Walmart marketing mix PDF

Preview

Summary

Marketing mix final project on walmart ...

Description

Marketing Plan Analysis and Presentation: Part 1 – Research Template Directions: Visit the website for the company you have selected and obtain a copy of the annual report. Locate three to five additional resources that will provide data and information related to the brand story; the company vision, mission, and marketing objectives; and strategies and tactics the company is currently using to meet the marketing objectives. You will also use this information to complete a SWOT analysis. Apply your research findings when completing each item below.

Company Name: Walmart Brand Story: In 1950, a man named Sam Walton purchases a convenient store from his friend, Luther E. Harrison, in the center of his hometown, Bentonville Arkansas. This store was meant to be viewed as a friendly, neighborhood store that had low prices and made it affordable for all social and economic classes within the neighborhood. Walton later named the general store after himself and in 1950 Walton’s 9-5 was born. Walton’s gained immense popularity in the little town of Bentonville, that would eventually become branded in 1962 into the store we know now as Walmart. The company also shifted from being a convenience store into more of a grocery and retail business. Walmart would begin to create their own brand of chips, dish soap, and even clothing called “great value”. The Walmart chain became such a success it expanded outside of Bentonville, and even outside of Arkansas in just 6 years and by the 1980’s there was a Walmart in every U.S. state. Even as a successful chain that has expanded throughout the world, Walmart stayed faithful to their low prices. Sam Walton wanted Walmart to have the image of “everyday low prices”, which is visible in every Walmart store, just like his original store Walton’s. This would eventually give Walmart its slogan of “Save Money, Live Better”, which also became the backbone of the company’s mission, “to save people money so they can live better” Walmart has

© 2019. Grand Canyon University. All Rights Reserved.

faced great success by their determination to live by lowest price guarantee. Walmart uses its low prices to draw in a broad market reaching people of all social and economic classes.

Company Vision: “Be THE destination for customers to save money, no matter how they want to shop.”

Company Mission: “To save people money so they can live better.”

Company Marketing Objectives: Walmart’s’ marketing objectives is to continue to have customer friendly prices, wide variety of products for purchase, frequent promotions, and a strong eCommerce platform for customers.

Company Marketing Strategies and Tactics: Walmart’s biggest and strongest marketing strategies is their notably low prices. Walmart has branded themselves as the place to go not only when in need of something, but also as the place with the lowest price. With a slogan of “Save Money, Live Better” they are influencing the buying decision of the customer already marketing themselves as their vision of continuous low prices. Walmart markets themselves this way to give them a large, diverse market of consumers reaching all social and economic classes. Walmart is also known for being a superstore. Although Walmart started as a small convenient store, it did not stay that way. In the article Marketing Strategy of Walmart, it names the accessibility of products as one of the most successful marketing strategies for Walmart because of the convenience of one stop shopping (Understanding Walmart’s Marketing Strategy, 2018). It’s logical that having one reliable place to buy a customer’s goods and needs strengthens the

2

company and well as enhances the customers loyalty to the company which makes its accessibility of products a successful marketing tactic for Walmart. In recent years Walmart has built their online store to keep up with raging new technology in today’s generation. In recent generations there has been a shift in customer behavior and in which ways they preferer to make purchases, in a recent article by Squareup they explain the dramatic shift between in store and online shopping (A Shift in Consumer Behavior, 2019). Online stores and delivery services are becoming more and more popular within the consumer solely based off of convenience. With recent technology, orders can be placed from home, rather than going out and buying the product in stores and Walmart offering an online purchasing and delivery service enhances Walmart as a company and allows Walmart to compete with other companies like Amazon.

SWOT Analysis: Using the data and information from your research, complete a SWOT analysis for the company. Reference and cite the topic materials for details on conducting SWOT analysis.

3



Strengths Global presence



Weaknesses Easy copied business



Everyday low prices



Thin profit margins



Brand recognition  Employee wages and benefits



Opportunities Expansion in other countries



Threats Aggressive competition



Improvement in quality



Weak online store

 Alliances with other firms

 Imitation

Citation of Sources: Provide APA citations for the company’s annual report and the other research sources utilized in completing the assignment. Name of Source Citation Information Marketing Strategy’s Hyde, Rachael R. “The Momentum, And Methods, Behind Walmart's Model.” Investopedia, Investopedia, 4 Dec. 2019, www.investopedia.com/articles/personal-finance/011815/howwalmart-model-wins-everyday-low-prices.asp. Customer behavior

Square. “A Shift in Consumer Behavior: Browse Online, Then Buy In-Store.” SquareUp, 2019, squareup.com/us/en/townsquare/a-shif in-consumer-behavior-browse-online-then-buy-in-store.

Brand story

The Editors of Encyclopaedia Britannica. (2019, July 25). Sam Walton. Retrieved from https://www.britannica.com/biography/Sam Walton

Vision and Mission

Walmart.com's History and Mission. (n.d.). Retrieved from https://help.walmart.com/app/answers/detail/a_id/6/~/walmart.com -history-and-mission

Marketing objectives

“Walmart Marketing Mix - Understand Walmart's Marketing 4

Strategy.” Corporate Finance Institute, 2015, corporatefinanceinstitute.com/resources/knowledge/other/walmartmarketing-mix/.

5...