¶ … Marketing: Wal-Mart Corporation
Wal-Mart is one of the most well-known publicly traded companies in the retail industry. A leader in retail, Wal-Mart has adopted many marketing strategies geared toward making products available to as many customers as possible with marginal profits but high sales ratios. Wal-Mart's unique marketing strategies are so successful they are actually being adopted by other retailers large and small the world over.
A diverse product mix targeted marketing strategies that focus on niche markets and a specific audience, as well as special attention to customer service and product quality have all helped propel Wal-Mart to the top of the retail industry. Several aspects of the marketing strategy adopted by Wal-Mart are discussed in greater detail below.
Wal-Mart: Marketing Mix and Market Strategy
Wal-Mart's strategy over time has been to maximize their relationship with suppliers so that their costs are reduced resulting in better profit margins. Wal-Mart's marketing strategy is based on a large mix of products that are differentiated, and advertisements geared toward customers that show a desire to build customer intimacy and relationships, to remain the leader in quality and products offered and to promote operational excellence.
Wal-Mart is well-known for focusing on supply chain management and streamlining operations. It's marketing strategy involves sending the message that the company offers innovative products at reasonable prices. Consistently in print media and in other forms of advertising and marketing Wal-Mart has sent the message that customer service, value and high quality brand name markets are the focal point of their service. This marketing message has successfully reached out to many different target audiences, including consumers looking for niche products and brand names at reasonable prices.
Wal-Mart...
In addition to recognition as the largest retailer, there are those that claim that Wal-Mart is also the world's largest company, having sold more than 244 billion dollars of goods in 2002 alone.
One can attribute this success in part to marketing and advertising that has sold people on Wal-Mart's offers of quality at a fair price. A company that has a reputation of providing the widest range of products and services is more likely to attract additional customers via reputation alone than one that is less well-known. Also working in the companies favor is the emphasis on brand name offerings at reduced prices.
Wal-Mart's marketing goal has been consistently to "command 30% of the market share in every category it covers" which for the most part is all categories of products, whether electronics, house wares, food or clothing.
This is a further testament to Wal-Mart's marketing strategy, which emphasizes a broad product mix so that consumers have many different options available to them.
Wal-Mart has created a "downward price pressure" and it's key drivers of marketing success include product configuration, category management and use of technology.
Product configuration involves continuous improvement in packaging to provide consumers with a positive shopping experience; category management involves allowing marketers to sell based on "the niche their brands fill in meeting consumer's category needs"; technology involves innovative packaging, delivery and offerings to consumers, including use of RFID technology.
Wal-Mart has also taken advantage of technology to promote its business and become a marketing leader. The website offered by Wal-Mart is comprehensive, offering customers the convenience…
