2 Answers | Add Yours
Supermarkets are actually very difficult businesses. They have small profit margins, but very high product turnover. Supermarkets basically survive by selling a lot of product and making a small profit on each item. Competition is fierce and the price differential slim. A marketing plan should focus on getting customers into the store, and hoping that they will buy more than one item.
Since your question is a little vague, I would suggest choosing a product for which the profit margin is a bit higher. It might be a product acquired at a larger discount than normal. Then, you will be able to lower the price and advertise a lowered price. Since most people buy more than one item at a supermarket, you can make a higher profit on other items the person buys but you have given them the incentive to get into the story.
You can create a display for the product, and include other items that are similar and have higher profit margins near it. Customers who came to buy that one product may also buy the other.
Otherwise, general supermarket marketing is fairly typical. Generate colorful displays of products you want to sell fast. Discount items with high profit margins, and place impulse items, such as bakery items, fruit and junk food, in aisles and next to the checkouts.
A marketing plan i spretty much the same no matter the business. Your plan should consist of the following elements:
- business mission statement
- S.W.O.T analysis (Strengths, Weaknesses, Opportunities, Threats)
- Marketing Strategy (Target market, marketing mix-product, distribution,promotion, place)
- Financial information
Your mission statement should answer the question "What business are we in?". Your marketing objectives should clear and well stated. A marketing objective is a statement of what you plan to accomplish through marketing activities. In teh SWOT analysis there are two categories; internal, which are your strengths and weaknesses and external, which are yoru opportunities and threats. In this case a weakness could be yoru low profit margin. Your SWOT should also talk about your competitive advantage and product/service differentiation. Your marketing strategy should define your target market. Some supermarkets target a particular group or demographic. Your market could simply be the area in which the store is placed. The marketing mix consist of the four P's (Product, place, promotion and price). Each P should have at least one paragraph. last but not least is your financial information for the marketing plan. This should include any promotional giveaways, coupons, sales, advertising, sponsorshis, etc.
We’ve answered 319,845 questions. We can answer yours, too.Ask a question