Case Study Wal-Mart
1. From the case study and the Wal-Mart corporate website, what do you believe is the strategic plan for the company?
Domination of Wal-Mart in retailing industry is itself a story of a successful business model. There are several factors and some of them is still a mystery for the opponent to understand about the existing weaknesses. Wal-Mart has ultimate strategy in its formulation which made Wal-Mart to dominate in the retailing market. In US as well as in globe Wal-Mart presence and its growth by expansion can’t be avoided which created widespread recognition and awesome customer satisfaction in customer relation.
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Their main strategy lies in selling goods to the customers in very low price means cutting prices very low as much as possible while company’s profit increases by selling bulk of sales. New Technologies are implemented in Wal-Mart internally (Inventory and resource management) as well as externally which you can see while billing and product advertisement. Expansion of Wal-Mart in US as well as whole globe is also one of the strategic goal for profits and success. All over the world total 4000 stores are available and about 100 millions valuable customers visits Wal-Mart every Week. Wal-Mart acquired by many international branded stores and merged with most famous stores like ASDA in United Kingdom, Bharati in India and Woolco stores in Canada etc.
2. What marketing research strategies do they employ? The best thing about Wal-Mart marketing research strategy is to convince consumers that the prices of products are low as they as think from the other stores. In each stores they draw a contrasts between products items in same store are cheaper than before using point of sale display methods. Improved services to employees and removed the all biggest contributors to turnover and that make better and better place to work in all way for everybody.
3. Why is Wal-Mart a great example of relationship marketing? In what way does Wal-Mart strengthen their relationship with consumers? For Wal-Mart little things or resolving concerns effectively of customers add up more trust. Wal-Mart believes in that relationship which is built on commitment and trusts are more valuable since it keep going stronger and ever stronger over the period of time. So that you can’t lose your valuable customers. Wal-Mart also believes in selling any product like a customer like selling absolute products which is what customer really wants to buy and provide very genuine value and make sure even customer didn’t want any products but their time in stores should be good.
4. What type of marketing mix do they use to achieve their marketing goals? Basically, Wal-Mart has made an impression on consumer’s that prices of goods are cheaper than anywhere else and that the reason even sometimes consumers ignore some items if it is not on its best. Wal-mart media advertisement message like save money live better by shopping in here. Wal-Mart also came up with an idea like ‘opening price point’ by saying it is a low priced item in the section of high velocity items that creates an impression among consumers that since the price of this item is low so other items in the same section are going to be less.
5. What other organizational and marketing strategies does Wal-Mart use to make them successful? Basically there are following few areas where Wal-Mart has to focus more to maintains its legacy in the retailing market: Food: The huge growth in Wal-Mart profits in last decade is because of enormous rifle in food market. Since Now Wal-Mart is leader in retail business and it has long way to go and hence Wal-Mart has to has maintains its food quality and fresh inventory. Foreign: Wal-Mart foreign acquisition policies are keep on increasing with the international branded stores and giving advantages in price is not going to work with international companies.
Wal-Mart has to provide greater shopping experience and awesome localized merchandising and more important customer should have clear visualization from competitors. Fashion and Family: Wal-Mart needs to ramp up with its extra effort in apparel and domestic use goods to attract more affluent consumers. If Wal-Mart started putting more fashionable apparel in their stores and started making all varieties of food and cakes. Wal-Mart also needs to focus on expanding range of its existing merchandise and started improving the quality of its non-food classification.