Walmarts Marketing Strategies Essay

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Marketing Strategies



Walmart retail chain is ranked as the number one and top most retail chain not only in the United States, but also in the world (Farfan, 2016). Starting out as a single store, Walmart has developed to turn out to be the biggest company in the world in terms of revenues. The business undertaken by Walmart as a company encompasses restaurants, superstores, retail stores and also warehouse clubs. The company also undertakes e-commerce through its website Walmart.com. In terms of retail products, the merchandises being sold in Walmart's retail stores include baby products, healthcare products, household goods, electronics, books, automotive products, clothing, furnishings and decor, alcohol, grocery, paper products and so much more (Walmart Website, 2016).



Actions to Build and Sustain Relationships



In order for a retailer to become successful, the organization has to undertake the application of concepts of value and building relations so that consumers attain the belief that the retailer offers good value for money and therefore will aspire to shop more often than not with the retailer over its rivals. Secondly, wholesalers will also wish to undertake business for the reason that they are aware consumers visit the retailers. In order for retailing relationship to function, it is necessary to have long-term and continuing relationships with other members of the supply chain, as well as with consumers. More and more retail companies such as Walmart have come to the realization that a loyal customer base is the pillar of their business operations. The aspect of building and maintaining relationship with consumers in the retail world encompasses three factors, which include the customer base, customer service and also customer satisfaction (Berman and Evans, 2012).



There are different actions that Walmart retail chain would take in order to build and sustain relationships. One of the actions that Walmart ought to undertake is to reward loyalty programs to their best consumers. This encompasses those consumers that the retail chain endeavors to have a longstanding relationship with. In particular, so as to succeed, the retail chain ought to complement a comprehensive value-driven retail strategy. As a result, through the analysis of defections, Walmart will be able to learn and understand just how many consumers it is losing and why they do not visit or shop there anymore (Berman and Evans, 2012).



Another action for Walmart to undertake in building and sustaining customer relationships is to send out an electronic newsletter to consumers every month that takes into account pertinent and beneficial content that links the company to its clients and prospects. In particular, this action will be indicative to the consumers that Walmart in fact cares about their business and also considerably relishes their time by providing them information they can make use of. What is more, it is imperative for Walmart not to lay emphasis on sales, but rather concentrate on the provision of industry and product information that contains entertainment value (Edge, 2003). A third proposed action in building and sustaining relationships is for the retailer to seek out ways in which it can assist its clients and prospects beyond its own capabilities.

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This takes into account providing the consumers with references to other quality vendors, linking them up with individuals that can be of assistance and even sharing information that are related to their business. This particular action will go a long way in Walmart building a relationship with its consumers (Berman and Evans, 2012).



Retailers most Successful at Strategic Planning and Building Relationships



Taking into consideration both websites, Walmart is considered to be presently the most successful at strategic planning and building relationships. In particular, the retail chain utilizes four components in relationship building, by making sure that its consumer relationships are personalized, targeted, meaningful and interactive. To start with, with respect to it being personalized, Walmart has greeters that provide hand consumers a handshake together with the smile as they enter the store and this personalizes the relationship. Secondly, Walmart has invested money in sustaining relationships with prevailing consumers. In doing go, Walmart institutes longstanding relationships with their most loyal consumers. Third of all, the Walmart greeters attempt to instill a positive emotional impact to the shoppers when they visit the retail store. Lastly, with respect to the relationship being interactive, Walmart greeters make it their mission to learn the names of the different customers that frequently shop at the store. This is not only a way of making the customers feel important, but is also a simple way of being able to receive both positive and negative feedback from them (Edge, 2003).



Fundamental Aspects of Innovation



IT infrastructure for the experience in the retail world is no longer restricted in the back. In the contemporary, with the advancement and progression of mobile technology, store leaders have more tools to assist the shopper and extra time to spend providing custom-made service. Technology is beneficial when it results in an enhanced information flow between retailers and suppliers, as well as between retailers and consumers, and to transactions that are much faster and smoother. One fundamental aspect of technology that supports the retail-consumer relationship is electronic banking. To begin with, in delineation, electronic banking takes into account the utilization of both automated transaction machines (ATMs) and the instant processing of retail purchases from the retail store. This makes it possible to have centralized records and also allows the consumers to be able to undertake transactions 24 hours a day for 7 days a week at the different retail outlets in the retail chain. What is more, technology is transforming the nature of the interactions that exist between the supplier, retailer and consumer through technological innovations such as point-of-sale scanning equipment, electronic gift cards, self-scanning, interactive kiosks together with other inventions (Berman and Evans, 2012).



In addition, through digital technology there has been the leveling of the playing field in a different and new manner. This is because it has generated a solution to issues of scale, equalization, and the distribution for both big and small retailers. As a result, global retail….....

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References


Berman, B., Evans, J. R. (2012). Retail Management a Strategic Approach. New Jersey: Prentice Hall.

Edge, D. (2003). Relationship Marketing King Walmart Still No. 1. Marketing Profs. Retrieved from: http://www.marketingprofs.com/3/edge2.asp

Farfan, B. (2016). World's Largest U.S. Retail Chains in 2015: Walmart, Costco, Kroger, Home Depot, Target - Which U.S. Retailer Ranks Highest? The Balance. Retrieved from: https://www.thebalance.com/largest-us-retail-chains-2892857

Interband Design Forum. (2012). Game-Changing Innovation to Stay Ahead of the Rest. Chain Store Age. Retrieved from: http://www.chainstoreage.com/sites/chainstoreage.com/files/Interbrand2012_Top100_LR.pdf

MacKenzie, I., Meyer, C., Noble, S. (2013). How retailers can keep up with consumers. Mckinsey & Company. Retrieved from: http://www.mckinsey.com/industries/retail/our-insights/how-retailers-can-keep-up-with-consumers

Walmart Website. (2016). About Walmart.com. Retrieved from: https://help.Walmart.com/app/answers/detail/a_id/6

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