction......................................................................................................................................3
Discussion........................................................................................................................................3
Mission and Vision......................................................................................................................3
Marketing Audit...........................................................................................................................4
Marketing Objectives...................................................................................................................6
Marketing Plan.............................................................................................................................7
Market Positioning.......................................................................................................................9
Marketing Mix.............................................................................................................................9
Conclusion.....................................................................................................................................11
References......................................................................................................................................13

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Introduction
Strategies are very important for setting future course of actions in order to achieve goals
and objectives. Marketing strategies can be referred to be plans which are developed or an
organization to achieve the intended outcomes in the business. These strategies offer a
framework for successfully achieving the goals asset by the organization through collective
efforts. Marketing plan is developed out of marketing strategies which are to be followed in
order to actualize the future course of actions. The plan includes selection of the target audience
in the market and product offerings to be made available in the market. Well-developed
strategies will help a company to increase profits and gain competitive advantage in the market
over existing companies in the market (Aghazadeh, 2015). The marketing plan which will be
developed in the report is of Walmart to promote low fat ice cream and dessert range, which the
company intends to sell in the market.
Discussion
Mission and Vision
Walmart is one of the biggest retailers across the world, when it comes to employees,
product offerings and revenue earnings in the market. The mission of the company is to ‘save
people’s money so they can live better’ (Walmart.com, 2020). The ideals of the company are
based on allowing people to save money even while choosing to live quality lives and thus, the
company brings various product offerings to the customers at amazing prices. This attracts great
customer base in the market as they also ensure that their products meet great quality and
standards by emphasizing on the latter part of the mission- ‘live better’. The corporate vision of
Walmart is based on to become the ultimate destination for the buyers where they can save their

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money as well as make purchases of the products they need to make standard living
(Walmart.com, 2020). The company responds to the retail market and the competitive landscape
to set future objectives and make changes in the strategies, as required to sustain the market.
Marketing Audit
SWOT Analysis will be conducted to understand the strength, weakness, opportunity and
threats of the company to be able to understand the advantages, which can be utilized by the
company in the following course of action and plan, to be executed. The analysis will help in
minimizing risks and allow to address the possibilities of profitability.
Strengths
1. Walmart’s business is great in size which is spread across various countries. The
company has expanded globally and has got into joint ventures with companies such as
Flipkart, which is an Indian E-commerce, which has been a great venture for Walmart.
2. Walmart has gained extraordinary brand recognition, as customers are happy to associate
with the company and purchase products from its stores.
3. The global logistics and supply chain of the company is enhanced, which is one of the
core competencies of Walmart and helped it emerge as a strong force in the market.
Weaknesses
1. Walmart has been heavily criticized for ill treatment of the employees. The employees
are reported to be paid less than they should earn, while they are made to work in poor
working conditions.

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2. The strategy which is employed by Walmart is Cost Leadership. The company has thin
profit margins, because of the strategy, as they aim to keep their prices low, which makes
the profit margin smaller.
3. The business model of Walmart can get subjected to imitation very easily. The business
strategies which are implemented by other companies, which will hamper competitive
edge of Walmart in the market.
Opportunities
1. Walmart can enter new markets, which the company has not yet ventured into, which can
prove to be very beneficial for the company. Walmart can choose to enter countries in the
Middle East, China as well as Latin America.
2. Walmart can enhance their business by developing effective policies and practices of
Human Resource Management in the company. Thus, the workforce, will be helpful for
growth and development of the company further.
3. Walmart can create alliances and partnerships for their expansion, with firms which are
great in size. The company will also be profitable by engaging in acquisitions made by
smaller companies.
Threats
1. One of the biggest challenges which Walmart might face is the severe competition in the
market.
2. Walmart has great recognition and reputation in the market, yet companies which offer
similar products in the same price range, might be more preferred in the market.

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3. The company should follow laws and regulations in order to avoid political or legal
issues while their ongoing business.
Marketing Objectives
The aim of the company is to maximize its profits. Walmart is intending to introduce new
products to the offerings of the company, which would include the low fat dessert and ice-
cream range. The aim of Walmart is to increase the demands and meet it in the year to come.
The primary strategy and priority for Walmart’s business is so that they are able to keep the
customer satisfied with their product offerings. The low cost pricing strategy is based on the
vision of the company, which ensures the people have access to the commodities which are
needed to make quality living (Sen & Joseph, 2016). Walmart caters to the needs of the
market as well as the customers, by developing their product ranges, opening new stores and
modifying strategies to sustain the market conditions.
A marketing plan will help Walmart to address the demands in the market and give rise to
a loyal base of customers which offer products and services to the customers at the lowest of
prices. The aim of Walmart, while introducing the new products and implementation of the
new strategies, it will be kept in mind, the priority of the company is to penetrate the market.
However, while introducing the new products in the market, the plan will be to focus on
market development (Loredana, 2016). This would enhance the business and potential for
growth in the market. With the help of this strategy, the company will be able to offer its
great range of products in the mart, to a bigger audience and target customer, in a different
market altogether (Varadarajan, 2015). Walmart, will, thus be able to enter newer markets by
offering their products, which will ensure that the customer base is even bigger which
increases purchases and reach in the market. Walmart, thus will set up shops newer countries

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to cater to the demands of the people by offering its great range of products. The cost
leadership strategy, which the primary concern of Walmart will support intention to focus on
Market Development, to achieve competitive strategy.
Walmart, in the next course of function will also focus on Product development, as it will
allow the business to provide new products which will fascinate the buyers (Loredana, 2016).
For this, it is very important to understand the expectations and demands of the customers.
Using the Product Development strategy, the company shall be able to make positive growth
in the market as they will be able to improve and enhance their services and products
(Loredana, 2016). Product development will therefore, be specific to the new products, which
will be offered by Walmart at affordable rates.
Marketing Plan
Customer Segmentation
Customer segmentation will help the company to set the target audience to whom the
company will be able to sell the products by making the customers interests and successfully
becoming loyal customers of the company too. Customer segmentation various according to
the products and industries, to be able to reach out to the target audience of the company
(Gichuru & Limiri, 2017). The marketing efforts, thus, in the next actions, will be determined
with respect to Geographic, Behavioral and Demographic preferences elements.
 The demographic segmentation is very important to determine the primary audience
of the products and services which are to be sold by Walmart. The aspects which are
taken into consideration for developing the customer segmentation include Gender,
age, education, age , income, occupation and so on (Dogan, Ayçin & Bulut, 2018).

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The products will be targeted to the audience who are aged between twenty and forty.
As these people, who are aged between the specified age, are usually students and
working professionals. They tend to lead hasty lives in which they tend to prefer
experiences which can be availed faster. The product range will be extremely
attractive to them due to the purpose it serves as the younger generation tend to like
such products more as compared to people older. Students and working professionals
will be able to gather their products easily at Walmart as they can get everything
under one roof and easily.
 While making the geographic segmentation, it is very important to specifically target
the locations, where the products will be made available based on the responses it
might have. The factors which will be taken into consideration include climate, region
and state (Gichuru & Limiri, 2017). The culture and climate should also be taken into
consideration to determine the responses. The target audience of Walmart will be to
make the products available at the tier one regions and the metropolitan cities. This
would be followed as people in the cities are more inclined towards low fat food
ranges, as they are more health conscious.
 Behavioral segmentation is done on the basis of the involvement with the brands, and
the aspects which influence the behavior of the buyers. There are many components
which are taken into consideration to determine segmentation of behavior of the
buyers. The elements which shall be evaluated for behavior segmentation are thought
processes of the buyers, usages and the occasion of such usages. For Walmart, in the
next courses of action, the company would focus of customers who are conscious
about quality primarily. The people who would be interested to buy, their primary

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motivation will be based on the purpose it serves (Gichuru & Limiri, 2017).
Customers who emphasize on quality of the products will be addressed, as they tend
to be more inclined products like low cost ice cream demand and supply.
Market Positioning
Walmart intends to be known in the company which provides the most essential
commodities which are required for sustenance. The company would like to create a brand
positioning of the company among the customers for offering products at cheap prices. The
company focuses on increasing its sales and penetration rather than offering products which are
of premium quality and are targeted to specific customers of the society solely. Walmart wishes
to gather the position which is customer centric and nature and convinces the buyers to perceive
the company as the one which prioritizes customer over all (Baker 2014). However, the primary
objective of Walmart will be, to emerge as the company which is relatable with low prices,
which caters to the needs of all customers, under one roof. This would give rise to commodities
which have great quality, pleasant experience and support of the staffs to resolve issues and
enrich the buyers through engagement,
Marketing Mix
Products
Walmart offers great range of products in the market. The company aims to identify and
offer the products which are needed and desired by the customers, in the market. Thus, product
innovation is a part of the company and its process of growth (Goi, 2009). Walmart will employ
strategies to develop product mix strategies which will enhance chances of profitability in the
market. The company will come up with delicious meals and food options, which have low fat
content and attract buyers who are conscious about health. Walmart will introduce various

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products in their product range which will interest the buyers to choose their best suited product.
These products will help the company achieve loyalty among customers as the company shall
also provide huge discounts too.
Pricing
One of the most pertinent element which determines success of a company is the pricing
at which the products are made available in the market. The price of the product ensures whether
or not the products will be sustainable or continue to be sold in the market. Pricing would
determine how much the product will be able to face the competitiveness win the market. If the
prices are set to be low, there will be more demand for the products, however, if the pricing is set
to be high, only a section of the society will be able to afford the products (Goi, 2009). Walmart
shall keep the pricing of the products to be released in the market low, even though the products
will be of great quality and standard to maximize sales instead of products which are high priced.
Place
Location plays a very important role in business. The products and services are to be
accessible by the customers. Walmart makes use of various strategies which help it reach
customers. Thus, the products will not only be available on the ecommerce platforms, but also in
stores. People who cannot physically go to the stores can purchase the products through
ecommerce platforms. A distribution channel which connects all the stores will make it
convenience and easy to ensure that products are available (Goi, 2009). Walmart will ensure that
the products are available online as well as at offline stores. The specialty stores will meet the
needs of the customers accordingly.
Promotion

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The promotional activities play a great role to attract buyers. Walmart shall offer various
discount schemes which will benefit the buyers and make them feel valuable to be associated
with the company. Various advertising media and platforms are to be used to notify people about
the products and its offerings (Goi, 2009). Shipping methods are to be made sure and
communicated about it, to the buyers. The policies of replacement and about warranties are to be
dealt with, with utmost priority to ensure trust and reliability.
IMC Plan
A great emphasis shall be laid on the communication process, with the target audience.
The integrated communication approach will comprise of campaigns, modern day
advertisements, and advertisements to be done at the stores, social media platforms and digital
and mass media (Kliatchko, 2005). This will strengthen the knowledge of customers about the
products and company offerings. The stores are good destination to meet the shopping needs of
the buyers, and thus, in store promotion will be of great attraction and understanding of the
buyers, about the products (Goi 2009). The customers, will also be given free demonstration and
sample testing in stores, to encourage them for purchases. However, in the age of digitalization,
social media is the greatest tool which can be used as a medium to make customer involvement
and make them aware about products and services, especially the ones to be introduced.
Conclusion
It can thus be concluded by saying that the company should ensure that the buyers are
well aware about the company and the products which are to be introduced in the market.
Marketing strategies are very essential to be developed in order to determine and develop a
blueprint to be followed in order to achieve success. The company is intending to launch new
products for which a marketing plan is very essential. A close market audit shows that the

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company should work on the weaknesses, such as employee management, margins of profits and
the threats posed by the market, to enhance success and profitability. According to Ansoff
matrix, it has been found out that the company should be following market and product
development which shall ensure greater chances of success. The customer segmentation of the
company based on demography should focus on working professionals and students aged
between 20-40 years of age. The geographic segmentation should be in the metropolitan cities,
which the behavioral segmentation should be based on quality consciousness among the buyers.
The IMC plan of the company should focus on print and digital media more to engage buyers
and draw their attention to create product knowledge.

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References
Aghazadeh, H. (2015). Strategic marketing management: Achieving superior business
performance through intelligent marketing strategy. Procedia-Social and Behavioral
Sciences, 207, 125-134.
Baker, M. J. (2014). Marketing strategy and management. Macmillan International Higher
Education.
Dogan, O., Ayçin, E., & Bulut, Z. (2018). Customer segmentation by using RFM model and
clustering methods: a case study in retail industry. International Journal of
Contemporary Economics and Administrative Sciences, 8(1), 1-19.
Gichuru, M. J., & Limiri, E. K. (2017). Market Segmentation As A Strategy For Customer
Satisfaction And Retention. International Journal of Economics, Commerce and
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studies, 1(1), 2.
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(IMC). International Journal of Advertising, 24(1), 7-34.
Loredana, E. M. (2016). The Use Of Ansoff Matrix In The Field Of Business. In MATEC Web of
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marketing. International journal of advertising, 22(1), 93-115.
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