Wilko Business Plan Analysis

Business Plan

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III. Products & Services 3

IV. Marketing Plan 4

References 5

Screen Clippings 6

III. Products & Services

Products and Services of Wilko

Wilko sells a wide range of products for the garden, home, pet products, confectionery, storage and stationery (Wilko. com, 2024). These include stationery, household essentials, decorating DIY products, furniture paint, products for pets and lawn care products. The company is facing issues in dealing with the suppliers due to cancelled shipments and supplier debts (The Guardian, 2023).

Problem that is solved by the use of products and services

The strengths of Wilko include reliable, simple, helpful advice and hard-working products. In Wilko, friendly advice is provided, and with that, there is good honest value also (Wilko, 2024b). The USP of Wilko is to be a trusted retailer that offers value for money for hardworking families. In Wilko, the competitive advantage over the competitors is through product differentiation, accountability for customers and cost advantage.

Features that are providing the business with a competitive advantage

The UK retailer of Wilko has registered trademarks in the name of ‘Wilko’. In Wilko, the orders are delivered by Royal Mail, RHL and APC overnight, and there is the need for signature for courier deliveries (Wilco direct co.uk, 2024). In Wilko, the features have the licensed products delivered by suppliers in the personal care category and the company has registered 2 trademarks.

Business prices for the products and services

The focus of Wilko is on the price alone, and for the orders, Wilko charges £ 3.50 in the UK, and for orders that are valued at £25 or more, there is free delivery offered. The pricing strategy of Wilko is based on low-cost measures that support short-duration. Wilko has experienced a loss of £32 million in the year ending 2022 (Statista, 2023).

IV. Marketing Plan

a. Market research

Secondary market research will be conducted for Wilko to collect data through journal articles and the news as well as the company websites. The total size of the retail market is $836 billion, and this will be expected to be $2 trillion in 2032 (Statista, 2024). Trends in the retail industry include sustainability, augmented reality and social commerce, and there is growth in the retail sector. The target market is a group of people with a focus on making life easy. There are about 13.3 million adults at the UK shop Wilko and that is a quarter of the adult population change in consumer preferences and sustainability

b. Barriers to entry

The barriers to entry that are faced include regulatory hurdles and start-up costs. The start-up cost is the barrier faced in the new business; the barriers include patent protection and customer loyalty, with other barriers faced as tariffs, the high cost of marketing, the need for qualified employees and the challenges of brand recognition. Moreover, there are cost barriers that impact the industry (Mkansi, 2022).

c. Threats and opportunities

The threats that Wilko faces include increasing competition, home margins, economic challenges and supply chain issues. With the change in government regulation, opportunities will be provided for environmental protection, tax incentives and strategic engagement. The technological change supports effective monitoring, as this will impact the reduction of stress, and new insights will be generated (Myin?Germeys, et al., 2018).

References

Mkansi, M., 2022. E-business adoption costs and strategies for retail micro businesses. Electronic Commerce Research, 22(4), pp.1153-1193.https://link.springer.com/content/pdf/10.1007/s10660-020-09448-7.pdf

Myin?Germeys, I., Kasanova, Z., Vaessen, T., Vachon, H., Kirtley, O., Viechtbauer, W. and Reininghaus, U., 2018. Experience sampling methodology in mental health research: new insights and technical developments. World Psychiatry, 17(2), pp.123-132.https://onlinelibrary.wiley.com/doi/pdfdirect/10.1002/wps.20513

Statista (2023). Wilko: UK profit/Loss after tax 2015-2022. [online] Statista. Available at: https://www.statista.com/statistics/1009439/wilko-retail-limited-profit-and-loss-united-kingdom-uk/#:~:text=This%20graph%20looks%20at%20the,almost%2032%20million%20British%20pounds

Statista (2024). Retail Market value. [online] Statista. Available at: ttps://www.statista.com/statistics/1021352/india-organized-retail-market-value/#:~:text=Retail%20market%20value%20in%20India%202018-2032&text=In%202022%2C%20the%20retail%20market,about%20two%20trillion%20U.S%20dollars.

The Guardian (2023). Wilko: rescue deal to save many stores at risk over supplier debts. [online] The guardian. Available at: https://www.wilko.com/en-uk/wilko/c/6397

Wilco direct co.uk (2024). Delivery options. [online] Wilko. Available at: https://www.wilcodirect.co.uk/delivery-options#:~:text=Please%20see%20Delivery%20Charges%20above,be%20required%20for%20courier%20deliveries

Wilko (2024b). Who we are. [online] Wilko. Available at: https://www.wilko.com/en-uk/corporate/who-we-are

Wilko.com (2024a). Our Products. [online] Wilko.com. Available at: https://www.wilko.com/en-uk/wilko/c/6397 \