Executive Summary Objectives Marketing Plan for SPAR (Oman

In this paper, the overall objective was to develop a marketing plan for SPAR Oman with regards to its supermarkets. The plan has looked at various aspects of the business-like market & company situation, situation of the competition, SWOT analysis, and market segments has also been defined. SPAR Oman’s main objective of the marketing plan is to increase its sales as well as customer satisfaction. S, it has been recommended to produce products with new features and designs with high quality, and cover different market channels like print & electronic media, but giving special attention in engaging customers through social media platforms.

Introduction and Objectives Marketing Plan for SPAR (Oman)

It is important to trace back the history of SPAR that how it started and how it became a brand on global level. In 1932, the first ever store of SPAR was opened, but the initial name was DESPAR. The store started its journey from Netherlands as idea of SPAR was developed by Dutch wholesaler named Adriaan van Well. And after its beginning, the store got attraction from other locations as in 1947; the first store was opened in Belgium. It was just the beginning as SPAR had covered total 9 countries until year 1959. During the era of 1960s till 1980s, the store opened in more 14 countries across the world. The SPAR store was opened in Japan in 1977, Norway in 1984, Switzerland in 1989, Australia in 1994, Poland in 1995, and kept growing its reach to regions like Asia, Africa, Central as well as Eastern Europe [1]

The above mentioned history shows that how company was started and how it expanded across different regions of the world with the passage of time. The SPAR’s entry in Oman was made in 2014, when its license was given to a U.S Distribution Company named Khimji Ramdas. The worth of this company was $1 billion in total. It is one of the oldest companies operating in Oman and it has covered so many businesses across Oman such as training, retailing, trading, manufacturing, restaurants, and distribution. The annual turnover the Khimji Ramdas is $750m [2]. The company has 24 stores in Oman, and looking to cover more destinations across Oman. It is important to mention here that company has 8 independent, whereas 16 corporate stores out of these 24 stores. The company has been enjoying great success in Oman as in 2017; the store was given the award of “Oman's Most Trusted Brand”, which shows its level of success in the region [3]

The objective of this study is to develop a detailed marketing plan for SPAR supermarkets operating in Oman with regards to increasing its sales as well as achieving great level of satisfaction from Omani Customers for next three years period. It is important to understand that a marketing plan should have all the core elements and detailed analysis of the Oman market so that a targeted plan can be developed. This study will look at current market with market segmentation and the marketing objectives will be developed to give insightful recommendations on marketing mix strategy.

Current Market and Company Situational Analysis

It is important to have a look at the current market along with doing situational analysis of the company so that an appropriate marketing plan can be developed for SPAR supermarkets.

Threats of New Entrants Objectives Marketing Plan for SPAR (Oman)

It is important for any business to review that how easy or difficult it is for others to start that particular business. In Oman retail and supermarket, the entry is not an easy one, as huge investment is needed for new ones to operate such large scale business. The economies of scale need to be high and a lot of time, costs and knowledge are required to enter into supermarkets business. The technology as well as huge infrastructure with great supply networks is other barriers for entry. It means that threat of new entrants is at the lower side.

Threats of Substitute Objectives Marketing Plan for SPAR (Oman)

It is important to have a look at Oman retail and super market business. The retail industry is growing in Oman and it is experiencing great growth, which means that other big retail stores and supermarkets are going to give tough competition to SPAR Oman. The substitutes products with low prices are available in different other supermarkets and retail stores and switching costs for customers are also not high. It means that threat of substitute is high for SPAR Oman [4]

Bargaining Power of Suppliers Objectives Marketing Plan for SPAR (Oman)

The bargaining power of supplier is another considerable thing for SPAR Oman. It is a fact that there are so many suppliers are available for supermarkets to get supply of range of products, and some suppliers deal in unique products, where many are available for similar kind of products. So, overall, bargaining power of supplier for SPAR Oman is at mid-level, not too high and not too low.

Bargaining Power of Buyers Objectives Marketing Plan for SPAR (Oman)

 The buyers are becoming more aware and informed with the passage of time, and they also have so many choices in the market to but range of products from so many retailed stores and supermarkets in Oman. It means they don’t have to bear considerable switching costs and they can find similar products in other stores as well. It means that bargaining power of buyers is high for SPAR Oman.

Rivalry among Competitors Objectives Marketing Plan for SPAR (Oman)

It is evident that retail and supermarkets sector is growing and getting more intense because the SPAR’s competitors are coming up with low prices, cost effective strategies along with more innovation and technology in their business processes. The huge supermarkets are throwing great competition to SPAR Oman, and it is evident that rivalry among competitors is high, and will remain high for next few years as well.

SWOT Analysis Objectives Marketing Plan for SPAR (Oman)

 It is also important to have a look at SWTO analysis for SPAR so that it can be reviewed that what opportunities SPAR has to pursue in the future. The company has various strengths to enjoy like good brand name with good level of customer satisfaction. The company has international exposure and experience to apply in Oman’s market. The company also have strong supplier network. But there are few weaknesses as well like they are not putting enough investment for their research & development. They need to invest in obtaining more innovation and technology. The threat for SPAR Oman tells that company they are dealing with high level of demand as well as competition. The changes in the behavior of consumers are also threatening for SPAR. The local and international competitors are making competition tough for the company. But still, they have many opportunities to look at. The economic growth is good in the region so customer spending is a great opportunity for them. Moreover, they can explore more locations to expand their business and they can attract customers by bringing more innovation, new trends and technology in their supermarkets.

Market Segmentation Objectives Marketing Plan for SPAR (Oman)

In given circumstances after reviewing the market and company’s situation, it can be said that company is going well in the current Oman market, and they have expanded good enough since their inception in Oman region in 2014. The overall 24 stores is a good progress, so currently, there is no need to look for new markets, and rather they should focus on their exiting market segments. In supermarkets, they need to target market segments like customers variety of products, customer seeking low price products, customers seeking high quality products and customers seeking international level products.

Marketing Plan Objectives Marketing Plan for SPAR (Oman)

The marketing plan objectives for SPAR Oman are given below as per the SMART goal setting rule:

Specific: SPAR Oman is looking to increase its sales and shares in the market as well as building more brand awareness among new exiting customers by making targeted and well-planned marketing campaigns to engage with their customers

Measurable: The goal is certainly measurable because when different marketing campaigns will be implemented to target customers in different segments, and then results will be compared every after few months’ time, it will show whether sales and customers engagement has been increased or not.

Achievable: The marketing objectives are certainly realistic and achievable as by engaging customers in good marketing campaigns can increase sales and customer base for SPAR Oman.

Relevant: The marketing goals are certainly relevant to the overall objectives of the firm to increase sales and market shares across the world.

Timely: The overall timeframe given to achieve these objectives is going to be next three years and annual basis review will also be done to see overall progress.

Marketing Mix Strategy Recommendations Objectives Marketing Plan for SPAR (Oman)

Product Objectives Marketing Plan for SPAR (Oman)

It is recommended that SPAR Oman should come up with new range of local and international products facilitating both low price and high-quality customers. The new products should have more attractive feature, design as well as innovation.

 Price Objectives Marketing Plan for SPAR (Oman)

SPAR Oman should review its pricing strategy, and should come up with low pricing strategy to accommodate mass customer segments. The company should also provide discounts to their existing and new customers by offering any premium users cards.

Place Objectives Marketing Plan for SPAR (Oman)

It is recommended to SPAR Oman to increase the efficiency, innovation and processes related to their distribution so that demand and supply remain in control.

Promotion Objectives Marketing Plan for SPAR (Oman)

SPAR Oman is recommended to cover different advertising and marketing channels like print, electronic and online media. The company should engage more customers through social media platforms by offering different discounts and competition. Moreover, they should sponsor local events and hold road sows to get more brand awareness to increase their sales.

Evaluation and Control Objectives Marketing Plan for SPAR (Oman)

The overall marketing plan will be monitored every three months after applying certain marketing and advertising strategy to review its impact o company sales and performance. Moreover, an annual review will also be held to see the progress of the overall marketing project, and required changes will be made after evaluation. The overall sales and sales in different product categories will be used as Key performance Indicators for the success of marketing plan.

Budget Objectives Marketing Plan for SPAR (Oman)

 The financial team will look at the budget for the marketing plan, and for each strategy of the marketing mix, overall budget is going to be allocated. SPAR Oman will look to invest in bringing new products in their stores like they will invest in bringing homemade natural products made by Omani Women, and these products will include pepper spice paste, chicken spice paste, mango pickle etc [5]. Other than these products, the store will invest $50000 to get more local and international products in their supermarkets. In addition to that the company will invest approximately $25000 in their research & development process so that more innovation and technology could be brought in. Moreover, for targeted advertising and marketing campaigns, the approximate allocated budget will be $150000 so that social media platforms are covered with new campaigns and print and TV ads are made to attract new and existing customer segments for their supermarkets. It is important to mention here that financial team will have the deicing power to increase amount of budget for any of above mentioned categories, if they would feel that more money & resources are required to continue any specific strategy of the marketing mix.

 References Objectives Marketing Plan for SPAR (Oman)