The paper “ Retail Strategy of Wal-Mart Stores, Inc“ is a spectacular variant of case study on marketing. The idea that begot Walmart began as early as 1940 when Sam Wanton, who would later be the chief founder of the company, was working for Ben Franklin, a common store retainer in Newport, Ark. Wanton realized that Franklin amongst other store retailers exceedingly exhibited the acute need to maximize profits at the expense of the customer despite receiving discounts from supplies (Ahn 2014, pg. 179). Wanton perceived that retail businesses could do better if it recognizes and responds to customers’ financial needs.
He noticed that retailing at lower prices would imply enormous savings to the customers and unlike other retailers; Wanton believed that high-pitched sales can be achieved through reducing prices and concurrently increasing the volumes of commodities for sale (Seenivasan & Talukdar 2016, pg. 221). The notion was Wanton’ s chief driver to launching Walmart in 1962. Currently, Walmart is not only the largest retail store on the globe but also among the Largest Corporations in the world. The company, runs its retail stores, mostly known as discount stores because of the comparatively lower prices, in almost every country in North America, South America, Europe, Asia, Australia and Africa (Morillo, McNally & Block 2015, pg. 291).
The company has its headquarters in Bentonville Arkansas in the United States of America. Considerately, there must be unique factors that might have contributed significantly to the expeditious growth of the company and that set it exceptional from its competitors. The subsequent section takes intent analysis on the company’ s competitive strategy, store design strategies, technological strategies and afterward recommends ways on which the retail store might improve its strategies.
Corporate strategic planning and management have indeed propelled Walmart from inferiority to international championship (Demil et al. 2015, pg. 7). A. Competitive StrategySince its initiation, Walmart persists to be The Middle Big retailer. The company shows outstanding interest in meeting customers’ demands at the relative prices dependent on the relative earnings of the customer. The Big Middle approach to retailing, in particular, develops the notion that the interest of the market is best served when the market is segregated into segments with respect to people’ s earnings (Levy et al.
2005, pg. 85). The technique illustrates that people’ s expandability in a function of their direct income which shapes their choices and preferences. It explains further that people’ s needs are shaped by the dispensability of the product to them (Michelson et al. 2017, pg. 6). Customers shall be more willing to purchase when their demand is met by the availability of resources to meet the demands. The approach maintains that if only suppliers can sell products at lower prices, the prospect of buyers to purchase the same product would increase considerably (Reynolds et al.
2007, pg. 653). An organization’ s reputation is highly dependent on an organization's response to social and community responsibilities hence Walmart’ s strategy to sale at comparatively lower prices is certainly assisting the company to gain highly esteemed reputation which consequentially results in the rocketing of customers’ turnover (Frynas & Mellahi, 2015 pg. 129). It assists people to save significant amounts of money than they would have done if they do purchases at other stores as the company slogan states, “ Save Money. Live Better. ” The company’ s vision, “ To be the best retailer in the hearts and minds of consumers and employees, ” has assisted the company a great deal in expanding and globalizing its operations whilst “ taking to heart” the interests of other people (Ryan et al.
2016 pg. 123). So far, it has achieved its vision being the best retailer and focuses much on realistically influencing the “ hearts and minds” of its stakeholders by setting customer-friendly strategies and granting employees “ good” wages and salaries.
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