Marketing in Wal-Mart
Wal-Mart is the arguably the leading retailer in the world. Sam Walton started the store in 1962 in Rogers, Arkansas. Currently the retailer has more than 4,000 stores around the globe with the United States of America as its home. This essay analyses the importance of marketing and its influence on the success of the Wal-Mart.
Marketing often targets the consumer spending- the most vital component of any organization. The marketing strategies that this retailer uses include branding, targeting new customers, influencing consumer behavior through advertising. They also use the marketing mix, which include product, promotion, place (distribution) and low prices. Wal-Mart purchases its products in bulk form and at very low prices. The products are re-packaged attractively and at times added more quality and distributed to consumers at prices that are lower than what their competitors’ offers. The way the products are packaged alters the perception by the customers. These lower prices often eliminate the use of expensive and frequent sales promotions thereby saving the organization operational costs.
Wal-Mart has researched and identified their target market and modified their products to suit it. Their stores are located almost in proximity with their clients and they are open for at least for 24 hours. This makes them cater for clients with odd-operation schedules. Their service and product delivery are timely. Wal-Mart offers great customer service and respect to all clients. Wal-Mart replenishes its stocks within 48-hours making it sufficiently stocked. This makes it a one-stop shop with high credibility resulting to increased sales.
Wal-Mart uses only 6% of their income on payroll. The rest of the revenue is used to keep the prices of the goods low and product repackaging. They influence the price of their goods and packaging so that they can cut on manufacturing costs while meeting their customer’s needs. Wal-Mart has used technology to market itself aggressively. An example is its links on popular social networking sites like Facebook and Twitter. Additionally, they have attractive websites that market their goods thereby eliminating the high costs of advertising. All this factors have contributed to making Wal-Mart the largest and most successful retailer in the world.
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