Strategic Marketing Plan Template for Walmart, Thesis of Financial Accounting

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1

University of Phoenix

MKT/574: Marketing: Social, Mobile, And Analytics

Strategic Marketing Plan Template

Use the business you selected in Week 1 and complete the prompts

provided for Parts A, B, and C in the weeks they correspond to. Delete

the provided prompts from each section when you finish each part.

Complete the References section as you progress through Parts A, B,

and C.

Include your name in the document’s file name when you submit it.

Wk 2 - Part A: Environmental Analysis and SWOT

Analysis

Use the information you researched in your Week 1 assignment for the

sections they correspond to in this part.

For additional resources that may be helpful with components in Part A,

refer to the resources provided on the Week 2 University Library page.

Business Description

The mission statement for Walmart is, “To save people money so they can live

better lives,” according to Edward Ferguson ( 2023 ). The vision statement for

Walmart is for customers to save money by the destination, no matter how they

want to shop. Walmart's product line includes clothing, shoes, electronics, toys,

pets’ supplies, baby, sports, outdoors, school supplies, home, furniture,

appliances, beauty, personal care, home improvement, pharmacy, and household

essentials.

Walmart has a business. The size of Walmart's business is that it is a supercenter store. Walmart “Operates more than 10,500 stores, clubs in 20 countries, and eCommerce websites. As of the end of FY2023, we employed approximately 2.1 million associates worldwide, with approximately 1.6 million associates in the U.S,” according to Walmart INC (2023). Walmart is 182,000 square feet and employs as many as 300 associates at each store location.

Environmental Analysis

Walmart Inc., which started out as a single store, has grown to become the most lucrative retail chain worldwide, according to revenues. The environmental factors in the business world that could have an impact on Walmart Company. Competitive Forces Competitive forces of Walmart are due to its scale and innovations, Walmart Inc. enjoys a competitive advantage over other businesses in the same sector. Sam's Club and the global market are Walmart's cash cows. The corporation generates greater revenue in this quadrant, but market expansion is constrained. Supercenters are part of the stars quadrant since they account for the majority of Walmart's market share and growth. With rapid market growth but low- profit margins, Walmart's neighborhood stores are a cause for concern. The final group consists of bargain retailers, whose closure will have little impact on Walmart's collected returns. The 4 management effectively invests in superstores using this matrix, turning Walmart into a megastore.

Economic Forces Walmart's sales are immediately affected by any changes in the economy. The stable economies of the participating nations, declining unemployment rates in the United States of America, and ongoing development in developing nations are a few of the economic factors that have enhanced the company's earnings. These characteristics result in a busy populace, which is Walmart Inc.'s main target market. Political Forces Given its solid reputation and awareness of any regulations that might have an impact on its business, Walmart Inc. is hardly ever impacted by political forces. Legal, Regulatory, and Ethical Issues The company's operations suffered because of the recent restriction on plastic containers. The company had to raise the cost of packing because most of its products are kept in plastic containers. The result was a 2.25% decrease in the company's profitability. Information about customers is protected from falling into the hands of unauthorized people thanks to regulations governing modern e-commerce activity. 5

Technological Forces

The modern world is characterized by technological breakthroughs. The failure of a corporation to adopt new technologies leads to its demise. Walmart Inc. adjusts its manufacturing to take advantage of the new technologies. For instance, Walmart concentrated on its baby e-commerce project when many businesses shut down physically because of the COVID-19 pandemic, which significantly increased their revenues.

Walmart with sufficient funds to support its growth and expansion. Chain of global supply. This aids Walmart in fending off setbacks brought on by market-specific risks like breaks in the local supply chains. A productive supply chain. Modern technology has been implemented by Walmart to

track and manage the supply chain. As a result, many customers have developed brand loyalty.

These advantages provide the business with an edge over other businesses. Walmart has Internal Strategic Factors which include strengths such as a , "Dominant brick-and-mortar retail presence, High-efficiency logistics, and a global supply chain along with strong bargaining power against suppliers and manufacturers. This strength enables the company to maintain a stable market share, despite aggressive competitors, like Amazon and Target,” according to Nathaniel Smithson (2023).

Weaknesses

Thin margin of profit. This is a result of the business lowering its prices and depending instead on volume of sales. It is simple to mimic their business model. The only notable differences in Walmart's concept are its sizes and costs. unhealthy rivalry with upscale niche retailers. These merchants draw a sizable number of quality-conscious, less price-sensitive clients. The Internal Strategic Factors that are weaknesses for Walmart include “Limited e-commerce operations, Absent or insignificant operations in international shipping, and Competitive disadvantage relative to specialty sellers’ product quality,’’according to Nathaniel Smithson ( 2023 ).

9 Marketing Objectives Walmart will broaden its marketing initiatives to target a new demographic group made up of 35 to 40-year-olds. By June 2022, a unique product that caters to the psychographic and technological needs of this age group must be developed. By January 2023, this plan should increase overall sales by 18.82%. There will be a 23% rise in customer loyalty and willingness to suggest the product. 10

References Edward Ferguson Walmart’s Mission Statement, Vision Statement & Strategies from https://panmore.com/walmart-vision-mission-statement-intensive-generic- strategies Walmart In (2023) Quick facts from https://corporate.walmart.com/about/location-fact Nathaniel Smithson (2023) Walmart SWOT Analysis & Recommendations from https://panmore.com/walmart-swot-analysis-recommendations-case-study