Marketing 1414

Running Head: MARKETING PLAN 1

MARKETING PLAN 5

MBA 5841 UNIT 5

Robert John Bell

Columbia Southern University

Marketing Plan

Marketing plan implementation and control involves the careful management in monitoring, evaluating and controlling the laid plan. Generally, controlling steps may involve coming up with particular performance standards, evaluation of the actual performance over the set standards, and addressing any intolerable deviations.

Executing and controlling the process follows a certain cycle. It starts with clear objectives, having a marketing action plan that includes the target markets and the marketing mix, the implementation stage and the evaluation and control with reference to the objectives of the plan. For instance, the marketing plan for Walmart targets all market segments. This is because it has the capabilities of providing all products needed by their consumers in all the demographic groups that takes into account children to adults. Additionally, it takes into account middle-income earners, (Mockler, 2016).

In implementing the plan, the company utilizes various strategies. For instance, in getting to the middle income earners, it utilizes low-cost strategy. Its products are medium quality given at a lower price than what their competitors offer. This marketable action is achievable because the company maintains the best supply chain with adequate logistics to enhance the movement of commodities and economics of scale. The other strategy utilized is offering value to its customers. This strategy aims at retaining customers and making them loyal. It also utilizes market controls as a competitive advantage that involves creating barriers to new entrants and use of the advancing technology.

Marketing controls is concerned with setting desired standards in business. These standards are mostly expressed in terms of budgets. These budgets should be reasonable in terms of sales to avoid overstretching in production. This means that all deviations in the budget and costs should be addressed appropriately. In marketing controls there are various types, these include; efficiency control, strategic control, annual plan control, and profitability control.

Annual plan control is associated with the top and middle management. It aims at monitoring the achievement of the set results. It utilizes approaches like sales analysis, the market share analysis and the sales to expense ratios. The profitability control is associated with the market controller. It aims at examining if the company is making profits or losses. Approaches include monitoring profits from product territory, customer group trade and channel order size. For instance, Walmart’s sales have been growing annually with an average annual increase in sales of 10.6 billion. It has profits in grocery products with a 2.5 times size in market share than its largest competitor. It has also experienced an increase in e-groceries to 17% market share. It has highly automated and central distributing channels operating continuously. It has more than 45 of these centers in the US, (Ansoff, 2015).

Efficiency controls. This is linked to marketing controllers, the line and staff management. It evaluates and improves spending efficiency and the implications of marketing expenses. It utilizes approaches such as efficiency of sales force and advertising sales promotion distribution. Lastly we have the strategic controls. It involves the top management and the marketing auditor. Its role is examining if the company will be pursuing the available opportunities in relation to the products, markets and channels. Approaches used here may including having audits on marketing and marketing effectiveness rating instrument, (Baker, 2014).

Walmart can utilize its opportunities like strategic partnerships, expanding into the global markets, have a culture that embraces flexibility in the human resource practices, and increase the standard and quality of the their products. Utilization of alliances has enabled it to offset competition because of its collaboration with other more prominent firms from the rest of the world. It is also utilizing its marketing opportunities so as to overcome competition from other web-based firms, (Greenly, 2013).

The pricing of the goods and services on averagely are in accordance to Walmart’s marketing strategies of offering cost effective goods and services to their customers. As they do the pricing, they also make sure that the products of high quality. The pricing also aligns with the partnership strategy. The marketing expenses are also reasonable because they were generated after carrying out thorough research in market place. The profits generated are also accepted in the industry of operation.

References

Ansoff, H.I. (2015). Implanting strategic management, prentice-hall, Englewood cliffs

Baker, M.J. (2014). Marketing strategy and management, Macmillan, p. 32

Greenly, G.E. (2013). The strategic and operational planning of marketing, McGraw-Hill, Maidenhead, Berkshire, UK, PP. 15-18

Mockler, R.J. (2016). Developing the science of management control, financial executive, December 2016, pp. 84-93

Market Expense Control Chart

Budget in dollars Marketing Strategies Objectives Target markets Positioning Total marketing mix 25000000 10000000 17000000 15000000 25000000

Items

Budget in $

Walmart's Costs & Budget in $

ProductNo. of UnitsPrice per unit in $Total revenue in $Cost per unit in $Total Cost in $Profits in $

Grocery150,0005.68400004.1615000225000

Fresh produce100,0001.31300000.77000060000

Bakery200,0008.917800005.61120000660000

Deli350,0009.432900005.218200001470000

Dairy products225,0003578750002760750001800000

Apparel167,00012200400091503000501000

Toys720,000251800000018129600005040000

Home furnishings250,000390975000003458625000011250000

Cosmetics650,0002.3515275001.25812500715000

Photo lab centers10,0002.452450011000014500

Computers560,00036920664000030216912000037520000

Laptops450,0001300585000000900405000000180000000

Printers205,00020004100000001400287000000123000000

Digital cameras236,7001002367000078184626005207400

Books 800,356108003560756024922401068

Jewelry956,354$219127081.31243260.2669447.8

Music players389,35435013627390029811602749220246408

TOTALS6,419,76415044711681113691344390779824

BUDGETS

Marketing Mix No. Price in $Advertising in $Promotion in $Sales units Profits in $

1202,000,0001,000,0001,250,00022,000,000

2202,000,0004,000,0003,000,00056,000,000

3204,000,0001,000,0002,000,00037,000,000

4252,000,0001,000,0001,000,00022,000,000

5254,000,0004,000,0003,000,00067,000,000

Totals14,000,00011,000,000204,000,000

ItemBudget in dollars

Marketing Strategies25,000,000

Objectives10,000,000

Target markets17,000,000

Positioning15,000,000

Total marketing mix25,000,000