A Largest Retailer in the world. Loyal customer base. Everyday Low Pricing. Established brand name. supply chain and logistics capabilities. wide network of stores. Buy in Bulk. Caters to a wide range of needs. continuous opening of new stores. Immediate acceptance of George in Canada. Trend office in New York. Positive Reviews of Wal-Mart collection Apparel at NY’s Fashion Week.
| |Income Group |Segment Ratio | |Profile 1 |Low Income, Trendy and spendthrift Individual. |15% | |Profile 2 |Average Income, Trendy and spendthrift Individual. |15% | |Profile 3 |High Income, Trendy and spendthrift Individual. |20% | |Profile 4 | Low Income, Trendy and Thrifty Individuals. |15% | |Profile 5 |Average Income, Trendy and Thrifty Individuals. |25% | |Profile 6 |High Income, Trendy and Thrifty Individuals. |10 |
Walmart has always aimed at increasing sales through its friendly prices. This image has stuck with the company for a very long time. Not only is the company associated with low prices, but it has a variety of items under one roof. Further Company needs to change its marketing objectives in such a way that they can attract a different market segment. In the past, the company has been associated with the middle class or low-income earners. Affluent clients tend to shy away from the retail giant due to the misconception that Walmart’s products are of lower quality.
Most of them use the store for pharmaceutical and grocery shopping and pay no attention to the stores when it comes to other options. The Company has tried to establish this concept in the past. In the year 2006, the company opened up stores with this objective in mind. They stocked a wide range of sophisticated products such as jewelry, electronics, a sushi bar and a variety of electronics. The affluent market is crucial in the company’s efforts to secure new markets because they have saturated current ones. Almost all middle class shoppers prefer Walmart. Therefore, in order to sustain its position, the company needs to assess what competitors are doing to boost
PRODUCTWalmart has a wide variety of products; all what can be a ‘general use’ item meaning they sell items that any household would need, from food Grocery, Retail goods, Sporting goods, Photo Services, Pharmacy to Financial Services
Wal-Mart is committed to improving operations, lowering costs and improving customer service. But the key to retailer Wal-Mart’s success is its ability to drive costs out of its supply chain and manage it efficiently. Many supply chain experts refer to Wal-Mart as a supply chain-driven company that also has retail stores. Wal-Mart’s company philosophy (‘The Wal-Mart Way‘) is to be at the leading edge of logistics, distribution, transportation, and technology. The Wal-Mart business model would fail instantly without its advanced technology (Wal-Mart has the largest IT systems of any private company in the world) and supply chain management.
“Many companies don’t understand that what works in one location may not work somewhere else.”
Walmart has been a smart expander since inspection, it branched his growing enterprise to other small rural towns, where the retailer was able to outmaneuver mom-and-pop competitors. The management team again waited until they had developed enough resources before going head-to-head in suburban areas against the big-box retailers. In addition to making sure the resources are in place, corporate strategists must decide which locations to target. Companies often blindly follow their rivals from city to city or country to country without analyzing whether that same situation is right for them.
Expanding operations to another country brings a whole new set of complications. For one, businesses that expand internationally need to adjust their offerings to a completely different market since each country has its own “knowledge profile.”
The Company also values being considered as a strategic community partner. The company’s mission is ‘saving money to live better’. This is an image that the company has worked on very well. Many people consider Walmart as a consumer friendly retailer. The company has cultivating this image through a number of ways. First of all, through their consumer friendly prices, through their satisfactory customer service, and also through their convenience as a one stop shopping centre.