Walmarts Marketing Strategies

Marketing Strategies Walmart retail chain is ranked as the number one and top most retail chain not only in the United States, but also in the world (Farfan, 2016). Starting out as a single store, Walmart has developed to turn out to be the biggest company in the world in terms of revenues. The business undertaken by Walmart as a company encompasses restaurants, superstores, retail stores and also warehouse clubs. The company also undertakes e-commerce through its website Walmart.com.

In terms of retail products, the merchandises being sold in Walmart's retail stores include baby products, healthcare products, household goods, electronics, books, automotive products, clothing, furnishings and decor, alcohol, grocery, paper products and so much more (Walmart Website, 2016).

Actions to Build and Sustain Relationships In order for a retailer to become successful, the organization has to undertake the application of concepts of value and building relations so that consumers attain the belief that the retailer offers good value for money and therefore will aspire to shop more often than not with the retailer over its rivals. Secondly, wholesalers will also wish to undertake business for the reason that they are aware consumers visit the retailers.

In order for retailing relationship to function, it is necessary to have long-term and continuing relationships with other members of the supply chain, as well as with consumers. More and more retail companies such as Walmart have come to the realization that a loyal customer base is the pillar of their business operations. The aspect of building and maintaining relationship with consumers in the retail world encompasses three factors, which include the customer base, customer service and also customer satisfaction (Berman and Evans, 2012).

There are different actions that Walmart retail chain would take in order to build and sustain relationships. One of the actions that Walmart ought to undertake is to reward loyalty programs to their best consumers. This encompasses those consumers that the retail chain endeavors to have a longstanding relationship with. In particular, so as to succeed, the retail chain ought to complement a comprehensive value-driven retail strategy.

As a result, through the analysis of defections, Walmart will be able to learn and understand just how many consumers it is losing and why they do not visit or shop there anymore (Berman and Evans, 2012). Another action for Walmart to undertake in building and sustaining customer relationships is to send out an electronic newsletter to consumers every month that takes into account pertinent and beneficial content that links the company to its clients and prospects.

In particular, this action will be indicative to the consumers that Walmart in fact cares about their business and also considerably relishes their time by providing them information they can make use of. What is more, it is imperative for Walmart not to lay emphasis on sales, but rather concentrate on the provision of industry and product information that contains entertainment value (Edge, 2003).

A third proposed action in building and sustaining relationships is for the retailer to seek out ways in which it can assist its clients and prospects beyond its own capabilities. This takes into account providing the consumers with references to other quality vendors, linking them up with individuals that can be of assistance and even sharing information that are related to their business. This particular action will go a long way in Walmart building a relationship with its consumers (Berman and Evans, 2012).

Retailers most Successful at Strategic Planning and Building Relationships Taking into consideration both websites, Walmart is considered to be presently the most successful at strategic planning and building relationships. In particular, the retail chain utilizes four components in relationship building, by making sure that its consumer relationships are personalized, targeted, meaningful and interactive. To start with, with respect to it being personalized, Walmart has greeters that provide hand consumers a handshake together with the smile as they enter the store and this personalizes the relationship.

Secondly, Walmart has invested money in sustaining relationships with prevailing consumers. In doing go, Walmart institutes longstanding relationships with their most loyal consumers. Third of all, the Walmart greeters attempt to instill a positive emotional impact to the shoppers when they visit the retail store. Lastly, with respect to the relationship being interactive, Walmart greeters make it their mission to learn the names of the different customers that frequently shop at the store.

This is not only a way of making the customers feel important, but is also a simple way of being able to receive both positive and negative feedback from them (Edge, 2003). Fundamental Aspects of Innovation IT infrastructure for the experience in the retail world is no longer restricted in the back. In the contemporary, with the advancement and progression of mobile technology, store leaders have more tools to assist the shopper and extra time to spend providing custom-made service.

Technology is beneficial when it results in an enhanced information flow between retailers and suppliers, as well as between retailers and consumers, and to transactions that are much faster and smoother. One fundamental aspect of technology that supports the retail-consumer relationship is electronic banking. To begin with, in delineation, electronic banking takes into account the utilization of both automated transaction machines (ATMs) and the instant processing of retail purchases from the retail store.

This makes it possible to have centralized records and also allows the consumers to be able to undertake transactions 24 hours a day for 7 days a week at the different retail outlets in the retail chain. What is more, technology is transforming the nature of the interactions that exist between the supplier, retailer and consumer through technological innovations such as point-of-sale scanning equipment, electronic gift cards, self-scanning, interactive kiosks together with other inventions (Berman and Evans, 2012).

In addition, through digital technology there has been the leveling of the playing field in a different and new manner. This is because it has generated a solution to issues of scale, equalization, and the distribution for both big and small retailers. As a result, global retail chains such as Walmart are now able to generate a local feel for the consumers and on the other hand, small retail companies are able to undertake business operations across the globe (Interbrand Design Forum, 2012).

For instance, through mobile technology, it has made it possible for sale associates within the retail chain to interact with consumers on the floor and enhance the consumer experience. These combinations of innovations with retailing make technology to become a more noticeable and eye-catching part of the store experience and at the same time enabling store associates to provide better assistance and help to customers.

For instance, the personnel of the retail chain are able to easily obtain and retrieve information from the company website, which sets them on an equal plane with the consumer that has undertaken extensive research. In the course of provision for assistance and help, they are basically teaching and showing consumers how to assist themselves in the forthcoming periods when they come to shop in the retail store.

What is more, technological devices are also utilized in connecting the data from manufacturing in order to solve comprehensive and detailed questions and can be employed in managing the labor force in the instances where associated technologies are required in other parts of the retail store (Interbrand Design Forum, 2012). Comment by babyliza: Not referenced Actions to Take Advantage of the Consumer Trends in the Evolution of Retailing I am in agreement with Walmart regarding the use of nontraditional forms of retailing.

In the contemporary, the retail landscape is completely dissimilar compared to how it was a decade ago. These changes are significant and can be deemed inevitable. Therefore, it is imperative for retailers to take action in order to succeed in the long-term. It is imperative to note that these trends will put substantial pressure on the traditional retailers' economic structure, with tests to both the top and bottom lines (Mackenzie et al., 2013).

One of the actions that Walmart as a retail chain can undertake so as to make the most of the consumer trends in the evolution of retailing is to consider service as the focus and cornerstone of its business. In particular, successful organizations perceive technology as a footstep and stride in the direction of service delivery. The application and utilization of technology is appealing and a trend amongst the consumers.

However, if it does not improve the consumers' experience, it can end up becoming a kind of distraction for the organization (Berman and Evans, 2012). Another action that the retailer can take is becoming more serious and stringent regarding the use of data and analytics for making decisions within its business.

Collecting and examining data to comprehend the necessities, inclinations, and outlooks of increasing consumer segments, for instance Hispanics, baby boomers, and millennials, will be particularly significant, in addition to comprehending individual consumers and tailoring offers on an individualized basis (Mackenzie et al., 2013). By leveraging the massive amounts of data in possession, and constructing analytical power, the retailer will be able to facilitate targeted marketing, custom-made assortments, and efficacious pricing and promotions.

In addition, the retailer ought to employ advanced analytics in making offers and decisions that are directed and confined, in addition to being delivered in real time. Advanced analytics can enable the retailer to be able to fit and modify varieties at the store level, to expect changes in consumer circulation patterns, and to ascertain ideal distribution routes, inventory levels, and apportionments, concurrently augmenting the customer experience and refining entity money matters (Mackenzie et al., 2013).

A third action to be taken by the retailer is to reconsider and rethink assortments and product offerings. With the trend of prices and inventory availability becoming more advanced, retail companies will not ensure the market simply by being traverse sellers of national brands. It will be necessary and vital to hand consumers a reason to opt for their stores over rival companies.

With this trend prevailing, consumers will no longer have to shop at a retailer simply for the reason that it happens to be where a product or service is distributed. Rather, they will search for retailers that provide value in new and diverse ways (Mackenzie et al., 2013). Taking this into consideration, the action to be taken by the retailer will be to offer consumers comprehensive product expertise and a distinctive product education.

Basically, this implies that the retailer will have to assist consumers in their decision-making on what to purchase and elucidate why it makes sense to them. In the same manner, they will also have to assist.