HR

1

Running Head: STRATEGIC MARKETING PLAN

11

STRATEGIC MARKETING PLAN

Strategic marketing plan

Christina Williams

University of Phoenix

Strategic marketing plan

Part A

Company description

My company is called Byron’s Company; Byron’s Company gives retail layout through the sections of food mart, greengrocer, hypermarkets, stores, and cash-and carries stores. My company's aim is to save customer’s money so they can live well. This is shown by the company slogan save money. My company inventiveness is to create every day easier for committed households, committed household are the core goal for our business plan. Our production line description is that we are chain stores in surplus size of even retailer, and we provide various lines of items and services. Our product lines are precisely planned to be bought by our selected consumers on regular grounds. My company is the leading company in my region by revenue, our revenue of US$220 million, according to the survey of the last year 2020, with the employees approximating to 100.

Environmental analysis

Competitive forces

Our company faces competitive forces such as rivalry competition from our rivals and threats of new entrants. The new entry of other companies into the market has brought competition for customers. (Xu, 2019) These new companies are offering relatively cheap products and professionalism in their services is high. Through these competitions, our market share has reduced to 30% because of competition, but we still have control over the market because of our great customer experience.

Economic forces

My company is under significant pressure from economic changes. Through these changes, our revenues have changed, and these forces include decreasing unemployment in our region, continued of developing countries because our business is worldwide, and stability of major economies.

Political forces

The political force our company face is political pressure for higher wages, our company is receiving political pressure to increase wages for our workers. (Curtis, 2020) This is a pressure for us because due to the economic situation we cannot increase the wages of our employees because we will be running of losses.

Legal, regulatory and ethical issues

My company is experiencing the legal issue of tax law reforms; this threat affects my business because it leads to high tax rates. Also, we face regulations from the health organizations about the regulations on health and safety of our employees in the workplace, this regulation affects our business by setting extra funds to cater for the safety of our employees.

Technological forces

Our company is affected by the trends of technology; this is because our business is retail that deals mainly with online services that are about the customer ordering the product online and waits for the item to be delivered to his/her door. The increase in business automation is an opportunity for us, also the business analytics and increasing mobile device usage among consumers.

Social forces

The social elements in our work surrounding increased our consumer insight and tastes, these forces are healthy lifestyle shifts, cultural diverseness shifts, and urbanization.

Current target market

Our current market is based on demographics, our customers span a variety of age groups. Our target is mostly concentrated among the age of 25-44. Through the geographical strategy, our current market is concentrated on African American, Asian, Caucasian, and Spanish.

Current marketing

Our company has laid strategies about how we communicate to our customers about our products. We have utilized social media, media such as televisions, and electronic media such as the use of mails. Our customers can get information about our products through various ways such as advertising, sending information to their email address about our products.

SWOT analysis

Strengths

Our company has the competitive advantages of being the largest retailer in our region, through this we can have economies of scale by sharing our fixed costs over many products which enable to be the cheapest place to shop for our customers. (Vlados, 2019) well organized and successful use of resources, through this, we use our resources such as spread of facilities, data systems, understanding, and other abilities and expertise more structured and successful over our locations of operations.

Weaknesses

The weaknesses our business face is employee treatment and networking conditions, this is due to the worldwide operation. The large span of control, due to worldwide operation, due to high extended size and massive span of control cannot cover some areas in our company. Thin profit margin is another weakness for our company; this is because of competition in the market.

Opportunities

The opportunity my companies have is, improving quality standards of our products, enhancing human resource practices, strategic alliances, and expansion to the other markets.

Threats

Our company faces a lot of threats and they negatively affect our operation; competition is a major threat for our operation. (Vlados, 2019) Employee’s turnover, due to low wages, some of our employees tend to look for companies with better payment hence leaving a void in our company.

Strengths to opportunities and converting weaknesses and threats

Our company must face the threats of competition and employee turnover to convert them into strengths by, we should compete effectively to gain control over the market with our big market share. For employee turnover, we should offer wages which are good to our employees and to attract more employees from other companies. Through gaining these strengths we will be able to convert them opportunities like global expansion and effective resource management.

Marketing objectives

Our market objective is to offer efficient pickup, by improving the efficient merchandise pick up and home delivery services. This is planned to reduce the home delivery from 30 minutes to 20 minutes. Raise the wages of our employees by 10%, we will also increase in our automation by employing the needed types of equipment, the process is aimed at increasing the sales from 60% to 80% in 3 months.

Part B

Internal data

source	What it measures	data	Potential usage
Sales information	Weekly sales on a particular product	Average sales that are a week in US dollars for every of 5 products	This information can be used to evaluate the sales effectiveness
Purchase information	Monthly purchase on a particular product	Average purchase that in a month in US dollars for each 10 products	Can be used to measure the purchase of the business in a month time
Employee payment	Monthly payment of employees	Average payment of employee in US dollars for every 5 employees	Can be used to measure the money the company spends for payment of wages

Secondary data

source	What it measures	data	Potential usage
Retail store analytics	The dollar value of sales by a quarter by major product class	Total sales of major players	Market share analysis
orders	Dollars by major orders	Total orders by major players	Seasonal patterns
purchase	Dollars by the purchases	Total purchase by major players	Seasonal patterns Market share evaluation

Primary data

source	What it measures	data	Potential usages
surveys	Describe a population in terms of who they are.	qualitative	Forecast the population future behavior, preferences, and satisfaction
Focus group	Product usage Identification of team level satisfaction	qualitative	Recognize various responses of market segments product.
Social media monitoring	Keeping tabs on the information about your industry	qualitative	The response of people about your brand compared to the brands of your competitors

Customer relationship management

CRM touch point	Purpose and CRM objectives	data	Potential usage
Consumer account data on the website	Initiate the profile for visitors	To know the location of our customers	To be able to track new customers.
Customer thoughts on the website	Create a page where the customers can access the company	To be able to know the thoughts of our customers	We can use this information to strengthen our areas of weaknesses
Customer contact	Create a contact line for example providing phone numbers	For the customers to be able to place their orders	This information will help us to measure the sales made online

Part C

Market strategy, marketing channels, implementation, and monitoring

New market target markets

Our business has the intention to improve in the current market and to initiate a strategy for new markets. We are concerned to improve the quality of our products, reduce the price of our products as our slogan, and increase the distribution of our product worldwide, utilize all the forms of promotional including online promotion.

Marketing implementation

As a business, we need to convince our customers that the low price does not mean that our stores are cheap. Also, we need to improve on corporate social responsibility. The company sale decline is the result of our consumers shifting to our competitors such as target.

Marketing communication channels

channel	Target market	advantages	disadvantage
Advertisement on media	All residential	Covers large population	It is expensive and requires good relations with the media
Direct email	Middle class residential	It has coupons	It is expensive and offers a low return rate
Contact line	All residential	It has a quicker response	It is expensive in terms of; it needs an employee who will be able to answer these calls

Strategic actions

action	Date of completion	Persons responsible	Standard/ metric
Design for email	1/4/2020	Teddy graphics	Approval senior marketing team and legal
Advertisement on media	1/5/2020	Smith group	Approval by public relation manager
Installation of contact lines and center	1/7/2020	Martin communications	Approval by information technology manager

Monitoring

Action	Target	Person responsible	Inter-measurement
Design for email	1000 new inquiries	Western regional manager	200 new inquiries in the first-month campaign
Advertisement on media	2 million customers	Public relation manager	20000 new customers in the first month of the campaign
Installation of contact lines	200 new calls	Information technology department	100 new calls in the first month of the campaign

Reference:

Xu, D. (2019, December). Economic analysis of core financial competitive forces in the Internet age. In 2019 International Conference on Economic Management and Model Engineering (ICEMME) (pp. 515-517). IEEE.

Lane, H. (2020). The “Dulled” & Disappearing Gem City: An Attempt to Restore the Social and Economic Forces of Dayton, Ohio While Incorporating Ecological Principles.

Curtis, G. L. (2020). Big business and political influence. In Modern Japanese organization and decision-making (pp. 33-70). University of California Press.

Vlados, C. (2019). On a correlative and evolutionary SWOT analysis. Journal of Strategy and Management.

Jin, H., Wang, H., Park, S. T., & Kim, Y. K. (2018). Research on Marketing Strategy of Traditional Retailers under the Background of the Internet--A Case Study of Wal-Mart. INTERNATIONAL JOURNAL OF EMERGING MULTIDISCIPLINARY RESEARCH (IJEMR), 2(3), 27-32.