Marketing Mix (4Ps) of Bed Bath & Beyond
Based on input from various analyses and your own research, as well as the concepts/research discussed in class, propose changes to your company’s current marketing tactics (i.e., the marketing mix) that are consistent your team’s positioning statement and will help your company achieve its objectives.
In the report include the following about the Marketing Mix (Product, Price, Place, and Promotion) :
Details of two specific Action Programs to implement your selected Marketing Mix levels. You should describe implementable changes you will make on at least two of the 4Ps (hence, one Action Program for one P and another Action program for another P). Explain how the recommended tactics differ from the current tactics and provide justification for your recommendations (often relating back to your market research and company’s objectives/resource)
When providing the details, be as specific as possible with concrete examples. For instance, if your actional program on Promotion is endorsing an influencer on social media network, don’t just say you will do an “influencer marketing.” Instead, describe which influencer(s) you will work with, on what platform along with sample image(s) and blurb(s) you will use on the social media post(s).
Bed Bath & Beyond’s objectives:
The marketing for Bed Bath and Beyond Inc. that we identified included increasing sales and launching more brands. We selected an increase in sales as a marketing objective because, in 2020, the company had launched a plan to make sales remain stable through the 2021 fiscal year and rise in 2023 (Thomas, 2020). Furthermore, it was after the company employed Mark Tritton to lead its turnaround plans. Mark had been successful at the big-box retailer. Hence, it is in the interest of the company. The objective of increasing sales is relevant because it will enable the company to develop strategies that will increase sales and result in other benefits. Some of the plans to achieve these goals will involve shutting down underperforming branches of the company and increasing market share in main categories such as beauty, baby, and home products. During the covid-19 virus, these categories have become more critical for consumers. The company will also have to engage in activities that attract new customers.
The second marketing objective is to launch more brands. In 2020, the company aimed to establish approximately ten brands (Thomas, 2020). Though the company had planned to launch new brands within 18 months, with proper coordination, the plan can be achieved within one year. The objective is relevant because it will involve introducing new products that can only be found within the company’s stores. It will give it a competitive advantage over its competitors. It will also attract new customers and aid the company in generating more profits. With new brands, customers will be able to shop more, increasing sales for the company. It is possible to achieve these objectives, but there is a need for good investment and coordination through the implementation period.