Marketing objectives
Marketing objectives define the marketing strategies that have been set up by an organization to achieve the firm’s overall goals. Marketing objectives are significant for an organization in helping the business to move forward. They are typically specific, possible to achieve, not too ambitious, and are easy to measure. The primary marketing objectives include:
- Build brand awareness
- Increase in sales
- Target new customers
The essential stages that the company is expected to embrace for development of a successful supply chain comprise of the following stages;
Stage 1: Plan.
The planning process encompasses mapping of the network on manufacturing facilities and warehouses, evaluation of the production of the level, and making specifications on transportation flows between states.
Stage 2: Source.
The department dealing with supply chain management for its effectiveness should derive measures on the procurement of raw materials and components.
Stage 3: Make.
At this stage, the company has to focus on scheduling production activities conducting tests on the products, and finally packing and releasing. The organization is also obliged to manage the rules for performance data storage, facilities, and regulatory compliance.
Stage 4: Deliver.
At this stage, the company should address the effectiveness of all the steps ranging from the processing of the customers’ inquiries to the selection of distribution strategies as well as transportation options. The company should also focus on the management of inventory and warehousing.
Walmart’s product processing undergoes a four-stage life cycle, inclusive of the introduction, growth, maturity, and decline (Wong). During the introduction stage is regarded as the most expensive stage for the company’s products .despite the fact that there are aggressive marketing and research, the performance of the products at the market at the introduction stage begins to shrink. Walmart Company has been on the run to ensure they achieve the extension of the lifecycle of its product by embracing the following modifications
- Market modification. The company has been at the forefront to ensure there is an expansion of the market for its mature brands achieved by working on the increment of the number of brands they produce and increase the number of usage rate per user.
- Product modification. Walmart marketers are also focusing on stimulating the number of sales through the change they have impacted on the characteristics of the products through emulation of the customers’ tastes and preferences (Wong).
The company majors on both products and service delivery, with the strategic relationship involving global advertisement and public relations agency the Publicis Groupe to perform its advertisement functions.
Walmart has enhanced the promotion of abundance sales by promotion measures like product bundling and highlighting on its competitive pricing strategies (Wong). For the part of the market mix promotional strategy, the company has adopted a belligerence brand promotion strategy that is the e-commerce website that attracts more customers through the gifts they acquire from the platform. The company’s life cycle platform ranges between growth and maturity phases.
Critical differences between products and services
Products defined by tangibility-Products are physical in that they can be felt, smelled, touched, or even seen. Services are intangible, so they can only be felt and not seen (Kotler and Armstrong).
Relationship versus need-products are mainly designed to meet the customers’ needs and wants and can be carried away. For the service satisfaction for the customers is obtained where nothing is taken away. The marketing of service is primarily focused on creating a good customer relationship.
Quality-comparison on the products is possible since the physical features can be held. It isn’t easy for the services to carry out a comparison of the quality as different service providers render the services. Products can be quantified numerically, but for services, they can’t be quantified numerically. The quality of the products is dependent on its nature, while for the services, their quality depends on the service providers who shape them (Kotler and Armstrong). To increase and create a positive reputation against the bad experience customer have regarding a product or service, the company is subjected to engagement in studying the customers’ preferences and tastes . This is to ensure they can make the restructuring of their products in a way that influences the customers and boosts their trust towards the company.
Functions of marketing
Promotion: The essence of promotion function in marketing is communicating information about the products and services to achieve the desired outcome. Promotion reminds, informs, and persuades the customers about the business and the existence of its products and services (Kotler and Armstrong).
Product and service management is one of the significant marketing functions involved in maintaining, developing, improving, and obtaining a product and service mix responding to market opportunities.
Work cited
Kotler, Philip, and Gary Armstrong. Principles of Marketing. Pearson Higher Education, 2018.
Wong, Tik Kee. “Marketing Planning.”