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Submitted by patch00 on August 13, 2007
Category: Business
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Marketing Plan 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 pricing that Wal-Mart would need to undertake in order to make this endeavor work. Wal-Mart is a giant in this country and others as well, and in order to maintain its status as the "rollback king" in its current stores and any new stores as well as bring on new customer bases, its marketing strategy needs to be well thought out and planned perfectly. Wal-Mart will have to have the perfect marketing mix in order to make this work and thus doing all the proper research is required.
Product Attributes
Attributes are characteristics or properties used to measure or define. In the market place product attributes describe the way in which marketers want consumers to view products and services. Consumers use attributes as a way to measure one organization's products and services against competing brands (Attributes, n.d.)
Product attributes are part of an organizations marketing strategy and used to differentiate an organization from its competition.
Products and services have four main attributes: cost, quality, variability, and availability. Attributes can also include such characteristics as prestige, usability, country of origin, exclusivity, and type such as sporty, family, luxury)...
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