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Strategic Marketing Plan for Canadian Tire Corp.
Transcript of Strategic Marketing Plan for Canadian Tire Corp.
Goal: To become market leaders in the Canadian retail industry.
Objectives: significantly increase the awareness of the company website to the target audience, Increase revenue by 15%, and Increase awareness of CTC's partnerships with both sports and grass-roots programs within the major cities.
Strategic Marketing Plan for Canadian Tire Corp. By:Mason Karim, Chen Feng
Step 1: Engage the target audience (middle aged men & women, typically 30-55 years old), at memorable points in their day.
Step 2: Re-enforce the Canadian Tire brand as a patriotic brand.
Step 3: Introduce other sports equipment other than just Hockey. (Baseball Basketball, and Lacrosse)
Step 4: Slowly phase out American brands in the best-selling item categories, making it so it is predominantly Canadian brands being sold.
Step 5: Improve customer service, and customer loyalty programs.
Step 6: Improve E-Commerce capabilities, Include incentives for shopping online, combining the credit card offered by Canadian Tire with online purchases.
Strategy 1 & 2 (implementation)
The most effective for this age group would be to invest in radio, television and print media advertisements
Get Erik Karlsson or Jason Spezza to do a (Ottawa Senators) 20 -30 second radio advertisement speaking about the Jump Start program.
Create an epic 30-second advertisement containing the famous Canadian Athletes such as: Patrick Chan, Charles Hamelin, Phil Kessel, DeMar DeRozan, Melky Cabrera or Jose Bautista. Have them teaching children and encouraging them to play their sport.
Place and ad in the most subscribed newspapers within the major cities of Canada.
Strategy 3 & 4 (implementation)
CTC must introduce other sports equipment to their stores, having only Hockey equipment is not good enough. Include Baseball, Basketball and Lacrosse.
Slowly phase out American brands in the best-selling item categories, making it a predominantly Canadian brands being sold.
Strategy 5 & 6
Improve customer satisfaction, customer service, and customer loyalty programs.
What CTC must do is to phase out the paper money they offer, and give a rewards card. And have better employee training practices.
Improve the E-commerce capabilities by making the website layout more user friendly, diverse methods of payment, and include a discount for Canadian tire Credit card users.
Control and Measurment
Customer feedback: after implementing new sports equipment, advertisements, employee training, loyalty programs, and improving CTC's e-commerce, conduct a survey asking customers both online and in-store about the new changes.
Target Market Sales: Within the target audience (middle aged men and women 30-55) has sales gone up, by how much, and are the consumers satisfied with the changes made.
Market Share: Using the Canadian retail industry as the focus, measure how much Canadian Tire has gained after implementing the strategies.
Budgeting: Has the cost of the advertisements created exceeded the revenue gained from running the advertisements?
Summary of Situtional Analysis
Competitors: Wal-Mart, Sports Check, Hudson Bay, Sears and Home Depot.
Distribution channels: 1,700 stores Canada wide.
Revenue for 2014: 587 Million $
Total Revenue for 2012: 11.4 Billion $