Core Marketing Plan
Product Feasibility and Strategy
As stated, the product that Walkers offers are excellent food potato snacks items. Since Walkers are offering potato snacks, it is then suggested to introduce new product innovations as well as its presentation to supermarkets and consumers. It is suggested that the name of innovated potato snacks are unique, so that customers may know that the products are uniquely from Walkers. Before the potato snacks were formally included in the official list of the business’ offerings, there were taste tests conducted in local supermarkets, and those that passed initial testing were given official names to establish identification. In the production plants, the materials and machines which would be used are manufacturer-guaranteed to be environment-friendly and safe for human use. The machines and equipment to be used are likewise tested in order to bring only the best-tasting and healthy potato snack that is worth every dollar.
Pricing Strategy
The price will depend on the type and flavour of potato snack. Since the current pricing model of is effective, Walkers needs to make sure that the prices would be in par with those existing potato snack brand. Using all the available information in this business plan, the pricing objective of Walkers would be to offer the best-tasting and healthy potato snack in UK at relatively affordable price ranges. With that in mind, the pricing strategy included the cost of providing potato snack to the customer (manufacturing costs, labour costs, raw materials cost, etc.)
The management team should believe that the potato snack products of Walkers have unique and defensible attributes which could support a high price. However, since a sector of the target market involves young people, who commonly do not have a source of income of their own, Walkers will strive to keep costs at the lowest level in order to maintain a cheap price offering for all their potato snack products. Also, since the Walkers aims to promote an image of affordability and quality all rolled into one, this pricing strategy would definitely help build and sustain that target image.
Channels of Distribution and Promotion and Advertising
The main promotion and advertising objective of the business is to be able to spread the Walkers Crisp word without allotting too much on marketing costs. After all, what works well and what does not work at will depend mostly on the business, the product and service accompanying it, the community, the competition and the skills in how the marketing director will promote the business. When the employment ads are posted in the local papers, the business will make sure to include Walkers Crisp’ name and location, as this inexpensive classified advertising will help aggressive promotion of the business.
Aside from this, it is suggested to have a card awarded free to the regular consumer of potato food/snack products. This card will serve as their Walkers Crisp Advantage Card and will avail them of all the benefits of being a Walkers Crisp Advantage Card holder. Discounts and freebies will be given on designated periods to all cardholders. However, those who were not able to avail of the card for free could still own one given a minimum amount membership fee. The advertising part of marketing will consist only of a free taste booth in front of the supermarkets during the first week, half dozen streamers around the area and a hundred flyers to be given away at supermarket doors. Also, one hundred business cards will be at hand, as they are a great way of advertising. The management believes that this is sufficient to advertise the business, and the rest will be left to word-of-mouth.
Project Auditing and Completion
With regards to the project auditing and completion, Walkers Crisp should do some evaluation regarding the completion of the whole project. The auditor should consider the implications of non-compliance in relation to other aspects of the audit, particularly the reliability of management representations (Abbott, P. & Sheldon, I. 1996). In this regard, the auditor reconsiders the risk assessment and the validity of management representations, in case of non-compliance not detected by the entity’s internal controls or not included in management representations. The implications of particular instances of non-compliance discovered by the auditor will depend on the relationship of the perpetration and concealment, if any, of the act to specific control activities and the level of management or employees involved (Arter, 2002). The auditor should, as soon as practicable, either communicate with those charged with governance, or obtain audit evidence that they are appropriately informed, regarding non-compliance that comes to the auditor’s attention. However, the auditor need not do so for matters that are clearly inconsequential or trivial and may reach agreement in advance on the nature of such matters to be communicated. If in the auditor’s judgment the non-compliance is believed to be intentional and material, the auditor should communicate the finding without delay. The auditor may conclude that withdrawal from the engagement is necessary when the entity does not take the remedial action that the auditor considers necessary in the circumstances, even when the non-compliance is not to the financial statements.
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