This project will analyze existing marketing strategies at Walmart local retail and make recommendations for improvement.
I will commence the project by describing the marketing tools and methods used by the target company to segment their products before analyzing the effectiveness of the marketing mix for the target company. This will be followed by an evaluation of how the company’s in-store and local marketing meet the needs of its customers. I will then identify the role social responsibility plays in the company’s marketing efforts. Eventually, I will propose specific improvements to the target company’s overall marketing efforts.
Every successful business requires effective marketing strategy. The strategy should reflect target markets, segments, and customers. The main objective of marketing strategy is “to identify specific customer needs, then design a marketing program that can satisfy those needs”. In order to accomplish this in an effective manner, a business needs to have sufficient knowledge about its existing and potential customers.
Table of Contents
1. Marketing
2. Introduction
3. DESCRIPTION
3.1 The marketing tools and methods used by the target company to segment their products
4. ANALYSIS
4.1 Analyze the effectiveness of the marketing mix for the target company
5. EVALUATION
5.1 How in-store and local marketing of the target company meet the needs of its customers
6. IDENTIFICATION
6.1 The role social responsibility plays in the company's marketing efforts
7. APPRAISAL
7.1 The appropriateness of the target company's marketing as it relates to structure and strategy
8. PROPOSAL
8.1 Specific improvements to the target company's overall marketing efforts
9. Conclusion
Project Objectives and Key Topics
This project aims to evaluate the existing marketing strategies of Walmart's local retail division to identify areas for improvement. By examining segmentation tools, the marketing mix, and the role of corporate social responsibility, the study provides strategic recommendations to enhance global competitiveness and customer satisfaction.
- Evaluation of product segmentation techniques
- Analysis of the retail marketing mix (Product, Price, Promotion, Place)
- Assessment of in-store and local marketing effectiveness
- Impact of social responsibility on marketing success
- Strategic proposals for global market penetration
Excerpt from the Book
The marketing tools and methods used by the target company to segment their products
The company uses different marketing tools and methods to segment its products. These tools and methods are discussed below.
A priori method
Walmart has been using a priori method to segment its products. This method involves breaking out consumer groups using a normally recognized classification procedure associated with disparities in consumer usage or purchase of product class. The company segments its products by geographic regions or sales territories. The United States, China, Mexico, UK, Brazil, and Canada, among others, are some of the company’s geographic segments.
Post hoc segmentation method
The company uses post hoc segmentation method to segment its products. This method involves undertaking segmentation using the outcomes of research study conducted for the particular aim of market segmenting. By using this method, the company aggregates customers who reply similarly to a given collection of questions in order to form segments. Post hoc segmentation method considers various consumer variables including product attribute preferences, values, benefits sought, lifestyle, brand preferences, product usage patterns, and self-image, among others. The company has company has a Global Customer Insights and Analytics group consisting of individuals who are able not only to use new research methods, but also to quantify and interpret data. This helps the company to obtain more knowledge about needs and behavior of customers.
Summary of Chapters
Marketing: Provides an overview of the document's scope regarding Walmart's retail strategies.
Introduction: Outlines the project's objective to analyze Walmart's marketing strategies and propose improvements.
DESCRIPTION: Details the specific A priori and Post hoc segmentation methods utilized by the company.
ANALYSIS: Evaluates the effectiveness of the four key elements of the marketing mix: product, price, promotion, and place.
EVALUATION: Examines how local marketing initiatives address evolving customer needs regarding health, information access, and shopping experience.
IDENTIFICATION: Discusses the integration of social responsibility and its influence on marketing effectiveness and societal impact.
APPRAISAL: Assesses how well the current marketing structure and strategy align with the company's cost leadership goals.
PROPOSAL: Suggests strategic improvements for the 'place' component to strengthen global market presence.
Conclusion: Summarizes key findings and emphasizes the importance of balancing marketing needs with environmental and societal considerations.
Keywords
Marketing Strategy, Walmart, Market Segmentation, Marketing Mix, Cost Leadership, Customer Needs, Retail Business, Social Responsibility, Global Expansion, Consumer Behavior, Brand Recall, Competitive Advantage, Product Pricing, Distribution Strategy, Data Analytics.
Frequently Asked Questions
What is the primary focus of this work?
This work examines the marketing strategies of Walmart’s local retail division to assess their current effectiveness and suggest improvements.
What are the central thematic areas covered?
The study covers market segmentation methods, the effectiveness of the marketing mix, in-store customer experiences, and the role of social responsibility.
What is the main objective of the project?
The goal is to analyze existing marketing efforts and provide actionable recommendations to boost the company’s global competitiveness.
Which scientific approach is utilized in this study?
The report employs a descriptive and analytical approach, evaluating marketing mix strategies and qualitative research insights from company annual reports and existing literature.
What is discussed in the main body of the document?
The main body details specific segmentation tools, the implementation of the 4Ps of marketing, the alignment of social responsibility with business goals, and strategic proposals for international growth.
Which keywords define this document?
Key terms include Marketing Strategy, Segmentation, Marketing Mix, Cost Leadership, Social Responsibility, and Global Expansion.
How does Walmart's 'Everyday Low Price' (EDLP) strategy support its goals?
The EDLP strategy reinforces Walmart's cost leadership position, attracting price-sensitive consumers while driving high sales volumes.
What role does the Global Customer Insights and Analytics group play?
This group enables the company to quantify and interpret consumer data, allowing for more effective Post hoc segmentation and a deeper understanding of customer behavior.
What improvement does the author suggest for the 'place' component?
The author recommends expanding the company's global footprint through joint ventures and foreign direct investment in developing economies like Africa, India, and China.
- Quote paper
- Muli Benjamin (Author), 2017, Marketing. Analysis of tools and methods, Munich, GRIN Verlag, https://www.grin.com/document/419483
