Marketing Plan - Phase Iii - 1843 Words

Marketing Plan Ââ€" Phase III Introduction Wal-Mart s third phase of its marketing plan to market and sell furniture in the new Wal-Mart furniture stores will describe the attributes of its product and services in greater detail than in the first two phases presented by Team B. Furthermore, the third phase will describe the pace at which Wal-Mart s newly proposed product line will move through the product life cycle as well as the factors that will likely impact its movement. Team B will be laying out the product life cycle and the impact it has on the marketing of the product. This paper will identify the positioning and differentiation strategies for Wal-Mart furniture stores. Additionally, the paper will identify the appropriate†¦show more content†¦Realization of profits on products in the introduction stage is highly unlikely. Products at this stage have to be carefully monitored to ensure they start to grow in the market and generate sales (Tutor2U [TU], n.d., 1). Team B believes the Wal-Mart name will help in troduce Wal-Mart furniture stores into the market. The growth stage of Wal-Mart Furniture is characterized by rapid growth in sales and profits. Profits arise due to an increase in output (economies of scale) and possibly better prices. Because this product will be introduced into the market at the competitive Wal-Mart prices, Team B believes that Wal-Mart furniture can capture a significant portion of the market. The main purpose of this stage is to persuade customers to buy the product and retain the customers throughout the product life cycle. The growth stage is typically when competition develops. Competition can erode the company s market share. Marketing efforts in the growth stage tend to focus on product differentiation and expanded distribution (Kerin, Berkowitz, Hartley Rudelius, 2006). As the industry slows down and sales decline, the product enters the maturity stage. Fewer new buyers are entering the market and costs to obtain new buyers increases. Team B believes tha t with the Wal-Mart name and existing market base, sales will maintain at fairly steady pace, with new customers regularly entering our specificShow MoreRelatedMarketing Plan: Phase Iii2489 Words   |  10 PagesMarketing Plan: Phase III Paper Marketing MKT 421 April 21, 2008 Marketing Plan: Phase III Paper A clear vision and strategy has been developed for Gatorade’s new energy drink the Drive Energy Drink. With that said, the next step to developing the product is to determine the attributes, the product life cycle, and positioning and price strategy of the product. Knowing the right look and feel of the drink can increase sales and use of the product. 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