Marketing Plan: Phase Ill MAKE/421 Innovation is a very important aspect for operating a business. Developing new products and services can increase a company’s brand name, growth as well as revenue. The success for many established companies that remain in business for many years is due to providing the same product or service of satisfaction to their consumers based on traditional habits for managing their establishment. There are those companies that believe in keeping business to the basics, there are those companies that thrive off the risk of new ideas and ways to expand the organization verbal.
Some businesses will make a point to implement new developments that presents value and quality for their consumer markets, while in the meantime giving off an impressionable reputation of success for the business. A company like Walter is always thinking of new ways to keep their brand name alive in the mind of many consumers. Although consumers can visit Walter locations for a mixture of reasons, an organization like Walter will always have to maintain their customer needs and dedication at all times.
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Creating a new service hat will bridge the public closer to what is needed in their daily lives can be accomplished by gathering the resources from customer surveys. The input when acknowledged can be very beneficial to what the average buyer’s concerns are. Introducing a new service that gives customer the flexibility to choose between physically attending the facility for shopping purposes; having it delivered to one’s door step. In other words to expand a business environment, concepts such as improvisation, product, consumer input, and strategic ideas that recognizes the buyer’s interest is vital.
There are many attributes of the new service offered by Walter. The benefits of grocery and pharmacy delivery will open the organization to many new customers as well as existing customers. Home delivery of these products will allow consumers the ability to purchase items from somewhere other than within the local store. For example, people who may have difficulty getting to the store due to a physical disability can utilize the service to purchase needed medications and food products without the difficulty of traveling.
Another significant attribute of the delivery service s the convenience it can offer. With the option of home or business delivery companies will recognize the value of purchasing needed basics, like break room supplies, without having to send employees to purchase those same items while on company time. Also individuals who are too busy to visit the nearest Walter will be able to make purchases from a more convenient location such as their home. For example, the ability to place a large grocery order for a holiday party would be a significant time saver for busy individuals.
The ability to have pharmacy deliveries Marketing Plan By itemization notations sicknesses. At the same time this would allow these same individuals to avoid traveling in public and potentially passing that same sickness to other store shoppers. Offering the convenience of home and business delivery or grocery and pharmacy products will provide an in demand service. Combining Walter’s low prices with the service will give consumers who cannot make it to a store a viable solution. Also busy individuals will have the flexibility and convenience of delivery when making purchases.
As we have established, Wall-Mart newly created service, the delivery service of tooth groceries and pharmaceutical, has been created in order to enhance Wall-Mart perception on their motto, Save money. Live Better. It is through this newly created service that Wall-Mart’s customer can truly get the best on both worlds by saving money, live in convince, and thus live better. Now when looking at this service or any service for that matter, one must take the product life cycle, factors that its movement and pace of the product or service into consideration.
As many individual understand a product life cycle has four stages in which the product or service must go through, ginning with the introduction, going through the growth and maturity stage, then finally ending with the decline stage. When in come to Wall-Mart services, once the public usually becomes aware of it is done not take much time before the customers take full advantage of the service. With that said I believe that the introduction stage will be quick and short, almost Jumping right into the growth stage.
Meaning that the pace the service will be moving from the introduction to the growth will be rather fast. From then the service will continue into the growth stage for a bit where t will have the most advertising and promotes, which will in turn gain them the most customers and profits. From there the service will reach the maturity level where Wall-Mart’s competitors will begin to increase their efforts to create a similar service for a similar price and this will also be the time where the customer and profit level are for the most part stable.
The pace from the growth stage to the maturity will most likely take a bit longer time to reach from this will be the time when many customers will take full advantage of this service. As for the declining stage, we all know that al products and services, even good one must come to an end, but this service will most likely not reach this stage for many year, if at all while Wall-Mart is running, the pace from maturity to decline will rather slow to not at all.
In the end the main factor that with effort the service movement through the life cycle is the customers demand for the service, as long as the customer have a need and want for the service in will continue to go through the product life cycle and remain in it, that least until it is no longer wanted or needed which it we led to the decline stage and the end of the arrive. In order to make available the product and service of delivering groceries and pharmaceuticals directly to the homes of our Wall-Mart Inc. Customers, Wall-Mart will need to fine-tune all marketing strategies to provide potential customers with outstanding service. It is important to have the most effective positioning and differentiating strategies in order to reach the specific target market, therefore by being clear on the results we want from our customers the product, promotion, and all other marketing mix decisions should address their needs and wants to According to the reading in Basic Marketing chapter 4, “by differentiating the market mix to do a better Job meeting the customer’s needs, the organization must build a competitive advantage”.
Moreover, offering a unique product is not always easy because of all the competition in the market place from other organization; however a differentiation strategy can work as it will target customers and their relationship to keep them satisfied before, during, and after every purchase or deliver. We can also expand our grocery and pharmaceutical delivery services from the neighborhood Wall-Mart market stores that already existing within the community by using the positioning strategy.
The positioning strategy Wall-Mart has design assists the company by offering an image to occupy a distinctive place in the minds of the target market. Increasing a desire in the minds of all potential customers whom necessitate our product and service strengthens and engages the community with convenience, and easy accessibility to our product creating brand loyalty. When the positioning and differentiation strategies are put in place customers will see our product and reveres as uniquely tailored to their wants and needs. When it comes to the pricing, it is very important that it works with what the service will be.
A price set up to high could affect the success of the service; a price set to low will not make the needed sales to keep the service going. To establish the correct price some research will be needed, and this is to determine the competition that offers the same service. There are some factors that should be considered and finalized before determining the price for the services, how many employees will be added for the deliveries, what their salary will be, what the transportation will be, and the amount of gas needed for the transportation.
These are the basic direct factors that will affect the price for the service. It is better to add in all of the cost and together, and determine the local price of living and calculate a good price. It should also be a price that starts at the minimum set price, and determine to add or subtract the price with the amount of groceries or pharmaceuticals, specialty delivery times, and the extra travel needed to deliver the goods. The set price will be to go award the transpiration cost and gas.
Again, before any of this is properly calculated the factors must be understood and examined to the best of it capacity. The demographics for one store will not be the same for another store and nor will the price. Looking at all of the challenges and issues will also be something that will determine the correct price for this service. Walter will need to look at it all before moving into the next step of this service. In conclusion, the idea of this service is to take what many consider a dreadful thing into a pleasant and convenient thought.
The home delivery of every day goods and pharmaceuticals will change the shopping experience for those who need the change, and with life being so busy for many these days. What a better service than this provided by an organization that always provides is customers with low prices and satisfaction. These are all elements that say that it will succeed and change the future of shopping for many. References: Perpetual, W. D. Jar. , Cannon,J. P. , ; McCarthy, E. J. (2011). Basic marketing: A Retrieved from: HTTPS://campus. Phoenix. Du/content/bookbindery/content/ reader. Asp