To develop a marketing Plan for expanding a product or service into a Assignment

To develop a marketing Plan for expanding a product or service into a new market (Wal-Mart) - Assignment Example Wal-Mart always looks for the opportunity to expand its operation in to new emerging markets because it has a very strong financial background and have smart strategic and marketing planners. Justification of the new market: The retail industry in UAE is growing with a very fast rate from the last few years. A big portion of its population is moving towards the buying from retail stores. The retail sector in UAE is contributing a great part in the economic growth. It has been estimated that the sales of the retail sector would go up to $41.22 billion in 2015 from $31.1 billion currently (Edge Resourcing, 2013). The reason of this forecast is that people and households in UAE are now preferred to adapt the modern concept of retailing. People from different parts of the world are going to UAE with the purpose of employment and business, so this new market of migrated people has also brought up with them a modern concept of buying from retail stores and prefer retail stores over the loc al stores. This environment has created an opportunity for Wal-Mart to expand its operation in to this emerging market of UAE. PEST ANALYSIS: Political: UAE operates with Islamic rules and regulation, so Wal-Mart should be licensed under the federal commercial agencies law when expanding its operations in UAE. This law claims that a foreign retailer/agent of franchisee/distributor should be a UAE national. Economic: UAE is a growing economy with providing a lot of business facilities to the multinationals and act as financial hub for the foreign investments. UAE has a great earning from the oil sector and it is now focusing on the other sectors, for example: tourism industry, real state industry, and retail industry etc. Social: The major portion of the workers and...The people belongs to different countries have different cultural values therefore it is very difficult to analyze various cultures in a single region. Still UAE has got its own cultural values but it is limited to the 20% of the total population. The marketers need to update their strategies by analyzing the changing trends in the consumer behavior. It is difficult to analyze the culture of several nations in a single market and made decision according to the need of each and every segment. Thus the focus of the marketers is completely on the buying behavior of consumers and customer satisfaction. The rate of urban population in UAE is more then 80% so it can be said that a major portion of the population is based on the educated people. Social media have become very much influential in the consumer decision making among UAE population. According to the research it has been found out that more then 70% of the population of UAE makes decision after reviewing the blogs or comments of people about the product or service and people search the products through websites and make decisions (RNCOS, 2012). Most of the people in UAE prefer to save the money and lives in UAE with the purpose of earning and saving money, so in this kind of environment Wal-Mart will be attractive because it offers low prices then competitor’s prices. The cost conscious behavior of the UAE population will give a great advantage to Wal-Mart to develop its market.