How does Walmart Marketing Mix Impact Business Promotion?
Walmart is a leading and wide-reaching retail store. In the year 1962, the company made the first move towards hypermarket. It has opened thousands of retail stores worldwide. Walmart has served customers in 50 different countries, with more than 2 million employees. Let’s analyze Walmart Marketing Mix.
Basically, Walmart is a wide-ranging family business. In order to run a business on a large scale successfully, Walmart requires utilizing Marketing Mix strategies. Definitely, establishing a business on a global basis cannot only rely on large capital or luck. The management practices and marketing mix are wisely planned for affluent and successful Walmart businesses.
Here are some details of the five marketing mix core standards that Walmart has followed to achieve worldwide acknowledgment. These principles are known as the four Ps: Price, Product, Promotion, and Place.
Price – The Basic Walmart Marketing Mix
The cost impacts the future permanence and accomplishment of a product. It shows the ratio of profit through its competitive position and sale in the marketplace. If a high price is set, the yield per item will increase. Comparatively, if the price is set low, then its demand in the market rises. It depends on the companies to adjust low volume with high value or high volume with near to the ground value. Walmart has worked and selected the perfect price through the following strategies:
- Instead of overcharging the customers, Walmart prefers to announce bulk sales and affordable prices to increase the sale.
- Up-to-the-mark strategies enable the company to deal with the highly economical troupes in the supply chain. Consequently, the prices of different products remain accessible in the pocket of buyers.
- Diversification makes it inevitable that the presence of flattering goods will also increase the sale of under-promoted products.
- SKU and widespread bar-coding systems develop an efficient supply chain to maintain low prices.
- In order to buy large and high-priced items, pay cash, as well an installment option is given.
Product – Walmart Marketing Mix
There is an array of products available at the Walmart store. The company provides in the market whatever customers demand. In fact, it is pretty easy to promote and put up for sale a demanding product rather than introducing a totally new product in the market. Here are the strategies Walmart follows while choosing product mix:
- Walmart offers various products related to every category, including wellness, health goods, appliances, furniture, groceries, entertainment, and hardware.
- The company purchases in bulk to get discounts.
- Walmart has a friendly relationship with dealers.
- White label exclusive products are accessible in stores.
Promotion – Third P of Walmart Marketing Mix
To attract the public, Walmart gets the support of promotional strategies with great discount offers. Effective slogans such as “Save Money & Live Better” and “Worry-Free Fresh” are introduced to inspire the audience.
- Social media, eCommerce platforms, billboards, and TV ads are some of the mediums Walmart uses for advertisement.
- In the case of online delivery, Walmart prefers secure and safe shipping techniques so customers can enjoy quality service within the promised time frame.
- To build the trust of buyers, replacement and warranty policies are also available.
Place – Walmart Marketing Mix
Place plays a significant role in business progress. Customers rely on geographical accessibility. That is why Walmart has utilized different strategies to ensure that an effective and comfortable location is selected.
- An influential eCommerce strategy encourages customers to buy goods online without visiting the store physically.
- A premeditated distribution network makes it comfortable for retail stores to receive orders and deliver the products without delay to customers.
- A highly developed Information Technology system facilitates the companies to trace manufactured goods irrespective of inventory or transit nature.
- In the USA, Walmart has selected the outlets’ locations on a strategic basis. The best geographical position has helped in developing friendly terms with customers.
- Walmart has arranged a fleet of highly advanced trucks to deliver goods from door to door in a short time period.
Different Walmart outlets support various brands like Walmart Express Stores, Walmart Neighborhood Market, Walmart Discount Stores, and Walmart Supercenters.
Bottom Line – Walmart Marketing Mix
Marketing Mix strategies of Walmart help new businesses to learn some practical principles:
- In order to create demand for a product, the best option is to announce within means price. It is a company’s responsibility to understand the correct position of a product and an effective way of selecting the price.
- Through a successful supply chain, vendors are given a chance to deliver cost savings to buyers as middlemen are not involved in getting their profit.
- Promotion is a means to boost the demand for products. It also serves to build trust and confidence in first-time customers. Especially, warranty and return policies encourage buyers to try new products.
- Businesses need a digital presence to survive and prosper in the modern world. It is as important as the physical presence of a retail store. Definitely, the ideal location of the physical store and strong online presence are the two marketing strategies to capture the attention of maximum buyers.
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